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’Snap news
Breaking pre-market news on Thursday,
- Easyjet sees first half loss of £140m-£160m — statement
- Banco Sabadell profits down 39 per cent to €232m, €1bn of provisions — statement
- Nintendo profit drops 61 per cent,
Snap news
Breaking pre-market news on Friday,
- Copper down 7 per cent amid commodities sell-off — report.
- G20 communique promises “necessary actions to increase the flexibility of the EFSF” — report.
- EasyJet says easyGroup withdraws request for EGM — statement.
Snap news
Breaking pre-market news on Wednesday,
- Marks & Spencer holds full year guidance; food sales remain strong — statement.
- Supergroup says store roll-out programme on track; recent trading improves– statement.
EasyEmails
How can FT Alphaville possibly have missed this set of missives, recently published on the easyGroup corporate website?
Noted without further comment (except to say that the exchange is related to this FT piece):
Fasten your seatbelt
EasyJet shares hit some turbulence on Thursday morning:
Now that sudden loss of altitude isn’t just down to the impact of rising fuel costs — although that’s going to bite (even though the budget airline claims to be 70 per cent hedged at $775 a tonne).
Snap news
Breaking pre-market news on Tuesday,
- Royal Dutch Shell considered BP bid; ‘remains interested’ — report.
- Easyjet secures options over a further 33 A320 aircraft — statement.
- Blacks Leisure outdoor sales up 10.2 per cent on like-for-like basis;
EasyDividend
EasyJet shares took off at Monday’s open in London:
That’s after the airline announced the resolution of its ‘easy’ brand licensing dispute with founder Sir Stelios Haji-Ioannou — staving off costly High Court litigation later this year — and adding more good news to last week’s upgraded profit expectations.
Snap news
Breaking pre-market news on Monday,
- EasyJet and Sir Stelios Haji-Ioannou settle brand dispute and announce new licensing agreement — statement and statement.
- Alisher Usmanov’s Mail.ru announces intention to float on London Stock Exchange — statement.
Snap news
Breaking pre-market news on Wednesday,
- Liverpool FC board agrees sale to Boston Red Sox owners — statement.
- GE says Wellstream rejected 750p per share offer — statement.
- DNO International may face $45m-$65m loss from Iraq arbitration award – statement.
Snap news
Breaking pre-market news on Wednesday,
- Telefónica strikes €7.5bn deal to buy Vivo from Portugal Telecom — reports.
- Apollo makes revised £10.75 offer per share for Brit Insurance — statement.
Snap news
Breaking pre-market news on Friday,
- Rockhopper confirms medium gravity crude find at Sea Lion well – statement.
- EasyJet says rolling 12-month passenger numbers up 6.2 per cent – statement.
- Scottish &
Snap news
Breaking pre-market news on Tuesday,
- Aviva Q1 life and pensions sales up 15 per cent – statement.
- Diageo’s Nick Rose to stand down as CFO – statement.
- Serco says H1 performance strong, FY on track – statement.
Snap news
Breaking pre-market news on Wednesday,
- Easyjet confirms Carolyn McCall as new CEO – statement.
- Icap says H2 profit margins maintained or improved – statement.
- Delta receives another offer – statement.
Ryanair and Gatwick guessing
Ryanair could shift many of its flights from Stansted to Gatwick if the Sussex airport’s new owner lives up to promises to improve its services and keep charges down . . .
That’s from the Evening Standard earlier this month,
Snap news
Breaking pre-market news on Thursday,
- China grows 10.7 per cent in fourth quarter, inflation up 1.9 per cent in December – FT.
- Frank Timis’s African Minerals raises £80m via underwritten equity issue at 400p – statement.
The economics of airline strikes
British Airways’ cabin crew are opting to strike (again).
This time around, however, they plan to do so over the Christmas period — one of the airline’s busiest times — for the very seasonal period of 12 days.
Snap news
Breaking pre-market news on Wednesday,
- Andy Harrison, CEO of EasyJet, has indicated his desire to leave the Company in order to seek new challenges – statement.
- Volkswagen to pay Y222.5bn for Suzuki Motor stake – report.
Snap news
Breaking pre-market news on Tuesday,
- KiFin (Nathan Kirsh and family) makes 50p per share hostile cash offer for Minerva – statement.
- Cable and Wireless announce details of proposed demerger, launches £200m convertible bond – statement,
Snap news
Not-so-breaking market news on Wednesday,
- Santander Q2 net attributable profit down 4 per cent at €4.52bn — statement.
- Abbey National H1 PBT up over 30 per cent — statement.
- Rexam to raise £350.7m via rights issue — statement.
Diverging strategies, airline edition
While most of the world’s airlines weather recession by hunkering down, trimming capacity to cut costs and deal with slackening demand, there are those that have a somewhat different strategy. Spot the odd ones out in this Bernstein chart.
Flying like it’s 1991
Airline tickets, which have so far managed to resist deflationary pressures, may be moving towards a rather pronounced collapse.
Yesterday, we saw a JP Morgan economist speculate that the 34 per cent 12-month increase in air fares contained in the UK’s December inflation figure was on the verge of a “reversal”.
(Tax) Pie in the Sky
Tucked away in Darling’s pre-budget report yesterday was something that may be impacting the share prices of UK and Irish airlines today — all of which, with the exception of the illiquid Aer Lingus, are down in early morning trading.
Easy, Stelios
That’s quite some boardroom brawl brewing between EasyJet and founder Sir Stelios Haji-Ioannou.
The Greek entrepreneur and shipping tycoon is refusing to sign off on the airline’s annual accounts, in a statement,
EasyJet in £103m GB Airways move
EasyJet is buying GB Airways, a franchise carrier of British Airways operating largely from Gatwick, from the Gibraltar-based Bland Group for £103.5m cash. The acquisition by the UK budget airline is a further step in the restructuring of the British airline industry,
Ryanair launches European price war
Ryanair on Wednesday launched its “latest price war across Europe”, offering up to 3.5m seats at £10 one-way including tax in a drive to fill its seats in the face of a softer market. The price battle has already been joined by EasyJet.