DISH LISTS. MORE SALES, LESS PROFITS FOR APPLE
BOT AUCTION, TOWARDS THE LOWEST SINCE MAY
Le Bags they pull the oars in the boat awaiting the outcome of the Fed meeting.
Tokyo down 0,4%, unchanged Hong Kong.
Set them Currencies: the dollar trades at 137,88 against the euro.
Wall Street is also flat. The verdict of the monetary committee of the US central bank seems obvious, but the market is awaiting enlightenment on a possible tapering, perhaps only symbolic, for December.
The index Dow Jones at the end of the session it was unchanged, S&P 500 up 0,1% and Nasdaq down 0,1%. Oil closed higher in New York at 98,68 dollars a barrel, up 83 cents.
Apple is "stronger than ever," says Tim Cook, commenting on the data of the Apple quarter. In after-hours trading, however, the stock starts badly (-4%) because the gross margin is only 36,5%, in the low end of the range, then corrects (+1%) when Apple itself specifies that, net of some extraordinary provisions, the GOP would be 38,5%. In summary, a “cold” reaction.
Among the relevant data: a) EPS is $8,26, 5% lower than a year ago but above estimates ($7,93); b) 33,8 million iPhones sold (26,9 million a year ago), 14,1 million iPads (unchanged compared to September 2012), 4,6 million iMacs (against 4,9); c) "in recent months - underlines Cook - we have earned 9,9 billion dollars and returned to shareholders, including dividends and buybacks, about 7,8 billion".
Weak stock markets also in Europe. London +0,07% almost unchanged, slightly negative Frankfurt - 0,08%, more substantial decreases in Paris -0,48% and Madrid -0,81%.
Closing down slightly for the Milan Stock Exchange where, thanks to a recovery in the final, the FtseMib index contained the loss to 0,24%
BTP, BUND, BONOS: ALL YIELDS FALL
After the successful outcome of theCtz auction today it's up to the semi-annual Bot, offered for 8 billion against the 9,2 billion due. On the Mts greymarket, the issue traded at an average yield of 0,67% in the evening, the lowest since last May. At the end-September auction, the six-month BOT was placed at a yield of 0,781%.
But attention is already focused on tomorrow's auctions of Btp at 5 and 10 years, offered for a total of 5-6 billion, while the offer of the BTP Italia next week is looming on the horizon.
The rate of Italian decennial, after an opening higher at 4,225%, fell yesterday to 4,199%, in line with the decline of the 245-year bund. The spread improved only slightly to 247bps from 4,09bps at Friday's close. The yield on the Spanish XNUMX-year bond also fell to XNUMX%, leaving the differential with the BTP unchanged.
ON THE BANKS THE PROPHECIES (BLACK) OF MOODY'S
Great movement in banking sector. The excellent performance of Mediobanca stands out +3,32% which celebrated its accounts beyond expectations. In the first quarter of the 2013-2014 financial year, the interest margin rose by 4,4% annually to 270,5 million and net profit to 171,2 million from 109 million in the same period of 2012-2013. The consensus on the net result was still at 150 million.
Salt too Banca Monte Paschi +2,07% which benefited from press rumors according to which some hedge funds are studying the dossier and could participate in the capital increase.
On the shields too Banca Carige +2,61% on the eve of the appointment of Piero Montani as new CEO The fate of the Genoese institution is intertwined with that of Banca Popolare di Milano -2,3%, after Montani's departure. But Andrea Bonomi, president of Piazza Meda, is contemplating the big coup: renewing the entire management board for three years at the same time as the appointment of Giuseppe Castagna as managing director in place of Piero Montani.
But the note fell on the sector Moody's on the negative implications that the upcoming ECB stress tests could have for Italian institutions.
Unicredit lost 2% after Deutsche Bank cut the rating to “hold” from “buy”. The institute announced that it has started a sale operation of around 61,3 million ordinary shares equal to 6,7% of Fonsai's capital, a share that is worth around 111 million on the stock exchange. Unicredit had entered the capital of Fonsai in 2011 on the occasion of the first rescue of the former Ligresti company.
Among other securities of the banking sector Intesa -2,3%, Banco Popolare -1,8% and Banca Popolare dell'Emilia Romagna -0,6% closed the session in negative territory.
FIAT -3,2%. AND MICHELIN SOUNDS THE ALARM
Skid i car titles, after JP Morgan cut its rating on the European automotive sector to “neutral” from “overweight”. A downward revision due to the strong increases in the sector in 2013 (+31%). In Paris Peugeot -5,7%, Renault -3,7%.
Fiat, on the eve of tomorrow's quarterly fell by 3,2%.
Pirelli -0,5%.
Michelin announced that emerging market currency developments will have a negative impact on 2013 earnings and reduced its full-year operating profit target by $100 million after ending the third quarter with declining revenues. The Brazilian real and the Mexican peso have in fact recorded a more substantial drop than expected, the tire maker explained, bringing the impact on profits to 250 million euros from the 150 million previously estimated.
FLY SAIPEM. JP MORGAN RECOMMENDS UTILITIES
Very positive closing for Saipem +5,1% after the quarterly results which confirm analysts' expectations: fears of further nasty surprises have been erased: revenues proved to be stable in the third quarter at 3,5 billion.
The parent company Eni, on the eve of tomorrow's quarterly, fell by 0,3%.
Contrasted movements between the utility: Enel +0,6%, Terna +1,5% and Enel Green Power +1,1% gained, A2A closed down -2,9%.
JP Morgan recommends shifting fund flows towards the utilities sector, promoted from underweight to neutral.
Finmeccanica unchanged, the subsidiary Ansaldo gained 2,8%. Banca Akros has raised the buy from hold recommendation on the stock and the target price to 9,55 euro, a value deriving from the average between the purely financial target of 7,1 euro and the fair value (12 euro) obtained by applying to the transaction hypothesized (indiscretions want a sale within the first months of 2014 to a foreign partner) the multiples of the deal between Siemens and Invensys Rail.
In luxury, good day for Luxottica +3,6% and Ferragamo +2,2%, weak Tod's.
Good upside of Autogrill +2,18%. MainFirst Bank started hedging with an "outperform" recommendation and a target price of 8 euro.
Telecom Italia +0,8. UBS reiterates the negative "sell" recommendation and the target price of 0,34 euro.
About -1,79%. Although the group closed the first nine months of the year with a positive net result of 10,7 million compared to a loss of 10 million in the corresponding period of 2012, the stock is losing ground on the stock market. Kepler Cheuvreux estimated profit at 73 million. Now the broker expects an extra coupon or the start of a buyback given the huge liquidity of 542 ml
