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Traders Thread - Tuesday 30th November (TRAD)
Greystone
- 30 Nov 2004 06:05
Greystone
- 30 Nov 2004 06:06
- 2 of 13
Good morning traders!
The US came off its lows last night but it was a bumpy ride. The Dow closed off 46.33 points at 10,475.90 with the Nasdaq up 4.90 points at 2,106.87 and the S&P down 4.08 points at 1,178.57.
The market began the day with gains across the board, but soon gave way to selling pressure as investors took profits following what was a fairly strong start to the holiday season. Apart from Wal-Mart, results were not bad but that one warning that November same store sales would come in weaker than expected caused a flutter. Traders sold into the recent run and concentrated their efforts on blue chips.
Retail and consumer staples were particularly hard hit, along with financial and homebuilding.
In Asia, Tokyo is having a hard time of it this morning but Hong Kong is ahead.
Back soon with some news.....
Happy trading!
G.
The US came off its lows last night but it was a bumpy ride. The Dow closed off 46.33 points at 10,475.90 with the Nasdaq up 4.90 points at 2,106.87 and the S&P down 4.08 points at 1,178.57.
The market began the day with gains across the board, but soon gave way to selling pressure as investors took profits following what was a fairly strong start to the holiday season. Apart from Wal-Mart, results were not bad but that one warning that November same store sales would come in weaker than expected caused a flutter. Traders sold into the recent run and concentrated their efforts on blue chips.
Retail and consumer staples were particularly hard hit, along with financial and homebuilding.
In Asia, Tokyo is having a hard time of it this morning but Hong Kong is ahead.
Back soon with some news.....
Happy trading!
G.
Digger
- 30 Nov 2004 06:06
- 3 of 13
OUTLOOK UK smoking ban major talking point as pub groups report figures
LONDON (AFX) - The threat of a nationwide smoking ban in public places and its impact on the pubs industry will be a major talking point this week with three of the UK's largest pub group's -- Enterprise Inns PLC, Mitchells & Butlers PLC and Wolverhampton & Dudley Breweries PLC - all reporting results.
The government's recent White Paper set out proposals to ban smoking in pubs and other establishments that prepare food, by the end of 2008. However, those premises not selling food will be exempt from the ban, although smoking in the bar area will be prohibited. The proposals prompted a major sell-off in pub company shares as some industry watchers predicted a 7.0-8.0 pct fall in trade and a decline in operating profits.
Enterprise Inns -- with full year results today -- is thought to be least affected by the ban as its tenanted estate, which focuses on beer rather than food, is likely to be exempt from the ban. But Mitchells & Butlers -- with preliminary results tomorrow -- could be one of the hardest hit as its estate has a higher proportion of food sales. It operates the Harvester, All Bar One and O'Neills high street brands.
However, analysts are largely working in the dark as to how a ban could really impact performance with only anecdotal evidence from Ireland -- where a ban in pubs and clubs came into force earlier this year -- and local observation providing any clues as to how on-trade volumes have been affected.
Even so, some put the initial fall-off in trade at over 15 pct. In Scotland, which recently announced an all-out ban by 2006, analysts reckon trade will fall by around 7.5 pct.
While a smoking ban in England and Wales will hit trade, analysts reckon the impact will not be as great as either Ireland or Scotland.
Arbuthnot Securities reckons the annualised decline in sales over the first twelve months of the ban could be around 5 pct, while the 2008 deadline will give the pub groups plenty of time to position themselves financially to absorb any short-term impact on trading.
Meanwhile, Enterprise Inns full year results today will include a full six months contribution from the now wholly-owned Unique pubs chain and analysts look for pretax profits of about 222-225 mln stg for the twelve months to Sept 2004.
The group indicated in a recent update that trading was "comfortably in line" with expectations, with operating profit per pub up by 8 pct. Stockbroker Williams de Broe is looking for profits of 222.3 mln stg and earnings of 45.9 pence a share. Arbuthnot has pencilled in profits of 221.8 mln stg. A rise in the total dividend from 8.6 to 10.7 pence a share is also anticipated.
Mitchells & Butlers, which runs about 2,000 managed pubs, reports its preliminary results tomorrow.
Analysts expect pretax profits of about 178-180 mln stg for the year to Sept 2004, compared to a pro forma figure of 199 mln stg last time.
A recent trading update pointed to a 6 pct rise in same-outlet like-for-like sales and the group has indicated that the results would be towards the top-end of expectations. A rise in the total dividend to around 9.5 pence a share is anticipated, compared to last time's pro forma 5.65 pence payment.
However, the group is facing increasing cost pressures -- minimum wage increases and rising energy costs -- while the prospect of a nationwide smoking ban is a real and serious threat to the company. Arburthnot Securities reckons that based on its mid-case scenario of a 5 pct decline in sales in the first year of a ban, profits could fall by as much as 26 pct due to the high fixed-costs of running a managed pubs chain.
In the meantime, Arbuthnot expects pretax profits for 2003-04 of 178.8 mln stg, which would give earnings of 21.8 pence a share.
Wolverhampton & Dudley Breweries results on Friday are expected to show the benefit of strong trading over the summer months.
In a pre-close trading update, the company said its Pathfinder Pubs saw like-for-like sales growth in its invested pubs estate increase from 2.8 pct in the first half to 3.6 pct in the second, giving a growth rate for the full year of 3.2 pct.
Like-for-like sales in The Union Pub Company were 4.3 pct ahead of last year for the same 52-week period.
Arbuthnot Securities looks for full year pretax profits of 76 mln stg, compared to last year's reported figure of 73.1 mln stg. A rise in the total dividend from 32.1 to around 35.3 pence a share is also anticipated.
Apart from the figures, analysts will be hoping an independent revaluation of the group's pub assets will throw up a surplus and allow the board to return cash to shareholders or make acquisitions. The group has already indicated that the net increase in asset value is expected to be over 160 mln stg -- an average uplift of 25 pct since the last valuation in 1999.
