MARKET EXPECTATIONS
* Cambridge Antibody Technology Group. Evolution Securities forecasts year to September pretax loss 36.1 mln stg vs 41.8 mln
* Care UK. Baird Equities forecasts year to September adjusted pretax profit 13.5 mln stg vs 11.3 mln
* Nord Anglia Education. Baird Equities forecasts year to August adjusted pretax profit 10.0 mln stg vs 3.9 mln

The following is a compilation of UK company results due out in the two weeks to Dec 3.

MONDAY NOV 22
Cambridge Antibody Technology Group PLC. Evolution Securities forecasts year to September pretax loss 36.1 mln stg vs 41.8 mln.

Care UK PLC. Baird Equities forecasts year to September adjusted pretax profit 13.5 mln stg vs 11.3 mln.

Nord Anglia PLC. Baird Equities forecasts year to August adjusted pretax profit 10.0 mln stg vs 3.9 mln.

TUESDAY NOV 23
Tribal Group PLC. Evolution Securities forecasts six months to September pretax profit 6.9 mln stg vs 7.0 mln; interim dividend 1.0 pence, unchanged.

WEDNESDAY NOV 24
AWG PLC six months to September pretax profit before exceptionals and goodwill 42-44 mln stg vs 46.4 mln; interim dividend 14.35 pence vs 14.0.

Detica PLC. Baird Equities forecasts six months to September adjusted pretax profit 3.1 mln stg vs 3.3 mln.

Erinaceous PLC. Bridgewell Securities forecasts six months to September pretax profit 2.7 mln stg.

Speedy Hire PLC. Evolution Securities forecasts six months to September pretax profit 9.0 mln stg vs 11.0 mln.

Tomkins PLC three months to September pretax profit 62-67 mln stg vs 61.7 mln.

THURSDAY NOV 25
Capital Radio PLC. Evolution Securities forecasts year to September pretax profit 22.4 mln stg vs 22.8 mln; total dividend 18.5 pence, unchanged.

Johnson Matthey PLC six months to September pretax profit before exceptionals and goodwill 100-104.3 mln stg vs 97.5 mln.

United Utilities PLC six months to September pretax profit before exceptionals and goodwill 190 mln stg vs 171 mln; interim dividend 14.72 pence vs 14.43.

LONDON (AFX) - Stephen Marks, the founder and executive chairman of French Connection Group PLC, is considering selling his stake in the struggling UK clothes retailer following a severe profits warning last week, according to a report in the Business.
Last year, Marks reportedly approached private equity firms over the sale of his holding in the fashion retailer, which then stood at 52 pct.
The subsequent revival in the group's share price saw him call off those talks, but last week's profit warning has promoted a change of heart, according to the Business.
Citing private equity sources, the newspaper said Marks has re-opened "tentative discussions" over the sale of his stake.
A spokesperson for French Connection declined to comment on the story.
Shares in French Connection lost a fifth of their value last week after the group, famous for its 'fcuk' brand warned year to end-January 2005 profit would be "significantly below" market hopes.

MARKETS

Tokyo: Nikkei 10,849.39 down 233.45

Hang Seng midday 13,707.38 down 80.30



BREAKING NEWS - MONDAY

* Iraq debt agreement ends stand-off; accord hailed as ending transatlantic split; 30 pct of loans to be forgiven immediately; rebel violence threatens to overshadow multinational conference - FT

* Allianz will only sell its Dresdner Kleinwort Wasserstein investment banking subsidiary to a partner that can provide a 'strategic advantage', having rejected a 'pure financial' deal out of hand, say senior bankers close to the group - FT

* DAILY MAIL & GENERAL to step up its offensive against rivals by unveiling new printing plans for its mid-market newspaper titles - FT

* Virgin Mobile USA, the mobile operator owned by Virgin Group and Sprint, considering an IPO next year that could value the business at about 1.07 bln stg - FT

* Japan 'back on track next year'; latest recovery has robustness; ultra-loose monetary policy to be maintained; concern over China's economy - FT

* China slowdown good for global steel, says Mittal - FT

* SEVERN TRENT rejects 75 mln stg fraud claim - Independent

* House prices could fall by 20 pct over the next three years and put a brake on the UK consumer spending boom, according to Barclays

* BT will bid this wek for a 4 bln stg Ministry of Defence contract to stitch together IT systems for Britain's armed forces - Mail



MONDAY PRESS COMMENT

FT

THE LEX COLUMN comments on Sears/Kmart, European banks, Generic drugs

Independent

SMALL TALK: Stephen Foley comments on CREON CORPORATION (starts trading on AIM Thursday), TELSPEC (insurance payment, which came through last week, has given the loss-making company a bit of a breathing space), COBRA (word is that trading update will be accompanied by news of a fundraising to bring in another 1 mln stg-3 mln and widen the shareholder list), TEXAS OIL & GAS (will confirm this morning that oil is about to flow from 26 of the 104 wells it bought in July)

ONDON (AFX) - Shares in Cable & Wireless PLC have been downgraded to 'underperform' from 'neutral' by CSFB, dealers said.

In a note to clients, the Swiss broker argued that on closer inspection, the group's first half 2005 results were far less robust than they initially appeared.

CSFB also noted that initial relief at no big earnings miss masked disappointing trends within key operating divisions and added that given the first disclosures of UK revenue mix by product for 2 years, the UK businesses look even more voice-oriented than expected.

