ML
TECHNIP - To merge with FMC to create new company with equity value $13b+5-8%
GRAINGER - NNNAV +8% to 283p, net rental income & recurring profit +13%...+3%
3I - Strong. Key metric, NAV, is 5% ahead of BAML. FY16 div 22p v 17p est.+3%
ELECTROCOMPONENTS - Prelims look usefully ahead at the rev & PBT line.....+3%
ROYAL MAIL - Op profit £742m v £727m cons with EPS 41.3p ahead of 39.8p...+2%
HENKEL - Top line small beat, EBIT 3% ahead and margin strong. FY16 reit..+2%
MILLICOM - We UPGRADE to Neutral on M&A optionality, take PO to SEK 520...+1%
CINEWORLD - Solid. Saw 10% rev growth for the 19 week period to 12th May..+1%
SWISS PRIME - Q1 reads well with NAV +1% & guidance for FY in confirmed...+1%
WIRECARD - Inline. EBITDA €62m vs preannounced €61.9m. Outlook unchanged..u/c
SPIRE HEALTHCARE - Trading update bang inline with expectations...........u/c
INFORMA - Trading statement shows guidance reiterated, all inline.........u/c
BALFOUR BEATTY - AGM statement looks fine. Nothing new to highlight.......u/c
IHG - RevPAR: US -2.7% with notable weakness in higher end (luxury -6.7%).-1%
MICHELIN - April tire data flags risk of high inventories in North Am.....-1%
UNICREDIT - Spec CEO may step down as early as June 1 according to Sole...-1%
ACCORD - RevPAR stats for France -9.4% with Paris -14.4% & Regions -8.2%..-1%
MERLIN ENT - Group inline. London remains challenging despite FX tailwind.-1%
MITCH & BUTLERS - Inline, LfL's weak, margins ahead improving 50bps yoy...-1%
JULIUS BAER - Mixed. AUM inline, gross margins better at 91bps v 89bps..-1-2%
ROLLS - SFO looking to expand their investigation into Nigeria; FT......-1-2%
ENQUEST - Mixed. Prodn to end April of 42.7kbd vs FY16 target of 44-48kbd.-2%
WHITBREAD - RevPAR data sees UK -3.3% with London -10.7% & Regions +0.3%..-2%
RYANAIR - Sentiment negative with EgyptAir flight going missing o/n.....-2-3%
EASYJET - EgyptAir flight missing. Have 22% mkt shr in Paris & fly A320s-2-3%
BAYER - Newswires confirm Bayer has put forward a bid for Monsanto......-3-4%
THOMAS COOK - Inline but FY16 EBIT guidance cut to 3-10% below cons.....-6-7%
CS
BASF -2-3% Monsanto/Bayer - spec BASF could counterbid
Bayer R Monsanto Says It Received Takeover Approach From Bayer
Booker -2-3% FY PBT 150.8m vs bberg cons 152.5m
Britvic +2-3% Reports H1 revs 3% beat, op profit 2% beat, EPS 7.5% beat
Compass M/P CS upgrade to NEUTRAL (Downside risks reduced)
Covestro -2-3% Bayer own 69% of Covestro (€5bn stake)
Cineworld +1% Rev growth of 9.8%, confident on FY
Dairy Crest UNCH PBT 57.7m vs CS at 56m, business is well positioned
Euromoney M/P Underlying level -6% vs cons -3%, keep FY expectations
Electrocomp +3-4% FY revs and EPS better
Fevertree +5% Strong trading, expect FY to be marginally ahead
Genmab +5% Positive Phase 3 “Pollux” study of Darzalex
Grainger UNCH Performed strongly during transformational period
Harg Lans M/P Numbers inline with market expectations
Henkel M/P Q1 adj Operating profit beats ests, confirms 2016 Outlook
Julius Baer UNCH AuM CHF305bn. in line with CSe 305.2bn.
