ML
* COVESTRO - Bayer sells $1.4b for EU63.25/shr; Barclays & Citi on the deal....
* ERAMET - Holders sell $220m at EU57/shr; BNP/IMI and UCG on the placing......
SEADRILL - Files for bankruptcy to shrink offshore Driller's debt..............
RICHEMONT - 5m sales +12% cFX v +10% cons. We DOUBLE upgrade to BUY (90)..+1-2%
ASR - Small +ve. Has acquired dutch ops from Generali for EUR143m (34.2)....+1%
ASML - New iPhones all start at 64GB storage space, no 32GB model now(135)+0.5%
BAYER - Reduces Covestro stake to 31.5% from 40.9%, raise EUR1.2bn (112)..+0.5%
SANOFI - Names Guillaume Leory as chairman for France from Oct 1st (82.04)..u/c
SOCO - Broadly inline nos with production averaging 8.6kboe/d in H1 (118.5).u/c
MINERS - Brent unch, Copper -0.3% with miners in OZ: BHP +0.8%, RIO +1.3..-0.5%
INDITEX - We DOWNGRADE to Neutral on slowing LFL and FX headwinds (31.73)...-1%
DIALOG - Travel & arrive, later delivery on the iPhone will weigh (39.9)....-2%
MainFirst Pre Mkt Indications
*RICHEMONT-5m Sales 12%(10),Euro 3%(11),APAC 23%(11),NA 9%(9).......-2% *VOESTALPINE-Says it was raided yesterday by German Antitrust.......-1% *ADP-Paris Airports Traffic +3.8%,9.84mln passengers................+0.25% *ROCHE-Study shows Esbriet/Nintedanib combo well tolerated..........+0.25% *GENERALI-Agrees sale of Dutch bizz to ASR Nederland for €143m......U/C *CLARIANT-Enters partnership with Tiangang in China.................+0.25% *COVESTRO-ABB of €1.2b,stake from Bayer,via Citi/Barcap,€63.25......-2% *ERAMET-ABB of 2.97m shs,stakes from Intesa & Unicredit,at €57......-8% *AMS/DIALOG-Iphone launch the X version will 3/11(delayed)..........-2% *SILTRONIC-Lock up expires today,last placing €55.85(€85.56)........-1% *ORANGE-Govt must stop rmrs on sale of stake say Unions(13.39%).....U/C
Shore
BALFOUR BEATTY - Sale of Blackpool Airport for 4.25m.........................+1% GALLIFORD TRY - Fy ptp 58.7m.Divi 64p.Outlook remains positive...............+1% DUNELM - Fy sales 955.6m(Est955m).sales in first 2 months started positively.+3% JUST GROUP - H1 op pft 100.6m.Divi 1.17p.Outlook remains favourable..........+1% HALFORDS - Appointment of Graham Stapleton as CEO...........................UNCH
EPWIN - H1 revs +4.6%,PBT -27.9%,rising input costs a challenge to pass on...-5% ADV MEDICAL - grp revs +17%,LiquiBand sales strong,PBT +27%,sees FY in line.UNCH BAGIR - sales levels have been slightly slower than forecast...............-tive WILMINGTON - revs +14%,PBT +5%,slow start to first 2 months of of new year...-2% GLENCORE/RIO - speculation in the FT the merger plan might be revived........+1% SOCO - H1 losses narrow to $6.7m,maintains FY production g'dance.............+1%
RBC:
*AIR FRANCE: +1% group analyst dinner feedback, positive on Q3 & Q4 pricing & volume.*BALFOUR: 0% sale of Blackpool Aiport for £4.25M.
*BMW: -1% negative presentation @ Frankfurt Motor Show.
*CLARIANT: 0% enters partnership with Tiangang in China.
*COVESTRO: -3% Bayer sells Covestro stake @ €63.25 per share.
*DUNELM: -2% FY numbers in line, UK consumer outlook tough.
*EASYJET: +1% launches "Worldwide by EasyJet", global airline service.
*EUROTUNNEL: 0% August traffic solid, passenger shuttles +3% & truck shuttles +1%.
*JUST GROUP: +3% H1 numbers strong, FY outlook remains favourable.
*RICHEMONT: 0% 5-month sales +12% versus +10% consensus, strong into numbers.
*SOCO: 0% H1'17 numbers in line, capex reduced as expected, cash beat.
*VOESTAPLINE: -1% raided by German Antitrust Regulator.
