Proactive Investors -
- FTSE 100 down 7 points at 7,621
- Unilever (LON:ULVR), BAT (LON:BATS), Compass rise after updates
- DS Smith climbs after Mondi (LON:MNDI) approach
AstraZeneca (NASDAQ:AZN) slips after earnings miss
Shares in AstraZeneca PLC (LON:AZN) are down 5.5% now after fourth quarter results fell short of expectations.
Shore Capital analyst Sean Conroy said while revenue was in line with consensus expectations, core EPS was 3% behind forecasts.
Oncology sales were 1% behind estimates, with Tagrisso missing by around 4%, he said.
Core operating income came in well behind expectations, he noted, 14% below forecast, with both research and development, and selling, general and administrative expense higher than expected in the quarter.
Nonetheless, Conroy remains positive on the stock - reiterating a 'buy' rating and 13,000 pence share price target.
"We continue to believe a premium is warranted based on its earnings growth and pipeline prospects," he said.
NatWest to poach UBS executive to join Coutts
Sky News reported that NatWest Group PLC (LON:NWG) has poached Emma Crystal from UBS to join its wealth management division, which includes Coutts private-banking.
Crystal will join the state-backed lender from the Swiss banking giant to replace a top Coutts executive who was forced out during last year's 'debanking' row involving Nigel Farage.
Crystal, who has also worked for Credit Suisse (SIX:CSGN), will become the next chief executive of its wealth management division, which includes Coutts, replacing Peter Flavel, who left NatWest last summer.
DS Smith jumps after Mondi approach
We mentioned the bid rumours earlier and DS Smith has now confirmed that it has received a "highly preliminary expression of interest" from Mondi PLC (LSE:MNDI) regarding a combination with DS Smith.
"The board of DS Smith understands that Mondi is considering a possible offer for DS Smith although no proposal has been received at this stage," it said.
Shares are up 13% after the announcement with Mondi now down 2.2%.
Smurfit Kappa (LON:SKG) is up 5.6% - also supported by positive comments from JPMorgan (NYSE:JPM).