ML
DARTY - All share approach from FNAC, 1 for every 39 DTY, c. 101p........+20% SAINSBURYS - LFLs in line, sees FY PBT ahead of cons,22% short interest.+3-4% GLENCORE - Headlines just a re-iteration of yday's comments,miners strong.+3% TESCO/MRW - Positive read from solid SBRY numbers, sector still shorted...+2% RIO - To sell coal stake in Australia to New Hope for $606m...............+2% NEOPOST - H1 sales +10% YoY, confirms org growth & op margin targets......+2% AUTOS - Chinese autos on fire post 50% cut to PV tax for engines <1.6l....+2% VOLVO - Spec VCE spin-off could be near, Trelleborg CEO tipped to lead....+2% ENEL GREEN POWER - Sells Finerge for EUR 900m, exits Portuguese market..+1-2% MOTA ENGIL - To sell port & logistics business (Tertir), c. EUR 275m....+1-2% SSE - Statement in line, nothing but a re-iteration of guidance...........+1% WPP - Positive read from Comscore buying RENT for $800m, WPP own c20%.....+1% GEA - Pre release cutting growth guidance but holds for EBITDA............+1% BNP/LLOYDS - Top pick from day 1 at our conf, watch SocGen today..........+1% SAGA - Interims slightly ahead of cons, u/lying COR worse on timing.......+1% SHAFTESBURY - pre-close update adds nothing new, trading still +ve........+1% QINETIQ - Trading in line with expectations, will move with the mkt.......+1% WORKSPACE - small acquisition of Mecca bingo site in Wandsworth for £26m..+1% SGS - Agrees to buy 70% of private co SIGA, c. CHF 43m rev in 2014........+1% ADEN/AHOLD/BT/LHN - We name amongst our top LONGS for Q4 in EMEA..........+1% NOKIA/PRU/SANOFI - We name amongst our top LONGS for Q4 in EMEA...........+1% PIRELLI - Paulson tenders 9.5% of co to ChemChina at EUR 15...............u/c DIALOG SEMI - Lowers approval threshold for Atmel to 50%+1 from 75%.......u/c CARLB/KNIN/NESTE - We name amongst our top UNDERPERFORMS for Q4 in EMEA...-1% UPONOR - Warning on weak EU demand, sees op profit flat YoY, cons +28%...-15%
CS
Autos +4-5% China cuts small passenger vehicle purchase tax to 5%
Deut Post -1% Negative article on antitrust in Handelsblatt
Electrolux +2-3% Considering options for settling with US on antitrust
Galenica M/P Received Japan approval for Sucroferric Oxyhydroxide
Geberit -1-2% Read across from Uponor profit warning
IMI UNCH Read across from Uponor profit warning
Infineon +2% China tax cut should be a benefit
Miners +1-2% Copper +0.40%, Brent UNCH, Iron Ore UNCH, China +1.18%
Qinetiq M/P The Board is maintaining expectations for Grp performance
RPC M/P Sees total trading in line with management expectations
Sainsburys +3-4% Sees FY Pre tax ex items moderately ahead of consensus
Saga M/P H1 Op profit inline, confident in achieving FY
Shaftsbury +1-2% Trading update solid. London strong
SSE UNCH Numbers and dividend inline with market expectations
St Gobain UNCH Read across from Uponor profit warning
STM +2% China tax cut should be a benefit
Temenos M/P H1 results after the close inline
Topps Tiles +1-2% Management remain comfortable with current market ests
Uponor -10-15% Profit warning, says FY op profit will not improve
Volkswagen +8% May not face Environmental criminal charges, WSJ
Commerzbank
G1A +1.5% 2015 sales guidance narrowed down due to "global eco downturn"
DLG +0.9% A 50% DLG shareholder approval needed for the cap inc, ~60% dilution
LHA +1.7% DZ raises to Buy (Hold) - PT €14 (13.5)
SIE +1.3% Siemens India wins order at 790mn Rupees
TLX +1.8% CBK upgrades to Buy (Hold), €30 (26.50) on valuation
VOW3 +2.9% May be dropped by Swedish National Pension Funds amid scandel
ZAL +1.0% CBK raises PT to €40 (38) - online retailing is the winner
Investec
* D POST-Cartel Office investigating contract with Arvato from 2007-15(HB)..U/C
* ELECTROLUX-GE 'considering options' for settling with DoJ on merger.......+2%
* FIAT-Ferrari ipo could launch early as Fri, likely size $1bn(CNBC)........+2%
* GEA-cuts sales gth guidance, sticks to ebita and div guidance.............-2%
* NEOPOST-H1 rev -1.1%, confirms outlook but dividend guidance light........-3%
* TOTAL-wants to sell electricity to businesses, plans 8% mkt share(Echos)..+1%
* DARTY bid from FNAC, 1 FNAC for 39 every Darty............................+25%
* DIGITAL BARRIERS-Wins (another) TVI contract ($1.2m).......................+1%
* ETO 4 for 9 rights raising £193.6m to buy 70% of Baker Davies.............-10%
* GREENKO 1.In line,H2 weighted.Waiting on sale proposal for Mauritius.......+2%
* LEKOIL-H1. In line,net cash $22.6m .+ive outlook(shs +8.5% yday)..........unch
* PETROCELTIC-H1.In line, FY guidance unch..................................unch
* QINETIQ board maintains expectations for FY...............................unch
* RPC-PreClose.Trading ahead of prev. yr,sees stronger H2.Overall in line....+1%
* RIO selling 40% stake in Aus coal venture for $606m, sector better.........+2%
* SAINSBURY Q2 lfl -1.1%, sees FY PTP moderately ahead of expectations.......+3%
* SAB MILLER no update further to ABI Inbev finance story y'day..............-1%
* SAGA trading update, says on track to meet estimates for FY...............unch
* SSE pre close update, on course to achieve financial objectives for 15/16.unch
* TOPPS TILES: +tive tone to update, confident of hitting 33% mkt share......+2%
* TULLOW vauge bid spec in DM market report..................................+1%
* WORKSPACE small acquisition for £26.1m, not a factor......................+1%
* WIZZAIR-PreClose.Raises FY guidance (Net Profit +8%) due to oil price......+3%
MainFirst Pre Mkt Indications
*GEA-Cuts est's 4 Global Eco Grth,FY Ebitda €590m-€640m(€633m).....+1.5%
*NEOPOST-Cuts Divi from €3.9 to €1.7,Ebita €112m(114),o/l ok.......-10%
*CLARIANT-To acquire part of Vivimed's personal care portfolio......+1%
*SGS-Acquires 70% in Siga(Chilean Project Management)Rev CHF43m.....+0.6%
*SAINSBURY-Comp Sales Ex Fuel -1.1%(1.3),Ret Sales +0.3%(0.3)......+3%
*TOTAL-Wants to sell electricity to French businesses-Les Echos.....+0.5%
*ENEL GREEN POWER-To exit Portugal renewables mkt post-deal.........+0.5%
*DPW-Cartel Office reviews DPW,Bertelsmann contract from 2007.......+1%
*H&M-To open more than 70 mainland China stores despite slowdown...+0.5%
*AUTOS-Chinese Govt cuts purchase tax on 1.6l cars to 5% from 10%...+2%