Day Ahead, October 23rd

Wednesday, October 23, 2013, Marketing Communication Opening Call The FTSE 100 is called down around 20 points this morning UK Corporate Announcements Home Retail announces H1 sales gained 3% to £2.6bn with an H1 adjusted EPS of 2.5p and a benchmark pre-tax profit of £27.4m ASOS reports a full year pre-tax profit of £54.7m, largely in line, and full year retail sales of £753.8m up 40% and states that its £1bn sales target remains firmly in sight International Personal Finance details a Q3 pre-tax profit of £32.5m and states that it is well placed for a good full year British American Tobacco announces that revenues on a constant currency basis gained 3.5%, marginally under the consensus, and states it remains on track for another year of solid earnings growth Laird states that it is trading in line and maintains its full year outlook Pace Micro announces that it is to buy Aurora for $310m and sees it significantly adding to earnings in 2014 Computacenter announces Q3 revenues gained 11% to £730m and that it maintains its trading outlook UK News The UK Government continues to face criticisms over the Royal Mail IPO as stakebuilding by activist hedge funds increases comments that it undersold its stake The IPO talk continues as Metro Bank is reportedly looking at a London listing after it reported a 75% increase in customers in the first nine months of the year Suneel Bakhshi has been named as the new CEO of LCH.Clearnet, previously CEO of Citigroup Global Markets Japan TCS Holding the Russian based consumer credit firm, listed on the London International market yesterday at the top end of the pricing range and the stock gained 5% in its first day of trading FTSE 100 Dividends: BAE Systems PLC, BA/, (8),  HSBC Holdings PLC, HSBA, (.10),  Rolls-Royce Holdings PLC, RR/, (8.60),  Smiths Group PLC, SMIN, (27),  Smiths Group PLC, SMIN, (30),  William Hill PLC, WMH, (3.70) FTSE 100 Estimated Dividend Impact: 7 Points FTSE 250 Dividends: Bankers Investment Trust PLC/The, BNKR, (3.60),  Barratt Developments PLC, BDEV, (2.50),  City of London Investment Trust PLC/The, CTY, (3.63),  Hansteen Holdings PLC, HSTN, (1.90),  Howden Joinery Group PLC, HWDN, (1),  JD Wetherspoon PLC, JDW, (8),  John Menzies PLC, MNZS, (7.70),  JPMorgan Emerging Markets Investment Trust PLC, JMG, (5.50),  Morgan Advanced Materials PLC, MGAM, (3.80),  Senior PLC, SNR, (1.52),  Tullett Prebon PLC, TLPR, (5.60) FTSE Small Share: Marshalls PLC, MSLH, (1.75),  Martin Currie Pacific Trust PLC, MCP, (2.50),  Aberdeen Asian Income Fund Ltd, AAIF, (n/a),  City Merchants High Yield Trust Ltd, CMHY, (2.50) UK Analyst Changes Arm Cut To Neutral Vs Buy At Ubs Bt Added To Ubs’S Least Preferred List Bt Cut To Sell Vs Neutral At Ubs Inmarsat Rated New Hold At Berenberg; Pt 775P UK Insider Buying None Detailed UK Insider Selling Anglo American Plc, (AAL), 1 insider(s) sold 16633 shares, £15.32 FTSE 100 Movers UK IPO Issuer Name Pricing Date Applied Graphene Materials 12/31/2014 Everyman Media Group Plc 11/07/2013 Infinis Energy Ltd 11/30/2013 Merlin Entertainments plc Oxford Immunotec Global PLC Riverstone Energy Ltd 10/29/2013 Major European Companies Reporting Chr Hansen Holding A/S, R, 1.004,  Fortum OYJ, Q3, 0.155,  GlaxoSmithKline PLC, Q3, 0.272,  Heineken NV, Q3, 0,  Hexagon AB, Q3, 0.251,  Home Retail Group PLC, S1, 0.022,  Iberdrola SA, Q3, 0,  Investment AB Kinnevik, Q3, 0,  Konecranes OYJ, Q3, 0.378,  Marine Harvest ASA, Q3, 0.157,  MTU Aero Engines AG, Q3, 1.147,  Nordea Bank AB, Q3, 0.197,  Norsk Hydro ASA, Q3, 0.084,  Scania AB, Q3, 1.898,  Societe BIC SA, Q3, 0,  Svenska Handelsbanken AB, Q3, 5.497,  TGS Nopec Geophysical Co ASA, Q3, 0.578,  Trelleborg AB, Q3, 1.653 