Merrill
* GERMANY - Market is CLOSED today for Reformation Day Holiday.................
* AKER - $500m placing NOK155/shr; DNB/Danske/SEB. BAML UPGRADES to BUY this am
* EUROFINS - Selling 2.9% stake for balance sheet building; Jefferies/Berenberg
SCA - Beat with EBIT 18% ahead of cons and positive outlook commentary(80)+3-4%
RYANAIR - Better than expected with inline net profit & outlook unch (16.3).+3%
PLUS500 - Very strong numbers with third quarter revs at $116.5m (1026.4)...+3%
TELIA - Raises $1.03b by selling 19% remaining MegaFon bal at 514RUB (38).+1-2%
JUST EAT - Group order growth of 29% v cons at 22%.EBITDA guide unch (751)+1-2%
ASML - Sentiment positive that Samsung is raising its capex guidance (154)..+1%
DS SMITH - Positive qualitative trading statement; all inline with exp (521)+1%
CLARIANT - Sales and EBITDA both 4% ahead of cons. Outlook is unchanged (25)+1%
BP - Beat. NI $1.87b v cons $1.58b, DPS unch.To restart buyback program(507)+1%
CRODA - Sales cFX 4.4% in Q3 v 4% cons & strong perf in personal care (4014)u/c
LADBROKES - FOBT review.Govt launching consultation period with bookies(125)u/c
MERCK - Is said to start consumer unit disposal process; FT reports (91.9)..u/c
NOVARTIS - Submits application to FDA for KymriahTM in adult patients (81.6)u/c
WILLIAM HILL - Govt is launching a consultation period with the bookies(253)u/c
MINERS - Copper +0.18%, Iron Ore fut +0.4% & BHP OZ -0.34%, RIO OZ -0.76%.-0.5%
BNP - 2.5% rev miss driven by poor CIB likely to trigger profit taking (68).-1%
TDC - Broadly inline. Revs 1.4% miss but EBITDA a 0.5% beat v cons (37.6)...-1%
TRAVIS - Negative read from Geberit trimming guidance after 9 months (1515).-1%
GEBERIT - Trimmed FY guidance after 9 months from +3-4% growth to c.3% (468)-1%
WPP - Weak. Net sales -1.1% v cons -1.3%, PBIT margins were up +10bps (1282)-1%
AIRBUS - Revs +3.3% & EBIT +12.6% v cons. FCF before M&A ahead of ests(83)-1-2%
WEIR - Orders +21%,flow control -2% BUT looks like a 7% d/g to cons(1939)-5-10%
CS
Ageas +1% Positive read from China Taiping after numbers, have JV
Airbus UNCH Q3 Rev EU 14.24b est EU 14.13b, Guidance confirmed
Applus M/P 9 month revs $1185m vs cons 1189m, guidance unchanged
BNP Paribas -2% PBT 2% miss vs cons, French retail weak
BP +1-2% Adj net 1.87bn v street at $1.6bn
Clariant +0.5-1% Q3 4% beat on CSe & Cons. FY Guidance reiterated
Croda +1-2% Revs inline, Personal Care organic growth strong
Dufry R 9M revs CHF6.27b, 9M Ebitda margin 11.9%
DS Smith +1-2% Trading inline, ROACE in the upper end
Geberit -2% Adj Ebitda 2% below cons, Sales 733mln cons 735mln
Just Eat +1-2% Q3 total orders 43.1m vs cons 40.7m, raise to guidance
Miners UNCH Copper +0.25%, Brent +0.55%, Iron Ore +0.45%, China -0.10%
Oerlikon +2-3% Q3 orders 5% ahead of CS, sales 4% ahead
Roche M/P New data - etrolizumab can provide meaningful improvements
Royal Mail -1-2% CS DOWNGRADE to UNDERPERFORM (Worsening letter revs)
Ryanair +2-3% H1 net €1293m vs CS ests 1310m, guidance unchanged
SEB M/P 3Q sales inline with cons, confirms outlook
TDC M/P Q3 revenues meet estimates
Telia +1-2% Agreed to sell 19% holding of Megafon, SEK 8.6bln
TF1 +1-2% Revs 4% ahead, op profit also better
Weir -6-8% O&G +59% (we were looking for +80%), cuts FY guidance
WPP -1-2% Like for like rev growth weak
Zodiac M/P CS DOWNGRADE to NEUTRAL (Absance of upside)
Macq Indications:
UK:
* Bookies- No hard cut so small relief for high Street (LCL, WMH), Also the scrutiny of advertising will be -ve for PPB.
