Russia Fin Min Siluanov: Sees no fundamental reason for optimism on oil price - finanical press
- Sees oil price at $40/bbl over next three years
- Expects RUB currency to remain stable from current levels
IMF Wants Eurozone Debt Relief for Greece Until 2040
Interest rate on eurozone loans would be fixed for 30 to 40 years, say people familiar with IMF proposal
The IMF wants the loans to Greece to fall due gradually in the following decades, and as late as 2080, according to the IMF’s proposal.
Greece’s interest rate on eurozone loans would be fixed for 30 to 40 years at its current average level of 1.5%, with all interest payments postponed until loans start falling due, under the IMF proposal.
The IMF’s proposal, presented to eurozone governments late last week, would keep Greece’s annual debt-service needs below 15% of its gross domestic product, under the IMF’s relatively pessimistic forecast for Greece’s long-term economic trajectory.
The IMF’s demands go far beyond what Greece’s eurozone creditors have said they are willing to do to help Greece regain its financial health.
Eurozone governments, led by Germany, are reluctant to make such major concessions on their loans to Greece, which currently total just over €200 billion ($226 billion) with around another €60 billion to come under the latest Greek bailout plan.
But Germany, the eurozone’s dominant economic power, also wants the IMF to rejoin the Greek bailout as a lender. The IMF hasn’t yet signed up to the Greek program agreed last summer.
German Chancellor Angela Merkel has long viewed the IMF as essential to the credibility of the Greek bailout. Her government promised Germany’s parliament, the Bundestag, last year that the IMF would join the new bailout program before Europe disburses further money to Athens.
Investec
* BOSS- Finance Chief Langer promoted to CEO, announced just b4 close.......U/C
* BOUYGUES- CEO making cautious cmmnts, -ve read from strong Iliad subs.....-1%
* ELUX-weak AHAM data, April major appliances shipments -10.5% YoY..........-2%
* HAVAS-‘one day there will be something between VIVENDI & HAVAS’-Bollore...+1%
* ILIAD- Q1 rev in line, improved subscriber mix............................+2%
* UTD INTERNET-Q1 sales 1% miss, ebitda 1% beat, confirms FY................+1%
Other news
* NOKIA-59.3m shrs placed at €4.47 last night on behalf of Alcatel ADS holders.
* FRANCE-Areva will need €5bn capital, Govt may sell some listed holdings(Echos)
* SYNGENTA-ChemChina extends main offer until 18th July, expected
* MAN SE-results scheduled.
* Markets closed: Norway
* AMEC FW-Wins Kenyan Oil terminal contract................................+1%
* ASTRA ZENECA-Positive results from Asthma drug...........................+½%
* BTG-FY in-line. Good progress on implementing growth strategy............unch
* DCC-FY record year, 97% cash conversion, increased divi'..................+2%
* ENT.INNS-H1 in-line,H2 trad'g in-line despite weak Easter.Small BB prog'.unch
* FIRST DERVI-FY ahead of recently upgr'd no.s. Divi+26%.2% ebitda upgr'....+2%
* GREENCORE H1 –in line with expectations, no change to numbers............unch
* HILL&SMITH-Update. Trading ahead of exp's.4.8% EPS u/g. 2 acq's...........+3%
* IDOX-Update. See H1 EBITDA 'substantially' ahead of last yr.............+2-3%
* ITE-Placed 4.65m shares @ 130p(closed 137p)...............................-1%
* LAND SECS-FY. Strong set of numbers, outlook remains positive.............+1%
* LOOKERS-Update.+tive 1Q update, re-iterates FY guidance...................+1%
* PREMIER FOODS-FY.#'s in line. Own brand better.margins flat..............unch
* SPEEDHYHIRE-FY.Rev a miss,maintians div(0.4p).Improving outlook...........+1%
* SPORTECH-Update. Trading remains in line iwth expectations...............unch
* TARSUS-Q1.Trading in line, on track to meet FY exp's...
