Share News: US Regulators Approve BA, Iberia, American Airlines Alliance

UK Shares News

US Shares News

European Shares News

Share Trading - 21 July 2010

UK Share Trading News

• UK Banks – Banks must raise about GBP 390bn in new debt in 2011, or more than GBP 30bn every month just to replace their existing funding as they are hit by a combination of maturing bonds and the closure of major Government-guaranteed financing schemes. Nomura analysts in a presentation yesterday, pointed to last month’s Bank of England Financial Stability Report (FSR) as they warned of the funding crunch facing the UK’s major banks. (Telegraph)
  
  
• BP – Co. agreed to sell assets in North America and Egypt to Apache Group, for USD 7bn as part of its plan to raise cash to fund liabilities. In addition, the US issued a new order narrowing the Deep-Water Drilling Moratorium, after a judge lifted the ban imposed after co.’s spill, calling it too broad. The Drilling ban opponents challenged the US’ request to dismiss lawsuit. (RTRS/Sources)
  
  According to reports from the Times newspaper, co.’s CEO Tony Hayward is set to step down in the next 10 weeks and Robert Dudley, the former head of BP’s Russian joint venture TNK-BP and the current CEO of the co. Gulf Coast restoration unit, is the front runner to replace him. However, co. has denied this report. (Times)
  
  
• Royal Dutch Shell – Delek US Holdings says still willing to discuss acquisition of co.’s Montreal refinery. (RTRS)
  
  
• BHP Billiton – Co. reported a 16% jump in quarterly iron ore output, but voiced caution over the short-term outlook for commodities markets. (RTRS)
  
  
• British Airways – US approves American Airlines, Iberia and co. alliance. The US transportation department says American Airlines and co. alliance to lead to lower fares and better service. (Sources)
  
  
• International Power – S&P puts co. on watch development on GDF Suez news. (RTRS)
  
  
• Cable & Wireless – Co. reported a good start to the year with trading in line with expectations. (Sources)
  
  
• Land Securities – Co. says achieved GBP 4.6m for development lettings in Q1 to June 2010, and sees recovery in UK property values over medium term, but interspersed by ripples. (RTRS)
  
  
• Reckitt Benckiser – Co. offers to buy SSL for GBP 2.54bn in cash. (Sources)
  
  
• Johnson Matthey – Co.’s Q1 sales excluding precious metals rose 32% Y/Y. Co. says its financial position remains strong. Co. expects Q2 results to be lower than Q1, but stronger than Q2 2009. (Sources)
  
  
• Companies paying Dividend: Home Retail Group (GBP 0.1000)
  
  
• Companies going Ex-Dividend: ICAP (GBP 0.1244), Imperial Tobacco Group (GBP 0.2430)
  
  

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US Share Trading News

• Apple – Q3 EPS USD 3.51 vs. Exp. USD 3.11, Q3 revenue USD 15.70bn vs. Exp. USD 14.75bn and Q3 net USD 3.25bn. Says sold 3.27m iPads in Q3, sold 3.47m Macs during Q3 up 33%, sold 9.41m iPods in Q3 down 8%, sold 8.41m iPhone in Q3 up 61%. Co. says Q3 operating income USD 4.23bn, Q3 operating expenses USD 1.90bn, Q3 gross profit USD 6.14bn and Q3 gross margin 39.1%. Says sees Q4 EPS USD 3.44 vs. Exp. USD 3.83 and says sees Q4 revenue USD 18bn vs. Exp. 16.97bn.
  
  Co. also says ‘we have amazing new products still to come’, says iPhone 4 most successful product start in its history. Elsewhere, co. CFO says co. generated over USD 4bn cash during Q2 and says international sales accounted for 52% quarter revenue. Co. shares seen up 4.1% in after market trade. (RTRS)
  
  
• Yahoo – Q2 EPS USD 0.15 vs. Exp. USD 0.14, Q2 revenue USD 1.60bn and Q2 ex-tac USD 1.13bn vs. Exp. USD 1.16bn. Co. says sees Q3 total expenses ex-tac USD 945-965m, says transition costs were neutral to Q2 operating expenses and says Q2 marketing services revenue USD 1.44bn. Co. shares seen down 1.5% after market trade. (RTRS)
  