The broker also lowered its forecasts and cut its target to 105 pence, pointing out that it sees the stabilisation of UK and Caribbean forecasts as the main driver from here.

Morning all.

Morning all.

London shares - midmorning features

FTSE 100 risers
William Hill 515 up 1-1/2
Rally; own share buying
Next 1,628 up 3
Rally
Land Securities 1,218 up 1
Merrill Lynch 'buy' with NAV upped to 1,400 pence

FTSE 100 fallers
Reuters 395 down 14
Profit-taking; Wall Street influences
BHP Billiton 581-1/2 down 13-1/2
Fears of slowdown in Chinese economy
Pearson 622 down 13
Dollar weakness
Severn Trent 871-1/2 down 10
Dresdner Kleinwort reiterates 'reduce'; 'underperform' - CAI Cheuvreux
Scottish Power 386 down 6-1/4
'Equal-weight' from 'overweight' with target cut to 430p from 450 - Lehman
AstraZeneca 2,124 down 21
Teather & Greenwood 'sell; JP Morgan cuts target to 2,480 pence from 2,700
Diageo 726 down 9-1/2
Deutsche Bank targets 700 pence
Rentokil Initial 156-1/2 down 2-3/4
UBS 'reduce'
J Sainsbury 268-1/2 down 2
CSFB reiterates 'underperform'
Cable & Wireless 114-1/4 down 2-3/4
'Underperform' from 'neutral' with target cut to 105 pence from 115

FTSE 250 risers
Mersey Docks 900-1/2 up 19-1/2
Awaiting bid developments; analysts' presentation Thursday
Chrysalis 178-1/2 up 3-1/2
Positive comment in Sunday Telegraph
Tullow Oil 144 up 2-1/4
Congo discovery talk persists
Coqutacenter 282-1/4 up 4-1/4
UBS targets 310 pence
easyJet 182-1/2 up 2-3/4
Bid speculation; results due tomorrow
Workspace 2,004-1/4 up 7
Merrill Lynch/KBC 'buy'; interims; Panmure 'buy' with 2,300p target
Virgin Mobile 203 up 1
Virgin Mobile USA IPO being considered - Monday's FT
Punch Taverns 579 up 1
Arbuthnot reiterates 'buy'

FTSE 250 fallers
Lastminute 117 down 6
Profit-taking
Evolution Group 139-3/4 down 6-3/4
Fund managers threaten to shun future fundraising led by co - Sunday Times
Provident Financial 626 down 15-1/2
Yes Car founders to start legal action; Numis 'sell'
Countrywide 276 down 6
Property market worries; Panmure cuts target to 300p; Teather/Numis 'sell'
GWR Group 243 down 2-3/4
'Hold' from 'add' - Dresdner Kleinwort
Capital Radio 410-1/2 up 3-1/2
Interims due Thursday
Kidde 163-1/2 up 1/2
Williams de Broe/Arbuthnot 'buy'
Rank Group 298 down 2
Arbuthnot 'sell'
Stanley Leisure 427-1/2 down 2-1/2
Arbuthnot 'sell'
Mitchells & Butlers 295 down 3
Arbuthnot 'sell'
Aegis Group 105-3/4 down 1
'Neutral' from 'core' - Bridgewell Securities
Barratt Developments 518-1/2 down 5
Numis 'sell'
Bellway 716 down 4
Numis 'reduce'
Lonmin 1,024 down 15
Numis 'reduce'
EMI Group 238-1/4 down 1-1/2
Lehman cuts 2006 forecast

Other risers
New Millennium Resources 5.00 up 1.00
Daniel Stewart appointed adviser
Accident Exchange 195-1/2 up 7
Interims, due Dec 1, expected to impress
Education Development 10.25 up 1.00
Move to cut P&L deficit; swing to profits
Cambridge Antibody 621-1/2 up 57-3/4
AstraZeneca investment
Tecteon 3.25 up 0.25
Two products launched
First Artist 4.75 up 0.25
Upbeat trading update
IDMoS 138-1/2
New issue placed at 135 pence
Cardpoint 113-1/2 up 4
Buqer FY results; upbeat statement; Numis 'buy' with 175p target

Other fallers
Goshawk Insurance 41-1/2 down 3-3/4
Nikko bid talks off; KBC Peel Hunt 'sell'
Nord Anglia 222-1/2 down 11
Post-results profit-taking
Bioprogress 70 down 3
Cambridge University deal fails to excite
Highland Gold Mining 248-1/2 down 4
Production problems at Darasun mine; 'underperform' - Seymour Pierce

CC - a terrific read. If you don't make it trading you've surely got a future as a writer.

LONDON (AFX) - WPP PLC shares were lower in late morning trade, weighed down by a weaker dollar and a Cazenove downgrade, dealers said.

In a note to clients, the UK broker downgraded its recommendation on the media group to 'in-line' from 'outperform' on valuation, arguing that the shares are now trading close to its raised target of 600 pence, up from 580.

Cazenove added that shareholders of its recently-acquired Grey business will soon start to sell their WPP holdings, with up to 82 mln shares flowing back from those who cannot own non-US listed stocks.

Looking ahead, the broker noted that although current trading remains good and it expects the group to exceed its stated target of 13.8 pct operating margins in 2004, it believes that there are a number of negatives looking into early 2005.

By 12.00 pm, WPP shares were down 10-1/2 pence at 579-1/2.

long LAND 1233 s/l on