Pandora A/S Guides FY13 Rev near DKK9B vs guidance of DKK8.6B
- Cites better than expected holiday sales
- Guides 2013 gross margin near 67%
- Guides 2013 gross margin near 67%
US MArket Closed lower, pushed by consumer disc. & Financials, Retail was trading lower too, trading volume were below average @ 641m shares...VIX @ 12.53 +2.04% SKEW @ 136.35 +2.76%...US earnings season heating up; Intel misses Q4 estimates on the bottom line and forecasts more job losses in 2014 during the earnings conference call,
sending shares down nearly 5%. AXP and COF also miss on earnings, registering modest declines in extended session. TMUS +3% after Hours on talks of Sprint financing for a bid in excess of $30bil...Japan cabinet office raises economic assessment for the first time in four months, as anticipated in Japan press overnight. Govt upgrades view on private
consumption (2nd consecutive month) and capital spending (1st time in four months). Separately, govt officials indicating capex will start to see stronger growth after coming in flat in the most recent quarter....Nikkei-0.1%...1-week Shibor rates in China hit 2-week highs as investors brace for the release of Q4 and 2013 GDP on Monday. Recent reports have indicated shadow banking in China has risen to nearly a third of all credit in 2013, up from 23%
in 2012....Shanghai -0.9%
Eur$ 1.3615 S&P Fut +0.14% European fut +0.16%
Keep an ey on :
- Iron Ore : Iron Ore for China delivery falls below $130/tonne (lowest level in 6 months), Equity Market are discounting around $110/ tonne already, should not be as -ve.
- AC FP : Accor 4Q Rev. In Line With Ests., Raises 2013 Forecast {NSN MZI6MX6TTDU1 <go>}, Boosts 2013 Ebit Forecast, Helped by Cost Savings
- BC IM : Brunello Cucinelli 2013 rev. up 15% to EU322.5m, est. EU322.6m., Sees “gracious” double-digit growth in rev., profit, Earnings release scheduled March 10
- BME SM : Caixabank Selling 5% Stake in Bolsas y Mercados: Terms
- BMPS IM : There is speculation that Pamplona Fund may invest in capital raise
- DAL IM : Reports preliminary Q4 revenue €119.8M, +4.4%, 2013 revenue seen €450M v €462M y/y
- DBK GY : Short Deutsche Bank, Santander; Go Long Nordea, Berenberg Says
- DTE GY : TMobile US : Sprint said to have lined up possible financing packages from banks for purported bid for the T-Mobile valued in excess of $30B - financial press; +3.1% afterhours
- DTE GY : Deutsche Telekom, Orange Puts EE Listing Plan on Hold, FT Says
- EDF FP : City of Prague Mulls Sale of Heating Utility to Dalkia, CTK Says
- EI FP : Essilor Cuts 2013 Sales Growth Forecast to 5.4% Ex Currencies
- IM NA : Imtech NV Concludes strategic review in Turkey; to dispose of AE Arma-Elektropanç (Arma) 80% stake for €21M to previous owner
- IPN FP : Ipsen Says Somatuline Met Primary Endpoint in Phase 3 Study
- LHA GY : Lufthansa AG There is speculation that board member Spohr could be named as the new CEO
- ORA FP : Deutsche Telekom, Orange Puts EE Listing Plan on Hold, FT Says
- PLT IM : Parmalat Bernier family's Sofil, acquired 33.8M shares from Dec 2-23
- PG IM : SeatPagine Seeking to raise up to €20M in capital
- PSM GY : Lavena Holding (KKR & Permira) Selling 16.6% Stake(~36m shares) in ProSiebenSat.1
- PVA SM : Pescanova Deadline for Bids Said to Be Extended: FIS Link
- RDSA NA : Royal Dutch Shell Guides Q4 results to be significantly lower
- SAN SM : Short Deutsche Bank, Santander; Go Long Nordea, Berenberg Says
- SBRY LN : Philip Green could be interested by the Company
- SCYR SM : Bechtel Ready to Replace Sacyr on Canal Works, Expansion Reports
- THR BB : ThromboGenics's Jetrea Gets Positive Initial Review in France
- TIT IM : Telecom Italia To Set up Procedure for Eventual Brazil Deals
- TIT IM : Telecom Italia Has Begun Governance Review, CEO Tells Repubblica
- TKA AV : America Movil Holds 26.81% of Telekom Austria After Transaction
- TKA AV : Buy Telekom Austria, AMX May Be Interested In Raising Stake: UBS
