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

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Wed, November 7, 2012

UK Corporate Announcements

FirstGroup reports an H1 pre-tax profit of £8.4m from £127m with sales up 2.6% to £3.5bn and states that it is pleased with the progress on its strategy

Burberry announces an adjusted pre-tax profit of £173m up 6% and just ahead of the forecasts

Old Mutual reports funds under management of £263.3bn up 4% and that long term sales fell to £278m

Spirax Sarco states that it expects to make progress for the full year and that it has not seen a softening in demand

Randgold Resources reports a Q3 operating profit of $103m from $106.8m on sales of $319m from $309m

Fenner announces full year revenues of £830m and an operating profit of £107.6m and states it sees its results weighted to H2

Betfair states that it is reviewing its operations in Germany and that talks with tax authorities are ongoing

UK Market News

Merkel is due to meet with Cameron in London today and ahead of the meeting Cameron has attacked the ‘ludicrous’ EU budget

The Bank of England’s Haldane testifies to the UK parliament

Legal & General is mentioned in a few of the papers this morning after M&A talk yesterday

The Times writes that Pearson is looking to sell the FT, thought to be worth around £1bn, a report which Pearson has explicitly denied

Acromas the group behind AA and Saga is reportedly looking at a possible London IPO

The Independent details that sexism remains in the boardroom as the Chartered Management Institute calculates that female executives on average earn £423,390 less over their lifetimes than male workers over identical career paths

FTSE 100 Ex dividends (net): Barclays PLC, BARC, (1),  BP PLC, BP/, ($0.09),  Bunzl PLC, BNZL, (8.80),  Unilever PLC, ULVR, (19.77),  Whitbread, WTB (19.5)

Estimated FTSE 100 Ex Dividend Impact 5.8 points

FTSE 250 Ex dividends (net): Balfour Beatty PLC, BBY, (5.60),  Cobham PLC, COB, (2.40),  Daejan Holdings PLC, DJAN, (51),  Hays PLC, HAS, (1.67),  Murray International Trust PLC, MYI, (9),  Rightmove PLC, RMV, (9),  SIG PLC, SHI, (1),  Spirax-Sarco Engineering PLC, SPX, (16),  Travis Perkins PLC, TPK, (8),  Unite Group PLC, UTG, (1),  Yule Catto & Co PLC, YULC, (2.20)

FTSE Small Share Ex dividends (net): Keller Group PLC, KLR, (7.60), Pacific Horizon Investment Trust PLC, PHI, (1.50), Lowland Investment Company PLC, LWI, (7.50)

UK Analyst Upgrades

Ab Foods Pt Raised To 1,500P Vs 1,380P At Nomura, Stays Buy

UK Analyst Cuts

Lsr Cut To Underweight Vs Neutral At Jpmorgan

UK Insider Buying

Cls Holdings Plc, (CLI), 1 insider(s) bought 15,000 shares, £7

Telecity Group Plc, (TCY), 1 insider(s) bought 3,000 shares, £8.34

UK Insider Selling

Inmarsat Plc, (ISAT), 1 insider(s) sold 145,271 shares, £5.6

Smiths Group Plc, (SMIN),  insider(s) sold 10,000 shares, £10.69

Major European Companies Reporting

Ageas, Q3, 1.1,  Alstom SA, S1, 1.308,  Axel Springer AG, Q3, 0.67,  Barry Callebaut AG, R, 47.877,  BNP Paribas SA, Q3, 1.23,  Brenntag AG, Q3, 1.596,  Burberry Group PLC, S1, 0.28,  Carlsberg A/S, Q3, 14.359,  Delhaize Group SA, Q3, 0.882,  Firstgroup PLC, S1, 0,  Freenet AG, Q3, 0.323,  Hochtief AG, Q3, 0.885,  Holcim Ltd, Q3, 1.178,  ING Groep NV, Q3, 0.165,  Muenchener Rueckversicherungs AG, Q3, 4.102,  OMV AG, Q3, 0.983,  Randgold Resources Ltd, Q3, 1.463,  Schibsted ASA, Q3, 1.931,  Securitas AB, Q3, 1.382,  Symrise AG, Q3, 0.376,  Telefonica SA, Q3, 0.296,  Tenaris SA, Q3, 0.46,  Vallourec SA, Q3, 0.473,  Vedanta Resources PLC, S1, 0.76,  Voestalpine AG, Q2, 0.606

