FT : Aston Martin considers listing after record results

Aston Martin considers listing after record results
Group reports £250m increase in profit last year and strongest car sales in 9 years

Aston Martin is considering an initial public offering, as the luxury carmaker notched up record revenues and a £250m increase in profit last year.

The company, which reported its strongest car sales in nine years, announced on Monday that it was considering “a range of strategic options for the future of the group, including the potential for an IPO”.

The business is majority owned by Kuwait’s Investment Dar and Italy’s Investindustrial, while Mercedes-Benz owner Daimler has a 5 per cent stake and an agreement to provide Aston Martin with some engines and other technology.

If, as is widely expected, Aston Martin lists this year, the move will cement a recovery that has seen the former Ford division unwind years of losses and build a plan to replace its vehicles on a seven-year cycle.

“The turnround is done”, said chief executive Andy Palmer. “Now it’s all about growth.”

For 2017, Aston Martin reported £876m of revenues, the highest in its history, with pre-tax profits of £87m compared with a £163m loss the previous year. It generated £243.8m of cash during the year, more than double the previous year.

About £64.8m of the profit was generated in the final quarter, which Aston Martin said was the best three-month period in its history, with revenues of £309.2m.

Buyers in the US, UK and China pushed car sales to 5,098, its highest level in nine years.

The company declined to give guidance for this year, but the start of production of its two newest cars — Vantage and Vanquish — means the business expects its Gaydon plant to reach capacity in the second half of the year.

Once that happens, the company will manage demand by extending waiting lists and raising prices, Mr Palmer said.

Aston Martin is also opening a site at St Athan in Wales to make the DBX sport utility vehicle, with the potential to produce more vehicles at the site in future.

Together, both locations have the potential to produce a total of 14,000 cars a year.

During the year, Aston Martin also brought its brand licensing arm AM Brands in-house, a move that consolidates the company ahead of a potential stock market listing.

The division is responsible for use of the Aston Martin brand and design teams on other products, from an upmarket Miami condominium block to a £1.3m luxury speedboat.

Aston Martin’s brand, closely linked to James Bond, is one of its strongest assets, and the company hopes to unveil more collaborations to use its marque in the coming weeks.

FT : London’s private hire cars fear losing congestion charge exemption

London’s private hire cars fear losing congestion charge exemption
TfL considers extending £11.50-a-day levy to companies such as Uber and Addison Lee

Private hire car companies, including Uber, are bracing for new rules that would force them to pay the congestion charge for driving in central London — a move that could make their journeys more expensive for customers.

Transport for London held a meeting with representatives of private hire car companies on February 14, where an executive from CEPA, the economic analysis agency, asked how their businesses would be affected by the charge, five people with knowledge of the talks said.

Participants believe London mayor Sadiq Khan is preparing to levy the £11.50-a-day charge on them for driving in the congestion zone.

“It felt like the Valentine’s Day congestion charge massacre,” said one person who attended the meeting. “This would be a tax on us to raise revenue for TfL.”

CEPA declined to comment on the meeting.

Paul Cowperthwaite, general manager of road user charging at TfL, said: “We are currently undertaking further analysis on the impact of removing the exemption from the congestion charge for private hire vehicles. Depending on the outcome of this work, a consultation could follow later this year.”

Pressure is building on Mr Khan to reduce the number of private hire vehicles in central London, and to find extra sources of revenue for Transport for London, whose operating deficit is on course to swell to almost £1bn in 2018-19.

Private hire vehicles have been exempt from the congestion charge since it was introduced by former London mayor Ken Livingstone in 2003.

Independent research has linked increased congestion in central London to a rise in the number of private hire vehicles in the capital since Uber entered the market in 2012.

A paper published last year by the London Assembly, an elected body that oversees the London mayor, found that the number of licensed private hire vehicles in London had risen 70 per cent to 84,886 between March 2013 and November 2016.

“We believe disincentivising private hire journeys in congested areas at peak times will reduce traffic congestion overall in London,” the paper said.

On Monday, minicab company Addison Lee wrote to Mr Khan objecting to any scrapping of the congestion charge exemption for hire cars, and to the continued exemption for the city’s traditional black cabs.

“The idea that any removal should only apply to private hire vehicles and not to black cabs is anti-competitive,” Addison Lee said. It added that paying the charge would cost “as much as £250 per driver per month”.

Eddie Townson, the managing director of Kent-based Carlton Cars, said if his drivers were forced to pay the congestion charge, the extra £11.50 per journey would be passed on to individual customers travelling into London.

