(BFW) Kabel Deutschland 1Q Sales Rise, Customer Growth Accelerates

Kabel Deutschland 1Q Sales Rise, Customer Growth Accelerates
2014-08-07 06:13:49.953 GMT


By Sam Chambers
Aug. 7 (Bloomberg) -- Kabel Deutschland 1Q sales rise 5.8%
to EU491m, adj. Ebitda rises 4.1% to EU226m.
* Adds 83k internet subscribers vs 77k additions y/y
* Adds 70k premium TV subscribers vs 24k additions y/y
* Statement


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(BFW) Adidas Cuts 2014 Gross Margin Forecast

Adidas Cuts 2014 Gross Margin Forecast
2014-08-07 05:44:54.732 GMT


By Heather Burke
Aug. 7 (Bloomberg) -- Adidas says negative FX, weak golf
mkt hurt results; FX-neutral Adidas, Reebok sales accelerated.
* 2Q rev. up 10% on a FX neutral basis
* Western Europe up 13%
* European EM up 14%
* North America up 1%
* Greater China up 11%
* Other Asian mkts “stable”
* Latin America up 33%
* 2Q gross margin 49.2% vs 50.1%
* Sees 2014 gross margin 48.5% to 49%, had seen 49.5% to 49.8%
* Reebok brand to boost gross margin, more than offset by
lower margins at TaylorMade-adidas Golf, in Retail
segment, less favorable hedging rates, adverse FX in
emerging mkts
* NOTE: Reported 2Q sales EU3.47b, net EU144m on July 31, with
2Q sales up 10% on FX-neutral basis
* NOTE July 31: Adidas Has Record Plunge After Cutting Profit
Goal on Russia
* Call 3pm CET +44 20 3427 1907, pw 8763729
* Statement: NSN N9X8O93V2800 <GO>
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>>> What to look at today: 07/08/2014

US Market closed near flat line, two potential acquisitions were called off with 21st Century Fox (FOXA 32.33, +1.03) terminating its pursuit of Time Warner (TWX 74.24, -10.95) and Sprint (S 5.90, -1.38) withdrawing its offer for T-Mobile (TMUS 31.06, -2.85), shares of Walgreen (WAG 59.21, -9.91) plunged 14.3%, which also contributed to the early weakness. The drugstore operator said it will acquire the remaining 55.0% stake in Alliance Boots that it does not currently own and that it will not move its corporate headquarters out of the United States, S&P found its support on the 100d MA, volume were below average @ 680mil shares...VIX @ 16,30 -3,38%...Fed's Lockhart spoke with CNBC after US market close, noting it was still a bit early to pull stimulus and that 2H 2015 is appropriate timing for rate lift. Lockhart added inflation expectations are well anchored, while forecasting annual GDP to trend near 3% trajectory...In Asia, Regional indices remain largely in the red despite some modest relief in the US as investors turn increasingly more cautious on emerging markets amid continued geopolitical tensions. Shanghai Composite is down again after an impressive run the last couple of weeks. Fitch warned speculation in the property sector could reemerge as a result of lifting of sector curbs and easing of credit...Nikkei +0.30% Hang Seng -0.55% Shanghai -0.70%

Eur$ 1.3385 S&P +0.16% EuroStoxx +0.20% Dax +0.09% Ftse +0.17% SMI +0.23%

Macro
- Recesssion Means Italy Needs Faster Reform: Renzi in Messaggero
- France May Earn EU500 Million From Regional Airport Sales: Echos

