Börsipäev 21. juuli
Kommentaari jätmiseks loo konto või logi sisse
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Uudiste osas jäi eilne päev võrdlemisi vaikseks, mis jättis sentimendi positiivseks nii Euroopa kui ka USA aktsiaturgudel. Stoxx 600 lõpetas 0,3% plussis, jõudes sellega seitsme nädala tippude juurde. USAs kompenseerisid tehnoloogiasektori ettevõtted energiatööstuse nõrkust, juhtides S&P 500 indeksi 0,1% võrra kõrgemale.
Nii Euroopa Keskpank kui ka IMF kinnitasid, et Kreeka tasus nende ees oma võlakohustused, milleks andis võimaluse 7,16 miljardi euro suuruse laenu laekumine Euroopa finantsstabiilsuse mehhanismist. Kreeka parlament peaks kolmapäeval hääletama järgmise ringi nõudmiste üle, mida kreeditorid olid laenutingimustesse eelnevalt kirja pannud ning kui kõik sujub plaanipäraselt, soovitakse Bloombergi kohaselt augusti alguses jõuda läbirääkimistes lõpusirgele, et alustada 86 miljardi euro suurusest abipaketist esimese osamakse jagamist enne 17. augustit. Tagant kiirustab osapooli Kreeka valitsuse kohustus lunastada 20. augustil Euroopa Keskpanga ees 3,2 miljardi euro väärtuses võlakirju.
Televisioonis esinenud St. Luis FEDi president James Bullard (pole FOMC hääletav liige) ütles, et hindab septembris intressimäära tõstmist võimalikuks üle 50% tõenäosuse juures ning näeb tänavu intressimäära kergitamist kokku paaril korral, kui majandus peaks aasta teises pooles saavutama tema prognoositud 3% kasvu. Föderaalreservi rahapoliitikat koordineeriv komitee tuleb taas kokku järgmise nädala kolmapäeval.
Täna olulisi majandusuudised pole, mis annab investoritele võimaluse keskenduda ettevõtete majandustulemustele. Oma numbrid avaldavad Euroopas Akzo Nobel, Hermes, Norsk Hydro, Novartis, Remy Cointreau, Royal Mail, SAP, Stora Enso, Svenska Handelsbanken, Tele2, Yara. Ühendriikides raporteerivad Baker Hughes, BNY Mellon, Canadian Pacific, Dover, Harley Davidson, Manpower, Travelers, Verizon, Apple, Chipotle Mexican Grill, GoPro, Microsoft ja Yahoo!
09.00 Soome töötuse määr (juuni) -
Valik tänaseid tulemusi Euroopas:
Uponor 2Q Sales, Profit Miss Ests.; Repeats 2015 Outlook
• Uponor 2Q net sales EU277.6m vs est. EU280.3m
• 2Q pretax profit EU21.2m vs est. EU22.6m
• 2Q EPS EU0.17 vs est. EU0.20
• 2Q net income EU11.7m vs est. EU14.1m
• Repeats 2015 guidance; net sales and op. profit (excl. any non-recurring items) expected to improve from 2014
Norsk Hydro 2Q Underlying Net Income Beats Estimates
• 2Q rev. NOK22.4b vs est. NOK22.3b; underlying ebit NOK2.67b; underlying net income NOK1.83b vs est. NOK1.68b.
• 2Q alumina production 1,437 kmt; primary aluminum production 509 kmt
• Sees 2015 primary aluminum global demand growth ex China at 2-3%
• ~50% of primary output affecting 3Q priced ~$1,750/mt ex Qatalum
Actelion Raises Full-Yr Outlook; 1H Core Earnings Beat Estimate
• Co. sees mid- to high-teen percentage core earnings growth for 2015, upgrading guidance from low double-digits.
• To return CHF680m to shareholders via shr repurchase and dividend
• 1H product sales CHF1.01b
• 1H core earnings CHF423m vs est. CHF405.7m
• 1H oper income CHF344m vs est. CHF368.5m
• 1H core EPS CHF3.11 vs est. CHF3.34
• 1H net sales CHF1.01b vs est. CHF1.03b
Akzo Nobel 2Q Sales Beat Estimates, Says on Track for 2015 Goals
• Akzo Nobel says North America mkt trends continued to be positive, Europe not improving. Challenging conditions in Russia, Brazil and China.
