ML
* TECHNIPFMC - newco starts trading today, dual listing. FTI FP and FTI US.....
TULLOW - Positive. Erut-1 oil discovery in Kenya, is 25m of net pay (323)...+3%
CAIRN ENERGY - Capex guide lower than est. Operationally nothing new (249)..+3%
STANCHART - We UPGRADE to Buy.Raise '18 earnings by 18% on higher rates(745)+3%
GREGGS - FY to be slightly ahead with LfL sales +4.2% & sales +7% (1020)....+2%
BEIERSDORF - Beat. Q4 OSG 4.2% v 3% cons. FY16 EBIT guide confirmed (82)..+1-2%
ROLLS - Fine is bigger than expected but cash flow comes in better (677)..+1-2%
BATS - Bump. Agrees to buy rest of reynolds for about $59.64/shr (4806.6)...+1%
CASINO - Reassuring. Sales +9.1% v BAML +8.7%. Org growth +5.1% v +4.1% (50)+1%
ACCOR - In talks with investors to sell HotelInvest, valued at EU6.6b (38)..+1%
ENGIE - In talks to sell LNG-Terminal operator Elengy to GRTgaz (11.66).....u/c
PFW - Sees each area of ops meeting internal forecasts for the year (2866)..u/c
TEF - To take EU800m provision in 2016 accounts; Expansion reports (9.092)..u/c
WORLDPAY - Sentiment negative that UK CFO is leaving to join Wonga (288)..-0.5%
VIVENDI - Agcom;Any attempt to cross 30% Mediaset ownership unacceptable(18)-1%
MINERS - Copper -1.7%, Iron Ore fut -2.4% with BHP OZ -0.22%, RIO OZ -0.8%..-1%
RIO - Prodn inline. Cons likely to U/G CY16 ests. Trading lower in AUS(3453)-1%
ALSTOM - Q3 order 3% miss. Good order intake from Europe & Middle East (26).-2%
MEDIASET - Italian reg says any attempt by Vivendi to cross 30% not ok (4)..-3%
ZALANDO - Rev growth of 25-26% v 29-30% cons. FY margins exp 5.6-6.2% (38)-3-4%
CSFB
Accor +1% Positive update on value of booster portfolio
Alstom -0.5% Q3 sales/orders a touch light, but well flagged
Africa Oil +3% Found oil...Erut-1 well in Block 13T, Northern Kenya
ASML M/P CS REINSTATE with NEUTRAL (Long term story unchanged)
Autoneum +1-2% Net sales CHF2.153b vs cons 2.189b, N America/Asia better
BATS +1% Agrees to buy the remaining 57.8% of Reynolds
Beiersdorf +0.5% 2016 Rev EU 6.75b est EU 6.73b, Confirms EBIT guidance
Bureau Veri -2-3% CS DOUBLE DOWNGRADE TO UNDERPERFORM (Growth headwinds)
Cairn Energy +1% Net cash better, $335m vs cons $265m
Casino -0.5% 2016 sales miss estimates as French retail slows
Geberit +3% Organic growth strong and margin guidance increased
Givaudan M/P Purchased active international
Greggs +1-2% Total sales ahead, FY anticipated to be slightly ahead
Heineken -1-2% CS DOWNGRADE to UNDERPERFORM (Weaker growth)
HSBC +0.5% Outperforming in Hong Kong
Intertek -1-2% CS DOWNGRADE to UNDERPERFORM (Growth headwinds)
Komax +1-2% FY16 Order intake 3.5% ahead, FY16 Sales 3% ahead
Mediaset It -5% Italy regulator may stop Vivendi Mediaset takeover
Miners -1-2% Copper -1.70%, Brent -0.30%, Iron Ore -3.00%, China UNCH
Peugeot -1-2% Le Parisien reports that Euro tests highlight anomalies
Provident Fin M/P Trading update in line with expectations
Remy -1% CS DOWNGRADE to NEUTRAL (Valuation)
Refresco -1% CS DOWNGRADE to NEUTRAL (Valuation)
Rio -2% FY16 production. Mostly inline. Copper small miss
Rolls Royce +2% Reached agreement to end bribery cases in US, UK and Brazil
SGS -1-2% CS DOWNGRADE to NEUTRAL (Growth headwinds)
Tullow +2-3% Found oil...Erut-1 well in Block 13T, Northern Kenya
Vivendi -1% Italy regulator may stop Vivendi Mediaset takeover
Zalando -3-4% Sales guidance a touch below
MainFirst Pre Mkt Indications
*CASINO-FY Sales 36.03b(40.86),French Pft 500m,Retail -0.6%.......U/C
*ALSTOM-Q3 Sales €1.655b(1.792),Cofirms 2020 targets..............-1%
*GIVAUDAN-Acquires Activ,adds 40m to cos 2016 Sales,no terms......U/C
*GEBERIT-Q4 Sales 636.6m(613),FY Ebitda Margin around 28.5%.......+1.5%
*LINDT-FY Sales 3.9b(3.91),Oragnic Sales Grth 6%,Tax lower........+2.5%
*DBK-May hold back up to 90% of Bonuses says the New York Post....-0.5%
*AMPLIFON-Plans to acquire Retail Chains in Portugal & France.....+0.5%
*RATIONAL-FY Sales €613m(615.5),Ebit Margin €167m.................+0.25%
*RR-Sees FY Pft ahead of views,Reaches agreement with UK/SFO......+1%
*SOLVAY-Restates 15/15 Fin Info,reclassifies Acetow,Vinythai......-1%
*TELEFONICA-To take €800m provision in 2016 accounts-Expansion....-0.25%
*AUTONEUM-FY Net Sales 2.15b(2.19),See higher Op Margin YoY.......U/C
*KOMAX-FY Sales 370m(358.9),Orders 370.2m(357.5),+ve on Auto......+1%
*ACCOR-In talks with investors to sell Hotelinvest for €6.6b......+1%
*BEIERSDORF-FY Rev 6.75b(6.73),Q4 Organic Grth 4.1%(3.3),o/lk ok..+1.4%
*ZALANDO-Q4 Rev 1.086-1.094(1.14),Ebit 81-104m(93),Margin inline..-4%