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| sale in portugal coimbra 1h45 mn from lisbon 2 offices of comtability. facturation 500.000 € years 15 employers 300 customers price of sale 350.000 € call 00351964843639 dr pedro with big house price 500.000€ France Airbus won a $922m order from Oman Air for five A330 airliners. Rexel reported 3Q net income down to E67.9m from E74.6m a year earlier (E68.3m expected), 3Q EBITA of E163.7m vs E154.4m last year. The Co sees FY adjusted EBITA margin over 5.8% and FY organic sales growth around 3%. Total to shut a unit for maintenance at port Arthur refinery. Industrial Goods & Services: Nexans (-2.08% to E99.18) and Safran (-2.73% to E15.7) reached a new 3- month relative low against the Cac 40. Media: JC Decaux (+1.14% to E28.42) reached a new 3-month relative high against the Cac 40 whereas Publicis (-1.14% to E25.13) and M6 (-1.42% to E18.75) reached a new 3-month relative low. EADS target price was raised to E25 from E24, JC Decaux target price was raised to E28.8 from E25 at UBS Pagesjaunes removed from "conviction sell" list by Goldman Sachs. Germany / Austria Fraport 3Q net income rose to E110.3m (E94m expected) from E103m a year earlier on revenues of E659m (E613m expected) from E601.6m last year, 3Q EBIT reached E157.4m from E145.2m a year earlier. The Co's 9M revenue climbed 8.3% YoY to E1.75bln. The Co sees FY GRP results below last year's level. E.ON 3Q net income seen at E953m (net loss of E198m a year earlier) on revenues of E13bln (E12bln). WestLB will report a FY loss of over E100m due to persistently difficult market developments. DIC Asset 9M net income climbed to E23.6m from E6.25m a year earlier and 3Q net income rose to E4. 81m vs E2.6m last year. Voestalpine 2Q net income seen at E146.5m (E173.7m a year earlier) on revenues of E2.78bln (E1.7bln). K+S 3Q net income seen at E39m (E31.5m a year ago) on revenues of E710m (E670m). Celesio 3Q net income seen at E105m (E107.8m a year ago) on revenues of E5.45bln (E5.3bln). Bilfinger Berger 3Q net income seen at E39m (E40m last year) on revenues of E2.1bln (E2bln). Basic Resources: Kloeckner & Co (-1.92% to E29.62) and Salzgitter (-4.48% to E121) reached a new 3- month relative low against the Dax. Salzgitter was upgraded to "buy" from "neutral" at UBS. Industrial Goods & Services: Deutsche Post (+3.89% to E22.41) reached a new 3-month relative high against the Dax. Porsche target price was raised to E1,350 from E1,240 at Citigroup. United Kingdom / Ireland Vodafone 1H pre-tax profit seen at ?4.56bln (net loss of ?5.1bln) on revenues of ?16.9bln (?15.6bln). BHP Billiton's A+ credit rating was placed on watch with negative implications by Standard & Poor's Ratings Services. The stock target price was raised to 2,400p from 2,250p at UBS. Resolution: Chairman Clive Cowdery will resign if a takeover bid by Pearl Group succeeds (WSJ). British Energy 1H pre-tax profit seen at ?238m (?329m a year earlier). Cable and Wireless 1H pre-tax profit seen at ?84.5m (?79m a year ago) on revenues of ?1.6bln (?1.72 bln). Industrial Goods & Services: Rolls-Royce (+2.83% to 545p) closed at a 3-month relative high against the FTSE 100. Media: T&F Informa (-1.92% to 472.75p), WPP Group (-2.01% to 586p), Johnston Press (-2.04% to 252.5p) and ITV (-3.26% to 86.2p) closed at a 3-month relative low against the FTSE 100. Emap 1H pre-tax profit seen at ?78m (?285m a year earlier) on revenues of ?412m (?554m). In other news, Reed Elsevier made a bid for the Co's unit (Telegraph). G4S was upgraded to "hold" from "sell", Electrocomponents was raised to "hold" from "sell", Royal & Sun target price was raised to 175p vs 172p, Cineworld target price was cut to 240p from 250p at Citigroup. Rio Tinto target price was raised to 6,500p from 5,000p at UBS. Spain / Portugal / Greece Coca-Cola Hellenic Bottling 3Q net income seen at E206m (E167m last year) on revenues of E1.8bln (E1. 65bln). Industrial Goods & Services: Zardoya Otis (-1.12% to E22.1) reached a new 3-month relative low against the Ibex. Gamesa target price was raised to E40 from E34 at Deutsche Bank. Benelux TomTom EGM. Crucell 3Q net income loss seen at E8.6m (net loss of E21.5m a year earlier) on revenues of E66m (E25. 