Week Ahead: Morrisons, M&S, Rightmove, BoE QE

2nd Nov 2012 09:28

The third quarter trading update season moves into overdrive next week, with statements from the likes of HSBC, Marks & Spencer (M&S), Associated British Foods, Aviva, Morrisons and RSA, plus controversy magnets G4S and Bumi. On the economic front, the Bank of England will reveal whether it is going to add to the asset purchase programme pot.Panmure Gordon expects the downgrade cycle will continue at supermarket chain Morrisons, with the group seen under-performing the market all the way into fiscal 2014.The broker is forecasting third quarter (Q3) like-for-like sales will have declined by 0.1%, which will put pressure on the profit & loss account."It has already announced Q1 and Q2 like-for-like sales declines of 1.0% and 0.9% (ex-petrol) respectively. Q3 has a slightly tougher comparable, but we look for a decline of 1%. New space is expected to add around 2.1% to sales growth in H1 [first half], so total sales growth should be just over 1% (ex-petrol). The last Kantar data for the 12 weeks to September 30 had Morrison growing at 0.0%, so the risk to our forecast seems to be on the downside," Panmure Gordon reckons.Elsewhere in the retail sector, Seymour Pierce thinks Marks & Sparks will "do the normal trick of beating the whisper number".Seymour Pierce is forecasting M&S will announce interim pre-tax profits of £285m, down by almost 10% year-on-year from last year's half-year number of £315m. That forecast puts the broker £5m above the median forecast among investment analysts covering the High Street bellwether stock. Sales are tipped by the broker to edge up 1% to £4,750m, with like-for-like sales down 5.5% year-on-year on the General Merchandise side but up 1.5% in the Food halls. The dividend is expected to be held at 6p, Seymour Pierce's Freddie George said.Property web site Rightmove's update on Thursday will provide a good opportunity for investors to catch up on trading and operational developments since the group's interims on August 1st, notes Roddy Davidson at Westhouse Securities. "Next week's update will also provide a chance to gauge the company's recent experience of / expectations for the UK housing market, whether this accords with the weak and patchy environment suggested by recent surveys and whether government backed initiatives are stimulating activity. Finally, we will also look for feedback on whether the merger of Zoopla, Primelocation and FindaProperty (backed by DMGT and P.E. investors) has increased competitive tension," said Davidson, who reckons holders should bank profits ahead of the trading update.Monday November 05INTERIMSActive Risk Group, E2V TechnologiesINTERIM DIVIDEND PAYMENT DATEFiberweb, JZ Capital Partners Ltd, M. P. Evans Group, Mears Group, Morrison (Wm) Supermarkets, Nationwide Accident Repair Services, Northbridge Industrial Services, UK Select Trust Ltd.QUARTERLY PAYMENT DATEDcg Iris Ltd Red SterlingINTERNATIONAL ECONOMIC ANNOUNCEMENTSISM Non-Manufacturing (US) (15:00)ISM Services (US) (15:00)Q3Inmarsat, PostNL NVFINALSEgdon ResourcesIMSSHiscox Ltd., HSBC Holdings, Inmarsat, Telecity GroupAGMSMerchant House Group, TR European Growth TrustUK ECONOMIC ANNOUNCEMENTSOfficial Reserves (09:30)FINAL DIVIDEND PAYMENT DATECPL Resources, Stavert ZigomalaTuesday November 06INTERIMSBabcock International Group, DCC, Endace Ltd, First Derivatives, Indian Hotels Company Ltd. GDR (Reg S), Marks & Spencer Group, Zhejiang Southeast Electric Power Co Ltd. GDR (Reg S)INTERIM DIVIDEND PAYMENT DATEDillistone GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSABC Consumer Confidence (US) (21:00)Factory Orders (GER) (11:00)PMI Composite (GER) (08:55)PMI Services (GER) (08:55)Producer Price Index (EU) (10:00)Q2Indian Hotels Company Ltd. GDR (Reg S)Q3Banco Espirito Santo SA N Shs, InterContinental Hotels GroupGMSJSC KazMunaiGaz Exploration Production GDR (Reg S)FINALSAssociated British FoodsIMSSCapital Shopping Centres Group, Kofax, PPHE Hotel Group LtdAGMSA&J Mucklow Group, Animalcare Group, Asian Citrus Holding, CAP-XX Ltd., Eurocommercial