ML
* Day 1 of the BAML CONSUMER Conference - 38 companies, 343 investors
* PETRA - EBITDA 3% ahead & revs inline on lower costs (weak ZAR) (117p)......+3%
FERRAGAMO - We UPGRADE to Buy, PO €25. Mkt underestimates EPS growth(20.9)+1-2%
NOVARTIS - Small +ve: data for promising MS pipeline product BAF312 (78.7)+1-2%
AIRBUS - FT reports secret restructuring/ cost cutting plan (53.11).........+1%
EIFFAGE - EUR1b investment plan in France with 0.3 - 0.4% price hikes(68.75)+1%
VINCI - EUR1b investment plan in France with 0.3 - 0.4% price hikes (66.8)..+1%
MINERS - Copper -0.8%, Iron Ore -0.25% with BHP OZ +0.25%, Rio OZ -0.1%.....+1%
SKANSKA - Lloyds & LGen have £5b & £7b to invest in UK infrastructure(195.9)+1%
BT - Sentiment +ve, joining forces with virgin media on Openreach (385p)....+1%
B.CUCINELLI - We DOWNGRADE to Neutral, PO €19. Better value elsewhere (18)..u/c
ABB - Spec will not sell power transmission unit & not considering IPO(21.5)u/c
VOD - Senti -ve Reliance Jio Files 65b rupee deposit for spectrum sale(219).u/c
GRAND CITY - We DOWNGRADE to Neutral. Turn more cautious on the sector(18.4)-1%
ADO - We DOWNGRADE to Underperform, PO €31.5. More cautious on sector (36.5)-1%
DEUTSCHE WOHNEN - We DOWNGRADE to Underperform, with a PO of €31.75 (32.1)..-1%
MITIE - Warning. Sees H1 op profit much lower & below prior view (215p)....-20%
CS
ABB -1-2% Said not to sell Power Grids business (SonntagsZeitung)
Airbus unch Co said to launch restructuring plan in October (FT)
Amec Foster -1% CS initiate with U/P - Valuation
Cembra +1% CS reit O/P - cards business to drive growth
Charles Vog +2% Sempione all cash offer for Charles Vogele at 6.38
Dairy Crest unch Inflation across all dairy markets, guidance unchanged
Electrolux -1% US white goods shipments data weaker than expected
Glencore +2-3% CS U/G to O/P - on FCF and lift in thermal coal price
Mitie -10% Co warning, full year EBIT to be materially below forecast
National Gr +1-2% New conglomerate entering bidding for gas business
Novartis +1% Reports positive Phase III expand results on Siponimod(MS)
* Subsea 7 -1% CS initiate with U/P - P&L Challenges
* UCB +1% CHMP recommended use of Cimzia AutoClicks Prefilled Pen
Main First
*AIRBUS-To unveil restructuring & cost cutting plan in Oct-FT........+1%
*GATEGROUP-Expands, extends major with EasyJet and Air Berlin.........+0.5%
*ABB-Will not sell/IPO Power Unit despite activist pressure..........+0.5%
*VW-Bosch Under U.S. Criminal Probe in VW Diesel Inquiry.............+0.5%
*DB1/LSE-Brussels to probe deeper on tie-up says FT..................U/C
*NATL GRID-Fosun linked with bid for stake in Natl Grid Gas bizz.....+1%
*NOVARTIS-BAF312 Significantly Reduced MS Disability Progression.....+1%
*TF1-Wants to be paid by distributing companies says Les Echos.......+0.5%
*VIVENDI-Canal+ to create 30-channel low cost unit - Figaro..........+0.5%
*LAFARGEHOLCIM-May pull out of some countries, over the next 2yrs.....+0.5%
*SIEMENS-Geopolitical turbulence leads to spending delays-CEO........-0.5%
*ALSTOM-Should have discussed restructuring of Belfort Plant.........U/C