>>> Manpower beats by $0.14, misses on revs; guides Q1 EPS in-line

--> MAN - no pre -market indication

Manpower beats by $0.14, misses on revs; guides Q1 EPS in-line
  • Reports Q4 (Dec) earnings of $1.66 per share, $0.14 better than the Capital IQ Consensus of $1.52; revenues fell 3.3% year/year to $4.95 bln vs the $5.01 bln Capital IQ Consensus.
  • Co issues in-line guidance for Q1, sees EPS of $0.87-0.95, which includes an estimated unfavorable currency impact of 4 cents, vs. $0.94 Capital IQ Consensus Estimate.

>>> US Early premarket gappers

Early premarket gappers
Gapping up: MY +17.2%, BOOT +16.3%, WNC +9.7%, CEVA +8.7%, MYGN+8%, CENT +6.8%, VALE +6.5%, OCLR +6.3%, ULTI +6.2%, NHTC +6.1%,EW +5.6%, BBD +5.4%, ATW +5.3%, ARMH +5%, VJET +4.8%, MTL +4.1%,DRWI +3.7%, SYT +3.6%, ZAGG +3.2%, WLL +3.2%, PBR +3%, XON +2.8%,RIO +2.5%, CMCSA +2.5%, SLAB +2.5%, GSK +2.4%, FCX +2.3%, MANH+2.2%, HMY +2.1%, BLDR +2.1%, QGEN +2%, MMM +1.8%, ABB +1.8%, TWO+1.6%, VIAV +1.6%, STO +1.3%, GILD +1.3%, RDS.A +1.2%, SLB +1.2%,UNM +1.1%, DOX +1%, CBG +0.8%, BDX +0.7%

Gapping down: MTCH -7.7%, CMG -7.3%, ILMN -5.8%, INFY -5.1%, ALXN-4.7%, NOV -4.6%, NVO -3.7%, DB -3.1%, MPC -2.9%, MRK -2.8%, BCS -2%,ETN -2%, GFI -1.7%, HSBC -1.7%, YHOO -1.6%, TXN -0.8%, GM -0.8%,SNOW -0.8%, OII -0.5%

>>> General Motors beats by $0.19, beats on revs; reaffirms FY16 EPS guidance, r

--> GM +1.69% in pre market

General Motors beats by $0.19, beats on revs; reaffirms FY16 EPS guidance, raised last month
  • Reports Q4 (Dec) earnings of $1.39 per share, excluding non-recurring items, $0.19 better than the Capital IQ Consensus of $1.20; revenues were unchanged from the year-ago period at $39.6 bln. Holding exchange rates constant, net revenue during the fourth quarter was $2.4 billion higher than the fourth quarter of 2014.
  • EBIT-adjusted was a record $2.8 billion and EBIT-adjusted margin was 7.0 percent in the fourth quarter of 2015, compared to EBIT-adjusted of $2.4 billion and EBIT-adjusted margin of 6.1 percent in the fourth quarter of 2014.
  • GM North America (GMNA) reported EBIT-adjusted of $2.8 billion in the fourth quarter of 2015 compared to $2.2 billion in 2014.
  • US January sales out yesterday were up 0.5%
  • Co reaffirms guidance for FY16, sees EPS of $5.25-5.75, excluding non-recurring items, vs. $5.43 Capital IQ Consensus Estimate.
    • Note co raised FY16 EPS, calling for improved EBIT, margin, adj. auto FCF on Jan 13

Orange CEO says "positive dynamic" in talks with Bouygues - RTRS

Orange CEO says "positive dynamic" in talks with Bouygues - RTRS

03-FEB-2016 12:20:14
PARIS, Feb 3 (Reuters) - The boss of French telecoms group Orange ORAN.PA said on Wednesday that tie-up talks with rival Bouygues BOUY.PA should conclude by the end of February or early March and reiterated previous declarations that the chances of a deal were 50-50.

Orange Chief Executive Stephane Richard said there was "a positive dynamic" to discussions.

Speaking on the sidelines of a conference in Paris, Richard said regarding the expected conclusion of talks: "I can't say at this point whether it will be at the end of February or the start of March, but that will be around that time."

Orange is in talks to buy Bouygues Telecom for about 10 billion euros ($10.9 bln) in cash and shares, in a deal which could see Bouygues receive a 15 percent stake in Orange valued at 8 billion euros, and the rest in cash.

