Börsipäev 17. juuli
Kommentaari jätmiseks loo konto või logi sisse
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Aktsiaturud jätkasid eile tõusukursil, kui ühest küljest aitas tuge pakkuda Kreeka osas paranev sentiment ning teisalt on ka tulemuste hooaeg Ühendriikides alanud üsna positiivselt. S&P 500 sulgus 0,8% kõrgemal, Euroopas rallis Stoxx 600 indeks 1,4%.
Eurotsooni rahandusministrid jõudsid eile põhimõtteliselt üksmeelele jagada Kreekale EFSMist sildfinantseeringuna 7 miljardit eurot, kuid kuna otsuse peavad kiitma heaks kõik ELi 28 riiki, oodatakse ametlikku teadaannet täna. Kui kõik läheb plaanipäraselt, suudab Kreeka esmaspäeval tasuda Euroopa Keskpanga ees aeguva 3,5 miljardi euro suuruse võlakohustuse, tänu millele otsustas EKP avada sealsete pankade jaoks uuesti likviidsusabi, suurendades seda 0,9 miljardit euro võrra. See peaks aitama pankadel elada üle järgmist nädalat. Kreeka pangad jäävad rahandusministri otsuse kohaselt suletuks kuni 19. juulini, kuid analüüsimajad usuvad, et kapitalipiirangud jäävad püsima kuniks pangad on uuesti rekapitaliseeritud.
USAs möödunud nädalal esmakordselt töötu abiraha taotlenud inimeste arv kahanes 296 tuhande pealt 281 tuhandele, osutudes oodatust nelja tuhande võrra madalamaks. Kuna juulis kipub statistika olema autotööstuses tehaste ümberseadistamise tõttu tavapärasest volatiilsem, omistatakse sellele numbrile hetkel ka sellevõrra vähem tähelepanu. USA majade ehitajate kindlustunde indeks püsis juulis 60 punkti peal, mis on kõrgeim tase alates 2005.a ning peegeldab soodsat trendi tööturul ja tugevamat müüki nii olemasolevate majade kui ka uute majade turul. Positiivsest küljest usuvad ehitajad, et tulevikus positiivne trend jätkub, mis kergitas müügiootuste indeksi kahe punkti võrra 71 punkti peale.
USA töötlevas tööstuses püsib pilt aga nõrgem, kui Philadelphia FEDi küsitluse kohaselt langes juulis antud regiooni töötleva tööstuse ettevõtete aktiivsusindeks 9,5 punkti võrra 5,7 punkti peale (oodati 12,0 punkti), mis on madalaim tase alates märtsist. Detailid olid sama negatiivsed, kui uute tellimuste indeks kukkus 8,1 punkti 7,1 punkti peale ja tööhõive indeks 4,2 punkti -0,4 punktile.
Euroopas saab täna fookuses olema Kreeka finantsabi hääletus Saksamaa parlamendis, mis peaks aset leidma Eesti aja järgi kell kaks päeval. Ehkki ka Saksamaa parlamendis on kasvanud nende saadikute hulk, kes seisavad Kreekale täiendavate laenude andmise vastu, peaks Merkeli toetajaskond koalitsioonis olema jätkuvalt piisavalt suur, et otsus veenva ülekaaluga heaks kiita. Soome ja Prantsusmaa parlamendid on juba oma „jah“ sõna öelnud.
Majandusstatistika kese langeb täna Ühendriikidele, kus selguvad juunikuu alustatud elamuehituste ning väljastatud ehituslubade arvud ning juuni inflatsioon ja tarbijate juulikuu kindlustunde indeks. Samuti jätkub veel suhteliselt vaikse hooga tulemuste hooaeg, kui Euroopa ettevõtetest avaldavad oma majandustulemused Assa Abloy, Boliden, Electrolux, Ericsson, Husqvarna, Kone, NCC, Sandvik, Schibsted, Swedish Match, TeliaSonera, Volvo, Wärtsilä. USAs raporteerivad Autoliv, General Electric ja Honeywell.
15.30 USA alustatud elamuehituste arv (juuni)
15.30 USA väljastatud ehituslubade arv (juuni)
15.30 USA inflatsioon (juuni)
16.00 Venemaa jaemüük ja töötuse määr (juuni)
17.00 USA Michigani ülikooli tarbijate kindlustunde indeks (juuli)
17.00 FEDi asepresident Stanley Fischer esineb kõnega -
Panen siia põgusad kokkuvõtted Euroopa ettevõtete tänastest tulemustest:
TeliaSonera 2Q Ebitda Beats Est.; Keeps 2015 Outlook
•TeliaSonera 2Q Ebitda SEK9.19b excl. items affecting comparability vs est. SEK8.98b.