..................unch
* TAYLOR WIMPEY-Update.Paying further Spec Div, u/g near term targets.......+3%
* TREATT-H1. Ahead of exp's but remains H2 weighted.........................+1%
* VODAFONE-FY.#'s i/l. Q4 Or Rev +2.5%(est 1.5%)Strong free cash flow.....+2-3%
JPM:
ASTRAZENECA +ve headlines on phase 3 trials of Benralizumab +1%
BTG H2'16 strong, but Varithena/RePneu trajectories trimmed. -1%
DCC Solid results, positive 2017 outlook. +3%
DIAGEO LATAM tequila accounting issues, raises concerns elsewhere. -1%
ELUX AHAM data for April weak after strong March. -2%
ETI Financials inline, CEO positive, reiterates FY guidance. +2%
GAZPROM Major divi disappointment -7%
GRAND CITY Broadly inline unch
HAVAS Bollore comments in Les Echos re: Vivendi & Havas +1%
ILIAD Q1 revs 0.8% ahead, KPI's mixed, overall report reassuring. +1%
LAND FY16 solid overall. +2%
LOOKERS Positive statement, March strong, reiterates FY guidance. +3%
PEARSON Awarded contract in Tennessee: positive for sentiment. +1%
SANDVIK JPM UPGRADE to NEUTRAL. +2%
TAYLOR WIMPEY Special dividend of £300m, increases medium term targets. +4%
VODAFONE Q4 strong; cashflow positive, outlook positive. +1%
ML:
ROCKHOPPER - Audit shows resource base in Falklands has doubled...........+5%
VOD - Q4 service revs v strong +2.5% v +1.6%. Beats across the board......+2%
ASTRAZENECA - Positive Benralizumab endpoint result in severe asthma....+2-3%
ILIAD - Decent KPIs with 78k broadband adds. Mobile slower than usual 215k+2%
LAND SECS - Dil NAV ahead of BAML @ 1,434p +10.9%. Divi +10% to 31.85p..+1-2%
3I - Basic Fit announces looking to list. It is 3i’s fifth largest holding+1%
AGGREKO - We UPGRADE to Buy, PO 1410p & raise EPS by 12%/16% for FY17/18..+1%
UK MINERS - Copper +0.3%, Iron Ore unch & BHP OZ +3.5%, FMG +3.4%.........+1%
T.WIMPEY - Increase in div plans. Expects to pay 5% of NAV as maintenance.+1%
DIALOG - Apply supply chain firm tracking AAPL (+4%) as Buffet takes stake+1%
CASINO - Partial withdrawal. 580k shrs to be cancelled & ex-div today.....+1%
ENT INNS - Modestly ahead with 1H16 EBITDA £142mn and PBT £57mn.......u/c-+1%
SYNGENTA - USDA to join U.S. Panel reviewing ChemChina's Syngenta deal....u/c
UNITED INT - Decent #s. Revs 0.6% light but EBITDA ok, 1% ahead at €202m..u/c
ELECTROLUX - Weak US appliance data -3.1% AHAM 6 and -10% for overall...-0.5%
GEMD - Q1 Prod 29kct, run rate 27% of our FY est. Avg P/diamond -8% QoQ...-5%
CS:
Actelion M/P Granted marketing authorization for Uptravi
Braas Monier +5-10% 40North to acquire 29.1% stake in Braas Monier Building Grp
Ent Inns M/P H1 EBITDA £142m (FY16e 291m), business performing well
Electrolux -1% Whirlpool falls for 4th day after soft Aprl Appliance
data
Eutelsat M/P CS downgrade to NEUTRAL (Outlook worsened)
Gam M/P Agreed to acquire Taube Hodson Stonex Partners
Geberit +0.5% Looking at strategic options for 2 French sites
Grand City +1% Adj EPRA NAV has increased by 5%, EU13.06 vs 12.42 at
YE
Hugo Boss -1-2% Mark Langer (CFO) to be appointed as new Chairman and
CEO
Iliad +1% 1Q revs EU1.15b vs EU1.07b
Land Secs +1% EPS small light (2% miss) but NAV/LTV solid
Lufthansa +0.5% Pilots union working towards an agreement by end-July
Miners +1% Copper +0.10%, Brent +0.40%, Iron Ore +0.15%,
China -0.46%
Nokia -0.5% JP Morgan placed 59.3mln shares at EU 4.47
Prem Foods +5% 4Q sales +1.4% vs CS -1% sales growth now confirmed
Schroders M/P Adding a team from Brookfield, $4 billion in assets
Speedy Hire +3-5% Sales £329m vs cons 333m, outlook fine
Syngenta R ChemChina extends main offer period for SYNN until July
18.
