Day Ahead - November 20th

Cantor Opening Call The FTSE is called to open around unchanged this morning

UK Corporate Announcements Paragon reports a full year pre-tax profit of £95.5m from £80.8m and that it remains well funded to support further development and that its buy to let and portfolio units have grown strongly Easyjet details a full year pre-tax profit of £317m up 27.9% on revenues of £3.84bn with total revenues per seat up 5.9% to £58.51, and details it is planning Manchester to Moscow flights from next year Halma reports an H1 revenue of £298m just ahead of the forecasts and states that it remains on track to make progress in H2, and that order intake has been slightly ahead of revenues Brainjuicer warns today that its pre-tax profit is seen coming in substantially below last year, but does state that its financial position remains strong British Land states that underlying pre-tax profit gained 3.8% with H1 net rental income up 1.1% Big Yellow details H1 revenues of £35.5m and an adjusted pre-tax profit of £13.9m with store revenues up 11.5% from last year Telecom Plus announces H1 revenues of £210m and a pr-tax profit of £12.1m and expects its full year profits to be in line with the market expectations Premier Foods announces that it plans to close to bakery sites next year and cut around 900 jobs Petards announces that it has raised around £1.125m after it places 1.34m shares Vectura Group announces an H1 EBITDA of £2.6m and after tax profit of £900k Enterprise Inns announces a full year pre-tax profit of £137m from £157m and states that it remains focused on returning its business to growth

UK Market News The markets yesterday regained some of the lost ground with the decent moves higher, but volumes remained light and are likely to remain so with the US markets closed on Thursday for Thanksgiving and a half day of trading on Friday Glencore and Xstrata shareholders are due to vote on the planned merger today, where the deal is expected to gain overall approval The chairman of the FSA has stated that tighter regulations can only help reduce the frequency of financial crises and bailouts, not eliminate them BT according to the FT is looking to set up 3 sports channels following its recent £1bn sports content acquisitions The Russian Deputy Prime Minitser Dvorkovich has stated that the Russian government is not considering a Rosneft privatisation next year, other than a 5.6% stake to BP Shell’s CEO has stated that the company may increase its expected spend for China unconventional gas depending on exploration results, as the resource looked ‘very promising’ The UK sells £4.5bn in bonds at 10:30

FTSE 100 Movers

UK Analyst Upgrades Berkeley Group L/T Returns Undervalued, JPMorgan Says Buy Vodafone, Citi Says After CFO Sales Briefing IAG Raised to Outperform from Underperformat RBC Capital Intercontinental Hotels Group Raised to Overweight at Barclays Lsr Group, Etalon Rated New Buy At Citi Provident Financial Raised To Neutral Vs Sell At Citi

UK Analyst Cuts Blinkx Cut To Neutral Vs Buy At Citi

UK Insider Buying Crawshaw Group Plc, (CRAW), 1 insider(s) bought 1,250,000 shares, £0.02 Dialight Plc, (DIA), 1 insider(s) bought 4000 shares, £10.45 Global Energy Developm, (GED), 1 insider(s) bought 33,000 shares, £0.91 Macfarlane Group Plc, (MACF), 1 insider(s) bought 79,550 shares, £0.25 Morgan Sindall Group P, (MGNS), 1 insider(s) bought 2,000 shares, £5.56 President Energy Plc, (PPC), 1 insider(s) bought 80,000 shares, £0.24 Sierra Rutile Ltd, (SRX), 1 insider(s) bought 20,000 shares, £0.52 Six Hundred Group Plc/, (SIXH), 1 insider(s) bought 50,000 shares, £0.13

UK Insider Selling Dialight Plc, (DIA),  insider(s) sold 1,000 shares, £10.43 Home Retail Group, (HOME), 1 insider(s) sold 40,000 shares, £1.07

Global Footprint

Major European Companies Reporting British Land Co PLC, S1, 0.145,  easyJet PLC, R, 0.585,  Halma PLC, S1, 0.13,  OPAP SA, Q3, 0.317

