BofA-ML
HUNTING - Better than exp rev and EBITDA of c.USD5.5m in 1Q17 (607.5).....+3-4%
FAURECIA - Strong. Sales 2.3% beat and org growth implies 560bps o/p (43.6).+3%
DAIMLER - Strong start in Q1 with EBIT €4b significantly above cons (68.6)..+3%
MEGGITT - We UPGRADE to Buy, with PO 530p.See attractive cash story (458).+2-3%
VASTNED - Launches share buyback tender offer for upto EU50m (8% of co) (36)+2%
DUNELM - Homeware mkt remains in decline but underlying nos look ok (634)...+2%
PAGEGROUP - Strong nos with gross profit 4% and org growth 3.3% ahead (452).+2%
INDRA - We UPGRADE to Neutral post very strong Q4 results & guidance (12).+1-2%
IMI - Is being pushed away from us this morning as a buy. Small o/p (1208)..+1%
HAYS - Positive read across from Pagegroup beating cons this morning (164)..+1%
TESCO - Better than exp with 1%-3% beat with UK/ROI op profit at £803m (198)+1%
WH SMITH - Inline with H1 pretax £83m meeting ests.Travel profits +11%(1825)u/c
LOW&BONAR - Has made a good start to the year. Stock has had good run (77.3)u/c
MINERS - Copper -0.35%,Iron ORe fut -1.4% with BHP OZ -0.6%,RIO OZ +0.1%..-0.5%
AKZO - Elliott requests EGM to dismiss supervisory board Chairman (78.7)..-0.5%
BARCLAYS - Times reporting that DOJ has joined the FCA into Staley inv.(213)-1%
WINDELN - We DOWNGRADE to Underperform. Continues to burn cash flows (3.2)..-2%
MICRO FOCUS - We D/GRADE to Underperform, see as rel. u/performer (2427)..-2-3%
CSFB
Altice UNCH Altice USA Files IPO, Initial Amount Up to $100m
Barry Call M/P H1 Sales 1.5% ahead, volumes sold, guidance confirmed
CNH +0.5-1% US peer Deere +1.4% in the US on solid combine sales
Daimler +3% Pre-releases Q1 EBIT, clean 7% beat
Ericsson M/P CS UPGRADE to NEUTRAL (risk reward balanced)
Faurecia +2% Strong Q1 sales, confirms FY guidance
Fraport +1% March traffic stats, Passengers +1.8%, cargo +10.5%
Hunting +2-3% Revenues ahead of management’s expectations
Miners UNCH Copper -0.25%, Brent +1.40%, Iron Ore -0.90%, China UNCH
Oils +0.5% US API showed a draw of 1.3m barrels, Brent +1.40%
Pagegroup +1-2% No's 4% aqhead of cons, 9.1% LFL growth
Puma +2-3% Q1 sales €1005m vs cons €962m, outlook raised
Tesco +1% FY adj op profit GBP1.28B est GBP1.26B, to resume divi
WH Smith M/P H1 PBT £83m vs cons 83.15m, divi 14.6p vs cons 14.7p
MF
*DAIMLER-Q1 Ebit 4.01b(Incl 690m 1-offs),Underlying 3.3b(3.05).......+3%
*ORANGE/CANAL PLUS-In talks on Sports-Rights bids & distribution.....U/C
*BARRY CALLEBAUT-H1 Sales 3.5b(3.59),Ebit 238.4m(215.5),m/t ok.......+1%
*FRAPORT-Says Frankfurt Airport March Traffic +1.8%-stk +27% ytd.....U/C
*FAURECIA-Q1 Rev 4.23b,China could grow 3%,No outlook for FY(SI 7%)..+3%
*VESTAS-Chairman would like a large,long-term owner - DI.............U/C
*VW-To offer warrantieson SUVS transferable after first owner........+0.25%
*BNP-Sumitomo Trust to take stake 20% stake in insurance unit........+0.5%
*DIOR-Q1 Rev €10.4b,says environment particulary uncertain...........+1%
*CS-May seek full Irish banking license says Irish Times.............+0.25%
*SIEMENS-CFO confirms further cost savings in FY16/17 - FAZ..........U/C
*PUMA-Raises FY o/l,Q1 Ebit 70m,Sales 1.01b,FY Ebit 185-200(191).....+2%
*K&N-Announce B2B partnership with Alibabac.com......................+1.25%
Shore
WH SMITH-H1 revs 643m.H1 ptp 83m.op pft 84m.Divi 14.6p....................UNCH
TESCO-Op pft 1.28b(Est1.26b).LfL sales +0.7%.Intention to resume div payment+2%
KAINOS-Trading in yr continued to be in line with estimates................UNCH
ATKINS-Traded well through Q4.Fy expectations unchanged....................UNCH
LOW&BONAR-Says has made a good start to year................................+2%
BHP-Resp to Elliot's prop,share buybacks good,US petrol core to growth.....UNCH
DUNELM-3Q LFL sales decline 2.2% to GBP255mill,FY sales forecast unchd....UNCH
COUNTRYSIDE PROP-1H completions +31%,av price GBP440k,order book +69%.......+2%
PAGEGROUP-1Qincome GBP170m,fx raised gr profit to GBP15m,op prof GBP3m......+2%
HUNTING-1Q rev ahead of forecasts,EBITDA USD6m,+ve exp on US shale..........+1%