TheChek News Flow

ML

SCHNEIDER: 1Q Revs beat, org growth +.1% vs -.9% cons,guidance confirmed..+5%

VW: $10bn costs of compensation agreed w US authorities, in line w cons...+4%

ACTELION: 2.5% op income beat, 5% EPS beat, guidance upgraded.............+4%

NOVARTIS: Sales -1.5% vs cons, Op income +3% and EPS +2%..................+3%

MICHELIN: Q1 looks good on volumes and price/mix, Revs +1% beat...........+3%

ATOS: Q1 revenues 1.1% ahead of company compiled consensus................+3%

SMITHS GROUP: to buy Morpho Detection, diversifies them away from oil/gas.+3%

LADBROKES: revenue growth +10.6% vs. BAML +10%, better margins............+2%

WORLDLINE: Q1 6.5% org. growth (+1.6% vs. cons.) and 11% FCF growth.......+2%

ASHTEAD: Full year results top end of range...............................+1%

YARA: EPS beat, Op cash-flow up on lower EBITDA............................+1

PETS AT HOME: Group LFL sales grew by 2.2% in FY16 to £777.8mn............+1%

ESSILOR: Q1 revs of E1.78bn come in-line with cons, guidance maintained..unch

PANALPINA: Slight miss, soft outlook, EBIT -3% vs cons....................-1%

TELE2: Rev and EBITDA slight beat, Sweden worse than expected, FCF light..-1%

AAL LN: Production LIGHT vs. our estimates but diamonds small beat........-1%

BKT: 1Q #s in line/ a touch light.........................................-1%

SKY: EBIT of £1143m in line with cons of £1140-1150m, churn higher........-1%

DASSAULT: Q1 licences weak at -3%, Revs miss by 1%, Margins beat..........-2%

NOKIA: negative read across from Ericsson.................................-2%

PERNOD RICARD: 3Q Sales in-line but weak Asia,cautious talk on China......-3%

WARTSILA: big miss, Sales €967m vs cons €1066m, ebit €84m vs cons €106m...-5%

ERICSSON: poor, miss across the board, revs and gross margins light.......-5%

A3M NAR +10% vs +6% expected, strong number but has rallied hard unch

ASHTEAD United rentals lower guidance, but AHT company comments +ve +2%

ATOS Revenue 1% below cons, EBITA and EPS in line. +3%

BANKINTER Numbers bang inline. Asset spread pressure continues. Unch

DASSAULT Revenue 1% below consensus, profits in line, had a good run -1%

ERICSSON Q1 sales miss by 4.1% driven by services causing GM to miss. -5%

ESSILOR Q1 Revenues just ahead but acquisition driven. +1%

LADBROKES Q1 numbers, confident to deliver result inline with forecast +3%

MICHELIN Better pricing than we had feared. Reiterated FY16 guidance. +2%

MORPHOSYS Bimagrumab failed on phase III trial. -6%

NOVARTIS Q1 core EPS $1.17 v cons $1.15. Guidance reiterated. +2%

PERNOD Headline number inline but one-offs driven. -2%

SAFRAN Sold Morphos for $710m (bulls were hoping EU2bn) -1%

SCHNEIDER Better Q1 sales. Organic growth +0.1% vs cons -0.9% +6%

SKY Numbers bang in line unch

VOLKSWAGEN Trading +4% in Germany after paying $10bn to settle lawsuit +4%

YARA Q1 results ahead, cash flow good. EBITDA slightly ahead cons. +2%

RBC:
ACACIA +2% Q1 revenues ahead, net cash position better.
ACTELION +3% Q1 revenue beat, Tracleer touch ahead. Raises FY'16 targets
ANGLO-AM. +4% Weak production data, no update on disposals, but no-one cares
ASHTEAD +2% Statement reiterated strong Q4, FY will be top end of range
DARTY +10% FNAC bids $1.1bln in counter bid for company
ESSILOR +2% Confirms FY targets, Q1 revenues and LFL ahead.
ERICSSON -3% Q1 sales/profit miss expectations, new restructuring est.
MICHELIN +1% Q1 revs inline with cons, volumes better, FY guidance reit.
NOVARTIS +1% Q1 revenues flat, Pharma inline, Gylenia light, Cosentyx beat.
PANALPINA -2% Q1 EBIT light, EBITDA miss, Oil & Gas weakness.
PERNOD -2% Q3 miss, 1% org growth v 1.4% expected. Asia weak
SAB MILLER 0% FY sales a touch better on Africa and LatAM, ABI focus still
SCHNEIDER +1% Solid results and reiterating guidance.
SKY +2% 9m revenues ahead with better customer additions
SMITHS GRP 0% Confirmation of Morpho Detection purchase from SAFRAN
SULZER +1% Q1 order ahead of expectations, numbers inline.
SWATCH/CFR -2% Swiss watch export data for March -16%, worst since 2009
VW +4% Strong open in XETRA on US repurchase plans

