>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance/SSS:
  • SMTC -9.4%, BOX -5.4%, LB -3.1%, GWRE -2.5%, JACK -1.7%, BKE -1%
M&A news:
  • JNPR -6.3% (NOK denies it is interested in potential takeover)
Other news:
  • GTN -4.9% ( prices 15 mln shares of common stock at $14.50 per share)
  • SGH -3% ( prices offering of 3,261,102 shares by selling shareholders at $33.50)
  • TRCO -1.3% (Announces offering of 7 mln shares of Class A common stock on an underwritten basis by a stockholder affiliated with Oaktree Capital (OAK) to Morgan Stanley)
Analyst comments:
  • NCLH -1.1% (downgraded to Underperform from Neutral at Macquarie)
  • ABX -1.6% ( downgraded to Sell from Buy at Citigroup)
  • GPS -2.7% (downgraded to Sell from Neutral at Citigroup)

>>> Golar LNG reports Q3 results and provides guidance commentary

Golar LNG reports Q3 results and provides guidance commentary (25.27)
  • Golar reports today a 3Q 2017 operating loss of $22.9 million as compared to a 2Q 2017 loss of $24.0 million. A pick-up in utilization toward the end of the quarter resulted in a small rise in time charter revenues which increased $1.0 million to $25.0 million in 3Q 2017. Voyage expenses increased from $11.8 million in 2Q 2017 to $13.1 million in 3Q 2017, with the increase largely attributable to repositioning and cool-down costs for the Golar Tundra which departed Ghana in September and prepared for service as an LNG carrier.
  • Guidance: The shipping market is showing strong signs of improving. As of today, the effective time charter rates being achieved in 4Q are more than twice that recorded in 3Q. An improving trend is expected to continue into 2018-2019 when shipping supply should lag demand created by increased production. At full utilization, every $10,000 increase in shipping rates equates to approximately $40 million additional annual operating cash flows across the entire fleet;

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance/SSS:
  • SHLD +29%, TLYS +12.6%, SNPS +10.1%, KR +8.2%, BOSC +7%, MIK +5.9%, RYB +4%, TITN +3.2%, CS +3.2%, COST +2.2%,
M&A news:
  • CHDN +1% (To sell its Big Fish Games mobile gaming subsidiary to Aristocrat Technologies in an all-cash deal for $990 mln)
Other news:
  • ADMP +8.4% (Submits prior approval supplement to FDA)
  • CS +3.2% ( provides 2019-2020 objectives at its Investor Day)
  • TXMD +1.5% (Resubmits the New Drug Application for TX-004HR with the FDA)
Analyst comments:
  • VSTM +5.7% (initiated with a Buy at ROTH Capital; tgt $12)
  • MDCO +5.3% ( upgraded to Outperform from Perform at Oppenheimer)
  • WAIR +2.8% (upgraded to Hold from Sell at Deutsche Bank)
  • HCA +2.2% ( upgraded to Overweight from Neutral at JP Morgan)
  • BSX +1.5% upgraded to Buy from Neutral at BTIG Research)
  • GILD +0.9% (upgraded to Buy at Maxim Group)

>>> Kroger beats by $0.04, reports revs in-line; reaffirms FY18 EPS guidance; Q3

Kroger beats by $0.04, reports revs in-line; reaffirms FY18 EPS guidance; Q3 comps +1.1%; sees Q4 comps exceeding +1.1%; provides FY19 guidance commentary (24.38)
  • Reports Q3 (Oct) earnings of $0.44 per share, $0.04 better than the Capital IQ Consensus of $0.40; revenues rose 4.5% year/year to $27.75 bln vs the $27.48 bln Capital IQ Consensus.
  • Co reports Q3 identical supermarket sales growth, without fuel, was 1.1% in the third quarter of 2017.
  • Gross margin was 22.4% of sales for the third quarter. Excluding fuel, ModernHEALTH and the LIFO charge, gross margin increased 30 basis points from the same period last year.
  • Lower cost of goods and sales mix more than offset continued price investments. Gross margin was 22.4% of sales for the third quarter.
  • Excluding fuel, ModernHEALTH and the LIFO charge, gross margin increased 30 basis points from the same period last year.
  • Co reaffirms guidance for FY18, sees EPS of $2.00-2.05, excluding non-recurring items, vs. $1.97 Capital IQ Consensus Estimate. Guidance: Kroger expects fourth quarter identical supermarket sales growth, excluding fuel, to exceed 1.1%. The company expects capital investments excluding mergers, acquisitions and purchases of leased facilities, to be approximately $3.0 billion for 2017.
  • FY19 Guidance: "We are striving for net earnings per diluted share to be flat to slight growth from 52-week 2017 adjusted results. We are not seeing anything that would cause us to be below $1.80. · We expect capital investments, excluding mergers, acquisitions and purchases of leased facilities, to be approximately $3.0 billion. · We expect the full year identical supermarket sales growth, excluding fuel, to be stronger than 2017." (FY19 Capital IQ consensus: $1.95)

