International stock news

Rss Today on Proactive AU

2014-09-17

ASX200 down for sixth straight session

 
A survey predicting below average economy activity has dragged the ASX200 down 0.7% to 5,407.3 points though miners were a bright spot with the Materials Index up 0.2% to 9,759.5 points. The Shanghai Stock Exchange Composite Index is almost unchanged slipping just 0.1 points to 2,296.45 while in pre-open markets the Dow Mini is down 13 points to 17,041.
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Rss Today on Proactive UK

2014-09-17

Broker spotlight: ASOS, Daily Mail. Johnson Matthey, ANGLE, Metals Exploration ...

 
It’s not a good read today for ASOS (LON:ASC) shareholders today after the hammering on the back of plans to cut prices and invest more heavily. Deutsche Bank has slashed its forecasts by 23% and downgraded to ‘hold’ with a 2,400p target, citing three reasons to be cautious. First, the cost of the plan to lower international prices and selectively raise service levels is higher than expected, with guidance of 4% margins against the historic 7-8%. Revenue growth guidance of 15-20% for 2014/15 may also prove optimistic, while there are better opportunities especially given the risk the international plans don’t work or sterling moves against it. JP Morgan is more sympathetic and said ASOS was right to take the deliberate, if somewhat painful, decision to reinvest in growth and rebase prices.  “In our view it is the right strategy and one that should ensure a strong top line growth performance into the medium to long term.” Overweight with 3,100p price target is its view now. Johnson Matthey (LON:JMAT) has been raised to ‘buy’ from ‘hold’ by German broker Berenberg with a new price target of 3,650p (2,900p). The platinum specialist’s relative underperformance so far this year will reverse in the second half, believes the broker. Market leading profitability and a high and rising return on capital deserves a valuation premium, adds the broker. Daily Mail Group (LON:DMGT) ran into a volley of downgrades as it revealed more problems at its insurance risk platform RMS(one) group. Launch plans have been put back again, with a phased launch throughout 2015, against the previous target of a hard launch by April 2015 said Canaccord, which reduced its price target to 852p from 880p but kept a ‘hold’ rating. Deutsche Bank is a seller seeing downside in the DMGT share price to 640p. Petroceltic’s (LON:PCI) first half production was 25,200 barrels daily compared to early guidance of 20-22,000 boepd and slightly ahead of estimates said Davy. “With $35m pending and $160m due in total from the Sonatrach farm-down the cash inflow should provide funding to early 2016.  “In the intervening period, exploration activity will provide the main catalysts for the share price, which in the months ahead would appear to be confined to anticipated results from the Dinarta Block in Kurdistan.“ 'Buy' says the Irish broker. Cancer cell filter maker ANGLE (LON:AGL) today announced an ovarian cancer collaboration with the Medical University of Vienna. Cenkos said the ANGLE’s Parsortix system was noticed by the Medical University due to its epitope-independent capacity, which is a feature that is generally absent in other CTC capturing systems.  It is known that most forms of ovarian cancer CTCs do not express epithelial cell surface marker EpCAM but the most commonly used strategy for isolating CTCs involves using an antibody that binds to EpCAM, said Cenkos. The Parsotix system therefore has a key benefit compared with other systems. “The Medical University of Vienna is a leading research institution in Europe and Professor Robert Zeillinger, who is leading the collaboration, is an established professional in the field with more than 200 publications under his belt.  “ANGLE has placed focus this year on establishing collaborations with key opinion leaders in the field and today’s announcement further demonstrates that this is being achieved.” Buy said the broker. Sanlam says that although Metals Exploration (LON:MTL) has pushed back commissioning of its Runruno gold mine to the second quarter of 2015, mine construction seems to be progressing well, which is no mean feat given the location (the Philippines). Runrunro is expected to be a low cost operation ($477/oz cash cost) with a return of 29% post tax at $1200/oz gold price.  “Whether these costs can be delivered is another matter and note that a BIOX process is being used,” adds the broker though if Metals Exploration can deliver a good margin at $1200/oz gold it should become a popular gold mining equity.
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Rss Today on Proactive US

2014-09-17

Dow rallies by triple digits as Fed meeting starts

 
U.S. stocks rallied on Tuesday ahead of the Fed's statement from its two-day policy meeting that began today, with investors watching for a more hawkish tone that could signal a rate hike sooner than expected.
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