Investec
* ADIDAS-loses UCLA to Under Armour in biggest ever college deal ($280m)....U/C
* CHIP NAMES-Xilink +7% on bid spec, may see +ve reaction IFX,ASML,STM......+2%
* EDF-workers to strike for 24hrs on 25th May(RTE)........................-0.5%
* ELUX-main focus raise margins, not stressed to make aqns(CEO in DI).......+2%
* PEUGEOT-Govt considering sale of part or all of stake(Echos)..............U/C
* REPSOL-working on issue of at least €1bn of hybrids(Confidencial).........-1%
* SCANDI TOBACCO-Q1 org gth +1.9%, in line with expectations,guidance unch..+1%
* UNICREDIT-Ghizzoni stands down as CEO(expected). Cld become Chairman(FT)..+1%
* VW-says in court fully committed to settling but penalties excessive......+1%
Other news
* AB INBEV-EC approves SAB deal with conditions, the SAB adr closed +1%
* ENEL/TIT/METROWEB-lots of press, ENEL said to be selected by Metroweb(Reuters)
* STATOIL,LUNDIN-Govt wants them to remain rivals after recent stake hike.
* VIVENDI-said to win majority backing for hostile GAMELOFT bid, expected.
* OPERA-offeror said to get above 90% approval needed (89% y’day, so expected)
* FNAC-shareholders approve strategic partnership with VIVENDI.
* US Co’s reporting later: Tiffany, HP Inc
* ARM/IMG TECH-Xilinx Inc +6.7% after rumours of $15b bid(Streetinsider)...+1%
* BABCOCK-FY rev, EPS in-line, lifs divi',see further progress this year...+1%
* CIRCASSIA.Initiates grass allergy immunotherapy field study..............unch
* DIXONS CP-Q4 T/U LFL sales +5%(est +2.4%), sees FY in top half of guid'..+1%
* GREAT PORTLAND-FY NAV, profit, divi all rise in 'excellent FY no.s'......+1%
* HILTON FOOD-T/U(c5months)in-line,UK/Ireland strong,Denmark challenging..unch
* HSS GRP-Q1 T/U inline,Q2 started ahead,conditions remain competitive.....+1%
* INTERTEK-Q1 T/U in-line, solid organic growth performance................+1%
* M&S-FY beat, spec divi, strategic review incomplete,dissapointing......-3-5%
* MEDICLINIC-FY beats est's,bridge facility re-fi under way................+2%
* NAHL GRP-Update.
In line.Well positioned despite pot. regulation changes.1-2%
* NEW RIVER RETAIL-FY.Record profit. NAV 295p. AUM 1.1b(+30%).Shs +3% yday.+2%
* NMC HEALTH-CEO expects to do a deal in Saudi within 6 months.............+1%
* NOSTRUM O&G- Q1.OPEX reduced. production guidance maintained...........+2-3%
* PAYSAFE-Update.FY rev upgrade by 6-7%. EBITDA by 5%....................+5-7%
* PENNON GRP-FY.EPS @ 39.5p(est 36.7p) Div in line.SHS +2%yday on SVT.....unch
* POLYPIPE-Update.Rev +32.5% driven by acq's & strong UK.Reit's FY.........+2%
* ROYAL MAIL-OFCOM review. Appears broadly positive........................+1%
* SAB MILLER-Gets EU clearance.US said to investigate Distb'n incentive.s..+1%
* SAGE-Intuit post strong Q3,raises FY guidance..........................+1-2%
* SECRO-UJpdate. Sees Underlying Trading Profit Ahead of Expectations...+7-10%
* SHAFTESBURY-H1.#'s i/l.London robust,Brexit uncertainty,well positioned..+1%
* WIZZAIR-FY.Good #'s & growth,slighty cautious H2 o/l(high U/C yday)....+1/2%
* ZOOPLA-H1.EBITDA to be top end of exp's; 1H rev +130%, EPS +82%........+3-5%
* ADIDAS-loses UCLA to Under Armour in biggest ever college deal ($280m)....U/C
* CHIP NAMES-Xilink +7% on bid spec, may see +ve reaction IFX,ASML,STM......+2%
* EDF-workers to strike for 24hrs on 25th May(RTE)........................-0.5%
* ELUX-main focus raise margins, not stressed to make aqns(CEO in DI).......+2%
* PEUGEOT-Govt considering sale of part or all of stake(Echos)..............U/C
* REPSOL-working on issue of at least €1bn of hybrids(Confidencial).........-1%
* SCANDI TOBACCO-Q1 org gth +1.9%, in line with expectations,guidance unch..+1%
* UNICREDIT-Ghizzoni stands down as CEO(expected). Cld become Chairman(FT)..+1%
* VW-says in court fully committed to settling but penalties excessive......+1%
Other news
* AB INBEV-EC approves SAB deal with conditions, the SAB adr closed +1%
* ENEL/TIT/METROWEB-lots of press, ENEL said to be selected by Metroweb(Reuters)
* STATOIL,LUNDIN-Govt wants them to remain rivals after recent stake hike.
