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EUROPEAN EQUITY OPENING HEADLINES INCLUDING: Ford plans to launch 20 new products in Europe in the next three years

Last updated: 15:10 14 Jun 2011 BST, First published: 14:10 14 Jun 2011 BST

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US stock market futures pointing to a higher open, as Chinese data helped drive rallies across Europe and Asia. Elsewhere, strong US PPI and retails sales data boosted risk appetite.  

US PPI (May) M/M 0.2% vs. Exp. 0.1% (Prev. 0.8%)

US PPI (May) Y/Y 7.3% vs. Exp. 6.8% (Prev. 6.8%)

US PPI ex. Food & Energy (May) M/M 0.2% vs. Exp. 0.2% (Prev. 0.3%)

US PPI ex. Food & Energy (May) Y/Y 2.1% vs. Exp. 2.1% (Prev. 2.1%)

US Advanced Retail Sales (May) M/M -0.2% vs. Exp. -0.5% (Prev. 0.5% Rev. to 0.3%)

US Retail Sales Less Autos (May) M/M 0.3% vs. Exp. 0.2% (Prev. 0.6% Rev. to 0.5%)

US Retail Sales Ex Autos & Gas (May) M/M 0.3% vs. Exp. 0.2% (Prev. 0.2% Rev. to 0.3%) (RTRS) 

FTSE (+0.54%), CAC (+1.16%), DAX (+1.78%), FTSE MIB (+1.03%), IBEX (+1.30%), prices taken at 1350BST.

DJIA

Other news:

Proctor & Gamble - According to Barclays, they believe Co.’s Q1 Street estimates may be too high but expects FY12 to be a quality year. The firm remains positive on the company's business model strength and believes shares offer attractive risk/reward. (theflyonthewall.com) 

Dupont – Co. expects strong 2011 growth for seed business, and sees an increase in corn and soybean market share coupled with single-digit price increases. Co. also expects 55% of its ‘triples’ switching to new corn refuge products in 2012. (RTRS) 

American Express – Co. will today roll out its first prepaid card aimed at the general market, a notable departure for the company, generally caters to a more affluent clientele. (AP News) 

Bank of America – Co. “significantly hindered” a federal review of its foreclosures on loans insured by the Federal Housing Administration, says the U.S. Department of Housing and Urban Development inspector general’s office. (Sources) 

Companies paying Dividend: Johnson & Johnson (USD 0.05700)

Companies going Ex-Dividend: Home Depot (USD 0.2500

S&P 500

Earnings:

Best Buy – Q1 EPS USD 0.35 vs. Exp. USD 0.33, and reaffirms forecast. Co.’s Q1 revenue USD 10.94bln vs. Exp. USD 10.69bln, Q1 comp sales down 1.7%. Co. also report share repurchases exceed USD 500mln during Q1. (Sources) 

Other news:

Citigroup – Co. said it had cut its stake in India’s top mortgage lender, Housing Development Finance Corp, to 9.9% from 11.4% in a deal giving it a pre-tax profit of about USD 160mln. (RTRS)

Altria – Co. to record a one time charge against reported earnings related to leveraged lease transactions, and reaffirms full year 2011 adjusted EPS of USD 2.01-2.07. (RTRS)

Ford – Co plans to launch 20 new products in Europe in the next three years, according to Henrik Nenzen, managing director of Ford Romania. In other news, Co. plans to invest EUR 800mln in Spanish plant to launch two new models. (Sources/RTRS) 

Motorola – Co. started to sell Xoom tablets in Turkey for the frist time through an exclusive agreement with the country’s biggest phone company Turk Telekomunikasyon. (Sources) 

McGraw-Hill – Co. announced it has retained Morgan Stanley & Co. LLC to pursue the divestiture of its Broadcasting Group. The television stations in the Group are in desirable markets and should be attractive to strategic and financial buyers with a focus on media. (theflyonthewall.com) 

Dean Foods - According to BMO Capital, Co. can gain market share by end of year, and can improve its fresh dairy volumes and gain market share by the end of 2011. (theflyonthewall.com) 

Abercrombie & Fitch – According to Citigroup, Co.’s shares likely range bound near-term, and lowered its Q2 EPS estimate for Co. to USD 0.25 after its teen pricing survey and believes the stock is likely to be range bound in the near-term. (theflyonthewall.com) 

Companies paying Dividend: Loews (USD 0.0625), Abercrombie & Fitch (USD 0.1750) 

Companies going Ex-Dividend: Hess (USD 0.1000) 

Nasdaq 100

Other news:

Apple – Co. will reportedly begin selling its newest Macbook Air later this month with 380,000 units expected to be first shipped. (RTRS) 

Google - In China, a Co. joint venture applied for a regulatory license to operate an online map service, according to the country's State Bureau of Surveying and Mapping. (WSJ) 

Intel – Co. is looking to release its new server platform Romley in Q3, with Google and Facebook set to follow suit soon after and an array of surrounding product markets accompanying the shift with complementary replacements. (Digitimes) 

Comcast – Co. is expected to announce a deal with Skype that will bring Skype calls to TV sets later this year. Using the Skype software, a video camera, a set-top box and a special remote control, Comcast customers will be able to make and receive video or audio calls and text messages. Financial terms of the deal haven't been disclosed. (AP News) 

News Corporation – Co. concluded talks with UK regulators on Friday regarding its bid fro BSkyB, further consultation could be announced soon. (Telegraph)

Broker moves

Upgrades:

Goldman Sachs – RBC starts Co. with underperform rating; price target of USD 132.

Morgan Stanley – RBC starts Co. with underperform rating; price target of USD 24.

Downgrades:

Cisco Systems – Co. is downgraded to underperform from outperform, and price target lowered to USD 14 from USD 22 at RBC Capital. 

Walt Disney - Co.’s price target lowered to USD 45 from USD 50 at Caris. 

Research In Motion – Co.’s price target cut to USD 40.50 from USD 50, and reiterates overweight rating at JPMorgan. (Sources) 

Juniper Networks – Co. is downgraded to sector perform from outperform, and price target lowered to USD 37 from USD 46, at RBC Capital. 

Other News

Ericsson – Co. to acquire Telcordia for USD 1.15bln in an all cash transaction. (RTRS) 

GM – Co.’s CEO Daniel Akerson reportedly told Opel CEO Karl-Friedrich Stracke that they weren't in talks to sell the European unit. (Handelsblatt) 

Transatlantic Holdings/Allied World Assurance – Cos. plan to merge, which may revive reinsurance M&A market. (Sources) 

Banks - JPMorgan notes that restructuring and job cuts are inevitable for the second-tier of global investment banks, as losers of the revenue scale. JPMorgan name UBS, Credit Suisse, and Morgan Stanley. (Sources) 

President Obama says US ‘is on the right track’ to creating jobs. (Sources)

Newsletter writer Dennis Gartman is shorting S&P if futures rise to 1,287 - 1,289. (Sources)

China raised it reserve requirement ratio by 50BPS effective from June 20. (RTRS)

 

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