The tie-up would reduce the number of mobile operators in France from four to three, creating a new giant with a market share of close to 50 percent in mobile and fixed-line communications.

(Reporting by Mathieu Rosemain; Writing by Brian Love; Editing by Ingrid Melander)

>>> Repsol urged to sell more assets or cut dividend; options include core refi

Repsol urged to sell more assets or cut dividend; options include core refining, downstream or petrol stations businesses 

Rating agencies are urging Repsol [BME:REP] to put more assets up for sale, Cinco Dias reported. Repsol has already announced EUR 2.9bn in provisions for 2015 to compensate for falling oil prices, which drove the accounts to a EUR 1.2bn loss last year. Net adjusted results improved by 8% to EUR 1.85bn, the Spanish-language paper noted.

Rating agencies are watching oil companies closely. Standard & Poor’s has given Repsol bonds a BBB– rating, while Fitch puts it at BBB and Moody’s at Baa2. Analysts believe Repsol must make new divestitures or change its dividend policy in order to maintain its rating at investment levels, the report said.

Among the options, analysts include a stake sale of Gas Natural Fenosa, where Repsol holds 30%. The investment is considered strategic and valued at EUR 5.3bn at market prices. Market sources told Cinco Dias that a partial or total sale of the Gas Natural Fenosa would be positive for Repsol.

Other asset sale options include Repsol’s core activities, such as refining, downstream, or petrol stations. Reducing or removing dividend would also be an obvious step forward, one of the sources was quoted as saying.

This year the dividend will be charged against cashflow, as the company recorded losses in 2015. Repsol noted last week that it had reduced its debt by more than EUR 1bn compared to 2014, the report said, and it remains committed to pay EUR 1 per share.
Cinco Dias

>>> Street PRe-Market

CS:
ABB +0.5% Orders 1% beat, revenues 1.5% beat, 2016 guidance better
Autos -2% US SAAR, sales data ok but inventories up
Balfour M/P Awarded 7 year contract for £245m
BBVA +1-2% 4Q net ahead, CET1 10.3% vs 9.8%
Fortum -1-2% Op profit looks light, dividend inline
Foxtons +2-3% 2015 turnover inline, dividend inline, stocks been weak
Gjensidige UNCH Q4 pre-tax 7% light, EPS 2% beat, dividend better
Hargreaves -2% Trading inline, AuM £58.8b cons 57b, outlook cautious
HSS +1-2% Trading inline, guidance inline
JMAT -2% Negative comments on current market conditions
Kesko -1% Sales 8.68bln vs cons 8.68bln, op profit slightly better
KPN -3-4% Rev small light, Q4 Rev 1.75 vs 1.79. Ebit 1% light
Lassila M/P 4Q Sales Beat Ests. Profit Drops
Lundin Pet -1-2% 4Q EBITDA 2% beat, revenues 15% light
LVMH +3-5% Sales 2% ahead, Op profit 1% better, organic sales +3%
Modern Times M/P sales SK4.55bn vs cons 4.51bn, dividend slightly better
Miners M/P Copper +0.55%, Brent -2.00%, Iron Ore +1.1%, China -0.48%
Novo Nordisk -4-5% Q4 net 8.26b vs 8.45bn, guidance inline
Oils -0.5% API crude oil inventories rose by 3.84m, Brent -2.00%
Philips -1-2% Company facing “headwinds” in the Sale of their Lumileds
Qiagen -2% Sales already known, EPS at lower end, outlook confirmed
Sandvik +1-2% Numbers mixed, stock has a large short interest
Severn Trent M/P Company continues to perform inline with expectations
Shanks -5% Update poor, expectations slightly below previous
Swatch UNCH FY op profit 7% miss but group plans new share buyback
UK H/builders -2% Buy-to-let landlords poised to sell 500k homes in a year


ShoreCap:
SEVERN TRENT - trading inline,no change to FY g'dance......................UNCH
FOXTONS - grp turnover +4%,London transactions -11%,further special divi....+1%
GEM DIAMONDS - FY production above g'dance,diamond price -9%,divi on track..-1%
LONDONMETRIC - notes change of retail sales migrating online,to raise divi.UNCH
HARGREAVES LANSDOWN - New ops inflows 2.77b.Divi 7.8p......................UNCH
JOHNSON MATTHEY - Sees H1 underlying performance slightly ahead.............+1%
WALKER GREENBANK - Sales expected +5.8%.Sees pbt in line with expectations.UNCH
SHANKS - Sees FY result slightly below its expectations.....................-4%
BALFOUR BEATTY - awarded £245m Warwickshire highways contract..............UNCH
HSS HIRE - trading inline, grp revs +10% near top end of g'dance...........UNCH
AUDIOBOOM - selected as content provider for Google Play in the US..........+2%


