ML
* ENGIE - $1.1bn/ 90m shrs priced at 11.4 (4.4% discount); GS/SG on the deal...
SPECTRIS - We double UPGRADE to Buy, PO 2600p. Upgrade ests by 4-9% (2446)+2-3%
T.WIMPEY - FY exp at the upper end of cons range. Completions +4% (178)...+2-3%
ABB - We UPGRADE to Buy from Neutral, PO CHF26.5. Added to Europe 1 (22.5)..+2%
PAGEGROUP - Solid. Q4 org fee growth +3.8%. FY EBIT to top end of exp (400).+2%
SAINSBURY - LfL ex fuel +0.1% vs BAML -0.7%. Improvement qtr on qtr +2%(264)+2%
NAT EX - Reached a conditional agreement with Trenitalia to sell c2c (355p).+2%
BRENNTAG - Remains our top pick in biz services. Added to Europe 1 (52).....+1%
ALFA LAVAL - We UPGRADE to Neutral. Positioning -ve, limited downside (157).+1%
SPIRAX - We UPGRADE to Buy, PO 4600p. Tends to outgrow its UK peers (4325)..+1%
INTERTEK - We UPGRADE to Neutral from Underperform, new PO 3650 (3501.7p)...+1%
VOLKSWAGEN - Confirms draft $4.3bn settlement with US on Diesel issue (150).+1%
SEGRO - Strong end to '16. Guide to top end of consensus range for NAV (477)+1%
KERRY - We reinstate coverage with a BUY rating & a PO of EUR 79 (EUR70)....+1%
ATOS - We UPGRADE to Neutral, taking our PO to EUR 107 from EUR 90 (104)....+1%
MINERS - Copper u/c, Iron Ore fut -0.8% with BHP OZ +2.6%, RIO OZ +3.89%..+0.5%
TESCO - Positive read across from Sainsbury. Stock +1.6% yday on MRW (214)+0.5%
ROCHE - Senti -ve that MRK announce filing for lung cancer accepted (242).-0.5%
LEGRAND - We DOWNGRADE to Neutral. Valn is capped by higher bond yields (53)-1%
ATLAS COPCO - We DOWNGRADE to Underperform from Neutral on mining risk (284)-1%
MITIE - We DOWNGRADE to Underperform. Avoid EU facilities mgmt names (213)..-1%
METSO - We DOWNGRADE to Underperform from Neutral, taking PO to EUR26.5 (27)-1%
SCHNEIDER - We DOWNGRADE to Neutral on less upside, new PO EUR 70 (66.3)..-1-2%
ASSA ABLOY - We DOWNGRADE to Neutral, PO SEK 185. Take off Europe 1 (162.6).-2%
BODYCOTE - We double DOWNGRADE to Underperform from Buy rating (627.9p)...-2-3%
TULLOW - -ve. TEN prodn being guided to 50kbd from 65kbd previously (312p).-3%
COBHAM - Warning. Bottom line new guidance is a 6% d/g & cancel divi (150)-8-9%
RBC
*BOUYGUES: +2% gets $1.8B Hinkley Point nuclear plant contract.
*BOUYGUES: +2% gets $1.8B Hinkley Point nuclear plant contract.
*COBHAM: -10% FY group trading profit below guidance, not recommend final dividend.
*ELECTROLUX: +1% on US International Trade Commission ruling.
*ENGIE: -4% AFP: France now selling 4.1% of ENGIE, 100M shares at €11.4 p/share.
*FOXTONS: -15% FY '16 adj EBITDA lower in "challenging" market.
*NEX: +1% plans to sell C2C rail business for £70M to TREN ITALIA.
*PAGE: +5% organic net fee growth beat +3.8%, FY '16 op profit top end of range.
*PARAGON: 0% FT: final stage bid for BRADFORD MORTGAGES.
*SAGA: +1% H2 trading strong, FY '17 on track.
*SBRY: +2% Q3 LFL retail sales ex-fuel +0.1% v -0.8% est., ARGOS LFL beat +4% v +1.9%.
*SGP: +1% positive read from TED BAKER.
*SHIRE: +1% files resubmission for FDA approval for SHP465, '20 rev $20B on track.
*T. WIMPEY: +2% good progress in '16 performance, total home completions +4%.
*TED BAKER: +2% retail rev growth +10.6% organic in 8-week period to 7 Jan.
*TULLOW OIL: -3% WEST AFRICA sales in line, prod guidance disappointing.