* VIVENDI-said to win majority backing for hostile GAMELOFT bid, expected.
* OPERA-offeror said to get above 90% approval needed (89% y’day, so expected)
* FNAC-shareholders approve strategic partnership with VIVENDI.
* US Co’s reporting later: Tiffany, HP Inc
* ARM/IMG TECH-Xilinx Inc +6.7% after rumours of $15b bid(Streetinsider)...+1%
* BABCOCK-FY rev, EPS in-line, lifs divi',see further progress this year...+1%
* CIRCASSIA.Initiates grass allergy immunotherapy field study..............unch
* DIXONS CP-Q4 T/U LFL sales +5%(est +2.4%), sees FY in top half of guid'..+1%
* GREAT PORTLAND-FY NAV, profit, divi all rise in 'excellent FY no.s'......+1%
* HILTON FOOD-T/U(c5months)in-line,UK/Ireland strong,Denmark challenging..unch
* HSS GRP-Q1 T/U inline,Q2 started ahead,conditions remain competitive.....+1%
* INTERTEK-Q1 T/U in-line, solid organic growth performance................+1%
* M&S-FY beat, spec divi, strategic review incomplete,dissapointing......-3-5%
* MEDICLINIC-FY beats est's,bridge facility re-fi under way................+2%
* NAHL GRP-Update.
In line.Well positioned despite pot. regulation changes.1-2%
* NEW RIVER RETAIL-FY.Record profit. NAV 295p. AUM 1.1b(+30%).Shs +3% yday.+2%
* NMC HEALTH-CEO expects to do a deal in Saudi within 6 months.............+1%
* NOSTRUM O&G- Q1.OPEX reduced. production guidance maintained...........+2-3%
* PAYSAFE-Update.FY rev upgrade by 6-7%. EBITDA by 5%....................+5-7%
* PENNON GRP-FY.EPS @ 39.5p(est 36.7p) Div in line.SHS +2%yday on SVT.....unch
* POLYPIPE-Update.Rev +32.5% driven by acq's & strong UK.Reit's FY.........+2%
* ROYAL MAIL-OFCOM review. Appears broadly positive........................+1%
* SAB MILLER-Gets EU clearance.US said to investigate Distb'n incentive.s..+1%
* SAGE-Intuit post strong Q3,raises FY guidance..........................+1-2%
* SECRO-UJpdate. Sees Underlying Trading Profit Ahead of Expectations...+7-10%
* SHAFTESBURY-H1.#'s i/l.London robust,Brexit uncertainty,well positioned..+1%
* WIZZAIR-FY.Good #'s & growth,slighty cautious H2 o/l(high U/C yday)....+1/2%
* ZOOPLA-H1.EBITDA to be top end of exp's; 1H rev +130%, EPS +82%........+3-5%
Mainfirst:
*BAYER-Confident it can meet Monsanto deal demands,$122 f/value......U/C
*BAYER-Confident it can meet Monsanto deal demands,$122 f/value......U/C
*VIVENDI-Said to win majority backing for hostile Gameloft bid.......+0.5%
*NOVO NORDISK-Wins FDA backing for Xultophy(once daily diabetes).....+0.5%
*SCHOELLER BLECKMANN-Sales 46.8m(52),Ebit -16.9m(-12.4),o/l poor.....-5%
*NOVARTIS-Strong foundations for LTG,Entresto accelerate launch......+1%
*UNICREDIT-CEO Federico Ghizzoni to step down,no replacement.........+1%
*BERTRANDT-Q2 Rev €241.6m(243.5),OP €18.5m(18.4),Net €12m(12.5)......+1%
*ADIDAS-UA agrees 15-year UCLA footwear and apparel agreement........+0.5%
*ELECTROLUX-Focus to raise margins,not stressed on making acq's......+0.5%
*M&S-FY Rev 10.6b(10.4),PT 689.6m(673.9),Divi 11.9p(12.2)............-3%
*DIXONS-Q4 L-F-L +5%(+2.4),UK/Ireland 4%(2),Narrows FY Pretax........2%
CS:
Babcock M/P Numbers inline with market expectations
CS:
Babcock M/P Numbers inline with market expectations
Bayer R Monsanto rejects Bayer bid
BHP Billiton +3% Positive headlines on the restart of Samarco + API data
Cellnex M/P Main candidate to enter the IBEX, decision on June 9th
Dixons +2% 4Q total like-for-like sales grow 5%, est. up 2.4%
Electrolux M/P CEO says "main focus is to raise margin"
Flug Zuerich -1% CS downgrade to UNDERPERFORM (Take profits)
Great Port -1% EPRA NAV at 847p, below ests at 869p
HSS Hire M/P Q1 trading inline, signs of softness in broader UK economy
Intertek -1-2% Organic growth slowing slightly
M&S -2-3% Margin weaker, Sees adverse impact on profit in short term
Miners +2% Copper +0.05%, Brent +0.60%, Iron Ore -2.4%, China +0.33%
Novartis M/P Investor day - highlights strong fondation for LT growth
Novo Nord M/P FDA voted 16-0 that Xultophy (diabetes) should be approved
Oils +1.5% API Crude inventories -5.14m barrels, Brent +0.60%
Paysafe +5-7% Guide to FY revs $950-$970m (cons at 910m)
Pennon +1-2% Numbers slightly ahead of market expectations
Serco +7-10% Sees underlying trading profit at £65m for FY vs £50m
Serco +7-10% Sees underlying trading profit at £65m for FY vs £50m
Shaftesbury M/P H1 EPRA earnings 2% miss, NAV p 24p/2.8% from last update
Tesco -1% CS reiterate UNDERPERFORM (Large store performance worse)
Unicredit +1-2% CEO Federico Ghizzoni plans to step down
Valora +1-2% CS upgrade to OUTPERFORM (Margin potential in retail)
VAT M/P CS initiate with NEUTRAL (Valuation)
Vossloh -5% Announced 5:1 capital increase with subscription rights
Zoopla +3-5% H1 Revenues 12% ahead, Adjusted EBITDA 19% ahead
Numis:
* ALLIANCE PHARMA unch; AGM, year has started well - revs of £30.5m for the first four months of 2016, which is in line with the Board's expectations.
