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