Day Ahead

Wednesday, May 1, 2013, Marketing Communication FTSE 100 Opening Call The FTSE is seen opening up around 10 -15 points higher today UK Corporate Announcements Spirent Communications reports Q1 revenues of $96.8m from $117.4m and a Q1 net profit of $5.5m from $18.6m Home Retail announces full year benchmark pre-tax profit of £91m, in line with the forecasts, on full year sales of £5.48bn Antofagasta states that it is on track to meet its full year production targets Weir Group announces that its trading has been line with the expectations and maintains its guidance Meggitt states that it continues to expect mid single digit full year revenue growth and that pro former revenue grew modestly in Q1 Stanley Gibbons states that trading has been in line with the expectations UK Market News UK Chancellor Osborne has warned the BofE that its ‘overzealous’ focus on banking stability could undermine the country’s near term economic recovery ENRC’s lack of corporate governance stays in the news as reports suggest that lawyers and auditors ahead of its London IPO in 2007 found examples of company records being falsified and in other cases destroyed The OFT stated late in yesterday’s trading that Cineworld’s planned takeover of Picturehouse could cause higher prices in some regions The Nationwide details that UK house prices gained 0.1% in April, to stand up 0.9% year on year Ofgem announces today it is to investigate the efficiency obligations of British Gas, Drax, GDF Suez and SSE Melrose announces it is selling Truth Hardware to Tyman for $200m in cash and would use the proceeds to pay down borrowings FTSE 100 Dividends: Admiral Group PLC, ADM, (21.40),  Admiral Group PLC, ADM, (24.10),  Barclays PLC, BARC, (1),  Croda International PLC, CRDA, (32.75),  ITV PLC, ITV, (1.80),  ITV PLC, ITV, (4),  Reed Elsevier PLC, REL, (17),  Weir Group PLC/The, WEIR, (30) FTSE 100 Dividend Impact: 2.9 points FTSE 250 Dividends: African Barrick Gold PLC, ABG, ($0.123),  Bankers Investment Trust PLC/The, BNKR, (3.465),  City of London Investment Trust PLC/The, CTY, (3.63),  Cobham PLC, COB, (6.40),  Edinburgh Investment Trust PLC/The, EDIN, (5),  Elementis PLC, ELM, (3.4849),  Elementis PLC, ELM, (3.137g),  Ferrexpo PLC, FXPO, (.033),  JD Wetherspoon PLC, JDW, (4),  Regus PLC, RGU, (1.87),  Senior PLC, SNR, (3.27),  SIG PLC, SHI, (2),  Travis Perkins PLC, TPK, (17) FTSE Small Share: Boot Henry, BHY, (2.90),  Dunedin Enterprise Investment Trust PLC, DNE, (6.50),  Dunedin Income Growth Investment Trust PLC, DIG, (3.25),  F&C Private Equity Trust PLC, FPEO, (5.07),  Investors in Global Real Estate Ltd, IGRE, (1.05),  JPMorgan Claverhouse Investment Trust PLC, JCH, (4.50),  Morgan Sindall Group PLC, MGNS, (15),  Schroder Real Estate Investment Trust Ltd, SREI, (.88),  Sthree PLC, STHR, (9.30) UK Analyst Changes Gem Diamonds Raised To Neutral Vs Reduce At Nomura Morrison Raised To Equalweight Vs Underweight At Barclays National Express Raised To Buy At Liberum Reed Elsevier Cut To Neutral Vs Buy At Ubs UK Insider Buying Afc Energy Plc, (AFC), 1 insider(s) bought 9507517 shares, £0.26 Barr (A.G.) Plc, (BAG), 1 insider(s) bought 20000 shares, £5.44 British Sky Broadcast, (BSY), 8 insider(s) bought 1758 shares, £8.47 Cls Holdings Plc, (CLI), 1 insider(s) bought 7982 shares, £9.18 Croma Security Soluti, (CSSG), 2 insider(s) bought 76000 shares, £0.19 Ds Smith Plc, (SMDS), 1 insider(s) bought 10550 shares, £2.37 Lok'Nstore Group Plc, (LOK), 2 insider(s) bought 115000 shares, £1.25 Mediterranean Oil & Ga, (MOG), 1 insider(s) bought 124069 shares, £0.08 Mediwatch Plc, (MDW), 1 insider(s) bought 100000 shares, £0.03 Quintain Estates & Dev, (QED), 1 insider(s) bought 4615 shares, £0.65 Rio Tinto Plc, (RIO), 2 insider(s) bought 450 shares, £29.85 Wolfson Microelectron, (WLF), 1 insider(s) bought 50000 shares, £2.01 UK Insider Selling Astrazeneca Plc, (AZN), 1 insider(s) sold 8690 shares, £33.28 Bellway Plc, (BWY), 1 insider(s) sold 7534 shares, £13.77 Croda International Pl, (CRDA), 1 insider(s) sold 8750 shares, £25.49 Fairpoint Group Plc, (FRP), 1 insider(s) sold 38509 shares, £1.05 Itv Plc, (ITV),  insider(s) sold 2342312 shares, £1.27 Lok'Nstore Group Plc, (LOK), 3 insider(s) sold 115000 shares, £1.25 Reed Elsevier Plc, (REL), 2 insider(s) sold 650015 shares, £7.53 Standard Life Plc, (SL/),  insider(s) sold 105330 shares, £3.76 FTSE 100 Movers Major European Companies Reporting Jyske Bank A/S, Q1, 4.1,  Novo Nordisk A/S, Q1, 10.689,  Spirent Communications PLC, Q1, 0.024,  Tenaris SA, Q1, 0.393 European Market Summary The Euro STOXX 600 gained last month, to post its 11th consecutive monthly gain, moves