ML:
JUST RETIREMENT - new business sales of £360m (+41%), above £279m cons.+5-10%
JUST RETIREMENT - new business sales of £360m (+41%), above £279m cons.+5-10%
VESTAS - Q3 rev a 2% beat, margins solid and raises guidance above cons...+5%
MEDAA - sales a 3% beat and a 9% beat at EPS, guidance narrowed.........+3-5%
HOCHSCHILD - We UPGRADE to BUY, PO 95p....................................+4%
SUPERGROUP - LFL +15.5% in Q2 vs. our est. +12%, Outlook confident......+3-4%
ADIDAS - Q3 EBIT 13% ahead of cons on strong top line, ups FY rev guide...+3%
LANCASHIRE - combined ratio of 70.2% in 3Q vs cons 78.8%, higher spec div.+3%
SOC GEN - Bottom line 4% beat on stron French retail, provisions 11% beat.+3%
SHAWBROOK - decent Q3 with FY gross lending to be ahead of target.......+2-3%
FRAPORT - Q3 results slightly ahead and guidance raise partially expected.+2%
O2D - Rev in line, EBITDA a 3% beat and capex 4% below, inc guidance......+2%
LEGRAND - adj EBIT in line, org growth +1.5% v +1% est, solid delivery....+2%
PHILIPS - Spec PE interested in lighting biz, mentions c. 0.5x sales....+1-2%
UBISOFT - Q2 sales small beat, reits guidance, no new news on VIV stake.+1-2%
SCHRODERS - Q3 PBT a 3% beat, driven by stronger revs...................+1-2%
NATIXIS - Pre-tax beat but cap mkts & wholesale weak, Asset Mgmt strong...+1%
LANXESS - EBITDA a 4% beat v cons, raises FY guidance in line with cons...+1%
RSA - TNAV grew 4% to 294p is a positive read, premiums solid.............+1%
VEOLIA - Net income a 7% beat but operationally in line at EBITDA.........+1%
GENERALI - Operating results in line, EC ratio 7% ahead +ve for dividend+0.5%
ASTRAZENECA - Revs and core profit in line, Nexium better than est......+0.5%
GSK - As expected pipeline respiratory product Nucala gets US approval....u/c
EDF - Nothing incrementally new in press release for us, in line..........u/c
ZURICH - In line on lower losses in HoldCo, u/performed SXIP 25% YTD......u/c
ALSTOM - Announces 91.5m sh buyback, price set at EU 35 per share.........u/c
CRODA - Group organic growth at 2.3%, vs our 2.5%, solid mix..............u/c
HOWDEN JOINERY - Says well positioned to achieve FY expectations..........u/c
TENARIS - Q3 small beat but weaker Q4 outlook on vols & price overshadows.u/c
RENTOKIL - 1.4% organic growth (similar to Q2), cons unlikely to move.....u/c
SWISSCOM - 9m rev and EBITDA broadly in line, reiterates FY targets.....-0.5%
HEIDELBERG - Q3 in line, guidance trimmed on lower cement vols in Q3......-1%
MEDIA - -ve read from US sector performance post TWX......................-1%
K.WILSON - Quarterly div maintained, occupancy still high at 98%..........-1%
KION - Q3 rev 1% ahead as is EBIT, reiterates previous forecasts..........-1%
RANDGOLD - Numbers ok, one off cost a small -ve and gold lower overnight..-1%
D.TEL - Revs a 1.5% miss but EBITDA ahead, Germany weakness the focus.....-1%
EASYJET - Solid volume growth and load factors but no upgrade to guide..-1-2%
WOLSELEY - We DOWNGRADE to Neutral, PO to 4,000p from 4,500...............-2%
CRH - We DOUBLE DOWNGRADE to UNDERPERFORM, PO to 1,500p from 2,200p.......-2%
ENGIE - 9m EBITDA a 1% miss, guides to low end on commods/FX,8% cons d/gs.-2%
CRED AG - Weak, 6% rev miss on CIB and asset mgmt, provisions 18% higher..-2%
MUNICH RE - Q3 net a 22% miss, op result 40% miss on investment results.-2-3%
THOMAS COOK - Tour operators stop ALL flights to Sharm el-Sheikh........-2-3%
MORRISONS - LFL sales -2.6% v -2.1% cons, will disappoint...............-2-3%
COBHAM - headwinds in SATCOM business, expect 3% FY cons downgrades.......-3%
B. VERITAS - Talks down FY organic growth on O&G, leads to 2-3% cons d/gs.-4%
OUTOKUMPU - Big miss at underlying EBIT on mkt weakness & low deliveries..-4%
