Day Ahead

Wednesday, April 17, 2013, Marketing Communication Cantor Opening Call The FTSE is called up around 10-15 points higher this morning UK Corporate Announcements Tesco announces a full year trading profit of £3.45bn, just ahead of the consensus, with full year revenues ex VAT at £64.8bn, and writes down the value of its UK sites by £800m and states it will pursue disciplined international growth Burberry details that H2 underlying revenues gained 9% to £1.12bn largely in line on Q4 revenues of £503m just ahead Hargreaves Lansdown states that it had £3.2b of AUM end March and that year to data revenues were up 24% to £216m JD Sports announces full year revenues of £1.26bn from £1.06bn and a pre-tax profit of £55.1m down 18.3% and states it is well placed Smiths News announces H1 revenues gained 1.3% to £904.7m and states that it is on track to meet its full year market estimates Hunting reports that its trading remains in line Moneysupermarket.com states that it remains confident on its outlook as Q1 has been in line with its expectations Hikma has completed its strategic review and determines that its injectables business should remain part of the group UK Market News The IMF has cut its UK growth forecasts and has urged the UK chancellor to show greater flexibility in its deficit reduction strategy Marks & Spencer announces that its lingerie chief Schaffer has left the company after just three months Npower has responded to criticisms that it does not pay any corporation tax by stating that tax relief was necessary if the UK wanted £110bn of investment need to keep the lights on Mervyn King states that he remains unconvinced about the merits of forward guidance due to the risks associated with thresholds FTSE 100 Dividends: ARM Holdings PLC, ARM, (2.83),  BAE Systems PLC, BA/, (11.70),  BG Group PLC, BG/, (9.03),  Capita PLC, CPI, (15.60),  Fresnillo PLC, FRES, ($0.424),  John Wood Group PLC, WG/, (.113),  Melrose Industries PLC, MRO, (5),  Petrofac Ltd, PFC, ($0.43),  Resolution Ltd, RSL, (14.09),  Smith & Nephew PLC, SN/, ($0.162),  Tullow Oil PLC, TLW, (8) FTSE 100 Dividend Impact: 5.474 FTSE 250 Dividends: Chemring Group PLC, CHG, (4.20),  Hikma Pharmaceuticals PLC, HIK, ($0.10),  Mondi PLC, MNDI, (€0.191),  Morgan Advanced Materials PLC, MGAM, (6.40),  NB Global Floating Rate Income Fund Ltd, NBLS, (1.22),  Rentokil Initial PLC, RTO, (1.43),  Spirax-Sarco Engineering PLC, SPX, (37),  Taylor Wimpey PLC, TW/, (.43),  Unite Group PLC, UTG, (3) FTSE Small Share: Costain Group PLC, COST, (7.25),  Novae Group PLC, NVA, (14.50),  RM PLC, RM/, (2.25),  Vitec Group PLC/The, VTC, (13.50) UK Analyst Changes Quintain Estates Pt Raised 30% To 79P At Barclays Intertek Rated New Overweight At Morgan Stanley Ab Foods Named A Least Preferred Stock At Citi UK Insider Buying Bellzone Mining Plc, (BZM), 1 insider(s) bought 265915 shares, £0.05 Greene King Plc, (GNK), 1 insider(s) bought 2000 shares, £6.72 Jubilee Platinum Plc, (JLP), 1 insider(s) bought 64444 shares, £0.08 London Capital Group H, (LCG), 1 insider(s) bought 50000 shares, £0.32 Neos Resources Plc, (NEOS), 2 insider(s) bought 1310000 shares, £0.01 Pan African Resources, (PAF), 1 insider(s) bought 100000 shares, £0.14 Sirius Minerals Plc, (SXX), 1 insider(s) bought 3263664 shares, £0.21 UK Insider Selling Aggreko Plc, (AGK),  insider(s) sold 119587 shares, £17.82 Barr (A.G.) Plc, (BAG), 2 insider(s) sold 192044 shares, £5.46 Berendsen Plc, (BRSN), 5 insider(s) sold 231080 shares, £0.07 Berkeley Group Holding, (BKG), 2 insider(s) sold 654488 shares, £20 Bodycote Plc, (BOY),  insider(s) sold 381448 shares, £5.03 Fidessa Group Plc, (FDSA), 1 insider(s) sold 999 shares, £17.88 G4S Plc, (GFS), 2 insider(s) sold 42557 shares, £2.97 Inchcape Plc, (INCH), 1 insider(s) sold 10891 shares, £5.07 Pace Plc, (PIC), 1 insider(s) sold 267749 shares, £2.36 Porvair Plc, (PRV), 2 insider(s) sold 346600 shares, £2.28 Xstrata Plc, (XTA), 