Cyrrus (Cyrrus)
Markets  |  November 14, 2012 09:43:18

Joint Stock breakfast 14.11 - China, Greece, results, macro

Overview of the main events for Wednesday, the 14th November 2012




Finally losses  



The end of the communist congress  



Strikes in EZ  


NWR, Vivendi, Cisco, RWE, Infineon, Salzgitter, E.ON



Upcoming Events

11:00 Industrial production EZ
11:00 Italian bond auctions 2015, 2023 and 2029 (4.5 billion €)
14:30 Industrial U.S. inflation
14:30 Retail sales USA
20:00 Minutes from the Fed Monetary Affairs

Tyco International - before market
PetSmart - after market


Development of trading:

  • In the first half of the trading session increases due to better results Home Depot
  • It helped the Greek expression min. Finance, which expects the release of the next tranche of aid to 11.20 (Ie after the Eurogroup meeting)
  • Finally, fear of fiscal cliff
  • Today, Obama will meet with union representatives and tomorrow with the heads of large firms (looking for support for the extension of middle class tax relief, cancellation of these exemptions rich, and also support for spending cuts)
  • At the end of the week is still in the schedule of meetings of representatives of Democrats and Republicans in Congress with Obama


  • We succeeded in the financial sector, declines in industrial and commodity companies


  • Today is the last day of the Chinese Communist congress - selects the new party leadership


  • Today, the union held a strike against the savings in Spain, Italy, Greece and Portugal




  • Revenues in-line
  • Operating costs slightly lower due to lower personnel costs and other costs
  • This addition also slightly larger than the expected positive influence of stocks mined coal to the P & L
  • Prospects remain as Jelinek "extremely vague" and market environment "highly volatile"
  • They are ready for further action on the cost side and modify CAPEX
  • The project is still Debiensko revised decision would be taken at the beginning of the year
  • Conference call begins at 11:00  


  • Sales 2.64 billion vs. eyelets. EUR 2.56 billion
  • EBITDA of EUR 87.9 million vs. eyelets. 88.2 million
  • German steelworks business lost momentum
  • Not expected to improve in Q4 compared to Q3, expects a high net loss
  • Confirms the reduced prospects of 11.5


  • Sales 11.88 billion vs. eyelets. 11.77 billion
  • EPS 48c vs. eyelets. 46c
  • Gross margin 62.7% vs. eyelets. 61.6%
  • Views as expected
  • The improvement in sales helped reduce product prices, thanks to cuts in expenses managed to maintain strong margins


  • Sales 6.67 billion vs. eyelets. 6.63 billion
  • Net profit of EUR 665 million vs. eyelets. 598 million EUR
  • Raises full-year net profit of "more than 2.5 billion" to "around 2.7 billion EUR"
  • Liberum expected to increase cílovek, himself leaves PT to 20 EUR. PT Nomura also confirmed on the 18 EUR


  • 9M net profit 1.89 billion vs. eyelets. 1.88 billion
  • Operating profit EUR 4.6 billion vs. eyelets. 4.57 billion
  • Expected level of EBITDA and EBIT level in 2011, which corresponds to previous estimates of August
  • Now, however, management "slightly more confident" than in August


  • EPS 12c vs. eyelets. 7.7 c
  • revenues of EUR 982 miles vs. eyelets. 973 million EUR
  • Of dividend in-line with estimates
  • view of 2013:
  • In 2013, sales to decline by 5-9% originally estimated -4%
  • reduce investment and postpone some R & D projects
  • temporarily reducing the number of workers


  • The conference call did not unfortunately nothing could catch a hope that the negative reaction was too strong, and comes quick return
  • Uncertainty persists views really gave negative
  • Virtually all cut recommendations and target prices, mostly in the "neutral" and target price in EUR zone 14-16


  • RBC reduces recommendations for shares of Siemens from "outperform" to "sector perform"
  • Exane lowers price target for shares in K + S by 11% to 31 EUR, recommendations "underperform"
  • Exane lowers price target for shares of Carrefour by 2% to € 20.5, recommendations "outperform"
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