Investec UK:
* ACACIA-Q1.Rev +3% to $221m. Overall in line.............................+2-3%
* ANGLO'S-Q1.All reads in line, no surprises.Rally to continue........... +2-3%
* ARM HDGS-Read across from Qualcomm (-3.2% after hrs)......................-1%
* ASHTEAD-Update.FY to be top end of exp's.(URI lowered fcast last night)...+3%
* CENTRICA-Acquires NEAS Energy for £170m..................................unch
* COMPUTACENTER-Q1.Overall i/l(UK weak,GER strong)FY on track..............unch
* DARTY-FNAC makes new offer, 145p/share, trumps Steinhoff(138p/sh)........+10%
* GO-AHEAD GRP-Q3.Trading consistent with exp's. No chg to #'s.............unch
* LADBROKES-Q1.Net Rev +10.6%.+ve o/look stm.On track to meet FY exp's......+3%
* PETS@HOME-Q4-pre-exceptional pretax in-line,lfl rev gwth small ahead......+1%
* SENIOR-Update.Aero strong,flextronics weak.Overall in line. FY on track..unch
* SAB MILLER-Q4-lager vol's +3%.Merger hits Empowerment hurdle..............-1%
* SEGRO-Q1-in-line, inv't reduced, vacancy rate increasing 'slightly'.......-1%
* SMITHS GRP-Buys Morpho Deteection fpr $710m. Earnings enhancing.........+2-3%
* SKY-Q3-New customer adds beat estimates,5% increase in grp rev'...........+2%
* WOOD GRP-Wins $150m 5 year contract with Nexen...........................+½%


Investec EU:
* AB INBEV-SAB deal hits SA empowerment hurdle (Business Day)...............U/C
* ACTELION-Q1 product sales 8% ahead, raises guidance.......................+5%
* ATOS-Q1 in line, targets reinforced, 'very confident'.....................+2%
* DASSAULT SYST-Q1 rev small miss, Q2 guidance light but confirms FY?.......-2%
* D POST-DHL to expand more in Europe(CEO in WiWo), -ve for PNL, BPOST......+1%
* ERICSSON-Q1 sales 4% miss, margin 33.9%(est 36%), more restructure costs..-5%
* ESSILOR-Q1 lfl revs +5%, in line, strengthened confidence in FY targets...+1%
* EUROTUNNEL-Q1 sales +4%, confident on delivering 2020 goals...............U/C
* FNAC-raises offer for DARTY to 145p after Steinhoff raised theirs to 138p
* KPN-Slim said to be weighing stake sale, ORANGE mentioned as poss buyer...+2%
* MICHELIN-Q1 rev in line,conf FY guidance, vols and price/mix look better..+2%
* NOVARTIS-Q1 core eps $1.17(est $1.15),reits f/cast, Alcon plan on track...U/C
* OMV-Q1 just out...production +1% QoQ, sales -5%...........................U/C
* PANALPINA-Q1 ebit Chf24m vs est Chf26m,vols ok so looks like margins cut..-3%
* PERNOD-miss on Q3 - weaker Asia/ROW -5% v est +0.9%, strong US............-2%
* REPSOL-sells assets in Peru, Ecuador for $330m............................U/C
* SAFRAN-sells Morpho unit for EV $710m, press spec on price was $600m......+2%
* SCHNEIDER-Q1 rev 2% ahead, confirms FY targets............................+1%
* SULZER-Q1 sales -13.1%,headwinds significant,sees FY orders down 5%-10%...-2%
* SWATCH/RICHEMONT-Swiss watch exports -12% in March........................-2%
* TELE2-Q1 Ebitda ahead at SEK1.23bn V est SEK1.14bn, maintains o'look......+1%
* WARTSILA-Q1 sales 4% miss, op profit 20% miss, keeps FY outlook...........-2%
* YARA-Q1 ebitda ex-items NK5.05bn v est NK5.02, improves on Q4.............+1%
* ZOOPLUS-Q1 rev gth 26%, says exceeded f/cast, confirms FY outlook.........+3%