BRENNTAG - Q3 EBITDA 4-5% light, cuts FY outlook on macro, c5% below cons.-5%
SPIRENT - FY to be in line but warning on 2016 on wireless device mkt.....-5%
TAG - Revising down full year FFO expectations by 7-8%....................-5%
ADECCO - Outlook implies a c 9% downgrade to consensus 2016 EBIT..........-7%
AMEC - Big miss, 50% div cut, we cut ests 20% and downgrade to Neutral-15-20%
Commerzbank:
Commerzbank:
ADS +1.8% Strong Q3, no 2016 outlook
BNR –10.2% Cuts guidance by 5%, plans buying 2 US lubricant distributors
BYW6 -0.6% Q3 EBIT at €36.6mn, sees FY revs at leat at last years level
COP –6.8% Cuts guidance for 2015
DEZ –3.5% Just about break-even on 2015 EBIT
DBK +0.2% Will pay USD258m to US regul for transact in US blacklist countries
DRW3 unch Finals Q3 after PW, no change to prelims
DUE -0.5% HOMAG guidance increase
DTE –0.3% Broadly in-line, good KPIs
FIE +0.5% Q3 results 1% ahead of cons, strong growth in Switzerland
FRA +1.4% Q3 a slight beat with EBITDA at €303m, guidance increased
FNTN +0.7% Reassuring Q3 KPIs, support re-rating story
HAW –0.3% Net rises, FY forecast unchanged
HEI +0.6% Q3 mixed - EBITDA in line/weaker sales and sales guidance
KGX -1.5% Orders 3% above cons thx to 9% organic growth, sound OpCF
LXS –0.7% Q3 results above cons, full year outlook raised
MUV2 -2.8% Below estimates, investment result disappoints
O1BC +0.5% Key message drop of rev growth to 16% vs. 26% in Q2
O2D +2.3% Q3 broadly in line, driving the expected guidance upgrade
RHM +2.2% Q3 in line, guidance slightly raised, in line with Cons now
SFQ +1.6% Good margin and cash generation, slowing top-line growth
TEG –3.3% Revises FFO 2015 guidance downwards to €74m-75m
CS:
Adecco -5%+ EBITA inline, margin target and 2016 guidance disappointing
Adecco -5%+ EBITA inline, margin target and 2016 guidance disappointing
Adidas +4-5% Net income 3% beat, Op profit 12% beat, revs 5.5% beat
Amec -1% Dividend cut, further cost cutting
AstraZeneca +1-2% Headline beat, core profit better
Autoliv +2-3% Takata falls 25% after Honda dropped the airbag maker
Brenntag -10% Q3 miss, EBITDA 5% light, guidance cut
Compugroup -7% Q3 revs and EBITDA light, lowers outlook
Cobham -1% Trading update slightly light, EPS at lower end
Coca-Cola +2% Strong volume growth
Croda -3% Sales 2% light, org growth light, maintained outlook
Credit Ag -2% PBT 7% beloa cons
Dairy Crest UNCH Full year expectations for continuing business, unchanged
Deuts Tel UNCH Q3 numbers inline, keeps guidance
Deutz -1-2% EBITDA inline, sales 4% light, outlook slightly light
Engie M/P No's inline but guiding towards lower end of 2015 range
Euronext +3-4% Q36 EBITDA better, new CEO positive
Fielmann M/P No's slightly ahead, confirms FY forecasts
Fraport +2% Raising guidance, passenger traffic 3-4% vs prev 2-3%
Fraport +2% Raising guidance, passenger traffic 3-4% vs prev 2-3%
Generali UNCH Headline miss but solvency better
GSK +1% Nucala approved by US FDA for severe asthma
Hays -1-2% Negative read from Adecco numbers
Heidelberg +2-3% Rev's inline, Raises synergy target on ITALCEMENTI
Howden UNCH Good sales performance, positioned to acheive FY
Kion UNCH 3Q rev.EU1.24b (cons EU1.23b), Reiterates guidance
Kendrion -2-3% Q3 EBITDA at EU11.9m, now sees FY revs at bottom end
Korian M/P 9mth sales up 21%, Germany/Belgium positive
Kuoni +1-2% No's slightly better, GTS division re-structuring saving
Lancashire -1% Q3 gross written premiums down, announces special dividend
Lanxess +1-2% Headlines inline, raised EBITDA guidance
Legrand -1% Small miss on Q3 sales and EBIT but guidance ok
Maersk -1% Cuts surcharges in China by up to 50%
Morrison -2% LFL -2.6% vs cons -2.1%. Confirms underlying pbt guidance
Meda +2% Sales sek4.89bln vs cons 4.73bln, EBITDA ahead
Miners -1% Copper -0.25%, Brent -0.10%, Iron Ore -0.30%, China +2.51%