“We’re based in the suburbs so our drivers are not going into central London very often,” he said. “It would be unfair to spread the cost of going into London among all our customers as most of them are using us for journeys in Kent.”

Mr Townson added that many of the journeys his drivers did into central London were “for mental health patients or people with special educational needs”, who were being transported into the capital for hospital or training appointments. “Their fares are paid by the public sector, so put the congestion charge on them and the public sector has to pay more.”

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • DF -9.6%, TLRA -7.5%, OBSV -1.4%, SEMG -1%, DORM -0.8%, WBT -0.6%, EGRX -0.5%
Other news:
  • BEDU -2% (files for offering of 10 mln ADS (eash represents one Class A ordinary share))
  • HSBC -0.6% (files mixed securities shelf offering), .
Analyst comments:
  • HAL -0.8% (downgraded to Neutral from Buy at BofA/Merrill)
  • ZBRA -0.8% (downgraded to Neutral from Overweight at JP Morgan)
  • SQM -2.4% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
  • MAT -2.6% (downgraded to Underperform from Hold at Jefferies)
  • ALB -3.6% (downgraded to Underweight from Equal-Weight at Morgan Stanley)

>>> US Gapping up

Gapping up
In reaction earnings/guidance
:
  • SN +7.5%, KOS +4.9%, ECYT +2.9%, BRK.B +1.6%, HIBB +1.6%, I +1.3%
M&A news:
  • QCOM +2.6% (proposes further engagement with Broadcom (AVGO) on price and terms of possible transaction)
  • NOK +2.6% (announced plans to acquire Unium)
Select metals/mining stocks trading higher:
  • BBL +1.5%, ABX +1.3%, AG +1.3%, BHP +1.2%, HMY +0.9%, GDX +0.9%
Other news:
  • AXSM +11.3% (Primary Endpoint Met in Phase 1 Trial of AXS-09)
  • SMMT +6.6% (announces 'further positive findings from PhaseOut DMD')
  • ACHN +6.4% (EMA COMP issued a positive opinion on ACH-4471 for orphan status in the EU for the treatment of C3 glomerulopathy)
  • X +4% (comments from President Trump on 'harsh' tariff plans circulate)
Analyst comments:
  • XCRA +6% (upgraded to Buy from Hold at Craig Hallum)
  • HPQ +1.8% (upgraded to Overweight from Neutral at JP Morgan)
  • ITCI +1.7% (initiated with a Overweight at JP Morgan)
  • DIN +1.6% (upgraded to Outperform from Mkt Perform at Raymond James)
  • SLB +1.4% (upgraded to Buy from Neutral at BofA/Merrill)
  • TGT +1.3% (initiated with a Outperform at Credit Suisse)
  • UPS +1.2% (upgraded to Buy from Hold at Loop Capital)
  • DUK +1% (upgraded to Buy from Hold at Deutsche Bank)
  • BP +0.7% (upgraded to Outperform from Sector Perform at RBC Capital Mkts)

>>> US Early premarket gappers

Early premarket gappers
Gapping up:
  • X +5.4%, KOS +4.9%, MTL +4%, CMCM +2.9%, HPQ +2.8%, QCOM +2.7%, NOK +2.6%,TSEM +2.5%, SN +2.4%, HIBB +2.2%, DLB +2%, MIC +1.9%, UL +1.9%, NVAX +1.7%,BRK.B +1.5%, HMY +1.4%, BBL +1.4%, ABX +1.3%, AG +1.3%, I +1.3%, CRM +1.2%, RACE+1.1%, XNET +1%, BHP +1%, BIDU +1%, CELG +0.9%, UPS +0.9%, GDX +0.9%, CAT +0.8%
Gapping down:
  • TLRA -5.1%, EDU -4.2%, ALB -3.6%, SBGL -3.2%, SQM -3.2%, CVE -2.8%, MAT -2.6%,MOMO -1.8%, OBSV -1.4%, STM -1%, HAL -1%, SEMG -1%, DORM -0.8%, SHPG -0.6%,WBT -0.6%, EGRX -0.5%

WSJ : Fidelity Rethinks Star Stock-Picker System

Fidelity Rethinks Star Stock-Picker System
Mutual-fund giant weighs shift to a team-based investing approach and changes to compensation system following complaints

Fidelity Investments, the mutual-fund giant synonymous with the star stock picker, is now considering abandoning the investment process that made its managers famous, according to people familiar with the situation.

