Lloyds (LYG: 4.80 +0.20 +4.35%) - Co.’s H1 pretax profit GBP 1.68bln vs. Exp. GBP 694.5mln, and expects to deliver strong medium-term performance as the UK economy sees a gradual recovery. Co. says impairments lower than originally envisaged at GBP 6.554bln, and co. is on track to deliver its targeted balance sheet reductions of GBP 200bln. Co.’s core tier 1 capital improved to 9.0%. Co.’s CEO says co. is in a good position on dividend and H2 will be better on impairments. (RTRS/Sources)
UKBP (BP: 39.445 -0.555 -1.39%) - Venezuelan oil minister says co. would need state authorisation to sell assets in country, says co. has not requested authorisation from government to sell local assets. (RTRS) - Co. faces USD 10bln lawsuit over an alleged leak of toxic chemicals this year at the company’s refinery in Texas City. (Telegraph).
- Co. pumped heavy drilling mud into its blown-out Gulf of Mexico well on Tuesday in a static kill operation it hopes will help permanently plug the world’s worst accidental marine oil spill. (RTRS)
RBS (RBS: 16.53 +0.10 +0.61%) - Co. agrees sale of branches to Santander for a premium of GBP 350mln to net asset at closing. Co. says branch sale to Santander is expected to be completed by December 2011. Sale is expected to have only a modestly positive impact on the co.’s core tier 1 capital ratio. (RTRS)
Legal & General - Co.’s H1 profit after tax GBP 537mln vs. Prev. loss of GBP 143mln, and co.’s half year dividend is up by 20%. Co. says outlook for H2 2010, into 2011 remains mixed. (Sources)
Standard Chartered - H1 net USD 2.15bln vs. Exp. USD 2.06bln, co.’s core tier 1 capital ratio 9%. Co’s Chairman says co. in excellent shape. (Sources)
Xstrata - Co. is still looking for opportunities and has the financials to make acquisitions, according to co.’s general manager, (Les Echos)
Shire - Co. has launched a recommended cash acquisition of specialty gastrointestinal company Movetis for a fully diluted equity purchase price of EUR 428mln in cash. (Sources)
British Land - Co.’s Q1 net GBP 172mln vs. Prev. loss of GBP 273mln, and Q1 dividend GBP 0.065 per share. (Sources)
ENRC - Co. says Ferrochrome, Iron-ore output rose significantly, and says co. is operating at full capacity in all its divisions. (Sources)
Next - Co. says sales are in line with expectations, and FY group profit to be between GBP 535mln - GBP 560mln. (Sources)
Companies Going Ex-Dividend: SABMiller (USD 0.5100)
Connaught - Lenders to the cash-strapped social housing provider, have started selling their loans to co. (FT)
US
Equities finished the session lower after yet another round of macro-economic data confirmed that pace of economic recovery has slowdown. Defensive stocks and in particular Pfizer (PFE: 16.45 +0.29 +1.79%) (+5.5%) finished with decent gains after it reported consensus beating earnings. Also, unimpressive US auto sales did little to boost risk appetite. Lack of fresh news flow dominated the latter half of the session however stocks moved lower in the closing hour after Meredith Whitney said she expects housing to get worse in Q3 and Q4. Finally, at the closing bell DJIA closed down 0.36% at 10636, S&P 500 closed down 0.48% at 1120 and NASDAQ 100 closed down 0.38% at 1891.
Anadarko Petroleum (APC: 55.53 +2.39 +4.50%) - Q2 adjusted EPS USD 0.49 (USD 0.57 items decrease) vs. Exp. EPS USD 0.37, Q2 revenue USD 2.60bln vs. Exp. USD 2.75bln. Co. reaffirms forecast for capital and raises sales-volumes guidance while reaffirming capital, expects sales volumes to be in the range of 232-236mln. (Sources)
Electronic Arts (ERTS: 17.52 +1.34 +8.28%) - Q1 adjusted loss per share USD 0.24 vs. Exp. loss per share USD 0.35, Q1 adjusted revenue USD 539mln vs. Exp. USD 504.76mln. Co. reaffirms forecast and sees Q2 adjusted loss per share USD 0.10-0.15 vs. Exp. loss per share USD 0.11, sees Q2 adjusted revenue USD 775-825mln vs. Exp. USD 815.8mln and sees adjusted digital revenue USD 750mln in FY. (Sources) Co. shares up 4.8% in after market trade following results.
Citigroup (C: 4.13 0.00 0.00%) - Co. is preparing to put Egg, its UK online bank, up for sale as part of the US financial group’s plans to shed billions of dollars in unwanted assets, according to people close to the situation. (FT)
Research In Motion (RIMM: 53.455 -2.075 -3.74%) - Saudi Arabia ordered at least one of co.’s Blackberry smartphone service to be blocked as of Friday, becoming the latest government to threaten to curb the device on security grounds. (RTRS) Co. hasn’t reached an agreement with Indian government on a dispute over the co.’s Blackberry Service, (FT)
Motorola (MOT: 8.04 +0.42 +5.51%) - Co. is developing 10-in. screen digital tablet to watch TV using Android software and tied to Verizon’s Fios service; US launch may come as soon as this autumn. (FT)
Chrysler - July adjusted US sales rise 1.1% vs. Exp. rise 2.2%. (RTRS)
General Motors - July adjusted US sales rise 1.5% vs. Exp. rise 10%. (Sources)
Europe
Adidas - Co.’s Q2 sales gain, co. raises financial outlook. (Sources)
Munich RE - Co.’s Q2 net income EUR 709mln vs. Exp. EUR 475mln. Co. sticks to full year profit target of at least EUR 2bln. (Sources)
Daimler - Mercedes-Benz July US sales rise 11.2% to 18,048 units. (Sources)
Volkswagen - July US total vehicle sales rise 15%, says Audi July US sales rise 22% and says brand on track to set sales record in 2010. (RTRS)
Porsche - July US sales rise 75%. (Sources)
BMW - July US sales rise 10.1%. (Sources)
Henkel - Co.’s Q2 net EUR 273mln vs. EUR 143mln, Q2 sales EUR 3.89bln, up 11.6%. Co. sees FY adjusted EBIT, EPS rising more than 25% this year vs. 2009. (Sources)
Sanofi Aventis - Key shareholders in co. have urged Genzyme bid should not exceed USD 70 per share. (Irish Times)
Societe General - Co.’s Q2 net EUR 1.084bln vs. Exp. EUR 690mln. Co.’s CIB Q2 net EUR 410mln vs. Exp. EUR 285mln. Co.’s bad-loan provisions to keep falling in H2. Co.’s says it is confident of meeting 2015 targets. (Sources)
AXA - Co.’s H1 net EUR 944mln vs. Exp. EUR 680mln. Co. has capacity to rebound when economic outlook improves. (Sources)
Suez Environnement - Co.’s H1 net EUR 386mln vs. EUR 223mln. Co. raises 2010 revenue, Ebitda targets. (Sources)
EU Banks - Meredith Whitney says EU banks sit on overvalued sovereign debt. (CNBC)
Allied Irish Banks (AIB: 2.5196 -0.1704 -6.33%) - Co.’s H1 loss EUR 1.73bln vs. Prev. loss EUR 786mln a year ago. Co. says it is actively addressing additional capital requirement of EUR 7.4bln. (RTRS)
Swisscom - Co.’s Q2 net SF 493mln vs. Exp. SF 498.8mln (Sources)
Swatch Group - H1 gross sales CHF 3.03bln and H1 net income 54.5% higher at CHF 465mln. Co. says H2 outlook is positive. (RTRS)
Source:dailymarkets
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