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Addeco Europe's leading employment agency delays 2003 results due to 'accounting issues'

J Sainsbury said its underlying UK sales growth was just 0.1 percent in its third quarter as major investment in systems and distribution centres disrupted sales. The performance of the UK's third biggest supermarket chain by market share is likely to fall well short of its rivals such as William Morrison which reported a 10.2 percent growth in the last six weeks. Sainsbury suffered a 0.2 percent drop in like-for-like sales in the second quarter, and analysts had hoped sales would rise by as much as 1.2 percent this time.

Davis has also conceded that the retailer will need to cut prices in the summer to keep up with low cost rivals such as Tesco, second-ranked Asda WMT.N and Morrison.

Standard Life says its in talks with the FSA ???

Pace Micro said it swung to a first-half pre-tax profit from a loss a year earlier, as it shipped more digital TV set-top boxes in Asia Pacific and continental Europe. They said profit for the 26 weeks to November 29 totalled 1.1 million pounds from a loss of 15.9 million pounds a year

Ted Baker fashion chain said sales for the Christmas trading period were 23.7 percent up on the previous year and retail gross margins were in line with those achieved last year. The firm added it remained confident of a positive outcome for the full year.

SIG Plc Europe's biggest distributor of insulation products said it expected to post 2003 profits ahead of market expectations, on the back of record sales. "Record sales achieved in excess of 1.26 billion pounds an increase of nine percent on prior year," it added.

Photo-Me International photo-booth firm reported an eleven-fold rise in first-half profits on Monday and said results for 2003/04 would beat market forecasts.

TBI Uk airport operator said the number of passengers passing through its four European airports rose 16.2 percent in the third quarter of its financial year. It has recently attracted bid interest from Germany's biggest building firm Hochtief

Mentmore storage services firm said it had received a number of other approaches after it said last month it had received one bid approach.

 Pace Micro (I), Photo-Me International (I)

Sainsbury Trading Update, SIG Trading Update

00.01 CBI Financial Services Survey 09.30 Dec PPI Input m/m 0.1% exp. 09.30 Dec PPI Output m/m 0.1% exp. 09.30 Nov ODPM House Prices y/y

Magic Software (Q4)

Lufthansa (Traffic), SAS (Traffic)

11.00 Nov German Industrial Production m/m 0.6% exp.

Croc@SnappyTrader.com  WWW.SnappyTrader.com

 Pace Micro (I), Photo-Me International (I)

Sainsbury Trading Update SIG Trading Update

00.01 CBI Financial Services Survey 09.30 Dec PPI Input m/m 0.1% exp. 09.30 Dec PPI Output m/m 0.1% exp. 09.30 Nov ODPM House Prices y/y

Magic Software (Q4)

Lufthansa (Traffic), SAS (Traffic)

11.00 Nov German Industrial Production m/m 0.6% exp.

Domino Printing (F), Parkdean Holidays (F), Vernalis (I)

Tesco Trading Update,  New Look Trading Update

BAA Traffic Figures, Burberry Trading Update,

Computercentre Pre-Close Statement

09.30 Nov Industrial Production m/m 0.3% exp. 09.30 Nov Manufacturing Production m/m 0.3% exp. 13.30 Dec NIESR GDP Estimate

Accenture (Q1), Plantronics (Q3)

13.30 Dec Import Price Index m/m 0.4% exp.

07.00 Dec German Wholesale Price Index m/m 0.1% exp.

DTZ Holdings (I), JD Sports (TS), London Scot Bank (F), Northgate (I),

Dixons H1 & Christmas Trading,  Marks & Spencer Trading Update

Matalan Trading StatementWolseley Trading Update, JJB Sports Trading Update Mothercare Trading Update. Punch Taverns (AGM),

09.30 Dec Unemployment 5k exp. 09.30 Nov Average Earnings 3m y/y 3.7% exp. 11.00 CBI Property Trend

US: Andersen Group (Q3), Apple Computer (Q1), Delta Airline (Q4), Yahoo (Q4)

13.30 Nov Trade Balance -$42.0bn exp. 13.30 Dec PPI m/m 0.2% exp. 19.00 Fed Beige Book

EADS (Conference) Finnair (Traffic)

