>>> Moody's beats by $0.04, beats on revs; guides FY16 EPS below consensus

Moody's beats by $0.04, beats on revs; guides FY16 EPS below consensus
  • Reports Q4 (Dec) earnings of $1.09 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $1.05; revenues fell 1.3% year/year to $865.9 mln vs the $855.89 mln Capital IQ Consensus.
  • Co issues downside guidance for FY16, sees EPS of $4.75-4.85 vs. $5.01 Capital IQ Consensus Estimate. Moody's expects full year 2016 revenue and operating expense to each grow in the mid-single-digit percent range. Moody's projects an operating margin of approximately 42% and an adjusted operating margin of approximately 45%.

>>> US Early premarket gappers

Early premarket gappers
Gapping up: MFLX +40%, UBNT +20.1%, SCLN +16.8%, SYMC +11.3%, SDRL+11.2%, ECOM +10.8%, HIG +7.4%, PCTY +7.2%, BCRX +6%, NMM +5.4%,AU +4.2%, LITE +4.1%, STO +3.6%, PXLW +3.6%, MOBL +3.1%, SSD +3.1%,NTGR +3%, CHK +2.8%, KIRK +2.4%, RDS.A +2.2%, DB +1.6%, BP +1.6%,RBS +1.5%, GFI +1.5%, CS +1.4%, MUX +1.4%, MTD +1.4%, RIG +1.3%, ELY+1.3%, ABB +1.1%, TTMI +1.1%, AMGN +0.9%, OCLS +0.8%, SKYW +0.7%

Gapping down: DATA -38.2%, LINE -30.3%, LNKD -29.3%, GIGA -28.6%,SWIR -21%, OUTR -20.4%, YRCW -18.8%, EDE -17.2%, AME -11%, HES-10.5%, DECK -9.8%, HBI -9.7%, MT -7.5%, LGF -5%, TEAM -4.6%, ASYS-4.5%, LPTH -3.9%, ATHN -3.7%, GGB -3.5%, RNG -3.5%, BBD -2.1%, STM-2%, ARMH -2%, UEPS -1.9%, ZBH -1.6%, PBR -1.5%, RIO -1.5%, DEO-1.4%, AZN -1.3%, ASML -1.3%, TWTR -1.2%, FB -0.9%

>>> Tyson Foods beats by $0.26, misses on revs; guides FY16 revs below consensus

Tyson Foods beats by $0.26, misses on revs; guides FY16 revs below consensus
  • Reports Q1 (Dec) earnings of $1.15 per share, excluding non-recurring items, $0.26 better than the Capital IQ Consensus of $0.89; revenues fell 15.4% year/year to $9.15 bln vs the $10 bln Capital IQ Consensus.
  • Co issues downside guidance for FY16, sees FY16 revs of $37 bln vs. $39.83 bln Capital IQ Consensus Estimate, prior guidance $41 bln.
  • In fiscal 2016, the company expects domestic protein production (chicken, beef, pork and turkey) to increase approximately 2-3% from fiscal 2015 levels and moderate export growth. As a result, increased domestic availability could pressure protein pricing.
  • Regarding Hillshire Brands, the co expects to realize incremental synergies in excess of $200 mln above the amount of synergies realized in fiscal 2015. In total, the co expects synergies of more than $500 mln in fiscal 2016 and more than $700 mln in fiscal 2017 from the acquisition as well as our profit improvement plan for legacy Prepared Foods business.

Le Figaro : Le rappel de l'Autorité des télécoms à Orange et Bouygues

Le rappel de l'Autorité des télécoms à Orange et Bouygues

Les deux opérateurs vont devoir prendre en compte l'avis de l'Arcep dans leur projet de fusion.

Il faut intégrer une inconnue de plus dans la difficile équation posée par un éventuel rapprochement entre Orange et Bouygues Telecom. Quel avenir le régulateur des télécoms (Arcep) va-t-il réserver aux fréquences des deux opérateurs? En cas de fusion entre les deux opérateurs, le transfert de fréquences devra recevoir l'autorisation de l'Arcep, a répété son président Sébastien Soriano lors de son audition devant la commission des affaires économiques du Sénat, mercredi matin. Une façon de rappeler aux protagonistes que l'Autorité de la concurrence n'est pas la seule dont ...