• 2Q rev. EU3.95b, est. EU3.91b
• Operating income ex-items EU452m, est. EU462m
• Net income EU331m vs EU205m
• ROS 12.3% vs 9.5%, ROI 11.7% vs 10.1%
Handelsbanken 2Q Net Income Beats Est.
•Handelsbanken 2Q net income SEK4.17b vs est. SEK4.05b.
• 2Q net interest income SEK7.02b vs est. SEK6.99b
• 2Q net fee & commission income SEK2.36b vs est. SEK2.34b
• 2Q net loan losses SEK359m vs est. SEK396m
• Repeats it’s on track to deliver on 2015 targets
Tele2 2Q Ebitda Slightly Below Est.; Keeps 2015 Forecast
• Tele2 2Q Ebitda SEK1.39b vs est. SEK1.44b.
• 2Q sales SEK6.61b vs est. SEK6.60b
• Keeps 2015 guidance; sees net rev. of SEK25.5b-SEK26.5b for continuing ops.; sees 2015 Ebitda of SEK5.8b-SEK6.0b, capex of SEK3.8b-SEK4.0b
Novartis 2Q Net Sales, Core Oper Profit in Line; Keeps Forecast
• Co. still expects mid-single digit percent net sales growth for 2015 in constant FX, with core operating income growing ahead of sales at a high-single digit rate.(Estimates only continuing ops and in local currency, not constant FX)
• 2Q net sales $12.7b vs est. $12.72b
• 2Q core EPS $1.27 vs est. $1.32
• 2Q core oper income $3.59b vs est. $3.58b
Zalando Says 2Q Rev. EU727m-EU738m vs Est. EU688m
• 2Q rev. grew 33%-35% y/y, according to prelim. figures, co. says.
• Rev. “significantly above expectations”
• 2Q adj. Ebit EU22m-EU37m; adj. Ebit margin 3%-5%
• Full 2Q results Aug. 13
Remy 1Q Sales Miss Ests., Confirms FY Target
• Remy Cointreau total 1Q organic sales 1Q down 9%, est. -5.4% (median of 12).
• 1Q group total sales EU223.3m; est. EU232.9m (median of 11)
• Rémy Martin had organic sales decline of -6.7%, est. -6.4% (median of 12); total sales EU134.3m
• Liqueurs & Spirits organic sales decline -13.8% to EU59.7m
• Co. says total organic sales decline is in line with expectations
• Co. says it confirms its objective of delivering positive growth in current operating profit for FY16, at
constant FX rates and scope
SAP 2Q Earnings In Line; Cloud Subscription Rev. Beats
• 2Q non-IFRS total rev. EU4.97b; est. EU4.91b (24 analysts)
• 2Q software rev. EU979m; est. EU1.00b (10 analysts)
• 2Q non-IFRS cloud subscription/support rev. EU555m; est. EU538.7m (9 analysts)
•2Q non-IFRS cloud and software rev. EU4.07b; ests. EU4.07b (9 analysts)
• 2Q new cloud bookings up 162% to EU203m
•2Q non-IFRS operating profit EU1.39b; est. EU1.40b (19 analysts)
•2Q non-IFRS operating margin 28%; est. 28.5% (10 analysts)
•On FX: Sees non-IFRS cloud & software rev. growth rates at actual currency up by ~5ppt to 8ppt in 3Q
•Sees non-IFRS op profit growth rates at actual currencies up by ~5ppt to 8ppt in 3Q
• Sees non-IFRS cloud & software rev. growth rates at actual currency up by ~6ppt to 9ppt in 2015
•Sees non-IFRS op profit growth rates at actual currencies up by ~7ppt to 10ppt in 2015
• Reiterates 2015 forecasts:
• Sees 2015 non-IFRS cloud subscription, support rev. in range of EU1.95b-EU2.05b (constant FX)
• Sees 2015 non-IFRS cloud & software rev. growth in range of 8%-10% (constant FX)
•Sees 2015 non-IFRS operating profit in range of EU5.6b- EU5.9b (constant FX)
TomTom 2Q Sales, Ebit Beat Ests.; Keeps FY Outlook, Names CFO
• TomTom 2Q sales EU265m vs est. EU248m.
