RYANAIR DOWNGRADED TO 'HOLD' FROM 'BUY' BY DEUTSCHE BANK

BAT AND IMPERIAL TOBACCO DOWNGRADED TO 'HOLD' FROM 'BUY' BY DEUTSCHE BANK

MARKETS
Tokyo: Nikkei 10,981.96 down 92.93
Hang Seng 14,209.33 down 2.51

BREAKING NEWS - MONDAY
* DLA of the UK and Piper Rudnick of the US will today unveil a ground-breaking merger that will put it among the six biggest law firms in the world - FT
* BT could defy Ofcom controls if its ability to compete is curtailed - FT
* GLAXOSMITHKLINE to seek approval from US regulators for the first non-prescription anti-obesity treatment - FT
* INTERACTIVE PROSPECT TARGETING, an online direct marketing company, starts trading on AIM on Thursday after raising 4.5 mln stg in a placing - FT
* STAFFLINE RECRUITMENT floating this Wednesday, having successfully raised 7.3 mln stg through a placing at 80 pence a share - Express
* A national chain of five-a-side football centres, GOALS SOCCER CENTRES, joining AIM tomorrow - Express
* INDIA OUTSOURCING SERVICES makes its AIM debut today - Times
* A rearguard action being launched today by BAA to prevent the closure of the Gatwick Express - Independent
* MM02 to unveil faster downloads than 3G rivals - Guardian

MONDAY PRESS COMMENT
FT
THE LEX COLUMN comments on Japan/dollar, Mobile handsets, US coal
Independent
Small Talk: Michael Jivkov comments on SCI ENTERTAINMENT (today's annual results very unlikely to disappoint), DURLACHER ((not looking to raise new money), CAPE (is the building materials group a takeover target), INTERACTIVE PROSPECT TARGETING (AIM float Thursday), ZI MEDICAL (looks to be a risky proposition for investors), EGDON RESOURCES (expect it to move from Ofex to AIM within the next few weeks and raise some fresh cash on the way)

Morning punters!

HSM - profit warning accompanying interims
http://www.uk-wire.com/cgi-bin/articles/200412060700020045G.html

DSC - disposes property 1.25m over book value
http://www.uk-wire.com/cgi-bin/articles/200412060700030108G.html

VAN - update on contract with IBM/LLOY
http://www.uk-wire.com/cgi-bin/articles/200412060700040168G.html

SYM - court case ended. No judgement yet
http://www.uk-wire.com/cgi-bin/articles/200412060700050235G.html

DTM - acquisition
http://www.uk-wire.com/cgi-bin/articles/200412060700050248G.html

MGCR - trading statement got a bit of both. $ weighs
http://www.uk-wire.com/cgi-bin/articles/200412060700050251G.html

LAC - PE 46 on reduced interims? Hmm
http://www.uk-wire.com/cgi-bin/articles/200412060700060260G.html

SEG - nice set of FY
http://www.uk-wire.com/cgi-bin/articles/200412060700070262G.html

EDP - decent results
http://www.uk-wire.com/cgi-bin/articles/200412060700070274G.html

ACL - interims already in the price? Not the best outlook, though
http://www.uk-wire.com/cgi-bin/articles/200412060700080311G.html

FER - contracts
http://www.uk-wire.com/cgi-bin/articles/200412060700090312G.html

MPH - the Korean connection
http://www.uk-wire.com/cgi-bin/articles/200412060700090315G.html

ULE - nice trading update, methinks, and new contracts
http://www.uk-wire.com/cgi-bin/articles/200412060700100319G.html
http://www.uk-wire.com/cgi-bin/articles/200412060700100320G.html
http://www.uk-wire.com/cgi-bin/articles/200412060700120321G.html

CAR - turnaround continues?
http://www.uk-wire.com/cgi-bin/articles/200412060700100322G.html

JHD - AGM statement
http://www.uk-wire.com/cgi-bin/articles/200412060700120325G.html

MLB - result of trial
http://www.uk-wire.com/cgi-bin/articles/200412060700130332G.html

NIS - interims seem very good
http://www.uk-wire.com/cgi-bin/articles/200412060700150336G.html

SMIN - acquisition
http://www.uk-wire.com/cgi-bin/articles/200412060700160346G.html

GSD - increased losses, but bullish outlook. Price moved in anticipation last week
http://www.uk-wire.com/cgi-bin/articles/200412060700180351G.html

JRVS - disposal
http://www.uk-wire.com/cgi-bin/articles/200412060700200355G.html

DTK - new orders
http://www.uk-wire.com/cgi-bin/articles/200412060700260373G.html

MWLM - trading update doesn't sound too clever
http://www.uk-wire.com/cgi-bin/articles/200412060700270377G.html

CRG - trading update - hit by $ weakness
http://www.uk-wire.com/cgi-bin/articles/200412060730030310G.html

That's it, have a good day.

morning all

Morning all.

