logo-loader

EUROPEAN EQUITY OPENING HEADLINES INCLUDING: Vodafone confirms full year outlook

no_picture_pai.jpg

ASIA
 
Nikkei (+1.22%) climbed to a two-week high, led by banks that leapt after Morgan Stanley’s strong results and Euro-sensitive issues such as Canon, up on the EUR’s gains after officials agreed to solve Greece’s debt woes. (RTRS)
 
Best performing sectors in NIKKEI 225: Financials (+2.18%), Consumer Services (+1.50%), Industrials (+1.44%)
Worst performing sectors in NIKKEI 225: Utilities (-0.91%), Telecommunications (+0.24%), Health Care (+0.78%)
 
Bank of China – Co. may be selected by the Basel Committee on Banking Supervision as one of the world’s systemically important banks and face higher capital requirements, according to a person familiar with the situation. (Caixin)
 
US
 
Equities finished the session higher, lead by news that Eurozone leaders have agreed a sustainable solution and creation of a new European Monetary Fund to usher Greece with other Eurozone peripheral countries back to recovery. Another strong session of corporate earnings and better than expected US economic data has lifted sentiment despite ongoing uncertainty surrounding US debt ceiling talks. All 10 sectors in S&P 500 finished in the green, with out-performance seen in Financials (+2.36). Finally, DJIA closed at 12724.41 (+1.21%), S&P 500 closed at 1342.80 (+1.35%) and NASDAQ 100 closed at 2834.43 (+0.72%%).
 
Best performing sectors in S&P 500: Financials (+2.36%), Oil & Gas (+2.00%), Health Care (+1.60%)
Worst performing sectors in S&P 500: Telecommunications (+0.49%), Technology (+0.53%), Consumer Services (+0.79%)
 
Microsoft - Q4 EPS USD 0.69 vs. Exp. USD 0.57, Q4 Revenue USD 17.37bln vs. Exp. USD 17.22bln. Co. backs fiscal 2012 operating expense guidance of 3-5% growth. (RTRS/Sources)
 
AMD - Q2 non-gaap EPS USD 0.09 vs. Exp. USD 0.08, Q2 revenue USD 1.57bln vs. Exp. USD 1.58bln. (RTRS/Sources)
 
SanDisk - Q2 EPS USD 1.14 vs. Exp. USD 0.98, Q2 Revenue USD 1.38bln vs. Exp. USD 1.34bln. (RTRS/Sources)
 
Chubb - Q2 EPS USD 1.27 vs. Exp. USD 0.99, boosts forecast. (RTRS)
 
Apple – Co. is considering a bid for Hulu, California based online video company, according to sources familiar with talks. (WSJ)
 
Boeing/EADS – Companies will share a jumbo order from Air France with a list price of as much as USD 25bln. (La Tribune)
 
News Corp – A USD 2bln takeover by co.’s part-owned pay-TV business Foxtel for rival Austar was headed for failure after Australia’s competition watchdog warned the deal will create a pay-TV monopoly. (RTRS) In other news, co. sold its 79% stake in Moscow-based outdoor advertising group, News Outdoor. (Kommersant)
 
UK
 
The Financial Services Authority (FSA) has risked a new political storm after saying it will not investigate the collapse of any of Britain's smaller lenders during the financial crisis, including Bradford & Bingley, arguing there are no lessons to be learned from their failures. (Telegraph/Independent) HBOS, the bank that collapsed at the height of the credit crisis and had to be rescued by Lloyds Bank, is facing the prospect of disciplinary action from City regulators, the FSA revealed for the first time.
 
Britain has opted out of an ambitious European Central Bank project to streamline Europe’s multiple securities settlement systems, even though the project could eventually help lower the cost of trading in the region’s capital markets. (FT - More)
 
UK Banks – According to EU’s Commissioner Barnier, the UK will be able to ring-fence its retail banks and impose extra capital limits on them under the EU’s proposed capital and liquidity rules. (RTRS)
 
Vodafone – Co. confirmed its full year outlook, and said Q1 organic service revenue rose 1.5% vs. Exp. rise of 1.4%. Co. said it has made a good start to the year, reporting robust results despite challenging macroeconomic conditions. (RTRS)
 
United Utilities – Co. said current trading is in line with its expectations, adding that net debt is slightly higher compared with the position at 31st March, 2011. (RTRS)
 
Aviva – Market talk of a GBP 17.2bln or GBP 6 per share cash offer from Swiss based insurer Zurich Financial Services provided strength to co.’s shares. (Mail)
 
Companies paying dividend
: Experian (USD 0.19000)
 
OTHER UK COMPANIES
 
Cable and Wireless Communications – Co. said trading performance in the first quarter has been satisfactory and remains in line with the outlook indicated at its year-end results on May 25th. (RTRS)
 
FRANCE
 
EADS/Boeing – Companies will share a jumbo order from Air France with a list price of as much as USD 25bln. (La Tribune)
 
Schneider Electric – Co. bought Steck Group, and the deal is expected to be accretive on EPS from first year. Co. said Steck deal will meet co.’s ROCE criteria in year 3. (Sources)
 
GERMANY
 
Adidas – Co. reaffirmed its 2011 sales goal, and said will have single digit revenue growth in 2011. It also rejected rumours of a slowdown in the second quarter’s sales. (Sources)
 
PAN-EUROPEAN
 
Iberdrola – The Spanish Supreme court ruled against co.’s motion against a law removing limits of shareholder voting rights. Co. wants to prevent ACS from exercising voting rights in proportion with its 19% stake. (Sources)
 
ING – Delta Lloyd could be interested in the Belgian insurance activities of co. (Les Echos)
 
SMI
 
Syngenta – Co.’s H1 net USD 1.43bln vs. Exp. USD 1.46bln, and H1 revenue USD 7.7bln vs. Exp. USD 7.6bln. Co. said outlook for pricing for pricing for rest of this year is positive, and sees continuous increase in dividend. (Sources)
 
BROKER MOVES
 
Buy Barclays, BofA Says Ahead of 1H
AstraZeneca Cut to Neutral From Buy at Bof
BSkyB PT Cut to 750p From 850p at Jefferies
Buy Capita, Has 49% Upside, Goldman Says
Europe Pharma Shrs Cut to Neutral, Paper Shrs Upgraded at UBS
Europe Construction & Materials Shrs Raised to Bullish at Nomura
VW, Daimler, Leoni Preferred Stocks Ahead of 2Q, Berenberg Says
Avoid Renault into Results, Berenberg Says
GDF Suez Removed From Most Preferred Utilities at UBS
Buy PPR, Citi Says Ahead of 1H
STMicro Cut to Neutral From Outperform at Exane
Lafarge Raised to Neutral From Reduce at Nomura
CRH Raised to Buy From Neutral at Nomura
Bernstein Sees Italian Banks Bounce Most After EU Debt Package
Texas Instruments Cut to Underperform From Neutral at Exane

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Thunderbird moves entire workforce to a work at home model...

Thunderbird Entertainment (CVE: TBRD) President Mark Miller joined Steve Darling from Proactive Vancouver to discuss how the company is dealing with COVID 19. Miller talks about what they have done with all their staff in a very short amount of time. Miller also told Proactive that they are...

4 hours, 25 minutes ago

6 min read