European Market Summary Moody’s has cut its top credit rating on France to Aa1 from Aaa and maintains a negative outlook, citing the worsening growth outlook, S&P had already cut its stance on France to AA+ from AAA back in January European Finance Ministers are seen looking at whether the profits held by the ECB on Greek bonds can be used to boost Greece’s debt sustainability targets Credit Suisse announces that it is to split its investment bank into two units, splitting off its private banking operations Spanish press suggests that Spain’s ‘bad bank’ Sareb met with five separate investment banks, including Barclays and Goldman’s asking them to find investors for the vehicle Spain sells 12 and 18 month bills at 10:30, while the EFSF sells up to €2bn in bills at 12:00

Major US Stock Movers After Hours Krispy Kreme gained 13% after hours as it announces Q3 numbers ahead of the forecasts and also lifts its full year outlook Groupon gained 4% as hedge fund Tiger Global Management details it has taken a 10% stake Shoe Carnival came off 6% after reporting decent Q3 numbers, as it cuts its outlook for the key quarter ahead

S&P 500 Companies Reporting Best Buy Co Inc, Q3, 0.118,  Campbell Soup Co, Q1, 0.851,  Hewlett-Packard Co, Q4, 1.14,  HJ Heinz Co, Q2, 0.88,  Hormel Foods Corp, Q4, 0.498,  Medtronic Inc, Q2, 0.883,  Patterson Cos Inc, Q2, 0.485,  Salesforce.com Inc, Q3, 0.32

US Market News Richard Schulze has asked for an extra 30 days for due diligence as he reportedly is working with three private equity firms to buy back Best Buy, the company he founded Intel had a busy start to the trading session, falling quite sharply on the open when the group announced that its CEO is to step down in May 2013, with no clear succession plans in place, however the stock ended the day largely unchanged Archstone, the apartment building owner, itself owned by Lehman Brothers, announced yesterday that it plans to raise up to $3.5bn in an IPO, which would be the largest US commercial real estate IPO in US history Hostess Brands, the Twinkies maker, has agreed to enter mediation with its lenders to avert its liquidation

Overnight Market News The shareholders of the Tokyo Stock Exchange have agreed to a merger with its Osaka rival Olam International has had its trading halted overnight after posting intraday falls of over 21% as it is the latest firm that has had its accounts questioned by Muddy Waters after the research firm states that the agricultural commodities trader was booking profits on transactions ‘before its clear how the deals will work out over time’ Nomura has sold Annington Homes to Terra Firma for £3.2bn

Major Global IPOs Due Today Calin Technology Co Ltd, (4976), 8.6m, TWD 43 GMB Korea Corp, (013870), 5.71886m, KRW 6000 Thintech Materials Technology Co Ltd, (3663), 4.971m, TWD 21 YY Inc, (YY), 7.8m, USD 10.5 - 12.5

FX Summary The Bank of Japan announces overnight that it was keeping its asset purchase fund at 66tn yen, with the yen coming off its seven month lows on the news, as the central bank held back from increasing the stimulus measures Bloomberg highlights how the recent high correlation between Asian currencies and Latin American currencies has started to break down as the traditional pattern of stronger Asian markets resulting in higher commodities, Latin America’s largest exporter, has slowed Morgan Stanley states that it sees the yen falling to 90 per dollar by the end of 2013 and is its ‘main short’

Economic Data Due 13:30 US October Housing Starts, 840k exp. 872k previous

Economic Events EU Finance Ministers Meet in Brussels

US New Housing Starts

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Footnotes All times given are BST Cantor Call, as at 7:15am S&P Companies Reporting: (BMO) - Before Market Open (AMC) - After Market Close Analyst Changes, as at 6:45am Insider Deals data compiled from Director/PDMR Shareholding forms published in the past 24 hours (ex weekends). Major European Companies defined as those companies in the STOXX Europe 600 Index FTSE 100 Movers, Blue >0.25%, Green <0.25%, Red <-0.25%, Font size dependent on percentage size of move This note is compiled using information / charts from financial data providers such as Bloomberg and Reuters, as well as from the general financial / business media

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