TheChek News Flow

Mainfirst:
*ABERTIS-Ready to vote in favour of Atlantia bid says Expansion.....U/C

*AKZO-Q3 Ebit 383m(433.9),Rev 3.62b(3.68),FY Ebit i/l with '16......-1%

*ASML-Q3 GM 42.9%(43.3),Net Sales 2.45b(2.21),Sees Q4 Sales 2.1b....-2%

*HANDELSBANKEN-Q3 NII 7.59b(7.41),NI 4.17b(4.05),CET 23.6%(23.6)....+2%

*INTRUM-Q3 Ebit 977m(983.6),Net Rev 2.99b(3.067),NI 615m(615).......-1%

*BIOMERIEUX-Q3 Sales 540m(549.33),firmly on track for Ann tgts......+1%

*NOVARTIS-Revolade shows long term disease control for ITP..........+0.5%

*AXA/NATIXIS-Said to abandon Fund-Management tie-up talks...........-0.5%

*ELISA-Q3 Rev 454m(452.1),Ebitda 165m(167.2),FY Rev o/l unch........-0.5%

*AIXTRON/OSRAM-Read across from CREE -3.4% a/hrs on numbers.........-0.5%

*GRAMMER-Ningbo Jifeng looks to increase stake to 25% vs 20%........+2%

*ZALANDO-Q3 Rev 1.064-1.081m(1.061),Adj Ebit -5m to +5m,S/I 17.4%...-4%

*RECKITTS-Q3 Comp Rev -1%(0.5%),Rev 3.21b(3.28),Flat FY LfL(+2%)....-2%


Exane:
AkzoNobel -2%

ASML +1-2%

Banco BPM +2-3%

BHP Billiton -1%

bioMerieux +1%

Elisa -1%

Haulotte u/c

Heidelberg +0.5%

Reckitt Benckiser -3%

Salini Impregilo +1%

Svenska Handelsbanken +1-2%

Zalando -3%


CS:
AkzoNobel -2% Guidance reduced/Divi confirmed/Chems separation on track
AstraZeneca M/P FDA priority review for Lynparza in Breast Cancer
ASML -1% 3Q net sales EU2.45b, est EU2.21b, positive outlook
Barco M/P Q3 revs €266.7m, cons €260m, FY sales little changed
BHP Billiton UNCH Q1 production, iron ore shipments soft, FY inline
BMW +1% CS INITIATE with OUTPERFORM (most underowned)
Daimler M/P CS INITIATE with NEUTRAL
Elisa Corp M/P Q3 revs small ahead butEBITDA slightly light
Foxtons +1% Revs 35.1mln CS at 34.6mln, performance during qtr inline
Merlin Ent +1-2% CS UPGRADE to OUTPERFORM (following profit warning)
Miners UNCH Copper +0.20%, Brent +1.20%, Iron Ore +2.20%, China +0.45%
Oils UNCH US API showed a draw of 7.1m barrels vs a build of 3.1m
Peugeot M/P CS INITIATE with NEUTRAL
Porsche +1% CS INITIATE with OUTPERFORM (should reduce discount)
Reckitt Ben -1-2% Q3 LFL -1% versus cons of flat, outlook slightly light
Renault +1% CS INITIATE with UNDERPERFORM (Op leverage/cash generation)
Softcat +1-2% FY revs £832m vs cons £799m, pretax better
Spectris M/P Acquisition of The Omnicon Group, Inc for $29m
Svenska Hand +1% 5% bottom line beat vs cons, NII 2% better, fees miss
Volkeswagen +1% CS INITIATE with OUTPERFORM (efficiency programme)
Zalando -3% EBIT light, mixed sales guidance fine


Commerz:
AIR +0.1% NoldLB raises to Hold (Sell) – PT €75 (70)
BMW +0.7% CS starts with Outperform – PT € 126
DAI +0.1% CS starts with Neutral – PT €79
HEI –2.1% JPM cuts to Underweight (Neutral) – PT €83 (86)
FME +0.1% And NxStage Antitrust issues ’solvable’ (UFP)
G1A –0.1% Liberum starts with Hold
GMM +2.9% Ningbo Jifeng Auto Parts said to boost stake above 25% (Reuters)
LIN –0.1% Linde shares almost half tendered as extension deemed ‘likely’
OSR –0.5% Cree Q2 sales in line, EPS 8% ahead; Q2 sales/EPS outlook below
PAH3 +0.8% CS starts with Outperform – PT €96
SPR -0.1% SpringerNature is said to prepare for listing in 2018 (Reuters)
TKA –0.1% MOL signs another contract with TKA for Polyol project
VOW3 +0.8% To build budget cars for China, India; CS starts with OutP – PT €212
WCH +0.6% Akzo Nobel profit warning as Q3 misses, sees only flat FY EBIT
ZAL -4.2% Q3 prelims in line, entering Beauty Care in 2018


Citi:
UK
*Astra's -FDA priority review for Lynparza in breast cancer u/c
*Conviviality-CFO Humphreys leaving to be replaced by Mark Moran +1%
*Foxton's -Q3 rev £35.1m,strong balance sheet, no debt,but up 9% y'day! -1%
*Hochschild -Q3 production to be on track to achieve record production +5%
*Purplebricks-Positive ruling on TV adverts u/c
*Reckitt's -Q3 net rev £3.21bn,est £3.28bn,sees flat LFL,challenging mkt -2%
*Softcat -FY revs £832.5m,looking to replace CEO co. on track +1%
*Spectris -Aquisition of Omnicom Grp for $29m u/c

EURO
*Akso Nobel -Q3 ebit misses est. Sees fy ebit inline with '16. -3%
*ASML -Q3 sales 2.45bn vs est 2.21bn. Sees fy 25% up on prev yr. -2%
*Handelsbank -Q3 net inc 4.17bn vs 4.05bn. Tier 1 ratio 23.6% inline. u/c
*Biomerieux -3m sales +5.7% to €540mn. firmly on track for annual targets. +2%
*Novartis -Revolade shows disease control for immune thrombocytopenia. +1%
*Intrum -Q3 net rev 2.99bn, ebit 977m, net inc 615m. +1%
*Axa -Natixis abandoned talks on combining asset-management arms. u/c
*CGG -Bpifrance will vote for resolutions on restructuring plan. u/c
*Elisa -Q3 rev 454m vs 452.1m. Keeps fy outlook for revenue. +1%


Macquarie:
* Arrow Global ARW- CFO Rob Memmott stepping down, Paul Cooper will take over in Jan 2018. Unch

* Atlantis Res ARL- Meygen now fully on stream and connected to the Grid. Unch

* Billiton BLT- Weaker than expected Iron Ore & Coal, partially offset by slightly better Copper & Petroleum. -1%

* Foxtons FOXT- Total Q3 Rev’s £35.1m, Sales £10.3m & Lettings £22.5m. -1%

* Hochschild HOC- Q3 production inline, costs under control and keeps FY cost guidance, keeps FY production guidance; +1%

* Inmarsat ISAT- Signed partnership agreement with Mackay Communications to distribute Fleet Xpress; +1-2%

* Purple Bricks PURP- ASA dismisses one issue, upholds the issue on clarity of what they charge the customer. Unch

* Rathbones RAT- Total FuM up 2.5% to £37.5bn (Macq est £38bn). -1%

* Spectris SXS- Acquisition of The Omnicon Group for $29m. Unch