The changes under consideration at privately held Fidelity are the result of an outside consultant’s review since late last year of behavior within the stock-picking unit, and follow reports by The Wall Street Journal of claims of sexual harassment and other misconduct there.

If enacted, the changes would mark a major overhaul of Fidelity’s lucrative stock-picking business, which executives have been loath to disrupt. They could mark the end of an era that created stars such as Peter Lynch and William Danoff, who helped the firm’s assets under management swell to $2.4 trillion and make the Johnson family that founded Fidelity billionaires.

In recent weeks, Fidelity’s senior management, including Chief Executive Abigail Johnson, has held internal discussions about changes aimed at rehabilitating the culture of its high-profile stock unit in Boston, according to people familiar with the meetings. The changes under consideration include scrapping Fidelity’s longtime approach of using junior analysts to support a lead fund manager.

Ms. Johnson, the granddaughter of Fidelity’s founder, also has led meetings on ways to improve the treatment of women in the asset-management business.

A Fidelity spokesman, Vincent Loporchio, said the firm has formed “advisory teams” comprising senior executives and staff members from its asset-management business. “The fact that the advisory teams were established and are meeting is not an indication that any decisions have been or will be made,” he said.

Stock picking has been under unprecedented pressure in recent years as investors have poured money into low-cost index-tracking funds. The star-manager system helped fuel careers of top fund managers at the family-run firm, but it also created a system in which portfolio managers wielded outsize power over analysts, more than a dozen current and former employees said.

Fidelity is now considering a team-based approach used by mutual-fund firms such as rival Wellington Management that gives analysts and senior managers more-comparable footing in choosing securities, the people familiar with the talks said. Fidelity may also do away with a controversial compensation system.

The possible changes are part of a reckoning under way inside the equity division, which for years dealt quietly with accusations of sexual harassment and other misconduct.

In October, the Journal reported that Fidelity fired one of its most prominent fund managers, Gavin Baker, for allegedly sexually harassing a junior female employee, according to the woman’s lawyer and people familiar with the matter. A spokesman for Mr. Baker said he “strenuously” denied any “supposed” allegations of sexual harassment. Fidelity also has forced out several other portfolio managers following complaints of sexual harassment and other abusive behavior.

Fidelity’s Mr. Loporchio said, “We have a strong culture, built on integrity, respect and always doing what is in the best interest of our associates and clients, and the actions of a few, which we do not condone, are by no means representative of who we are as a firm.”


The former and current Fidelity employees said two main issues have contributed to incidents of bad behavior inside the money-management unit. One is the existing compensation system, in which managers vote on analysts’ performance, which in turn affects those individuals’ pay. That system at times has played out like a popularity contest, where junior analysts have felt pressure to curry favor with managers and have feared a backlash for disagreeing with their investment ideas, the current and former employees said. The power imbalance also helped pave the way for workplace misconduct, they said.

In 2005, Jonathan Zang, an analyst in the stock unit, said in an email to Ms. Johnson and other Fidelity executives that the compensation system had an adverse effect on relationships between fund managers and analysts and ultimately hurt fund performance.


Fidelity has said it later terminated the analyst for poor performance, according to court filings in a civil lawsuit Mr. Zang brought against the company​that the parties settled. Mr. Zang said in the suit he was fired in retaliation for voicing concerns about certain fund disclosures.

Current and former employees also cited the unit’s male-dominated leadership under Brian Hogan, who led equity and high-income investing and was part of a group of executives known internally as “the old boy’s club.”

Although there were some female leaders in the unit, the tight-knit executive group at the top of the unit made it hard for employees of both genders to complain about alleged misconduct, and some complaints weren’t addressed, the current and former employees said.

In January, Fidelity said Mr. Hogan would leave that position for a post managing innovation at the personal-investing unit.

“As a leader, Brian’s door is always open and he has always encouraged and welcomed feedback—no questions asked. To suggest otherwise is simply false,” the Fidelity spokesman said on Mr. Hogan’s behalf.

Several instances of alleged misconduct identified by the Journal haven’t been previously reported.

Harry Lange, manager of Fidelity’s well-known Magellan Fund from 2005 to 2011, was known for making inappropriate comments to colleagues, several former employees said. At one point, an executive warned him about keeping pornography in the office, a person familiar with the matter said.

During a work trip to Japan with co-workers late in his tenure, a routine airport check revealed sex toys in Mr. Lange’s suitcase, according to several people familiar with the incident. In response, Fidelity executives launched an internal investigation into his behavior at the firm, these people said.

