ML
ENI - Announces EUR 500m offering of convertible bonds (equity neutral)....
ARCELORMITTAL - We REINSTATE coverage as Buy, with a PO EUR 4.80..........+2%
MINERS - China Services & PMI higher @ 51.3, BHP OZ +1%, RIO OZ +1.1%...+1-2%
H&M - Gross margins better at 52% v cons 51.6%. Sales already reported..+1-2%
CRH - Stock was a bit drag yday, raised to overweight by another broker.+1.5%
SHIRE - Pfizer/Allergan terminate merger post tax inversion clampdown.....+1%
ALLIANZ - Anbang buys cos Korean life insurance business for c.USD 216mn..+1%
EDF - CEO says may sell as much as 50% of French grid operator RTE........+1%
ITALIAN BANKS - Italy considering setting up state backed fund; Reuters...+1%
VALLOUREC - Preannounces Q1 rev EUR671m, EBITDA to be better. Reits FY16..u/c
REPSOL - Sacyr plans to sell 2% stake (owns 8.5%) to cut debt; Expansion..u/c
FERROVIAL - Broadspectrum rejects Ferrovial's final $580m raised bid......u/c
KERING - Cutting Gucci #s, looking for +5.5% org growth (was +6.7%).......u/c
AUTO TRADER - CFO/CEO sell c.1/3 of their holdings, 16.2m shrs at 370p/shru/c
GN STORE NORD - We DOWNGRADE to Neutral, PO 140. Cautious on hearing aids.-1%
PHILIPS - Cree reports prelim Q3 $0.13-0.15 v $0.24e, -19% aft hours......-1%
FORTUM - Goes ex div €1.10, we think div could be cut by >60% & reit SELL.-1%
EASYJET - March Traffic Stats marginally light on load factor -1.3%.......-1%
AIR FRANCE - CEO Juniac to step down by Aug 1 to run a lobby group IATA.-1-2%
OSRAM - Cree reports prelim Q3 $0.13-0.15 v $0.24e, -19% aft hours......-2-3%
UK MAIL - Yr end update shows weak mail pricing with vols +5% but revs -3%-3%
CS
Air France -3-5% CEO stepping down to take CEO role at IATA
Aixtron -1-2% Peer Cree warned in the US last night, down 19% after hours
Allianz M/P Anbang Signs Contract to Buy Allianz Life Korea Unit
Barry Call +2% Sales 2% beat, EBIT 4.5% beat, confirmed mid-term guidance
Easyjet UNCH passeneger +4.3%, load factor lower
Electrocomp M/P CS upgrade to NEUTRAL (Operational improvements)
Eurocastle +2% CS initiate with OUTPERFORM (Attractive Italy NPL exposure)
Ferrovial M/P Broadspectrum rejected a final, sweetened offer of A$769m
Fidessa M/P Ongoing takeover speculation in the Daily Mail
Glencore +2-3% Glencore nears $2.4B sale of stake in agriculture business
H&M +1% 1Q Pretax Profit Meets Ests.; March Sales Rose 2%
Hss M/P FY revs £312.3m vs cons 312.25m, Outlook reads fine
Kone +0.5% Wins order from SHANGHAI Metro Extention
Miners +1% Copper +0.45%, Brent +2.25%, Iron Ore -2.50%, China -0.35%
Norway Air +1% Traffic stats, Passengers rose 27%, load factor up to 87.9%
Oils +1% WTI +3% vs Europe close. US API showed draw of 4.3m barrels
Philips -1-2% Peer Cree warned in the US last night, down 19% after hours
Telefonica +1-2% CS upgrade to NEUTRAL (Balance sheet potential)
Topps Tiles +1% H1 revs +4% y/y, +4.7% LFL, enters H2 in "good shape"
Thyssen +1-2% Tata Steel Said to Be in Advanced Talks W/ Thyssen
UK Mail M/P Revenues slightly light, PBT expected inline
Vallourec +3% Trading statement, EBITDA better, targets confirmed
commerzbank
AB1 –0.9% Considers sale of NIKI
DAI +1.0% Commits to building electric car with 500km range
FNTN +0.4% CBK cuts to Hold (Buy), PT €28 (36) – Sun setting
HAW -0.4% Proposes dividend of €1.30 vs. €1.22 consensus
