Edison KOL call
CAR-T therapy
On October 19 we kicked off our KOL series, sponsoring an interview between Rafael Mejar, M.D., Ph.D and Max Jacobs (call leader). The conversation featured a discussion on the delivery challenges and potential solutions to administering CAR-T therapy more widely upon eventual FDA approvals. The discussion focused on the number of specialists needed, facility requirements and cost of delivery among other potential hurdles to use. Below is a link to a recording of the event and the transcript to the call.
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US and European earnings trends: Better to travel than to arrive
While political volatility may be on the increase, consensus profits forecasts have in contrast remained on a stable trend over the second half of 2016. In the UK, 2017 forecasts have now recovered their modest post-Brexit drop, in part due the positive impact of the decline in sterling. US estimates for 2017 have also only fluctuated in a very narrow range during the last six months. In continental Europe the post-Brexit declines have stuck and there has been an additional modest decline in forecasts during October. This period of relative stability in earnings forecasts is in sharp contrast to the significant declines which spooked investors for much of 2015 and Q1 2016.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 24th October 2016
There is little relevant news this morning.There is little by way of formal news expected this week. Berendsen is due to update on Friday 28th October. Well it is half term! But as ever our source, The Times, may not quite have captured all expected statements and there will be unexpected ones as well so we shall not be idle. We look at moves YTD below. The stock that stands out from that exercise as being appreciably undervalued is Balfour Beatty.
Read more...Qualcomm vs. Intel – Storm in a teacup.
Qualcomm thrashes Intel but not where it really matters.
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 21st October 2016
Michelmersh, the UK’s fourth largest brick maker, has reported this morning that trading and production have been a little more difficult than anticipated in its previous market guidance. There was very little movement in the market or the HICS sector yesterday. As we suggested a few days ago sector stock prices appear to be in the Doldrums; most HICS stocks in our universe fell yesterday but the largest faller was down just 1.2%
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 20th October 2016
A profit warning from Keller today is the main news today. Travis Perkins was the back marker yesterday following its news on trading. It fell 4.5% at the close to 1422p having been down over 7% at one stage. The conference call was reassuring regarding the competence of management to handle events. The best performer yesterday was Rentokil which rose by 4.5% to 235p
Read more...Market Commentary - Housing, Infrastructure, Construction and Services 19th October 2016
Rentokil and Travis Perkins updated the market this morning. RTO has told us that organic sales at CER were up 3.1% in Q3, 2.7% YTD. That is clearly positive in a low inflation world.Travis Perkins has a slightly different story to report as it has become concerned enough about slowing growth (just 2.0% L4L in Q3 with a 4.1% decline in plumbing and heating) that it will take swift action to close 30 branches at the cost of up to £50m. Interserve was the best performer yesterday ahead of a CMD today which will tell us why it has decided to keep Kwikform following its strategic review
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