Barcap UK:
ASHTEAD +2% Results at top end>Well timed as URI trimmed revs & fell 4%
ANGLO +2% Q1 output IL & production guid unchanged>sector performer
SKY +1% Q3 solid:churn slightly wrose with BB net adds
SEGRO U/C Trading update IL with exps> slightly cautious outlook

Barcap EU:
TELE2 +2% Sales IL, EBITDA 1.23b v 1.14b,keeps FY outlook
SCHNEIDER+2% Q1 Rev +2% @ €5.77b,Org Revs +0.1%>confrims FY
NOVARTIS +1% Sales -2%,EBIT +3%>cost savings driven.Reit FY.Expectations low
ATOS +1% Q1 Rev €2.76b v €2.71>All solid, FY guid & op mgn guid maintained
MICHELIN UC Solid on low comps>Revs IL,Volume/price mix better,outlook flat
PERNOD -3% No's Miss:Rev -1.5% &OSG 0.8%v1.4%>Asia weak:losing China mkt share
ERICSSON -4% Q1 Net Sales 52.5b v 54.5b,GM light>Global Services BIG miss

* If BM270 eventually reaches the market, it might compete with Baxalta’s haemophilia drugs; but we see major hurdles for it

* No change to our estimates, 5400p target price or Buy rating

Trading in Mitsubishi Motors shares was suspended on Thursday after the indicative price fell by its daily limit under a flood of sell orders after the Japanese carmaker admitted that some of its employees had falsified fuel economy data on at least 625,000 vehicles.

Mitsubishi, which was rocked by a safety scandal 16 years ago, said fuel efficiency was overstated by 5 to 10 per cent on four types of small cars sold in Japan.

It will now investigate whether any other Mitsubishi vehicles sold in Japan, or overseas, have also had their fuel economy exaggerated, in moves that analysts said could dramatically expand the scope of the affair.

Coming hard on the heels of the Volkswagen emissions scandal, Mitsubishi’s problems could further erode trust between consumers and the car industry, and prompt tighter regulatory supervision of vehicle performance.

“We believe this manipulation [of testing data] was deliberate,” said Tetsuro Aikawa, Mitsubishi Motors’ president, who apologised for the cheating by making the traditional Japanese bow of contrition at a packed news conference. “It is clear that the intention was to make fuel-efficiency figures look better.”

Mr Aikawa warned that the affair was likely to have a significant impact on the company’s profits. “We do not know how much this problem will spread, particularly in Japan, since all the facts have not been pieced together,” he said.

Shares in Mitsubishi Motors fell by their largest amount in more than a decade on Wednesday, dropping 15 per cent after the company called the late-afternoon news conference.

Mitsubishi said the manipulation of fuel economy data affected four types of mini-cars. These vehicles were made by Mitsubishi, but two of the four types were sold under the Nissan brand.

Mitsubishi will immediately halt manufacturing and sales of the four petrol-powered cars.

The misconduct only came to light last year after Nissan, Mitsubishi’s partner in mini-cars since 2011, became aware of discrepancies in fuel-efficiency data when the two companies were developing a new generation of vehicles.

In December, Nissan called for a joint investigation, which was carried out in February.

The inquiry found that data derived from laboratory tests of the Mitsubishi mini-cars’ fuel economy showed higher results compared to when the vehicles were on the road.

Mr Aikawa was informed about the investigation finding indicating falsification on April 13.

Nissan said its priority was to find a solution for its customers when asked whether the company intended to take legal action against Mitsubishi. “Today, we have no plans to change our relationship,” it added.

An internal investigation by Mitsubishi found that the company’s fuel-economy testing method did not comply with requirements under Japanese law for models dating back to at least 2002.

Analysts said the biggest question in terms of the scandal’s financial toll was whether the misconduct was limited to mini-cars sold in Japan.

About 90 per cent of Mitsubishi’s annual sales of 1.1m vehicles are in overseas markets.

Mitsubishi executives said the company would investigate cars sold overseas and other vehicles in Japan to ensure there was no discrepancy in fuel economy data. The investigation is expected to last several months.

“The impact is immeasurable even if the problem is limited to mini-cars,” said Takaki Nakanishi, a former Merrill Lynch analyst who now runs his own research group. “But the situation will be extremely severe if it extends to overseas. That will decide its fate.”

Exaggerated fuel-economy figures are nothing new for the automobile industry. In late 2014, Hyundai and Kia, the South Korean carmakers, agreed to pay $300m to settle claims with regulators that they overstated fuel-economy statistics for more than 1m vehicles sold in the US.