LONDON (AFX) - The threat of a nationwide smoking ban in public places and its impact on the pubs industry will be a major talking point this week with three of the UK's largest pub group's -- Enterprise Inns PLC, Mitchells & Butlers PLC and Wolverhampton & Dudley Breweries PLC - all reporting results.
The government's recent White Paper set out proposals to ban smoking in pubs and other establishments that prepare food, by the end of 2008. However, those premises not selling food will be exempt from the ban, although smoking in the bar area will be prohibited. The proposals prompted a major sell-off in pub company shares as some industry watchers predicted a 7.0-8.0 pct fall in trade and a decline in operating profits.
Enterprise Inns -- with full year results today -- is thought to be least affected by the ban as its tenanted estate, which focuses on beer rather than food, is likely to be exempt from the ban. But Mitchells & Butlers -- with preliminary results tomorrow -- could be one of the hardest hit as its estate has a higher proportion of food sales. It operates the Harvester, All Bar One and O'Neills high street brands.
However, analysts are largely working in the dark as to how a ban could really impact performance with only anecdotal evidence from Ireland -- where a ban in pubs and clubs came into force earlier this year -- and local observation providing any clues as to how on-trade volumes have been affected.
Even so, some put the initial fall-off in trade at over 15 pct. In Scotland, which recently announced an all-out ban by 2006, analysts reckon trade will fall by around 7.5 pct.
While a smoking ban in England and Wales will hit trade, analysts reckon the impact will not be as great as either Ireland or Scotland.
Arbuthnot Securities reckons the annualised decline in sales over the first twelve months of the ban could be around 5 pct, while the 2008 deadline will give the pub groups plenty of time to position themselves financially to absorb any short-term impact on trading.
Meanwhile, Enterprise Inns full year results today will include a full six months contribution from the now wholly-owned Unique pubs chain and analysts look for pretax profits of about 222-225 mln stg for the twelve months to Sept 2004.
The group indicated in a recent update that trading was "comfortably in line" with expectations, with operating profit per pub up by 8 pct. Stockbroker Williams de Broe is looking for profits of 222.3 mln stg and earnings of 45.9 pence a share. Arbuthnot has pencilled in profits of 221.8 mln stg. A rise in the total dividend from 8.6 to 10.7 pence a share is also anticipated.
Mitchells & Butlers, which runs about 2,000 managed pubs, reports its preliminary results tomorrow.
Analysts expect pretax profits of about 178-180 mln stg for the year to Sept 2004, compared to a pro forma figure of 199 mln stg last time.
A recent trading update pointed to a 6 pct rise in same-outlet like-for-like sales and the group has indicated that the results would be towards the top-end of expectations. A rise in the total dividend to around 9.5 pence a share is anticipated, compared to last time's pro forma 5.65 pence payment.
However, the group is facing increasing cost pressures -- minimum wage increases and rising energy costs -- while the prospect of a nationwide smoking ban is a real and serious threat to the company. Arburthnot Securities reckons that based on its mid-case scenario of a 5 pct decline in sales in the first year of a ban, profits could fall by as much as 26 pct due to the high fixed-costs of running a managed pubs chain.
In the meantime, Arbuthnot expects pretax profits for 2003-04 of 178.8 mln stg, which would give earnings of 21.8 pence a share.
Wolverhampton & Dudley Breweries results on Friday are expected to show the benefit of strong trading over the summer months.
In a pre-close trading update, the company said its Pathfinder Pubs saw like-for-like sales growth in its invested pubs estate increase from 2.8 pct in the first half to 3.6 pct in the second, giving a growth rate for the full year of 3.2 pct.
Like-for-like sales in The Union Pub Company were 4.3 pct ahead of last year for the same 52-week period.
Arbuthnot Securities looks for full year pretax profits of 76 mln stg, compared to last year's reported figure of 73.1 mln stg. A rise in the total dividend from 32.1 to around 35.3 pence a share is also anticipated.
Apart from the figures, analysts will be hoping an independent revaluation of the group's pub assets will throw up a surplus and allow the board to return cash to shareholders or make acquisitions. The group has already indicated that the net increase in asset value is expected to be over 160 mln stg -- an average uplift of 25 pct since the last valuation in 1999.
Digger
- 30 Nov 2004 06:13
- 4 of 13
CPG ADRS UP 5%+ overnight in USA
OUTLOOK Compass to reveal flat FY profit, in line with Sept alert
LONDON (AFX) - Compass Group PLC is set to reveal today that underlying profit was virtually flat in the year to Sept 30 following a recent dire profit alert from the world's biggest caterer.
According to a consensus of 18 financial analysts provided by the company itself, the UK food service group will report pretax profit, before exceptional items and goodwill amortisation, of 656 mln stg up from 654 mln a year earlier. Forecasts range from 645 to 665 mln stg.
Analysts were forced to pare their predictions after Compass stunned investors on Sept 9 with a warning that annual profits would be 30 mln stg less than previously forecast this year and beyond.
It warned profit will be reduced by a further 15 mln stg per year from 2005 as it continues to puq money into its pension funds.
"The September profit warning... means that 2004 profits will be broadly unchanged," Williams de Broe analyst Andrew Darke said.
"For investors, resolving the issue as to whether the shortfall from previous expectations was attributable to one-off items or evidence of a weakness in the business model remains key," he added.
The company pinned the blame on financial difficulties at one of its major distributors, weaker than expected margins on contracts to deliver lunches to British schoolchildren and weak trading at some of its European operations.
Compass said the transfer of its business to a new, more expensive, distributor will cost it around 12.5 mln stg per year.
It was forced to make the switch after it became clear the incumbent partner, which it had been assisting financially, was to go into liquidation.