Commerzbank:
BAYN -0.7% in talks with Alphabet on cooperation in data medical analysis
DRW3 -5.9% weak Q4 order intake, Divvie cut
HNR1 -0.3% confirms 2016 profit target after January renewals
JUN3 -1.6% Lampe cuts to Sell (vs Hold)
OSR +0.9% Q1 details by segment promising, sound FCF, FY guidance too cons.
QIA -2.1% 2015 finals released, no major changes to prelims, good FCF
PBB -0.2% Citi ups to Buy (vs Neutral)
RWE -0.8% won't rule out impairments on its power plants
SOW -0.8% Kepler raised to Hold (vs Reduce)
SRT3 -2.0% HSBC cuts to Hold (vs Buy)
WCH +1.2% Citi ups to Neutral (vs Sell)
WSU +2.1% 2015 revs at €340.9, EBIT at €36.5m (vs 18.4 b


Mainfirst:
*HANNOVER RE-Confirms Net Inc tgt,slightly lower P&C Reins..........-0.5%
*BBVA-Net 940m(824.9),Bad Loans 5.4%,Fully Loaded CET1 10.3%........+1%
*KPN-Sales 1.75b(1.79),Ebitda 582m(591),Raises savings target.......-2%
*BAYER-In talks with Alphabet over co-op(data medical analysis).....U/C
*SWATCH-Sales 8.45b(8.64),OP 1.45b(1.56),B/Back 1b 2016-2019........-4%
*ABB-NI 204m(229.9),Ebita 1.04b(1.05),N/Orders 8.26b(8.97)..........+1%
*SYNGENTA-ChemChina cash offer,Sales 13.4b(13.5)Ebitda 2.7b(2.7)....+12.5
*LVMH-OP 6.61b(6.5),Net 3.57b(3.73),Rev 35.7b(35.5),R/G 6%(5).......+2%
*ROCHE-Said to approach Pacific Biosciences,no price - Reuters......-0.5%
*OSRAM-Rev 1.48b,Ebita 175m,Net Inc 338m,PT 445m,Divi stable........+2%
*NOVO-Net 8.26b(8.45),Ebit 11.1b(11.3),Rev 28.9b(28.8),Div 6.4......-2%
*DRAGERWERK-Sales 825m(792),Ebit 66m(80),Divi 13c(33),o/lk weak.....-7%
*QIAGEN-Rev 349m(348),EPS 31c(32),reaffirms '16 views...............-2%
*SANDVIK-Sales 20.9b(20.8),OP 770m(882.3)Orders 19.5b(19.8).........-1%
*KESKO-Sales 2.17b(2.17),EPS 47c(46),Divi 2.5(1.8)..................+2%
*KONECRANES-Sales 609m(606),OP 44.6m(43.6),Div 1.05(1.05)...........+1%


RBC:
ABB +3% Q4 8% ahead of cons on margin but smaller orders light of exp.
ADECCO/RAND -1% ROBERT HALF reported inline EPS on lower tax overnight.
BBVA 0% Q4 bottom line beat of 15%, lower impairments, guidance @ 8:30
GEM DIAMONDS 0% Q4 production beat, costs inline, continued price weakness
HANOVER RE. -2% Prices & Premiums miss expectations but reiterate guidance
KONECRANES -1% Q4 earnings, operating profit inline with expectations.
KPN -4% Headline miss (one off), EBITDA low end, domestic +'ve
LVMH +2% Earnings after hours ahead, Fashion & Leather 3% ahead
NOVO NORDISK 0% Q4 net light on VICTOZA, but does reiterate guidance at top.
SANDVIK 0% Small miss, but expected given peers, div cut, large S.I.
SEVERN TRENT 0% Q3'16 trading update inline, small raise in guidance
STAN/HSBC -2% Speculation in China of $185bln of reserve outflows for Jan.
SWATCH -3% Sales -2%, EBITDA -7% but better China trends. Big S.I.
SYNGENTA +10% CHEMCHINA offer equivalent to CHF489/share - all cash/div.