JPM:
A3M NAR +10% vs +6% expected, strong number but has rallied hard unch
ASHTEAD United rentals lower guidance, but AHT company comments +ve +2%
ATOS Revenue 1% below cons, EBITA and EPS in line. +3%
BANKINTER Numbers bang inline. Asset spread pressure continues. Unch
DASSAULT Revenue 1% below consensus, profits in line, had a good run -1%
ERICSSON Q1 sales miss by 4.1% driven by services causing GM to miss. -5%
ESSILOR Q1 Revenues just ahead but acquisition driven. +1%
LADBROKES Q1 numbers, confident to deliver result inline with forecast +3%
MICHELIN Better pricing than we had feared. Reiterated FY16 guidance. +2%
MORPHOSYS Bimagrumab failed on phase III trial. -6%
NOVARTIS Q1 core EPS $1.17 v cons $1.15. Guidance reiterated. +2%
PERNOD Headline number inline but one-offs driven. -2%
SAFRAN Sold Morphos for $710m (bulls were hoping EU2bn) -1%
SCHNEIDER Better Q1 sales. Organic growth +0.1% vs cons -0.9% +6%
SKY Numbers bang in line unch
VOLKSWAGEN Trading +4% in Germany after paying $10bn to settle lawsuit +4%
YARA Q1 results ahead, cash flow good. EBITDA slightly ahead cons. +2%
RBC:
ACACIA +2% Q1 revenues ahead, net cash position better.
ACTELION +3% Q1 revenue beat, Tracleer touch ahead. Raises FY'16 targets
ANGLO-AM. +4% Weak production data, no update on disposals, but no-one cares
ASHTEAD +2% Statement reiterated strong Q4, FY will be top end of range
DARTY +10% FNAC bids $1.1bln in counter bid for company
ESSILOR +2% Confirms FY targets, Q1 revenues and LFL ahead.
ERICSSON -3% Q1 sales/profit miss expectations, new restructuring est.
MICHELIN +1% Q1 revs inline with cons, volumes better, FY guidance reit.
NOVARTIS +1% Q1 revenues flat, Pharma inline, Gylenia light, Cosentyx beat.
PANALPINA -2% Q1 EBIT light, EBITDA miss, Oil & Gas weakness.
PERNOD -2% Q3 miss, 1% org growth v 1.4% expected. Asia weak
SAB MILLER 0% FY sales a touch better on Africa and LatAM, ABI focus still
SCHNEIDER +1% Solid results and reiterating guidance.
SKY +2% 9m revenues ahead with better customer additions
SMITHS GRP 0% Confirmation of Morpho Detection purchase from SAFRAN
SULZER +1% Q1 order ahead of expectations, numbers inline.
SWATCH/CFR -2% Swiss watch export data for March -16%, worst since 2009
VW +4% Strong open in XETRA on US repurchase plans
RBC:
ACACIA +2% Q1 revenues ahead, net cash position better.
ACTELION +3% Q1 revenue beat, Tracleer touch ahead. Raises FY'16 targets
ANGLO-AM. +4% Weak production data, no update on disposals, but no-one cares
ASHTEAD +2% Statement reiterated strong Q4, FY will be top end of range
DARTY +10% FNAC bids $1.1bln in counter bid for company
ESSILOR +2% Confirms FY targets, Q1 revenues and LFL ahead.
ERICSSON -3% Q1 sales/profit miss expectations, new restructuring est.
MICHELIN +1% Q1 revs inline with cons, volumes better, FY guidance reit.
NOVARTIS +1% Q1 revenues flat, Pharma inline, Gylenia light, Cosentyx beat.
PANALPINA -2% Q1 EBIT light, EBITDA miss, Oil & Gas weakness.
PERNOD -2% Q3 miss, 1% org growth v 1.4% expected. Asia weak
SAB MILLER 0% FY sales a touch better on Africa and LatAM, ABI focus still
SCHNEIDER +1% Solid results and reiterating guidance.
SKY +2% 9m revenues ahead with better customer additions
SMITHS GRP 0% Confirmation of Morpho Detection purchase from SAFRAN
SULZER +1% Q1 order ahead of expectations, numbers inline.