Keep an eye on :
- ADEN VX : Adecco 2Q Rev. Up; ‘Solid’ Performance, Steady Growth in Europe
- BCP PL : Portugal Suspends Naked Short Selling of Banco Comercial
- BES PL : Portuguese Banks May Contribute More in BES Takeover: Reuters {http://in.reuters.com/article/2014/08/06/portugal-bes-banks-idINL6N0QC5XN20140806}
- BNR GY : Brenntag 2Q Oper. Ebitda Misses, Seen at EU700m-EU720m This Yr
- BON FP : Bonduelle Says FY Revenue Above its Target Due to Solid 4Q
- BPOST BB : Bpost Raises Profit Forecast, Cuts Mail, Parcels Volumes Outlook
- CBK GY : Commerzbank 2Q Net Income EU100m, Est. EU127m
- CORA NA : Corio 1H Direct Result EU122.6m; Disposal Plan Ahead of Schedule
- DELB BB : Delhaize 2Q Rev., Underlying Ebit Beats Ests.
- DTE GY : Deutsche Telekom 2Q Sales Miss, Adj. Ebitda Beats; Keeps Targets
- ZIL2 GY :Elringklinger 2Q Ebit Misses Est., Rev. Beats; Outlook Confirmed
- EOAN GY : KKR, CVC Among Funds Interested in EON Spain Unit: Economista
- ILD FP : Iliad Doesn’t Plan to Increase T-Mobile US Bid: Les Echos
- KBC BB : KBC Groep 2Q Net Beats Ests. as Common Equity Ratio Up to 12.9%
- KCO GY : Kloeckner 2Q Ebitda Matches Est.; Sees 2014 Ebitda EU190m-EU210m
- MONC IM : Moncler 1H Rev. Up 19%, Says 1H Results Give Confidence for Yr --> Moncler Underlying Momentum More Positive, BofAML Says After 2Q
- MSK IM : Moleskine Expects 2014 Rev EU99m-EU101m
- MUV2 GY : Munich Re 2Q Net Income EU765m, Est. EU798m
- NESN VX : Nestle 1H Organic Sales Growth Beats Ests., CHF impact on Sales -8,8%, Announces CHF8b Shr Buyback
- NOVOB DC : Novo Nordisk 2Q Net Beats Ests.; 2014 Outlook in DKK Raised
- PAL AV : Palfinger 1H Rev., Earnings Rise; Sees `Moderately' Positive 2H
- 1913 HK : Prada Rises After 1H Sales Increase 1% Y/y
- RHM GY : Rheinmetall Cuts 2014 Forecast, Cites Russia Export Permit Loss
- RRS LN : Randgold 2Q Sales Rise, Costs Fall; Maintains FY Forecast
- RSA LN : RSA Reports 1H Pretax Profit of GBP69m; Irish loss GBP64m
- SAZ GY : Stada 1H Sales In-Line With Ests.; Keeps 2014 Forecast
- SBMO NA : SBM Offshore 1H Non-IFRS Net Loss $98m vs Loss $44m Y/y
- SGL GY : SGL Carbon 2Q Sales Miss Ests.; Confirms 2014 Forecast
- S92 GY : SMA Solar 1H Sales EU341m, Ebitda Loss EU17m; Sees Better 2H
- SY1 GY : Symrise Confirms FY Outlook, Expects Solid Demand in All Regions --> Symrise 2Q Sales Growth Weaker, Profitability Amazingly High: DZ
- UBIS LN : United Biscuits mandates Centerview for dual-track process; Kellogg considering GBP 2bn bid
- UBIS LN : United Biscuits Not in Sale Talks With Kellogg, Reuters Says
- US IM : UnipolSai 1H Net Income EU332.7m vs EU143.3m Y/y
- WWASA NO : Wilh. Wilhelmsen 2Q Net Declines; Sees Slow Volume Growth Trend
- ZURN VX : Zurich Insurance 2Q Net Income $837m, Est. $947m

>>> Brokers Upgrades & Downgrades

>>> Up
*ACCOR RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*CATTOLICA RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX
*INTERTEK RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX
*LUNDIN PETROLEUM RAISED TO BUY VS NEUTRAL AT UBS
*OSRAM LICHT AG RAISED TO OVERWEIGHT VS UNDERWEIGHT AT BARCLAYS
*SABMILLER RAISED TO HOLD VS SELL AT RENAISSANCE
*UNICREDIT RAISED TO NEUTRAL VS UNDERPERFORM AT EXANE
*XING RAISED TO BUY VS HOLD AT BERENBERG

>>> Down
*BELGACOM CUT TO UNDERPERFORM AT MORGAN STANLEY
*EASYJET CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*LANCASHIRE CUT TO SELL FROM HOLD AT PEEL HUNT
*METRO CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*PRADA CUT TO UNDERPERFORM AT MAINFIRST
*SECURITAS CUT TO SELL VS NEUTRAL AT UBS
*VODAFONE CUT TO MARKET PERFORM AT RAYMOND JAMES

>>> PT Changes
*INTERPUMP PT RAISED TO EU11.8 VS EU11 AT CITI; KEPT AT BUY
*TELIT RATED NEW OVERWEIGHT AT MORGAN STANLEY, PT 320P