The company said weaker than anticipated profit margins on contracts with UK Local Education Authorities to supply school meals will crimp profit by a further 6.25 mln stg per year.
A similar reduction will result after the company incurred higher than expected start-up costs after securing a number of in-store restaurant contracts.
And weak trading conditions over the summer in Continental Europe, particularly France and the Netherlands, is set to wipe around 5 mln stg from its bottom line.
Broker Deutsche Bank says concerns that margins at Compass' key UK catering operations will be further eroded over the longer term means the shares merit no more than a 'hold' rating at current levels.
That despite the stock having lost nearly a quarter of its value since the September warning.
rob.branch@afxnews.com
OUTLOOK Compass to reveal flat FY profit, in line with Sept alert
LONDON (AFX) - Compass Group PLC is set to reveal today that underlying profit was virtually flat in the year to Sept 30 following a recent dire profit alert from the world's biggest caterer.
According to a consensus of 18 financial analysts provided by the company itself, the UK food service group will report pretax profit, before exceptional items and goodwill amortisation, of 656 mln stg up from 654 mln a year earlier. Forecasts range from 645 to 665 mln stg.
Analysts were forced to pare their predictions after Compass stunned investors on Sept 9 with a warning that annual profits would be 30 mln stg less than previously forecast this year and beyond.
It warned profit will be reduced by a further 15 mln stg per year from 2005 as it continues to puq money into its pension funds.
"The September profit warning... means that 2004 profits will be broadly unchanged," Williams de Broe analyst Andrew Darke said.
"For investors, resolving the issue as to whether the shortfall from previous expectations was attributable to one-off items or evidence of a weakness in the business model remains key," he added.
The company pinned the blame on financial difficulties at one of its major distributors, weaker than expected margins on contracts to deliver lunches to British schoolchildren and weak trading at some of its European operations.
Compass said the transfer of its business to a new, more expensive, distributor will cost it around 12.5 mln stg per year.
It was forced to make the switch after it became clear the incumbent partner, which it had been assisting financially, was to go into liquidation.
The company said weaker than anticipated profit margins on contracts with UK Local Education Authorities to supply school meals will crimp profit by a further 6.25 mln stg per year.
A similar reduction will result after the company incurred higher than expected start-up costs after securing a number of in-store restaurant contracts.
And weak trading conditions over the summer in Continental Europe, particularly France and the Netherlands, is set to wipe around 5 mln stg from its bottom line.
Broker Deutsche Bank says concerns that margins at Compass' key UK catering operations will be further eroded over the longer term means the shares merit no more than a 'hold' rating at current levels.
That despite the stock having lost nearly a quarter of its value since the September warning.
rob.branch@afxnews.com
Mega Bucks
- 30 Nov 2004 06:38
- 5 of 13
morning all
Digger
- 30 Nov 2004 06:50
- 6 of 13
LONDON (AFX) - Leading shares are expected to open slightly higher this morning, helped by a late recovery on Wall Street last night, while hopes of further upbeat UK earnings news should also provide some support, dealers said.
According to spread-betting firm IG Index, the FTSE 100 index is seen around 5 points higher at 4,754 after closing at 4,749.8 yesterday.
On Wall Street last night, US stocks ended mixed in choppy trading as the Nasdaq eked out a gain and blue chips fell, pressured by a sales warning from Wal-Mart as well continuing concerns over the economic impact of a weak dollar.
The DJIA closed down 46.33 points at 10,475.90, but off an intraday low of 10,417.08, while the Nasdaq Coqosite Index climbed 4.9 points to 2,106.87.
Across Asia, the Nikkei 225 index closed 78.64 points lower at 10,899.25, while the Hang Seng ended the morning 31.77 points higher at 14,098.68.
According to spread-betting firm IG Index, the FTSE 100 index is seen around 5 points higher at 4,754 after closing at 4,749.8 yesterday.
On Wall Street last night, US stocks ended mixed in choppy trading as the Nasdaq eked out a gain and blue chips fell, pressured by a sales warning from Wal-Mart as well continuing concerns over the economic impact of a weak dollar.
The DJIA closed down 46.33 points at 10,475.90, but off an intraday low of 10,417.08, while the Nasdaq Coqosite Index climbed 4.9 points to 2,106.87.
Across Asia, the Nikkei 225 index closed 78.64 points lower at 10,899.25, while the Hang Seng ended the morning 31.77 points higher at 14,098.68.