not seen since 1997 A number of the European markets are closed today for Labour Day, Germany, France, Italy etc so volumes and momentum is expected to be light, especially as markets tend to stay muted ahead of an FOMC rate decision Slovenia has had its ratings cut to junk status by Moody’s Cypriot politicians have agreed to the planned EU loan agreement, albeit with a slim majority The French Industry Minister states that talks between Yahoo and France Telecom over combining with the Dailymotion site have stalled Global Intraday Footprint Major US Stock Movers After Hours IAC InterActive Corp came off 3% as it announces EPS ahead of the forecasts, but also detailed lower revenues Leap Wireless slipped 4% in late trading as it announces H1 Q1 revenues but also lowers its full year capital expenditure  forecasts Manitowoc announced a Q1 EPS of 9c well under the forecasts of 14c and the stock fell 4% after hours S&P 500 Companies Reporting ADT Corp/The, Q2, 0.425,  Allergan Inc/United States, Q1, 0.962,  Allstate Corp/The, Q1, 1.304,  American Tower Corp, Q1, 0.818,  CBS Corp, Q1, 0.679,  Chesapeake Energy Corp, Q1, 0.25,  Clorox Co/The, Q3, 1.051,  Comcast Corp, Q1, 0.506,  Coventry Health Care Inc, Q1, 0.809,  CVS Caremark Corp, Q1, 0.794,  Delphi Automotive PLC, Q1, 0.961,  Devon Energy Corp, Q1, 0.564,  Exelon Corp, Q1, 0.68,  Expeditors International of Washington Inc, Q1, 0.395,  Garmin Ltd, Q1, 0.41,  Hospira Inc, Q1, 0.438,  Humana Inc, Q1, 1.786,  Integrys Energy Group Inc, Q1, 1.604,  IntercontinentalExchange Inc, Q1, 1.966,  Iron Mountain Inc, Q1, 0.271,  JDS Uniphase Corp, Q3, 0.114,  Kimco Realty Corp, Q1, 0.322,  Lincoln National Corp, Q1, 1.099,  Marriott International Inc/DE, Q1, 0.404,  Mastercard Inc, Q1, 6.168,  Merck & Co Inc, Q1, 0.794,  MetLife Inc, Q1, 1.304,  Murphy Oil Corp, Q1, 0.975,  Northeast Utilities, Q1, 0.655,  Phillips 66, Q1, 1.894,  Pioneer Natural Resources Co, Q1, 0.969,  Prudential Financial Inc, Q1, 1.884,  Rowan Cos Plc, Q1, 0.522,  Seagate Technology PLC, Q3, 1.161,  Sealed Air Corp, Q1, 0.183,  Tesoro Corp, Q1, 0.724,  Time Warner Inc, Q1, 0.745,  Unum Group, Q1, 0.783,  Viacom Inc, Q2, 0.954,  Visa Inc, Q2, 1.811 US Market News The FOMC meeting is to announce its decision on interest rates today with an unchanged stance expected, while the FT reports on talk that the Fed is considering tighter caps on bank leverage Apple has raised $17bn through the largest corporate bond sale ever, as it capitalises on its high credit rating and record low borrowing rates Intermedia announces it is offering $9/15/share for Outdoor Channel, the television network, in a proposed deal worth around $250m Leon Black the CEO of private equity group Apollo Global Management has stated that now was a ‘fabulous environment to be selling’, stating ‘we are selling everything that is not nailed down, and if it is nailed down, we are refinancing it' US press suggests that KKR is in discussions with former CIA chief David Petraeus about a role at the company Details continues to emerge on the $1b losses at Rochdale Securities on an Apple deal, as prosecutors allege that the dealer David Miller knowingly increased a genuine buy order of 1,635 shares to 1.6m shares, so that he would profit if prices gained, but could blame it on human error if it fell Overnight Market News Overnight China detailed April manufacturing PMI of 50.6, just under the forecasts of 50.7m The president of Softbank has turned publicly hostile on the chairman of Dish Network stating that he was a 'poor fit' to run Sprint Nextel, the company both are bidding to takeover Cnooc is reportedly considering a $5bn dollar denominated bond sale Top FX News Mexican yields have dropped to a fresh record after central bank governor Carstens states that they will consider cutting borrowing costs if inflation slows to within the targeted range Top Commodity Bloomberg highlights how demand from China’s rapidly growing middle class for diamonds is lifting the prices for cheaper diamonds. Prices for 1-carat flawless stones have gained 7% in two years, while those with just slight imperfections have gained 24% Economic Data Due 07:00 UK April Nationwide House Prices, 0.3% exp. 0.0% previous 15:00 US April ISM Manufacturing, 51.0 exp. 51.3 previous 19:00 US FOMC Rate Decision, 0.25% exp. 0.25% previous Economic Events 13:30 ECB Press Conference FOMC Rates CFD Sales/Traders 0044 (0) 207 894 8883 cfdsales@cantor.com Equity Spread Bet Sales 0044 (0) 207 894 8800 sales@cantorcapital.com Footnotes FTSE 100 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). 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