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Dealers' early call: 18.04.19

Market Commentary

The FTSE 100 is called to open 17 points lower at 7454. Stocks finished a wobbly day of trading on Wall Street Wednesday with modest losses that erased most of the market’s slight gains from a day earlier. A sharp sell-off in health care companies far outweighed gains in technology and other sectors. Smaller company stocks fell more than the rest of the market.

Upgrades and Downgrades

  • ASML Downgraded to Hold at Nord/LB
  • Ericsson Downgraded to Sell at SEB Equities
  • Fiat Chrysler Rated New Sell at Nord/LB
  • ING FP Raised to Overweight at Morgan Stanley
  • KWS Saat Downgraded to Hold at Nord/LB
  • Ludwig Beck Upgraded to Buy at Montega
  • Medicrea Rated New Buy at Kepler Cheuvreux
  • Melexis Rated New Neutral at Kempen & Co
  • Nordex Downgraded to Neutral at Goldman
  • Proximus Downgraded to Neutral at JPMorgan

Company News

  • Kering sales inline, with Gucci once again outperforming. Organic revenues grew 17.5% to 3.79bn.
  • Unilever PLC reported that first-quarter revenue fell, driven by the disposal of its spreads business, but the company is on track for its full-year targets.
  • Nestle reports strongest first quarter since 2016 with 1Q Sales CHF22.18bn vs CHF22.1bn whilst confirming its full year guidance for 2019.
  • Deutsche Bank FT report stating that it processed at least 175m euros of dirty money related to Russian Laundromat scandal in 2011-2014.
  • Ashtead good numbers from URI last night. eps and revs beat, strong rental performance have reaffirmed their outlook.
  • Genfit Co. says FDA grants elafibranor Breakthrough Therapy Designation, based on Phase 2 data, for treatment of PBC (Primary Biliary Cholangitis) in adults with inadequate response to UDCA.
  • Getlink 1Q rev. rises 5% to EU254.4m and confirms EBITDA targets through 2022.
  • Aveva Group positive trading update. The positive performance seen in the first nine months of the year continued in the fourth quarter and AVEVA delivered low double-digit revenue growth on a full year. 
  • Moneysupermarket good statement ahead of expectations — maybe not enough /too early for upgrades but will reassure against recent bearish notes and pft taking.
  • AIB Group, First Data form JV to buy 95.9% of Payzone, a Irish fintech payments business, for enterprise value of as much as EU100m, according to statement.
  • Rentokil 1Q Rev Rises, Makes Progress Towards Pension Buyout.
  • Avast 1Q Adj. Ebitda Rises 5.4%; Reaffirms FY Outlook.
  • Antofagasta Asks Chile to Prioritize Environmental Permit Reform.
  • Alcoa Corp. blamed weakness in China as it reduced forecasts for global aluminum demand in 2019, dimming the price outlook for the metal used in everything from cars to computers.18.04.2019
  • South 32 Quarterly production report: Maintains guidance across most divisions with exception of Worsely Alumina, -4% and South Africa Energy Coal following protests and slower than expected ramp up of activity.
  • Osram latest profit warning in March eroded the confidence of Bain Capital & Carlyle in a potential bid.
  • BTG Says FY Product Sales At Upper End of Expectations.
  • Perno Ricard reported sales of 2.003 billion a 2.5% rise on a like for like basis, however slightly below the average estimate. Also Raises target for FY earnings growth. 
  • Schneider Electric revenues beat estimates at EU6.31B, est EU5.25B. Sees FY Adjusted EBITDA Organic Growth +4-7%. Confirms FY Sales & organic Growth Goals. Investors

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