United Inter M/P Sales €968m vs cons 974m, confirm FY forecast
Vodafone +1-2% 4Q organic service rev growth 2.5% vs est 1.5%
MF
*UTDI--Sales 968.6m(977.3),Ebitda 202.7m(200),Ebit 154m(147.2).......+0.25% *ACTELION-Granted marketing authorization for Uptravi by EC..........+0.5% *VIVENDI-Canal Plus to reduce free content to cut costs-Echos........+0.25%
*ILIAD-Q1 Sales €1.145b(1.132),Mobile adds 215k,B/Band 78k...........+2% *DUFRY-Extends Duty-Free,Duty-Paid contracts at Rio Airport..........+0.25% *GEBERIT-Looking at strategic options for 2 French sites.............+0.25% *BOUY TEL-Difficult to raise prices,aims 2 make cell phone pftable...-1% *SHAEFFLER-To build digitization & may seek acquisitions-SDZ.........+0.25% *ROCKET-Ebay said to eye Fashion,Lifestyle expansion in India........-1.5% *ADIDAS-Landau says co aims for "2-digit" pft margin-(priced in).....+1% *GAM-Aquired THS yesterday has £1.78b AUM,deal will close Q3.........+0.25% *AAREAL-CEO says ready for acq's & confirms targets..................-3% *BOSS-Names CFO Mark Langer as CEO...................................+2%
*ELECTROLUX-Weak AHAM data,April appliance data -10.1% YoY...........-2%
Shore
SPEEDY HIRE - revs -12.2% £329m,PBT -77.2% £5m,overhead reductions exceeded.UNCH
LOOKERS - gd start to yr,profit +25%,sees FY result inline with expec........+1%
ITE - GPP Advisors sell 4.65m shares in placing at 130p......................MKT
VODAFONE - organic revs +2.3% £41bn,EBITDA at upper end of g'dance,divi +2%..+1%
PREMIER FOODS - Q4 sales +1.4%, brands +1%,raises next yrs sales g'dance.....-3%
BTG - grp revs +22% £447.5m,profit +21%,margins steady.......................+1%
SPORTECH - positive start to yr,inline with expec...........................UNCH
GREENCORE - strong rev growth of +8.1% £691.6m,oper.pft +8.5%................+2%
LAND SECS - NAV +10.3%,divi +9.9%,positioned for whatever brexit outcome....UNCH
Alphabet Unveils Program for Carpooling Via App, Fraying Ties With Uber
Google parent to enable commuters in San Francisco area to hitch rides with users of Waze app
Google parent Alphabet Inc. is pushing into the rapidly expanding ride-sharing business with a new app that lets commuters carpool together, further fraying its ties with Uber Technologies Inc.
Alphabet on Monday unveiled a pilot program that will enable several thousand San Francisco-area workers to hitch rides to or from work with users of Alphabet’s popular Waze navigation app. Riders will pay drivers 54 cents a mile, and Alphabet won’t take a cut during the pilot.
The program signals Alphabet is likely to use Waze as a way into the increasingly popular world of ride sharing, pitting it more directly against Uber, the world’s most valuable private venture-capital-backed company, which dominates ride sharing in the U.S.
Alphabet and Uber have been allies. Alphabet’s Google Ventures invested $250 million in Uber in 2013 and included prompts to book Uber rides in its Google Maps app. Alphabet’s senior vice president for corporate development, David Drummond, is on Uber’s board.
However, the relationship is increasingly fraught. Uber is developing its own mapping and driverless-car technology, which could compete with Alphabet’s efforts to develop a self-driving car. A spokeswoman for Uber declined to comment on the company’s relationship with Alphabet.
The new ride-sharing program comes just days after Apple Inc. invested $1 billion in Chinese ride-sharing firm Didi Chuxing Technology Co., whose other investors include Chinese Internet giants Alibaba Group Holding Ltd. and Tencent Holdings Ltd. General Motors Co. , meanwhile, invested $500 million in Uber rival Lyft Inc. Many of the companies are also hoping to upend transportation by pairing their bets on ride sharing with work on driverless cars.
Alphabet said it began testing its carpooling app, called Waze Rider, in Tel Aviv in July 2015. Thousands of people now use the app across Israel, where Alphabet takes a 15% commission on each ride. In the fall, Google employees began testing the app and their use will expand under the new pilot.
