BOFA-ML
* KONECRANES - Terex selling $300m/ 7m shares @ EU37.40; MS sole books on deal.
* HELLA - $115m/ 2.35m shares priced at EU45.50; DB/Lampe books. D/G'd away....
* STOXX CHANGES: ADDS -CTEC,LIGHT,BIM,LOOMB & DELETES -OCDO,DRX,MS,FINGB.......
SEADRILL - 1Q17 EBITDA US$291m, higher than c.US$250m guide. Announce new CEO..
DIXONS - Encouraging with LfL +4% & FY revs to be +9%. PBT guide good (334).+2%
TELENOR - Thailand sub, DTAC selected as a partner for 4G on TOT (136)....+1-2%
BRITVIC - Revs beat est by 2%, EBITA +6.7% to £73.6m. All reads well (710)..+1%
BUNZL - Completes the previously announced purchase of DDS in the US (2467).+1%
BABCOCK - Inline with sales 1% ahead. Should be good enough today (980).....+1%
PENNON - Beat with EBITDA +8% y-y & group EBIT +16% y-y. FY div 35.96p (912)+1%
ZOOPLA - Inline with revs £117.9m and EBITDA £45m. Net debt higher (362)....+1%
DNA - We initiate coverage with BUY and a PO of EUR15 (+25% upside) (12.3)+0.5%
GPOR - Record yr for lettings activity & ahead of ERV. LTV of +12.2% (667)+0.5%
SAGE - Senti +ve; Intuit reported strong FQ3 results & guided up FQ4 (704)+0.5%
VONOVIA - FFO1 +17.1% YoY, largely inline. FY FFO guide inc by €70mn (34.5).u/c
CARREFOUR - Brazil unit said to file for IPO amid jumpy market (22.87)......u/c
DONG - Has sold its oil business to Ineos for at least $1.05b. Nos ok (281).u/c
ATLANTIA - Spec may sell its entire 34% stake in Cellnex; Economista (24.5).u/c
GLENCORE - Approached Bunge about a potential consensual biz combo (289)....-1%
CELLNEX - Atlantia may sell entire 34% stake to facilitate Abertis deal (17)-1%
MINERS - Copper -1.1%, Iron Ore fut -5% with BHP OZ -0.74%, RIO OZ -1.2%....-1%
IBSTOCK - Encouraging signs in the new build mkt in the last 4 months (240).-1%
BARCLAYS - Being sued £1.6b by US group that bought UK subprime biz (212)...-1%
FIAT - Sued by Justice Dept over diesel emissions (stock -4% in the US) (9).-2%
MARKS - FY adj PBT 3% ahead BUT home & clothing sales -5.9% v -3.7% (378).-2-3%
KINGFISHER - Sales inline but LFL down 60bps which will weigh today (350).-2-3%
MEDICLINIC - EPS inline but outlook looks light & d/graded away from us(843)-3%
CS
Adecco -2% CS DOUBLE DOWNGRADE to UNDERPERFORM (automation risk)
Babcock +1-2% FY revs 1% ahead, outlook good
Britvic -1% 1H revs 756.3mln cons 743mln, Op profit slightly light
Celnex +1-2% Enters into a strategic consortium partnership
Cosmo Pharm +1-2% CS INITIATE with OUTPERFORM (Risk reward)
Dong +1-2% Sells oil business to Ineos for at least $1.05b
Dixons UNCH UK LFL +2% cons +1%, FY PBT guidance unch
Fiat -2% DoJ launches civil lawsuit
Glencore -3% Informal approach to Bunge, Bunge says not in talks
Interoll +1% Receives major order in North Americ
Kingfisher -4-5% 1Q sales of £2.86bn, LFL sales light, France weak
M&S -2% EBIT inline but outlook mixed
Miners -2-3% Copper -0.95%, Brent +0.45%, Iron Ore -4.50%, China -0.50%
Pennon +1% 2% EBITDA beat, interest and tax driven
Randstad -2% CS DOUBLE DOWNGRADE to UNDERPERFORM (automation risk)
Sunrise +2-3% Enters into a strategic partnership led by Cellnex
Umicore +0.5% In talks With Fedrus to sell Building Products Unit
Vedanta M/P EBITDA 3.2bn Cons 3.3bn