• 2Q net sales SEK27.1b vs est. SEK26.5b
• Keeps 2015 outlook
• Raises Norway synergy target from SEK800m to ~SEK1b
• Says pressure on profitability eased in Sweden in the quarter
• 2Q net income SEK3.26b vs est. SEK3.31b
Volvo 2Q Sales Beat Est.
•Volvo 2Q sales SEK84.8b vs est. SEK82.0b.
• 2Q operating income excluding restructuring charges SEK8.12b vs SEK4.33b year earlier
• Says view of mkt development for trucks remains largely unchanged ** Says seeing gradual recovery in Europe and unchanged demand in Asia, apart from lower level of demand in China ** In North America, there is a slowdown from high levels, while there has been a strong decline in Brazilian market
Ericsson 2Q Sales Beat, Gross Margin Misses Ests
• Ericsson 2Q sales SEK60.7b vs est. SEK58.9b.
• 2Q gross margin 33.2% vs est. 35.3%.
• 2Q op. income SEK3.6b vs est. SEK 2.96b
• Says mobile broadband business in North America stabilized in quarter, remained at lower level y/y
• Restructuring charges SEK 2.7b
Wärtsilä Adjusts Ship Power Ops Due to Weak Market; Sales Beat
• Realignment will mean reduction of about 600 jobs; sees non-recurring costs about EU25m-EU30m from restructure; sees annual savings in region of EU40m
• Wärtsilä 2Q net sales EU1.23b vs est. EU1.19b; 2Q EPS EU0.54 vs est. EU0.55
• Revises 2015 guidance to net sales growth of 5-10% vs 0-10% previously; operational profitability guiding unchanged
Schibsted 2Q Net Income Beats Estimates, Reiterates Rev Target
• 2Q opg rev. NOK3.8b vs est. NOK3.9b; net income NOK239m vs est. NOK170m.
• Says online classifieds rev. grew by 16% in 2Q; Norge Media House rev. fell 9%; Sverige Media House rev. increased by 1%
• Reiterates annual revenue growth target of 15-20%
Saab 2Q oper. profit SEK157m vs est. SEK357m.
2Q sales SEK5.94b vs est. SEK5.95b
• Says some areas have been burdened with expenses related to expected orders that have been deferred
• Still sees 2015 sales increasing more than long-term goal of annual organic sales growth of 5%
•Still sees 2015 adj. operating margin in line with 2014 level
•“Our assessment remains that the market risk has increased during the first half-year 2015, driven by both political positions and the macroeconomic environment”
•Says Gripen deal with Brazil “has not yet come into force”; expects to receive order this year
Sandvik 2Q Operating Profit Meets Est.
• Sandvik 2Q op. profit SEK2.90b vs est. SEK2.91b.
• 2Q sales SEK23.4b vs est. SEK23.7b
• 2Q order intake SEK22.7b vs SEK21.2b year earlier
• Says Sandvik Mining noted a neutral book-to-bill for mining
equipment and the aftermarket combined for second consecutive quarter, while demand for mining systems remained weak
Konecranes 2Q Sales, Profit Miss Ests.; Keeps FY Outlook
• Konecranes 2Q net sales EU535.6m vs est. EU543m.
• 2Q pretax profit EU16.7m vs est. EU22.6m
• 2Q net income EU11.4m vs est. EU14m
• 2Q order intake EU490.3m; order book EU1.1b
• Keeps guidance, sees 2015 sales higher than in 2014; sees op. profit ex. restructuring costs improving
NCC 2Q Pretax Profit Misses Est.
NCC 2Q pretax profit SEK541m vs est. SEK646m.
• 2Q sales SEK14.2b vs est. SEK14.3b
• 2Q order intake SEK15.8b vs SEK17.3b year earlier
Husqvarna 2Q Op. Profit Beats Est.; Sales Miss
•Husqvarna 2Q op. profit SEK1.68b vs est. SEK1.58b.
• 2Q sales SEK12.3b vs est. SEK12.7b
• Says from a demand perspective, Europe experienced average weather conditions that turned favorable for watering products toward end of quarter, whereas in North America the season “can at best be described as average”
• Says by end of year the Accelerated Improvement Program will be concluded
• Says co. is detailing further measures to support cost reductions in 2016 and 2017
Assa Abloy 2Q Profit Meets Est.
• 2Q oper. profit SEK2.74b vs est. SEK2.72b.
