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 |  Subject: ADVFN Evening Euro Markets Bulletin - Mar. 3th 2010  Thu Mar 11, 2010 5:48 pm | |
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| London Market Report |
Miners pull index lower
Market Movers
FTSE 100 5,617.26 -0.41%
techMARK 1,637.62 -0.19%
FTSE 250 9,854.44 -0.11%
London bounced off 5,600 despite a weak start on Wall Street but still closed in the red on a weak day for miners.
Falling commodity prices and China inflation concerns prompted profit taking in Fresnillo, Randgold, Rio Tinto, ENRC, Kazakhmys, BHP Billiton and Xstrata.
Speculation rose that China might take further action to slow its economy after inflation picked up. CPI rose to 2.7% in February, a 16-month high and sharply higher than the rate of 1.5% seen in January.
Smith & Nephew was also under the weather after coming out on the wrong side of a patent trial result in the US. The UK medical devices maker was found by a US jury to have infringed two patents held by wound-care specialist Kinetic Concepts.
South African insurer Old Mutual also fell despite resuming dividend payments following a better second half. The group is exploring the sale of US Life and a partial flotation of its US asset management business. A US Asset Management deal, which the firm said would bankroll growth, is expected within three years.
Supermarket group Wm Morrison saw a sharp jump in profits in the year to 31 January as its value offering continued to attract customers during tough times. However, investors reacted to a slowdown in like for like sales growth and ditched the shares.
On the upside, B&Q-owner Kingfisher received a leg-up from Home Retail’s decent numbers. The Argos and Homebase operator said benchmark profit before tax for the year will be around £290m, slightly ahead of current market expectations.
Thomas Cook and TUI Travel enjoyed a spell in the sun after the former held an investor day yesterday. Thomas Cook outlined how it intends to ‘move towards being a 5.5 – 6.0% earnings before interest and tax [EBIT] margin business over the next 3 – 5 years,’ according to broker Panmure Gordon, which has a ‘buy’ recommendation and 315p price target on the stock.
Oil giant BP has beefed up its exploration operations with the acquisition of assets in Brazil, Azerbaijan and the Gulf of Mexico for $7bn. It will pay North America-focused oil and gas group Devon Energy $7bn for 10 exploration blocks in Brazil, exploration prospects in the US Gulf of Mexico and an interest in the BP-operated Azeri-Chirag-Gunashli (ACG) development in the Caspian Sea, Azerbaijan.
Drug giant AstraZeneca announced a licence and supply agreement with Indian peer Torrent Pharmaceuticals. Under the deal, Torrent will supply a portfolio of generic medicines for which it already has licences in a range of countries.
JD Wetherspoon reinstated its dividend as the pub group reported half year sales and profits at record levels. Pre-tax profit in the 26 weeks ended 24 January was £36.2m, an increase of 17.5% on a pre-exceptional basis (2009: £30.8m) and a jump of 41.4% (2009: £25.6m) after exceptional items.
Other brewers jumped in sympathy led by Punch Taverns, the best performer today, and Enterprise Inns the next best.
Regional newspaper publisher Johnston Press revealed a sharp decline in full year operating profit but said pressure on advertising revenues had started to ease in 2010. It also announced big job losses. |
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The constant nature of Dignity’s business helped the funeral service provider post a rise in revenues and profits in the year to 25 December. Pre-tax profits climbed to £37.5m from £35.4m on revenues that rose to £184.7m from £175.8m.
Cinema operator Cineworld saluted the success of 3D films such as Avatar in drawing crowds to the cinema as it posted a rise in sales and profits. In the 53 weeks to December 31, pre-tax profits rose to £30.8m from £27.6m over the previous period as revenues rose to £333m from £299m.
IT infrastructure services provider Computacenter reported a better than expected 26% rise in full-year pre-tax profit and said it enters 2010 in good shape. Adjusted pre-tax profit increased to £54.2m in the year ended 31 December compared with £43.1m in the previous period. However, revenues decreased slightly to £2.50bn from £2.56bn.
Premier Oil has found oil at its wildcat well 34/5-1 S on the Norwegian Blåbaer exploration, near the Snorre field in the North Sea, although another target area turned out to be dry.
Shares in security camera firm Indigovision fell sharply after it said first half profit was unchanged from the previous year and added that the economic backdrop remains uncertain.
Invesco Property Income Trust says that it has been approached by a potential bidder. There is no certainty that an offer will be made for the trust, which has net liabilities. More than one-third of the property portfolio is in France.
