BofA-ML
SHAWBROOK - Cont strong growth. NIM is stable & asset quality benign (222p).+5%
BEIERSDORF - Strong print with OSG of 3.1%, despite tough comps in qtr(81)+3-4%
VONOVIA - Guide raised to top end of prev range @€760m. Up divi guide (32.5)+3%
REGUS - Stock been weak of late. Update looks inline with H1 result (250p)..+3%
MORRISON - Beat. Total sales exc fuel -1.2% with LFL +1.6% v +1.4% (227.9)..+3%
TATE - Beat across the board. Expects FY PBT to be ahead of guidance (800p).+3%
SOCGEN - Strong with revs 3% & NI 35% ahead. Should drive o/performance (35)+3%
LANCASHIRE - 3Q PBT of 42.9m v 33.7m cons. Combined ratio is -4% (727p)...+2-3%
PROSIEBEN - EBITDA +13%, guidance was for >10%. Revs +15% v 15% cons (e39)..+2%
SHIRE - We add to Europe 1 (our best ideas) list. Stock is too cheap (45.2).+2%
INMARSAT - Revs 2.1% ahead driven by good perf at the Govt segment (745p)...+2%
JRP GROUP - Relief. DB de-risking sales of £414m 12% ahead of cons (125.5p).+2%
OPHIR - Shell commenced drilling of 1st two offshore commitment wells (72p).+2%
HERMES - Sales 2% beat. Growth of 8.8% cFX v est 7%. FY guide upped (374)...+2%
FRAPORT - Inline. FY EBITDA guide raised to E1040-1080m on Manila comp (55).+1%
GAMESA - Secured five new orders for the supply of a total of 304 MW (20.3).+1%
ING - Very small beat v cons. CET1 ratio rises, should be enough (11.7).....+1%
DSM - P&L 4% beat at EBITDA line on inline sales. EPS broadly inline (57.7).+1%
HOCHTIEF - Slightly ahead of Q3 cons, FY2016 guidance fully confirmed (124).+1%
SWISS RE - Beat with NI $1175m v $961m cons & announce 1bn buyback (90.9)...+1%
MINERS - Brent +1.6%, Iron ore +0.5% with BHP OZ +0.4%, RIO OZ -0.5%........u/c
GLENCORE - YTD prodn inline to small beat. Good perf copper & zinc (247)....u/c
CRODA - Constant FX sales +2.5% inline with Q2 trends. Confirm FY (3461p)...u/c
VEOLIA - Mixed. EBIT/NI slightly above cons while Rev/EBITDA 0.5% miss(19)-0.5%
ROCHE - 2 'Dear Investigator Letters' sent on the PIII trial drug (CHF222).-1%
CS - Mixed results, not as good as peers. PBT beat, CET1 10bps better (13)-1-2%
ASML - Announcing a 1.75bn investment in one of its suppliers Zeiss (92)..-1-2%
RANDGOLD - 15% earnings miss v cons & EBITDA 5% miss. Gold output +7% (7425)-2%
DIALOG - Guidance $360m at mid point v cons $373m. Announce buyback (e34.5).-2%
REPSOL - NI €307m looks like small miss,€1.14b EBITDA 3% below our ests (12)-2%
SWISSCOM - Light with revs 0.5% & EBITDA 0.9% below cons but FY reitd(436)-2-3%
EUROPRIS - Rev 3% and EBITDA 10% miss. Expect to see downgrades today (32)..-3%
ADIDAS - Inline with revs +17% cFX v 16.6% cons. FY guidance unch (144.9)...-3%
CS
Adidas -2-3% Operating profit 563m cons 564.9m, sales ahead
Adidas -2-3% Operating profit 563m cons 564.9m, sales ahead
Alstom +0.5% Alstom/Bombardier are only bidders left for E3.7b contract
Ascom +2% Long term targets ahead of investor day look ahead
Axel Sprngr +2% 3Q Sales 801.5m cons 796m, confirms FY forecasts
Beiersdorf +2-3% Q3 organic inline, margin guidance upgraded
Credit Suisse R 3Q net CHF41M, est loss CHF150M
Croda -2% Maintained FY guidance but FX helping
Dufry +1-2% Q3 revs 1.4% ahead, organic growth better
Dialog Semi -1-2% Had pre-announced, Q4 guidance is a little light
