UK Housebuilders No Longer Look Over-Sold
1152 GMT - U.K. house-building shares have recovered and no longer look under-valued, Jefferies says, downgrading Berkeley Group Holdings to hold from buy. The sector doesn't look over-sold after a strong bounce in share prices since October, Jefferies says. Still, if forthcoming corporate and economic news provides reassurance on house prices, stocks in the sector could rally further, the brokerage says. "We remain constructive across the sector: key picks are Bellway and Taylor Wimpey," Jefferies analyst Glynis Johnson says in a note. "While still seeing strong longer-term opportunity at Berkeley, we see the valuation up with events and bring the rating back to hold." (philip.waller@wsj.com)
Companies News:
Barclays Names John Kingman as Chair of Barclays Bank UK
Barclays PLC on Monday said it has appointed John Kingman as chair of Barclays Bank UK effective June 1, succeeding Crawford Gillies.
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Endeavour 2022 Production Hit Top End of Estimates; Names New CFO
Endeavour Mining PLC said Monday that 2022 gold production reached the top end of its estimates, and named Guy Young as its incoming chief financial officer.
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Dignity Agrees to GBP281 Mln Takeover by Consortium
Dignity PLC said Monday that it has agreed to a 281 million-pound ($348.3 million) takeover by Yellow (SPC) Bidco Ltd., a new company owned or controlled by a consortium comprised of SPWOne V Ltd., Castelnau Group Ltd. and Phoenix Asset Management Partners Ltd.
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Saga PLC in Talks to Sell Its In-House Insurer
Saga PLC on Monday said it is in discussions to sell its underwriting business to reduce its debt.
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Dignity Sees 2022 Profit Dropping on High Costs, Pivot to Lower-Priced Products
Dignity PLC said Monday that it expects to report that 2022 underlying revenue and operating profit fell on year amid shifts toward lower-priced products, and increased costs and investment.
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DG Innovate to Raise up to GBP0.5 Mln to Fund Development
DG Innovate PLC said Monday that it is seeking to raise up to 500,000 pounds ($619,700) via a share subscription and broker option, and will use the money toward its development.
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tinyBuild Sees 2022 Revenue in Line With Views
tinyBuild Inc. said Monday that 2022 revenue was in line with expectations and that the board was looking to 2023 with confidence.
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Audioboom 2022 Adjusted Earnings, Revenue Rose
Audioboom Group PLC said Monday that adjusted earnings and revenue for 2022 rose, and that it has secured advance advertising bookings of more than $44 million for 2023.
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Everyman Media Says 2022 Revenue, Ebitda Significantly Rose
Everyman Media Group PLC said Monday that revenue significantly rose on year in 2022 despite a reduced slate of films over the year, and that Ebitda is expected ahead of current market forecasts.
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Chemring CFO Andrew Lewis to Retire
Chemring Group PLC said Monday that Chief Financial Officer Andrew Lewis will retire from the board and that his notice period is 12 months.
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TouchStar Expects 2022 Earnings, Cash Generation to Beat Expectations
TouchStar PLC said Monday that it expects to report core earnings and cash generation ahead of expectations for 2022, while pretax profit and revenue should be in line.
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Getech Group Expects 2022 Revenue Ahead of Market Views
Getech Group PLC said Monday that 2022 revenue will exceed market expectations, and that the board hasn't any plans to raise capital from shareholders as it has started 2023 with a strong balance sheet, sales pipeline growth, and good customer and partner momentum.
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Hellenic Dynamics On Track to Make Revenue in 2Q
Hellenic Dynamics PLC on Monday said it is on track for second-quarter revenue as it meets distributor demand and that it is confident about the future.
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Intercede Shares Jump as Fiscal 2023 Earnings, Revenue Expected to Beat Market Views
Shares of Intercede Group PLC rose on Monday after the company said it expects fiscal 2023 result ahead of market forecasts.
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Hansard Global Names Thomas Morfett as Incoming CFO
Hansard Global PLC said Monday that it has appointed Thomas Morfett as chief financial officer and executive director.
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Serica Energy Secures Two-Year Renewal of Rhum Field License
Serica Energy PLC said Monday that its license for the North Sea Rhum field has been renewed for a further two years by the U.S. Office of Foreign Assets Control to Jan. 31, 2025.
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Surgical Innovations Group Sees 2022 Revenue Ahead of Market Views
Surgical Innovations Group PLC on Monday said it expects its 2022 revenue to come in ahead of market views as it saw higher sales in the second half of the year with which the group will return to profitability.