- TKA GY : Thyssen CEO Mulls Expansion of Board to 4 Members: Handelsblatt
- TLW LN : Rumors again in the press abvout potential interest for the company
- URKA LI : Uralkali May Sign China Potash Contract Next Week: Kommersant
- VOD LN : Vodafone Cited Most Often as Merger Target in M&A Desk Survey
>> Up
*ABB RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*BPOST RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*EIFFAGE RAISED TO OUTPERFORM VS MARKET PERFORM AT RAYMOND JAMES
*MEGAFON RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*PETROFAC RAISED TO BUY VS NEUTRAL AT NOMURA
*SKF RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT MORGAN STANLEY
*STATOIL RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*TOTAL RAISED TO BUY VS NEUTRAL AT CITI
>> Down
*AHOLD CUT TO HOLD VS BUY AT ING
*CSR CUT TO HOLD VS BUY AT LIBERUM
*DEUTSCHE WOHNEN CUT TO NEUTRAL VS BUY AT UBS
*INTERTEK CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*KCELL CUT TO NEUTRAL VS BUY AT UBS
*OMV CUT TO SELL VS HOLD AT DEUTSCHE BANK
*OPERA SOFTWARE CUT TO HOLD VS BUY AT SEB
*POLARCUS CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*REDROW CUT TO NEUTRAL VS BUY AT UBS
*ROTORK CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*SIEMENS CUT TO EQUALWEIGHT AT MORGAN STANLEY
*SYNTHOMER CUT TO NEUTRAL VS BUY AT UBS
*WIRECARD CUT TO HOLD FROM BUY AT BAADER BANK; PT UP 19% TO EU31
*ZUMTOBEL CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
>> PT Changes
*Generali PT Raised to EU18.3 at Goldman; Kept at Neutral
*RICHEMONT PT CUT TO CHF82 VS CHF88 AT CANTOR; KEPT AT HOLD
*TYMAN RATED NEW BUY AT BERENBERG; PT 327P
>> Initiation
*DS SMITH RATED NEW BUY AT BERENBERG; PT 400P
*INTER RAO RATED NEW BUY AT UBS
*MONCLER RATED NEW HOLD AT KEPLER CHEUVREUX; PT EU14
*MORRISON RATED NEW SELL AT SOCGEN; PT 200P
*OCADO RATED NEW SELL AT DEUTSCHE BANK, PT 440P
*SAINSBURY RATED NEW HOLD AT SOCGEN; PT 370P
*VALMET RATED NEW BUY AT UBS; PT EU8
>>Call
>Stock
*GDF SUEZ ADDED TO EUROPEAN FOCUS LIST AT CREDIT SUISSE
*POSTNL ADDED TO SMALL & MID CAP FOCUS LIST AT CREDIT SUISSE
>Sector
*UBS AG UBS reiterates Global Bank Sector at Overweight
Preferred names are: C CS ACA FP DBK GY INGA NA KEY MS LLOY LN SBER.RU
* Short Deutsche Bank, Santander; Go Long Nordea, Berenberg Says
>> Up
*ABB RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*BPOST RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*EIFFAGE RAISED TO OUTPERFORM VS MARKET PERFORM AT RAYMOND JAMES
*MEGAFON RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*PETROFAC RAISED TO BUY VS NEUTRAL AT NOMURA
*SKF RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT MORGAN STANLEY
*STATOIL RAISED TO BUY VS HOLD AT DEUTSCHE BANK
>> Down
*AHOLD CUT TO HOLD VS BUY AT ING
*CSR CUT TO HOLD VS BUY AT LIBERUM
*DEUTSCHE WOHNEN CUT TO NEUTRAL VS BUY AT UBS
*INTERTEK CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*KCELL CUT TO NEUTRAL VS BUY AT UBS
*OMV CUT TO SELL VS HOLD AT DEUTSCHE BANK
*OPERA SOFTWARE CUT TO HOLD VS BUY AT SEB
*POLARCUS CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*REDROW CUT TO NEUTRAL VS BUY AT UBS
*ROTORK CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*SIEMENS CUT TO EQUALWEIGHT AT MORGAN STANLEY
*SYNTHOMER CUT TO NEUTRAL VS BUY AT UBS
*TOTAL RAISED TO BUY VS NEUTRAL AT CITI
*WIRECARD CUT TO HOLD FROM BUY AT BAADER BANK; PT UP 19% TO EU31
*ZUMTOBEL CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
>> PT Changes
*Generali PT Raised to EU18.3 at Goldman; Kept at Neutral
*RICHEMONT PT CUT TO CHF82 VS CHF88 AT CANTOR; KEPT AT HOLD
*TYMAN RATED NEW BUY AT BERENBERG; PT 327P
>> Initiation
*DS SMITH RATED NEW BUY AT BERENBERG; PT 400P
*INTER RAO RATED NEW BUY AT UBS
*MONCLER RATED NEW HOLD AT KEPLER CHEUVREUX; PT EU14
*MORRISON RATED NEW SELL AT SOCGEN; PT 200P
*OCADO RATED NEW SELL AT DEUTSCHE BANK, PT 440P
*SAINSBURY RATED NEW HOLD AT SOCGEN; PT 370P