SWATCH/CFR -2% Swiss watch export data for March -16%, worst since 2009
VW +4% Strong open in XETRA on US repurchase plans
Investec UK:
* ACACIA-Q1.Rev +3% to $221m. Overall in line.............................+2-3%
* ANGLO'S-Q1.All reads in line, no surprises.Rally to continue........... +2-3%
* ARM HDGS-Read across from Qualcomm (-3.2% after hrs)......................-1%
* ASHTEAD-Update.FY to be top end of exp's.(URI lowered fcast last night)...+3%
* CENTRICA-Acquires NEAS Energy for £170m..................................unch
* COMPUTACENTER-Q1.Overall i/l(UK weak,GER strong)FY on track..............unch
* DARTY-FNAC makes new offer, 145p/share, trumps Steinhoff(138p/sh)........+10%
* GO-AHEAD GRP-Q3.Trading consistent with exp's. No chg to #'s.............unch
* LADBROKES-Q1.Net Rev +10.6%.+ve o/look stm.On track to meet FY exp's......+3%
* PETS@HOME-Q4-pre-exceptional pretax in-line,lfl rev gwth small ahead......+1%
* SENIOR-Update.Aero strong,flextronics weak.Overall in line. FY on track..unch
* SAB MILLER-Q4-lager vol's +3%.Merger hits Empowerment hurdle..............-1%
* SEGRO-Q1-in-line, inv't reduced, vacancy rate increasing 'slightly'.......-1%
* SMITHS GRP-Buys Morpho Deteection fpr $710m. Earnings enhancing.........+2-3%
* SKY-Q3-New customer adds beat estimates,5% increase in grp rev'...........+2%
* WOOD GRP-Wins $150m 5 year contract with Nexen...........................+½%
Investec EU:
* AB INBEV-SAB deal hits SA empowerment hurdle (Business Day)...............U/C
* ACTELION-Q1 product sales 8% ahead, raises guidance.......................+5%
* ATOS-Q1 in line, targets reinforced, 'very confident'.....................+2%
* DASSAULT SYST-Q1 rev small miss, Q2 guidance light but confirms FY?.......-2%
* D POST-DHL to expand more in Europe(CEO in WiWo), -ve for PNL, BPOST......+1%
* ERICSSON-Q1 sales 4% miss, margin 33.9%(est 36%), more restructure costs..-5%
* ESSILOR-Q1 lfl revs +5%, in line, strengthened confidence in FY targets...+1%
* EUROTUNNEL-Q1 sales +4%, confident on delivering 2020 goals...............U/C
* FNAC-raises offer for DARTY to 145p after Steinhoff raised theirs to 138p
* KPN-Slim said to be weighing stake sale, ORANGE mentioned as poss buyer...+2%
* MICHELIN-Q1 rev in line,conf FY guidance, vols and price/mix look better..+2%
* NOVARTIS-Q1 core eps $1.17(est $1.15),reits f/cast, Alcon plan on track...U/C
* OMV-Q1 just out...production +1% QoQ, sales -5%...........................U/C
* PANALPINA-Q1 ebit Chf24m vs est Chf26m,vols ok so looks like margins cut..-3%
* PERNOD-miss on Q3 - weaker Asia/ROW -5% v est +0.9%, strong US............-2%
* REPSOL-sells assets in Peru, Ecuador for $330m............................U/C
* SAFRAN-sells Morpho unit for EV $710m, press spec on price was $600m......+2%
* SCHNEIDER-Q1 rev 2% ahead, confirms FY targets............................+1%
* SULZER-Q1 sales -13.1%,headwinds significant,sees FY orders down 5%-10%...-2%
* SWATCH/RICHEMONT-Swiss watch exports -12% in March........................-2%
* TELE2-Q1 Ebitda ahead at SEK1.23bn V est SEK1.14bn, maintains o'look......+1%
* WARTSILA-Q1 sales 4% miss, op profit 20% miss, keeps FY outlook...........-2%
* YARA-Q1 ebitda ex-items NK5.05bn v est NK5.02, improves on Q4.............+1%
* ZOOPLUS-Q1 rev gth 26%, says exceeded f/cast, confirms FY outlook.........+3%
Barcap UK:
ASHTEAD +2% Results at top end>Well timed as URI trimmed revs & fell 4%
ANGLO +2% Q1 output IL & production guid unchanged>sector performer
SKY +1% Q3 solid:churn slightly wrose with BB net adds
SEGRO U/C Trading update IL with exps> slightly cautious outlook
Barcap EU:
TELE2 +2% Sales IL, EBITDA 1.23b v 1.14b,keeps FY outlook
SCHNEIDER+2% Q1 Rev +2% @ €5.77b,Org Revs +0.1%>confrims FY
NOVARTIS +1% Sales -2%,EBIT +3%>cost savings driven.Reit FY.Expectations low
ATOS +1% Q1 Rev €2.76b v €2.71>All solid, FY guid & op mgn guid maintained
MICHELIN UC Solid on low comps>Revs IL,Volume/price mix better,outlook flat
PERNOD -3% No's Miss:Rev -1.5% &OSG 0.8%v1.4%>Asia weak:losing China mkt share
ERICSSON -4% Q1 Net Sales 52.5b v 54.5b,GM light>Global Services BIG miss