8m). Telecommunications: Belgacom (+0.61% to E32.75) and Mobistar (+0.54% to E60.07) reached a new 3- month relative high against the BEL 20. Technology: ASML Holding (+1.47% to E23.42) closed at a 3-month relative high against the AEX. Inbev target price was cut to E67 from E70 at Citigroup. Italy Banks: Banca Popolare Di Milano (+3.12% to E10.47), Unione Di Banche Italiane (+2.71% to E18.62) and Mediobanca (+1.96% to E16.42) reached a new 3-month relative high against the S&P/MIB. Intesa Sanpaolo 3Q net income seen at E1.67bln (E697m a year earlier). Unicredito Italiano 3Q net income seen at E1.18bln (E1.44bln). Unione di Banche Italiane 3Q net income seen at E199m. Banco Popolare 3Q net income seen at E113m. Monte Dei Paschi was cut to "underweight" from "equalweight" at Morgan Stanley. Finmeccanica 3Q net income seen at E126m (E30m last year) on revenues of E3.17bln (E2.8bln). Media: Seat-Pagine Gialle (-4.26% to E0.35) closed at a 3-month relative low against the S&P/MIB. Amplifon target price was cut to E4.2 from E5.8 at Citigroup. Switzerland Sonova Holding 1H net income rose to SF107.4m (SF115m expected) from SF102.2m on revenues up 18% YoY to SF596.3m (SF578m expected) compared to SF504.2m. The Co sees FY organic growth above 10%. Banque Cantonale Vaudoise 3Q results expected. Holcim: the Co's unit, Holcim Indonesia, plans to borrow $195m from an affiliate and banks to repay debt. Huber & Suhner 3Q sales expected. Technology: Oerlikon (+7.55% to SF641) closed at a 3-month relative high against the SMI. Personal & Household Goods: Swatch Group (-1.78% to SF317.75) closed at a 3-month relative low against the SMI. Roche target price was cut to SF212 from SF235 at Citigroup. Scandinavia In the US, Nokia's ADR closed 2.31% below its European equivalent. Global Geo Services EGM. Orexo AB EGM re share issue. Basic Resources: Rautaruukki (-3.12% to E35.36) closed at a 3-month relative low against the OMXH. Insurance: Storebrand (-3.1% to NOK68.8) reached a new 3-month relative low against the OBX. Telecommunications: Teliasonera (+2.06% to SEK62) closed at a 3-month relative high against the OMX Stockholm 30. Carlsberg target price was cut to DK735 vs DK740 at Citigroup. Vestas target price was raised to DK485 from DK360 at Deutsche Bank. Petroleum Geo target price was raised to NK185 from NK175.67 at UBS. Indices last % 1D % ytd Dow Jones 12,988 -0.42 4.21 Nasdaq 100 1,982 -2.56 12.82 S&P 500 1,439 -1.00 1.47 DJ Euro STOXX 50 4,303 0.12 4.44 Dax 7,807 -0.07 18.34 Cac 40 5,536 0.21 -0.11 FTSE 100 6,338 0.52 1.88 S&P/MIB 38,187 0.90 -7.84 Ibex 35 15,775 0.28 11.51 SMI 8,442 0.30 -3.91 Nikkei 225 15,186 -0.08 -11.85 Hang Seng 27,172 -1.79 36.10 Commodities last % 1D % ytd Brent 91.8 -0.21 51.79 Crude Oil 94.4 -0.23 42.43 Gold 805.9 1.56 26.58 Silver 14.7 2.22 14.10 Forex last % 1D % ytd EUR/USD 1.4573 0.28 10.41 GBP/USD 2.0624 0.45 5.28 GBP/EUR 1.4152 -0.16 4.65 USD/JPY 110.20 -0.71 8.04 Cac 40: Towards 5380 Our pivot point stands at 5700. Our preference: As long as 5700 is not broken up, we favour a down move with 5380 and then 5240 as next targets. Alternative scenario: A break above 5700 would open the way to 5880 and then to 6000. Comment: Daily technical indicators are reversing down. Trend: ST limited downside; MT caution. Today, below 5550, the downside prevails towards 5460 & 5420 in extension. Alternatively, above 5550, look for 5590 at first. FTSE 100: Bearish below 6525 6525 is our pivot point. Our preference: As long as 6525 is not broken up, we favour a down move with 6120 & 5980 as next targets. Alternative scenario: A break above 6525 would open the way to 6750 and then to 6960. Comment: Technical indicators are bearish. Trend: ST limited downside; MT caution. Today, below 6375, a down move is expected with 6225 & 6180 in sight. Alternatively, above 6375, aim at 6440 at first. SMI: Look for 8130 Our pivot point is adjusted at 8700. Our preference: As long as 8700 is not broken up, we favour a down move with 8130 & 7940 as next targets. Alternative scenario: A break above 8700 would open the way to 9035 and then to 9240. Comment: The daily RSI is bearish and calls for further decline. Trend: ST limited decline; MT caution. Today, below 8480, look for a down move towards 8325 & 8270 in extension. Alternatively, above 8480, aim at 8585. Dax: 7540 in sight 8050 is our pivot point. Our preference: As long as 8050 remains resistance, we favour a down move with 7540 & 7370 as next target. Alternative scenario: A break above 8050 would open the way to 8150 and then to 8150. Comment: Technical indicators are reversing down and the contract stands below a strong resistance