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

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26 October 2012

UK Corporate Announcements

African Barrick reports Q3 results sales of $265m down from $354m and net income of $29m and sees full year production under the lower end of the expected range

Elementis states that it sees many opportunities to grow its specialty products business and confirms its full year targets as operating profit is comfortably ahead

Berendsen states that trading in the period has been in line with the expectations

UK Market News

The FT suggests that Bertelsmann and Pearson are in talks to combine their Penguin and Random House publishing divisions

Anglo American announces that its CEO is to step down and will remain in place until a successor is found

The OFT announces that it recommends that the Competition Commission release Yell from its Yellow Pages undertakings as they may no longer be appropriate

UK business press again highlights market talk of possible M&A activity at Man Group

The UK sells up to £2.5bn in Bills at 11:10

UK Analyst Upgrades

Drax Group Raised To Buy Vs Neutral At Bofaml

Shire Pharmaceutical Added To Ubs’S Uk 1St Xi, Replaces Wpp

UK Analyst Cuts

ITV Cut To Equalweight Vs Overweight At Morgan Stanley

Reckitt Cut To Equalweight Vs Overweight At Morgan Stanley

Asos Cut To Hold From Buy At Societe Generale

UK Insider Buying

Cls Holdings Plc, (CLI), 1 insider(s) bought 2,227 shares, £7.16

Debenhams Plc, (DEB), 2 insider(s) bought 108,650 shares, £0.01

Hydrodec Group Plc, (HYR), 1 insider(s) bought 2,210,326 shares, £0.09

Segro Plc, (SGRO), 1 insider(s) bought 4,200 shares, £2.37

UK Insider Selling

Ashtead Group Plc, (AHT), 1 insider(s) sold 372,731 shares, £3.5

Amlin Plc, (AML),  insider(s) sold 4,850 shares, £3.79

Major European Companies Reporting

Statoil, Holmen, Belgacom, Banco Popular Espanol, CaixaBank

European Market Summary

An IMF reports suggested yesterday that Greek debt will be above the target of 120% of GDP in 2020, and that the country needs yet more reforms before additional emergency credit can be given

The FT suggests that KKR is seen searching through Spanish housing to find interesting investment opportunities as numerous assets are still being sold locally at distressed levels

St Gobain states that it expects that the falls in H2 operating profit to be more than previously expected
S&P cuts three French banks, including BNP Paribas, on concerns that the domestic market will be affected by the prolonged weakness in Europe

Italy sells up to €3bn in bonds at 11:00

Major US Stock Movers After Hours

Carrizo Oil gained 5% as S&P details that it is to replace Overseas Shipholding in its SmallCap 600 Index, while Dow Jones details that Kirby is to replace Overseas Shipholding in its DJ Transportation Average

Pandora fell 12% intraday yesterday after Apple announced that it was looking to launch its own online streaming radio service in 2013

Expedia gained over 13% in after hours trading as it announces Q3 numbers well ahead of the expectations and lifts its outlook

Deckers Outdoors came off over 20% as it cited lower sales in its main UGG sheepskin boots brand

Apple announces that it sees Q1 sales and EPS under the current estimates, as it announces Q4 numbers that also miss the forecasts, the stock sagged 2% after hours on the news and also caused weakness amongst its numerous suppliers and looks to have set the tone for Asian markets overnight

Amazon came off 1% in late trading as it too announced disappointing results that just missed the consensus estimates

US Market News

So far 244 S&P companies have reported, with 36.3% beating the estimates, against the historical average of 62%

Bloomberg details how amongst a group of 202 entrepreneurs with at least $10m to invest the SPDR S&P 500 ETF was the second top pick, behind Apple and ahead of Berkshire Hathaway as investors feel less confident in stock picking and just look to track the market

Sources suggest that moves by Hertz on Dollar Thrifty Automotive has found some resistance at the US FTC

The NY Times suggests that Iran has now almost completed an underground nuclear enrichment facility

The NFL continues its international push as the New England Patriots and St Louis Rams play their regular NFL game at Wembley Stadium on Sunday, and a week after confirming that next year Wembley will host two regular NFL games 

Current forecasts suggest that Hurricane Sandy could grow to be the worst to hit the Northeast of the US for some 100 years

Legg Mason, Comcast, Aon, Moody’s Interpublic and Goodyear are amongst the S&P 500 companies reporting today

Overnight Market News

South Korea announces its Q3 GDP gained 0.2% from Q2

Samsung the largest maker of mobile phones and televisions announced record quarterly profits overnight, and ahead of the forecasts, on net income of 6.56tn won, around $6bn, citing strength from its Galaxy tablets

Macquarie Group announces H1 profit gained 18% from last year citing increases in fixed income earnings

Japan has announced 750bn yen of additional stimulus (around $10bn) as concerns increase that political arguments continue to disrupt sales of government debt

Sharp gained around 10% yesterday following the recent heavy share price falls after reports that it is seeking capital alliances with US technology firms

FX Summary

The incoming chief of the Bank of New Zealand states that he does want a weaker kiwi but without having to resort to ‘unorthodox policy’ that could impact efforts to contain inflation

Commodity Summary

Gasoline had fallen every day for the past 11 days, but gained a touch yesterday on fears that Hurricane Sandy could impact on East Coast refineries

Economic Data Due

13:30 US Q3 annualised GDP, 1.8% expected, 1.3% previous

14:55 US University of Michigan Confidence, 83.0 exp. 83.1 previous

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