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

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Tuesday, November 27, 2012

Cantor Opening Call
  • The FTSE is called to open up around 30-40 points higher today
UK Corporate Announcements
  • Britvic announces a group pre-tax profit of £62.9m down from £77.9m with revenues down 0.8%
  • Mitchells & Butlers reports a full year EBITDA of £395m on sales of £1.89bn and sees long term earnings growth despite the challenging conditions
  • Severn Trent announces H1 revenues of £917m and an underlying pre-tax profit of £267m and confirms the full year targets
  • De La Rue reports H1 revenues gained 2% to £245m and a pre-tax profit of £27.9m up 3%
  • Topps Tiles announces a full year revenues of £177m up 1.3% and a pre-tax profit of £12.5m
  • Chemring states that its trading outlook remains in line and that it must adapt to meet the challenging markets
UK Market News
  • The UK business press naturally is dominated by the appointment of Mark Carney as the replacement for Mervyn King next summer, with the appointment increasing expectations of additional central bank oversight of the banking sector, and away from the traditional light-touch regime
  • Some UK papers are already asking about the future of Paul Tucker as deputy governor and many cite the Libor scandal as a major contributing factor for the position going to an outsider
FTSE 100 Movers
UK Analyst Upgrades
  • ARM Holdings PT Raised to 800p from 660p at RBC Capital
  • Dockwise Pt Raised To Eu17.20 From Eu15 At Ing
  • Go-Ahead Raised To Buy From Neutral At Nomura
  • Informa Pt Raised To 485P Vs 415P At Morgan Stanley
  • Informa Raised To Overweight Vs Equalweight At Morgan Stanley
  • Rbs Pt Raised To 328P Vs 287P At Ubs
  • Rbs Raised To Buy Vs Neutral At Ubs
    Whitbread Raised To Add From Hold At Numis
UK Analyst Cuts
  • Aveva Rated New Sell At Seymour Pierce, Pt 1,780P
  • Dockwise Cut To Hold From Buy At Ing
  • National Express Cut To Neutral From Buy At Nomura
  • Telecity Pt Cut To 990P Vs 1,100P At Berenberg, Stays Buy
UK Insider Buying
  • Bovis Homes Group Plc, (BVS), 1 insider(s) bought 13 shares, £5.2
  • Cairn Energy Plc, (CNE), 1 insider(s) bought 1090 shares, £2.65
  • Corero Network Securi, (CNS), 1 insider(s) bought 25000 shares, £0.33
  • Energy Assets Group Pl, (EAS), 1 insider(s) bought 5108 shares, £1.94
  • F&C Asset Management P, (FCAM), 1 insider(s) bought 50000 shares, £0.99
  • Fiberweb Plc, (FWEB), 1 insider(s) bought 15000 shares, £0.64
  • Plexus Holdings Plc, (POS), 1 insider(s) bought 2500 shares, £2.14
  • Renold Plc, (RNO), 1 insider(s) bought 123456 shares, £0.2
  • Rsa Insurance Group P, (RSA), 2 insider(s) bought 2919 shares, £1.12
  • Trinity Mirror Plc, (TNI), 1 insider(s) bought 61900 shares, £0.81
UK Insider Selling
  • Fenner Plc, (FENR),  insider(s) sold 2000 shares, £3.84
  • Internetq Plc, (INTQ), 1 insider(s) sold 300000 shares, £1.82
  • Lonmin Plc, (LMI),  insider(s) sold 42631 shares, £1.38
Global Footprint
Major European Companies Reporting
  • Remy Cointreau, H1, Vienna Insurance, Q3, 0.650
European Market Summary
  • The IMF and Euro zone finance ministers reached a late deal yesterday on how to reduce Greece’s debt, needed to release badly needed loans to keep the economy moving
  • They agreed to cut the interest rates and give it additional time to pay back rescue loans
    Spain sells bills at 10:30, and Italy sells up to €3.5bn bonds
  • President Hollande continues to suggest that his government may introduce new laws in 2013 to look to halt the likes of Apple and Google to avoid paying local corporation tax on goods sold in France
Major US Stock Movers After Hours
  • Dollar General gained over 3% as it is confirmed it will replace Cooper Industries in the S&P 500
  • Hillenbrand gained 1% as it announces Q4 adjusted EPS just ahead of the forecasts
  • Thor fell 7% as it announces Q1 EPS and revenues under the forecasts
S&P 500 Companies Reporting
  • Analog Devices, Q4, 0.568, ADT Corp, Q4, 0.428
US Market News
  • Lehman Brothers announces that it has agreed to sell its Archstone Inc unit to AvalonBay for $6.5bn after ruling out an IPO of the property unit
  • AvalonBay is to sell 14.5m shares to help pay for the move
  • The NYC Mayor’s office has put a total loss of $19bn on Hurricane Sandy, US Airways states it sees a $15m negative effect due to its disruptions around the storm
  • Early data suggests that US consumer spent $1.5bn on Cyber Monday, the first Monday after Thanksgiving, up 20% from last year
  • Indian based ONGC details it is to pay $5bn to take ConocoPhillip’s 8.4% stake in its Kazakhstan’s Kashagan project
Overnight Market News
  • Asian markets have gained on some relief on the Greek deal news, and as the buying continues following the quick sell-off following the US elections, however the Shanghai Composite today has closed under 2000 for the first time since 2009
  • Michael Woodford the Ex-CEO of Olympus continues to enjoy the limelight his whistle-blowing caused, as he reportedly is close to signing a film deal on the $1.7bn fraud at the electronics group
  • Local press in Hong Kong details how the average price of a previously owned car parking spot in residential complexes has gained 6.7% to $82,600, the second highest on record as investors have increasingly moved into parking following recent curbs on home buying
  • China Ronsheng came off 8% as its chairman announces that he was resigning from the shipbuilder, after being embroiled in an insider trading case on another firm earlier in the year
  • Muddy Waters has now published its report on Olam International and rates the company a strong sell and sees a high risk of failure and that bond holders should ask ‘where money goes’
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 moved up to three week highs on the Greek news, and as Greece’s finance minister states that the decision ‘keeps Greece in the euro’
  • The Canadian dollar weakened a little on the Mark Carney news, as speculation mounts on who will replace him in Ottawa
Economic Data Due
  • 09:30 UK Q3 GDP,q/q 1.0% exp. 10% previous
  • 13:30 US October Durable goods Orders, -1.0% exp. 9.9% previous
  • 15:00 US November Consumer Confidence, 73.0 exp. 72.2 previous
Economic Events
  • Fed’s Fisher Speaks in Berlin

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