Aixtron 3Q Rev. EU46.2m vs Est. EU51.4m
3Q net EU1.6m vs est. loss EU7.8m. * 3Q gross margin 23% vs est. 28.5% * 3Q equipment order intake up 3% y/y to EU35.7m, equipment order backlog down 34% y/y to EU72.8m * 3Q EBIT EU2.9m vs est. loss EU9.5m * Sees 4Q rev. higher q/q, says it’s difficult to forecast rev., EBIT margin * Conf. call 3pm CET, +49-69-247-501-899
Exclusive: Fiat likely to miss Brazil sales targets - sources
MILAN/SAO PAOLO (Reuters) - Italian carmaker Fiat is likely to miss sales targets in Brazil this year and next, according to a person familiar with the matter and a document seen by Reuters, increasing the chance of a 2013 profit warning already predicted by some analysts.
Fiat (FIA.MI) now expects to sell 950,000 cars in Brazil and Argentina this year, according to the internal document, 5 percent short of its previous 1 million goal.
Brazilian sales are also likely to miss targets next year, according a person familiar with Fiat's projections, as the market grows more slowly than the carmaker had counted on.
"The figures are too optimistic for Brazil," the person said, while adding that Fiat's budgets for 2014 and beyond have not been finalized.
Fiat declined to comment.
Latin American sales have become increasingly important to Fiat as its European deliveries have fallen further than the region's six-year market slump.
It now sells almost as many cars in Brazil and Argentina as it does in its home region, including Russia and Turkey, where it expects to move about 1.1 million cars this year.
Revenue from Brazil, the world's fourth largest car market that Fiat has led for 12 consecutive years, makes up about a quarter of Fiat's trading profit, offsetting European losses.
But a drop in the Brazilian real, tougher competition and a slowing market are combining to put Fiat's 2013 profit targets at risk, analysts say.
Brazil's automotive association Anfavea is forecasting 5 percent growth in vehicle production next year, down from 12 percent in 2012.
That's less than the 6 percent expansion to 3.54 million cars on which Fiat has based its guidance, which assumes 2 percent sales growth for the company.
Some analysts are already bracing for the company to cut its 2013 goals when it releases results on October 30, according to a consensus compiled by the carmaker.
"We do not expect that Fiat will reach its full-year 2013 guidance of a 1 billion euro trading profit contribution from Latin America," said Commerzbank in a note on October 22, adding that the company's overall earnings target was also in doubt.
Fiat said on July 30 it was targeting a 4 billion-4.5 billion euro ($5.5 billion-$6.2 billion) trading profit this year on revenue of 88 billlion-92 billion. Net profit was expected to come in between 1.2 billion and 1.5 billion euros, it said at the time.
Analysts now see a group trading profit of 3.82 billion euros for 2013, according to the consensus.
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BFW 10/23 14:00 *DRAGHI SAYS ECB WON'T HESITATE TO FAIL BANKS IN STRESS TESTS
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Draghi Says ECB Won’t Hesitate to Fail Banks in Stress Tests 2013-10-23 14:00:46.294 GMT
By Stefan Riecher and Jeff Black Oct. 23 (Bloomberg) -- Draghi says if banks ‘have to fail, they have to fail.’ * Draghi says purpose of bank tests is to restore confidence * Draghi spoke in interview with Bloomberg Television in Frankfurt today * Story link: {NSN MV4K4U1A1I4H <go>} * Earlier related story: {NSN MV4HJ76K50YS <go>}
Link to Company News:{2539Z GR <Equity> CN <GO>}
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To contact the editor responsible for this story: Tom Kohn at +49-69-92041-283 or tkohn@bloomberg.net
Gapping down:
In reaction to disappointing earnings/guidance: DTLK -16.5% (light volume), UIS -15.7%, CREE -15.6%, USNA -10.3%, IRBT -9.5%, BRCM -7.9%, FTI -7.2%, VOCS -7.2%, (light volume), RFMD -7%, STM -6.4%, ALTR -6.2%, XOOM -5.7%, CBST -4.8%, (light volume), PNRA -4.3%, CAT -3.6%, ZIOP -3.4% (also announces offering of $50 mln of shares of its common stock), HA -2.2% (light volume), RHI -1.8% (light volume), JNPR -1.8%, GSK -0.6%, BPOP -0.5%, (light volume), .
