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

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Tues, January 15, 2013

Cantor Opening Call
  • The FTSE is seen opening down around 15 points this morning
Cantor Capital Graphs
UK Corporate Announcements
  • Michael Page states that economic conditions remained poor and has full year gross profit down 1.5% on constant FX
  • Ocado details that 6 week sales gained 14% from last year
  • Halfords has 15 week LFL sales up 5% and doesn’t expect any improvement in trade conditions in the short term
  • IG Group announces H1 net trading revenues fell 14% to £169m, and profits fell 21% to £81.1m and states it does not sees H1 weakness as being structural, but that H2 will match H1 if conditions persist
  • Intermediate Capital details assets under management of €12.9bn up 7% and that it has raised €2.5bn for a European Mezzanine Fund
  • Ashmore Group has AUM of $71.5bn up 4.4%
  • Burberry announces total revenues gained 9% to £613m just ahead of the forecasts and sees the external environment remaining challenging
UK Market News
  • RBS could be set for a $880m Libor fine as early as next week, against the £290m fine against Barclays
  • HMV reportedly could suspend its share trading and appoint Deloitte as an administrator as it looks for a buyer
  • The head of the BBA states that Britain’s banks would support a new professional standards body
  • The UK Petrol Retailers Association states that as many as 1,000 independent retailers could close within 5 years due to pressure from supermarkets
  • Analysts are stating that the continuing talk that the UK is looking to renegotiate its membership with the EU was impacting on the safe haven status of sterling
  • The RICS data has UK house prices up to their highest level in 30 months
UK Analyst Upgrades
  • Centamin Egypt Raised To Buy From Add At Numis
  • Elementis Rated New Underperform At Bofaml
  • Hsbc Added To Credit Suisse Focus List
  • Lancashire Raised To Outperform From Neutral At Credit Suisse
UK Analyst Cuts
  • Arm Removed From Europe Best Ideas At Morgan Stanley
  • Segro Cut To Equalweight From Overweight At Barclays

FTSE 100 Movers
FTSE 100 Movers Graphic

European Market Summary
  • Carlsberg announces it has signed a three year deal to be the official beer of the UK Premier League
  • Portugal Telecom details that it is to sell 28% of its CTM unit to Citic Telecom for $411m
  • Daimler’s chief states that it needs to fix its China operations in order to catch BMW and Audi
  • Sunways announced late yesterday that its chairman has resigned, effective immediately
Major US Stock Movers After Hours
  • Globecomm gained 7% as it cuts its full year forecasts, as it details it has started a strategic review
  • Radisys moved over 12% higher in late trading as it announces a strong to the finish to the year and significantly lifted its Q4 guidance
  • Majesco Entertainment was the leader mover, down over 30% as its sees 2013 full year revenues down significantly, with 2012 holiday sales down at least 50%
S&P 500 Companies Reporting
  • Forest Laboratories Inc, Q3, -0.069,  Lennar Corp, Q4, 0.448,  Linear Technology Corp, Q2, 0.389
US Market News
  • Bloomberg details how the US has moved within $0.025bn of the $16.395tn debt ceiling, and President
  • Obama states that the ‘markets could go haywire’ if Congress attempted to use the ceiling as leverage in the ongoing spending debate
  • US press suggests that Dell is in buyout talks with private equity groups, with talk of valuations around $15-16/share
  • The Dell news had supported the wider sector yesterday, however Apple falling 3% also affected sentiment, with Apple again back to the $500 support area
  • Coca-Cola responds to pressure and airs a 2 minute ad highlighting its low calorie drinks and reminds viewers that all foods contain calories, as it looks to head off increasing concerns that the sector will face a wave of obesity lawsuits in the coming years
  • Lance Armstrong’s interview with Oprah Winfrey is due to air January 17th but reports suggest he did admit to taking performance enhancing drugs, after 13 years of denials and strong accusations from cycling authorities
  • JP Morgan has been ordered to correct its money laundering compliance procedures
Overnight Market News
  • The EC has stated that China is still illegally supporting steelmakers
  • The yen has come off the recent lows as the economy minister seems to have played down talk of additional intervention, at least for now
  • Morgan Stanley announces that it plans to cut around 15% of its investment banking jobs in Asia
Economic Data Due
  • 00:01 UK RICS House Price Balance, -7% exp. -9% previous
  • 09:30 UK December PPI Output, 0.0% exp. -0.2% previous
  • 13:30 US January Empire Manufacturing, -1.0 exp. -8.10 previous
  • 13:30 US December PPI, -0.1% exp. -0.8% previous
Economic Events
  • World Bank Global Economic Prospects Report

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