The global auto industry has been rocked by several scandals over the past two years, including mass vehicle recalls prompted by safety concerns over airbags made by Takata, the Japanese company. Last September, as the VW emissions scandal broke, General Motors agreed to pay $900m to settle a criminal investigation by US regulators over an ignition switch problem that lawyers said had caused more than 100 deaths.

Nor is Mitsubishi Motors a stranger to scandal. In 2000, senior executives admitted to covering up vehicle defects for decades, tarnishing its reputation for safety.

The company was almost forced out of business due to collapsing sales before it was bailed out with emergency funding by other companies in the Mitsubishi group in 2004.

“For Mitsubishi it’s very embarrassing,” said Stuart Pearson, an analyst at Exane BNP Paribas. “Although this is very different to the VW case, you can certainly draw an analogy in terms of corporate culture concerns.” VW’s culture and governance has been criticised since the emissions scandal broke.

Mitsubishi said it would set up a committee of outside experts to look into the affair.

But Ryugo Nakao, Mitsubishi’s executive vice-president, suggested employees might have manipulated the test data in an effort to meet internal targets, although the company denied pressure from the management level.

It remains unclear how many employees were involved in the misconduct.

Blackstone’s new hedge fund, its crown jewel last year, has fallen more than 15 per cent in value since January, showing how some of the industry’s stars have been wrongfooted by market swings.

The multi-strategy fund Senfina, which means “everlasting” in Esperanto, launched in 2014 and achieved returns of about 20 per cent last year, according to documents seen by the Financial Times. After deeper losses in the trading turmoil of January and February, the fund regained some ground during the market rally in March.

Just three months ago, Blackstone chief executive Steve Schwarzman called Senfina “the real star” of its hedge fund business.

“We could almost fill an unlimited amount of that,” he said on a call in January.

Senfina’s losses are deeper than most of its peers: a broad index of hedge fund performance compiled by Hedge Fund Research fell 0.7 per cent in the first quarter. Many managers got caught in a strong sell-off in the first six weeks of the year then rode a sharp rally in the next six weeks, but a few high-profile funds suffered more painful losses, including Pershing Square and Glenview.

Declines are casting a new light on the multi-strategy approach that won over so many investors last year, in which a central command structure oversees investment managers pursuing diverse trading strategies. Because of their size and investing style, bigger multi-strategy funds can use their relationships with banks to borrow more and amplify their returns.

Clients clamoured to invest with established names such as Millennium and Citadel last year as their multi-strategy funds outperformed. The demand attracted newer models including Senfina and Folger Hill, which is run by the former chief operating officer of SAC Capital.

Clients expecting volatility liked that the funds’ strategies were “market neutral”, and therefore not dependent on the direction of any one market, and with Senfina any concerns about risk management were allayed by the imprimatur of Blackstone, the world’s largest alternative asset manager.

Millennium and Citadel lost about 4.2 per cent and 6 per cent respectively in the first quarter, while Dmitry Balyasny’s $5.3bn Atlas Enhanced Fund had declined about 4.7 per cent by April 8, said people with knowledge of the situation. Millennium and Citadel declined to comment and a representative for Mr Balyasny did not reply to a request for comment.

“It’s been a tough go for most so far this year,” said Troy Gayeski, partner at the fund of hedge funds SkyBridge Capital, citing the market’s violent swings.

“It is a less-than-subtle reminder that leverage cuts both ways,” he said. “Sometimes being market neutral isn’t as helpful as it is in other times. You’re mitigating losses, but remember, you’re levered, so the leverage is what causes you to de-risk at sometimes the wrong time.”

Senfina, made up of 12 portfolios, has about $2bn under management, with a central book made up of the managers’ “best ideas”.

Despite the losses, Blackstone is still investing in the unit: Vineet Bedi has just joined from Guggenheim, and another new manager is expected to start soon.

Blackstone declined to comment.

Investors pull $15bn from hedge funds

Hedge funds have suffered their worst quarter in seven years after more than $15bn was pulled out by investors starting to fight back against the high fees being charged across the industry.

The total amount invested in hedge funds fell to $2.86tn in the first three months of the year, marking the first time since 2009 that the sector has faced two consecutive quarters of net outflows, according to data from Hedge Fund Research.

Sharp market moves have wrongfooted many firms, leading to poor performances in the first quarter from funds such as Bill Ackman’s Pershing Square, and rankling investors already disgruntled over fee structures charging 2 per cent for management as well as 20 per cent of profits. A broad index of hedge fund performance fell 0.7 per cent in the first quarter, according to HFR.