>>> Initiation
*CARPHONE WAREHOUSE REINSTATED OVERWEIGHT AT BARCLAYS, PT 420P
*DIXONS CARPHONE RATED NEW BUY AT INVESTEC; PT 395P
*DNO ASA RATED NEW NEUTRAL AT UBS; PT NOK20.5
*DO DEUTSCHE OFFICE RATED NEW BUY AT BERENBERG; PT EU3.85
*FINCANTIERI RATED NEW NEUTRAL AT GOLDMAN, PT EU0.83
*IMCD GROUP RATED NEW BUY AT GOLDMAN, PT EU28.5
*VICTREX RATED NEW BUY AT BERENBERG; PT 1,950P

>>> Call
>> Stock
*AB INBEV REMOVED FROM UBS EUROPEAN KEY CALL LIST
*AFRICAN BARRICK GOLD REMOVED FROM UBS MOST PREFERREDS
*ARKEMA REMOVED, ABENGOA ADDED TO CITI KEY BUYS
*MOSCOW EXCHANGE ADDED TO GOLDMAN CEEMEA FOCUS LIST
*POLYMETAL REMOVED FROM UBS LEAST PREFERREDS

>>> Agrium beats by $0.24, beats on revs

Agrium beats by $0.24, beats on revs

Reports Q2 (Jun) earnings of $4.37 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus Estimate of $4.13; revenues rose 6.2% year/year to $7.34 bln vs the $7.15 bln consensus.

Market outlook:
  • Favorable growing conditions in most major agriculture regions have boosted global crop production prospects in recent months. Growers in the U.S. Corn Belt have particularly benefitted from advantageous growing conditions...Grower margins are more sensitive to changes in crop prices than any other variable, so lower crop prices would result in lower per acre cash margins; however, strong crop yields will offset some of the crop price decline. While the financial benefit of applying crop inputs does not change significantly at current crop prices versus the prices earlier in the year, some precautionary applications of crop protection and plant health products may be impacted.
  • Wet conditions throughout many areas of North America delayed herbicide application early in the growing season. These conditions were conducive to disease development, which has supported fungicide demand; however, there have been some areas in the Northern U.S. and Western Canada that have continued to struggle to get equipment into wet fields. In general, we expect that growers will continue to promote optimal plant health through application of crop protection products and nutritionals in order to maintain yield potential.
  • Crop nutrient demand in the third quarter to date has been steady, despite lower crop prices. With 2013/14 logistical constraints fresh in the memories of buyers, the retail chain has sought to re-fill the empty North American supply chain following strong demand in the first half of 2014.

>>> Asian Update

Asian Market Update: AUD plummets as Australia unemployment rate rises to 12-year high

***Economic Data*** - (AU) AUSTRALIA JULY EMPLOYMENT CHANGE: -0.3K V +13.2KE; UNEMPLOYMENT RATE: 6.4% (12-year high) V 6.0%E - (AU) AUSTRALIA JULY AIG PERFORMANCE OF CONSTRUCTION INDEX: 52.6 V 51.8 (2nd consecutive expansion, highest since Nov 2013) - (NZ) NEW ZEALAND JUL QV HOUSE PRICES Y/Y: 7.6% (13-month low) V 8.0% PRIOR - (JP) JAPAN JUL TOKYO AVERAGE OFFICE VACANCIES: 6.2% V 6.5% - (JP) Japan investors bought net ¥897.4B in foreign bonds vs sold net ¥302.0B prior week; Foreign Investors bought net ¥94.9B in Japan Stocks last week vs bought net ¥204.5B in prior week - (JP) JAPAN JUL OFFICIAL RESERVE ASSETS: $1.28T V $1.28T PRIOR

***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 -0.2%, S&P/ASX -0.1%, Kospi -0.4%, Shanghai Composite -0.1%, Hang Seng -0.5%, Sept S&P500 flat at 1,915

***Commodities/Fixed Income/Currencies*** - Dec gold +0.1% at $1,309, Sept crude oil +0.2% at $97.11/brl, Sept Copper +0.4% at $3.18/lb - (AU) Australia Port Hedland Jul Iron Ore shipments m/m: 36.08M tonnes v 33.6M prior - GLD: SPDR Gold Trust ETF daily holdings fall 2.4 tonnes to 797.7 tonnes (lowest since July 3rd) - SLV: iShares Silver Trust ETF daily holdings rise to 10,034 tonnes from 10,010 tonnes prior - (CN) PBoC to drain CNY20B in 14-day repos (4th consecutive drain); Drains net CNY20B this week v drained CNY11B prior (2nd week of drain)