Numis:
* ALLIANCE PHARMA unch; AGM, year has started well - revs of £30.5m for the first four months of 2016, which is in line with the Board's expectations.
* ALLIED MINDS mkt; Successful Completion of ABLS II Feasibility Program. Not material.
* BABCOCK mkt; Numbers inline, confident statement, sees further progress this year.
* BIG YELLOW mkt; Numis note, TP unch at 905p, we go from ADD to HOLD. Note available on request.
* CIRCASSIA +1%; Commenced phase 3 trial of Grass allergy trial Cat Spire on track for Q2 results.
* DIXONS CARPHONE +2%; Q4 lfl sales a beat on estimates, pretax profit range narrowed towards top half of previous guidance.
* GREAT PORTLAND -0.5%; NAV vs est. 850, everything else in-line, small acquisition.
* HILTON FOODS +1%; Update in-line, strong progress across all geographic mkts, outlook unch.
* HSS HIRE -3-5%; Trading inline, margin pressure and competitive market conditions, we reduce 2016/17 EBITA f/casts by 7-8%.
* INTERTEK -2%; Organic growth dipped, outlook fine but been strong into numbers.
* MARKS & SPENCER -1%; Slight beat on analyst estimates, clothing still struggling, cautious outlook.
* MEDICLINIC +2%; Top and bottom line beat. Outlook upbeat. Strong statement.
* MOTHERCARE +1%; Numis note, B/150p, available on request.
* NMC +1%; CEO speaking in Dubai about making Saudi acquisition within next 3-6 months.
* NOSTRUM +1%; In-line, ops remain on schedule, revenues of US$73.9m were below our est and EBITDA of US$52m was ahead of our est.
* PAYSAFE +5%; TU, FY to be in range $950-70m vs $911m f/c.
* POLPIPE +2%; TU, excellent start to the year, FY to be in line.
* ROYAL MAIL unch; OFCOM sets out new requirements on RMG to help competition, but does not impose price controls on its wholesale or retail products.
* SERCO +3-5%; Sees underlying trading profit ahead, mainly driven by one offs so 2017 guidance is unch.
* SHAFTESBURY -1%; EPS slight miss 7.2 vs 7.5 est.
* SQS +1-2%; Inline trading, confident in expectations for FY, been weak into this, we u/g to BUY fm ADD.
* WIZZ AIR +2%; ? ? Strong results, top & bottom line growth, 21% passenger growth yoy, continued route expansion, confident o/look.
* ZOOPLA +3%; Strong set of numbers, FY EBITDA at top end of expectations.
JPM:
BABCOCK Inline, but org rev growth below forecast (9.7% for FY16). -2%
JPM:
BABCOCK Inline, but org rev growth below forecast (9.7% for FY16). -2%
DIXONS Q4 LFL grow 5% vs 2.4%. Forecasts for FY top end of guidance. +3%
DEUTS POST JPM downgrade. -1%
G PORTLAND NAV inline, record leasing, strong start to this year. +1%
INTERTEK Outlook talks about solid revenue for the year. +2%
M&S Numbers beat, strategy fluffy, looks like talking FY down -5%
NOVOB Unanimous 16-0 vote from FDA to restore Xultophy approval. +1%
PENNON Numbers fraction ahead. unch
SERCO Unexpected update - positive (profit £65m vs e£50m). +3%
SHAFTESBURY NAV ahead, strong beat on EPS, business performance on track. +2%
WIZZ AIR Q1 beat, inline with estimate for FY, decent short base. +2%
ZOOPLA Strong set of numbers, record revs and adj EBITDA. +4%