European Market Summary

Greek PM Samaras faces a crucial vote today as he seeks coalition approval in parliament for the austerity measures required to release required bailout funds, as day to day operations in the country remain hampered by the third General Strike in the country in the past 6 weeks

Danone is in the news as US activist investors Nelson Peltz details he has taken a stake in the group, his first foray into France

The Times details on how Allied Irish Banks has confirmed it was writing to former directors requesting that they forgo a portion of their retirement benefits

The Guardian details how German carmakers have been the major gainer in the Chinese auto market, as Chinese buyers have been shunning Japanese cars as part of a wider protest on the uninhabited disputed islands

ING announces that it is cutting 2,350 jobs at its insurance and commercial banking units and as it details Q3 net income of €609m under the forecasts of around €846m

BNP Paribas reports Q3 net of €1.32 ahead of the forecasts of around €1.06bn seen

Germany is due to sell around €4bn in notes at 11:30

Major US Stock Movers After Hours

Pharmathene gave a solid update on Q3 after hours, and gained over 23%

Silicon Graphics gained over 14.6% as it gave an improved outlook on Q2

Plexus came off over 23% as Juniper announces that it has been disengaged as supplier to Juniper, with its CEO stating that this was very surprising news  and would be a significant event in the near term

S&P 500 Companies Reporting

AES Corp/VA, Q3, 0.348,  Becton Dickinson and Co, Q4, 1.399,  CBS Corp, Q3, 0.605,  CenterPoint Energy Inc, Q3, 0.335,  CenturyLink Inc, Q3, 0.584,  Cognizant Technology Solutions Corp, Q3, 0.867,  Devon Energy Corp, Q3, 0.686,  Hospira Inc, Q3, 0.451,  Kraft Foods Group Inc, Q3, 0.683,  Macy’s Inc, Q3, 0.286,  Molson Coors Brewing Co, Q3, 1.335,  Mondelez International Inc, Q3, 0.358,  Monster Beverage Corp, Q3, 0.55,  Perrigo Co, Q1, 1.238,  Prudential Financial Inc, Q3, 1.673,  QUALCOMM Inc, Q4, 0.816,  Tenet Healthcare Corp, Q3, 0.358,  Time Warner Inc, Q3, 0.818,  WellPoint Inc, Q3, 1.836,  Whole Foods Market Inc, Q4, 0.598

US Market News

President Obama has been re-elected as President of the United States, the result became certain when it was announced overnight that he did win the key swing state of Ohio, the final state results continue to roll in, but the crucial electoral vote threshold of 270 has been passed, and the President has already made a passionate acceptance speech

The VIX has come off a touch, down to 17.58 as a surprise election result failed to occur

US carriers such as UAL Corp and AMR have suspended much of their flights into the New York area today as a fresh storm system is due to hit the region, the system is not as threatening as Sandy, but as a precaution carriers are preparing for more disruptions ahead

News Corp announced Q1 adjusted EPS just ahead of the forecasts, while Time Warner is in the news on reports that it is looking at possible Pay TV network acquisitions

Alan Blinder the former Fed vice chairman and Princeton University economists states that the US Federal Reserve is perilously close to doing all it can to speed economic growth

Overnight Market News

Asian markets have stayed relatively subdues to a little higher as the global markets awaited confirmation on the US election, with focus already shifting to the US fiscal cliff

Local papers suggest that China Everbright Bank, China Guangfa Bank and Bank of Shanghai are all expected to list in Hong Kong in next year, possible as soon as H1

Major Global IPOs Due Today

Singulex Inc, (SGLX), 4.375m, USD 15 – 17

FX Summary

The dollar has softened a touch in recent hours on speculation that the Obama win could increase the chances of additional stimulus measures ahead

Commodity Summary

Gold also has gained a little following the election result as the dollar weakening increase the safe haven buying

Bloomberg details how The Pentagon is teaming up with Ucore Rare Metals in Canada to help develop mines in North America to source rare earths, to counter the effects of China’s dominance of the supply


Economic Data Due

00:01 UK October BRC Shop Price Index, 1.0% previous

11:00 German September Industrial Production m/m, -1.0% exp. -0.5% previous

20:00 US September Consumer Credit, $10.0bn exp. $18.12bn previous

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