Digger
- 30 Nov 2004 07:11
- 7 of 13
MARKETS
FTSE 100 4,749.8, up 8.3
FTSE 250 6,589.7, down 4.3
DJIA 10,475.90, down 46.30
Nasdaq Coq 2,106.87, up 4.90
S&P 500 1,178.55, down 4.10
Tokyo: Nikkei closed at 10,899.25, down 78.64
Hang Seng midday 14,098.68, up 31.77
Gold 452.85 usd (452.50 usd)
Oil - Brent Jan 45.75 usd (44.57 usd)
BREAKING NEWS
* Audit office set to probe sales of PFI equity; report could see contractors forced to share windfall gains with public sector - FT
* Nursing home operator NHP agrees a 564 mln stg cash bid from Blackstone
* Mortgage approvals fell to their lowest level for almost five years last month
* Easy Group signs a deal with T-Mobile to offer mobile services in the UK
* Gazprom urged to launch oil coup; Deutsche Bank advises gas monopoly to buy leading domestic companies; move seen as taking Russian economy back to Soviet past - FT
* MELROSE unveils 744 mln stg offer for NOVAR
* Cinven, the venture capital company, considering a takeover offer for NOVAR - Times
* Mystery suitor courts MERRYDOWN - Times
* COURTS fails to reach deal with bankers - FT
* COURTS set to bring in administrator; rivals line up to buy prime stores - Times
* HARMONY GOLD MINING buys 10.8 pct of GOLD FIELDS through the first phase of its hostile 3.5 bln stg takeover bid; along with a commitment from Norilsk Nickel, Harmony now owns or has undertakings for 30.9 pct of its larger rival's shares - Times
PRESS COMMENT
FT
THE LEX COLUMN comments on Ofgem's review of electricity distribution prices (final price controls cuts Britain's 14 distribution companies a fair bit of slack), Futures exchange, ITV (appears little need to rush in and buy the shares now), Wal-Mart (still enjoys a healthy price-earnings premium to its peer group; it must re-invigorate its slowing sales line to avoid that premium being squeezed further) - ASOS (does look like some potential for growth)
Times
RUMOUR OF THE DAY: DE VERE GROUP (word it is in advanced talks over its first overseas management contract) - DIRECTORS' DEALINGS: GREAT PORTLAND ESTATES (chairman sells stock worth 1.9 mln stg) - TErUS: SEVERN TRENT (only hold), MITIE (worth buying in the expectation that the new structure will deliver continued growth), BSS (buy)
Express
WHO'S DEALING: FORMJET (chairman and chief executive buys 100,000 shares at 4.18 pence) - SHARE WHISPER: GLOTEL (talk its forthcoming results will please investors) - BROKER'S VIEW: REXAM (stop buying - Deutsche Bank)
Independent
THE INVESTMENT COLUMN: BSS (buy), CRESTON (buy), BELHAVEN (sell) - INCAT INTERNATIONAL (traders expecting strong debut today)
Guardian
GAME GROUP (consoles shortage) - MICROEMISSIVE DISPLAYS (dealers expecting a strong debut this morning)
Telegraph
QUESTOR: BT GROUP (if the regulator can resist being unduly harsh to the former monopoly, the shares will look cheap), MITIE (travelled far enough), BSS (hang on)
Mail
TATE & LYLE (FTSE 100 promotion hopes) - ATI OIL (bright Ofex debut yesterday)
FTSE 100 4,749.8, up 8.3
FTSE 250 6,589.7, down 4.3
DJIA 10,475.90, down 46.30
Nasdaq Coq 2,106.87, up 4.90
S&P 500 1,178.55, down 4.10
Tokyo: Nikkei closed at 10,899.25, down 78.64
Hang Seng midday 14,098.68, up 31.77
Gold 452.85 usd (452.50 usd)
Oil - Brent Jan 45.75 usd (44.57 usd)
BREAKING NEWS
* Audit office set to probe sales of PFI equity; report could see contractors forced to share windfall gains with public sector - FT
* Nursing home operator NHP agrees a 564 mln stg cash bid from Blackstone
* Mortgage approvals fell to their lowest level for almost five years last month
* Easy Group signs a deal with T-Mobile to offer mobile services in the UK
* Gazprom urged to launch oil coup; Deutsche Bank advises gas monopoly to buy leading domestic companies; move seen as taking Russian economy back to Soviet past - FT
* MELROSE unveils 744 mln stg offer for NOVAR
* Cinven, the venture capital company, considering a takeover offer for NOVAR - Times
* Mystery suitor courts MERRYDOWN - Times
* COURTS fails to reach deal with bankers - FT
* COURTS set to bring in administrator; rivals line up to buy prime stores - Times
* HARMONY GOLD MINING buys 10.8 pct of GOLD FIELDS through the first phase of its hostile 3.5 bln stg takeover bid; along with a commitment from Norilsk Nickel, Harmony now owns or has undertakings for 30.9 pct of its larger rival's shares - Times
PRESS COMMENT
FT
THE LEX COLUMN comments on Ofgem's review of electricity distribution prices (final price controls cuts Britain's 14 distribution companies a fair bit of slack), Futures exchange, ITV (appears little need to rush in and buy the shares now), Wal-Mart (still enjoys a healthy price-earnings premium to its peer group; it must re-invigorate its slowing sales line to avoid that premium being squeezed further) - ASOS (does look like some potential for growth)
Times
RUMOUR OF THE DAY: DE VERE GROUP (word it is in advanced talks over its first overseas management contract) - DIRECTORS' DEALINGS: GREAT PORTLAND ESTATES (chairman sells stock worth 1.9 mln stg) - TErUS: SEVERN TRENT (only hold), MITIE (worth buying in the expectation that the new structure will deliver continued growth), BSS (buy)
Express
WHO'S DEALING: FORMJET (chairman and chief executive buys 100,000 shares at 4.18 pence) - SHARE WHISPER: GLOTEL (talk its forthcoming results will please investors) - BROKER'S VIEW: REXAM (stop buying - Deutsche Bank)
Independent
THE INVESTMENT COLUMN: BSS (buy), CRESTON (buy), BELHAVEN (sell) - INCAT INTERNATIONAL (traders expecting strong debut today)
Guardian
GAME GROUP (consoles shortage) - MICROEMISSIVE DISPLAYS (dealers expecting a strong debut this morning)
Telegraph
QUESTOR: BT GROUP (if the regulator can resist being unduly harsh to the former monopoly, the shares will look cheap), MITIE (travelled far enough), BSS (hang on)
TATE & LYLE (FTSE 100 promotion hopes) - ATI OIL (bright Ofex debut yesterday)
seawallwalker
- 30 Nov 2004 07:39
- 8 of 13
Morning all.
One for Daves Dazzlers.
RTO trading statement out. Here is the summary.
Rentokil sees further deterioration in trading results into H1 2005
AFX
LONDON (AFX) - Rentokil Initial PLC said it expects a further deterioration in trading results into the first half of 2005 and that its performance for 2005 as a whole is likely to be weaker than in 2004.
The consumer goods group reiterated that pretax profit for the year 2004, at constant average 2003 exchange rates, should be 'not less than 350 mln stg.'
The company, which also announced a trading update for the 10 months to end October, said it will sell the linen and garment elements of its UK Hygiene business and that it is looking at its options for its loss-making German hospital textiles activity.