Properties NV, Kofax, Psource Structured Debt Ltd., Sirius Real Estate Ltd.UK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)Industrial Production (09:30)Manufacturing Production (09:30)Q1KofaxWednesday November 07INTERIMSBurberry Group, Canaccord Financial Inc., FirstGroup, Vedanta ResourcesINTERIM DIVIDEND PAYMENT DATEBodycote, Carillion, SIG, StatPro GroupINTERIM EX-DIVIDEND DATEAmati VCT , Andrews Sykes Group, BlackRock Smaller Companies Trust, Bunzl, Elderstreet VCT, Maven Income & Growth VCT, Pace, Scottish Mortgage Inv Trust, SThree, Stobart Group Ltd., WhitbreadQUARTERLY EX-DIVIDEND DATEBarclays, BP, IBM Corp.INTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Credit (US) (20:00)Crude Oil Inventories (US) (15:30)Industrial Production (GER) (11:00)MBA Mortgage Applications (US) (12:00)PMI Construction (GER) (08:55)Retail Sales (EU) (10:00)Q2Canaccord Financial Inc.Q3Mood Media Corp. (DI), Randgold Resources Ltd., Smurfit Kappa GroupIMSS4Imprint Group, Aer Lingus Group, Capital & Counties Properties , G4S, Old Mutual, Playtech Ltd., RPS GroupAGMSHays, Public Service Properties Investments Ltd (DI), Schroder Japan Growth Fund, Sinclair Is PharmaUK ECONOMIC ANNOUNCEMENTSBRC Shop Price Index (00:01)FINAL DIVIDEND PAYMENT DATEBegbies Traynor Group, Photo-Me InternationalFINAL EX-DIVIDEND DATEAshmore Group, Asian Citrus Holding, Centaur Media, Craneware, Dechra Pharmaceuticals, Genus, Hargreaves Services, James Halstead, JPMorgan Overseas Inv Trust, Jupiter Primadona Growth Trust, London Finance & Investment Group, Manchester & London Inv Trust, Matchtech Group, Regenersis, Sherborne Investors (Guernsey) 'A' Shares, Swallowfield, Third Point Offshore Investors Ltd. EUR Shares, Third Point Offshore Investors Ltd. GBP Shares, Third Point Offshore Investors Ltd. USD SharesThursday November 08INTERIMS3i Infrastructure, BTG, Cable & Wireless Communications, Charles Stanley Group, Dairy Crest Group, Electrocomponents, Experian, Flybe Group, Shanks Group, Tate & LyleINTERIM DIVIDEND PAYMENT DATEBritish American Inv Trust, Petropavlovsk, Yule Catto & CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (GER) (07:00)Balance of Trade (US) (13:30)Bloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)Current Account (GER) (07:00)ECB Interest Rate (EU) (12:45)Initial Jobless Claims (US) (13:30)Retail Price Index (GER) (07:00)Q3Coca-Cola HBC S.A., Corio NV, Lancashire Holdings, Talvivaara Mining CompanyANNUAL REPORTAssociated British FoodsIMSSAviva, Balfour Beatty, Bumi, Eurasian Natural Resources Corp., Hammerson, Hardy Oil & Gas, Howden Joinery Group, Morrison (Wm) Supermarkets, Reed Elsevier, Rightmove, RSA Insurance Group, Schroders, Schroders (Non-Voting), Spirent Communications, Supergroup, Trinity Mirror, Wetherspoon (J.D.), Yule Catto & CoEGMSPalmaris CapitalAGMSCraneware, Genus, IndigoVision Group, Macau Property Opportunities Fund Ltd., New Star Investment Trust, Wetherspoon (J.D.)UK ECONOMIC ANNOUNCEMENTSBalance of Trade (09:30)BoE Interest Rate Decision (12:00)FINAL DIVIDEND PAYMENT DATEEdge Performance VCT 'D' Shares, Edge Performance VCT 'E' Shares, Edge Performance VCT 'F' Shares, Edge Performance VCT G Shares, Penna ConsultingFriday November 09INTERIM DIVIDEND PAYMENT DATECapital Lease Aviation, Cobham, Huntsworth, Hydrogen Group, Johnson Service Group, Maven Income & Growth 2 VCT, office2office, Rightmove, Spectris, Spirax-Sarco Engineering, Staffline Group, Unite GroupQUARTERLY PAYMENT DATEBritish Land CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Price Index (GER) (07:00)Import and Export Price Indexes (US) (13:30)U. of Michigan Confidence (Prelim) (US) (15:00)Wholesales Inventories (US) (15:00)Q3Hellenic Telecom Industries SA ADS, International Consolidated Airlines Group SA (CDI)GMSTangent CommunicationsIMSSBeazley, EnQuest, Rolls-Royce Holdings, Tullett PrebonSPECIAL DIVIDEND PAYMENT DATETR European Growth TrustAGMSAmur Minerals Corporation NPV, Jupiter Energy LtdTRADING ANNOUNCEMENTSRentokil InitialFINAL DIVIDEND PAYMENT DATEDaejan Holdings, JPMorgan Mid Cap Inv Trust, TR European Growth Trust