Investec:
UK
* ADV.MED.SOLS-H1.Mixed but in line, sml U/G to FY17 EPS. Travel & arrive...-1%* BALFOUR BEATTY-Sale of Blackpool Airport for £4.25m cash.................unch
* DUNELM-H1.PTP sml miss, EPS ahead. Encouraging start to yr................+1%
* GALIFORD TRY-FY.#'s in line. Upbeat outlook across all business's.......+1-2%
* GLENCORE/RIO-Merger plan may be revived (FT).............................unch
* HALFORDS-Graham Stapleton appointed new Cheif Exec.(from Jan '18).......+1-2%
* JUST GRP-H1.#'s in line, outlook remains 'favourable' for key business...unch
* QUANTUM PHARM-Rec offer from CLIN LN,82p(cash&shares)Closed 66.375p......+15%
* SOCO INTL-H1.Trading in line reits FY guidance...........................unch
* U&I GRP-Realises £4.9m profit through 2 project disposals................unch
EURO
* APPLE SUPPLIERS-phone launch seen +ive for STM FP,AIXA GY,AMS SW etc......+1%
* CLARIANT-enters production partnership with Tiangang in China.............+1%* COVESTRO-sale last night by BAYER of further stake, priced €63.25.........-3%
* ERAMET-Intesa and Unicredit sell stakes via abb, 11.2%, priced €57........-5%
* EUROTUNNEL-Aug passengers +3% YoY, trucks +1%.............................+1%
* GENERALI-sells Dutch ops for €143m........................................U/C
* ORANGE-Govt must stop rmrs of stake sale says Union.......................+1%
* RICHEMONT-5m sales +12% vs est +10%. APAC offset weak EU..................+2%
CS:
AMS -3-5% Delay in iPhone X shipping, from 3rd NovemberASR Ned +1% ASR Buys Generali’s Dutch Operations for EU143m
Dialog Semi -2% Delay in iPhone X shipping, from 3rd November
Dunelm +2-3% Sales £955.6m vs cons £955m, dividend slightly better
Galliford +1% FY revs inline, strong performance across all 3 businesses
Glencore UNCH Rio Merger plan spec commentary in the FT
Just Group +1-2% New business ahead, op profit beat, guiding margins higher
Miners UNCH Copper -0.20%, Brent -0.35%, Iron Ore -2.30%, China -0.20%
Oils -0.5% US API showed a build of 6.2m barrels vs 2.79m last week
Richemont -1% 5m trading update - Sales +12% vs exp +10%
Rio UNCH Glencore Merger plan spec commentary in the FT
Swatch -2% Negative read from the new Apple watch
Commerz:
1COV -2.6% Bayer places c. 9% @ €63.25, reducing direct stake to 31.9%AIXA -3.0% Morgan Stanley cuts to Underweight (Overweight)
COM -0.5% Activist Investor Petrus attacks Commerzbank on its COM holding
DLG -2.8% we up adj EBIT by c 8% for 2018 + 19, on richer IPhone content
KCO +2.0% HSBC starts with Buy, PT €12
KGX +0.6% Goldman Sachs rates new Neutral, PT €79
MRK +0.2% Berenberg raised to Buy (Hold), PT €116
UN01 -0.2% Nord/LB cuts to Sell (Buy), PT €19
Citi:
EURO
*Clas Ohlson -Starts strategic review to expand business. u/c
*Generali -Sells Dutch ops to ASR for 143m. u/c
*ASR -Buys Generali's Dutch ops for 143m. +1%
*ADP -Paris Airports august traffic rises 3.8. u/c
*Eramet -Intesa, Unicredit to sell 11.176% in Eramet at €57-bookbuild.-7%
*Richemont -5mnth sales +12% vs est +10%. APAC sales +23% vs est +11%. -1%
*STM -ADR's -1.5% after Apples new product launch -2%
Numis:
* ALLIANCE PHARMA u/c interims all in line with recent TU* BALFOUR BEATTY Mkt: Announced sale of Blackpool Airport for £4.25m cash, in line with Group strategy.
* CLINIGEN bid terms announced for QUANTUM PHARMA 37p + 0.0405 = 82p vs CLIN closed @ 1111p yday vs QP close 67p
* DUNELM: -1%, trading to remain challenging however a decent start to new financial year
* GALLIFORD TRY Mkt: FY figs PBT £58.7m (NSe £56.5m), cautious on outlook but cite strong performance across all 3 businesses.
* HAMMERSON: Mkt, early redemption of £250m of bonds
* JUST GROUP +2% New business margins have continued to improve to 8.9% (5.0% H1 16) , Adjusted operating profit rose by 39% to £67.2m from £48.4m in H1 2016
* SOCO INTERNATIONAL: -2%, H1 production and revenues light. Roger Cagle to retire.
* SQS SOFTWARE MKT Interims in line; shares have performed well since the July update, we move to ADD from BUY
* TEN ENTERTAINMENT: +2/3%, Current trading strong as YTD lfl sale +3.6% and interim div 3.0p over double expected DPS.
* WILMINGTON: -2%, slight miss to numbers and increased costs added to 2018, also FD exits next year