*VALMET RATED NEW BUY AT UBS; PT EU8
>>Call
>Stock
*GDF SUEZ ADDED TO EUROPEAN FOCUS LIST AT CREDIT SUISSE
*POSTNL ADDED TO SMALL & MID CAP FOCUS LIST AT CREDIT SUISSE
>Sector
*UBS AG UBS reiterates Global Bank Sector at Overweight
Preferred names are: C CS ACA FP DBK GY INGA NA KEY MS LLOY LN SBER.RU
* Short Deutsche Bank, Santander; Go Long Nordea, Berenberg Says
S&P revises Portugal sovereign outlook to negative from watch negative; affirms BB rating
- Removed the ratings on Portugal from CreditWatch negative because the risks that could have led to downgrade Portugal did not materialize in the fourth quarter of 2013. However, the negative outlook reflects the opinion that there is at least a one-in-three possibility that we could lower the ratings on Portugal during 2014.
- Expects net general government debt to peak in 2014
- Country is expected to achieve fiscal deficit target of 5.5% in 2013
- Could lower the ratings if factors affecting Portugal's government debt sustainability markedly worsen due to lower-than-expected growth, slippage in the primary fiscal balance, or the materialization of contingent liabilities.
- Could also lower the ratings if we observe that official support is waning.
- Could lower our ratings on Portugal by more than one notch if we perceive--contrary to our current expectations--that the prospect of private sector involvement via debt restructuring has increased.
- The ratings could stabilize at the current level if the government maintains key program commitments in a timely and predictable manner, such that it can exit its current program and continue to refinance its government debt in the market, with or without continued official support.
- Expects net general government debt to peak in 2014
- Country is expected to achieve fiscal deficit target of 5.5% in 2013
- Could lower the ratings if factors affecting Portugal's government debt sustainability markedly worsen due to lower-than-expected growth, slippage in the primary fiscal balance, or the materialization of contingent liabilities.
- Could also lower the ratings if we observe that official support is waning.
- Could lower our ratings on Portugal by more than one notch if we perceive--contrary to our current expectations--that the prospect of private sector involvement via debt restructuring has increased.
- The ratings could stabilize at the current level if the government maintains key program commitments in a timely and predictable manner, such that it can exit its current program and continue to refinance its government debt in the market, with or without continued official support.
new accounting standard adopted by EU from September might reduce Italy's debt-to-GDP ratio - financial press
- EU stated that revisions to accounting methods would end up raising past and future Italian gross domestic product (GDP) growth figures and forecasts by 1-2 percentage points
- The effect on the country's debt-to-output ratio will be "proportional" to the revision
- Italy currently forecasts public debt to ratio at 132.7% of GDP
- The effect on the country's debt-to-output ratio will be "proportional" to the revision
- Italy currently forecasts public debt to ratio at 132.7% of GDP
*FITCH DOWNGRADES SERBIA TO B+; OUTLOOK STABLE
*FITCH AFFIRMS NETHERLANDS AT AAA; OUTLOOK NEGATIVE
*FITCH AFFIRMS SAN MARINO AT BBB+; OUTLOOK NEGATIVE
Hewlett-Packard Co Preparing its return to the smartphone market with the launch of two large format devices, initially available in India this February - financial press (update)
**NOTE: 07/01/13: HPQ said to be planning to re-enter the smartphone market, currently developing a new device - tech blogs
- HP Senior Director of Consumer PCs and Tablets for Asia-Pacific, Yam Su Yin answered a question about the chances of a future HP smartphone, saying "The answer is yes but I cannot give a timetable. It would be silly if we say no. HP has to be in the game."