Mr. Lange was forced to leave the fund later that year, in part because of its poor performance, the Journal reported at the time. Mr. Lange went on to become part-owner of Hedonism II, a clothing-optional resort in Jamaica, according to a 2013 press release. Mr. Lange didn’t respond to requests for comment.

In 2014, Ms. Johnson and other senior executives learned that police in Boston had contacted Fidelity about an analyst who had been arrested a block from the firm’s headquarters near the city’s South Station, where he met an undercover officer disguised as a prostitute, according to a police report and people familiar with the incident.

Police said the analyst, Miles Betro, 36 years old, had been having sexually graphic conversations online, including one with an officer posing as two 14-year-old girls. Police asked Fidelity for access to his computer, since “most of the communicating was being done while he was at work,” according to the police report.

Mr. Loporchio, the Fidelity spokesman, said no company computers had been used.

Mr. Betro was terminated after the incident, according to a person familiar with the matter. A lawyer for Mr. Betro said he wasn’t fired and couldn’t recall the terms of the separation agreement.

Court documents indicate that two counts against Mr. Betro were dismissed and he was given two years of probation for a third count—”sexual conduct for a fee”—before it also was dismissed.

The incident led Fidelity executives to hold a mandatory training session at the firm that ran through a laundry list of activities Fidelity deemed improper, including the inappropriate touching of outside analysts, gambling using work email and using company smartphones to hire prostitutes, people familiar with the training session said.

In 2015, Fidelity fired Fershid Aspi, a director in the Boston unit, after he aggressively pursued an unwanted relationship with a junior analyst in another company office, people familiar with the incident said. The analyst showed Fidelity’s human-resources department an inappropriate email from Mr. Aspi, according to the people familiar with the incident.

A lawyer for Mr. Aspi said the Journal’s “characterization of events is not accurate” and didn’t return calls asking her to elaborate.

“Virtually any company of any size, including The Wall Street Journal, is going to have employees who make poor personal decisions from time to time,” Fidelity’s spokesman said. “Fidelity has a great work environment, where tens of thousands of people have built long, successful careers.”

>>> Kosmos Energy misses by $0.03, beats on revs

Kosmos Energy misses by $0.03, beats on revs (5.72)
  • Reports Q4 (Dec) loss of $0.10 per share, $0.03 worse than the Capital IQ Consensus of ($0.07); revenues fell 11.3% year/year to $187.1 mln vs the $182.28 mln Capital IQ Consensus.
    • Production expense for the fourth quarter was $46 million, or $15.75 per barrel, versus $44 million, or $14.75 per barrel, in the fourth quarter of 2016. Production expense per barrel increased in the fourth quarter of 2017 compared to the same quarter a year ago primarily because there were no LOPI claim reimbursements received in the fourth quarter of 2017.
    • Exploration expenses totaled $53 million for the fourth quarter, compared to $76 million in the same period of 2016 primarily the result of lower geologic and geophysical costs. While Kosmos was carried for the Hippocampe-1 and Lamantin-1 exploration wells, $19 million of expenses related to the drilling rig that are not eligible for reimbursement were expensed during the quarter. Also included in the quarter was $18 million of expense related to our withdrawal from the Boujdour Maritime licenses

(Hedge Fund Wisdom : Analyse of 13F Filing

* Consensus New Buys
- Time Warner (TWX): During the fourth quarter, funds like Greenlight Capital, Viking Global, and Baupost Group all established new TWX positions. The company is being acquired by AT&T (T), pending regulatory approval. The Department of Justice, however, has sued to block the deal. Bulls feel that the government doesn’t have a strong argument to block it, as there isn’t much precedent. And if by chance the deal is blocked, bulls say the stock is cheap on a valuation basis and could also be a takeover target for other companies.
-Aetna (AET): Merger arbitrage names were definitely favored by hedge funds this quarter. Arbitrage specialists such as Farallon Capital and Paulson & Co both show new positions in AET, as do other funds like Third Point. The company is set to be acquired by CVS Caremark (CVS), pending regulatory approval.
- Comcast (CMCSA): Shares of this cable giant fell during the quarter, allowing investors such as Tiger Management, Pennant Capital, and Appaloosa Management to build positions at fair valuations. The company is comprised of a TV and internet provider (Comcast Xfinity), a content unit (NBC Universal), and a theme parks unit (Universal Studios). While a decent number of funds were actively acquiring shares, it should be noted that some big names were also out liquidating their positions (like Lone Pine Capital and Farallon Capital).
- Lowes (LOW): This home improvement store chain was purchased by the likes of Tiger Management, Greenlight Capital, and Viking Global. As the economy has recovered and household formation turns a corner, the company is benefiting from an increase in consumers buying appliances, as well as maintaining and
renovating their homes. LOW’s prime competitor, Home Depot (HD), has long been considered the better
operator in the space, but LOW shares perked up in the second half of 2017.