Draegerwerk -1-2% EBIT slightly ahead and sales slightly below
DSM +1-2% Q3 EBITDA 323m Cons 310m, Guidance reiterated
Glencore UNCH No's broadly inline small upgrade in marketing guidance
GN Store Nord +2% Organic growth better, guidance confirmed
Fraport -1% Numbers inline guidance small ahead
Genmab +3-5% Guidance raised on strong Darzalex uptake
Howden +2% Solid performance in 2H, on track to meet expectations
Hermes +3% Q3 sales up 8.8% on constant FX vs est +7%
Hochtief M/P Q3 EBT slightly ahead of cons, confirms FY guidance
ING Groep +3-4% PTP at 1.88b cons 1.56b, CET1 at 13.5% vs cons 13.1%
Inmarsat +2-3% Mixed with Maritime weak but Govt & Aviation very strong
Lancashire +3% PBT better, special dividend ahead of expectations
Miners -1% Copper UNCH, Brent +1.85%, Iron Ore UNCH, China +0.95%
Morrison +1% 3Q LFL sales ex-fuel up 1.6%, est up 1.4%
Next -1% CS DOWNGRADE to UNDERPERFORM (Margin worries)
Novo Nord +1% Negative note from Bernstein on Roche's Haemophilia drug
Orpea +1-2% Sales in third quarter increased 16.8%, confident outlook
Randgold -1-2% Guidance challenging, larger mine behind on production
Repsol -2-3% Adj net of 307m, cons of €320m, cashflow weaker
Regus UNCH Marture continues to moderate, stock has been weak
Rheinmetall +2-3% Sales inline, earnings c7.5% ahead, guidance better
Roche -0.5% Negative note from Bernstein on ACE910 which is Haemophilia
Schroders +3-4% AuM and PBT a good beat, inflow encouraging
Scandi Tob -2-3% Q3 revs inline, cuts FY outlook
Shawbrook M/P Net loan growth Q3 is £157m, looking for £300m for FY
Shire +2% Negative note from Bernstein on Roche's Haemophilia drug
Soc Gen +1-2% Q3 net of €1099m cons €886m, beat came from FICC
Swiss Re +2% Net income 22% better vs cons, better performance in P&C
Swisscom -2% Revs ahead, FY16 Guidance Reiterated
Tates +3% Pretax 140m cons circa 125m
Valiant +1-2% 9-month net income CHf81.4m cons 77.3m
Veolia UNCH EBITA 0.6% light, Net 1.7% ahead of cons
Volkswagen +0.5% VW Financial Services raises forecast for 2016
Vonovia +2% LFL rental grwoth +2.8%, Strong valuation uplift
Jefferies first thoughts:
Howden +2% in line update, relief after TPK
Inmarsat +2% numbers good enough, Govt strong, nothing for bears
Morrison +1% Q3 lfl ex-fuel +1.6% vs cons +1.4%
Spirent -2% revenue expectations may have to come down
Tate & Lyle +1% 1H revs in line ..sees FY adj pretax higher
Adidas -2% in line numbers, confirm FY guidance
Beiersdorf +2% 9m TESA org sales +1.2% vs cons +0.6%, raise FY guidance
Cr Suisse +2% Q3 net 41mn v e-150mn, long way to go, outlook challenging
Dialog -3% Q3 in line, but cut Q4 rev guidance
DSM +1% organic growth & EBITDA strong. outlook maintained
Dufry +1% in line Q3s, or growth +1.3% vs our est unch
Genamb +3% Darzalex better than exp
Hermes +3% rev and org growth beat
ING +3% Q3 CET1 13.5%, adj net 1.34bn v e1.15bn, higher interest income
Kloeckner +1% Sl 3Q EBITDA beat, but no increase to FY guidance implies weaker 4Q
Pro7 +1% in line Q3s, upbeat guidance
Repsol -2% Q3 net in line, but net debt worse
Soc Gen +2% Q3 net 1.1bn v e790mn, CET1 11.4%
Swiss Re +2% Q3 net $1.18bn v e931.8m, confirm chf 1bn buyback
Swisscom +1% net income nad EBITDA better, see growing competition domestically
Veolia -1% rev guidance cut but have increased cost savings.