area.. Trend: ST limited upside; MT caution. Today, as long as 7812 holds on the upside, a down move is expected with 7700 & 7675 as targets. Alternatively, above 7812, look for 7860. Economic Releases (New York Time) US 08:30: W43 Initial Jobless Claims (Thsd): 325 Bloomberg consensus Market Hours Time Warner (-2.89% to $17.8) 3Q EPS from continuing operations was $0.24 (inline) vs $0.19 a year ago on sales of $11.7bln ($11.35bln expected) vs $10.9bln last year. 3Q AOL sales fell to $1.22bln from $1.96 bln a year ago and cable sales increased to $4bln from $3.21bln in the same period a year before. The Co reaffirmed its FY 07 outlook. GM (-6.11% to $33.95) announced 3Q LPS of $2.8 (LPS of $0.22 expected), which is due to the previously reported valuation allowance against the deferred tax assets. The group continues to see solid progress in the fundamentals of automotive business. 3Q sales dropped to $43.83bln from $48.89 bln last year. Banks: Wells Fargo & Company (-6.65% to $30.76), Bank of America (-4.94% to $43.31), Wachovia (-6.41% to $40.43), Citigroup (-4.76% to $33.41) and Washington Mutual (-17.29% to $20.04) printed a new 52w low. After Hours Ford Motor 3Q LPS ex-items reached $0.01 (LPS of $0.47 expected) from LPS $0.33 a year ago on sales of $41.1bln ($34bln) compared to $37bln a year earlier. Ford South America unit sales were up 19% YoY, while Ford Europe unit sales rose more than 5% in 9M and Ford China unit sales increased 27% in 9M. The Co sees 4Q substantial YoY improvement in results. American International Group reported 3Q EPS ex-item of $1.35 vs $1.62 expected. AIG target price cut to "$71 from $80 at Lehman Brothers and to $70 from $77 at Morgan Brothers. Cisco Systems 1Q sales rose 17% YoY to $9.6bln ($9.5bln expected), non GAAP EPS was $0.40, up 29% YoY ($0.37 expected). Co sees 2Q revenue growth of appx. 16%. The outlook for the US market, tech spending was a concern for investors, sending the stock lower. The stock's target price cut to $33.5 from $35 at Merrill Lynch. First Solar rose after reporting better than expected 3Q EPS of $0.58 ($0.06 a year ago). Revenues jumped to $159m from $40.8m a year ago. Morgan Stanley net exposure as of October 31 to the US subprime was $6bln down from $10.4bln at the end of August. The decline in fair values of asset backed securities will cut the Co's revenues by $3.7bln, representing a decline of appx. $2.5bln in net income on an after tax basis. American Tower target price raised to $53 from $45 at Merrill Lynch. Polo Ralph Lauren target price cut to $70 from $80 at Deutsche Bank. AMR cut to "sell" from "neutral" at UBS. Nice Systems cut to "neutral" from "buy" at Banc of America. Alcoa restarted deliveries from Jamalco alumina refinery in Jamaica (Platts). Adams Respiratory announced 1Q EPS of $0.79 ($0.69 expected). The group reaffirmed its FY 08 and FY 09 EPS growth guidance. FY 08 EPS is seen at high end slightly above $1.55-$1.75 ($1.68 consensus) and FY 09 EPS is expected to be 30% higher. Marsh & McLennan Companies announced 3Q consolidated revenue of $2.8bln (+10% QoQ), while income from continuing operations was $80m, or $0.15 per share, compared with $133m, or $0.24 per share, last year. EPS for the period fell to $0.19 from $0.38 a year ago. Windstream posted 3Q EPS adjusted of $0.25 ($0.43 last year) vs $0.22 expected on sales of $823m (+2% YoY). The Co added more than 27,000 TV digital customers during the period. Autoliv plans to repurchase 7.5m shares. Dynergy posted 3Q EPS of $0.26 (EPS of $0.14 expected) compared to a LPS of $0.14 last year. The Co reaffirmed its forecast for the FY EBITDA range. Clear Channel Communications delivered 3Q EPS of $0.56 ($0.38 expected) compared to $0.38 a year ago on sales of $1.7bln ($1.76bln) vs $1.6bln a year earlier. CEO commented: "Going forward, we remain committed to strengthening the value proposition we deliver to our audiences and advertisers as we continue to prudently invest in our brands, our content and our multi-channel distribution." Expect Today Qualcomm: 4Q EPS seen at $0.53 ($0.37 a year ago) on sales of $2.26bln ($2bln). Walt Disney: 4Q EPS seen at $0.41 ($0.36 a year ago) on sales of $8.9bln ($8.7bln). Nvidia: 3Q EPS seen at $0.36 ($0.21 a year ago) on sales of $1bln ($820m), after mkt. Dividend Countrywide Financial Corp: $0.15 Wyndham Worldwide Corp: $0.04 Ingersoll-Rand Co Ltd-Cl A: $0.18 Hudson City Bancorp Inc: $0.085 Wyeth: $0.28 |