Fed up with paying “exorbitant fees” for poor returns, the New York City Employees’ Retirement System has cut its $1.5bn programme, pulling money from managers including Perry Capital and Brevan Howard. The shift comes about 18 months after California’s pension scheme also scrapped hedge funds from its portfolio.

At the same time, sovereign wealth funds have been withdrawing billions from asset managers globally as they turn their attention to supporting their own faltering oil-dependent economies.

Letitia James, public advocate for the New York pension scheme, attacked managers who “balk at negotiations for investor-favourable terms” believing they “could do no wrong, even as they are losing money”.

“If they were truly fiduciaries and cared about our members, they would never charge large fees for failing to deliver on their promises,” she said. “Let them sell their summer homes and jets, and return those fees to their investors.”

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The largest first-quarter redemptions in the sector came from macro strategies, which saw investor outflows of $7.3bn, and event-driven funds, in which $8.3bn was pulled — more than half from activist strategies.

However, some pension funds are also boosting their exposure to hedge funds. Finland’s state scheme plans to invest $500m in the sector this year, while the Illinois State Universities Retirement System is investing $500m in hedge funds for the first time. US insurers are also tapping the sector to help generate returns.

Many managers, who often pool their own money alongside investors’, caution that a volatile market is the worst moment to move away from hedged strategies.

“More up-and-down markets with a lot of dispersion should be a really good environment for hedge funds,” said Judy Posnikoff, a founding partner of Pacific Alternative Asset Management Company, which invests in hedge funds. “If we’re not in a bull market, where are you going to go?”

Dow +0.24% S&P +0.08% Nasdaq+0.16% Russell +0.18%

US Market closed slightly higher, financials (+0.9%), Energy (+0.8%), health care (+0.6%), and technology (+0.2%), WTI crude ended its day at a new 2016 closing high ($44.15/bbl; +4.3%). Energy +7,2% in April. the broader market pulled back in the final hour of trade as investors looked ahead to tomorrow's policy statement from the European Central Bank and subsequent remarks from ECB President Draghi. volume were in line with average at 961mil shares. US After Hours on Earnings : NOW +11.4%, CTXS +7.4%, TSCO +5.6%, FFIV +4.4%, YUM +4%, AXP +3.8%, PTC +2.3%, PKG +2.2%, SLG +1.8%, SYK +1.2%, Lower : TBI -22.5%, MAT -7%, URI -5.2%, LVS -4.9%, MLNX -4.5%, TCBI -4.1%, CBI -3.5%, QCOM -3.1%, KMI -3%, UAL -2.9%, VMI -1.8%. Asian equity markets treaded water in the opening hours until the rally picked up some steam in the 2nd half of the session. Much like overnight gains in China, there is little in the form of a fundamentally-driven catalyst. Instead, investors are taking their cue from clear signs of stabilization in commodities space while also responding positively to the early reports of the earnings season. WTI crude oil rolled over into June with bullish momentum above $44/brl, copper was up 0.4%, and silver spiked up some 3%. Investor George Soros spoke extensively about China, warning that March credit growth is a warning sign that reminds him of US conditions just before GFC. Likewise, Fitch head of Asia-Pac research remarked that its is difficult to achieve both objectives of reaching a 6.5% growth target and carrying out reforms, questioning govt ability to accomplish its objectives.

Nikkei +2.46% Hang Seng +1.56% Shanghai -0.02%

Eur$ 1.1297 CNH 6.4826 CNY 6.4766 JPY 109.65 GBP 1.4346 CHF 0.9707 RUB 65.0826 WTI(june) 44.37 (+0.41%)

S&P+0.26% (above 2,100) Eurotoxx+0.36% Dax +0.38% SMI+0.79%

Macro :

- U.K. May Increase Transparency of Property Market: Guardian

- Soros Says China’s Debt-Fueled Growth Echoes U.S. in 2007-08

- Draghi Can Argue Glass Is Half Full as ECB Pumps Up Stimulus

Keep an eye on :

- ABE SM : Abertis expected to announce A4 takeover at end of month - Carlo Festa Blog