Hsba ln Equity gip- HP Senior Director of Consumer PCs and Tablets for Asia-Pacific, Yam Su Yin answered a question about the chances of a future HP smartphone, saying "The answer is yes but I cannot give a timetable. It would be silly if we say no. HP has to be in the game."
US govt to sell 410K shares of Ally Financial Inc. (formerly GMAC) stake for $7,375 share - press
- Govt stake will be 37% after sale
- Citi and BofA are handling the placement
- Citi and BofA are handling the placement
Asian Market Update: Japan govt raises economic assessment; Intel falls after earnings, expects more job cuts in 2014
***Economic Data*** - (JP) JAPAN CABINET OFFICE (GOVT) JAN MONTHLY REPORT: GOVT RAISES ECONOMIC ASSESSMENT (1st time since Sept) - (JP) Japan investors sold net ¥740.6B in foreign bonds last week vs sold net ¥441.2B in prior week; Foreign Investors sold net ¥219.1B in Japan stocks v sold net ¥68.2B in prior week - (JP) JAPAN DEC CONSUMER CONFIDENCE INDEX: 41.3 V 43.0E - (KR) South Korea Nov Conference Board Leading Economic Index at 123.5, unchanged m/m vs +2.2% increase in Oct - (SG) SINGAPORE DEC ELECTRONIC EXPORTS Y/Y: -3.1% V -1.3%E; NON-OIL DOMESTIC EXPORTS M/M: 9.2% V 2.8%E; Y/Y: 6.0% V 1.0%E - (CL) CHILE CENTRAL BANK LEAVES OVERNIGHT RATE TARGET UNCHANGED AT 4.50%, AS EXPECTED
***Observations/Insights*** - US earnings season heating up; Intel misses Q4 estimates on the bottom line and forecasts more job losses in 2014 during the earnings conference call, sending shares down nearly 5%. AXP and COF also miss on earnings, registering modest declines in extended session. - Japan cabinet office raises economic assessment for the first time in four months, as anticipated in Japan press overnight. Govt upgrades view on private consumption (2nd consecutive month) and capital spending (1st time in four months). Separately, govt officials indicating capex will start to see stronger growth after coming in flat in the most recent quarter. - 1-week Shibor rates in China hit 2-week highs as investors brace for the release of Q4 and 2013 GDP on Monday. Recent reports have indicated shadow banking in China has risen to nearly a third of all credit in 2013, up from 23% in 2012.
***Fixed Income/Commodities/Currencies*** - (CN) Daily Shibor fixings: O/N: 2.8170% v 2.7723% prior (4th consecutive rise); 1-week: 4.7760% v 4.2560% prior (2nd consecutive rise, highest since Jan 1st) - (JP) BOJ offers to buy ¥2.5T in T-bills effective Jan 21st - (AU) Australia MoF (AOFM) sells A$1.5B in 3.25% 2018 Bonds; avg yield: 3.3257% v 3.5738% in Dec; bid-to-cover: 1.98x v 3.13x in Dec - (US) Weekly Fed Balance Sheet Total Assets Week ending Jan 15th: $4.07T v $4.03T prior; Reserve Bank Credit: $4.03T (record high) v $3.99T prior; M1 y/y change: 8.9% v 8.4% w/w; M2 y/y change: 4.9% v 4.8% w/w
- USD majors are largely listless in a quiet Asian session. USD/JPY is trading in a 20pip range around ¥104.30, EUR/USD is in a 10pip band just above $1.36, and even the volatile AUD/USD is flat supported by the $0.88 handle. NZD/USD is the only moderate mover, falling by over 50pips below $0.83 level ahead of Monday's release of China GDP and other monthly metrics.