* BP- Starts buyback, Q3 Profit beats est’s. +2%
* Croda- Q3 sales +4.4% ccy, keeps FY outlook; +1%
* DS Smith- Positive outlook, trading inline. Unch
* Gem Diamonds- Diamond market remains strong, lowers FY ore treated but keeps carats recovered, operating costs +10%. -5%
* ITV- GfK consumer confidence for October declined again. -1%
* Kosmos- Hippocampe-1 Dry well. -2%
* Just Eat- Raising FY Rev Guidance from £500-515m to £515-530m, Retaining Ebitda guidance. +3%
* Petrofac- Kuwaiti Govt has resigned, also reporting the Jurassica Gas project is officially cancelled. PFC had pre-qualified for this. -2%
* Ryanair- FY guidance maintained, costs higher but well flagged. +1%
* Weir- Mineral profits slightly lower than expected due to project phasing, O&G and Control unchanged. Has had strong run.-5%
* WPP- Cuts FY Sales Forecast, has been flagged. -1-2%
MainFirst Pre Mkt Indications
*BNP-Q3 NI 2.04b(1.99),booked gain of 326m for India SBI Life.....-1%
*AIRBUS-Q3 Adj Ebit 697m(632.3),Rev 14.24b(14.13),outlook ok......+1% *TELIA-Sells Megafon stake to Gazprombank for about SK8.6b........+0.5%
*SEB-Q3 Rev 1.52b(1.52),Org Grth 8.8%(6.6%),Ebita 175m(180).......+0.5%
*RYANAIR-H1 Rev 4.43b(4.42),FY unch,Pilot costs add €100m.........+1%
*GEBERIT-Q3 Sales 733m(736.2),Ebit 179.5m(199),NI 158.5m(148).....-2% *DTE-Softbank calling off Sprint,T-Mobile talks Nikkei(denied)....Clsd
*CLARIANT-Q3 Sales 1.57b(1.49),Adj Ebitda 235m(225.9),o/l ok......+1% *SIEMENS-May list Health-Care Unit in Frankfurt first - BZ........Clsd
*DUFRY-Q3 Org Grth +7.6%(7),Ebitda 332m(333),GM 59.3%,FCF 337m....-0.5% *ZODIAC-FY NI 73.4m(107.3),FY Op Inc 218m(204.6),upbeat 2018......-0.5% *EUROFINS-ABB of 500k shares,via Berenberg & Jefferies at €543....-2%
*TF1-Q3 Rev 430m(413),co confirms guidance,visibility limited.....+0.5%
*OCERLIKON-Q3 Orders 739m(701),Sales 722m(696),Ebitda 112m(103)...+3%
*FEINTOOL-Q3 Sales 153.4m(151),Sys Parts 135.5m(132.5),o/lk ok....+1% *GRANDVISION-9M Sales 2.58b,Comp Sales +2.6%,Adj Ebitda 422m......-1%
*SCA-Q3 Net Sales 4.23b(4.03),Adj OP 776m(658.3),mkt conds ok.....+0.5%
*TDC-Q3 Ebitda 2.1b(2.07),Rev 4.96b(5.01),FY Ebitda 8.2b(8.29)....-0.5% *WPP-FY LFL Rev & Net Sales Grth flat(0%-1%),Q3 Rev 3.65b.........-3% *JUST EAT-Q3 Rev 138.6m,FY Rev 515-530m(515),Ebitda 157-163m(163).+2%