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

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Monday, November 26, 2012

Cantor Opening Call
  • The FTSE is seen starting the week down around 10 points
UK Corporate Announcements
  • Aberdeen Asset Management announces full year revenues of £869m from £784m and assets under management gained to £187bn from £169bn
  • Essar Energy reports an H1 pre-tax loss of $283m on FX and oil volatility, while H1 EBITDA doubles to $582.6m
  • Cranswick announces H1 revenues gained 6% to £418.6m and a pre-tax profit of £22.5m up 21%
  • Quintain Estates announces an H1 pre-tax loss of £29.1m from the profit of £3.7m and aims to cut its net debt below £400m by March 2014
  • SDL warns that it now sees a profit shortfall to the current estimates, and sees revenues of £270-272m
UK Market News
  • The FT suggests that at least three of the major shareholder in Barclay’s have suggested that it should follow the moves made by UBS and split off its investment bank units
  • The Institute of Fiscal Studies states that VAT may need to be increased to 25% in order to clear the deficit
  • The Sunday papers suggested that McCarthy & Stone is preparing for a share listing after appointing Moelis & Co to conduct a strategic review
  • The chairman of HSBC is getting behind moves for bankers to have to swear an oath, similar to that sworn by doctors, as part of radical efforts to re-set the way the profession is viewed
  • Qatar Holding plans to sell its remaining warrants in Barclays, worth around £775m, although it will remain its largest shareholder with its 6.7% stake
  • The FSA announces that it is to fine UBS £29.7m for significant failings in not preventing large scale unauthorised trading, discounted from £42.4m for early settlement
  • Cobham announces that it has appointed a new CFO, Nicholls, who is currently the CFO at Senior
FTSE 100 Movers
UK Analyst Upgrades
  • British Land Raised To Buy Vs Neutral At Ubs
  • Buy Delta Lloyd, Offers Good Entry Point, ING Says
  • Compass Group PT Raised to 832p from 800p at Nomura
  • Europe Autos, Pharmas Raised To Overweight At Morgan Stanley
  • Tui Travel Pt Raised To 250P Vs 200P At Morgan Stanley
UK Analyst Cuts
  • European Telecoms Cut To Underweight At Morgan Stanley
  • European Utilities Cut To Neutral At Morgan Stanley
UK Insider Buying
  • Ariana Resources Plc, (AAU), 1 insider(s) bought 640000 shares, £0.01
  • Astrazeneca Plc, (AZN), 1 insider(s) bought 400 shares, £28.4
  • Castings Plc, (CGS), 1 insider(s) bought 2000 shares, £2.98
  • Energy Assets Group P, (EAS), 2 insider(s) bought 25125 shares, £1.9
  • Grainger Plc, (GRI), 1 insider(s) bought 20000 shares, £1.14
  • Halma Plc, (HLMA), 1 insider(s) bought 17500 shares, £4.26
  • Hornby Plc, (HRN), 1 insider(s) bought 22000 shares, £0.6
  • Sierra Rutile Ltd, (SRX), 1 insider(s) bought 100000 shares, £0.53
UK Insider Selling
  • Albemarle & Bond Holdi, (ABM),  insider(s) sold 15000 shares, £2.19
  • Computacenter Plc, (CCC),  insider(s) sold 6000 shares, £3.83
  • Fenner Plc, (FENR), 1 insider(s) sold 2000 shares, £3.82
  • Xstrata Plc, (XTA), 1 insider(s) sold 10250 shares, £0.1
  • Xxi Century Investment, (XXIC), 1 insider(s) sold 3000000 shares, £0.02
Global Footprint
Major European Companies Reporting
  • Seadrill, Q3, 0.694
European Market Summary
  • Spain is back in focus as elections in Catalonia have had the strongest turnout for 30 years as separatist parties have gained a following with the backdrop of the wider austerity measures
  • While Finance chiefs meet again in Brussels today to clear an aid payment for Greece
  • Germany sells €3bn in bills at 11:30 and France sells up to €4bn in bills today
Major US Stock Movers After Hours
  • There were no major market movers after the shortened trading session on Friday

US Market News
  • The FT suggests that Microsoft is in talks to open UK retail stores in 2013, which will sell its own products plus those running the Windows system
  • Bloomberg writes that Knight Capital could receive acquisition approaches as early as this week, with Getco LLC named as one of the potential bidders
  • US retailers will be eyed as early data on Thanksgiving Day sales comes in, used as a barometer of the key holiday sales ahead, where internet sales are expected to gain 17% from last year, and now making more than 10% of US retail spending
  • Barron’s suggests that Apache may gain, but warns that Caesars Entertainment could decline as the old centres such as Atlantic City and New Jersey lose business to newer regional competition.
  • The paper also highlights analysts that see Express Scripts gaining by as much as 15% over the next 12 months as its strength in generic prescriptions continues
  • Research In Motion gained 13% following the recent share price sell-off, and on hopes that its rollout of Blackberry devices ahead will have a positive Holiday period
Overnight Market News
  • Olam International stays in focus as the business press continues to detail its accounting policies, which are seen within the rules, but with a great deal of ambiguity as firms are forced to value ‘living’ assets every three months, such as wheat and cattle, but that this of course involves significant judgement calls, Olam then started to use this accounting practice on inflation, production and costs
  • Average urban salaries in China gained 12% in the first nine months, ex inflation, down from 14.4% for 2011 and 13.3% in 2010
  • China landed a jet on its first aircraft carrier yesterday, but loses Luo Yang, who headed up the nation’s fighter jet building program, as he died of a heart attack during the first landing tests
Major Global IPOs Due Today
  • Hakers Enterprise Co Ltd, (4432), 3.933m, TWD 33
  • Hiap Huat Holdings Bhd, (HHH), 135m, MYR 0.2
  • IMX Resources Ltd, (IXR), 33.909m, AUD 0.11
  • Shopping Centres Australasia Property Group, (SCP), 337m, AUD 1.26 – 1.5
  • Tsui Wah Holdings Ltd, (1314), 333.334m, HKD 2.27
FX Summary
  • The euro has weakened as the Spanish election result increases concerns that any political changes required in the region will be harder to accomplish
  • Japan has posted a current account deficit as exports from Sony and Toyota have dipped, the surplus had always been seen as a central pillar of its ‘safe-haven’ status as it was not reliant on foreign capital
  • Venezuela’s bolivar has fallen to a record low on the black market, as the markets pressure Chavez to end the drought of dollar bond sales, as the central bank does not have enough dollars for locals to buy at officials rates, causing heavy black market trading
Economic Data Due
  • 13:30 US October Chicago Fed Activity Index, 0.0 previous
Economic Events
  • 11:30 Euro-Area Finance Ministers meet on Greek Debt
US October Chicago Fed Activity Index

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