***Speakers/Political/In the Papers*** - (CN) PBoC: Plans to remove unsustainable local financing platform in 2014 - Chinese press - (CN) China Academy of Science (CAS): sees 2014 national housing price +7.6% y/y - financial press - (CN) PBoC sees rising positive signals in economy; To maintain appropriate liquidity, credit and social financing growth - (CN) S&P: China major cities may tighten policies if property prices rise fast - (CN) Shanghai expects 2014 retail sales +8% y/y - Chinese press - (CN) State-owned Assets Supervision and Administration Commission (SASAC) exec: Some SOEs in China make "blind" overseas investments - Chinese press - (JP) Japan Econ Min Amari: Hopes BOJ can achieve targeted 2% inflation soon - (JP) Nikkei feature sees Japan's retail investors remaining bulling on the markets despite the recent volatility this week - (KR) Bank of Korea (BOK) Gov Kim: Emerging markets need to be on alert for possible spillover from the start of Fed taper - Korean press - (KR) South Korea Defense Ministry spokesman Kim: to conduct joint military drills with US, as planned - (KR) Reportedly health officials in South Korea have detected a high pathogenic bird flu - Korean press - (US) Fed's Kocherlakota (dovish, FOMC voter in 2014): Reiterates Fed needs to do more to stimulate the economy, was being complacent by planning for years of below-target inflation - FT interview
***Equities*** Market Snapshot (as of 04:30 GMT):
- Nikkei225 -0.1%, S&P/ASX -0.2%, Kospi -0.3%, Shanghai Composite -0.6%, Hang Seng +0.8%, Mar S&P500 +0.1% at 1,838, Feb gold +0.2% at $1,242, Feb crude oil +0.1% at $94.01/brl
US markets: - TMUS: Sprint said to have lined up possible financing packages from banks for purported bid for the T-Mobile valued in excess of $30B - financial press; +3.1% afterhours - TSCO: To be added to S&P500; ALGN moved up to S&P400; RRTS and BCC added to S&P600; +3.1% afterhours - GOOG: Testing smart contact lens technology measuring glucose levels - financial press; +0.1% afterhours - AXP: Reports Q4 $1.21 v $1.26e, R$8.55B v $8.64Be; -0.4% afterhours - COF: Reports Q4 $1.45 v $1.54e, R$5.54B v $5.44Be; -1.9% afterhours - SLM: Reports Q4 $0.61 v $0.72e, Total interest income $1.33B v $1.43B y/y; Appoints Raymond J. Quinlan as new Vice Chairman; -4.2% afterhours - INTC: Reports Q4 $0.51 v $0.52e, R$13.8B v $13.7Be; CEO: Desktop PCs finished the year strongly; Employment will come down over the course of the year - conf call comments; -4.7% afterhours - CNW: Guides Q4 $0.21 v $0.39e; -5.5% afterhours - BJRI: Reports prelim Q4 $0.05-0.07 v $0.16e, Rev $199.8M v $204Me, SSS -2.7% v +3.0% y/y; -14.0% afterhours - RDEN: Cuts Q2 $1.05-1.08 v $1.47e, R$415-418M v $471Me (previously guided $1.30-1.60, R$450-475M); -19.7% afterhours - SSNI: Guides prelim Q4 -$0.01-0.00 v +$0.19e, R$88-89M v $106Me; cites some deals not closing before end of quarter; -23.4% afterhours
Notable movers by sector: - Consumer Discretionary: Huayi Brothers Media Corp 300027.CN +4.6% (receives approval for M&A); Suzhou Gold Mantis Construction Decoration 002081.CN +2.8% (Suzhou Gold Mantis Construction Decoration); Panasonic Corp 6752.JP -1.5% (analyst action; press speculation on semiconductor operations plan) - Financials: Bohai Leasing 000415.CN +10.0% (FY13 guidance) - Materials: Jiangsu Changhai Composite Materials 300196.CN -3.5% (FY13 guidance); Nippon Steel & Sumitomo Metal Corp 5401.JP -1.1% (reports of fire); Mineral Resources MIN.AU +2.3% (FY13/14 guidance); Paladin Energy Ltd PDN.AU +12.1% (debt refinance); BHP Billiton BHP.AU +2.7% (spinoff consideration) - Technology: Dongxu Optoelectronic Technology Co Ltd 000413.CN +2.4% (FY13 guidance); Shanghai New Culture Media Group 300336.CN +2.3% (FY13 guidance) - Energy: SDIC Xinji Energy 601918.CN -2.6% (FY13 guidance) - Industrials: Hubei Jingshan Corrugating Machinery 000821.CN +1.4% (FY13 guidance); CPI Yuanda Environmental-Protection Group 600292.CN -8.5% (prelim FY13 results); Chongqing Gangjiu 600279.CN +5.1% (private placement plan); China COSCO Holdings 1919.HK +5.6% (FY13 guidance); Daihatsu Motor 7262.JP -2.4% (press speculates Japan sales to decline)