Day Ahead

Friday, September 13, 2013, Marketing Communication Opening Call The FTSE is seen opening around unchanged on the open today UK Corporate Announcements Songbird Estates announces an H1 operating profit before tax of £236.8m with an underlying pre-tax profit of £10.2m on revenues of £182.3m Wetherspoon reports a full year pre-tax profit of £57.1m on full year revenues of £1.280bn and sees a reasonable outcome for the year ahead UK News Vofafone announced late yesterday that it has met the 75% minimum conditions on its moves for Kabel Deutschland, a final announcement is due September 16 The Independent writes on how the bank of England continues to be lobbied to intervene on the growing UK housing bubble London Capital Group announces that it has sold its Prospeads unit to Apostar Holdings and will receive net cash of £1.5m after adjustments M+W states that it has no intention of making an offer for Kentz now, but does reserve the right to make an offer within 6 months, following Amec which stated yesterday it does not intend to make an offer for Kentz The UK sells £2.5bn in Bills at 11:10 UK Analyst Changes Apr Energy Cut To Sell Vs Neutral At Ubs Barclays Rated New Buy At Jefferies, Pt 367P Barratt Raised To Buy Vs Hold At Liberum Fenner Rated New Buy At Ubs, Pt 460P Hilton Food Raised To Add Vs Hold At Numis Morrison Cut To Sell Vs Neutral At Citi Pennon Group Cut To Underperform Vs Neutral At Credit Suisse 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 None Scheduled European Market Summary Fresenius’ has agreed to pay €3bn to buy 43 hospitals in Germany from Rhoen Klinikum SocGen is reportedly considering the sales of its Asia private banking unit Renault announces it is to create a new programme to develop a new three seater electric car and create electric vehicles that could be used in urban car sharing programmes Legal opinion from the EU courts suggests that the emergency powers allowing the Paris based financial markets regulator to ban short selling are illegal and should be dropped Global Market Footprint Major US Stock Movers After Hours Twitter detailed after hours yesterday that it has now filed an official request with the SEC for an IPO, thought to be worth up to around $10-14bn. GSV Capital gained 20% and Firsthand Technology gained 8% after hours on the news, due to their early investment in the start-up. Goldman is seen as the lead underwriter in the planned IPO Hain Celestial announced that Icahn and his affiliates have now sold their stakes in the company, around 7.5%, it fell 2% on the news S&P 500 Companies Reporting None Scheduled US Market News United Airlines is yet to decide if it is to honour a number of tickets it sold online at zero cost, after incorrect data was placed into its reservation system. The $0 fares were on the site for a couple of hours yesterday, bookings were closed as it corrected the error Disney announced yesterday it plans to buyback between $6-8bn of its shares starting from next year as it anticipates cash flow increases after strong investment in upgrades to its parks The SEC details that it is asking the leading US exchanges to introduce ‘kill switches’ along with other technological exchanges as it looks to firewall any future exchange outages from rippling out to the wider market Today's Bloomberg Social Velocity Alerts, (BSV) BioMarin Pharmaceutical Inc (BMRN) LinkedIn Corp (LNKD) Men's Wearhouse Inc/The (MW) NQ Mobile Inc (NQ) Overnight Market News An ex trader at RBS has been sentenced to 50 months in jail, she created false accounts to hide losses of £19.5m, the issues was discovered by an internal RBS review Singapore Airlines’ budget line Scott announces that it will allocate child free zones for passengers wanting to pay more not to be seated around young children Top Commodity Goldman suggest that Gold could continue its recent declines as the US Fed continues to withdraw stimulus and has a downside target of $1050 and suggests it could fall back under $1000 Economic Data Due 13:30 US August PPI, 0.2% exp. 0.0% previous 13:30 US August Retail Sales Advance, 0.4% exp. 0.2% previous 14:55 US September Uni. of Michigan Confidence, 82.0 exp. 82.1 previous Economic Events EU Area Finance Ministers meet in Lithuania S&P Index Quarterly Review US PPI 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). 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 BSV is a Bloomberg Terminal filter searching for unusually high social media mentions on a stock 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 Capital and Cantor Index are trading names of CFE. This note is defined by the FCA as a marketing communication. This note has been prepared and distributed for information purposes only and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE makes no representation and gives no warranty as to the accuracy or completeness of the contents of this note. Any person placing reliance upon this note does so at their own risk. Investors should consider this note as only a single factor in making their investment decision. The investment discussed in this note may be unsuitable for investors depending on their specific investment objectives and financial position. CFE, its officers, employees and affiliates shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in this note or any reliance on this note. The recipient is strongly recommended to see independent legal, tax and financial advice. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this note relates; either directly or indirectly, may fall or rise against the interest of investors. This note should not be considered to be a solicitation nor an offer of advice for the purposes of the sale or purchase of any security, investment or derivative.  The information contained in this note is not intended to form the basis of any investment decision and should not be considered a recommendation by CFE or any other person in relation to any of the companies, stock, commodities, currencies or other markets mentioned / referred to in this note. All the information contained herein is based upon information available to the public and has been obtained from sources believed to be reliable. However, the information contained in this note has not been verified by CFE and CFE undertakes no obligation to provide recipients of this note with any additional information or any update to or correction of the information contained in this note. This note is provided by CFE and may be forwarded unamended and in its entirety. This note may not be used in whole or in part to create any other work. All rights reserved. FTSE International Limited (“FTSE”) © FTSE [2013]. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. CFE is authorised and regulated by the FCA under Firm Reference Number 149380.   CFE – The Financial Services Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. Spread Bets are leveraged products placing your capital at risk. Losses can quickly exceed your initial deposit and thus require you to make additional deposits at short notice to maintain your positions. Leveraged products are not suitable for all customers. Please ensure you understand the risks involved before opening an account. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents. The distribution of this note in other jurisdictions may be restricted by law and persons into whose possession this note comes should inform themselves about and observe any such restrictions. By accepting this note you agree to be bound by the foregoing instructions.