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Vast Resources Shares Rise on Potential Progress in Historic Diamond Claim
Shares of Vast Resources PLC rose Monday after the company said that material progress could be made in relation to legal action over historic diamond claims in Zimbabwe.
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Invinity Energy Systems Sees 2022 Revenue in Line With Views
Invinity Energy Systems PLC said Monday it expects 2022 revenue to be in line with market expectations and that its current 2023 order book backlog of 22 million pounds ($27.3 million) underpins most of its current revenue expectations for the year.
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Novatek Oil, Gas Reserves Rose 7.1% in 2022
Novatek said Monday that its total proved oil and gas reserves increased 7.1% on year.
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Oxford Cannabinoid 1H Pretax Loss Widened on Higher Research Costs
Oxford Cannabinoid Technologies Holdings PLC said Monday that its half-year pretax loss widened as its research and development costs increased.
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TDR-backed Asda bosses mull GBP12bn merger with petrol forecourt business -- Financial News
Both Asda and EG are jointly owned by the brothers Mohsin and Zuber Issa and London-based private equity firm TDR Capital
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Lithia in Talks to Buy UK Auto Retailer Jardine Motors for GBP300 Mln, Sky News Reports
-- The North American car dealership Lithia Motors Inc. is in advanced talks to buy the U.K. luxury automotive retailer Jardine Motors for 300 million pounds ($371.8 million) from the conglomerate Jardine Matheson Holdings, Sky News reported citing unnamed sources.
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Arm-Based Chips Make Inroads With Apple, Amazon -- WSJ
By Asa Fitch
Market Talk:
European Stocks Tread Water; US Set For Modest Losses
1117 GMT - European stocks lack direction ahead of an expected slightly lower open on Wall Street. The Stoxx Europe 600 and DAX trade broadly flat and the FTSE 100 and CAC 40 edge 0.1% higher. Brent crude rises 0.7% to $88.22 a barrel. IG futures data show the Dow opening at 33358, versus Friday's close of 33375. The week began quietly in Asia as several markets stayed closed for the Lunar New Year holiday, though Australian and Japanese stocks rose, IG says. "Oil prices have enjoyed a strong run over the past week, boosted by China's re-opening and hopes of stronger demand there, but investors remain on alert for signs that the U.S. economy is weakening," IG analysts write. (philip.waller@wsj.com)
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Pound Might Rise if BOE Lifts Rates 50Bps But Policy Guidance is Key
1135 GMT - Sterling could rise if the Bank of England raises interest rates by 50 basis points at its next meeting, although the currency's performance also depends on the central bank's policy guidance, Ebury says. The "path of least resistance" for sterling in the near-term appears to be higher as the Federal Reserve is likely to slow the pace of rate rises to 25bp at its February 1 meeting while the BOE could deliver a 50bp rise on February 2, Ebury market strategist Matthew Ryan says in a note. However, the BOE's communications and consensus around future rate rises will be key for sterling, he says. (renae.dyer@wsj.com)
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AB Foods' Primark 1Q Sales Look Likely to Grow, Given Peers' Performance
1154 GMT - AB Foods' Primark 1Q sales are forecast to grow, given the recent trading strength of its U.K. peers, Citi analysts say in a note. The fashion retailer arm of the conglomerate--which contributed GBP7.7 billion to the group's total revenue of GBP17 billion in FY 2022--is expected to report a 1Q sales increase of 16% at constant currency rates and growth of 13% in a LFL basis, they say. "We note the outperformance of stores versus online in the U.K. clothing retail market and the probability that Primark has matched or outperformed the Marks & Spencer Group PLC and Next stores growth...across a similar period," they add. (michael.susin@wsj.com)
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Marks & Spencer Faces Negatives as Well as Positives
1227 GMT - Marks & Spencer Group faces potential issues despite positives, Numis Securities says, downgrading the U.K. clothing and food retailer to hold from buy. The business has emerged from the coronavirus pandemic better positioned and managed, consensus earnings momentum looks set to remain positive and a potentially more benign consumer backdrop could boost the company's earnings, Numis says. Still, M&S's profit guidance for the year to early April raises concerns about profit momentum in its clothing & home division despite strong top-line trends, Numis says, adding that M&S's cash conversion also raises questions. "We move to hold following recent share-price strength," Numis analysts write, but increase their price target to 160 pence from 135 pence. Shares drop 0.8% to 150 pence. (philip.waller@wsj.com)
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Everyman Media Looks Well Positioned Despite Near-Term Worries
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01-23-23 0835ET
