CS
Airbus +0.5% Said to Win Canada Search Plane Contract
Aurubis -1% CS DOWNGRADE to NEUTRAL (Copper market)
BHP Billiton UNCH CS DOWNGRADE to UNDERPERFORM (Valuation)
Carillion +1-2% fy TRADING FINE, support services BETTER
Daimler +1% Won dismissal of a lawsuit
Electrolux -0.5% Iron ore up abnother +2% overnight
Ferrexpo -1% CS DOWNGRADE to UNDERPERFORM (Valuation)
GVC +1-2% Will Hill Said to approach Alexander for CEO role
HSBC +1-2% +1.5% in Hong Kong, y/day HSBC repurchased 6.45m shares
Kaz -1% CS DOWNGRADE to NEUTRAL (Copper market)
Miners +1% Copper +0.85%, Brent -0.25%, Iron Ore +2.15%, China +0.23%
Rio +3% CS UPGRADE to OUTPERFORM (Valuation)
Solvay +2% Agreement to sell its cellulose acetate tow business
Stagecoach -1% Headline inline but outlook slightly negative
Steinhoff +3% Sales momentum is expected to continue
Will Hill -1% Said to approach GVC's Alexander for CEO role
ML
* Day 2 ML CHEMS Conference; Evonik, Arkema, BASF, Umicore, K&S, Yara..........
UNICREDIT - May keep 10% in Pioneer if Amundi offer succeeds; Mf (2.3)......+3%
CS - Investor Day.+ve on costs, targeting below CHF17b from below 18b (14.8)+3%
STEINHOFF - Strong. Sales +12.1% & EBIT grew 21% & margin +80bps y/y (4.5)..+3%
ITALIAN BANKS - Italy to ask for EU15B ESM loan for paschi, others........+2-3%
LEONARDO - We UPGRADE to Buy, PO €15.5. Discount to peers unwarranted (13.4)+2%
MINERS - Copper -0.3%, Iron Ore +2.5% with BHP OZ +0.98%, RIO OZ +2.86%.....+2%
GKN - We UPGRADE to Buy,PO 365p.One of the strongest earnings profiles (310)+2%
AHOLD - CMD. Guiding for €1.0b shr buyback and €1.6b FCF in 2017 (€19)......+2%
ZODIAC - We UPGRADE to Buy, PO €25 (20% upside) on recovery potential (21.2)+2%
THYSSEN - Tata may find deal with unions on £15b steel pension scheme (22.5)+2%
CARILLION - Expected to meet exp with strong perf in support services(260)+1-2%
SOLVAY - To sell its cellulose acetate tow biz. Based on EV c.€1b (109.3)...+1%
SAGE - Spec looking to sell its US processing biz for >$500m; bbg (626p)....+1%
DT - Sprint & TMob up after Trump said Softbank to invest $50b into US(15.2)+1%
SIEMENS - Digital CMD. Software business to support group growth (110.3)....+1%
WILLIAM HILL - Said to approach GVC's Alexander for CEO Role; FT (301.4)....u/c
INFORMA - Refin. To issue $500M of New US Private Placement Notes (650.5)...u/c
PUBLICIS - ANA investigating if agencies manipulate bidding process (61)..-1-2%
STAGECOACH - EPS 14.4 v 14.1 but cautious commentary on the UK -ve (202)..-1-2%
WPP - ANA investigating if agencies manipulate bidding process (1675).....-1-2%
QINETIQ - We DOWNGRADE to Neutral. Weaker growth outlook v peers (242p).....-2%
MainFirst Pre Mkt Indications
*CS-Increases cost cutting,Swiss IPO on track,CET1 Ratio 3.5%......+2.5%
*AIRBUS-Said to win Canada search plane contract worth $2.6bln.....+1%
*LONZA-To divest Peptides Bizz and Operations in Belgium...........-0.7%
*UNICREDIT-May keep 10% in Pioneer if Amundi offer succeeds........+1%
*ROCHE-Avastin gets expanded FDA Approval in Ovarin Cancer.........+1%
*RENAULT-Planning to expand low-cost exlectric-car models-Echos....+1%
*CASINO-Files offer to buy Cnova for Euro equivalent of $5.50......+1%
*DTE-Softbank to invest $50b in US(Srint/T-Mobile)-Denied..........+1%
*CBK-Sues for Dividend-stripping Tax refund,worth approx €75m......+1%
*BPOST-PostNl rejects new BPOST bid,combo will not be a success....-1%
*AHOLD-To start €1b share buyback prog
Macq UK Mid/Small Cap Indications:
* AMEC Foster AMFW- Appointed to support Heathrow expansion team. Unch
* Arrow Global ARW-Tom Drury stepping down as CEO, replaced by Lee Rochford ex Virgin Money CFO. -1%
* Carillion CLLN- sees FY numbers meeting expectations, contract opportunity pipeline ‘broadly’ unchanged, sees FY net borrowing down from H1, preferred bidder for contract worth £120m; +5-6% on short squeeze (most shorted stock in Stoxx 600)
* GVC Holdings- Spec that William Hill have approached Kenny Alexander for CEO role, also spoke about a takeover (FT). +3%
* Numis NUM- Rev’s grew 15% to £112m, Profits up 25% to £32.5m. Trading in new financial year solid, confident outlook. +5%