07.00 Dec Final German CPI y/y

Ex Dividend: Abbey ( 0.1), Associated British Foods (9.85), Avon Rubber (4.5), Berkeley Group (5.8), Burtonwood Breweries (3.2), Dewhurst (2.92), Eldridge Pope (5.34), First Group (3.75), Northern Foods (3.3), Paragon Group (3.7), Robert Wiseman (2), ScS Upholstery (6), WAGN (4)

HMV H1 & Christmas TradingGUS Trading Update Reuters Trading Update,  Boots Trading Update,

Carphone Warehouse Trading Update, Woolworths Trading Update,

Ottakars Trading Update

Body Shop Trading Update, Merchant Retail Trading Update09.30 Nov Total New Construction Orders

Bank of America (Q4), Continental Airline (Q4), General Motors (Q4), Sun Microsystems (Q4)

13.30 Dec CPI 0.2% exp. 13.30 Dec Advance Retail Sales 0.8% exp. 13.30 Initial Jobless Claims (w/e 10/01) 352k exp. 13.30 Jan Empire State manufacturing Index 37.5 exp. 17.00 Jan Philly Fed 30.0 exp. 19.00 Dec Monthly Budget Statement -$12.5bn exp.

11.00 3rd Quarter Revised GDP q/q 0.4% exp. 11.00 Commission Publishes 4th & 1st Quarter GDP Forecast

07.00 Dec New Car Registrations y/y 08.00 German Annual GDP Growth Rate 0.1% exp.

Boots Trading Update Peacocks Trading Update Bellway (AGM)

13.30 Nov Business Inventories 0.2% exp. 14.15 Dec Industrial Production 0.7% exp. 14.15 Dec Capacity Utilisation 76.1% exp. 14.50 Jan Preliminary Michigan Sentiment 94.0 exp.

Monsoon (I)

Prestbury Holdings (AGM)

Blacks Leisure (Trading)

Bespak (I)

UK Dec CPI (09:30)

Somerfield (I)

GW Pharmaceuticals (F)

Character Group (AGM) Next Fifteen Communications (AGM)

BBA Dec net sterling lending (09:30) BoE minutes of Jan 7,8 rate setting meeting (09:30) CML Dec mortgage lending data (09:30) Dec Capital issuance (09:30) Dec M4, M4 lending (09:30) Dec PSNCR/PSNB (09:30) Treasury monthly poll of independent UK forecasters BCC quarterly economic survey

Ex Dividend:

Ashtead Group (I) Misys (I), Stanley Leisure (I)

Pathfinder Prop (EGM)

Aberdeen Asset Management (AGM) Get Group (AGM), Ultraframe (AGM)

Retailers trading updates for the Christmas trading period will grab most of the attention in the coming week as companies from the supermarkets to the luxury goods sector issue updates.MondaySainsbury results are not expected to announce much improvement in sales at all as it continues to lose ground to Tesco and AsdaTuesday

Tesco is expected to report very good Xmas sales especially with food, drink and sales of electrical goods as gifts.  It is expected to show sales growth of about 5.5% and is also set to announce sales growth in its international division of about 30%.

BAA The recovery in air travel, as reported by EasyJet & Ryanair should be reflected in some good passenger figures at Stansted and Gatwick airports.Wednesday

Marks & Spencer and Matalan will show how much impact discounting has had in the run-up to Christmas. Marks & Spencer may be the highlight of the week and the speculation is that Next's good fortune over Christmas may have been at M&S's expense. The retailer is expected to report negative sales growth in its clothing division, but overall sales are set to be lifted by a strong performance from its food business

Dixons is expected to show flat like-for-like sales for the Christmas period when it announces half-year figures and to report a 9% rise in pre-tax profits to 105.5m for the 28 months to 15 November. Thursday

GUS trading might have been hurt by the falling U.S. dollar because of its financial information services arm Experian's exposure to the United States. But it is forecast to report figures at the top end of expectations in the trading update. Argos should have outperformed its UK rivals with sales growth of 5% on a like-for-like basis, with new stores and range extensions boosting total turnover.