FTSE 100 - Risers
Petrofac Ltd (PFC) 1,201.00p +3.36%
Kingfisher (KGF) 223.70p +3.23%
Thomas Cook Group (TCG) 248.10p +3.20%
Standard Life (SL.) 214.80p +3.12%
FTSE 100 - Fallers
Kazakhmys (KAZ) 1,496.00p -3.17%
Fresnillo (FRES) 842.00p -2.88%
Morrison (Wm) Supermarkets (MRW) 295.70p -2.79%
Smith & Nephew (SN.) 677.50p -2.59%
FTSE 250 - Risers
Enterprise Inns (ETI) 118.40p +5.34%
Punch Taverns (PUB) 84.70p +5.22%
Atkins (WS) (ATK) 608.50p +4.82%
Pace (PIC) 186.30p +4.37%
FTSE 250 - Fallers
Computacenter (CCC) 308.00p -5.72%
Tullett Prebon (TLPR) 368.40p -5.54%
Shanks Group (SKS) 104.00p -4.06%
Hochschild Mining (HOC) 288.50p -3.74% |
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| | US Market Report |
Chinese concerns hit Wall Street
Concerns about the Chinese economy have pushed shares lower today but Wall Street is well off its early lows.
Consumer price inflation (CPI) accelerated rapidly in China in February, fuelling speculation that the government will ease stimulus measures.
Initial claims for US unemployment insurance fell to 462,000 in latest week, according to the Labor Department. Analysts expected a drop to 460,000.
The US trade deficit shrank a seasonally adjusted 6.6% in January to $37.29bn.
Elsewhere in the world, Japan’s economy grew less than previously thought in the last quarter of 2009, new figures show, demonstrating that recovery in the Asian country may be weaker than thought.
The Dow Jones is 10 points lower at 10,557, while the Nasdaq has dropped 3 points to 2,356. The S&P 500 is down 1 point at 1,144.
Yahoo was downgraded from buy to hold by Benchmark, which predicts that the company will continue to lose market share.
Western Digital, the second largest maker of hard disc drives, was downgraded from buy to accumulate by Craig-Hallum Capital.
Fuel Cell Energy rose on the back of a $2.1m contract with Air Products. The fuel cell power plant technology will be used in a hydrogen fuelling stations. Fuel Cell Energy reported a loss of 14 cents a share, which was in line with expectations.
UBS raised its recommendation for Dr Pepper Snapple from neutral to buy.
Daihatsu is the latest carmaker to recall its vehicles for repair, telling almost 275,000 drivers their vehicles may suffer from missing or loose parts.
The company, 51%-owned by troubled peer Toyota, says its Hijet and Atrai mini-van models may have problems.
A Mexican billionaire last night became the first man from a developing nation to be ranked the world's richest person.
Telecom tycoon Carlos Slim has an estimated fortune of $53.5bn, according to the annual Forbes rich list, putting him ahead of Microsoft founder Bill Gates and legendary American investor Warren Buffett.
The 70-year old, who increased his wealth by £18.5bn in the last 12 months, beat last year’s number one, Bill Gates. Gates is worth $53bn, while this year’s third richest man, Warren Buffett has a fortune of $47bn.