An Alphabet spokeswoman said the company doesn’t have long-term plans for the app and is simply testing it to gauge users’ interest. She also said that unlike Uber or Lyft, drivers won’t be able to make a living off Waze Rider because they are limited to two rides a day—to and from work. Drivers will be paired with only one rider and they will have to share near identical commutes.
Riders in the pilot are limited to about 25,000 Bay Area employees of several companies, including Wal-Mart Stores Inc. and Adobe Systems Inc., but Alphabet expects only a fraction of those workers to use the service. Alphabet said that over the next several weeks it will gradually offer the opportunity to drive for the carpool service to several thousand of the more than 700,000 Waze users in the Bay Area. Alphabet said it doesn’t plan to vet drivers for the carpooling service, which has been an area of controversy for Uber and Lyft.
Noble and Delek planning to drop Block 12, keep Aphrodite
Noble Energy and Delek Group will be handing back their rights in the Cypriot Block 12 to the Government of Cyprus, according to a report in Globes.
The report noted, based on unidentified sources, that the companies are however planning to keep rights at the Aphrodite field, which falls within Block 12.
Noble Energy and Cyprus Shell each have 35% stakes whereas Delek Drilling and Avner Oil each have 15% stakes in the Aphrodite field, which has natural gas reserves of 125bn cubic metres, besides condensates of 9m barrels.
Globes
Konecranes/Terex MHPS deal could collapse as Zoomlion likely to make improved offer for all of Terex
The Finnish crane maker Konecranes’ [HEL:KCR1V] attempt to buy the Connecticut-based Terex’s [NYSE:TEX] material handling and port business (MHPS) could collapse as it is likely the Chinese Zoomlion [SHE:000157] will make an improved offer for all of Terex, Helsingin Sanomat reported.
The Finnish language piece cited Elina Riutta, an Evli Bank analyst, who noted the EUR 1.1bn offer could still collapse because Zoomlion has a right to raise its offer for Terex till end of May.
Riutta said she believes Zoomlion will make another, successful offer for all of Terex which means Konecranes’ and Terex’s arrangements would collapse.
Helsingin Sanomat
RTRS - IMPLIED PROBABILITY OF BRITISH VOTE TO STAY IN THE EU RISES TO 73 PCT, ACCORDING TO BETFAIR BETTING ODDS
Bolloré prêt à réduire drastiquement les plages en clair sur Canal+
Le patron de Vivendi pense que la chaîne payante est « sauvable » et « sera sauvée ».
Il mise sur l'accord avec BeIN mais aussi sur une nouvelle approche marketing.
Les plages en clair n'auront pas totalement disparu de la grille de programme de Canal+ à la rentrée prochaine, mais les contenus gratuits accessibles à tous vont voir leur part se réduire très nettement dès septembre prochain au profit de programmes cryptés réservés aux abonnés. « Il n'y a pas une seule chaîne payante au monde qui ait des tranches en clair. Et pour nous, ce n'est pas une obligation réglementaire. Nous pouvons donc les réduire, déclare aux « Echos " Vincent Bolloré, le président du conseil de surveillance de Vivendi, la maison mère de Canal+. Il faut que l'arbitrage sur ce point soit rendu d'ici à l'été. »
Selon nos informations, Canal+, qui a déjà réduit d'une heure environ les plages en clair cette saison, ira nettement plus loin à la rentrée. Fini les cinq heures de programmes gratuits en semaine et jusqu'à six heures le week-end. « Quand on ouvre une plage en clair, on gagne certes à court terme des recettes publicitaires, mais à long terme, on perd des abonnés. Surtout quand on diffuse en clair des émissions qui auraient vocation à être réservées aux abonnés payants ou quand elles n'ont rien à voir avec la programmation en crypté. La bonne méthode pour générer de l'abonnement, c'est au contraire de commencer à diffuser un match et de basculer en crypté ", précise Vincent Bolloré.
Des basculements sur D8 ?
Du coup, pas impossible que des magazines comme « Le Tube ", « Le Supplément » ou l'émission hebdomadaire de Thierry Ardisson qui sont aujourd'hui en clair puissent basculer en crypté, alors que les émissions comme le « Canal Football Club » ou « Canal Rugby Club », qui mettent en avant des contenus sportifs exclusifs, restent, elles, en clair. L'avenir des tranches en prime time de fin d'après-midi, fragilisées par les mauvaises audiences du « Grand Journal » et le départ de Yann Barthès du « Petit Journal », reste pour l'instant plus flou. Il est également possible que certaines émissions basculent sur D8, la plus grosse chaîne de la TNT gratuite du groupe.
