Day Ahead

Wednesday, July 24, 2013, Marketing Communication Opening Call The FTSE is seen starting the day around unchanged UK Corporate Announcements Arm Holdings announces H1 revenues gained $528.2m up 25% and an adjusted EPS of 4.89p and a pre-tax profit of £15m from £54.8m Kingfisher reports Q2 sales gained 2.5% on an LFL basis, and that it remains on track to meet its H1 expectations EasyJet details a full year pre-tax profit of £450-480m on revenues of £1.14bn, just ahead of the forecasts of around £1.1bn seen Tate & Lyle states it expects to deliver a year of profitable growth as it announces a Q1 operating performance in line with its expectations TalkTalk reports Q1 total revenues gained 1.7% to £421m and confirms its full year guidance Carphone Warehouse confirms its full year guidance as it announces total connections gained 6% Compass Group maintains its full year positive outlook Renishaw announces a full year pre-tax profit of £81.5m, on revenues of £347m from £332m Findel states that it has made a good start to the year Wetherspoon states that it now expects a slightly better full year as 11 week total sales gained 6.2% UK News The Telegraph suggests that RBS could name its new CEO from next week, replacing the outgoing Stephen Hester The Times details how the BBA numbers out yesterday had net lending by its members to business up £172m in June, the first monthly rise since January UK Competition Commission states that the Imerys Minerals and Goonvean merger may impact upon competition The Owner of Gatwick has responded to recent press reports and states that one ‘mega-hub’ for London was not necessary and that improving the current constellation of competing airports would suffice AstraZeneca states that two more sales executives arrested by Chinese police is not related to the recent bribery crackdown, such as that recently at Glaxo The FT writes that US regulators have demanded the right to probe the books of EU banks, while the UK government announces a deal with UK retail banks to provide local detail of their lending to businesses, allowing the government to target any possible gaps FTSE 100 Dividends: London Stock Exchange, LSE, (19.80) FTSE 100 Estimated Dividend Impact: 0.1 points FTSE 250 Dividends: Bankers Investment Trust PLC/The, BNKR, (3.465), Chemring Group PLC, CHG, (3.40) FTSE Small Share: Artemis Alpha Trust PLC, ATS, (1.85), City Merchants High Yield Trust Ltd, CMHY, (2.50) UK Analyst Changes Big Yellow Rated New Buy At Jefferies, Pt 489P Cpp Group Resumed At Underweight At Jpmorgan; Pt 2P Debenhams Pt Raised To 125P Vs 110P At Ubs, Reiterates Buy Quintain Estates Rated New Buy At Panmure, Pt 104P Standard Chartererd Cut From Overweight At Morgan Stanley Standard Chartererd Cut To Equalweight At Morgan Stanley Vodafone Added Back To Ubs’S Key Calls List UK Insider Buying Faroe Petroleum Plc, (FPM), 5 insider(s) bought 41434 shares, £1.14 Pressure Technologies P, (PRES), 1 insider(s) bought 18000 shares, £2.18 Quintain Estates & Dev P, (QED), 2 insider(s) bought 50000 shares, £0.88 Scancell Holdings Plc, (SCLP), 2 insider(s) bought 75000 shares, £0.32 UK Insider Selling Accsys Technologies Plc, (AXS),  insider(s) sold 449686 shares, £0.12 Topps Tiles Plc, (TPT),  insider(s) sold 17872 shares, £0.86 FTSE 100 Movers Major European Companies Reporting Holdings PLC, S1, 0,  ASM International NV, Q2, 0.125,  AtoS, S1, 1.82,  Cie de St-Gobain, S1, 0.963,  Daimler AG, Q2, 1.025,  Edenred, S1, 0,  Elan Corp PLC, Q2, -0.161,  Fonciere Des Regions, S1, 2.507,  GlaxoSmithKline PLC, S1, 0,  Iberdrola SA, S1, 0,  ICADE, S1, 2.195,  Kesko OYJ, Q2, 0.446,  Konecranes OYJ, Q2, 0.294,  MTU Aero Engines AG, Q2, 1.09,  Syngenta AG, S1, 17.13,  Telefonica Deutschland Holding AG, Q2, 0.013,  Thales SA, S1, 1.23,  Unibail-Rodamco SE, S1, 5.435,  Volvo