ML
GENERALI - Intesa said is examining possible industrial combination (16)....+4%
ANTOFAGASTA - Solid prodn with good cash cost delivery,16E EBITDA +26% (849)+3%
WH SMITH - 21wk group rev +2%. Profit expected to be slightly ahead (1517)+2-3%
MCCARTHY&STONE - Solid. YTD reservations 5% ahead due to strong ASPs (172)+2-3%
SANTANDER - NII beat driven by Spain & Brazil. Capital remains a concern (5)+2%
ORANGE BELGIUM - We UPGRADE to Neutral from Underperform, PO EUR23.4 (21).+1-2%
LIGHT NA - We initiate with a BUY, EUR30 PO. Inexpensive & proactive (23).+1-2%
MICHELIN - Strong Dec tyre data.Brazil +14% & China +5%, Europe inline (102)+1%
ABB - Spec solid order momentum in Grid cont with $200m UHVDC order (23.1)..+1%
BILLITON - Solid quarter. Stronger in iron ore and weaker in copper (1495)..+1%
PRYSMIAN - Bullish commentary from US peer Corning (GLW US +6% yday) (24.9).+1%
MINERS - Copper -0.28%, Iron Ore fut u/c with BHP OZ +3.2%, RIO OZ +3.8%..+0.5%
D.BANK - Spec is considering partial listing of its Asset Mgmt unit (18.4)+0.5%
BERKELEY GR - Company bought another £1.5m of its own shares yday (2822)....u/c
FRESNILLO - FY16 silver inline, gold prodn 8% beat.U/L commods weaker (1482)u/c
VODAFONE - We DOWNGRADE to Neutral, growth may stall in just 2 qtrs (197.5).-1%
CARREFOUR - Colony sold its entire state on Jan 20th; Le Figaro reports (23)-1%
INTESA - Confirms is examining possible industrial combination with G (2)...-1%
T.ITALIA - Infratel tender results released. Think mostly unsuccessful (82).-2%
NOVARTIS - Inline.Op profit outlook implies 3% d/g to 17e.$5b buyback (69)-1-2%
CS:
Antofagasta UNCH Q4 small beat vs CS est, cost guidance slightly worse
Barry Call M/P Q1 sales in line, guidance confirmed
BHP Billiton UNCH Copper prod weaker, Iron ore stronger, also a worker strike
Electrolux -0.5% December AHAM data showed shipments up 8.5% YoY
Generali +1-2% Intesa examining "industrial combination" with Generali
Intesa +1% Intesa examining "industrial combination" with Generali
Lonza +1% FY sales CHf4.13b, cons 4.03b, EPS 4% ahead
Logitech +5-10% Q3 revs 3% ahead, Non-GAAP EBIT 22% ahead, guidance raised
Miners UNCH Copper UNCH, Brent -0.65%, Iron Ore +0.25%, China +0.20%
Novartis -1% Q4 net inc 2.66 vs 2.71, Eps 1.12 vs cons 1.12, Buyback 5b
Prem Foods -1% CS DOWNGRADE to NEUTRAL (Sales growth challenging)
Restaurant Gp UNCH No's inline, performance to remain difficult in H117
Santander +2-3% Net EU1.6B vs est EU1.48B, CET1 better 10.55% vs 10.47%
Technip +1% CS INITIATE with OUTPERFORM (Recovering oil/gas cycle)
WH Smith +2-3% Last 21 weeks lfl sales +1%, travel performed well
Antofagasta UNCH Q4 small beat vs CS est, cost guidance slightly worse
Barry Call M/P Q1 sales in line, guidance confirmed
BHP Billiton UNCH Copper prod weaker, Iron ore stronger, also a worker strike
Electrolux -0.5% December AHAM data showed shipments up 8.5% YoY
Generali +1-2% Intesa examining "industrial combination" with Generali
Intesa +1% Intesa examining "industrial combination" with Generali
Lonza +1% FY sales CHf4.13b, cons 4.03b, EPS 4% ahead
Logitech +5-10% Q3 revs 3% ahead, Non-GAAP EBIT 22% ahead, guidance raised
Miners UNCH Copper UNCH, Brent -0.65%, Iron Ore +0.25%, China +0.20%
Novartis -1% Q4 net inc 2.66 vs 2.71, Eps 1.12 vs cons 1.12, Buyback 5b
Prem Foods -1% CS DOWNGRADE to NEUTRAL (Sales growth challenging)
Restaurant Gp UNCH No's inline, performance to remain difficult in H117
Santander +2-3% Net EU1.6B vs est EU1.48B, CET1 better 10.55% vs 10.47%
Technip +1% CS INITIATE with OUTPERFORM (Recovering oil/gas cycle)
WH Smith +2-3% Last 21 weeks lfl sales +1%, travel performed well