***Market Focal Points/Key Themes*** - Regional indices remain largely in the red despite some modest relief in the US as investors turn increasingly more cautious on emerging markets amid continued geopolitical tensions. Recall NATO is maintaining that there is a high chance of Russia sending troops into east Ukraine under the pretext of humanitarian and peacekeeping mission, even though UN Security Council was overwhelmingly opposed to this incursion. Russian Pres Putin also announced a new round of counter-sanctions banning or limiting agricultural imports from countries that have sanctioned Russia over Ukraine.

- AUD traded down some 70pips against the greenback (within 5pips of 2-month lows) to $0.9280 after a particularly disappointing set of employment data from Australia. Jobless rate rose to a 12-year high of 6.4% - the first time above that of the US since 2007 - while employment change was a slight net negative against expected rise of 13K. Full-time component gained 14.5K, however total hours worked fell for the first time in 3 months with a 14.8M decline. Participation rate rose by a decimal to 64.8%, a 4-month high. Analysts said they would not view these somewhat contradictory datapoints as the beginning of broader deterioration and the data will not produce an RBA rate cut, but also noted the outside chance of a rate hike this year has also been squashed.

- Shanghai Composite is down again after an impressive run the last couple of weeks. Fitch warned speculation in the property sector could reemerge as a result of lifting of sector curbs and easing of credit. China-based Ctrip.com was one of the most notable movers afterhours following the announcement of an expanded partnership with Priceline.com that involves a $500M investment in the company.

- Stateside, Fed's Lockhart spoke with CNBC after US market close, noting it was still a bit early to pull stimulus and that 2H 2015 is appropriate timing for rate lift. Lockhart added inflation expectations are well anchored, while forecasting annual GDP to trend near 3% trajectory. CDC also revealed the results of suspected Ebola test at Mt Sinai hospital in NY, noting the patient in question does not have the virus.

***Equities*** US markets: - CST: To acquire General Partner of Lehigh Gas Partners LP for cash, stock valued at $85M; approves $200M buyback program (8% of market cap); +14.8% afterhours - CTRP: The Priceline Group and Ctrip expand partnership; Priceline to make $500M investment that could convert into up to 10% stake; +12.3% afterhours - MDCO: FDA approves Orbactiv (oritavancin), a new antibacterial drug to treat adults with skin infections; +10.8% afterhours - JACK: Reports Q3 $0.65 v $0.57e, R$348.5M v $344Me; +7.3% afterhours - FOXA: Reports Q4 $0.42 adj v $0.38e, R$8.42B v $8.01Be; +3.7% afterhours - CTL: Reports Q2 $0.72 v $0.64e, R$4.10B v $4.50Be; +2.9% afterhours - RIG: Reports Q2 $1.61 v $1.09e, R$2.33B v $2.27Be; +2.4% afterhours - AGU: Reports Q2 $4.34 v $4.10e, R$7.34B v $7.07Be; +2.1% afterhours - VMW: Approves $1B buyback program (2.3% of market cap); +1.7% afterhours - SYMC: Reports Q1 $0.45 v $0.42e, R$1.74B v $1.66Be; +1.1% afterhours - SN: Reports Q2 $0.23 v $0.27e, R$151.7M v $142Me, Q2 Production 1.859K mboe +164% y/y, Adj EBITDA $112.5M +160% y/y; +1.1% afterhours

- ICFI: Reports Q2 $0.57 v $0.58e, R$263.9M v $262Me; -0.9% afterhours - GMCR: Reports Q3 $0.99 v $0.87e, R$1.02B v $1.04Be; -1.6% afterhours - GPOR: Reports Q2 $0.07 v $0.17e, R$114.7M v $125Me; -3.9% afterhours - ANAD: Reports Q2 -$0.09 v -$0.09e, R$23.3M v $25.6Me, guides Q3 Rev -18 to -20% q/q (only 1 est.); -8.8% afterhours - RNDY: Reports Q2 -$0.06 v $0.09e, R$971.9M v $944Me; -9.5% afterhours - BWC: Reports Q2 $0.44 (adj) v $0.50e, R$686M v $785Me; -12.6% afterhours - BRKR: Reports Q2 $0.21 v $0.19e, R$457.4M v $458Me, Lowers FY14 EPS $0.78-0.81 v $0.87e (prior $85-0.88); -12.7% afterhours - THOR: Reports Q2 $0.43 v $0.44e, R$118.1M v $130Me; Cuts FY14 guidance; announces $30M share buyback (1.6% of market cap); -26.3% afterhours