Un an après avoir effectué un grand ménage à la tête de Canal+, Vincent Bolloré estime en tout cas que le plus dur est passé pour la première des chaînes payantes françaises et ses déclinaisons. Et ce, même si elle perd encore des abonnés.
« Je pense non seulement que Canal+ est sauvable, mais qu'il sera sauvé, sous réserve des accords prévus et des économies à faire. On est passé par une première phase de prise de conscience, puis on a mis en place l'équipe qu'il faut, et la direction est maintenant claire. Quant à la démarche, elle s'inscrit dans le long terme », explique le président du directoire de Vivendi. Il estime que, si le groupe obtient de l'Autorité de la concurrence le droit d'être le distributeur exclusif de BeIn Sports, il pourra commencer à rebondir. L'enrichissement de ses contenus dans le sport devrait permettre au groupe d'ajuster et de diversifier le marketing de ses offres en proposant à la fois des abonnements moins chers et plus chers. Une manière de séduire de nouveaux clients, de retenir ceux qui risquent de partir ou de faire monter la facture moyenne d'autres. « Le taux de pénétration de la télé payante est de 45 % en Angleterre. Et de seulement 20 % en France ", note-t-on chez Vivendi. Qui plus est, le prix de l'accès à Internet est relativement faible en France, ce qui devrait libérer du pouvoir d'achat pour les contenus proprement dits.
Redéployer iTélé
Pour retrouver le chemin de la croissance, au-delà du sport, Canal+ mise sur ses investissements dans les contenus et la technologie. Pour se démarquer de la concurrence, le groupe va continuer de miser sur ses séries exclusives et sur de nouvelles « apps " capables de fidéliser ses abonnés en favorisant la consommation en mobilité ou en télévision de rattrapage. Le groupe compte aussi renforcer les partenariats avec des actifs de Vivendi, de Dailymotion à Universal Music en passant par Mediaset Premium en Italie.
Concernant iTélé, qui serait, selon la rumeur, à vendre, Vincent Bolloré est clair. « Il ne faut pas vendre iTélé, mais, au contraire, la garder et la redéployer en utilisant les forces de Vivendi et de Canal : on peut y couvrir plus de sport, plus de cinéma, plus de culture, plus d'économie, plus d'international. Il faut se démarquer de la concurrence en jouant sur nos forces ", dit-il.
Dow +1% S&P +0.98% Nasdaq +1.22% Russell +1.25%
US Market closed higher, closed above its 50d MA. Today's trade featured an upswing in the oil pit, weakness in the dollar, an uptick in M&A activity, and a rebound in the heavyweight technology (+1.4%), health care (+1.4%), and industrial (+1.1%) sectors. WTI crude ended its day higher by 3.3% at $47.72/bbl. AAPL gained 3.7% after BRKB disclosed that it acquired 9.8 million shares of the tech company. Warren Buffett's Berkshire Hathaway also added to its position in IBM and offered financing to a consortium of investors looking to bid on YHOO. health care space rebounded 1.4%, trimming its May loss to 2.9%. Volume were below average at 860mil shares. US After Hours GALT +19% following 'positive' interim clinical data; LC -8% after disclosing receipt of a grand jury subpoena from the DOJ.