M&A related: MW -0.7% (Men's Wearhouse considering buying Allen Edmonds, according to WSJ.com), .
Select financial related names showing weakness: NBG -3.8%, RBS -3.6% (downgraded to Underperform from Market Perform at Keefe Bruyette), SAN -3%, DB -2.2%, IRE -2.2%, HBC -1.8%, BBVA -1.7%, BAC -1.2%, C -0.7%, RF -0.8% (Regions Financial downgraded to Neutral from Buy at SunTrust) .
Select metals/mining stocks trading lower: RIO -2.8%, MT -1.6%, BBL -1.5%, SLV -0.6%, GLD -0.5%, VALE -0.4%, .
Select telecom related names showing early weakness: ORAN -4%, CHU -4%, TEF -2.8%.
A few solar names are lower: SOL -3.6%, SPWR -2.9%, FSLR -1.5%
Other news: CMFO -65% (announces going dark and voluntary delisting from NYSE), RPRX -49.3% (receives FDA guidance for Androzal clinical program), APPY -11.2% ( files to sell $20 mln of common stock), AMRN -5.3% (plans to reduce expenses by decreasing staff following recent FDA Advisory Committee vote), NFLX -4.5% (Icahn filed 13-D disclosing reduced stake in co following recent stock sales), FB -2.3% (still checking, may be attributed to rule tightening on violent content), SNE -2% (still checking), DE -1.6% / MTW -1.5% (following CAT results), XLNX -1.5% (following BRCM results), CENX -1.4% (following late spike on volume), CCI -1.2% ( prices 36 mln shares of common stock at $74.00 per share; prices 8.5 mln shares of its 4.50% Mandatory Conv Pref Stock at $100.00 per share ), QCOM -0.8% (following BRCM results), SNDK -0.5% ( to offer $1 bln of convertible senior notes).
Analyst comments: ARMH -2.7% (downgraded to Neutral from Buy at UBS), COH -1.4% (downgraded to Neutral from Buy at BofA/Merrill, downgraded at Argus), EXC -1.4% (downgraded to Underperform from Hold at Jefferies), INFI -1.3% (downgraded to Neutral from Buy at UBS), BAX -1.1% (downgraded to Market Perform from Outperform at Cowen)
Gapping up:
In reaction to strong earnings/guidance: GLW +22.9% (also Corning and Samsung strengthen Strategic Collaborations; Corning board authorizes additional $2 billion share repurchase program), APOL +16%, SIFY +5.5%, FBRC +5% (light volume), BA +3.7%, LL +2.9%, WYN +2.5%, MTSN +1.9% (light volume), NSC +1.7% (light volume), CP +1.6%, (light volume), AMGN +1.5%, NOC +1.5% (light volume), MSI +0.9%, (light volume), LLY +0.7%.
M&A news: COLE +15.1% and ARCP +4.9% (Cole Real Estate Investments and American Realty Capital Properties announce merger agreement; Cole stockholders may elect to receive 1.0929 shares of ARCP common stock or $13.82 cash for each share of Cole common stock), SWY +4.1% ( PE Firms are considering a deal to purchase all or parts of SWY, according to reports).
Other news: IMMU +3.9% (develops Dendritic-Cell vaccine technology for Lymphomas and Leukemias), SRC +1.7% (still checking), EOX +1.1% (following MadMoney segment), DV +0.7% (following APOL earnings; ecently was served with a complaint in a qui tam action filed under the federal False Claims Act and the Minnesota False Claims Act by two former employees of a customer of DeVry's subsidiary), VE +0.7% (still checking), .