Ten-month pretax profit fell 11.9 pct to 293.9 mln stg, while sales from continuing operations climbed 1.9 pct to 2.06 bln stg.
The company said it has no specific news on its search for a new chief executive but warned that the search could take some time.
One for Daves Dazzlers.
RTO trading statement out. Here is the summary.
Rentokil sees further deterioration in trading results into H1 2005
AFX
LONDON (AFX) - Rentokil Initial PLC said it expects a further deterioration in trading results into the first half of 2005 and that its performance for 2005 as a whole is likely to be weaker than in 2004.
The consumer goods group reiterated that pretax profit for the year 2004, at constant average 2003 exchange rates, should be 'not less than 350 mln stg.'
The company, which also announced a trading update for the 10 months to end October, said it will sell the linen and garment elements of its UK Hygiene business and that it is looking at its options for its loss-making German hospital textiles activity.
Ten-month pretax profit fell 11.9 pct to 293.9 mln stg, while sales from continuing operations climbed 1.9 pct to 2.06 bln stg.
The company said it has no specific news on its search for a new chief executive but warned that the search could take some time.
Sputnik
- 30 Nov 2004 07:40
- 9 of 13
Will it, won't it.
The DOW is at major resistance hitting this resitance point for the 4th time since the dot com boom of 2000. The first chart shows a long term view and the second a year chart shows more clearly where the breakout point is. If the DOW breaks out any guesses for 2005 are we into the next bullrun.
The DOW is at major resistance hitting this resitance point for the 4th time since the dot com boom of 2000. The first chart shows a long term view and the second a year chart shows more clearly where the breakout point is. If the DOW breaks out any guesses for 2005 are we into the next bullrun.
Big Al
- 30 Nov 2004 07:51
- 10 of 13
Morning punters!
AEY - interesting deals
http://www.uk-wire.com/cgi-bin/articles/20041130070005M9881.html
FFY - very bullish update
http://www.uk-wire.com/cgi-bin/articles/200411300700217943F.html
RTO - not smart, not clever?
http://www.uk-wire.com/cgi-bin/articles/200411300700077874F.html
BNH - been watching these on and off
http://www.uk-wire.com/cgi-bin/articles/200411300700057836F.html
RFD - get you ice-cream here!
http://www.uk-wire.com/cgi-bin/articles/200411300700087901F.html
WNER - seem ahead at interims
http://www.uk-wire.com/cgi-bin/articles/200411300700137922F.html
NRK - could be good for banking sector?
http://www.uk-wire.com/cgi-bin/articles/200411300700177933F.html
ETI - nicely ahead of forecasts, divi up way ahead
http://www.uk-wire.com/cgi-bin/articles/200411300700217944F.html
TPT - that's why they've flown this year
http://www.uk-wire.com/cgi-bin/articles/200411300700227945F.html
ESH - have been watching these too. Can't see much wrong
http://www.uk-wire.com/cgi-bin/articles/200411300700257951F.html
CNT - bullish and nice FY
http://www.uk-wire.com/cgi-bin/articles/200411300700317956F.html
ITL - loss after exceptionals, but seem to be going well. Finally sprung back into life the past month
http://www.uk-wire.com/cgi-bin/articles/200411300700467988F.html
PTL - losses reduced. Another trading fave
http://www.uk-wire.com/cgi-bin/articles/200411300700477989F.html
XTL - interesting addition to the board? Ambition?
http://www.uk-wire.com/cgi-bin/articles/200411300721108004F.html
BUR - drilling update
http://www.uk-wire.com/cgi-bin/articles/200411300739068010F.html
Think that's about it.
FWIW, I've got longs on AUW, BTSM, ERT, ITM, LAS, NLR, PCI, PDH, RTN with some OK and some on their stops.
Have a good day.
AEY - interesting deals
http://www.uk-wire.com/cgi-bin/articles/20041130070005M9881.html
FFY - very bullish update
http://www.uk-wire.com/cgi-bin/articles/200411300700217943F.html
RTO - not smart, not clever?
http://www.uk-wire.com/cgi-bin/articles/200411300700077874F.html
BNH - been watching these on and off
http://www.uk-wire.com/cgi-bin/articles/200411300700057836F.html
RFD - get you ice-cream here!
http://www.uk-wire.com/cgi-bin/articles/200411300700087901F.html
WNER - seem ahead at interims
http://www.uk-wire.com/cgi-bin/articles/200411300700137922F.html
NRK - could be good for banking sector?
http://www.uk-wire.com/cgi-bin/articles/200411300700177933F.html
ETI - nicely ahead of forecasts, divi up way ahead
http://www.uk-wire.com/cgi-bin/articles/200411300700217944F.html
TPT - that's why they've flown this year
http://www.uk-wire.com/cgi-bin/articles/200411300700227945F.html
ESH - have been watching these too. Can't see much wrong
http://www.uk-wire.com/cgi-bin/articles/200411300700257951F.html
CNT - bullish and nice FY
http://www.uk-wire.com/cgi-bin/articles/200411300700317956F.html
ITL - loss after exceptionals, but seem to be going well. Finally sprung back into life the past month
http://www.uk-wire.com/cgi-bin/articles/200411300700467988F.html
PTL - losses reduced. Another trading fave
http://www.uk-wire.com/cgi-bin/articles/200411300700477989F.html
XTL - interesting addition to the board? Ambition?
http://www.uk-wire.com/cgi-bin/articles/200411300721108004F.html
BUR - drilling update
http://www.uk-wire.com/cgi-bin/articles/200411300739068010F.html
Think that's about it.
FWIW, I've got longs on AUW, BTSM, ERT, ITM, LAS, NLR, PCI, PDH, RTN with some OK and some on their stops.
Have a good day.
Druid2
- 30 Nov 2004 07:55
- 11 of 13
Morning all.
