Microsoft word - morning note 12.08.2013.doc

Equity Sales Trading
Baader Bank Sales Trading & Execution / Baader Bank Equities & Derivatives
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Dow Jones
S&P500
NASDAQ Composite
Stocks traded lower Friday, extending the DJIA's decline from last week's record, as investors digested earnings and speculated on the Fed's next move. 9 of the S&P 500's 10 sectors traded lower. The materials group rose following upbeat data on China's economy (DJN) (=) Amazon
May release android console by end-Nov (GameInformer) Won an order against Samsung that prevents US imports of devices that infringe 2 Apple (=) Apple
patents => a victory that may nonetheless have limited impact on their global fight (-) Corn Prices
Hedge funds hold record bet on lower corn price, CFTC data show (-3.1%) reported below consensus same store sales The sector fell 6.6% for the week amid concern rising int rates and slow orders may continue (-) Homebuilders
to hurt. Expects to return to profit after EU trade deal: It "started generating positive cash flows from (+) LDK Solar
selling wafers - interview President Tong Xingxue (+) Priceline
(+3.9%) prfts beat consensus Rockwell to buy Arinc for $1.39b from Carlyle Group. Sees deal adding to EPS after (=) Rockwell / Arinc
transaction, integration costs have been incurred Hang Seng
Shanghai Comp B
Asian stocks outside Japan rose as Chinese property developers and commodities companies climbed. Japanese shares fell after GDP growth fell short of expectations. Raw-materials suppliers led gains on the regional equities index (BBG) Evolution Mining +8.4%, Medusa Mining +6.4%, Resolute Mining +6.3%, St Barbara +5.3%, (+) Aussie Miners
Silver Lake Resources +5%, Perseus Mining +4.7%; Newcrest +4.5%, spot gold rises for fourth day (+) Bridgestone
(+4.2%) raised its FY prft f/cast. (+1.8% / +3.3%) speculation the government will relax a ban on companies raising funds (+) China Resources Land / through share sales. Some mkt analysts think policy makers may effectively allow financing
Poly Real Estate
without clearly stating the ban has ended. Thai markets are closed today for the Queen's Birthday holiday. Atlas Iron +5.5%, Mount Gibson +5.3%, Fortescue +3.6%, Rio Tinto +2.9%, BHP +2.8%; (+) Iron-ore producers
(-) Japan
Q2 GDP grows 2.6% (c3.6%) annualized, QoQ +0.6% (c0.9%) Commodities
Brent Crude Oil Future
Gold Spot
Copper Future
Currencies
Macro Events
Estimate
Equity Sales Trading
Bilfinger SE (q2), Biogas Nord (FY), DEMIRE Real Estate (Q1), F.Reichelt (FY), Fraport Corporate Events
(Traffic figures), InVision (Q2), Masterflex (Q2), PNE Wind (Q2), QSC (Q2), Sunways (FY), Westag&Getalit (Q2). Q2 figures: output unchanged at €2.17bn, net income €47m (in line/vs. 62m y/y), adj. net income from cont. operations €57m (vs. 63m y/y), order intake +3% to €2.04bn y/y, order (=/+) Bilfinger
back log €7.43bn (vs. 7.53bn y/y).//Outlook. GBF confirms positive guidance for 2013, says adj. EBITA, adj. net profit will rise along with higher margins. DAI’s Smart brand plans to introduce more models and expand its sales network in China. (+) Daimler
Plans go for an electric version of its Smart Fortwo and a new four-seater, developed with Renault. Smart aims for an annual sales boost of 15% on avg. Traffic figures July at Frankfurt Airport: no of passengers -0.7% to 5.73mn, cargo -0.6%. FRA (-/=) Fraport
Group passengers Jul +1.2% to 11.95m, Jan-Jul +2.8% to 57.6mn. IVG will be dominated mainly by hedge funds after creditors refrained from €1.75bn, in order to control about 96% in the company afterwards. MOR signed an alliance with Celgene, by which it expects an operating profit of € 2-6m (vs. (+) Morphosys