• 2Q sales SEK17.1b vs est. SEK16.9b; organic growth 4%, driven mainly by strong performance in Global Technologies and good growth in the Americas, EMEA and Entrance Systems divisions
• Says “good organic growth in all divisions, apart from in China, was very pleasing and an indication of strength in tough economic times”
• Global economic trend remains weak; although America is showing positive trend, Europe and many of emerging markets are stagnating
• Strategy of expanding in emerging markets is unchanged
Fortum Says Asia Weakness, European Economy May Slow Recovery
• Fortum 2Q comparable oper. profit EU143m, down 32% y/y, as co. “continued to be pressured by low electricity prices.”
• Ongoing slowdown in Asia along with European macro-economic situation could lead to increasing uncertainty and consequently slow the European recovery,’’ Interim CEO says in statement
• “Greece remains a major internal risk to the whole eurozone”
• 2Q sales EU794m vs est. EU798m
• Hedged Nordic power 45% at EU41/MWh for 2015, 25% at EU35/MWh for 2016
• Reiterates target for annual electricity demand in Nordic countries to grow on avg. 0.5% in coming years
• Also reaffirms forecast to reach RUB18.2b Ebit run-rate for Russia unit this year
Electrolux 2Q Net, Oper. Income Beats Ests.
•Electrolux 2Q rev. SEK31.4b, est. SEK29.4b.
• 2Q oper. inc. SEK921m, est. SEK800m
• Net SEK608m, est. SEK499m
• 2Q organic sales up 7%
• Sees North America 2015 mkt growth of 3%-5%
• Total European market for appliances is expected to grow by 1–2% in 2015, although development in E. Europe “difficult to assess”
•Latam macro-economic outlook remains “highly uncertain”
• Will “vigorously contest” effort by the DOJ to oppose the roposed acquisition of GE Appliances
Swedish Match 2Q Operating Profit Meets Est.
• Swedish Match 2Q op. profit SEK1.02b vs est. SEK1.03b.
• 2Q basic EPS SEK3.62 vs est. SEK3.74
• 2Q op. profit from product areas SEK937m vs SEK862m year earlier
• 2Q sales SEK3.64b vs est. SEK3.66b
• Says in Sweden as well as in U.S. moist snuff mkt, we expect value priced products to grow faster than overall market -
Euroopa börsidel lastakse täna veidi õhku välja, kuigi taandumised on marginaalsed. Suuremad liikujad Stoxx 600 indeksis:
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Viimastel aastatel salaja kulda kokku ostnud Hiina keskpank on lõpuks avaldanud info, kui palju on väärismetalli akumuleeritud. Ametlikult on see olnud alates 2009.a 1054 tonni ehk 1% reservidest, kuid värskem info ütleb, et seda on võrreldes 2009.a suurendatud veidi üle 600 tonni (globaalne kullanõudlus oli Q1 1079,3 tonni ning YoY kasv 11 tonni).
CHINA GOLD RESERVES RISE 1ST TIME SINCE APRIL 2009 ;
CHINA END-JUNE GOLD RESERVES RISE TO 53.31M FINE TROY OUNCES -
General Electricu müügitulu jääb ilma GE Capital üksuseta oodatust nõrgemaks, EPS osutus aga kaks senti paremaks, muudab aasta EPSi prognoosi vahemiku kitsamaks
GE 2Q REV. $32.8B, EST. $28.8B
GE 2Q INDUSTRIAL SEGMENT REV. $26.9B,
GE 2Q OPER EPS EX GE CAPITAL 31C, OPER EPS 28C, EST. 28C
GE 2Q INDUSTRIAL OPER PROFIT $4.4B, UP 5%
GE CONTINUE TO EXECUTE PLAN TO EXIT GE CAPITAL
GE SAW YR INDUSTRIAL OPER EPS $1.10-$1.20
GE RAISES YR INDUSTRIAL OPERATING EPS VIEW TO $1.13–1.20 -
Saksamaa poolt ka heakskiit
GERMAN PARLIAMENT VOTES 439-119 IN FAVOR OF GREEK AID PACKAGE
GERMAN PARLIAMENT BACKS GREEK AID TALKS, BRIDGE FINANCING. -
USAs juunis alustatud elamuehituste ja väljastatud ehituslubade arv üllatasid positiivselt, näidates sektori jätkuvat kasvu
Alustatud elamuehitused kasvasid annualiseeritult 1174 tuhande peale vs oodatud 1106 tuhat ning 1069 tuhat mais
Väljastatud ehituslad kasvasid annualiseeritult 1343 tuhandele vs oodatud 1150 tuhat ning 1250 tuhat mais -
USA inflatsioon kiirenes juunis ootuspäraselt 0,1pp võrra 0,1%ni, ilma toidu ja energiata kiirenes samuti prognoositult 0,1pp võrra 1,8% aga FED jälgib pigem CPE järgi inflatsiooni, mis võtab arvesse tarbijakorvi muutumist ning see on energiat ja toitu arvestaamata madalam (1,2%).