Analyst comments: SYT +2% (upgraded to Overweight from Neutral at HSBC ), TCPC +1.2% (light volume, initiated with a Mkt Perform at JMP Securities; tgt $18), FINL +0.3% (upgraded to Buy from Hold at Canaccord Genuity)
Early premarket gappers
Gapping up: GLW +19.9%, APOL +16%, SWY +4.6%, IMMU +3.9%, MTSN +1.9%, DV +0.7%, VE +0.7%, BA +0.7%
Gapping down: CMFO -65%, RPRX -49.3%, DTLK -16.5%, UIS -15.7%, CREE -15.2%, APPY -11.2%, USNA -10.3%, IRBT -9.5%, BRCM -7.9%, FTI -7.2%, RFMD -7%, STM -6.4%, ALTR -6.2%, XOOM -5.7%, ZIOP -5.7%, AMRN -5.3%, CBST -4.8%, NFLX -4.5%, ORAN -4%, CHU -4%, PNRA -3.3%, RBS -3.1%, SAN -3%, VOCS -2.8%, GSK -2.6%, DB -2.2%, SNE -2%, HBC -1.8%, RHI -1.8%, JNPR -1.8%, BBVA -1.7%, MT -1.6%, XLNX -1.5%, RIG -1.3%, CCI -1.2%, BAC -1.2%
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Chr Hansen 4Q Net Beats Ests., Sees 2013/14 Rev Growth 7-9% 2013-10-23 06:07:10.531 GMT
By Heather Burke and Gelu Sulugiuc Oct. 23 (Bloomberg) -- Chr Hansen 4Q sales EU194m, est. EU197m. * 4Q Ebit EU59.5m, est. EU59m * 4Q net EU50.9m, est. EU44.7m * Sees 2013/2014 Ebit margin before items above 26% * Sees 2013/2014 organic rev. growth 7-9% * Dividend EU0.84/shr, of which EU0.42 is extraordinary dividend * Call 10am CET +44 2033645374, pw EV00004669 * Statement: NSN MV3XZW3MH728 <GO>
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To contact the reporter on this story: Heather Burke in London at +44-20-7673-2044 or hburke2@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net
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ONE 10/23 06:01 HEINEKEN NV: Heineken N.V. reports 2013 third quarter results BN 10/23 06:06 *HEINEKEN 3Q GROUP BEER VOLUME ORGANICALLY 2% LOWER BN 10/23 06:05 *HEINEKEN 3Q GROUP BEER VOLUME STABLE ON REPORTED BASIS BN 10/23 06:05 *HEINEKEN 3Q GROUP REV PER HECTOLITER RISES 2.7% BN 10/23 06:03 *HEINEKEN SAYS BEIA PROFIT DECLINE ON ORGANIC BASIS BN 10/23 06:02 *HEINEKEN EXPECTS BEIA 2013 TO DECLINE IN LOW SINGLE-DIGITS BN 10/23 06:02 *HEINEKEN EXPECTS NET PROFIT BEIA 2013 TO DECLINE BN 10/23 06:01 *HEINEKEN 3Q NET PROFIT EU483 MLN :HEIA NA
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Heineken Cuts 2013 Net Profit Beia Forecast 2013-10-23 06:06:11.278 GMT
By Heather Burke Oct. 23 (Bloomberg) -- Heineken sees FY profit beia falling in low single-digits on organic basis. * Aug. outlook: sees 2013 net profit beia broadly in line with yr ago on organic basis
Link to Statement:{NSN MV3Y393PWT1C <GO>}
Link to Company News:{HEIA NA <Equity> CN <GO>}
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To contact the editor responsible for this story: Heather Burke at +44-20-7673-2044 or hburke2@bloomberg.net
US Market closed higher despite weakness in tech.because of disap. Earnings (BRCM, ALTR, JNPR all down on weak guidance..VIX @ 13,33 (+1,5%)...PBoC continues to stay out of the way of upward bias on the yuan; USD/CNY set at a fresh record lows, just as China Premier talks down market concerns regarding govt debt levels while investors await the formal findings of a state- sanctioned audit...BOJ governor enthused by the progress made on inflation; Local press speculates cabinet office will not raise its economic assessment in October; Japan earnings season formally opens tomorrow with results from Canon...Nikkei closed lower by 2%...Shanghai -1,15%...