Asia is mixed today. The Nikkei is off its highs with the yen holding inside its recent range. Despite an apparent push by Japan PM Abe for a coordinated response, press have highlighted differences among G7 officials on the yen and fiscal policy leading into this week’s meetings. Abe also stated he is yet to decide on a consumption tax hike delay. Greater China is weaker with mainland media clarifying a recent article (which subsequently got lot of traction) on an "authoritative" figure who warned against excessive leverage. There have also been reports China will tighten trading halt rules in a bid to ease A-share passage into MSCI indexes. ASX energy stocks are outperforming amid higher oil prices. Japan Steel -7% Psco -2.9% (Nippon Steel to sell stake in Posco) Sony -4% on Numbers
Nikkei +1.02% Hang Seng +0.32% CSI -0.32% Shanghai -0.23%
Eur$ 1.1316 CNH 6.5402 CNY 6.5195 JPY 109.02 GBP 1.4483 CHF 0.9778 RUB $ 0.9777 WTI $48.15 (+0.90%)
S&P +0.07% EuroStoxx +0.48% Dax +0.59% SMI +0.37%
Macro :
- U.S. Discloses Saudi Holdings of Treasuries for First Time
- ECB’s Latest Interest Cut Not Justified, Ifo’s Fuest Tells WAZ
- France Plans to Sell Some Listed Investments, Vial Tells Echos
Keep an eye on :
- AGR AV : Agrana Sales, Profit Fall on Sugar; Proposes EU4/Share Dividend
- BP IM : Banco Popolare, BPM Asset Quality Won’t Be Best in Class: KBW
- GBB FP : Bourbon Can’t Get Financing to Buy Gas Activities From Jaccar
- EN FP : Bouygues Telecom Can Go It Alone, CEO Tells Echos
- CSGN VX : Credit Suisse Said to Offer Bond Against Large Losses: WSJ
- EZJ LN : Norwegian Sees Possible Co-Op With Easyjet, Wizz Air: Berlingske
- FAGR BB : Fagron Says Last Condition Met for Capital Increase Re Bellevue
- FCA IM : Fiat Chrysler Exposed to Downturn, Cut to Underperform: Exane
- GCY GY : Grand City Properties 1Q Rental and Op. Income Up 54% Y/y
- BOSS GY : Hugo Boss Names CFO Mark Langer as Chief Executive Officer
- ILD FP : Iliad 1Q Rev. Grows; Adds Mobile, Broadband Subscribers
- NOKIA FH : Alcatel-Lucent ADS Holders Selling 59.3m Shares in Nokia, Sold at E4.47
- NOVN VX : Novartis Most Likely Competing Bidder for Anacor: JMP
- PBR US : Brazil May Name Pedro Parente New Petrobras CEO: O Globo
- RECIB SS : Recipharm Now Sees Rights Issue of SEK805m vs Earlier SEK850m
- SYNN VX : ChemChina Extends Main Offer Period for Syngenta Until July 18
- TEVA IT : Teva in ‘No Rush’ for Another Big Generics Deal: Wells Fargo
- TNTE NA : Syquant Capital Reports 3.03% Holdings in TNT, AFM Filing Shows
- UTDI GY : United Internet Says Continued Growth in 1Q, Confirms FY Outlook
- VIV FP : Canal+ to Reduce Free Content to Cut Costs, Les Echos Says
- VIV FP : Amazon, Netflix May Face Local-Content Rules in Europe: Echos
- VOD LN : Vodafone 4Q Organic Service Revenue Growth Beats Ests.
- WBA US : Goldman Selling 6m Walgreens Shrs at $77.65/Shr for Holder: CNBC
>>> Up
*AGGREKO RAISED TO BUY VS NEUTRAL AT BOFAML
*ALPHA BANK RAISED TO BUY VS NEUTRAL AT UBS
*BANCO POPOLARE RAISED FROM UNDERWEIGHT TO EQUALWEIGHT AT MORGAN STANLEY
*ITV PLC UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN SACHS
*NOKIA RAISED TO BUY VS HOLD AT CANACCORD, PT $7
*OPAP RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT MORGAN STANLEY
*PGNIG RAISED TO BUY VS SELL AT ING
*SANDVIK RAISED TO NEUTRAL AT JPMORGAN
>>> Down
*CONTINENTAL CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*DIGITALGLOBE CUT TO EQUALWEIGHT/IN-LINE AT MORGAN STANLEY
*EON SE CUT TO HOLD AT SOCIETE GENERALE
*EUTELSAT CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*HALMA CUT TO SELL VS NEUTRAL AT UBS
*ITHACA ENERGY CUT TO ADD VS BUY AT PEEL HUNT
*OPHIR ENERGY CUT TO SECTOR PERFORM AT RBC CAPITAL
*POP. MILANO CUT FROM OVERWEIGHT TO EQUALWEIGHT AT MORGAN STANLEY
*RWE CUT TO HOLD AT SOCIETE GENERALE
*WOOD GROUP CUT TO SELL VS HOLD AT LIBERUM
>>> PT Change
>>> Initiation
*PRESS GANEY HOLDINGS RATED NEW OVERWEIGHT AT KEYBANC
>>> Call
>> Sector
*GLOBAL AUTOS SECTOR CUT TO UNDERWEIGHT VS NEUTRAL AT HSBC