- AAD GY : Amadeus Fire 1Q Falls 2.2%; Net Profit Down 6.7%

- ATLN VX : Actelion 1Q Product Sales Beat Estimates, Raises 2016 Guidance

- ATLN VX : Actelion’s Opsumit, Uptravi 1Q Sales Beat Estimates

- ATO FP : Atos 1Q Organic Sales Up 1.6%; Confirms 2016 Outlook

- BSLN SW : Basilea Says BAL3833 Inhibits Tumor Growth in Pre-Clinical Data

- BIM FP : BioMerieux 1Q Sales EUR489.0m, Est. EUR464.7m

- BMW GY : BMW, Daimler Reject Cooperation With Apple ICar: Handelsblatt

- DMGT LN : Daily Mail Didn’t Submit Bid for Yahoo: WSJ

- DRTY LN : Conforama increases cash offer for Darty to 138p per share (yesterday night)

- DRTY LN : Fnac Makes New Bid for Darty at 145p a Share (This Morning)

- DSY FP : Dassault CFO Says 1Q In Line with Expectations for 2016

- EDF FP : France’s Macron Doubts Urgency of EDF Capital Increase: Figaro

- EDPR PL : EDP Renovaveis 1Q Electricity Generation Rises 30% Y/y

- ERICB SS : Ericsson 1Q Sales, Profit Miss Ests.; Raises Restructuring Est.

- EI FP : Essilor 1Q Rev. EU1.78b vs EU1.66b

- GET FP : Eurotunnel 1Q Sales Rise 4% to EU279.9b

- FCC SM : Slim’s Carso Acquires 141,735 FCC Shares at EU7.5993/Shr

- HUH1V FH : Huhtamaki 1Q Adj. Operating Profit Beats Estimates

- KOF FP : Financiere Gaillon 8 to Sell Part of Kaufman & Broad Stake

- LEON SW : Leonteq 1Q Net Income Lower Y/y as Costs Outpace Sales Growth

- Mitsubishi(7211 JP) : Could Cost Company Billions, Citi Says, Mitsubishi Motors May Need to Sell Assets, Lift Capital: MUFJ-MS - stock is not trading, indication -20%

- NISSAN (7201 JP) : +2.76%

- NAS NO : Norwegian Air 1Q Revenue Beats Ests., Net Loss Misses

- NOVN VX : Novartis 1Q Core EPS Beats Estimates; Keeps FY16 View

- NOVN VX : Novartis’s Afinitor Reduces Seizures in Phase 3 Study

- NOVOB DC : Novo Calls on Danish Govt to Extend Researcher Tax Break: Borsen

- OR FP : L’Oreal Shareholders Approve EU3.10/Share Dividend at AGM

- PWTN SW : Panalpina 1Q Profit Falls on Contraction in Oil & Gas

- POM FP : Plastic Omnium 1Q Rev. EU1.28B VS Est. EU1.32B

- RNO FP : Nissan +2.76%

- RI FP : Pernod 3Q Organic Sales Meet Ests., Confirms 2016 Forecast

- RYA LN : Ryanair to Cut Italy Flights Over Departure Tax: CEO to Sole

- RWE GY : RWE AGM Approves Proposed Shareholder Representatives for Board

- SAABB SS : Saab 1Q Operating Profit Rises; Maintains 2016 Outlook

- SGO FP : Saint Gobain Prepares New Acquisitions in Brazil, Les Echos Says

- SU FP : Schneider Electric 1Q Rev. Beats Est., Co. Confirms 2016 Targets

- SLIGR NA : Sligro 1Q Rev. Up 4.5%, Food Retail Down 1.8%

- SUN SW : Sulzer 1Q Order Intake CHF684.6M, Down 13.1% Forex-Adjusted Y/y

- TEC FP : Technip Preferred in Oil Services, Petrofac Cut, Jefferies Says

- TEF SM : Hutchison Said to Rule Out More EU Concessions on O2 Deal: Rtrs

- TPZ SM : Soros to Buy Shares in Telepizza IPO: Expansion Reports

- TGS NO : TGS 1Q Net Revenue in Line w/ Ests.; Maintains Div of $0.15/shr

- VOLVB SS : Volvo Cars Aims to Have Sold 1m Electrified Cars by 2025

- VOW3 GY : VW Settlement May Include Buyback Option for 500k Cars: Rtrs

- VOW3 GY : VW Said to Reach Compensation Deal With U.S. Authorities: Welt

- WRT1V FH : Wartsila 1Q Operating Profit, Sales Miss Estimates

- WLN FP : Worldline 1Q Rev. EU299M vs EU281M; Confirms FY Outlook

- ZO1 GY : Zooplus 1Q Total Sales Rise 28%; Confims 2016 Rev. Outlook

*ABB RAISED TO HOLD VS SELL AT SOCGEN