AB, Q2, 1.035 European Market Summary Volvo today announces a Q2 operating profit of Sek3.26bn, just ahead of the forecasts The Chief of Swisscom was found yesterday dead at his flat in an apparent suicide Global Market Footprint Major US Stock Movers After Hours Apple reported Q3 revenues of $35.3bn largely in line and sees Q3 revenues between $34-37bn, against the consensus estimates at $37bn, and detailed a Q3 EPS of $7.47 against estimates of $7.30, it gained 3% after hours on the news Transition Therapeutics gained 22% as it announces a pact with Eli Lilly to license its TT601 osteoarthritis treatment VMware the software maker gained 11% as it announced Q2 results just ahead and also lifts its full year outlook Polycom slipped 7% as it announces its CEO has resigned S&P 500 Companies Reporting Akamai Technologies Inc, Q2, 0.455,  Allegheny Technologies Inc, Q2, 0.138,  Ameriprise Financial Inc, Q2, 1.62,  AmerisourceBergen Corp, Q3, 0.741,  Assurant Inc, Q2, 1.434,  AvalonBay Communities Inc, Q2, 1.517,  Boeing Co/The, Q2, 1.555,  CA Inc, Q1, 0.724,  Cabot Oil & Gas Corp, Q2, 0.385,  Caterpillar Inc, Q2, 1.683,  Citrix Systems Inc, Q2, 0.63,  Crown Castle International Corp, Q2, 0.158,  Dr Pepper Snapple Group Inc, Q2, 0.842,  E*TRADE Financial Corp, Q2, 0.124,  Eli Lilly & Co, Q2, 1.012,  EMC Corp/MA, Q2, 0.415,  Equifax Inc, Q2, 0.9,  F5 Networks Inc, Q3, 1.081,  Flowserve Corp, Q2, 0.788,  Ford Motor Co, Q2, 0.368,  General Dynamics Corp, Q2, 1.624,  LSI Corp, Q2, 0.131,  Moody's Corp, Q2, 0.91,  Motorola Solutions Inc, Q2, 1.039,  NASDAQ OMX Group Inc/The, Q2, 0.634,  Newfield Exploration Co, Q2, 0.393,  Northrop Grumman Corp, Q2, 1.708,  O'Reilly Automotive Inc, Q2, 1.498,  Owens-Illinois Inc, Q2, 0.793,  PepsiCo Inc, Q2, 1.188,  Praxair Inc, Q2, 1.479,  Prologis Inc, Q2, 0.377,  QUALCOMM Inc, Q3, 1.03,  Range Resources Corp, Q2, 0.338,  Reynolds American Inc, Q2, 0.835,  Seagate Technology PLC, Q4, 1.188,  Stericycle Inc, Q2, 0.909,  T Rowe Price Group Inc, Q2, 0.953,  TE Connectivity Ltd, Q3, 0.833,  Teradyne Inc, Q2, 0.321,  Thermo Fisher Scientific Inc, Q2, 1.303,  Torchmark Corp, Q2, 1.398,  TripAdvisor Inc, Q2, 0.484,  Varian Medical Systems Inc, Q3, 1.007,  Visa Inc, Q3, 1.794,  WellPoint Inc, Q2, 2.076,  Western Digital Corp, Q4, 1.8,  Wyndham Worldwide Corp, Q2, 0.905 US Market News Ford and Toyota announce that they have ended their joint venture to develop hybrid pickup trucks and SUVs CFA results for Level I and Level II were issues yesterday, with 38% passing Level I, 43% passing Level II Overnight Market News China has now placed a ban on government departments and Communist Party agencies and state owned companies from building new offices for 5 years, in a move to cut wasteful spending, with the focus instead being on improving public welfare The China Financial Futures Exchange is to run the first full test of government bond futures on Saturday Guangzhou province is to introduce a 72 visa free stay for travellers from over 40 nationalities from August, in a move to increase international passenger traffic flows Top FX Bloomberg suggests that FX trading funds using computer algorithms have fared worse in recent months than human analysts, with computer model funds down 0.9% this year, compared to 2.5% gains on those that don’t. As models struggled to deal with the Bernanke tapering comments Blackrock details that it sees the Aussie dollar down to 80c over the next nine months on the basis that China has a soft landing and the US continues to recover Economic Data Due 09:00 Eurozone July PMI Manufacturing, 49.0 exp. 48.8 previous 15:00 US June New Home Sales, 481k exp. 476k previous Economic Events No Major Events Detailed US New Home Sales 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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