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U.S. stocks closed little changed Wednesday, recovering by the end of a choppy session in which investors continued to take profits. The Dow Jones closed down 1.56 at 9921.86, S&P down 1.13 and the Nasdaq down 3.67 all three had been much lower in the last hour of trading.

Water Utilities could rise after being permission to raise prices (United Utilities). Standard Chartered report at 8am. European car sales fall 1.5%

FTSE 100 reorganisation: IN British Airways & Hayes / Provident & Mitchells & Butler OUTMatalan <PROFIT WARNING> warned that its profit for the year to end February would fall well short of expectations after a slump in sales. The firm said its like-for-like sales tumbled seven percent in the 14 weeks to December 6. It said results for the year would depend on the critical Christmas trading period. "At this stage however, the board considers it unlikely that the shortfall in sales to date will be recovered in the remainder of the financial year. The board now expects that pre-tax profit for the year to 28th February 2004 will fall materially short of market expectations,"

MyTravel reported a pre-tax loss on ordinary activities for the year ended September 30 of 910.9 million pounds, from a 72.8 million pound loss the previous year. Analysts had been expecting a loss of about 600 million pounds.

Provident Financial which lends to people with poor credit history or low incomes, said it performed well and in line with its own expectations in the first 11 months of this year. United Utilities

Trinity Mirror publisher of the Daily Mirror said trading was in line with its expectations for the year, with weakness in advertising at its national newspapers offset by strength in regional titles. At its national titles, advertising revenues fell 5.7 percent in the period. Regional ad revenue climbed 3.9 percent.

Laird Group electronics said it expected its 2003 results before exceptional items and goodwill amortisation to be at the top end of market expectations.

Yule Catto & Co speciality chemicals company said its second-half results should meet forecasts. 

McAlpine said it had added 150 million pounds to its order book through contract wins.

Logica said trading in the second half of 2003 was in line with its expectations amid increasing confidence that key markets were stabilising. It expects IT services revenues in the second half to be similar to the first-half and anticipated margin in the business to improve to over eight percent from 6.5 percent in the first half.

Pearson publishing group said it had been chosen as the prime contractor for a seven-year, $200 million deal to develop and administer a students' exam programme.

Daejan Holdings (I), MyTravel Group (F), NHP (F)

Alliance Unichem Trading Statement

Standard Chartered Trading Statement LogicaCMG Trading Statement

09.30 Oct New Construction Orders 11.00 Nov CBI Industrial Trends

Amrep Corp (Q3), Datatec Systems (Q3)

13.30 Nov Import Price Index m/m 0.2% exp. 13.30 Nov Advanced Retail Sales 0.6% exp. 13.30 Oct Business Inventories 0.2% exp. 13.30 Initial Jobless Claims (w/e 6/12) 355k exp. 19.00 Minutes of Oct 28th FOMC Meeting

Mittel SpA (F), Fox Kids Europe (F)

07.00 Nov Final German CPI m/m 09.00 ECB Monthly Report

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