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Market news round up, upgrades & downgrades courtesy of Cantor Index

14 Mar 2013
Cantor Opening Call
  • The FTSE is called to open flat to just a touch higher this morning
 
UK Corporate Announcements
  • Home Retail details total Argos sales gained 4.3% to £501m,  ahead of the forecasts, while Homebase fell 2.8% also just inside
  • Ocado announces 12 week gross sales of £185.5m up 14.4% and confirms that it is in talks with Morrison over a possible technology pact and that no certainty a pact will be reached and details the talks did not involve Morrison taking a stake in Ocado
  • WM Morrison reports full year revenues of £18.1bn just ahead of the forecasts and a full year underlying pre-tax profit of £901m from £885m and details it is to start online food sales
  • Investec details that full year operating profit has gained 20% from last year with wealth management experiencing strong net inflows
  • Playtech announces full year sales revenues of €317m with sales up 53% and stays highly confident on its prospects for 2013 and beyond
  • Trinity Mirror announces full year revenues of £706m, ahead of the forecasts of £694m seen, and states that the trading environment stays difficult
  • Savills announces full year revenues gained 12% and an underlying pre-tax profit of £60.8m
 
UK Market News
  • The FT writes that Qatar is in talks to invest around £10bn in UK infrastructure
  • The UK government is to get a net £17bn from Bank of England transfers from the asset purchasing program according to a BofE model
  • According to the FT Vodafone is looking to ends its F1 sponsorship of around $75m and has cited the violence around the Bahrain grand prix last year as a major factor
  • Ocado may be in talks about a potential joint venture with Morrison
  • Booker’s acquisition of Makro cleared by UK Competition Body
 
UK Analyst Changes
  • Az Electronic Materials Rated New Buy At Liberum, Pt 440P
  • Clarkson Cut To Neutral Vs Overweight At Jpmorgan
  • Faroe Petroleum Rated New Buy At Liberum, Pt 198P
  • ICAP Added to UBS’s Least Preferred List, Cuts Schroders
  • Thomas Cook Group Pt Raised To 150P Vs 100P At Morgan Stanley
  • Thomas Cook Raised To Equalweight Vs Underweight At Barclays
 
UK Insider Buying
  • Aviva Plc, (AV/), 1 insider(s) bought 150000 shares, £3.21
  • Electrocomponents Plc, (ECM), 1 insider(s) bought 7525 shares, £2.65
  • Intu Properties Plc, (INTU), 1 insider(s) bought 60000 shares, £3.28
  • Laird Plc, (LRD), 1 insider(s) bought 10000 shares, £2.35
  • Purecircle Ltd, (PURE), 1 insider(s) bought 40000 shares, £2.55
  • Quarto Group Inc, (QRT), 1 insider(s) bought 10000 shares, £1.49
 
UK Insider Selling
  • 4Imprint Group Plc, (FOUR),  insider(s) sold 3200 shares, £4.48
  • Polar Capital Holding, (POLR), 3 insider(s) sold 1508000 shares, £2.65
  • Provident Financial P, (PFG),  insider(s) sold 5000 shares, £16.45
 
FTSE 100 Movers
Major European Companies Reporting
  • Assicurazioni Generali SpA, R, 0.954,  Deutsche Lufthansa AG, R, 0.512,  Gemalto NV, R, 2.992,  HeidelbergCement AG, R, 2.726,  K+S AG, R, 2.945,  Koninklijke Boskalis Westminster NV, R, 2.268,  Royal Imtech NV, R, 1.645,  Rubis SCA, R, 2.906,  SGL Carbon SE, R, 0.797,  Subsea 7 SA, Q4, 0.332,  ThromboGenics NV, R, 1.024,  WM Morrison Supermarkets PLC, R, 0.265
 
European Market Summary
  • EU leaders gather in Brussels today
  • Telecom Italia is reportedly running into trouble in its efforts to sell its fixed line network as the economy comes back into focus following the general election
  • Ireland’s hopes of exiting the EU/IMF bailout were lifted yesterday by the positive market response to its €5bn 10 year bond auction yesterday
  • SAP has moved past the likes of Volkswagen and Siemens to become Germany’s largest company by market cap, despite having revenues of some 10% of VW
  • ASM International has raised €422m from a unit stake sale
  • Lego has moved past Mattel as the world’s most valuable toymaker
 
Major US Stock Movers After Hours
  • Blackberry gained 2.4% after hours as it announced that customers have ordered 1m smart phones
  • American Safety Insurance gained 4% as it announces that it is considering its strategic options and has hired Bank of America
  • Men’s Warehouse moved 10% higher overnight as it announces higher than expected numbers, a £200m share buyback, and is to move to giving annual guidance
 
US Market News
  • The head of Google’s Android unit has stepped down, and move as yet to an unspecified role
  • Puerto Rico has cut its rating cut to BBB- and its outlook cut to negative
  • Blackstone has borrowed £2bn from US banks and invested it into distressed US property, which it intends to rent out
 
Overnight Market News
  • The CEO of Hong Kong Exchanges & Clearing has stated that China will allow its currency to free float within 5 years
  • A farm in Jiaxing has admitted to dumping dead pigs into the Huangpu river after 70,000 died during a harsh bout of weather
  • New Zealand maintained its benchmark interest rate at 2.5% overnight
  • The Aussie dollar gained after employment gained the most since 2000 and ahead of the expectations
 
Economic Data Due
  • 12:30 US February PPI, 0.6% exp. 0.2% previous
  • 12:30 US Initial Jobless Claims, 340k prev.
 
Economic Events
  • EU Leaders summit in Brussels
 
US Initial Jobless Claims
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