US CPI (MoM) Jun: 0.30% (est 0.30%; prev 0.40%)
US CPI (YoY) Jun: 0.10% (est 0.10%; prev 0.00%)
US CPI Ex Food and Energy (MoM) Jun: 0.20% (est 0.20%; prev 0.10%)
US CPI Ex Food and Energy (YoY) Jun: 1.80% (est 1.80%; prev 1.70%) -
Gapping up
In reaction to strong earnings/guidance: SLH +29.2%, (very light volume; completes the acquisition of 100% of Identifix; guides FY16) HTZ +15.1%, ( Files 10-K, Up to date on all regulatory filing; Reaffirms $1 bln share repurchase program), GOOGL +13.3%, GOOG +12.1%, MDRX +8.1%, ERIC +4.9%, AMD +3.7%, ALV +3.4%, STI +2.1%, GE +1.7%, SLB +1.4%, HON +1.4%, RECN +1.2%
M&A news: DISH +1.3% (rebound from late weakness on reports of DISH / TMUS deal stalling)
Select China related stocks trading higher: YOKU +13.2%, CMCM +3.7%, NOAH +2.4%, JD +2.1%, BITA +1.9%, TEDU +1.8%, DANG +1.5%, JMEI +1.4%, QIHU +1.2%
Other news: ICLD +6.8% (warded over $2.3 mln in next-gen WiFi and DAS networks from existing and new clients), FBRC +3.3% (Voce Capital Management disclosed 5.1% passive stake in 13G filing; Voce has engaged in discussions with management), ALU +2.8% (in symp with ERIC), BLRX +2.6% (filed for $75 mln mixed securities shelf offering), NFLX +1.8% (cont momentum), TSLA +1.5% (2:00 pm ET press conference; topic of the call has not yet been announced), RECN +1.2% (announced that effective as of August 31, 2015 Donald B. Murray will retire from his position as Executive Chairman and will remain Chairman of the Board)
Analyst comments: RKUS +3.2% (upgraded to Buy from Neutral at Sun Trust Rbsn Humphrey), BXLT +1.4% (initiated with an Outperform at Cowen), ILMN +0.9% (initiated with a Buy at Canaccord Genuity), ARMH +0.8% (upgraded to Buy at Investec), LFL +0.6% (upgraded to Neutral from Sell at Goldman)
Gapping down
In reaction to disappointing earnings/guidance: SWI -11.9%, CYT -9%, ANGO -3.3%, EDGW -2%
Other news: DSCO -17.8% (announces an underwritten public offering of units; size not disclosed), NRX -17.5% (prices $7.5 mln public offering of 1.5 mln shares of common stock and warrants at $5 per share and accompanying warrant), TROV -8.7% (to sell shares of its common stock), RDHL -6.5% (prices its upsized offering of 2.462 mln ADSs at $16.25/share), NBG -2.7% (cont vol surrounding Greek banking system), FIT -1.7% (cont vol post IPO), ESV -1.6% ( ConocoPhillips (COP) confirms a notice of termination for the three-year ENSCO DS-9 drillship contract -- ESV does not anticipate a material negative impact to its financial results for 2015 and 2016), XOMA -1.5% ( confirms its gevokizumab development partner, Servier, remains on track to report top-line pivotal Phase 3 EYEGUARD-B data the week of July 20, 2015), XRX -1.2% (announces changes in its Government Healthcare Solutions strategy resulting from review of future market opportunities; will record an impairment charge of $0.08/share), WPX -0.9% (prices its upsized offering of 30 mln shares of its common stock at $10.10/share), GEL -0.5% (prices its offering of 9 mln common units representing limited partner interests at $43.77/share)
Analyst comments: BBY -4.5% (downgraded to Underperform from Buy at BofA/Merrill), CS -2.2% (downgraded to Hold from Buy at Deutsche Bank), STAG -2.1% (downgraded to Sell from Neutral at UBS), NOV -1.7% (downgraded to Sell from Neutral at UBS)
Allikas: Briefing -
USA Michigani ülikooli tarbijate kindlustunde indeks jäi esialgsel hinnangul oodatust nõrgemaks
Prelim July Michigan Sentiment Fell to 93.3, Est. 96
• The preliminary University of Michigan consumer sentiment survey for July fell to 93.3 vs. 96.1 prior month.
• Forecast range 90.0 to 98.0 from 65 estimates
• Current economic conditions index fell to 106.0 vs. 108.9 last month.
• Expectations index fell to 85.2 vs. 87.8 last month.