eur$ : 1,3776 European fut. Indicated 60bps lower
Keep an eye on : - ASC LN : Asos FY13 Adj. Pretax Beats Estimate, Says FY14 Started Well - AZA IM : Alitalia in Preliminary Talks With Hainan, Corriere Says - BAR BB : Barco 3Q Orders, Sales Decline; Full-Year Outlook More Cautious BI FP : Bic 3Q Rev. Misses Ests., Sees Meeting 2013 Targets - BSLN SW : Basilea Antibiotic Ceftobiprole Gets Europe Regulatory Approval - FER SM : Ferrovial, Sold part of its stake in Heathrow Airport to British pensions group for £392M, reducing total stake to 25% - GSK LN : GlaxoSmithKline to Say Probe Cuts China Sales by >1/3: Sky News - HAV FP : Bque Federal du Credit Mutuel sold 7,5m shares (2% of Co.)@ 6.15/sh. - IBE SM : Iberdrola Changes Dividend Policy to 65%-75% of Profit - MHG NO : Marine Harvest 3Q Sales NK4.3B; Expects 4Q Catch of 100,000 Tons - Moncler Refuses Aggressive Store Expansion in China - NDA SS : Nordea Bank 3Q Net Income EU777m vs EU686m - NHY NO : Norsk Hydro 3Q Revenue Rises More Than Estimates to NK16.1B - UG FP : Peugeot 3Q Rev. Falls 3.7%, Reiterates Plan to Cut Cash Burn, May Lower $1b Target for Synergies in GM Alliance - ORA FP : Orange 3Q Sales, Ebitda in Line With Ests.; Reiterates Targets, Considering EE IPO in 1H 2014, CFO Says - PC IM : Pirelli Sept Data Incrementally Positive, Kept at Buy at BofAML - ROG VX : Novartis CEO Would Reconsider Roche Stake If Needed: Basler - SLHN VX : Swiss Life Switzerland CEO Sees ‘Good’ Growth in 2013: Le Temps - STM FP : Stmicroelectronics 3Q Net Rev. $2.01b, Est. $2.05b - SHBA SS : Handelsbanken 3Q Net SEK3.61b vs SEK3.16b - TEL NO : Telenor Agrees to Buy Tele2's Residential TV Unit for SEK775m - TEMN SW : Temenos 3Q ‘Solid‘, Better Prospects in 4Q, 2014, UBS Says - TEVA IT : Amgen Says Teva Withdraws Application for Neupogen Version - TGS NO : TGS 3Q Net $56.5m vs Est. $55m; Backlog $178m Rises 17% Y/y - THR BB : ThromboGenics, Novartis Receive Final U.K. Approval for Jetrea - TIE1V FH : Tieto 3Q Net, EPS Match Ests.; Full-Year Sales Outlook Lowered - VRAP FP : Vranken-Pommery 3Q Rev Up 5.6%, Champagne Sales Up 27%
Up
*AXA RAISED TO OUTPERFORM VS SECTOR PERFORM AT RBC *BIM RAISED TO NEUTRAL VS SELL AT UBS *GJENSIDIGE RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML *PONSSE RAISED TO BUY VS HOLD AT NORDEA *RAIFFEISEN RAISED TO BUY VS REDUCE AT NOMURA *SYNGENTA RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC *TELE2 RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT MORGAN STANLEY
Down
*ALLIANZ CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC *ARM CUT TO NEUTRAL VS BUY AT UBS *BANKINTER CUT TO NEUTRAL VS BUY AT CITI *BEZEQ CUT TO SELL VS NEUTRAL AT CITI *BT CUT TO SELL VS NEUTRAL AT UBS *GROUPE EUROTUNNEL CUT TO MARKET PERFORM AT RAYMOND JAMES *MILLICOM CUT TO NEUTRAL VS BUY AT UBS *OCADO CUT TO UNDERPERFORM VS NEUTRAL AT EXANE, PT 300P *REMY COINTREAU CUT TO UNDERPERFORM AT BERNSTEIN *SNAM CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY *TALKTALK CUT TO SELL VS NEUTRAL AT UBS *VOZROZHDENIE BANK CUT TO NEUTRAL VS BUY AT GOLDMAN
PT Change
*Terna PT Raised to EU3.66 vs EU3.56 at Morgan Stanley
Initiation
*INMARSAT RATED NEW HOLD AT BERENBERG; PT 775P *OCI RATED NEW OVERWEIGHT AT HSBC; PT EU32
Country Sector Stock Call
*BT ADDED TO UBS’S LEAST PREFERRED LIST