SHIRE PHARMACEUTICALS UPGRADED TO 'OVERWEIGHT' AT JP MORGAN

MARKETS
FTSE 100 FTSE 100 4,824.3, up 18.3
FTSE 250 6,920.90, up 5.40
DJIA 10,622.88, 25.05
Nasdaq Comp 2090, down 1.24
S&P 500 1187.89, up 4.15
Tokyo: Nikkei closed at 11,433.24, down 59.02
Hang Seng midday 13,429.11, down 282.93
Gold 422.37 usd (427.95 usd)
Oil - Brent 42.85 usd (40.51 usd)

BREAKING NEWS
* Chinese oil group CNOOC eyes 13 bln usd move for US rival Unocal - FT
* Brown's Marshall plan for world poor - the Guardian
* Blair in poll pledge to Brown - FT
* Sainsbury hit by stock errors - FT
* Number of British Tsunami dead will top 350, police say - the Times

PRESS COMMENT
FT
THE LEX COLUMN Comments on potential merger between Deutsche Borse and LSE (the danger is that value destruction is being endured in the hope that the victor can ultimately inflate customer fees; Euronext carries less of a risk), CNOOC/Unocal (How will Washington react to the sight of Chinese swallowing US assets; such ambitions may not be financially wise in the long term), WorldCom (In a surprising development, 10 former WorldCom directors have agreed to pay 18 mln usd out of their own pockets towards a settlement of an investor class-action lawsuit), UK housebuilders (near term the impression remains that the sector will come under pressure as earnings momentum fades)
Times
RUMOUR OF THE DAY: ISOFT GROUP (Talk of a bid from the US, possible GE Medical or McKesson lifted shares yesterday; company seen as a bridgehead into Europe, but shares have been hurt by resignation of the CFO) - DIRECTORS' DEALINGS: GTL RESOURCES (jumped yesterday as chairman bought his first stock since taking up the top post more than tow years ago, or 250,000 shares at 4-1/4p; investors await news on financing for the Oman deal) - TEMPUS: XSTRATA (use any fear-inspired near-term price weakness as a buying opportunity); CARILLION (buy); ALLERGY THERAPEUTICS (buy)
Express
WHO'S DEALING: GTL RESOURCES (stock rose yesterday as chairman took his maiden stake) - SHARE WHISPER: ML Laboratories (a string of licenses are expected during next few months) - BROKER'S VIEW: SAGE (retreated yesterday after Merrill Lynch downgraded to 'neutral' from 'buy'; European and US companies have also lowered spending expectations since the third quarter)
Independent
THE INVESTMENT COLUMN: MORSE, MISYS, LOGICACMG, ISOFT (time for a reboot in the IT sector)
Guardian
STANDARD CHARTERED (fears that the bank will require an equity fundraising if it wins the battle with rival HSBC for control of Korea First Bank); PREMIER FARNELL (rumours that its recent profit warning left the company vulnerable to a bid)
Telegraph
QUESTOR: REDROW (selling out with a view to buying back at the end of the year seems the safest course of action); FORTH PORTS (sell); ABERDEEN (only the adventurous should get involved)
Mail
BARCLAYS (fell yesterday on speculation it may have to pay top dollar for South Africa's ABSA); TOPPS TILES (nervous selling ahead of the group's AGM on Wednesday)

Morning.

PIX - trading statement. Was watching these yesterday
http://www.uk-wire.com/cgi-bin/articles/200501070700011086H.html

KLR - new contracts and trading update
http://www.uk-wire.com/cgi-bin/articles/20050107070000P2BBA.html
http://www.uk-wire.com/cgi-bin/articles/20050107070000PBBE8.html

SLH - Not sure if this is in the price already. Hmm
http://www.uk-wire.com/cgi-bin/articles/20050107070000Z8892.html

PTD - disposed of a couple of properties, one way in excess of book value
http://www.uk-wire.com/cgi-bin/articles/200501070700021131H.html

BEG - interesting newcomer promising maiden divi ay FY
http://www.uk-wire.com/cgi-bin/articles/200501070700031148H.html

FIO - nice trading update, nice chart
http://www.uk-wire.com/cgi-bin/articles/200501070700031151H.html

PRO - trading update. This lot haven't made money since my records began in '93!
http://www.uk-wire.com/cgi-bin/articles/200501070700051177H.html

DXS - Hays offshoot seems in fine fettle
http://www.uk-wire.com/cgi-bin/articles/200501070700051185H.html

BFP - in the s**t, but then they're being bought? ;-))
http://www.uk-wire.com/cgi-bin/articles/200501070700051190H.html

JJB - people ain't buying sports goods
http://www.uk-wire.com/cgi-bin/articles/200501070700051191H.html

MKS - Oh dear! Where's Green when you need him?
http://www.uk-wire.com/cgi-bin/articles/200501070700061194H.html

TFI - still sound happy in pre-close statement
http://www.uk-wire.com/cgi-bin/articles/200501070700101218H.html

WUN - seem in good shape
http://www.uk-wire.com/cgi-bin/articles/200501070700051188H.html

Looks like there's selective fun and games to be had. All I've got is longs in CKN, ERT, having lobbed ROK short for -10 yesterday as it broke up.

Having successfully made it as a plumber yesterday, I'm turning my hand to a bit of carpet laying today.

Have a good one.

morning all

Morning all.

Happy carpet laying Al :>)

Morning all,

UK House price up 1.1% in Dec! Must be in the north, as prices are supposed to
be dropping here in the south.

Its always useful to have something to fall back on Big Al :-)

LOL ladies!

Taking a well-earned break! ;-)

Have a great weekend all! Time for tapas and iced-tea here... ;-)