HEI -0.4% Executing Italcementi synergy targets
MOR –0.2% Starts phase 2 trial for MOR208
OSR –1.0% Cree profit warn for 3Q16 looks largely homemade, -17% in after-hours
TKA +0.8% And Tata Steel rumoured to be in advanced talks on a a 50/50 JV
AB1 –0.9% Considers sale of NIKI
DAI +1.0% Commits to building electric car with 500km range
FNTN +0.4% CBK cuts to Hold (Buy), PT €28 (36) – Sun setting
HAW -0.4% Proposes dividend of €1.30 vs. €1.22 consensus
HEI -0.4% Executing Italcementi synergy targets
MOR –0.2% Starts phase 2 trial for MOR208
OSR –1.0% Cree profit warn for 3Q16 looks largely homemade, -17% in after-hours
TKA +0.8% And Tata Steel rumoured to be in advanced talks on a a 50/50 JV
Shore
EASYJET-March load factor 91.3%v92.6.Passengers 70.8m v 66m.................+1%
TOPPS TILES-H1 total rev 108m.Sales +4.9%.Says enters H2 in good shape......+2%
HSS-Says Q1 rev ahead of last year.Op pft 15.4m.Divi 0.57p.................UNCH
BATM-Wins $4m new cyber security contract..................................UNCH
CITYFIBRE-First capacity deal on acquired long-haul network.................+2%
STYLES&WOOD-Fy pbt 3.2m.Eps 25.4p.Net cash 5.6m.Order book robust...........+2%
UK MAIL-Fy revs -1%.Sees year ptp in line with forecasts....................-2%
AUTO TRADER-Directors sale 16.2m shares post lock up @370p..................-4%
ACCESSO-Announced secondary block placing late yest.Directors stock.........-2%
mf
*THYSSEN-Tata Steel in advanced talks with Thyssen - CNBC...........+1% *PEUGEOT-Aims to boost China car sales to 1m units by 2018..........+0.5% *GLENCORE-May sell as much as 40% of Ag Unit to CPPIB - WSJ.........+2% *REPSOL-SACYR plans to sell 2% stake in Repsol to cut debt..........-1% *KONE-Wins escalator order for Lanzhou Metro in China...............+0.5% *AIR FRANCE-CEO De Juniac to step down to take IATA job,1st Aug.....-2% *FERROVIAL-Increases offer for Broadspectrum & is rejected..........-1% *BARRY CALLEBAUT-H1 Rev 3.42b(3.36),Ebit 200.7m(191),o/l tough......+1% *A2A-FY Net 73m,Tgts Ebitda €1.3b in 2020,Divi 41c,overall +ve......+1% *VALLOUREC-Rev 671m,Ebitda s/better vs Q4,Q2 better,2020 confirmed..-1% *H&M-PT 3.33B(3.37),GM 52%(51.5),NI 2.55b(2.51),March Sales +2%.....+1% *EASYJET-March Load Factor 91.3%,Passengers 5.7m,12m Load 91.5%.....-1% *AIXTRON-Read across from CREE stock -18% a/hrs,post Q3 weak no's...-2.5%
*THYSSEN-Tata Steel in advanced talks with Thyssen - CNBC...........+1% *PEUGEOT-Aims to boost China car sales to 1m units by 2018..........+0.5% *GLENCORE-May sell as much as 40% of Ag Unit to CPPIB - WSJ.........+2% *REPSOL-SACYR plans to sell 2% stake in Repsol to cut debt..........-1% *KONE-Wins escalator order for Lanzhou Metro in China...............+0.5% *AIR FRANCE-CEO De Juniac to step down to take IATA job,1st Aug.....-2% *FERROVIAL-Increases offer for Broadspectrum & is rejected..........-1% *BARRY CALLEBAUT-H1 Rev 3.42b(3.36),Ebit 200.7m(191),o/l tough......+1% *A2A-FY Net 73m,Tgts Ebitda €1.3b in 2020,Divi 41c,overall +ve......+1% *VALLOUREC-Rev 671m,Ebitda s/better vs Q4,Q2 better,2020 confirmed..-1% *H&M-PT 3.33B(3.37),GM 52%(51.5),NI 2.55b(2.51),March Sales +2%.....+1% *EASYJET-March Load Factor 91.3%,Passengers 5.7m,12m Load 91.5%.....-1% *AIXTRON-Read across from CREE stock -18% a/hrs,post Q3 weak no's...-2.5%