• 2Q gross margin 51% vs 56% y/y
• 2Q Ebit EU0.6m vs est. EU1.1m loss (3 ests.)
• 2Q net EU2.5m vs EU8.9m
• Net cash EU77m at end of 2Q
• Keeps guidance, sees 2015 rev. ~EU1b, adj. EPS ~EU0.20
• Sees capex, opex in core technologies “modestly higher” than last yr
• Names Taco Titulaer as CFO starting Aug. 1
• Says in separate statement will partner with Bosch on automated driving
Hermes 2Q Sales Beat Ests., Sees 1H Oper. Profit Down ‘Slightly’
• Hermes 2Q total sales EU1.18b, est. EU1.16b (median of 14).
• 2Q total sales constant FX up 9.7%, est. up 8.9% (median of 15)
• 1H oper. profitability should be down slightly in comparison with the 1H of 2014 due to weaker euro
• Medium-term objective of increasing sales with constant rates is in the area of 8%
Yara 2Q Ebitda Ex Special Items In Line With Estimates
• Yara 2Q Ebitda ex. items NOK5.06b vs est. NOK5.08b; revenue and other income NOK27.9b vs NOK23.3b yr earlier; opg income NOK3.56b vs est. NOK3.41b.
• 2Q net NOK2.92b vs NOK2.29b year earlier
• Sees pickup in deliveries in 2H in Brazil after YTD June sales 10% lower vs last year
• Sees 3Q energy costs NOK50m lower than year ago
• Sees closing of GrowHow U.K. 50% stake sale July 31; to result in tax free gain of about NOK3b -
Soome töötuse määr langes juunis 1,8pp võrra 10,0% peale, mis on juunis hooajaliselt tavaline nähtus. Eelnevate aastatega võrreldes jääb tööpuudus siiski kõrgemaks.
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Nüüd kui Kreeka on tagaplaanile vajunud, valitseb ka aktsiaturgudel suviselt tuttav loidus. Stoxx 600 kaupleb hetkel -0,2% madalamal, suuremad liikujad on järgmised ettevõtted:
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Atlanta FEDi jooksvalt uuenevas mudelis pole viimasel ajal muutust olnud ning jätkuvalt prognoosib USA teise kvartali SKP QoQ annualiseeritud kasvuks 2,4%
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Verizoni müügitulu jääb oodatust veidi nõrgemaks, kuid EPSiga lüüakse prognoosi
Verizon prelim $1.04 vs $1.00 Capital IQ Consensus Estimate; revs $32.22 bln vs $32.47 bln Capital IQ Consensus Estimate -
Gapping up
In reaction to strong earnings/guidance: SANM +12.5%, INFY +11.9%, BXS +2.3%, ABG +1.8%, HOG +1.8%, CNI +1.5%, TRV +1.4%, MAN +1.4%, LXK +1%, AMTD +1%, CCK +0.9%, SBNY +0.7%, WWD +0.6%, STLD +0.6%, EDU +0.6%
Select metals/mining stocks trading higher: IAG +5.9%, ABX +4.2%, KGC +4.2%, AUY +3.8%, AUY +3.8%, GG +3.4%, GFI +3.2%, PAAS +2.7%, GOLD +2.7%, HL +2.4%, AEM +2.3%, RGLD +2.3%, NEM +1.9%, GDX +1.8%, FCX +1.7%, SLW +1.2%, MT +1.1%
Other news: FRO +12.1% (still checking), FNF +4.5% (increases quarterly dividend to $0.21 from $0.19/share; approved new FNF Group three-year stock repurchase program), CNX +3.5% (Southeastern Asset Management discloses 21.1% active stake in 13D filing), CZR +3.2% (enters into a restructuring agreement with holders of a significant amount of CEOC's second-lien notes), GPRO +3% (cont strength), WIT +2.7% (in symp with INFY), CHU +2.7% (reports operational statistics for the month of June 2015), TLOG +1.8% (TetraLogic Pharmaceuticals says it intends to initiate a combination single ascending dose/multiple ascending dose clinical trial, with birinapant as a single agent, in chronic HBV subjects), CNHI +1.6% (still checking), MDCA +1.4% (announced that Miles S. Nadal has retired as CEO and Chairman of the Board; Scott L. Kauffman named Chairman and CEO; Michael Sabatino, formerly Chief Accounting Officer, has resigned; co also reaffirmed FY15 guidance), TOT +0.8% (reports it has started production from Dalia Phase 1A)
Analyst comments: ANAC +3.6% (upgraded to Buy from Neutral at Goldman), GIS +1.6% (upgraded to Outperform at RBC Capital Mkts), COT +1.1% (initiated with a Outperform at Credit Suisse), FB +1% (added to US 1 List at BofA/Merrill ), PYPL +0.8% (initiated with a Buy at BTIG Research, among others)
Gapping down
In reaction to disappointing earnings/guidance: HLX -7.1%, IBM -4.9%, HXL -2.7%, UTX -2.2%, VZ -1.8%, NVS -1.6%, WERN -1.1%, RF -0.8%, RMBS -0.7%
Other news: CYTR -16.8% (announces public offering of its common stock), UNFI -10.5% (announces that its contract as a distributor to Albertsons will terminate on September 20, 2015, rather than upon the original contract end date of July 31, 2016), RNO -8.1% (announces suspension of Q2 Distribution), EXAS -4.4% (announces an agreement to sell 7 mln shares of its common stock to Jefferies LLC and Robert W. Baird & Co. Incorporated as underwriters in an underwritten public offering), SHAK -3.7% ( files for 4 mln share common stock offering by selling shareholders), EXEL -3.1% (pulling back following yday's strength), IOC -1.4% (cont weakness), PVA -1.2% ( CEO and President Baird Whitehead announces retirement; Board has retained recruiting firm), ADPT -1% ( files for offering of common stock, size not disclosed ), GSK -0.8% (in symp with NVS)
Analyst comments: TSLA -4.1% (downgraded to Sell from Neutral at UBS), HAS -2% (downgraded to Neutral from Overweight at Piper Jaffray), EBAY -1.2% (downgraded to Hold from Buy at Stifel), SHO -0.9% (downgraded to Underperform at BofA/Merrill), ORAN -0.7% (downgraded to Hold from Buy at Deutsche Bank)
Briefing.com -
Mõned tänased tulemused
Microsoft beats by $0.05, reports revs in-line
Microsoft Reports Q4 (Jun) earnings of $0.62 per share, excluding $1.02/share in restructuring and impairment charges, $0.05 better than the Capital IQ Consensus of $0.57; revenues fell 5.1% year/year to $22.18 bln vs the $22.06 bln consensus.
Yahoo! misses by $0.03, beats on revs
Reports Q2 (Jun) earnings of $0.16 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.19; revenues rose 0.3% year/year to $1.04 bln vs the $1.03 bln consensus.
Yahoo! in Presentation Slides; Sees Revenue ex TAC in the range of $1.00-1.04 bln, Capital IQ consensus $1.07 bln
GoPro beats by $0.09, beats on revs
Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 71.7% year/year to $419.9 mln vs the $396.3 mln consensus.
Chipotle Mexican Grill beats by $0.01, misses on revs and comps; reaffirms comps
Reports Q2 (Jun) earnings of $4.45 per share, $0.01 better than the Capital IQ Consensus of $4.44; revenues rose 14.1% year/year to $1.2 bln vs the $1.22 bln consensus. -
Apple ka tulemustega väljas, iphone'i müük jääb pisut ootustele alla ning neljanda kvartali käibe ootuse keskpunkt veidi alla konsensuse prognoosi
Apple prelim $1.85 vs $1.81 Capital IQ Consensus Estimate; revs $49.61 bln vs $49.39 bln Capital IQ Consensus Estimate
Apple sees Q4 revs $49-51 bln vs $51.03 bln Capital IQ Consensus Estimate
AAPL reports Q3 gross margins of 39.7% vs ~39.5% ests (guidance 38.5-39.5% vs 39.4% last year)
Q3 iPhones 47.5 mln vs ~48 mln ests vs 35.2 mln last year
Q3 iPads 10.9 mln vs ~10.8 mln ests vs 13.3 mln last year
Q3 Macs 4.8 mln vs ~4.7 mln ests vs ~4.4 mln last year
Q3 Watches (not disclosed, as expected) ests 4.1 mln[/i]
Apple sees Q4 revs $49-51 bln vs $51.03 bln Capital IQ Consensus Estimate
AAPL sees Q4 gross margins of 38.5-39.5% vs ~39% ests vs 38% last year.