>>> US Early premarket gappers

Early premarket gappers
Gapping up: SHLD +29.5%, BOSC +10.7%, ADMP +10%, SNPS +9.5%, CS +3.4%, RYB +2.8%, COST +2%, CHDN +1.1%, TXMD +0.5%,

Gapping down: SMTC -9.2%, LLNW -7.5%, JNPR -6.5%, BOX -5.7%, EXPR -4.2%, JACK -4.2%, GWRE -2.5%, NOK -1%

>>> Sears Holdings beats by $1.82, reports revs in-line; total comparable store

Sears Holdings beats by $1.82, reports revs in-line; total comparable store sales -15.3% y/y

Reports Q3 (Oct) loss of $2.64 per share, $1.82 better than the single analyst estimate of ($4.46); revenues fell 27.2% year/year to $3.66 bln vs the $3.68 bln single analyst estimate.
Total comparable store sales declined 15.3%. Kmart comparable store sales decreased 13.0%, while Sears comparable store sales declined 17.0%.
Adjusted EBITDA improved $100 million to $(275) million in the third quarter of 2017, from $(375) million in the prior year third quarter. This marks the second consecutive quarter of at least $100 million improvement in Adjusted EBITDA as the restructuring actions taken in the first three quarters of 2017 have resulted in meaningful year-over-year improvement in the Company's performance.
Looking ahead to Q4 they intend to
Continue to develop new ways to leverage the Shop Your Way platform in order to invest marketing dollars at the member level to optimize returns and improve comparable store sales trends and associated profitability.
Diversify revenue streams through third party partnerships in several of our businesses including Sears Home Services, Innovel, Kenmore and DieHard.
Further build on the momentum around our dedicated concept stores similar to the recently opened Sears Appliances and Mattress stores in Camp Hill, Pennsylvania and Honolulu, Hawaii.
Maintain extreme cost discipline focus in light of continued headwinds across the retail sector.
Edward S. Lampert, Chairman and Chief Executive Officer of Holdings, said, "In the third quarter, we continued to narrow our losses and delivered another quarter of Adjusted EBITDA improvement of at least $100 million. With the challenging retail landscape continuing to pressure sales, the improvement in Adjusted EBITDA is reflective of the success of the strategic priorities we outlined earlier this year to streamline our operations, reduce inventory and minimize operating expenses, as well as our commitment to our goal of restoring positive Adjusted EBITDA in 2018. Our Shop Your Way membership program and Integrated Retail Strategy remain a key focus for us in order to meet the needs of our members and provide our members with the best experience possible throughout the holiday shopping season."