European Market Summary Ahead of taking supervision of the financial supervision in the euro area the ECB is seen requiring the larger banks to hold an 8% capital buffer Rabobank next week is expected to announce around a $1bn settlement with US authorities over Libor manipulations The European Parliament has reached a draft deal with national government to increase the curbs on high frequency trading Global Market Footprint Major US Stock Movers After Hours Corning gained 23% as it announces a $2bn share buyback and agreeing to buy full ownership of a joint venture with Samsung Apollo net revenues gained to $845 and ahead of the forecasts, and gained over 13% as the news offset the fact that it was cutting its full year 2014 revenues targets Amarin fell 5% in late trading after an FDA panel cancels a fish-oil pill expansion, Amarin states that it will cut half of its positions worldwide Broadcom fell over 8% as it detailed lower Q4 revenues than forecasted and details it is cutting 1,150 jobs S&P 500 Companies Reporting Airgas Inc, Q2, 1.222,  Akamai Technologies Inc, Q3, 0.462,  Allegheny Technologies Inc, Q3, -0.183,  American Electric Power Co Inc, Q3, 1.084,  Assurant Inc, Q3, 1.482,  AT&T Inc, Q3, 0.65,  AvalonBay Communities Inc, Q3, 1.175,  Boeing Co/The, Q3, 1.503,  Bristol-Myers Squibb Co, Q3, 0.442,  Caterpillar Inc, Q3, 1.679,  Citrix Systems Inc, Q3, 0.694,  Crown Castle International Corp, Q3, 0.176,  Dr Pepper Snapple Group Inc, Q3, 0.834,  E*TRADE Financial Corp, Q3, 0.164,  Eli Lilly & Co, Q3, 1.03,  Equifax Inc, Q3, 0.884,  F5 Networks Inc, Q4, 1.187,  General Dynamics Corp, Q3, 1.678,  Hudson City Bancorp Inc, Q3, 0.082,  Lam Research Corp, Q1, 0.706,  Leggett & Platt Inc, Q3, 0.437,  Lorillard Inc, Q3, 0.807,  LSI Corp, Q3, 0.161,  Molex Inc, Q1, 0.373,  Motorola Solutions Inc, Q3, 1.017,  NASDAQ OMX Group Inc/The, Q3, 0.627,  Nielsen Holdings NV, Q3, 0.483,  Norfolk Southern Corp, Q3, 1.388,  Northrop Grumman Corp, Q3, 1.824,  O'Reilly Automotive Inc, Q3, 1.647,  Prologis Inc, Q3, 0.411,  Stericycle Inc, Q3, 0.935,  Symantec Corp, Q2, 0.437,  Teradyne Inc, Q3, 0.44,  Thermo Fisher Scientific Inc, Q3, 1.281,  Torchmark Corp, Q3, 1.432,  TripAdvisor Inc, Q3, 0.44,  WellPoint Inc, Q3, 1.818,  Wyndham Worldwide Corp, Q3, 1.361 US Market News The FT suggests that Alibaba may be considering an IPO in London after it failed to persuade the Hong Kong regulators on its partnership style corporate structure The CEO of Netflix stated yesterday that ‘euphoria’ seemed to have taken control on some of its recent price moves, and Carl Icahn is in the news as he states he has halved his stake in the group, citing the recent sharp price increases SAC Capital announces that it is to close its London offices, as it continues its negotiations with the US government on the insider dealing probe and details that the outcome the government was demanding was likely to have a greater impact on the firm than first thought Amazon is lifting its threshold of Super Saver Free shipping to $35 from $25, which is set to save billions in shipping costs Today's Bloomberg Social Velocity Alerts, (BSV) Baxter International Inc (BAX) Makepeace Bros Inc (MAKE) Overnight Market News Australian CPI figures gained by 0.7% from the previous quarter, ahead, of the forecasts, suggestion that inflation concerns, which have been muted, may need to be adjusted Economic Data Due 15:00 Eurozone October Consumer Confidence, -14.5 exp. -14.9 previous 15:00 Canada, Bank of Canada Rate Decision, 1.0% exp. 1.0% previous Economic Events 09:30 UK Bank of England MPC Meeting minutes Bank of Canada Rate Contact Us 0044 (0) 207 894 8883 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.