Vonovia +1-2% Reported Q1 FFO1 +17.5% YoY, reiterate div guidance
ZPG +1% Revs 5% ahead, Comparison biz 7% ahead and portals 2% ahead
MainFirst Pre Mkt Indications
*ALTICE-To drop use of SFR Brand by end of 2018 says Les Echos....U/C
*UMICORE-In talks wih Fedrus to sell Building Prods Unit..........+0.5%
*VONOVIA-Q1 Pft 130.7m,FFO 218.2m(225),FY FFO 900-925m(830-850)...+2%
*ROCHE-Unveils new positive data for Esbrief in IPF...............U/C
*CARREFOUR-Files for IPO of Brazil Unit,will incl Atacadao........+0.5%
*ADP-In talks to sell 80% of Hub Safe to Groupe Samsic............+1%
*SUNRISE-In deal with group led by Cellnex,sells Swiss Towers.....+1.5%
*FREENET-Owns 24.5% of Sunrise Comm,read across from Cellnex......+0.5%
Shore
M&S - Fy revs 10.62(Est10.58).Ptp 613.8m(596m)Divi 18.7p.Home&Clothing-5.9%..+1%
BABCOCK - Fy adj ptp494.8m(Est456.71m).Fy divi 28.15p.Fy order book 19b.....+2%
KINGFISHER - grp sales -0.9% (cc),LfL -0.6%,B&Q sales -4.6%,Screwfix +20.3%..-1%
MEDICLINIC - FY in line,revs +30% £2.75bn,op.profit +26% £362m..............UNCH
IBSTOCK - sees encouraging trading momentum,FY expectations unchanged.......UNCH
LTON FOOD - trading inline,slower start to yr in Holland,strong bal sheet.UNCH
POLYPIPE - on track to meet FY expec,revs +6%,LfL +4.6%,margins in line.....UNCH
HOLLYWOOD BOWL - strong H1 performance,revs +7.9%,op.profit +18.5%..........+2%
WYNNSTAY - reported profits to be materially lower..........................-10%
BERENSDEN - rejects Elis proposal "significantly undervalues the company"...+1%
GREAT PORTLAND - NAV 799p portfolio valuation -4.9% rental decline 1.3%......-1%
WOOD GROUP - acquires CEC coontrols for USD44mill plus USD15mill deferred...UNCH
GLENCORE - agri arm makes informal offer for rival Bunge,mkt cap USD11.5bill.-4%
BRITVIC - 1H rev £756mill(est.543m),profit £68mill,int div 7.2p,+ve FLS......+2%
VENDANTA - Fy loss 8.2c/share,EBITDA USD3.2b,final div 55c,prod 190k boepd..+2%
DIXON CARPHONE - PBT guidence £485m-490m,rev +9%,like-4-like sales +4%.......+1%
PENNON - Fy pretax £250mill(est231m) revs slight miss,div 25p..............UNCH
RBC PRE-MKT INDICATIONS
*ANTOFAGATSA: -1% AGM comments, sees FY'17 end in balance or touch light.
*BABCOCK: +1% FY'17 adj profit before tax beats, dividend better.
*BERENDSEN: +2% statement defending position not to talk to ELIS.
*BRITVIC: +1% H1 revenues beat, FY'17 confident, John Daly new Chairman.
*BUNZL: 0% completes purchase of DDS.
*CELLNEX: 0% acquisition of SUNRISE TOWERS for €430M.
*DIXONS: +3% Q4'17 sales +6% v +1% consensus, FY LFL +9%, all regions growth.
*DONG ENERGY: -1% confirming sale of E&P oil business to INEOS for $1.05B.
*FIAT: -1% US Justice Department files lawsuit.
*GLENCORE: -1% said to make takeover approach to BUNGE (+16.6%).
*GPOR: +1% FY'17 EPRA net asset value per share 799p, strong performance.
*KGF: -3% Q1'17 LFL -0.6%, tough France (LFL -5.5%), not enough.
*MKS: -3% headline 3% PBT beat, but weaker sales, clothing LFL -5.9% v -4.4%.
*PENNON: +1% FY'17 group adj EBITDA 3% beat, no change in dividend policy.
*UBSG: 0% EXPANSION: buys AUTOVIA DEL CAMINO from DBK for €450M.
*WOOD GROUP: 0% acquisition of CEC CONTROLS for $44M.
*VONOVIA: +3% Q1'17 FFO +17%, FY'17 forecasts raised.