* Consensus Increased Positions
- Anheuser-Busch Inbev (BUD): Firms including Farallon Capital, Maverick Capital, Viking Global, and Lone Pine Capital increased their allocations to this global beer giant during the quarter. From October to the end of the year, BUD traded down from $124 to $110 and has recently fallen further to $106. While the threat of craft beer stealing market share has been real, BUD has unprecedented scale in the industry and has simply bought out craft brewers in response.
- Apple (AAPL): This stock graces this list for the second consecutive quarter. This time around, Maverick Capital, Appaloosa, and Berkshire Hathaway all acquired more shares. That last firm made the most noteworthy buy, as AAPL is now Warren Buffett’s largest holding. The company recently benefited from the tax cuts and tax repatriation holiday that was passed, which allows the company to bring back $250+ billion of its overseas cash to invest in the business, pay dividends, and buyback even more stock. That definitely seems to be a large portion of the bull thesis now.
- Parsley Energy (PE): The vast majority of funds in this newsletter haven’t had a ton of energy exposure on the long side over the past year. This quarter, though, Omega Advisors, Third Point, and Viking Global all more acquired PE shares.
- Monsanto (MON): Shares of this agricultural giant were accumulated by Paulson & Co, Farallon Capital, and Berkshire Hathaway during the fourth quarter. The company is merging with Bayer in a $63 billion deal that was announced over a year ago. It’s been going through the regulatory gauntlet as of late, with the European Union delaying its ruling until March. Bayer is offering various additional concessions in order to appease regulators.

* Consensus Sold Positions
- Bank of America (BAC): After generating solid gains on their positions by betting on the banking giant benefiting from a healthier economy and a rising interest rate environment, funds that took profits and exited stage left included Third Point and Viking Global, among others.
- Newell Brands (NWL): Hedge funds such as Maverick Capital and Viking Global dumped their positions in Newell Brands during the fourth quarter. After acquiring Jarden, Newell management hasn’t integrated the businesses as well as investors hoped and the company’s performance and share price has suffered because of it. An activist investor (Starboard Value) recently emerged to try and get the company back on track by working with former Jarden executives.
- T-Mobile (TMUS): Funds including Lone Pine Capital and Third Point liquidated their exposure to T-Mobile.
Shares drifted and churned sideways and down most of 2017. Hopes of a merger with Sprint (S) came and
went and now the company continues its march as a standalone company focused on taking share from the two
large incumbents AT&T (T) and Verizon (VZ). Part of the bull thesis has always been that TMUS would be an
acquisition target for someone, but the question is who? Other wireless companies, cable companies, or even
tech firms have all been rumored suitors, but nothing concrete has materialized, at least not yet.
* C.R. Bard (BCR): This stock no longer trades as Becton Dickinson (BDX) acquired the company in a $24
billion deal. As such, funds no longer show a position in the company.

* Consensus Decreased Positions
- Facebook (FB): This is the third consecutive quarter this stock lands on this list as funds like Tiger, Bridger Capital, Blue Ridge Capital, Farallon, Maverick, Viking, Lone Pine, and Coatue all take some profits and reduce their swelled position sizes. The company has been a monster as it takes online advertising market share, but it has been in the political crosshairs a bit lately, and bears point to regulatory threat as one of the biggest risks associated with the name.
- Alibaba Group (BABA): The Chinese e-commerce giant shows up on this list most likely due to its huge year. In 2017, BABA shares traded up well over 85%. So when funds see their position sizes practically double in a short timeframe, risk management practices kick-in and some profits are taken. Tiger, Maverick, Tiger Global, Coatue, Third Point, and Lone Pine all reduced their allocations to BABA.
- Microsoft (MSFT): If you haven’t yet noticed a theme, hedge funds were locking in gains in their profitable
technology positions during the fourth quarter. Funds that trimmed their MSFT stakes include Tiger, Omega, Farallon, Viking, Lone Pine, and Tiger Global.
- Alphabet (GOOG): Continuing with the tech stock trimming theme, Alphabet was reduced by the likes of Tiger, Farallon, Maverick, Appaloosa, and Coatue during the fourth quarter.
- IQVIA (IQV): This is the new company that was formed when IMS Health and Quintiles merged. Some funds were playing the merger arbitrage angle, while others were long for the business fundamentals. Either way, Farallon, Lone Pine, Glenview Capital, and Brave Warrior Advisors all reduced their exposure to the newly combined company.