Investec
* CINEWORLD-Q4 good vs tough comps.CY film slate +ive.Strong recent run....unch
* CINEWORLD-Q4 good vs tough comps.CY film slate +ive.Strong recent run....unch
* DEVRO-Update.Overall profit to be in line with expectations..............unch
* EASYHOTEL-Signs new franchise agreement for 81 room site in Belfast......unch
* FOXTONS-Update.Rev i/l,EBITDA miss.Volumes below '16. Lettings flat....-7-10%
* INTERSERVE-Update. Trading I/L , FY on track. Net debt better.............+2%
* LIONTRUST-Q3T/U £190M net inflows.AUM £6b(+25% yoy),confident CEO stat't..+2%
* MCBRIDE-H1P/C Underlying rev inline(-7% cc).We expect H2 weighting to FY..-2%
* NATIONAL EXPRESS-sells c2c to Trenitalia (£70m), small net profit.......+1-2%
* PAGE GRP-FY P/C,FY PBT top end,EMEA strong,UK weak.2017 uncert's remain...+1%
* PARAGON-Said to be in final stage bid for £12.5b B&B mortgages (FT)......unch
* SAGA-Update. Stroing trading continues, remains on track to meet FY exp..unch
* SAINSBURYS-Q3.Sales +0.1%(est -0.8%) Mkt competitive & FX uncertainty.....+1%
* SHIRE-CEO:$20b rev by 2020.Major M&A not on the cards post Baxalta deal..unch
* STOCK SPIRIT-PreClose.Inline, Polish vodka market showing growth..........+2%
* TAYLOR WIMPEY-Q4.Strong trading.FY to be top end of range(+3% yday).......+2%
* TED BAKER-Performed well over Xmas,trading remains tough sees FY i/l.....unch
* TULLOW-Update.Broadly in line but lower production from TEN this year.....-2%
* VECTURA-Preclose.Trading in line, no chg to FY rev expectations..........unch
* XAAR-Signs inkjet print head partnership agreement with Xerox...........+1-2%
Euro
* BOUYGUES-share of Hinkley Point contract at least €1.7bn..................+2%
* FIAT-autos traded higher in US after GM buyback, Ford dividend............+1%
* CHR HANSEN-Q1 rev 1.5% ahead, ebitda 6% ahead, keeps FY f/casts...........+4%
* D TEL-Liberty Media’s Malone says consortium cld buy T-Mobile.............+1%
* KONE-wins order for 145 elevators at Bahrain airport....................+0.5%
* VW-close to $4.3bn US settlement, guilty plea on some claims..............+1%
Macquarie
* Cobham COB – profit warning, sees FY profit now £245m vs previous estimates £255-275m, no final dividend; -15%
* Cobham COB – profit warning, sees FY profit now £245m vs previous estimates £255-275m, no final dividend; -15%
* Foxtons FOXT- Profit Warning, a 40% fall in sales volumes in Q4. Expects trading conditions to remain challenging in 2017. -10%
* Liontrust LIO- Strong inflows taking AuM up 25% to £6bn since March.
* Saga – H2 Strong, on track to meet FY17 Expectations. +1%
* Taylor Wimpey TW/- Continues to see good demand, sees full year profits at upper end of consensus. (Stock up 6% past 2 sessions).+1%
* Ted Baker TED-Christmas Period Sales up 17.9% vs previous year. Gross margins inline with expectations. +2%
* Tullow OIL TLW-Production guidance for 2017 looks weak, TEN production below guidance. Aidan Heavey moving to Chairman role from CEO. -5%
MainFirst
*AIRBUS-Saudi's Flynas close to ordering 60 A320neo jets.........+0.5%
*AIRBUS-Saudi's Flynas close to ordering 60 A320neo jets.........+0.5%
*ALSTOM-Wins dispute with GE over $800M train signal contract.....+0.5%
*SANOFI-Says it's confident of long term Diabetes prospects.......+0.5%
*VW-Confirms $4.3b settlement with US, will incl guilty plea.......+1%
*ROCHE-Really optimistic on 'Aphinity' breast cancer results......+0.5%
*BOUYGUES-To take part in building Hinckley Point worth €1.7b.....+1%
*AIXTRON-US peer Veeco(-3%)announced $200m cnv for acquisitions...-1%
*CROP ENERGIES-Rev 215m,Ebitda 87m,OP 18m,Guidance raised 20/12...-0.5%
*DTE-John Malone said new president lead to consolid. TMUS +3.6%...-0.25%
*SAINSBURY-Q3 comp Retail Ex-Fuel +0.1%(-0.8),Sales +4%(+1).......+2%
*CONTI-Considers further acquisitions to foster
CS
Airbus +0.5% Won an order for 35 A320-series jets
Airbus +0.5% Won an order for 35 A320-series jets
AstraZeneca -0.5% CS REITERATE UDERPERFORM
Bouygues +0.5-1% Hinkley Point Contract share at least EU 1.7bln
Chr Hansen +3-5% Q1 org growth 11% vs cons 7%
CNH Ind -0.5% US peer Deere says Dec combine sales fell
Cobham -10-15% Trading profit 245m vs cons 255-275m, passes dividend
Electrolux +1% Positive US International Trade Commission ruling
Evolva -1% CS DOWNGRADE to NEUTRAL (dilutive financing requirements)
Fiat +1% Positive read across from GM numbers
Foxtons -5-7% See's FY Adj EBITDA 25m vs bberg cons of 27.98m
Kone +0.5% Wins order for Bahrain Int Airport expansion
Merck +0.5% Positive FDA update
Miners -0.5% Copper +0.15%, Brent -1.25%, Iron Ore -0.35%, China -0.50%
Novartis -1% CS DOWNGRADE to NEUTRAL (Revenues & FX)
Oils -0.5-1% US API data showed a build of 1.5m barrels. Brent -1.25%
Page UNCH Q4 gross profit 4% ahead but cautious on 2017
Saga M/P Trading inline and on track to meet FY
Sainsbury +1-2% Sales ex fuel up 0.1% vs est -0.8%, Argos better
Stock Spirits M/P H2 inline and therefore FY inline
Taylor Wimp +2-3% Solid trading statement - Guiding towards the upper end
Thom Cook -1% CS DOWNGRADE to NEUTRAL (UK/German uncertainty)
Tui -1-2% CS DOUBLE DOWNGRADE to UNDERPERFORM (Cashflow)
UCB +1% CS UPGRADE to OUTPERFORM (Valuation)
Volkswagen +1% Confirms $4.3bn settlement with US on diesel issue
Julius Baer
ABBN +2.4%
NESN +0.8%
GAM -0.9%
Tradegate
BEI -1.5%
SIE -1.1%
CHR +1.3%
TUI -0.8%