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7 Dec 2012
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UK Corporate Announcements
- Berkeley Group announces H1 pre-tax profit gained 40.7% from £142.2m on revenues of £686m from £405m and states it is to invest £202m in land in H1
- Abbey states that UK trading has been satisfactory but that the immediate outlook remains difficult as it details an H1 pre-tax profit of €5.95m
- Photo-Me states that its profitability has improved and that its cash flow remains strong
- James Halstead states that this year will continue to be tough
- Bellway states that market conditions have remained largely unchanged
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UK Market News
- The general market activity continues its slow down into the Christmas and New Year trading hiatus
- Rolls Royce will stay in focus after it detailed yesterday concerns about bribery and corruption allegations
- The UK is due to sell £2.5bn in bills at 12:10
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FTSE 100 Movers
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UK Analyst Upgrades
- Marks & Spencer Cut To Sell Vs Neutral At Goldman
- Next Raised To Neutral Vs Sell At Goldman
- Rightmove Raised To Overweight Vs Neutral At Jpmorgan
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UK Analyst Cuts
- Gem Diamonds Cut to ‘Sector Perform’ at RBC Capital
- Rentokil Initial Removed From Conviction Buy List at Goldman
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UK Insider Buying
- Cape Plc, (CIU), 1 insider(s) bought 24906 shares, £2.01
- Imi Plc, (IMI), 1 insider(s) bought 4000 shares, £10.61
- Kofax Plc, (KFX), 1 insider(s) bought 20000 shares, £2.93
- Rotork Plc, (ROR), 1 insider(s) bought 1989 shares, £25.01
- Sig Plc, (SHI), 1 insider(s) bought 8600 shares, £1.15
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UK Insider Selling
- Arm Holdings Plc, (ARM), 1 insider(s) sold 7915 shares, £7.5
- Astrazeneca Plc, (AZN), 1 insider(s) sold 7546 shares, £29.93
- Bodycote Plc, (BOY), 1 insider(s) sold 50000 shares, £4.23
- Brewin Dolphin Holdings, (BRW), 1 insider(s) sold 90815 shares, £1.9
- Capita Plc, (CPI), 1 insider(s) sold 400000 shares, £7.77
- Rathbone Brothers Plc, (RAT), 1 insider(s) sold 700 shares, £12.1
- Spirax-Sarco Engineerin, (SPX), 1 insider(s) sold 7500 shares, £22.03
- Spirent Communications , (SPT), insider(s) sold 181186 shares, £1.49
- St James’s Place Plc, (STJ), 1 insider(s) sold 5000 shares, £3.99
- Xstrata Plc, (XTA), insider(s) sold 32000 shares, £10.35
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Major European Companies Reporting
- Berkeley Group Holdings PLC, S1, -0.001
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European Market Summary
- The ECB yesterday cut back its forecasts for the Eurozone, seeing further contraction ahead, but sees not enough risk of inflation yet to need to increase interest rates, and the ECB details that for the first time it did discuss a possible cut of the overnight deposit rate to below zero
- The Independent writes on how the US Senate voted to ‘name and shame’ high ranking Russian officials involved in corruption, and to ban them from travelling to the US, or investing there
- Alcatel Lucent is to leave the CAC 40, after a period of 25 years, and will be replaced by Gemalto
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Major US Stock Movers After Hours
- Smith & Wesson gained 3% after hours as it lifts its full year EPS targets on higher margins and stronger sales
- Amarin sagged 17% after hours as it announces a refinancing deal, reducing expectations that a buyout was imminent
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US Market News
- US Bancorp has had its senior debt rating cut to A1 from Aa3 after it lowered its profit forecasts
- The Telegraph details how Starbuck’s attempt to allay concerns on its UK corporate tax situation by pledging to ‘donate’ £20m in tax, even if it makes no profit, however critics cite the move as an example of how multi-national corporations view local corporation taxes as an optional extra
- The CEO of Netflix may face an SEC civil claim, after a tweet he made back in July that Netflix’s viewing ‘exceeded 1bn hours’ caused its share price to gain 6% and may have broken rules on selective disclosure
- Zynga has taken its first steps to apply for a gambling license from the US state of Nevada, which could take 18 months, and that it plans to start real money games in the UK from next year
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Overnight Market News
- Olam stays in the news after former MD of Temasak yesterday called the Muddy Waters report a ‘credible work of research’ He worked at Temasek while it was building its stake in Olam, and overnight he has had a change of heart and now states that he rejects the connection between Olam and Enron, but does conceded that Olam executed its plans ‘a little bit too fast and too far’
- Apple may yet attempt to add as yet unreleased Samsung devices to the current US ban on some of its rival’s tablets, as the legal arguments continue
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Major Global IPOs Due Today
- Ananda Development PCL, (ANAN), 1333m, THB 4.2
- Paringa Resources Ltd, (PNL), 33.3333m, AUD 0.3
- People’s Insurance Co Group of China Ltd, (1339), 6898.21m, HKD 3.48
- Sino Horizon Holdings Ltd, (2923), 39.1m, TWD 19 – 22
- Tecnos Japan Inc, (3666), 0.55m, JPY 1540
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FX Summary
- Yen weakness continues as speculation continues of BOJ easing ahead
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Economic Data Due
- 09:30 UK October Industrial Production, m/m, 0.8% exp. -1.7% previous
- 09:30 UK October Manufacturing Production, m/m, -0.2% exp. 0.1% previous
- 13:30 US November Change in Non Farm Payrolls, 90k exp. 171k previous
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Economic Events
- ECB’s Weidmann Speaks in Berlin
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US Non Farm Payrolls
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