Kudelski +2-3% Entered into a patent license agreement with Yahoo
Lufthansa -1-2% Exec Harry Hohmeister said bookings are a little bit weaker
Merlin Ent -1-2% Numbers inline, London has been slightly soft
Merck KGaA +2% Q1 EPS pre items beats estimates, EU 1.54 est EU 1.43
Miners -1% Copper -2.00%, Brent -3.00%, Iron Ore -1.55%, China +0.21%
Mothercare +1-2% FY adj PTP inline, total group sales inline
Nat Grid -2% Adj EPS 63.5p vs consensus 62.1p, gudance inline
Royal Mail M/P Numbers slightly ahead, guidance slightly soft
SAP +1% Salesforce +6% after hours after boosting FY revenue
Shanks +1% EPS beat on a lower tax rate, Net debt slightly better
Spire Health M/P Trading statement and guidance inline
Swiss Prime +1% Q1 rental income CHF 113.2m, confirms guidance
Thomas Cook -10-15% EBITDA guidance light, guidance for FY poor
UDG Health UNCH Op profit 2.5% beat, EPS inline, Maintains FY outlook
Reg Utils -2% US utils (XLU) closed on the lows -2%
Wirecard -1-2% Q1 revs €210.5m vs cons 211.6m, keep FY ebitda guidance
Shore calls
ROLLS-ROYCE - said to face bribe probe from SFO relating to Nigerian op's..UNCH
MOTHERCARE - UK LfL +3.6%,intl markets challenging,online sales strengthen..+1%
HARG.LANSDOWN - net inflows of 2.3bn,ytd revs +12%.........................UNCH
BALFOUR BEATTY - trading inline,order book to show some growth in H1.......UNCH
PORTMEIRION - South Korea mkts slower to recover,total sales -2%............-3%
FEVERTREE - outperforms expectations,momentum grows,margins strengthened....+2%
ON THE BEACH - rev +21.6% £35.5m,oper.pft +54.2%,on track to meet FY expec.UNCH
MABS - EPS +9%,recent performance more encouraging,to re-shape estate.......+1%
ROYAL MAIL - revs +1% £9.25bn,margins -10bps on higher costs...............UNCH
DAIRY CREST - inline,cheese squeezed,debt higher,we trim FY no's by 3-4%...UNCH
BOOKER - Fy revs 5b.Fy pbt 150.8m.Divi 4.03p.On track in new financial year.+1%
THOMAS COOK - H1 pre tax loss 288m.Summer bookings -5%......................-5%
NATIONAL GRID - Fy ptp 3.14b.Sees 2017 UK performance same as last year....UNCH
BREWIN DOLPHIN - H1 pbt 28.4.Says markets challenging in H2.................-2%
BRITVIC - H1 ebitda in line with estimates. Confirms forecast..............UNCH
MERLIN - YTD trading broadly in line with expectations......................-1%
INVESTEC - Fy eps 48.6p.Says activity levels supporting group performance...-1%
STAFFLINE - Says continued to make excellent progress in new FY.............+1%
RICARDO - 10 month profit in line with FY views............................UNCH
INFORMA - Remains confident of meeting full year expectations..............UNCH
MF
BAYER-Monsanto gets unsolicited acq proposal from Bayer............-4%
*MERCK-Sales 3.7b(3.72),Ebitda 1.1b(1.05),Rebif/Erbitux better......+2.5%
*BAER-AUM 305b(303),Net inflows below -3%(4/6),CET1 15.9%...........-1%
*HENKEL-NI 549m(530.7),Ebit 751m(737.9),Sales 4.46b(4.49)...........+2%
*WIRECARD-Rev 210.5m(211.6),Ebitda 62m(61.25),EPS 30c(31)...........+0.5%
*ROLLS ROYCE-Said a face probe in Nigeria - FT......................-1%
*SWISS PRIME SITE-Rental Inc 113.2m,Ebit 82.7m,Profit 48.8m.........-1%
*GATEGROUP-Sales 743.3m(724.5),Ebitda 22m(24.9),Margin 3%(3.5)......-0.5%
*SAP-Read across from Salesforce stock +6% a/hrs-mkt share gains....-1%
*ROCHE-FDA grants Tecentriq Atezolizumab accelerated approval.......+0.5%
*ABERTIS-Govt will not extend Toll Road concessions-Confidencial....-1%
*THOMAS COOK-PT -£288m(-180),Rev £2.67b(2.66),summer bkings -5%.....-5%