Day Ahead

Thursday, September 12, 2013, Marketing Communication Opening Call The FTSE is seen up around 20 points on the open today UK Corporate Announcements WM Morrison announces an H1 underlying pre-tax profit of £401m just missing the estimates of £406.5m seen on revenues of £8.9bn flat from last year Next announces H1 sales of £1.68bn up 2.2% and an H1 operating profit of £285m just missing forecasts of £288m seen, and maintains its full year guidance and details its sees its share buyback at £300, from its previous guidance of £250-300m Home Retail details that LFL Homebase sales gained 11%, well ahead of the estimates, while Argos sales gained 2.7% more in line Ocado announces Q3 gross sales of £189.2m up 16.4% and largely in line with the forecasts UK News Royal Mail confirms that it does plan to have its IPO in the coming weeks, the government will dispose of the majority of its existing shares, with the IPO to compromise of both an institutional and retail offer A survey by the CBI suggests that the majority of UK companies would like Britain to stay in the EU The Bank of England’s Miles responds to market concerns and states that the central bank’s 7% threshold is still some way off UK banks may need a further $80bn of fresh capital under future Basel rules As Expected FTSE detailed that Sports Direct, Coca Cola HBC and Mondi are to be lifted into the FTSE 100, at the expense of Wood Group, ENRC and Serco, changes will take effect on the close Friday 20th, September Standard Life states in a new report that long term strategy fund managers could soon be replaced by computers Cityam highlights how 23% of the net jobs growth in the UK over the past year has come from jobs in real estate The UK sells £3.75bn in bonds at 10:30 UK Analyst Changes Bodycote Raised To Neutral Vs Sell At Citi Greene King Cut To Neutral Vs Overweight At Jpmorgan Igg Added To Most Preferred List At Ubs Marston’S Cut To Neutral Vs Overweight At Jpmorgan Melrose Cut To Neutral Vs Buy At Citi Micro Focus Cut To Sell Vs Neutral At Goldman Mitchells & Butlers Cut To Underweight Vs Neutral At Jpmorgan Sabmiller Cut To Reduce Vs Neutral At Nomura Spirax-Sarco Cut To Neutral Vs Buy At Citi Tui Travel Raised To Overweight Vs Neutral At Jpmorgan Young & Co Brew Cut To Neutral Vs Overweight At Jpmorgan UK Insider Buying None Detailed UK Insider Selling Jupiter Fund Managemen, (JUP),  insider(s) sold 200000 shares, £3.64 FTSE 100 Movers Major European Companies Reporting Swiss Prime Site AG, S1, 0,  WM Morrison Supermarkets PLC, S1, 0.12,  Next PLC, S1, 1.292 European Market Summary European press suggests that Josef Ackermann is planning to resign from the board at Siemens The FT suggests that the EC is set to announce next week that London will remain the primary authority for Libor, rather than under the direct control of a European supervisor out of Paris European press reports suggest that the Legal Service of the Council of the EU has indicated that key elements of the proposed EU financial transaction tax are illegal. The moves aim to add a standard 10bp charge on share on bond trades and 1bp charge on derivatives transactions Global Market Footprint Major US Stock Movers After Hours S&P details that Vertex and Ametek is to join its bluechip Index, replacing Advanced Micro Devices and SAIC Inc Pandora the online radio services group gained 8% as it announces that Brian McAndrews is to be its CEO, President and Chairman S&P 500 Companies Reporting Kroger Co, Q2, 0.596 US Market News An ex-auditor of Morgan Stanley is suing the bank alleging that senior officers whitewashed his concerns that it was taking on too much risk Carl Icahn has suggested that it should borrow $150bn for a buyback as the rates it can achieve are better than most countries Qualcomm details that it is to buy back up to $5bn in shares Bill Gross has cut the holding of government related debt in Pimco’s flagship fund to its lowest level since March, to 35% SEC officials are expected to question executives at Nasdaq today on the recent system crash which held up trading for several hours Dish Networks is the focus of an FT article as a director resigned in recent days over protest on a bid for a telecommunications firm that could deliver hundreds of millions to the Dish Chairman Charlie Ergen Verizon yesterday borrowed $49bn from the bond markets, taking advantage of the record low borrowing costs, setting a new world record, the money will be sued to help fund the $130bn deal to buy Vodafone’s stake in Verizon Wireless Today's Bloomberg Social Velocity Alerts, (BSV) Akamai Technologies Inc (AKAM) Baidu Inc (BIDU) BioMarin Pharmaceutical Inc (BMRN) ConAgra Foods Inc (CAG) Crocs Inc (CROX) GTx Inc (GTXI) Rio Tinto PLC (RIO) Ventrus Biosciences Inc (VTUS) WebMD Health Corp (WBMD) Overnight Market News The Chinese premier has stated that the foundations for the growth recovery are not yet solid stating that many uncertain factors remain Top FX Sterling moved up to seven month highs yesterday and it has been the best performing major currency over the past six months, as the economic situation continues to improve and the markets bring forward the expectations of rate rises Economic Data Due 09:00 Eurozone ECB Publishes Monthly Report 13:30 Initial Jobless Claims, 330k exp. 323k previous 19:00 US Monthly Budget Statement, -$155.0bn exp. Economic Events Carney Speaks in London US Initial Jobless 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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