Morning

Good morning all.

A snatched "morning all".

Thanks Kayak, managed to read all of your "thoughts". An excellent read.

AVIVA DOWNGRADED TO 'IN-LINE' FROM 'OUTPERFORM' BY GOLDMAN SACHS

UK and European brokers' recommendations issued today, as collated by AFX News from a range of market sources.

ALTIUM SECURITIES
Downgrade Hold to add Dimension Data

JP MORGAN
Reiterate Overweight Delhaize, ups target to 64 eur from 58 -- Underweight FKI, cuts estimates -- Global Strategy: Positive on Equities over Bonds from 2005; Ups Consumer Discretionary sector to Overweight; Reiterate Overweight Late Cyclical Industries; Overweight US Equities and Japan -- Neutral ABB, cuts target to 6.4 sfr from 7.0

EVOLUTION
Reiterate Add Ottakar's, cuts target to 350 pence from 380

GOLDMAN SACHS
UK Insurers: Downgrade In-line from outperform Aviva; In-line L&G, cuts fair value to 115 pence from 120, reduces estimates -- Reiterate Underperform Bradford & Bingley, adjustes estimates -- Underperform Heineken, ups estimates -- Outperform Philips, cuts estimates -- In-line Reed Elsevier, adjust estimates -- Outperform TDC, adjusts estimates

INVESTEC
Downgrade Reduce from hold Rank Group, cuts estimates

UBS
Initiates Buy Intralot, target 21.5 eur -- Reiterate Buy SSAB, ups target to 175.5 skr from 160 -- Buy Kesa, ups target to 325 pence from 320 -- Neutral Publigroupe, cuts target to 350 sfr from 410 -- Buy Wolves & Dudley, ups target to 1,180 pence from 1,100 -- Neutral Cadbury Schweppes, target 465 pence, revises estimates -- Neutral Xstrata, target 925 pence, adjusts estimates --Swedish Banks: Downgrade Neutral from Buy SEB, target 135 skr, valuation call; Downgrade Neutral from buy Swedbank, target 140 skr valuation call -- European Banks: Top 10: Add Barclays and DnB Nor; Remove San Paolo IMI and Swedbank -- French, Dutch and UK Banks most attractive; Reiterate Neutral Deutsche Bank, ups target to 70 eur from 63, raises estimates; Upgrade Neutral from reduce Commerzbank, ups target to 16.0 eur from 14.25 -- Downgrade Neutral from buy British Land, ups target to 940 pence from 890 -- Downgrade Neutral from buy Zodiac, target 135 skr -- Downgrade Reduce from neutral Deutsche Post WorldNet -- -- Reiterate Buy OPAP, ups target to 22.0 eur from 18.7

NUMIS
Upgrade Add from hold Smiths Group, ups target to 820 pence from 775

WESTLB
European Insurers: Downgrade Neutral from outperform CNP, cuts target to 55 eur from 58; Reiterate Outperform Munich Re, ups target to 100 eur from 95; Outperform Aviva; ups target to 636 pence from 603; Neutral Scor, ups target to 145 eur from 143

DEUTSCHE BANK
Tobaccos: Downgrade hold from buy BAT; Downgrade Hold from buy Imperial Tobacco -- Downgrade Hold from buy Ryanair

SG SECURITIES
Downgrade Hold from buy Invensys, fair value 20 pence -- Downgrade Hold from buy Wendell Investissement, fair value 50 eur

NOMURA
Initiate Reduce Peugeot, fair value range 40-42 eur

CITIGROUP SMITH BARNEY
Downgrade Hold from buy Alfred McAlpine, target 290 pence -- Reiterate Hold Pillar Property, ups target to 730 pence from 700

DRESDNER KLEINWORT
Downgrade Sell from reduce H&M, target 185 skr; Reiterate Buy Inditex, target 25 eur

MORGAN STANLEY
Reiterate Overweight Autoliv, ups target to 51 usd from 45

CSFB
German Autos: Cuts estimates across the board on currency factors; Neutral Daimler-Chrysler, cuts target to 36 eur from 40; Outperform BMW, target 40 eur; Neutral VW, target 41 eur

MERRILL LYNCH
Reiterate Buy St Gobain, ups target to 52.0 eur from 50.5 -- Buy Anglo Irish Banks, ups target to 18.5 eur from 15.5 -- Buy Warner Estates, ups target to 550 pence from 500

LEHMAN
Telecom Equipment: Reiterate Equal-weight Nokia, target 12 eur, ups estimates

small short BLND 801.5 s/l on

thats it for me till 14.30 ,putting me christmas decorations up at the moment :-)

cant handle all this excitment today :-)

Kayak,forgot to say great post !!!

Mega...