Numis:
* AVEVA +1-2% Bid spec in the Telegraph (shares were strong yesterday afternoon, up 5%)
* CHALLENGER BANKS -1% Council of Mortgage Lenders cut forecast for BTL Mortgages from £38bn to £35bn.
* HOUSEBUILDERS -1%: Hometrack data out o/n, London house prices rose at lowest rate in 5 years (+3.3% yoy in May).
* RANDALL & QUILTER +4% Sale of Lloyd’s managing agency to US insurer Coverys for $22.6m, which will generate a net gain of £12.6m (c.15p per share)
RBC:
*AIB: IPO priced @ €4.40, as expected.
*AVEVA: +2% FT & TELEGRAPH: speculation SU will launch third bid proposal for AVV.
*NEINOR HOMES: 0% buys final building land in Valencia for €27M.
*NOVARTIS: 0% drug combo gets regular FDA approval for lung cancer.
*ROCHE: +1% FDA approval of Rituxan Hycela drug for some blood houses.
*SCHNEIDER: +0% FT & TELEGRAPH: speculation SU will launch third bid proposal for AVV.
Mainfirst:
*NESTLE-Gerber baby food bizz looking at acquisitions..............U/C
*EUROFINS-Buys Erico in Slovenia,no fin details,founed 25yrs ago...U/C
*GLAXO-New CEO aims to divest sports nutrition brand,paid $255m....+0.5%
*ZODIAC-CEO aims to fix delivery problems by September.............+0.5%
*LAGARDERE-Solocal,SFR in inline ad alliance says Les Echos........+0.5%
*ROCHE-FDA aaproves Rituxan Hycela for subcutaneous injection......+1%
*AXEL SPRINGER-Wont separate its classifieds bizz says CEO.........+0.5%
*HAVAS-CEO says goal is to create €390m added value for Vivendi....+0.5%
*NOVARTIS-Drug combo gets regular FDA Approval in Lung Cancer......+0.25%
*TUI-CEO says weaker pound dampens tourism demand..................-0.5%
*SIEMENS-May get major rail order from India - Wiwo................U/C
*SCHNEIDER ELEC-Aveva +5% yesterday,press highlights SU prevs bid..-0.5%
*DBK-To complete Postbank intergration in 2022,details in Sept.....U/C
Investec:
UK
* AIB-priced @ €4.40,trades ‘when issued’ basis,ticker ALBT ID or LN..ind +10%
* AVEVA-Schneider to launch(another)offer(FT&Telegraph)Shs +4.9%yday.......-1%
* RIO'S-Completes $2.5bn gross debt reduction.............................unch
* WORKSPACE-Acquires Salisbury House(EC2) for £158.7m.....................unch
EU
* AXEL SPRINGER-won’t separate classifieds business says CEO................U/C
* DBK-to complete Postbank integration in 2022, detail in Sept(WiWo)........-1%
* LAGARDERE-in online advertising alliance (Echos)........................+0.5%
* NOVARTIS-lung cancer drug combo gets FDA approval, broker u/g away........+1%
* SHELL-$1bn New Zealand sale said draw interest from OMV(U/C), others....+0.5%
* SIEMENS-may get major rail order from India(WiWo).........................+1%
* VW-wage talks in Slovakia fail, strike may last a week (Unions).........-0.5%
* ZODIAC-new CEO aims to fix delivery problems by Sept....................+0.5%
Commerz:
ALV -0.2% to cut 700 jobs in germany by 2020
BAS -0.9% Berenberg starts with Sell, PT €78
BEI +0.4% MainFirst starts with Outperform, PT €115
CBK +1.2% Citi raised to Buy (vs Neutral)
DUE -1.8% HSBC cuts to Hold, PT €104
G24 +0.6% Scout rated new Buy at Kepler, PT €38.50
MDG1 +0.1% short seller Voleon Capital lowers short slightly to 0.59% (0.60)
PFV -0.8% acquires Nor-Cal Products foe USD 68mln
SAP -0.7% lowered to Hold (vs Buy), PT €100, lacking further catalysts
SIE -0.4% may get major rail order from India, WiWo reports
SZG +0.8% raised to Hold (vs Reduce), new PT €38, narrowed gap to peers
CS:
Intesa +1% Veneto lenders' bad bank to absorb €20bn of NPLs
Lunbeck -5% Lundbeck receives complete response letter from FDA
Miners -0.5% Iron ore -80bps, Steel -60bps, oil -60bps
Oils -0.5% Oil -60bps, US peers closed near the lows
RD Shell +0.5% Added to CS focus list on improved cost control
SPS +1% CS u/g to Neutral - valuation
Zumtobel -1% FY revs €1.3bn vs cons €1.32bn, outlook ok