>>> Europe Pre-Market

BAML
AVIVA - Raises pay-out ratio target to 55-60% of operating EPS by 2020 (514)+3%
MARSTONS - Fine with FY revs 3% better although pretax 50bps lighter (107)+1-2%
BAE - Pension top up is not as big as expected, £15m v BAML £50m (552.2)..+1-2%
C.SUISSE - Has set itself a new reported RoTE target of 11-12% by 2020e (17)+1%
REPSOL - Board will consider doing a share buyback; Bloomberg reports (15.6)+1%
H&M - Chairman sees misconception on company digitization; DI (195.77)....+0.5%
OSRAM - Raised its divi proposal for FY17 to EUR1.11/shr from EUR1.1 (71).+0.5%
NOKIA - Has denied its in acquisition talks with Juniper Networks (4.21)....u/c
GRAINGER - NNAV up 5.6%, adj earnings +40%.Efficiencies coming through (286)u/c
GO AHEAD - Mgmt; Overall trading has been inline with expectations (1600)...u/c
NORSK - Aluminium: Alcoa -4.76% and Century Aluminum -11.25% will weigh (59)-1%
NN - Targets 5-7% op profit growth, div payout slightly below our ests (35).-2%
GREENE KING - First half challenging with eating frequency down 13% (523.8).-3%
LAMPRELL - Warning. Sees FY17 earnings materially below current ests (52.5)-25%
RBC
*AIRBUS: 0% LA TRIBUNE: CTO Eremenko said to leave AIR.
*ALTICE: -1% buyback suspended, as expected.
*AVIVA: +1% raises pay-out ratio target to 55-60% of OPER EPS by '20.
*BAE SYSTEMS: +1% completes revised UK pension funding pact.
*CREDIT SUISSE: +1% Q4'17 weak on CM, FY'18 targets largely affirmed.
*DAILY MAIL: -2% FY'17 revenue miss, numbers light.
*ELEKTA: +2% Q2'17 net sales beat.
*ENQUEST: +1% operational update solid, Kraken continues to improve.
*GENMAB: +2% gets $20M milestone from JANSSEN, FY'17 guidance boosted.
*GO-AHEAD: 0% trading update in line, regional bus revenues flat YoY.
*GRAINGER: +1% FY'17 profits +2%, dividend better, net rental income +8%.
*GREENE KING: +2% H1'17 numbers solid, cost cuts on track, better than expected.
*NOKIA: 0% denies in acquisition talks with JUNIPER NETWORKS.
*NN GROUP: +2% targets cost reduction of €350M by '20, dividend policy unchanged.
*OSRAM: +1% proposing higher dividend @ AGM.
*PAYPOINT: +1% H1'17 numbers solid, FY'17 outlook reiterated.
*REPSOL: 0% considering share buyback programme.
*TP ICAP: 0% announced acquisition of COEX PARTNERS, ahead of CMD.
*WIZZ: +1% secured all take-off and landing slots @ Luton from MONARCH.
MainFirst
*CS-Aims to pay 50% of Net in b/backs,divs,CET1 12-15%(>13%).........+1.5%
*SIEMENS-Healthcare listing planned for H1 2018,worth €40bln.........+0.5%
*AIRBUS-CTO Paul Eremenko is said to leave company - La Tribune......U/C
*IBERDROLA-Weighs seeking regulator opinion on Gamesa-Expansion......U/C
*NOKIA-Says its not in talks or preparing an offer for Juniper.......+0.5%
*FUCHS-Buys lubricants bizz from Lubasyst, small deal, overall +ve.....+0.5%
*ELEKTA-Net Sales 2.8b(2.65),OP 365m(304.3),Ebita 509m(433)..........+3%
*NOVARTIS-Positive results from Strive study & +ve Cosentyx news.....+0.5%
*MAERSK-Transformation will take 3-5 yrs - CEO tells Borsen..........U/C
*HOCHTIEF-Leighton Asia JV wins construction deal in HK A$273m.......+0.5%
*SAP-Read across from Workday, stk -4% a/hrs, following Q3 no's........+0.5%
*MEYER BURGER-Sees strong order momentum ahead of today's Tech Day...+0.5%
*VW-Diess +ve on electrification plans & confirming cultural change..+0.5%

Macquarie
UK:
* AA- Homeserve buys it’s Home Emergency Operations Unit, no No’s. (Telegraph) +1%
* Aviva- Upgrading Cash Flow & Growth tgts, has £3bn of excess to deploy in 2018 &2019. +2%
* Jackpot Joy- Placing of 5.56m shs at 802p by MACQ, Call for further details.
* Lamprell – Another Profit warning. EBITDA materially below expectations due to incremental costs incurred on its East Anglia One offshore windfarm project. -10%
* Oils- OPEC meeting in Vienna today to discuss whether to extend cuts. Likely announcement 4pm UK time.
* Petrofac- Small positive read across from the SBM settlement of Unaoil legacy issue. +1%
* TCAP- Buys Coex Partners for £7.1m. Unch
EURO:
* Credit Suisse- Remains committed to 2018 tgt, upgrading ROTE tgt got 2019 to 10-11%. +1-2%
* Repsol- Considering Buyback in Feb 2018. +1%
* SBM Offshore- Agrees with DoJ to pay $238m for legacy issues. +1-2%

CS
Aviva +1% Investor day, raising its payout target range
BAE Systems +1% Reduced pensions deficit
Daily Mail -3% FY revs GBP1.56B est GBP1.67B
Euronext +1-2% Will acquire the Irish Stock Exchange (ISE) for €137m
Euronav M/P Sold the Suezmax Cap Georges for USD 9.3 million
Go Ahead +1% Full year expectations unchanged in bus and rail
Grainger M/P 3.8% lfl rental growth, stamp duty change should be helpful
Greene King +1-2% Consumers tightening belts, Pub Partners/Brewing ahead
Marstons +1-2% Revs £992m vs cons £959m, pretax inline
Meyer Burger R Statement out ahead of Technology Day
Miners -0.5% Copper +0.05%, Brent +0.40%, Iron Ore +1.55%, China -1.10%
Norsk Hydro -1% CMD inline, Aluminium names weaker in the US over night
Nokia M/P CNBC - Nokia reportedly is in talks to buy Juniper
NN Group -1% CMD - no change to profit growth targets
Paypoint M/P 1H18 Results In-Line. Progressing as Guided
Prudential -1-2% Asian Insurers weaker. AIA/China Pacific/Ping An -3-4.5%
Siemens M/P Confirmed plans to list Healthineers in Frankfurt in 1H18
TP Icap M/P Capital markets update inline