>>> What to look at today - 26th of February 2018

Asian equities rose, extending a two-week global rally, after U.S. stocks posted strong gains and Treasury yields steadied. U.S. monetary policy is back in focus with two appearances from Federal Reserve Chairman Jerome Powell. Stocks from Sydney to Hong Kong advanced after the S&P 500 Index posted a solid U.S. session on Friday. Powell will speak before the House Financial Services Committee on Tuesday and the Senate Banking Committee two days later to give his Humphrey-Hawkins testimony. The dollar declined against its major peers as Treasury yields retreated below 2.90 percent. Australian bonds and gold climbed.

Nikkei +1.19% Hang Seng +0.60% CSI +0.91% Shanghai +0.94% Shenzen +2.05%

Eur$ 1.2330 CNH 6.3082 CNY 6.3139 JPY 106.48 GBP 1.4025 CHF 0.9329 RUB 55.9305 WTI 63.64 +0.14%

S&P +0.12% EuroStoxx +0.67% FTSE +0.54% DAX +0.76% SMI +0.25%

Macro :
- Goldman Says Stocks May Plunge 25% If 10-Year Yield Hits 4.5%
- U.K. Needs New Customs Treaty With European Union, Labour Says
- Nouy Says Greek Banks’ Top Priority is to Reduce New NPLs: Vima
- BOE Deputy Ramsden Leaps Into Rate-Hike Camp: Macro Squawk Wrap

Keep an eye on :
- ADP FP : France Is Said to Renounce Toulouse Airport Share Sale Plans:BFM
- AIRBNB IPO : Airbnb Founder Chesky Considers Starting an Airline: S. Times
- APC US : Anadarko Is Said to Be in Mozambique LNG Talks w/ Indian Buyers
- BMW GY : Great Wall’s BMW JV to Provide Timely EV Credits: Street Wrap
- BRK/A US : Berkshire Fourth Quarter Operating EPS Beats Highest Estimate
- BA US : Boeing, Embraer Deal Negotiations Said to Advance: O Globo
- DAI GY : Daimler in $2 billion China investment with BAIC as Geely swoops https://t.co/YAPzcDF5cS --> +2.1% pre mkt.
- DAI GY : Daimler Could Face Early Payback of EIB Loans: Welt am Sonntag
- DAI GY : Daimler Is Said to Seek to Block Geely Board Seat: Handelsblatt
- DBK GY : Deutsche Bank Formally Announces Intention to Float DWS Unit
- DIS US : ‘Black Panther’ Grosses $108M in Second Weekend: Variety
- FCA IM : Fiat Chrysler Is Said to Phase Out Diesel Cars by 2022: FT
- GATE SW : HNA Plans Gategroup IPO End of March, Swissport in 2Q: NZZamS
- GKN LN : GKN/Melrose: Melrose not currently seeking irrevocable undertakings during outreach - MergerMArket
- HOME SM : Neinor Downgraded to Neutral at Citi
- UG FP : PSA to Manufacture Cars in Malaysia With Naza From This Year
- PFG LN : Provident Financial Mulling GBP500m Rights Issue: S. Telegraph
- PNL NA : PostNL Full Year Adjusted Operating Profit 4.5% Below Estimates
- PNL NA : PostNL Says Dutch Postal Market Consolidation Is ‘Inevitable’
- SFQ GY : SAF Holland Sees Full Year Adjusted Ebit Margin +8% To +8.5%
- SIKA SW : Sika Offer for Burkard Higher Than Saint-Gobain: Tages-Anzeiger
- SEV FP : Suez Expectations Have Reset, Upgrade to Overweight: JPMorgan
- HO FP : Thales Wins Contracts for Australia’s OneSky Project: Herald Sun
- TOYS US : Toys R US Is Said to Seek Bids for European Arm: Sky
- NOKIA FH : Nokia CEO Says 5G Network Technology Coming Faster Than Expected
- VVT LN : Vivat CEO Is Reviewing Options Including Buyers, IPO: FD
- VIV FP : Sony Music’s Doug Morris is Said to Leave End-March: Variety
- VOW3 GY : Germany Prepares for Partial Diesel Driving Ban: Rheinische Post
- VOW3 GY : German Police Raid VW Site in Audi Emissions Scandal: Bild