Navigate

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

09 Jan 2013

For more interesting research & professional Technical Analysis from Cantor Index click here to register for free.


Cantor Opening Call
  • The FTSE is called to open up around 10 points higher this morning
 
UK Corporate Announcements
  • Sainsbury announces Q3 total sales gained 3.9%, +0.9% ex fuel, largely in line and states that the challenging economic backdrop is to persist
  • Galliford Try states that it remains on track to meet its full year expectations and that half year profit is ahead of its targets
  • Greggs details that it sees its full year results broadly in line, and that the tough trading conditions have continued into 2013
  • Ted Baker states that it sees its full year pre-tax profit in line with the expectations
  • Restaurant Group announces it plans to open 28-35 new sites in 2013 as 2012 LFL sales gained 4.5% with revenues up 9%
  • Centamin announces full year production of 262.9 oz ahead of the forecasts of 250k seen, and up 30%
  • Aviva details it sold its Delta Lloyd offering at €12.65/share, as it sells its 19.4% stake, with gross cash proceeds of £353m
 
UK Market News
  • The FT writes on how UK business leaders have warned David Cameron that he risks damaging the economy by taking Britain out of the EU if he does plan a renegotiation of membership
  • Schroders details that it had dropped PWC as its auditor after 50 years and switches over to KPMG
  • Shire’s CEO has stated that he is increasingly confident of double digit full year earnings growth and on meeting current consensus earnings expectations for 2013
  • FTSE 100 Dividends:– British Land, BLND, (6.6 gross)
  • FTSE 250 Dividends:- Firstgroup PLC, FGP, (7.62),  Foreign & Colonial Investment Trust PLC, FRCL, (2),  Paragon Group of Cos PLC, PAG, (4.50),  Workspace Group PLC, WKP, (3.22 gross)
  • FTSE Small Share:- Edinburgh Worldwide Investment Trust PLC, EWI, (1.50),  European Investment Trust PLC, EUT, (12),  European Investment Trust PLC, EUT, (4),  Majedie Investments PLC, MAJE, (6.30),  Smiths News PLC, NWS, (5.80),  Spirit Pub Co PLC, SPRT, (1.30),  Volex PLC, VLX, (.02)
 
UK Analyst Upgrades
  • Amec Raised To Buy From Neutral At Goldman
  • Balfour Beatty Raised To Buy Vs Neutral At Bofaml
  • GKN Raised To Buy Vs Neutral At Bofaml
  • Lloyds Raised To Buy Vs Neutral At Ubs
  • LXB Retail Cut To Neutral From Overweight At Jpmorgan
  • Meggitt Raised To Buy Vs Neutral At Bofaml
  • Robert Walters Pt Raised To 175P Vs 150P At Berenberg
 
UK Analyst Cuts
  • Derwent London Cut To Neutral From Overweight At Jpmorgan
  • Europe Oil Services Cut To Neutral Vs Attractive At Goldman
  • Petrofac Cut To Neutral From Buy At Goldman
  • Rentokil Initial Cut To Sector Perform Vs Top Pick At Rbc
  • Spectris Cut To Neutral Vs Buy At Citi
  • UBM Exits Conviction Buy List At Goldman, Stays Buy

FTSE 100 Movers
 
European Market Summary
  • The FT writes that senior telecoms executives are discussing setting up a possible pan European infrastructure network to unite the current fragmented nature of the markets
  • Bayer stats that it no longer plans to sell its diabetes unit, while Sanofi’s CEO flags up that it is targeting bolt-on acquisitions in the price range of €1-2bn
 
Major US Stock Movers After Hours
  • Global Payments saw some decent buying in late trading after an upgrade from JPMorgan, and gained 3% after hours
 
S&P 500 Companies Reporting
  • Constellation Brands Inc, Q3, 0.551
 
US Market News
  • Clearwire announces that it has received an unsolicited offer from Dish at $3.30/share, it has already agreed to a buyout from its majority shareholder Sprint Nextel
  • As feared it has been confirmed that Hugo Chavez is to ill to be able to attend his own swearing in for his new term as presidency, as he has asked for more time to recover from cancer surgery, yesterday its Supreme Court rejected a request requiring National Assembly President Diosdado Cabello to take power as a caretaker
  • The Bank of Canada announces that as part of its search for a new governor it will accept applications from Canadian nationals, as its head is set to move over to the Bank of England this summer
  • JP Morgan’s CEO Jamie Dimon has stated that some of the senior executives ‘acted like children’ in handling the ‘whale’ losses of 2012 and that some people attempted to personally take advantage of the event, and were willing to hurt the company in the process
  • Apple CEO Tim Cook has made his second visit to China in 10 months as it looks to halt the recent decline in its share of the smartphone market
  • Coco-Cola and Pepsico may be eyed after a report from the National Institute of Health finds that regular drinkers of diet sodas have a 30% higher risk of suffering from depression
  • Traders will hope that Alcoa yesterday set the tone for the upcoming reporting season as it announces Q4 sales ahead of the forecasts and at higher than expected average selling prices
 
Overnight Market News
  • UBS has upgraded its stance on Macquarie Group to buy from neutral but does suggest the group would gain from selling, or closing, its underwriting and loss making securities businesses
  • Ping an Insurance came off 2% overnight after reports that Chinese regulators may yet block the planned 15.6% purchase by Charoen Pokphand
  • Panasonic still Japan’s largest consumer electronics maker states that it is in talks on closing some of its units, as it moves towards its second consecutive annual loss
 
Economic Data Due
  • 00:01 UK BRC Shop Price Index, 1.5% previous
  • 09:30 UK November Visible Trade Balance, -£9,000 exp.
 
Economic Events
  • EU – Van Rompuy meets Irish officials in Dublin
 
UK Trade Balance
Swen Lorenz: