On The Move:UBS, DaimlerChrysler, Sanofi
From Standard & Poor's European MarketScope
IMPERIAL TOBACCO (ITY) was up £0.08 to £18.47. The company posted fiscal year profit from ops. of £1.311 billion, +6%; adj. profit from ops. was £1.356 billion, +5%; basic EPS was 122.2p, +13%; adj. EPS 122.2p, +9%.
FRIENDS PROVIDENT was up £0.11 to £2.05. Third quarter sales were up 40%, ahead of estimates. It said that for the first nine months of 2006 life and pensions new business (PVNBP basis) was £4.629 billion, +39% and for third quarter £1.597 billion, +40%.
SHIRE PHARMA was up £0.31 to £9.72. Credit Suisse placed the company on Trading Buy. It said analysis of the neutral rated stock revealed a commercial benefit for the company in renegotiating the NRP104 profit share agreement, which could result in an improved earnings outlook for the company and ultimately higher revenues of NRP104.
STM (STM) was up €0.27 to €13.55. WestLB upgraded the company to buy from hold and raised its target to €16.00 from €15.00. it said it is backed by the improvements in the underlying operational performance, clearer indications with regard to potential strategies for a NOR carve-out, the continued volume ramp-up of the Nomadik multimedia application processor, and an anticipated strong CE semiconductor market environment in 2007.
SANOFI-AVENTIS (SNY) was down €2.20 to €66.30. The company tabled a higher-than-expected third quarter net profit of €1.7 billion, but was still down 11.6% year-over-year, on sales below expectations at €6.9 billion.
DAIMLERCHRYSLER (DCX) was up €1.49 to €44.84. The company said job cuts at Mercedes will cost it €840 million instead of the €950 million it originally planned. Press-wise, Focus-Money wrote that the company's stock is fairly valued at €55.
LINDE was down €0.12 to €76.20. The company reported third quarter group EBIT of €297 million - up 35% year-over-year and higher than expected - on group revenues of €2.95 billion, up 23.8% year-over-year. The company reiterated its expectation of full-year sales and operating profit excluding BOC to exceed the previous year's level.
METRO AG was down €0.48 to €45.52. The company's third quarter sales rose 6.3% to €14.13 billion, in line with expectations, with quarterly EBIT coming in a lower-than-expected €281.4 million, up 4.7% year-over-year. Media Markt and Saturn and Cash & Carry posted healthy results, while Kaufhof and Real clearly disappointed.
METROVACESA was up €1.60 to €116.40. The company's board approved board changes and a capital increase. The company will issue one share for every 20 in circulation. Board members Fernandez-Valbuena and Suredea Martinez resigned after a sale by Dutch fund PGGM, although they will remain as advisors.
SEAT was up €0.01 to €0.43. UBS upgraded the company to buy from neutral. It has increased its price target to €0.50 from €0.40 previously. The broker highlighted an attractive valuation (the stock is trading at discount to European directories on major metrics) and improving momentum on results.
HAGEMEYER was down €0.16 to €4.13. The company gave a third quarter trading update with quarterly sales of €1.58 billion, slightly below the estimated €1.599 billion. The company reiterated fiscal 2006 targets. ING said the company's results were disappointing due to a market slowdown of growth in the US.
KPN (KPN) was down €0.15 to €10.53. The company reported third quarter EBITDA of €1.198 billion vs. a consensus of €1.213 billion; EBIT 574 million vs. the consensus of €613 million.
UBS (UBS) was down CHF4.10 to CHF74.15. The company's third quarter net profit slid to CHF2.199 billion. This compares to CHF2.77 billion for the same period a year ago and was also markedly below the consensus expectations.
TELIASONERA was up SEK1.00 to SEK53.50. The company's third quarter report showed sales of SEK23.157 billion vs. a consensus forecast of SEK22.959, EBIT was at SEK7.579 vs. the consensus forecast of SEK8.258, with a margin of 33% vs. the consensus of 35%.
DANSKE BANK was up DKK4.25 to DKK244.25. Nine months pretax profit came in at DKK13.6 billion vs. the Reuters consensus of DKK12.7 billion. Nine months total income amounted to DKK27.4 billion vs. a consensus forecast of DKK26.8. Nine months NII amounted to DKK14.2 billion bang in live with consensus.