logo-loader

EUROPEAN EQUITY OPENING HEADLINES INCLUDING: Home Retail's Argos Q1 like for like sales down 9.6%

Last updated: 04:03 09 Jun 2011 EDT, First published: 03:03 09 Jun 2011 EDT

no_picture_pai

ASIA
 
Nikkei (+0.2%) edged higher as buying from foreign investors attracted by cheap valuations offset growing worries over a slowing US economy. (RTRS)
 
US
 
Equities finished in negative territory for the 6th day in a row after risk aversion remained the main theme of the day after Bernanke’s comments yesterday, stock futures did steady their losses after reports from Fed’s Beige book showed steady expansion, however a few districts did see some deceleration. Finally, DJIA closed at 12048.94 (-0.18%), S&P 500 closed at 1279.56 (-0.42%) and NASDAQ 100 closed at 2252.89 (-0.71%).
 
The Fed is likely to back a plan for banks to hold capital amounting to 10% of assets, 3% more than the amount agreed last year by policymakers in Basel, Switzerland, according to people familiar with the matter. (WSJ)
 
Goldman Sachs – US SEC is examining documents from co. and other financial firms to see if dealings with Libya’s sovereign wealth fund may have violated bribery laws. (WSJ)
 
Citigroup – Co. has acknowledged that a computer breach may have given hackers access to the data of hundreds of thousands of bank card customers. (FT - More)
 
Texas Instruments – Co. slashed its earnings and revenue forecasts and blamed the shortfall on major client Nokia’s ailing cellphone business. Co. sees Q2 EPS USD 0.51-0.55 vs. Exp. USD 0.57, and sees Q2 revenue USD 3.36-3.5bln vs. Exp. USD 3.55bln. (RTRS)
 
Staples – Co.’s CEO said the co. could look to dispose of its printing systems divisions, and expects future industry consolidation. (Sources)
 
UK
 
UK Banks - More than GBP 250bln of real estate debt held by banks in the UK is secured against non-prime property, according to data compiled by Savills. (FT-More)
 
BP – Co.’s Chief Executive Bob Dudley said the company's Arctic alliance with Russia's state oil firm was effectively dead, saying co. was "moving on" and focusing on other opportunities. (WSJ)
 
Barclays – Co.’s CEO said the bank was very close to having a coco that would be regulatory compliant. But he admitted that the bank’s wish for a quick issue – originally hoped for by February, then by the end of June – could now take until the end of the year. (FT-More)
 
Lloyds – Co. CEO reiterates that ICB’s proposals for more branch disposals go against interests of Lloyds’ shareholders. (RTRS) In other news, co. may be prepared to create a new bank using an IPO if the bids for its branches are too low. (Independent)
 
Home Retail – Co. said Argos Q1 like for like sales down 9.6%, however Homebase Q1 like for like sales up 1.6%. Co. said trading conditions are difficult and volatile. Co.’s CEO said Argos’ Q1 consumer electronics sales down double digit percentage, UK markets down 20%. (Sources/RTRS)
 
FTSE Index Change – Tate&Lyle will to replace TUI Travel in the FTSE 100 in the latest quarterly index reshuffle.
 
OTHER UK COMPANIES
 
IG Group – Co. said it expects to report full year adjusted pretax profit of about GBP 163mln vs. Prev. GBP 157.6mln. (RTRS)
 
Companies paying dividend
: Antofagasta (USD 0.12000), Antofagasta (Special dividend) (USD 1.0000)
 
FRANCE
 
EADS – Jet Airways and Go Airlines will place orders with Airbus to buy at least 60 jets worth USD 6.5bln at the Paris Air Show. (Economic Times)
 
Air France-KLM – Co. says May passenger traffic rises to 4.9%. (RTRS)
 
PPR – Co. said it is not interested in making offer for Burberry. (Daily Mail)
 
Schneider Electric – Co. has agreed takeover of Chinese company Leader and Harvest for USD 650mln. (Sources)
 
Companies paying dividend: Vinci (EUR 1.1500)
 
GERMANY
 
German Utilities – Cheuvreux said that German utilities are so cheap that they are now takeover targets. (FT Deutschland)
 
German Insurers – German insurers have reduced their exposure to Greek debt to EUR 2.8bln vs. Prev. EUR 5.8bln a year ago. (Die Welt)
 
BMW – Co. announced GBP 500mln investment in UK. (Sources)
 
K+S – Co. is now in exclusive talks to sell its garden fertiliser unit Compo to private equity investor Triton, according to a person familiar with the matter. (RTRS)
 
OTHER GERMAN COMPANIES
 
Hochtief – Co. rejected speculation that Concessions is unlikely to be listed, and that it is focusing on a direct sale of its Concessions arm. (Boersen-Zeitung)
 
PAN-EUROPEAN
 
Nokia – Co.’s chief technology officer Richard Green has taken a leave of absence and is unlikely to return following disagreements over strategy.  (Helsingin Sanomat)
 
Telefonica – Co. is offering shares in Atento, its call centre unit, at EUR 19.25-25.00 pear share in a market listing it hopes will raise up to EUR 765mln. (Sources)
 
ING – ING Direct sees private equity fund KKR eyeing a minority holding. (Beurs NL)
 
SMI
 
Novartis – Co. said a pivotal study shows its Bexsero vaccine protects against the main cause of meningitis. (Sources)
 
BROKER MOVES
 
Switch Into HSBC From Standard Chartered, Morgan Stanley Says
Johnson Matthey Named a Least Preferred Stock at Citi
Buy L&G, Aviva, May Gain from Solvency 2 News in July: Nomura
Buy Old Mutual because Africa to Drive Growth, Goldman Says
Reckitt Benckiser Raised to Buy From Hold at Jefferies
Siemens Could Pay EU10/Shr Special Div. Over Next 3 Yrs: RBS
Commerzbank Raised to Hold vs Sell at Citi
BASF: CITI REMOVES FROM MOST PREFERRED STOCKS
K+S AG: CITI REMOVES FROM MOST PREFERRED STOCKS
Fresenius Medical Care Raised to Buy From Neutral at BofA
Infineon Cut to Equal Weight, Margins May Be Capped at 20% at Morgan Stanley
GDF SUEZ: RBS UPGRADES TO BUY FROM HOLD
AIR LIQUIDE: CITI REMOVES FROM LEAST PREFERRED STOCKS
Lafarge Added to BofA’s Most Preferred List
PPR Offers One of Most Attractive Valuations in Sector: Barclays
Nestle Cut to Equal Weight From Overweight at Barclays
Syngenta Named a Most Preferred Stock at Citi
Santander Remains Preferred Spanish Bank at Nomura
Enel Shares Trade at Unjustified Discount to Peers: Barclays
EUROPEAN UTILITIES:EDF, E.ON, GDF Suez, RWE Offer Buying Opportunities, RBS Says
Morgan Stanley Says Likes Global Tobacco on Pricing Power

BenevolentAI advances novel ulcerative colitis treatment through Phase 1a trial

BenevolentAI (OTC:BAIVF) chief scientific officer Dr Anne Phelan joins Proactive's Stephen Gunnion with positive safety data from the Phase 1a, first-in-human, clinical study of BEN-8744 in healthy volunteers. Phelan explained that BEN-8744 is a potent, selective PD10 inhibitor, uniquely...

35 minutes ago