1 insider(s) sold 23143 shares, £10.29 FTSE 100 Movers Major European Companies Reporting ASML Holding NV, Q1, 0.222,  Castellum AB, Q1, 1.658,  Getinge AB, Q1, 0.893,  SKF AB, Q1, 2.409,  Tesco PLC, R, 0.305,  Wirecard AG, R, 0.689,  Ziggo NV, Q1, 0.327 European Market Summary Daimler details it is to sell its remaining $3bn stake in EADS and would look to use the funds at its car unit and Europe March auto sales fell 10%, as German demand falls 17% keeping the focus on the car makers today ING is set to raise as much as $1.54bn in the IPO of its US insurance unit Sweden sells bonds at 11:03, Germany sells €4bn of 2023 bonds at 11:30 and Portugal sells 3 month bills at 11:30 Major US Stock Movers After Hours Boston Private gained 13.7% as it announces it was buying back the preferred stock held by Carlyle Group Adcare Health came off 14% as it announces that its CFO has resigned and that it was restating its 2012 results The major mover was E2Open the cloud solutions company, slumped 30% as it detailed a wider than expected Q4 loss Yahoo dropped 4% as it reported a fall in its main display advertising as it continues its longer term turnaround plan S&P 500 Companies Reporting Abbott Laboratories, Q1, 0.412,  American Express Co, Q1, 1.126,  Bank of America Corp, Q1, 0.229,  Bank of New York Mellon Corp/The, Q1, 0.52,  Dover Corp, Q1, 1.078,  eBay Inc, Q1, 0.624,  Huntington Bancshares Inc/OH, Q1, 0.158,  Kinder Morgan Inc/DE, Q1, 0.318,  Mattel Inc, Q1, 0.085,  Noble Corp, Q1, 0.547,  PNC Financial Services Group Inc/The, Q1, 1.556,  Quest Diagnostics Inc, Q1, 1.032,  SanDisk Corp, Q1, 0.773,  SLM Corp, Q1, 0.596,  St Jude Medical Inc, Q1, 0.912,  Textron Inc, Q1, 0.458 US Market News Goldman slipped 1.6% yesterday despite announcing results with headline numbers largely in line, as revenues fell by more than its rivals US authorities detail that a letter laced with Ricin poison was sent to US Senator  Overnight Market News The FT writes on the ‘out of control’ Chinese local authority debt Nomura came off 5% overnight after Italian authorities announced yesterday they were seizing €1.8bn of its assets as part of its ongoing probe into Banca Monte dei Paschi di Siena China Daily details that so far 21 listed steel companies have released full year numbers, and they show a total loss of 7.7bn yuan in 2012, from the profit of 9.8bn in 2011 Standard Chartered has forecasts China GDP growth in 2013 at 8.3% Top FX News Colombia’s Finance Minister states that the peso was being hit by a tsunami of liquidity Top Commodity News Sales at Australia’s Perth Mint have reportedly seen strong gains in the past couple of days as the sharp selloff in gold is attracting fresh buyers Australia details that it is to cuts its revenue forecasts for selling its carbon allowances on the ICE Futures Exchange as prices fell 35% on the latest settlement as France rejected an emergency measure to reduce surplus allowances Economic Data Due 00:01 UK Rightmove UK April House Prices, 1.7% previous 13:30 US April Empire Manufacturing, 6.65 exp. 9.24 previous Economic Events 09:30 UK February ILO Unemployment Rate, 7.8% exp. 7.8% previous 15:00 US Bank of Canada Rate Announcement 1.0% exp. UK Unemployment CFD Sales/Traders 0044 (0) 207 894 8883 cfdsales@cantor.com Equity Spread Bet Sales 0044 (0) 207 894 8800 sales@cantorcapital.com Footnotes Cantor Call, as at 6:45am Analyst Changes, as at 6:30am 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). Major European Companies defined as those companies in the STOXX Europe 600 Index FTSE 100 Movers, Blue >0.25%, Green <0.25% > -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 Regulatory Disclaimer This market commentary note (“note”) has been issued by Cantor Fitzgerald Europe (“CFE”), which is authorised and regulated by the Financial Conduct Authority (“FCA”). Cantor Index is a trading name of CFE. 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