S&P 500 - Risers
Gamestop Corp. (GME) $19.33 +5.74%
Huntington Bancshares Inc. (HBAN) $5.52 +5.14%
Dr. Pepper Snapple Group Inc. (DPS) $34.91 +3.74%
First Solar Inc. (FSLR) $114.89 +3.55%
Fifth Third Bancorp (FITB) $13.28 +2.47%
Keycorp (KEY) $7.73 +2.25%
American International Group Inc. (AIG) $37.04 +2.21%
Davita Inc. (DVA) $62.10 +1.97%
Discover Financial Services (DFS) $14.64 +1.81%
Slm Corp. (SLM) $12.41 +1.80%
S&P 500 - Fallers
Analog Devices (ADI) $29.28 -2.66%
Altria Group Inc. (MO) $20.30 -2.50%
Western Digital Corp. (WDC) $37.12 -2.50%
Texas Instruments (TXN) $23.98 -2.48%
Expedia Inc. (EXPE) $22.46 -2.39%
Deere Co (DE) $57.11 -2.36%
Archer Daniels Mdlnd (ADM) $29.58 -2.18%
N Y Times Class A (NYT) $11.44 -2.14%
Leggett Platt Inc. (LEG) $21.10 -2.09%
Ryder System Inc. (R) $35.68 -2.06% |
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| Dow Jones I.A - Risers
International Business Machines Corp. (IBM) $127.07 +1.15%
Travelers Company Inc. (TRV) $53.39 +0.95%
Home Depot Inc. (HD) $31.92 +0.66%
Alcoa Inc. (AA) $13.63 +0.44%
Walt Disney Co. (DIS) $33.43 +0.30%
Pfizer Inc. (PFE) $17.20 +0.29%
Microsoft Corp. (MSFT) $29.05 +0.28%
Bank Of America Corp. (BAC) $17.14 +0.18%
Intel Corp. (INTC) $21.22 +0.14%
Verizon Communications Inc. (VZ) $29.79 +0.13%
Dow Jones I.A - Fallers
Coca-Cola Co. (KO) $53.55 -1.19%
3M Co. (MMM) $80.79 -0.94%
Johnson & Johnson (JNJ) $63.77 -0.81%
General Electric Co. (GE) $16.42 -0.55%
Du Pont E I De Nemours and Co. (DD) $35.02 -0.51%
AT&T Inc. (T) $25.41 -0.44%
Caterpillar Inc. (CAT) $58.53 -0.43%
United Technologies Corp. (UTX) $71.56 -0.32%
Procter & Gamble Co. (PG) $62.82 -0.30%
Merck & Co. Inc. (MRK) $36.57 -0.27%
Nasdaq 100 - Risers
Hologic Inc. (HOLX) $18.52 +5.53%
First Solar Inc. (FSLR) $114.89 +3.55%
Research In Motion Ltd. (RIMM) $76.39 +1.80%
Activision Blizzard Inc. (ATVI) $11.37 +1.70%
Amazon.Com Inc. (AMZN) $132.50 +1.52%
Oracle Corp. (ORCL) $25.19 +1.31%
Starbucks Corp. (SBUX) $24.51 +1.14%
Teva Pharmaceutical Industries Ltd. Ads (TEVA) $61.56 +1.02%
Google Inc. (GOOG) $581.52 +0.88%
QUALCOMM Inc. (QCOM) $39.20 +0.82%
Nasdaq 100 - Fallers
Seagate Technology (STX) $18.61 -2.92%
Warner Chilcott Plc (WCRX) $26.29 -2.88%
Expedia Inc. (EXPE) $22.46 -2.39%
Sears Holdings Corp. (SHLD) $101.16 -2.05%
Cerner Corp (CERN) $83.22 -1.68%
Dell Inc. (DELL) $14.07 -1.68%
Yahoo! Inc. (YHOO) $16.51 -1.67%
Celgene Corp. (CELG) $61.02 -1.44%
Lam Research Corp. (LRCX) $35.06 -1.39%
Genzyme Corp. (GENZ) $56.80 -1.39% |
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Tullow, John Menzies, JD Wetherspoon
Patience is a virtue, points out Morgan Stanley as it keeps its ‘overweight’ rating and 1,500p target on oil explorer Tullow.
The broker said that in April, Tullow should provide investors with some clarity in on the recent purchase of some Uganda assets.
Tullow Oil said in January that it has agreed to buy Heritage Oil’s assets in Uganda for up to $1.5bn.
Morgan Stanley thinks that ownership of the assets will support increased production at Tullow.
Aviation and newspaper distributor John Menzies should be re-rated after getting debt to more acceptable levels and re-introducing the dividend, says JP Morgan .
Tuesday’s results revealed a “resilient” performance from the distribution operations, while like for like (LFL) trading at the aviation business beat expectations in the fourth quarter.
This year started well, with positive LFL trends in January for the first time since the recession began.
“Menzies Aviation remains geared into a recovery and if trading conditions improve, particularly in cargo volumes, the group should start to see the benefit on the bottom line relatively quickly,” said the broker.
Menzies only trades on a PE of 7 compared with 8 for Smiths News and almost 13 for the FTSE All Share, so JPM upgrades its view to ‘overweight’ from ‘neutral’.
Pub owner JD Wetherspoon’s interim results were 6% ahead of broker Panmure Gordon's forecasts, due to a lower net finance charge.
Wetherspoon is trading on a current year (2010) P/E of 13.9 times and an EV/EBITDA ratio of 7.1 times.
The broker believes this is too low for a compelling roll-out story with a stabilised cost base that is now well positioned to benefit from increasing LFL sales growth and improving margins. Its stance remains 'Buy' with a 600p price target. |
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