Digger
- 30 Nov 2004 10:23
- 12 of 13
UK and European brokers' recommendations issued today, as collated by AFX News from a range of market sources.
CAZENOVE
Downgrade Underperform from in-line TF1, cuts target to 23 eur from 24 -- Reiterate Outperform C&W, ups fair value to 135 pence from 125, raises revenue estimates
DEUTSCHE BANK
Upgrade Buy from hold Pierre & Vacances, ups target to 100 eur from 78 -- Reiterate Gamesa, cuts target to 13.2 eur from 13.6, reduces estimates
ABN AMRO
Upgrade Buy from reduce Novartis -- Upgrade Buy from add STMicro (intraday yesterday)
CSFB
Upgrade Outperform from neutral Lafarge, ups target to 83 eur from 80 -- Reiterate Reiterate Neutral Northern Rock, cuts target to 960 pence from 1,060 -- Underperform Elisa, raises target to 11.5 eur target -- Outperform BAE, ups target to 275 pence from 240 -- Greek Banks: reiterate Neutral Alpha Bank, ups target to 24.4 eur from 23.7; Neutral EFG, ups target to 21.54 eur from 20.7; Outperform National Bank of Greece, ups target to 25.7 eur from 24.2, top sector pick
UBS
Downgrade Neutral from buy Serono -- Reiterate Neutral Inditex, ups target to 23 eur from 22 -- Neutral AB Foods, ups target to 720 pence from 700 -- Neutral MITIE Group, ups target to 160 pence from 140 -- Neutral Smith & Nephew, ups target to 575 pence from 550 -- Neutral Nestle, cuts target to 305 sfr from 315
DRESDNER KLEINWORT
Upgrade Add from hold Iqerial Tobacco, ups target to 1,450 pence from 1,320 -- Initiate Buy K&S, target 45 eur
PANMURE GORDON
Upgrade Buy from hold Compass Group, ups target to 290 pence from 270 -- Downgrade Sell from hold Rentokil Initial, cuts target to 130 pence from 140 --Upgrade Buy from hold Homeserve, ups target to 800 pence from 675 -- Upgrade Buy from hold Morse, target 115 pence -- Upgrade Buy from hold Punch Taverns, ups target to 650 pence from 620 -- Reiterate Buy Enterprise Inns, ups target to 750 pence from 700 -- Buy Topps Tiles, ups target to 250 pence from 220
CAI CHEUVREUX
Downgrade Sell from underperform BBVA -- Initiate Outperform Nexity, target 24 eur -- Reiterate Outperform GFK, ups target to 31.5 eur from 27.0, raises estimates -- UK Pubs: Resume coverage on sector; favour Punch Taverns and Enterprise Inns
ING
Downgrade Hold from buy BAE Systems -- Initiate Hold Euler Hermes
BRIDGEWELL SECS
Upgrade Overweight from neutral Enterprise Inns
SEYMOUR PIERCE
Downgrade Underperform from hold Game Group
SHORE CAPITAL
Downgrade to Sell Coqutacenter
JP MORGAN
UK Newspapers: Initiate Overweight Daily Mail & General, fair value 833 pence; Initiate Neutral Johnston Press, fair value 556 pence; Initiate Neutral Trinity Mirror, fair value 615 pence -- Reiterate Neutral British Land, ups fair value to 790 pence from 720
CITIGROUP SMITH BARNEY
Initiate Hold Gamesa (intraday yesterday) -- Reiterate Hold GKN, up target to 220 pence from 200 -- Hold MFI, ups target to 117 pence from 110 -- Hold Faurecia, cuts target to 60 eur from 65 -- Buy Maillis, ups target to 4.2 eir from 4.0
SANFORD BERNSTEIN
Initiate Market Perform Portugal Telecom, target 9.25 eur
SG SECURITIES
Premium List: Adds Philips (Buy, fair value 23 eur) Capital Goods: Cuts sector stance to Neutral from overweight
NUMIS
Reiterate Buy Enterprise Inns, ups target to 780 pence from 720 -- Buy Topps Tiles, ups target to 250 pence from 220 -- Buy Liontrust, cuts target to 360 pence from 400
WESTLB
Reiterate Outperform Vossloh, ups target to 39 sfr from 37 -- Outperform Grenke Leasing, ups target to 36 eur from 32
MERRILL LYNCH
Reiterate Buy London Merchant Securities, target 220 pence, ups NAV estimates -- Oils: Increases forecasts for 4Q and 2005; raises Brent forecasts and global refining margin; Reiterate Buy Buy Paladin, ups target to 200 pence from 175; Buy Tullow Oil, ups target to 175 pence from 150
CAZENOVE
Downgrade Underperform from in-line TF1, cuts target to 23 eur from 24 -- Reiterate Outperform C&W, ups fair value to 135 pence from 125, raises revenue estimates
DEUTSCHE BANK
Upgrade Buy from hold Pierre & Vacances, ups target to 100 eur from 78 -- Reiterate Gamesa, cuts target to 13.2 eur from 13.6, reduces estimates
ABN AMRO
Upgrade Buy from reduce Novartis -- Upgrade Buy from add STMicro (intraday yesterday)
CSFB
Upgrade Outperform from neutral Lafarge, ups target to 83 eur from 80 -- Reiterate Reiterate Neutral Northern Rock, cuts target to 960 pence from 1,060 -- Underperform Elisa, raises target to 11.5 eur target -- Outperform BAE, ups target to 275 pence from 240 -- Greek Banks: reiterate Neutral Alpha Bank, ups target to 24.4 eur from 23.7; Neutral EFG, ups target to 21.54 eur from 20.7; Outperform National Bank of Greece, ups target to 25.7 eur from 24.2, top sector pick