>>> Street Pre-Market Indications

ML
MITTAL - Announces a $3bn rights issue along side $1bn sale of Gestamp.....
* GENMAB - Johnson & Johnson Innovation selling 1.7m shs, DKK 753, GS sole...
* MICROFOCUS - Wizard selling 28m shs, Credit Suisse, Numis bookrunners......
HEXAGON - EBIT a 2-3% beat, Org growth 3% v 2.2% cons, margins in line..+2-3%
HUSQVARNA - Loss of SEK 212m vs cons at -261m, solid cashflow.............+2%
PHILIPS - Further spec on lighting sale mentioning Blackstone/Melrose.....+2%
TELIA - Spec in talks on Fintur asset sales with MTS, helpful.............+2%
NOKIAN TYRES - Q4 a 17% beat but guidance for next year 2% below cons.....+2%
BNP PARIBAS - Clean net in line, retail miss, CIB better, capital solid.+1-2%
T.ITALIA - TIM results highlight significant cost cutting helping EBITDA+1-2%
MAN GROUP - AHL shows continued strong performance, +2.4% from last valn..+1%
VINCI - EBIT a 2% beat and dividend better, cautious on contracting.......+1%
SHIRE - Lifitegrast Resubmission Gets July 22 Pdufa Date at FDA...........+1%
SHAFTESBURY - Robust footfall & spending over Xmas and New Year...........+1%
NOVARTIS - FT Lex reports activists should look at co, spin offs etc......+1%
TDC - Borsen says Swedish ops could fetch 10% of mkt cap, mentions
TEL NO.u/c UMICORE - adj numbers in line, guidance vague on group EBIT,7% short base.u/c
GRAINGER - Sale of the rump of the German business. -1p hit to NAV......-0.5%
ENGI - Echos says Chairman Mestrallet gets 2y extension, disappointing....-1%
TELEFONICA - Spec received statement of objections from EU over 3/O2 deal.-1%
IMMOFINANZ - EU400m writedown of its Russian portfolio due to FX adj......-2%
VOLVO - Op profit 7% below on weak sales & orders, B2B underwhelming......-2%
JUST EAT - Multiple small acquisitions across geographies totals EUR 125m.-2%

CS Indications:
Airbus +1-2% CS add to European and global focus list
Anglo's -5-10% Negative read from Mittal capital raise
BG Group UNCH Incrementally positive but RDS deal completes next week
BNP +1% Over-all adjusted PBT is inline, CET1 ratio is up 20bps
Bobst M/P FY sales Chf1.33b cons Chf1.323b
Centrica +1% Sells its 50 per cent interests in some wind farms
EMS Chemie +2-3% FY revenues inline, EBIT 6% beat, dividend small ahead
Halma +1-2% Acquisition, 1% accretive this year, 3% next year
Hexagon +2% 4Q sales 815.7m vs cons 804m, div ahead 0.43 vs cons 0.41
Holmen -3-5% Q4 net sales 10% miss, operating profit 13% miss
Husqvarna +2% Sales slightly better and dividend reaffirmed
Immofinanz -1-2% Expects about EU400m writedown on Russian properties
Julius Baer M/P Has announced it has reached final settlement with the DoJ
Moleskine M/P 2015 net revenues inline, Confirms FY EBITDA guidance
Miners -2-3% Copper -0.40%, Brent -1.15%, Iron Ore -0.30%, China -0.60%
Mittal -10% Co to raise $3bn (~40% of market cap), was down 10% a/h
Nokian Ren +3-5% Q4 Op profit 17% beat, sales 11% beat, 7% short interest
Philips +1% Blackstone/Melrose Said to Advance With Lighting Bids
Prem Farnell +5-7% Disposal of Akron Brass for £153.8m
Shaftsbury +1% No's inline, Continuing strong tenant demand
SSAB -5% Negative read from Mittal capital raise
Umicore +1-2% Inline H2 EBIT and outlook, sees strong volume growth
Vinci +1% Sales Eu38.5bn (cons Eu38.3bn), dividend slightly better
Volvo -3-4% 4Q operating income SEK4.51b vs est. SEK5.03b
Yit +1% Net sales EU468.5m vs est. EU439.1m, guidance ok

Shore Calls
BG GROUP - Sees 2015 results inline with or ahead of guidance/No final divi.-1%
MICROFOCUS - Wizard sells 28m shares in placing at 1275p,retains 13.8%......MKT
SHAFTSBURY - continuing strong demand,robust footfall over Christmas.......UNCH
PREMIER FARNELL - to sell Akron Brass for $224m...........................+0.5%
ONTHEBEACH - UK revs +26%,new site visitors +18.9%,confident on FY expec..+0.5%
HALMA - acquires tech designer CenTrak for $140m,earnings enhancing........UNCH
BAHAMAS PET - Bahamian Senate pass petroleum bill........................+tive
CMC MARKETS - ipo set at 240p,commences trading today under ticker CMCX.....MKT
PEARSON - downgraded a notch to BAA2 by Moodys............................-0.5%