Notable movers by sector: - Consumer Discretionary: Dongpeng Holdings 3386.HK +9.7% (H1 guidance); DeNA 2432.JP -7.8% (Q1 results); Kirin Holdings 2503.JP -3.8% (H1 results); Zensho Holdings 7550.JP -7.3% (FY14/15 guidance); Yamada Denki 9831.JP +4.1% (affordable smartphone sales plan); Megmilk Snow Brand 2270.JP +4.2% (Q1 results) - Consumer staples: Coca-Cola East Japan 2580.JP -7.1% (H1 results) - Financials: Haitong Securities 6837.HK -1.4% (July Op results); Mitsui Fudosan 8801.JP -3.0% (Q1 results); Fukuoka Financial 8354.JP -2.7% (Q1 results) - Technology: Square Enix Holdings 9684.JP +10.2% (Q1 results); Simplo Technology 6121.JP +3.1% (July op results) - Telecom: NTT 9432.JP +3.1% (Q1 results)

>>> US Notable after hours earnings movers

Notable after hours earnings movers: MCP +14.2%, DXCM +6.8%, JACK +5.5%, NSPH -36.6%, THOR -20.4%, RNDY -13.9%

Companies trading higher after hours following earnings/guidance:

MCP +14.2%, DXCM +6.8%, JACK +5.5%, MRIN +4.1%, RIG +2.4%, NLY +1.9%, CBMX +1.9%, MNGA +0.8%, SYMC +0.1%

Companies trading lower after hours following earnings/guidance:

NSPH -36.6%, THOR -20.4%, RNDY -13.9%, ANAD -8.8%, TNGO -8.7%, ELON -8.5%, COUP -7.6%, FTK -6.4%, CSOD -5.3%, BRKR -4%, GMCR -3.5%

RTR- Portugal banks to work for swiftest sale of new BES

Portugal banks to work for swiftest sale of new BES -association
LISBON Aug 6 (Reuters) - Portuguese banks will work together with the authorities for the swiftest sale of the new, healthy bank carved out of the troubled Banco Espirito Santo , the head of the Portuguese Banking Association (APB) said on Wednesday.
Fernando Faria de Oliveira told Reuters the intervention by the Bank of Portugal to rescue one of the country's largest lenders that involved an injection of 4.9 billion euros mostly in state loans, was positive considering BES's systemic importance.
As part of the plan, the state loaned 4.4 billion euros to Portugal's bank resolution fund, which became the formal owner of the healthy new Novo Banco, while the "bad bank", housing BES's exposures to toxic assets, will be wound down.
In an emailed reply to questions by Reuters, Faria de Oliveira also said banks have proposed to make an additional contribution to reduce the state loan to 3.9 billion euros.
Portuguese banks finance the resolution fund that was set up in 2012 and had only a few hundred million euros - not enough to rescue BES. Now the fund has to sell the bank to investors to repay the state. The loan has an incremental interest rate designed to encourage its repayment soon.
"The associated banks and the association manifest their readiness to collaborate with the authorities, namely with the resolution fund, for the success of the adopted measures and the swiftest sale of shares in Novo Banco," Faria de Oliveira said.
He added though that the banks had not been involved in the decision-making.
Concerns that banks may end up footing the rescue bill if they do not raise enough money for Novo Banco to repay the state in full hit their shares on Wednesday, causing the largest listed lender, Millennium bcp, to fall 15 percent.
But Faria de Oliveira was mostly upbeat on banks' prospects, saying the additional contribution to the fund should come from their improving performance.
He said that now that BES's insolvency has been avoided, the banking association expects the country's banks to successfully pass the European Central Bank's stress tests this year.
The ECB is putting the euro zone's 131 largest banks through an unprecedented health check before it becomes their supervisor in November.