HALEY TAM | CITI
Given the continued low interest rate environment and structural uncertainties, related to impact of central clearing on over the counter derivatives volumes, competitive threats from futures exchanges, there may be a downside pressure on consensus full year 2014 estimates as well.
JAMES HAMILTON | NUMIS
Recovery will come at some point and now investors are being paid to wait. With the price to earnings below the expected dividend yield we believe it is too late to sell ICAP even though we struggle to see where the next bit of good news will come from.
PHILIP MIDDLETON | BANK OF AMERICA
Full-year guidance seems to reflect a mix of the first half year, some one-off impacts such as Hurricane Sandy, and the company taking a miserable view on the first quarter of next year. Management is assuming that it is no better than the first quarter of last year, which was dull.