Boots health and beauty ranges have been targeted by Tesco in a recent price-cutting campaign.  The city is looking for a 3% increase in sales but could easily be disappointed.

Reuters is expected to produce some long awaited good news and to say business revenues have stabilised and that the rate of subscription cancellations has reduced.

Carphone Warehouse: Bumper figures are expected following the shortage of handsets over Xmas and news that sales of hands-free kits increased four-fold following the recent legislation that banned the use of handheld mobile while driving.

In the U.S report on retail sales will help give clues to the health of consumer spending, which drives two-thirds of economic growth. Weekly jobless claims figures will be in focus, particularly after Friday's disappointing payrolls report.

The CPI consumer and producer price indexes will offer the government's latest inflation estimates and possibly yield clues to how long the Federal Reserve may be willing to keep interest rates low.

Friday

Bellway is expected to give very good figures following trading statements from Wimpey and Taylor Woodrow. The company said in October that over 60% of its current year target had been secured.

Thoughts

In the U.S an unexpectedly weak employment report on Friday showed that all is not 'rosy' in the garden and it rather took markets by surprise. Also the decline of the dollar continued and again it hit a fresh record low against the euro.  The DOW fell throughout the day and closed down 133 points but along with the S&P still managed to make seven consecutive weeks of gains. I like many others fear that stock prices may have climbed too far, too fast and Fridays reversal may have marked at least a short-term top. But without doubt it is always risky betting against the market and next week there is a barrage of economic data and earnings reports which are likely to bring positive news. Looking at this weeks chart we can see the current uptrend surprisingly started only 12 months ago. There are 2 valid channels (Red & Blue) both of which are appear to be overbought. These would seem to suggest a short term fall on the DOW back to test support at 10,000. The smaller 5 year chart shows that the longer term downtrend is still not quite dead & buried but certainly looking very fragile.

As always I look forward to your thoughts and comments on the week ahead! 

All the above comments are purely a personal opinion and no investment advice is intended.  Please do your own research.

Shell OUTRAGED investors in were questioning the future of chairman Sir Philip Watts last night, after the company admitted it had overstated its proven oil and gas reserves by a colossal 3.9 billion barrels, or 20 per cent of its global total.

Profits 'blip' shakes investors: Although company profit warnings hit an all-time low last year, the outlook is uncertain after a sharp rise in the last quarter, according to accountants Ernst & Young. The reversal is being blamed on the recent rise in interest rates and a poor Christmas for some retailers, notably WH Smith and Poundstretcher's owner Brown & Jackson. Quoted companies issued 210 alerts during 2003, a 40% fall on the previous year, But the final quarter produced warnings from 52 companies, a 37% rise on the third quarter.

Focus: A broken Shell Transport Directors' Deals: Souter strengthens hold on Stagecoach Reed Elsevier Special Report: Has Reeds Mr 10% lost his golden touch? John Wood Group Sharewatch: Oil giant slumps Sharewatch: Dixons Shareholders can no longer be sure of Shell Abbey National How to invest in shares with no risk Sharewatch: Dixons

Tesco opens its first Irish convenience store Judgment Day: Should you buy shares in Paddy Power?

Medicine for Boots City Centre Restaurants, Jackson asks the right questions BAE will be steered by Parker if the Higgs police allow it Ask Central Jackson asks the right questions

One week for Leeds United

M&S sales slump, Clothing sales have plunged over the past seven weeks at Marks & Spencer, the leading high street retailer will admit this week.

Supermarket group Morrisons expects to complete its acquisition of Safeway by March. Broker Numis thinks the move could create a group that can challenge Asda and Sainsbury's for the number two slot in the UK. Morrisons should continue to outperform* its competitors. Buy. Shares in transport group Stagecoach have recovered strongly from this time last year when the company was forced to write-off 500m on its US operations. Stagecoach has now successfully restructured in the US and is trading well in the UK. The shares are unlikely to be spectacular performers, but they should have further to go. Buy.