UBS
Downgrade Neutral from buy Serono -- Reiterate Neutral Inditex, ups target to 23 eur from 22 -- Neutral AB Foods, ups target to 720 pence from 700 -- Neutral MITIE Group, ups target to 160 pence from 140 -- Neutral Smith & Nephew, ups target to 575 pence from 550 -- Neutral Nestle, cuts target to 305 sfr from 315
DRESDNER KLEINWORT
Upgrade Add from hold Iqerial Tobacco, ups target to 1,450 pence from 1,320 -- Initiate Buy K&S, target 45 eur
PANMURE GORDON
Upgrade Buy from hold Compass Group, ups target to 290 pence from 270 -- Downgrade Sell from hold Rentokil Initial, cuts target to 130 pence from 140 --Upgrade Buy from hold Homeserve, ups target to 800 pence from 675 -- Upgrade Buy from hold Morse, target 115 pence -- Upgrade Buy from hold Punch Taverns, ups target to 650 pence from 620 -- Reiterate Buy Enterprise Inns, ups target to 750 pence from 700 -- Buy Topps Tiles, ups target to 250 pence from 220
CAI CHEUVREUX
Downgrade Sell from underperform BBVA -- Initiate Outperform Nexity, target 24 eur -- Reiterate Outperform GFK, ups target to 31.5 eur from 27.0, raises estimates -- UK Pubs: Resume coverage on sector; favour Punch Taverns and Enterprise Inns
ING
Downgrade Hold from buy BAE Systems -- Initiate Hold Euler Hermes
BRIDGEWELL SECS
Upgrade Overweight from neutral Enterprise Inns
SEYMOUR PIERCE
Downgrade Underperform from hold Game Group
SHORE CAPITAL
Downgrade to Sell Coqutacenter
JP MORGAN
UK Newspapers: Initiate Overweight Daily Mail & General, fair value 833 pence; Initiate Neutral Johnston Press, fair value 556 pence; Initiate Neutral Trinity Mirror, fair value 615 pence -- Reiterate Neutral British Land, ups fair value to 790 pence from 720
CITIGROUP SMITH BARNEY
Initiate Hold Gamesa (intraday yesterday) -- Reiterate Hold GKN, up target to 220 pence from 200 -- Hold MFI, ups target to 117 pence from 110 -- Hold Faurecia, cuts target to 60 eur from 65 -- Buy Maillis, ups target to 4.2 eir from 4.0
SANFORD BERNSTEIN
Initiate Market Perform Portugal Telecom, target 9.25 eur
SG SECURITIES
Premium List: Adds Philips (Buy, fair value 23 eur) Capital Goods: Cuts sector stance to Neutral from overweight
NUMIS
Reiterate Buy Enterprise Inns, ups target to 780 pence from 720 -- Buy Topps Tiles, ups target to 250 pence from 220 -- Buy Liontrust, cuts target to 360 pence from 400
WESTLB
Reiterate Outperform Vossloh, ups target to 39 sfr from 37 -- Outperform Grenke Leasing, ups target to 36 eur from 32
MERRILL LYNCH
Reiterate Buy London Merchant Securities, target 220 pence, ups NAV estimates -- Oils: Increases forecasts for 4Q and 2005; raises Brent forecasts and global refining margin; Reiterate Buy Buy Paladin, ups target to 200 pence from 175; Buy Tullow Oil, ups target to 175 pence from 150
Digger
- 30 Nov 2004 10:31
- 13 of 13
London shares - midmorning features
FTSE 100 risers
Enterprise Inns 680 up 17-1/2
Solid FY results; Arbuthnot/CAI Cheuvreux/Merrill Lynch/Panmure positive
BAE Systems 249-1/2 up 2-1/2
'Outperform' with target upped to 275 pence from 240 - CSFB
mm02 116 up 1
NTT DoCoMo i-mode agreement
Friends Provident 151 up 3/4
Company to raise 380 mln stg via securitisation
3i Group 650-1/2 up 2-1/2
'Outperform' - Cazenove
J Sainsbury 263 up 3/4
Company buys East Midlands convenience store operator JB Beaumont
Northern Rock 727 up 2
In-line trading statement; CAI Cheuvreux/Merrill/WestLB positive
BT Group 195-1/4 up 1/2
Positive comment in Daily Telegraph
Prudential 420 up 1/4
CAI Cheuvreux ups target to 477 pence from 453
Associated British Foods 751-1/2 up 2
UBS ups target to 720 pence from 70
FTSE 100 fallers
Rentokil Initial 140-1/2 down 9-1/2
Brokers negative after deteriorating results warning
Compass Group 226 down 14-1/2
Problem contracts dent FY numbers
Cairn Energy 1,500 down 37
Profit-taking
Xstrata 932-1/2 down 8-1/2
WMC bid situation
Reed Elsevier 486 down 3-1/2
Trading update this week
FTSE 250 risers
George Wiqey 356-1/4 up 7-1/2
Nationwide survey reassures
Barratt Developments 512-1/2 up 4
Nationwide survey reassures
Morgan Crucible 166 up 2-1/2
Trading update Dec 6
Mitchells & Butlers 306-1/2 up 5
Results due tomorrow
Novar 162 up 2
Cinven counter-bid hopes
Punch Taverns 602-1/2 up 4-1/2
CAI Cheuvreux favourite; Panmure 'buy' from 'hold with target upped to 650p
WS Atkins 696-1/2 up 1-1/2
Arbuthnot 'buy'
London Merchant Securities 202 up 2
Merrill Lynch 'buy' with 220 pence target & NAV estimates upped
Tullow Oil 148 up 1/4
Merrill Lynch 'buy' with target upped to 175 pence from 150
FTSE 250 fallers
Thus Group 13-3/4 down 3/4
With Kingston
Burren Energy 412-1/2 down 21-3/4
Company teqorarily suspends drilling on BO60 well in Turkmenistan
Arla Foods 55-1/2 down 1-1/2
