Day Ahead

Tuesday, February 12, 2013, Marketing Communication Cantor Opening Call The FTSE is seen opening around unchanged today UK Corporate Announcements Barclays announces that it is to cut 3,700 jobs and cut costs by £1.7bn by 2015 as it details a Q4 adjusted pre-tax profit of £326m down 19% United Drug states that it remains well positioned as it reported a strong Q1 Dunelm announces H1 revenues of £340m with sales up 13.4% and stays confident on its prospects Xstrata details annual copper output dropped 16% while coal gained 7% Dragon Oil reports a full year profit of $600m from $648m with revenues up 0.4% to $1.16bn and sees annual output growth at the lower end of its previous guidance UK Market News The UK standards agency has suggested that retailers should test pork and chicken products, as retailers continue to find horsemeat in various product lines The Telegraph writes on how Virgin Media has invited staff to delay their bonuses in order to avoid the top rate of tax, seemingly a sensible tax arrangement, however a similar move made recently by the banks was lambasted by the press so it will be interesting to see how the reaction is to the media group’s move The UK Financial Reporting Council is looking into allegations that Autonomy inflated its value ahead of its acquisition by HP The latest set of polls by ICM/Guardian has Labour ahead by 12%, the highest margin in 10 years, Conservatives at 29%, Liberal Democrats at 13% and UKIP at 9% UK Analyst Changes Blinkx Pt Raised To 115P Vs 90P At Citi Etalon Group Cut To Neutral Vs Buy At Ubs Virgin Media Cut To Hold Vs Buy At Berenberg UK Insider Buying Lpa Group Plc, (LPA), 1 insider(s) bought 10000 shares, £0.68 Univision Engineering, (UVEL), 1 insider(s) bought 500000 shares, £0.01 UK Insider Selling Bp Plc, (BP/),  insider(s) sold 75807 shares, £4.58 Young & Co's Brewery P, (YNGA), 2 insider(s) sold 68068 shares, £7.99 FTSE 100 Movers Major European Companies Reporting Barclays PLC, R, 0.352,  Cie Generale des Etablissements Michelin, R, 8.995,  FLSmidth & Co A/S, R, 25.977,  Hexagon AB, R, 1.003,  JM AB, R, 12.253,  Norsk Hydro ASA, R, 0.261,  Rexel SA, R, 1.415,  ThyssenKrupp AG, Q1, -0.02,  Yara International ASA, R, 36.414 European Market Summary S&P has revised its outlook on Ireland to stable from negative While Moody’s cuts its rating on Telecom Italia to Baa3 from Baa2 The ECB’s Weidman states that the euro is not seriously overvalued and has warned the government against attempts to attempt to weaken it Telefonica has reportedly shelved plans to list its Latin American business European Finance Ministers Meet in Brussels today Spain sells 6 and 12 month bills at 10:30, Italy sells €8.5bn in bills at 11:00, Greece sells €1bn in bills at 11:00, Germany sells €1bn of bonds at 11:30 and the EFSF sells up to €1bn in bonds at 12:30 Major US Stock Movers After Hours Rexnord gained 13% after hours as it announces that it has hired Goldman Sachs to review its options Gran Tierra Energy moved 9% higher as it announces it has made an oil discovery in the Peruvian Amazon S&P 500 Companies Reporting Avon Products Inc, Q4, 0.269,  Cliffs Natural Resources Inc, Q4, 0.586,  Coca-Cola Co/The, Q4, 0.436,  Fidelity National Information Services Inc, Q4, 0.692,  FMC Technologies Inc, Q4, 0.567,  Fossil Inc, Q4, 2.275,  Goodyear Tire & Rubber Co/The, Q4, 0.2,  HCP Inc, Q4, 0.711,  Marsh & McLennan Cos Inc, Q4, 0.522,  McGraw-Hill Cos Inc/The, Q4, 0.707,  Omnicom Group Inc, Q4, 1.097,  Reynolds American Inc, Q4, 0.734,  Western Union Co/The, Q4, 0.351 US Market News Nasdaq OMX has reportedly held talks with Carlyle group about taking the exchange group private New York may get a further 3 inches of snow as the storm system continues North Korea states that it has held another underground nuclear test and South Korea has called for a UN Security Council meeting at 14:00, and the US has called the test a highly provocative act Bloomberg highlights how Venezuela’s bolivar has devalued by 91% since 1999 when Chavez became the president, and analysts suggest there is still further to go Overnight Market News The yen yesterday fell by the most in a couple of weeks while the Japanese equity markets were still closed and as the US Treasury restates its support for monetary stimulus in Japan. The Japanese markets gained overnight as they returned from the long weekend, gaining over 2% as its economics minister stated that stock prices were too cheap when compared to the fundamentals, and that the government would look to address the issue Economic Data Due 00:01 UK January RICS House Price Balance, 0.0% previous 09:30 UK January PPI Output, 0.2% exp. -0.1% previous 19:00 US January Monthly Budget Statement Economic Events 08:00 Eurozone EU27 Finance Ministers Meet in Brussels RICS Contact Us For Spread Bet Sales:- 0044 (0) 207 894 8800 For CFD Sales/Traders:- 0044 (0) 207 894 8883 Email:- sales@cantorcapital.com Commentary Is Changing Client Access:- From March 1st, CFE active clients will continue to receive our timely notes Free Access:- From March 1st, non CFE clients will receive delayed notes To continue accessing our timely commentary please contact us to open and fund a CFD or Spread Betting account Footnotes Cantor Call, as at 7:00am Analyst Changes, as at 6:45am Times given are UK Local Time, (GMT or GMT +1 during BST) Insider Deals data compiled from Director/PDMR Shareholding forms published in the past 24 hours (ex weekends). 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