ML
ZODIAC: Safran SA is considering an offer for Zodiac Aerospace SA ........+5%
RENAULT: Q1 sales €10.49B vs cons €10.32B, raise growth forecast..........+2%
VOLVO: EBIT 7.7% beat vs cons, margins slight beat, FCF looks weak........+2%
MERCK: We U/G to BUY, raise PO from €92 to €98, valuation attractive......+2%
CELLNEX: Results look good, EBITDA 5.3% beat..............................+2%
MOBISTAR: Revs +.9% vs cons, EBITDA 1.9% beat, reiterates guidance........+1%
HAVAS: Q1 revs €506M vs cons €499.6M, Revenue Growth +3.4% vs cons +2.6%..+1%
UNIBAIL: LFL tenant sales +2.3%- a bit soft vs consensus.................unch
GECINA: €322mn of disposals ex-healthcare. +ve Rental trends in Paris....unch
PEUGOT: French Economy Ministry’s fraud office investigation..............-2%
METSO: Q1 weak across the board, Orders €601m a 9% miss, EBITDA 16% miss..-3%
SSAB: Announces rights issue of about SEK 5bn, Q1 sales in line...........-3%
SAFRAN: considering an offer for Zodiac, deliberations in early stages....-3%
KERING: Q1 sales 2% below consensus and comp growth was +4%...............-4%
DAIMLER: #s slight beat,U.S. DOJ requests investigation on emissions......-5%
shore
PREM FOODS - Enters relationship agreement with Nissin....................UNCH
ULTRA ELECTRONICS - Gets a 9.5m extension contract with MOD................+1%
SAGA - Acromas sells entire holding of 352.65m shares at 195p in placing...MKT
CERILLION - H1 trading inline with expec with revs +11% £6.9m.............UNCH
BOWLEVEN - granted licence extension to its Bomono operations..............+1%
UBM - acquires Business Journals Inc for $69m.............................UNCH
REVOLUTION BARS - preparing to open three new bars........................UNCH
Upgrades/Downgrades:
Sainsbury Raised to Buy vs Hold at Deutsche Bank
Victrex Cut to Neutral vs Outperform at Exane
AFC Energy Rated New Buy at Cantor; PT 77p
Hochschild Mining Cut to Hold vs Add at Numis
Sthree Raised to Outperform vs Neutral at Credit Suisse
Northgate Rated New Buy at Citi, PT 600p
Persimmon Raised to Hold vs Sell at Liberum
Barratt Raised to Hold vs Sell at Liberum
Morrisons Cut to Sell vs Hold at Deutsche Bank
MainFirst Pre Mkt Indications
*DAIMLER-Ebit 2.68b(2.6),Sales 35b(36.2),Sees '16 Revs up slight....-4.5%
*KERING-Sales 2.72b(2.78),SG 4%(5.6),Gucci/Bottega weak,HK weak.....-5%
*PEUGEOUT-French fraud office raided premises on emissions..........-2%
*SAFRAN-To weigh bid for Zodiac(+5%) Aerospace tie-up(Not happening)-2%
*VOLVO-NI 3.77b(3.13),Sales 71.7b(71.1),Op Inc Ex 5.34b(3.92).......+2%
*SIEMENS-CEO sees no job loss due to Digitalization- Bild...........+0.5%
*MOBISTAR-Rev 309.3m(305.6),S/Rev 272.4m(270.9),Capex 24.3m(29.5)...+1%
*FERRAGAMO-Says CEO Michele Norsa wants to step down................-4%
*THALES-Alenia Space targets 10% sales growth in 2016 - Echos.......+1%
*VISCOFAN-Net Inc 27.3m(29.5),Ebitda 49.1m(51.84),Short Int 1.3%....-1%
*RENAULT-Q1 Rev 10.49b(10.22),Confirms FY targets...................+1%
*ASMI-Q1 Sales 142m(141),Ebit 18.78m(11.1),Sees stronger H2.........+2%
*METSO-Sales 601m(661),Ebita 56m(64),Margins 9.3%(9.7),o/lk unch....-3%
*SABADELL-Net 252m(228.8),Bad Loans Ratio 7.5%,CET1 11.8%...........+0.5%
Investec
* DAIMLER-Q1 rev 3% miss,ebit ahead,reit guidance.Weaker on emissions news..-5%
* EDF-French Economy Minister and PM disagree over need for bailout(Echos)..-2%
* FERRAGAMO- CEO Norsa wants to step down, will stay until successor found..-3%
* GECINA-Q1 recurrent net +16%, driven by aqns, confirms targets............U/C
* HAVAS-Q1 org rev +3.4%,says in line,looks forward w/confidence............U/C
* KERING-Q1 sales +3.1%(est +4.7%), Puma in line, luxury +2.6% (est +5%)....-3%
* METSO-Q1 net sales 10% light, sees conditions somewhat weaker.............-5%
* PEUGEOT-confirms offices raided on emissions test results.................-3%
* RENAULT-Q1 rev €10.49bn(est €10.22bn),confirms tgts, sector weaker today..-1%
* SABADELL-Q1 NII small beat, net €252m (est €229m).......................+0.5%
* SAFRAN-said to weigh bid for ZODIAC AERO(+10%), talks at early stages.....-2%
* SSAB-Q1 sales in line,ebitda ahead,raises cost tgts.SEK5bn rights issue..+1%??
* STROEER-issues strong response to Muddy Waters claims.....................+2%
* TEF D’LAND-sells passive tower infrastructure for €587m...................+2%
* UNIBAIL-Q1 turnover +5.8%, no other details...............................U/C
* VISCOFAN-Q1 ebitda €49.1m(cons €51.8m), net €27.3m(est €29.5m)............-2%
* VOLVO-Q1 rev in line, profit beats on capital gain,u/lying looks in line..-1%
Other news
* SWEDBANK-names Birgitte Bonnesen as new CEO
* VW-confirms agreement on class action suits, sees settlement in weeks.
* BOUYGUES-Martin Bouygues to open debate on succession in months.
* AMERISUR-Jaquarete 1 well (Paraguay) spuidded. Results due in 40 day.....unch
* ASHTEAD-Utd Rentals rally continues(+3% from UK close)....................+2%
* GOOCH&HOUSEGO-Wins Queens award for Enterprise for Fiber-Q...............unch
* HAMMERSON-Signs £420m revolving credit facility..........................unch
* HISCOX-Appoints new CFO, Akbar Hussain(from Prudential)..................unch
* PREMIER FOODS-Signs relationship agreement with Nissan.. ..................+1%
* ROYAL MAIL-Managers vote to go on strike over pay row.....................-2%
* SAGA-Acromas sells entire stake(352m shs)@195p.Non-Ex c/man bought 2.5m...+1%
* UBM-Buys Business Journals for $69m (cash)...............................unch
* ULTRA ELEC-Awarded £9.5m contract extension with MoD.....................unch