  
• Apache – Q2 adjusted EPS USD 2.44 vs. Exp. USD 2.29, Q2 revenue USD 2.97bn vs. Exp. USD 2.81bn. In addition, co. to acquire BP assets in Permian basin, Canada and Egypt for USD 7bn and expects the transaction to be and neutral to earnings per share in the first full year. (RTRS)
  
  
• Gilead Sciences – Q2 adjusted EPS USD 0.85 vs. Exp. USD 0.87, Q2 revenue USD 1.93bn vs. Exp. USD 1.96bn. Says Q2 Atripla sales USD 715m vs. Exp. USD 724m, Q2 Truvada sales USD 641.7m vs. Exp. 676.3m and Q2 Viread sales USD 176.2m vs. Exp. USD 176.1m.
  
  
• Boston Scientific – Q2 adjusted EPS USD 0.12 vs. Exp. USD 0.03, Q2 revenue USD 1.93bn vs. Exp. USD 1.91bn, says Q2 EPS ex-items USD 0.06 includes amortisation vs. Exp. USD 0.03. Co. sees Q3 adjusted EPS 0.10-0.13 vs. Exp. USD 0.06 and sees Q3 revenue USD 1.85-1.93bn. (RTRS)
  
  
• Juniper Networks – Q2 adjusted EPS USD 0.30 vs. Exp. USD 0.29, Q2 revenue USD 978.3m vs. Exp. USD 953.8m. (RTRS)
  
  
• Seagate – Q4 EPS USD 0.76, Q4 revenue USD 2.66bn. (RTRS)
  
  
• Stryker – Q2 EPS USD 0.80 vs. Exp. USD 0.80, reaffirms forecast – Q2 revenue USD 1.76bn vs. Exp. USD 1.78bn (RTRS)
  
  
• Cintas Corp – Q4 EPS USD 0.35 vs. Exp. USD 0.33 – Q4 revenue USD 909.4m vs. Exp. 886.67m. (RTRS) Altera – Q2 EPS USD 0.58 vs. Exp. USD 0.53, Q2 revenue USD 469.3m vs. Exp. USD 447.7m. Co. boosted dividend to USD 0.06 from USD 0.05/share. (RTRS)
  
  
• Linear Tech – Q4 EPS USD 0.54 vs. Exp. USD 0.50, Q4 revenue USD 366.2m vs. Exp. USD 339.1m, says Q4 EPS includes USD 0.02/share interest expense. (RTRS)
  
  
• SLM – Q2 core EPS USD 0.39 and Q2 revenue USD 1.85bn. Co.’s Q2 profit USD 338m, citing derivative gains. (RTRS/Sources)
  
  
• Goldman Sachs – Judge approved USD 550m co’s settlement with US market regulators. (Sources)
  
  
• Lockheed Martin – Co’s missile and fire control has been awarded USD 469.9m contract. (RTRS)
  
  

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European Share Trading News

• Deutsche Bank – Platow Brief speculates that co.’s Q2 results may not meet expectations, adding that net profit is thought to have reached EUR 1bn vs. the consensus view of EUR 1.2bn. (Sources)
  
  
• SAP – EU Commission unconditionally clears co.’s takeover of Sybase. (RTRS)
  
  
• GDF Suez – S&P puts co. 'A/A-1' ratings on watch negative on International Power news. (Sources) In other news, co. is among 20 companies that obtained documents for the planned sale of the Ankara gas grid. (Sources)
  
  
• AXA – Axa Asia Pacific, target of an USD 11.5bn takeover battle, flagged a 5.7% rise in the first-half operating earnings, shy of market expectations, as its Hong Kong operations were hurt by currency movements. (RTRS)
  
  
• Accor – Co. says H1 hotel revenue up 7.5%, H1 revenue EUR 2.85bn and says H1 hotels revenue up 5.1% like-for-like. (RTRS)
  
  
• EADS – Airbus sales chief says that A350 is on track for summer 2013, any delay would be a couple of months. Says has sold 182 planes at Farnborough, could reach around 200 and says the fact leasing companies are back means the market is recovering. Co. is set to smash its FY 10 aircraft order forecast of 300, perhaps reaching 400, according to its COO. (RTRS)
  
  

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