Munich Re -2% Op profit 579m v cons. 966m, investment income weaker
Munich Re -2% Op profit 579m v cons. 966m, investment income weaker
Natixis +2% No's inline, reassuring commod exposure message
NOS +3% Revs, net and EBITDA better
O2D +4-5% No's beat estimates, company raises Outlook
Ontex -1-2% Q3 revs €415.9m vs cons 418.5, acquisition of Grupo Mabe
OMV +3-5% Clean CCS ebit 495mln vs bberg cons 350.1mln, net better
Outokumpu -3-5% EBIT miss, outlook reads negatively
Philips +2-3% CVC/KKR and Bain said to mull $6b Philips lighting bid
Randstad -2-3% Negative read from Adecco numbers
Randgold -3% EBITDA 128m CSe 140, Cons 147. Production miss in Q3
Rentokil M/P Org growth slightly light, maintain FY guidance
Rheinmetall +2% Revs 1.19bln vs cons 1.16bln, net income and EBIT better
Schroders -1% PBT 3% beat, net outflows higher
Shanks -1% No's inline, reaffirm guidance, stock has been strong
Societe Gen +2% Q3 net €905m cons €840m, French retail very strong
Supergroup -2% No's better, confident on FY, stock has been strong
Swisscom +1-2% Q3 revs CHF 2.89b cons CHF 2.91b, Cuts FY EBITDA (expected)
Tates +1-2% No's inline, confirm FY guidance
Tates +1-2% No's inline, confirm FY guidance
Tenaris -1-2% 3Q net sales $1.56b vs est. $1.67b
Thom Cook -2-3% Negative impact from events in Egypt
Valiant +1% No's better for the qtr, positive commentary on FY
Veritas -4% Organic growth weaker, outlook weaker
Veolia UNCH No's inline, Cost cutting looks inline, confirms FY
Zurich +1-2% No's inline, combined ratio 108.9% v cons 108.6%.
Barcap EU:
Barcap EU:
Fraport+2% Keeps revs,Raises FY Pass 2-3now 3-4,EBITDA,EBIT to above top end
Adecco -5% Q3 rev 5.67vs5.74bn.cuts EBITA mgn to 5.2% org gth & similar for '16
Kion +1% Q3 revs e1.24bn.FCF slightly below '14. Reit FY nos
Brenntag -5% Q3 EBITDA 204 vs 214m.Cuts FY guid 790-810vs830-850m Buys 2 US cos
Roche CMD today update on late stage pipeline in London.
Heidelbergercement +1% incr Italcementi synergies from e175 to e300m
Veolia +1% Q3 I/l confirms FY EBIT, EBITDA & rev gth .
Legrand +2% org gth range narrowed to-1/+1from-3+2%,Op mgn >19 from 18.8-20.1%
Lanxess +2% Q3 EBITDA 235vs230m.Raise Fy EBITDA 840-880 now 860-900m
Generali+2% OP 1.06vs1.18bn,NI 420vs555m Life weak 625 vs 737m citing volatilit
Santander/BBVA taking a 15% haircut on FCC debt - Confidencial.
Adidas+3% Q3 OSG13vs8.5%.Revs 5% ahead.Incr guid from msd to hsd & GM by 50bp
Swisscom-2% Q3 net 274vs289m.FY EBITA>4bn was 4.2bn.Seems a little unsure on FY
Zurich u/c 6% BOP beat, Capital remains strong.tgt 96.5-97.5 for GI biz
TEF Deut +5% Q3 sale I/L OIBDA 454vs425m.Raise FY OIBDA >10% to 15-20%
SocGen+2% PBT12% ahead but beat at Corp centre low quality.French/Intl retail+v
Credit Ag-3% PBT-9% revs-6% cost +2% offset by lower LLP.CET110.3% ok
Credit Ag-3% PBT-9% revs-6% cost +2% offset by lower LLP.CET110.3% ok
Munich Re -2% OP-3% on mkt volatility.P&C strong.Keeps guid of Pft>e3bn
Poor German factory orders -1.7% vs 1% falls for the 3rd month in a row.
D Tel-2% Q3 revs 17.1vs17.3bn.Mgn I/L 30.2% KPI look strong Germany
Barcap UK:
Astra +1% Nexuim better, Crestor in line, small raise guidance
Rentokil -0.5% - all looks in line small weakeness France Holland
Morrison -4% 3Q lfl -2.6% vs cons -2.1. All KPI deteriorate +5% yest.
RSA +1% - TNAV up 1% to 294p. Written premiums look strong
Schroder +1% - AUM and flows slightly light..
Shawbrook +0.5% - Strong growth in origination & loans
Lancashire +2% - pricingnot great but focus will be on the spec div 95c..
Randgold -2% - output guidance unch'd..gold poor generally post Yellen.
Spirent -1% - Update full yr broadly in line. $15m to be taken in q4
Cobham -1% - Slightly lower than reduced consensus. After Meggit in price.
Shanks unch - all looks in lineCroda -2% - growth slowing