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’[SFTW] The ship is easier to salvage than the supermarket
Two solid FTSE stocks, covered by a total of more than 50 analysts, fell by 15% in a day during the first couple of weeks of January. It would have been downright spooky for any of Carnival’s crew of followers to have predicted the bizarre sinking of the Costa Concordia,
Tesco’s Big Price Drop
The share edition that is…
And all because the UK grocer announced the following in its RNS trading statement on Thursday:
“In a challenging economic environment, we made good progress internationally but despite record sales,
Snap news
Breaking pre-market news on Thursday:
- Tesco says UK sales down for a fourth month in a row — statement.
- Imperial Leather soap maker PZ Cussons warns on profits — statement.
- Mulberry says half year profits up 231 per cent — statement.
Snap news
Breaking pre-market news on Monday,
- Aberdeen Asset Management says it has seen some slowing of gross inflows — statement.
- Warren Buffett increases stake in Tesco – report.
- Alere changes acceptance level to 50 per cent on Axis-Shield bid — statement and statement.
Webvan faces Tesco price offensive
More bad news for our favourite internet grocer – that’s Webvan2.0 Ocado in case you hadn’t already guessed.
Tesco is about to start a price war.
From Retail Week:
Speculation is mounting that grocery and general merchandise giant Tesco is preparing to launch a price offensive next week,
Snap news
Breaking pre-market news on Wednesday,
- Tesco to sell Japan business – statement.
- IFG confirms approach from Bregal Capital, releases half-year results – statement, statement.
- Corporate: Sportingbet,
Snap news
Breaking pre-market news on Tuesday,
- Tesco annual results below expectations; reveals six objectives for management team — statement.
- Novartis sales beat expectations — statement.
- Sony Ericsson posts surprise Q1 profit;
Tasting the difference at Sainsbury
Ouch!
The price action in J Sainbury on Wednesday morning, after the UK’s third biggest supermarket group filed a disappointing fourth quarter trading update.
And not just disappointing for Sainsbury and its shareholders,
Snap news
Breaking pre-market news on Monday,
- Centamin Egypt says not affected by official ban on gold exports — statement and report.
- Pearson says adjusted operating profit up 15 per cent to £857m — statement.
Snap news
Breaking pre-market news on Thursday,
- Tesco reports disappointing UK sales over Christmas; blames weather– statement.
- Commerzbank planning 10 per cent equity capital increase — statement.
- Ashtead and TVH join forces to make 115p a share offer for Lavendon Group — statement.
Snap news
Breaking pre-market news on Tuesday,
- HSBC placing 6m Icap shares for chief executive Michael Spencer — statement.
- Tesco reports 3.6 per cent like-for-like sale growth in Q3 — statement.
- Xstrata to spend $23bn on new mines by 2016 — statement.
Snap news
Breaking pre-market news on Tuesday,
- Moody’s places Ireland’s Aa2 rating on review for possible downgrade – statement.
- Tesco first-half group sales up 8.3% at £32bn – statement.
- Pandora says IPO values it at $5bn – Reuters.
Profiting from the white stuff
Not cocaine but milk.
Now, you probably missed the recent big news in the world of milk – Tesco matching Asda’s promotion on white stuff, reducing the price of a four-pint plastic bottle from £1.53 to £1.25.
Promethean (World) Unbound
Ocado has competition.
Not from Tesco or one of the other big supermarkets groups, but a maker of interactive whiteboards called Promethean World, which is now a genuine contender for the worst UK IPO of 2010.
Reverse engineering Ocado’s valuation
Collins Stewart has put Ocado through Quest, its cashflow return on capital model. The results out underline the fact that there is no way the internet grocer is worth the indicative float price of 200-275p a share — unless,
Every little helps – revisited
There is nothing untoward with our accounting as Citigroup’s report acknowledges. We report in line with statutory guidelines and the accounts are externally audited. The issues discussed in the report have been gone over many times before and do not detract from our strong performance over the last year.
Every little helps (updated)
It’s not every day a company the size of Tesco – the UK’s biggest retailer – gets taken to task over its accounting policies — but it happened on Wednesday.
Citigroup reckons the supermarket giant has a more aggressive policy than its peers with regard to:
[UK Austerity Budget] Osborne’s retailer therapy
Chancellor George Osborne introduced a VAT hike to 20 per cent from 17.5 per cent on Tuesday, effective from January 4 2011.
And yet… UK retailers rallied on the news:
While it might seem counter intuitive,
Snap news
Breaking pre-market news on Tuesday,
- News Corp offers 700p a share for BSkyB; Sky’s independent directors want 800p– statement and statement.
- Tesco Q1 group sales up 8.2 per cent — statement.
Like-for-like at Tesco
The end of an era at Britain’s largest retailer.
From the RNS:
Sir Terry Leahy has decided, after an outstanding career at Tesco, to retire in March 2011 at the age of 55 after 14 years as CEO. The Tesco Board has moved to implement its long-term succession plan,
Snap news
Breaking pre-market news on Tuesday,
- Tesco annual pre-tax profit up 1o per cent to record £3.4bn – statement.
- AB Foods H1 beats forecasts, upbeat for year – statement.
- Falklands explorer Desire sees Q3 drilling restart – statement.
Snap news
Breaking pre-market news on Tuesday,
- Virgin Media to offer £500m equivalent of Senior Secured Notes due 2018 – statement.
- Cadbury publishes further reasons to reject Kraft’s offer – statement.
CDS report: Equity investors’ exuberance proves contagious
Gavan Nolan of Markit wrote this CDS report
European credit markets continued to tighten today as the positive sentiment from yesterday’s session lingered. The Markit iTraxx Europe index was trading around 89.5bp,
Snap news
Breaking pre-market news on Friday,
- Vedanta Resources announces revised $2.565bn cash offer for operating assets of Asarco – statement.
- Tesco and Fortis conclude discussions to form a new motor and household insurance partnership – statement.
Snap news
Breaking pre-market news on Wednesday,
- Tesco is a “potential bidder” for Northern Rock — Times.
- Cattles terminates employment of six senior execs after independent review — statement.
- Greg Hutchings to step down from Lupus following negotiation of new banking arrangements — statement.
Tesco eyes Northern Rock
Tesco has emerged as a potential bidder for Northern Rock as the government races to sell the state-owned lender before a general election, reports The Times. The UK supermarket chain has shown provisional interest in buying the bank,
Every quibble helps Tesco
Behold the highlights from Tesco’s FY results:
HIGHLIGHTS
* Solid start to new financial year – 12.0% (ex-petrol) growth in Group sales, including increase in UK like-for-like sales of 3.4% in first six weeks (4.4% on a VAT-adjusted basis)
* 15.1% increase in Group sales to £59.4bn
* 10.0% growth in underlying profit before tax,