Ml
DIRECT ENERGIE - Ecofin selling 1.7m shrs; SocGen/Dupont joint bookrunners...
SAFESTORE - 18.8% NAV growth yoy, u/lying EPS +18.4% yoy & divi +20%....+2-3%
MULBERRY - Retail LfL +8%, margin expansion driven by sourcing efficiency.+2%
ATKINS - Solid. FY op profit 4% beat & div ahead. Shares weak into #'s....+2%
GLENCORE - We UPGRADE to Buy, PO 190p. BS fixed, commods going right way..+1%
THYSSENKRUPP - We UPGRADE to Buy, PO EUR23. See upside to steel division..+1%
KUKA - Midea offers EU 115/shr and aims to raise stake to more than 30%...+1%
SALZGITTER - We UPGRADE to Neutral, PO EUR26. Highly levered to steel P.+0.5%
NOKIA - Expects to cross 95% ownership thresholds in Alcatel tomorrow.....u/c
ORANGE - Extends roaming agreement with Iliad from end of 2017 to 2020....u/c
N BROWN - Product rev -1.6%, financial services rev +3.4%. Trading inline.u/c
ILIAD - Extends roaming agreement with Orange from end of 2017 to 2020..-0.5%
ASML - To buy Hermes Microvision for EUR 2.75bn cash. Use weakness to add.-1%
AIRBUS - A350 deliveries still at risk according to various press reports.-1%
ASHTEAD - In May fleet growth of 1.1% outpaced rent growth of 0.1%........-1%
CS/UBS - SX7E futs breaking YTD low. Comments from SNB on leverage ratios.-2%
MQ - Q3 gross margin ahead but same store sales declined. Close NOR ops.-2-3%
CS Indications:
Airbus -1-2% CEO says won't be able to keep all commitments
AMS ag M/P Aquires 100% of the shares in Cambridge CMOS Sensors
Autos -1% Japanese and Chinese peers weak, cyclicals will be for sale
Azimut unch CS initiate with O/P
Electrolux +0.5% Solid US AHAM data shipments of home appliances rose 3.5%
Oils -1.5% Oil down 1.4% overnight on growth concerns
Miners -2-3% All metals drifting lower, Aussie names ignored gains here
Mulberry M/P Retail sales for the 11 weeks +9%, stock has had good run
N Brown unch guidance unchanged, current trade looks fine
Neste -2% CS D/G to U/P on valuation
Prem Farnell M/P Spec of a higher bid in the FT after Elliot bought 1%
Safestore +1% initial trading in 2H continues to be robust
Swatch -1% CS cut profit forecast by ave 19% - remain O/P
Total M/P Total has decided not to sell 50% stake in its Port Arthur
Utils -0.5% Sector likely to outperform as beta is sold
Vopak M/P On Track to Meet 2014-2016 Goals by End of the Year
VW -2% Car sales data show VW mkt share drops most since Dec
WS Atkins M/P Revs beat, expectations for next year unch
MainFirst Pre Mkt Indications
*AIRBUS-CEO says A350 delivery goal presents a challenge............-2%
*VW-Settlement proposal deadline delayed 1 week,mkt share -24.2%....-1.5%
*ASML-To buy Hermes Microvision in deal valued at about €2.75b......-1%
*SFS-CEO confirms FY16 tgts in interview(Grth 2-4%,mrg 13-14%)......+0.5%
*VOPAK-On track to meet 2014-16 goals by end of year................-1%
*ACS-In talks to sell Urbaser to Cnty for €2bln - Expansion.........U/C
*LUFTHANSA-Seeks outsider to replace CEO Menne - Handelsblatt.......-0.5%
*ROCKET-PLDT who own 6.1% stake,will keep stake(CEO gets msg).......-1%
*DIALOG/AMS-Read across from Jabil Circuit a/hrs pft warns -2%......-1%
*CS/UBS-Need added going-concern capital of CHF10b each - SNB.......-3%
*TOTAL-Said not to seek sale of Texas Refinery stake - Reuters......U/C
*ELECTROLUX-Good AHAM shipment Data,in May +3.5%....................U/C
*KUKA-Midea launches €115 offer to raise stake......................+1.5%
*AIRBUS-CEO says A350 delivery goal presents a challenge............-2%
*VW-Settlement proposal deadline delayed 1 week,mkt share -24.2%....-1.5%
*ASML-To buy Hermes Microvision in deal valued at about €2.75b......-1%
*SFS-CEO confirms FY16 tgts in interview(Grth 2-4%,mrg 13-14%)......+0.5%
*VOPAK-On track to meet 2014-16 goals by end of year................-1%
*ACS-In talks to sell Urbaser to Cnty for €2bln - Expansion.........U/C
*LUFTHANSA-Seeks outsider to replace CEO Menne - Handelsblatt.......-0.5%
*ROCKET-PLDT who own 6.1% stake,will keep stake(CEO gets msg).......-1%
*DIALOG/AMS-Read across from Jabil Circuit a/hrs pft warns -2%......-1%
*CS/UBS-Need added going-concern capital of CHF10b each - SNB.......-3%
*TOTAL-Said not to seek sale of Texas Refinery stake - Reuters......U/C
*ELECTROLUX-Good AHAM shipment Data,in May +3.5%....................U/C
*KUKA-Midea launches €115 offer to raise stake......................+1.5%
Commerzbank:
ACX -4.7% Major shareholder will place up to 10% of shares (up to €50m) AIR -1.0% To review goal of 50 A350 deliveries in late summer DTE -2.0% Jeffries cuts to Underperform (Hold) - PT €12.1 (14.7) DRI -1.7% KeplerChev starts with Buy- PT €41 FNTN -2.3% KeplerChev starts with Reduce - PT €20 FRA -0.8% GS raises to neutral (Sell) - PT €53 (57) LHA -0.8% Seeks outsider to replace CFO Menne MTX -0.6% Barclays start with Overweight - PT €97
PNE3 -1.8% Seeks to broaden revenue base, CEO says RKET -1.6% PLDT (owns 6.1%) intends to keep investment SNH +0.1% Acquired 22.8% of UK retailer Poundland UTDI -1.0% KeplerChev starts with Buy - PT €47
VOW3 -1.6% Gets more time to hammer out U.S. diesel-cheating fix accords
Shore
N.BROWN - group sales better than we expected, no change to our f'casts.....+2%
POUNDLAND - no's inline with prev g'dance,final divi cut,we D'G 2017 by 6%.UNCH
DARTY - LfL +3.9%,retail profits +24%,FNAC offer to go uncond' by 5/8......UNCH
SAFESTORE - grp LfL +10.4%,free cash flow +25.5%,sees FY above top end......+3%
MULBERRY - revs +5% £156m,LfL sales +8%,swings back into profit.............+2%
PURPLEBRICKS - FY revs +448% £18.6m,profit +427% £10.6m,new yr starts well.UNCH
WS ATKINS - Fy revs 1.86b.Ptp 131.1m.Divi 39.5p.Confident for rest of year..-1%
CONSORT MEDICAL - Fy revs 276.9m.New financial year started well...........UNCH
CHARLES STANLEY - Fy revs 141.6m.Loss after tax 0.3m.Divi 5p................-2%