Panmure Gordon 'sell' with 45 pence target after 18-month results
John Laing 234 down 6
Profit-taking
Premier Oil 560-1/2 down 11-1/2
Woodside to suspend Tiof-3 ST2 appraisal well offshore Mauritania
SSL International 279-3/4 down 5
Withdrawal of speculative support
Homeserve 680 down 8-1/2
Underlying interim profits lower
Burberry Group 403 down 4-1/2
'Chavs' effect
Manchester United 273-1/4 down 3
Glazer stake uncertainties
PHS Group 70-1/2 down 1/4
Arbuthnot 'sell'
Other risers
Aricom 37-1/2 up 6-1/2
Company plans to develop Kuranakh mine in Russia
Topps Tiles 215-1/2 up 2
Strong FY results; Seymour Pierce 'buy'; Panmure 'buy' with 250p target
AdVal Group 2.00 up 0.25
Narrowing H1 losses; on track for profitability
Intec Telecom Systems 70-1/4 up 3-3/4
54 pct rise in underlying FY profits
Kingston Communications 62-1/2 up 2
Dividends restored after return to profits midway
Generics Group 8.75 up 0.25
Significant reduction in nine-moth losses
INCAT International 133-1/2
New issue placed at 128 pence
MicroEmissive 152-1/2
New issue at 150 pence
Fortune Oil 7.87 up 0.37
Company in talks with CAO over Bluesky disposal
Other fallers
Hardman Resources 70-3/4 up 7-3/4
Tiof-3 ST2 appraisal well to be suspended
Liontrust Asset management 284 down 26
Management buyout talks off
Trio Holdings 22-1/2 down 2
42 pct annual profits setback
ASOS 71 down 5-1/2
Further post-interims profit-taking
FTSE 100 risers
Enterprise Inns 680 up 17-1/2
Solid FY results; Arbuthnot/CAI Cheuvreux/Merrill Lynch/Panmure positive
BAE Systems 249-1/2 up 2-1/2
'Outperform' with target upped to 275 pence from 240 - CSFB
mm02 116 up 1
NTT DoCoMo i-mode agreement
Friends Provident 151 up 3/4
Company to raise 380 mln stg via securitisation
3i Group 650-1/2 up 2-1/2
'Outperform' - Cazenove
J Sainsbury 263 up 3/4
Company buys East Midlands convenience store operator JB Beaumont
Northern Rock 727 up 2
In-line trading statement; CAI Cheuvreux/Merrill/WestLB positive
BT Group 195-1/4 up 1/2
Positive comment in Daily Telegraph
Prudential 420 up 1/4
CAI Cheuvreux ups target to 477 pence from 453
Associated British Foods 751-1/2 up 2
UBS ups target to 720 pence from 70
FTSE 100 fallers
Rentokil Initial 140-1/2 down 9-1/2
Brokers negative after deteriorating results warning
Compass Group 226 down 14-1/2
Problem contracts dent FY numbers
Cairn Energy 1,500 down 37
Profit-taking
Xstrata 932-1/2 down 8-1/2
WMC bid situation
Reed Elsevier 486 down 3-1/2
Trading update this week
FTSE 250 risers
George Wiqey 356-1/4 up 7-1/2
Nationwide survey reassures
Barratt Developments 512-1/2 up 4
Nationwide survey reassures
Morgan Crucible 166 up 2-1/2
Trading update Dec 6
Mitchells & Butlers 306-1/2 up 5
Results due tomorrow
Novar 162 up 2
Cinven counter-bid hopes
Punch Taverns 602-1/2 up 4-1/2
CAI Cheuvreux favourite; Panmure 'buy' from 'hold with target upped to 650p
WS Atkins 696-1/2 up 1-1/2
Arbuthnot 'buy'
London Merchant Securities 202 up 2
Merrill Lynch 'buy' with 220 pence target & NAV estimates upped
Tullow Oil 148 up 1/4
Merrill Lynch 'buy' with target upped to 175 pence from 150
FTSE 250 fallers
Thus Group 13-3/4 down 3/4
With Kingston
Burren Energy 412-1/2 down 21-3/4
Company teqorarily suspends drilling on BO60 well in Turkmenistan
Arla Foods 55-1/2 down 1-1/2
Panmure Gordon 'sell' with 45 pence target after 18-month results
John Laing 234 down 6
Profit-taking
Premier Oil 560-1/2 down 11-1/2
Woodside to suspend Tiof-3 ST2 appraisal well offshore Mauritania
SSL International 279-3/4 down 5
Withdrawal of speculative support
Homeserve 680 down 8-1/2
Underlying interim profits lower
Burberry Group 403 down 4-1/2
'Chavs' effect
Manchester United 273-1/4 down 3
Glazer stake uncertainties
PHS Group 70-1/2 down 1/4
Arbuthnot 'sell'
Other risers
Aricom 37-1/2 up 6-1/2
Company plans to develop Kuranakh mine in Russia
Topps Tiles 215-1/2 up 2
Strong FY results; Seymour Pierce 'buy'; Panmure 'buy' with 250p target
AdVal Group 2.00 up 0.25
Narrowing H1 losses; on track for profitability
Intec Telecom Systems 70-1/4 up 3-3/4
54 pct rise in underlying FY profits
Kingston Communications 62-1/2 up 2
Dividends restored after return to profits midway
Generics Group 8.75 up 0.25
Significant reduction in nine-moth losses
INCAT International 133-1/2
New issue placed at 128 pence
MicroEmissive 152-1/2
New issue at 150 pence
Fortune Oil 7.87 up 0.37
Company in talks with CAO over Bluesky disposal
Other fallers
Hardman Resources 70-3/4 up 7-3/4
Tiof-3 ST2 appraisal well to be suspended
Liontrust Asset management 284 down 26
Management buyout talks off
Trio Holdings 22-1/2 down 2
42 pct annual profits setback
ASOS 71 down 5-1/2
Further post-interims profit-taking
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