prev. exp. -€ 2m to € 2m) Sales guidance lifted to € 74-78m (vs. prev € 68-72m). Q2 figures: Sales € 113.5mn (c111mn), EBIT €6.6mn (vs. 4.9m y/y), EBITDA €19.2mn (c19mn), net €5.2mn (c4mn). //Outlook: confirms FY 2013, sees EBITDA margin at least 17%, revs at least €450m, FCF at least €24m. RSTA closed an official agreement with Megawide Construction Corporation from the (+) RIB Software
Philippines, back on Aug 6th. No transaction details given. RWE tightening its cost-cutting programme also at its service unit, aiming to save about € 100m until 2018. Savings shall be reached via job cuts and switch of activities to cheaper countries. (WAZ) Israel’s ‘Globe’ reporting, that SIE in advanced talks to sell solar panel factory in Beit (=) Siemens
Shemesh to Abengoa. SIE bought the company in 2009 for €418m. According to ‘Süddeutsche Zeitung’, citing unnamed sources, TKA currently preparing a (-) ThyssenKrupp
capital increase, which may happen next week. //an old rumour – warmed up again. Switzerland
(=) Actelion
Completes share buyback program of Sfr800m H1-Revs Sfr46.6m, EBIT Sfr0.47m, NET Sfr0.56m. Sees H2 as traditionally stronger (=) Logitech
Reaches end of $250m share buyback program (-) Novartis
Eight Japanese hospitals stop Diovan prescriptions (WSJ) (=) Roche
Sees no growth in S-Europe in H2. In general, ROG will meet predictions (CFO) (=) Roche
Hesitates from purchasing Alexion as ideas over price differ (NZZ) (=) Swiss Life
SL Select to pay €11.1m to settle litigation w/ Austrian consumer group, VKI (+) Swisslog
Wins major contract valued at Sfr58m from UK retailer, TJ Morris Equity Sales Trading
SNB to abolish franc ceiling once it starts raising interest rates, VP-Danthine says 2Q – revs. €1.04bn (c1.04) says -1,2% on regulations, competition and European eco., EBITDA €330.3 (c332.7), op. income €105.5m (c99.1), NET €52.5m vs. 34.0m, EPS 10c vs. (=/-) Telekom Austria
8c, net debt end June €2.84b vs. Dec. €3.35b. Outlook: cuts capex, now sees 2013 capex at €650m-€700m; saw €700m, reiterates forecast for 2013 rev of €4.1b EURO STOXX 50
STOXX 600
Chairman Emilio Botin said he gave Banca Monte dei Paschi di Siena Chairman Giuseppe (=) Banco Santander
Mussari 48 hours to pay for unit Banca Antonveneta. (BBN) Italy to sell € 7.5bn 365-day bills (11:00 CET). //Germany to sell € 4bn 182-day bills (11:30 Bill/bond auctions
CET). //France to sell a total of € 8bn 85-, 162, and 344-day bills (14:50 CET). Wants to provide foreign exchange services in the U.S. to existing customers, Mr. Neergaard, (=) Danske Bank
Danske’s global markets head, said. (BBN) (=) D.E. Master Blenders
UBS stake in D.E Master Blenders 1753 cut to 4.59%. Says €24.4m of withdrawal rights exercised. Shares subject to withdrawal rights will be (=) Fiat Industrial
offered at €8.897/shr. Says shares to be offered from Aug. 12 to Sept. 10. (BBN) (=) Prudential
Is scheduled to report 1H earnings at 9:15am CET. (=/-) Sanofi
Is being investigated in China over allegations it bribed doctors. (Xinhua News Agency) Norway state should keep Statoil stake, Union leader Gerd Kristiansen says. Statoil is (=) Statoil
Norway’s “family silver,” Kristiansen tells E24. The Swiss National Bank will abolish its franc ceiling once it starts raising interest rates, Vice (=) Swiss
(=) Wolters Kluwer
Voting rights held by Capital Group drop to 4.97%. STOXX 600 Sectors
Change in %
STOXX 600 Sectors
Change in %
Equity Sales Trading
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