OBSERVER Dixons 'to axe half its stores' Emap radio boss in VC bid plans Transco's Parker leads race to head BAE BSkyB Murdoch's grand vision in compact race Pressure grows on Shell chairman to quit

Carlton Bring ITV the head of Lord MacLaurin Shell Transport Sir Philip ducks out Eurotunnel chases Continental freight Granada Bring ITV the head of Lord MacLaurin

MAIL ON SUNDAY 1,000 jobs go in Boots shake-up UBS in talks on a 150m bid for broker Laing & Cruickshank Invesco joins the Parmalat battle 2.7bn lawsuit over the collapse Orange Mobile giant rocked as bosses clash England kit goes on sale at Tesco Goldman secretary goes on trial Allegations over missing 4.3m

Banks back 1,100 mile BP pipeline, Oil group is confident it will secure loans Standard boss faces survival battle Venture groups tune in to Emap 'Willing buyers for radio assets' Thresher joins Londis queue Move is part of a new sales strategy Seymour set for Civica flotation, 50m price-tag for IT outfit

BOOTS is poised to axe up to 1,000 head office jobs in a shake-up. The cull, which follows massive job cuts last year, will affect almost 15% of the 7,000 staff at Boots' headquarters in Nottingham. Confirmation is expected this week when the company updates investors about Christmas trading. Analysts forecast a lacklustre statement

INDEPENDENT  WH Smith Disgruntled shareholders plot to oust Handover Leeds United Administration looms at Leeds as bad results put off rescuers

The sun set on Emap when its brightest stars slipped through its fingers

Dixons , The Week Ahead: City fears Britain's mean high streets M&S The Week Ahead: City fears Britain's mean high streets GUS The Week Ahead: City fears Britain's mean high streets

SCOTLAND ON SUNDAY  Worries well up among shareholders as Shell downgrades its reserves Abbey denial goes on while Standard Life tries to talk its way out of a crisis Crawford set to reunite with former agency chairman by joining John Wood Group

Strong interest in British Energy HQ Royal Bank of Scotland Concession in fight to keep Grossart on board of RBS Radio sector shakeup expected after Emap chief quits

SUNDAY EXPRESS Reuters is set to release positive first-quarter revenue guidance before its 2003 full-year results appear on 17 February. Analysts believe revenues are showing signs of stabilising - the cancellation of contracts for company's terminals in December 2003 is running at a much lower level than for December 2002. Buy at 261.5p.

Vodafone The 22.5% of the Japanese market gained by Telecoms group Vodafone in December should reassure investors this part of the business is improving after a fall-off in sales. It follows Vodafone's best month of 3G net* adds at 18,500. Buy at 148.25p Misys The biggest problems at IT conglomerate Misys were in its banking and securities division, but broker JP Morgan thinks the company's recovery is deferred rather than derailed. It is looking at full-year pre-tax profits of 54m. Buy at 216p. Man Broker Teather & Greenwood says hedge fund manager* Man will do well this year, albeit not as well as last year. The weakness of the US dollar will help sales to US investors, giving predicted full-year pre-tax profits of 441m compared with 348.1m in 2003. Buy at 1552p.

INVESTORS CHRONICLE  Hot Tips of the Year: Buy - BAA (BAA), Bellway (BWY), Cobra Bio (CBF), Freeport (FPR), GUS (GUS), Kewill (KWL), Mayborn (MBY), Northern Rock (NRK), Protherics (PTI) and Stream (SEA).

SHARES MAGAZINE Plays of the Week: Buy - Tadpole (TAD), 3DM Worldwide (TDM), Lloyds TSB (LLOY), Celsis (CEL), Cobra (CBF).Brokers Tips: Buy - API (API), Acambis (ACM), BAA (BAA), Redrow (RDW), Kesa (KESA), Stanley Gibbons (SGI), UBM (UBM), Rank (RNK), Xansa (XAN) and Davis Services (DVSG).Sell - Gallaher (GLH), Rio Tinto (RIO), Jardine Lloyd Thompson (JLT), Lloyds (LLOY), Michael Page (MPI), Northern Foods (NFDS), WH Smith (SMWH), St. Ives (SIV), RAC (RAC) and Matalan (MTN).Tips: Buy - Consolidated Minerals (CNM), Mayflower (MFW) and Kewill (KWL). Sell - Pearson (PSON), Geest (GET) and Dixons (DXNS).

Croc@SnappyTrader.com  WWW.SnappyTrader.com