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20 Feb 2013
Cantor Opening Call
- The FTSE is seen starting the day down around 5-10 points, after yesterday’s decent gains
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UK Corporate Announcements
- Travis Perkins announces a full year pre-tax profit of £299.9m, largely in line, on sales of £4.84bn also broadly in line with estimates
- RSA Insurance reports net written premiums gained 5% on constant FX and states it expects to deliver strong premium growth
- A&J Mucklow announces that property values have stabilised and reports an H1 NAV of £179.5m from £177.6m
- Galliford Try details an H1 PES of 30.3p from 30.4p on revenues of £678.3m from £746m and had H1 completions of 1,364 units from 1,352
- Rexam announces an underlying pre-tax profits of £418m from £414m on full year sales of £4.312bn up 2% and states that it sees further progress in 2013 despite the uncertain economic environment and cost pressures
- Spectris reports full year sales of £1.23bn in line with the expectations
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UK Market News
- The UK press highlights warnings from experts that the UK is on the brink of an energy crisis
- Ofcom details that it has raised £2.43bn in its UK 4G auction and states it expects services from operators within six months
- BG is in talks with Goldmans on selling pipelines and other equipment at its Australian LNG gas project
- The FT writes that Britons ‘hiding’ money in the Isle of Man will have two years to come clean or face penalties of up to 200% of unpaid tax
- BP has won a small victory in the US after a ruling that 810,000 barrels of oil captured before they moved into the Gulf of Mexico in 2010 will not be included in the civil case that is due to start shortly
- FTSE 100 Dividends: Barclays PLC, BARC, (3.50), Carnival PLC, CCL, ($0.25), GlaxoSmithKline PLC, GSK, (22), Reckitt Benckiser Group PLC, RB/, (78)
- FTSE 250 Dividends: Catlin Group Ltd, CGL, (20), PZ Cussons PLC, PZC, (2.35), Rank Group PLC, RNK, (1.25)
- FTSE Small Share Dividends: Brunner Investment Trust PLC, BUT, (8.30), Invesco Income Growth Trust PLC, IVI, (2), Throgmorton Trust PLC/The, THRG, (2.70)
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UK Analyst Changes
- Avocet Mining Raised To Neutral Vs Sell At Goldman
- Barclays Cut To Neutral Vs Buy At Goldman
- Compass Group Cut To Neutral Vs Buy At Ubs
- Morgan Crucible Cut To Underperform Vs Neutral At Credit Suisse
- Morgan Sindall Cut To Neutral Vs Overweight At Jpmorgan
- Resolution Cut From Ubs’S Least Preferred List
- Standard Life Added To Ubs’S Least Preferred List
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UK Insider Buying
- Debenhams Plc, (DEB), 1 insider(s) bought 50000 shares, £0.97
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UK Insider Selling
- Carr’s Milling Industr, (CRM), 1 insider(s) sold 2250 shares, £10.7
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FTSE 100 Movers
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Major European Companies Reporting
- Accor SA, R, 1.353, Ageas, R, 2.71, Akzo Nobel NV, R, 3.206, BHP Billiton PLC, S1, 1.131, Cap Gemini SA, R, 2.668, Cie de St-Gobain, R, 2.305, Credit Agricole SA, R, -1.573, DSV A/S, R, 8.901, Enagas SA, R, 1.568, France Telecom SA, R, 1.219, ICADE, R, 3.871, Kabel Deutschland Holding AG, Q3, 0.81, Koninklijke DSM NV, R, 2.742, Lafarge SA, R, 1.734, Raiffeisen Bank International AG, R, 3.534, Rexam PLC, R, 0.357, RSA Insurance Group PLC, R, 0.112, Spectris PLC, R, 1.366, Swedish Match AB, R, 13.933, Sydbank A/S, R, 6.09, Travis Perkins PLC, R, 0.935, Vallourec SA, R, 1.801, Wolters Kluwer NV, R, 1.555
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European Market Summary
- Lufthansa details that it is to suspend its dividend for the first time since 2010 as it looks to buy 8 long haul aircraft and 100 short to medium haul aircraft valued at around €9bn
- The Irish Government has sold its insurance company Irish Life to Canadian based Great Qwest Lifeco
- Spanish real estate giant Reyal Urbis filed for insolvency yesterday as it has failed in its efforts to recover from the housing bubble
- Germany sells €5bn in bonds at 11:30, while Portugal sells bills
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Major US Stock Movers After Hours
- Netspend gained 29% after hours as Total System Services announces it is to buy the provider of reloadable prepaid debit cards for around $1.4bn, Green Dot gained 16% in sympathy of the move
- Rambus gained 7% after hours as it increased its Q1 revenue guidance
- Demand Media gained over 14% as it details a plan to separate into content, and domain name units
- Millennial Media was the major faller off over 25% as it announces sales forecasts that missed the estimates
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S&P 500 Companies Reporting
- Ameren Corp, Q4, 0.147, DENTSPLY International Inc, Q4, 0.551, Devon Energy Corp, Q4, 0.753, DTE Energy Co, Q4, 0.863, Fluor Corp, Q4, 0.981, Garmin Ltd, Q4, 0.742, Williams Cos Inc/The, Q4, 0.247
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US Market News
- Apple has detailed that its internal Mac systems were hacked last month, seemingly by the ‘organised attackers’ that gained access to Twitter and Facebook
- Muddy Waters’ Carson Block states that he is an avid reader of letters sent by the SEC’s CorpFin accountants as they ‘do a good job of spotting issues’
- Herbalife posted decent numbers yesterday and gained 2% after hours, as the company remains more widely known in the market as hedge fund managers Bill Ackman and Carl Icahn publicly tussle over the company’s multi level marketing structure
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Overnight Market News
- Bloomberg details how it is estimated that by 2025 one in three people in Japan will be over 65, up from 12% in 1990
- The kiwi dollar has dropped after its central bank suggests it may intervene, and just a few days after G20 leaders pledged to hold back on competitive devaluations
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Economic Data Due
- 09:30 UK Bank of England Minutes
- 09:30 UK January Jobless Claims Change, -12.1k previous
- 13:30 US January PPI, 0.4% exp. -0.2% previous
- 15:00 US Eurozone Consumer Confidence, -23.9 previous
- 19:00 US Fed Meeting Minutes
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UK Unemployment
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