MEGGITT UPGRADED TO 'BUY' VS 'NEUTRAL' AT UBS

COBHAM CUT TO 'NEUTRAL' VS 'BUY' AT UBS

WILSON BOWDEN CUT TO 'NEUTRAL' VS 'BUY' AT UBS

Outlook http://www.moneyam.com/action/news/showArticle?id=848165

AFX UK at a glance share guide - 2

MARKETS
FTSE 100 5,090.4, up 46.9
FTSE 250 7,310.4, up 44.0
DJIA 10,405.60, up 114.80
Nasdaq Comp 2,069.89, up 24.69
S&P 500 1,201.55, up 10.85
Tokyo: Nikkei closed at 11,577.44, up 63.61
Hang Seng midday 14,363.88, up 76.44
Gold 436.45 usd (439.25 usd)
Oil - Brent Aug 57.18 usd (59.30 usd)

BREAKING NEWS
* Government was willing to pay 1 bln stg to Railtrack shareholders if they would "go quietly", Stephen Byers, transport secretary at the time of the rail infrastructure company's collapse, alleged to have admitted during a private dinner at the House of Commons - FT
* SHELL to consider acquisitions under 9 bln usd - FT
* BT GROUP pension fund manager, Hermes, thought to be considering putting 10 pct of the fund's 30 bln stg assets in "alternative" investments such as hedge funds as it seeks to plug a pension hole - FT
* China stepping up efforts to stem rising exports, announcing measures to restrain sales of air-conditioners to the US and cutting tax subsidy for sales of certain steels into overseas markets - FT
* US government's court battle against the tobacco industry reaches its climax as the Department of Justice demands 8 bln stg in fines on tobacco companies to pay for smoking prevention campaigns - FT
* United Co-operatives pulls out of the running for SOMERFIELD, leaving two groups poring over the books of the UK's fifth-largest supermarket, headed by John Spreckelsen, as it also emerges that any possible deal is unlikely before mid-July - FT
* ABERDEEN ASSET MANAGEMENT emerges as one of the lead contenders in the race to by Deutsche Asset Management's UK arm - FT
* DAILY MAIL & GENERAL TRUST joins TRINITY MIRROR as suitor for HOTGROUP - Times

PRESS COMMENT
FT
THE LEX COLUMN comments on SHELL (in spite of tax differences, the spread between A and B shares should move closer to parity), Inflation targeting, Advanced Micro Devices/Intel, Corporate governance - CARPETRIGHT (underpinned by a yield of 5.4 pct but hardly cheap on expectations of little growth and a p/e of more than 15 times) - INTERNATIONAL GREETINGS (still scope for further gains)
Mail
VOSS NET (word is that ubiquitous chairman Leo Knifton has a reverse takeover up his sleeve which should be announced before the kids go back to school)
Times
VISLINK (talk it could unveil a clutch of US and UK contract wins next week) - ISOFT (two directors sell stock for 23.4 mln stg) - TEMPUS: HMV (worth holding), COMPUTACENTER (avoid at present), CARPETRIGHT (hold)
Express
SOUND OIL (traders expect a flow of positive news from Sound Oil, due to make its market debut today) - THOR MINING (could also be one to watch) - SHARE WHISPER: BUSINESS SERVE (3 mln stg fundraising could be on the cards to support an acquisition) - WHO'S DEALING: ISOFT (two directors sell stock)
Telegraph
QUESTOR: HMV (on an undemanding 11 times earnings), FIRST TECHNOLOGY (hold on), CHEMRING (hang on)
Guardian
BSKYB (talk of an alliance with BT) - ASHTEAD (talk its rumoured 100 mln stg rights issue will be pitched at around 93 pence)
Independent
THE INVESTMENT COLUMN: EXEL (hold), DOBBIES GARDEN CENTRES (keep buying while the company shoots up), BUNZL (a solid hold) - Why the markets have fallen out of love with biotech companies (BUSINESS p.59)

ITV welcomes the publication this morning of the financial terms set by Ofcom with respect to each of its regional Channel 3 licences and GMTV. Under the new terms for ITV's 12 licences (including GMTV), it is estimated that payments for 2005 will be less than 80m, a fall of 135m compared to total 2004 payments of 215m.

Good morning all. I went away for three weeks holidays and the market did well for me. I think I should go for another three weeks if this is what happens !! lol.

Good Morning all.

Good to see you in good spirits Druid2 :-)

tks. lw.

SPORT Wimbledon quotes

TENNIS

LONDON (AFX) - Who's saying what at Wimbledon:

"There are a lot of signs. Not too many here at Wimbledon. At other tournaments, there are a lot of signs, "Will you marry me, Maria" It's like, "Will you jump off a bridge" The same thing."
- Maria Sharapova on dealing with male admirers

"There's nothing I can talk about her. She's a good player. She's No. 2 in the world. What else you can say That's pretty much it. You always ask me about her."
- Anastasia Myskina fed up of being asked about Sharapova.

"Tennis is pretty much up there for me."
- Venus Williams contradicting her father Richard who said that tennis wasn't the most important thing in the sisters' lives anymore.

"I'm not quite that nostalgic yet."
- Lindsay Davenport insisting that she didn't take any mementos from Wimbledon last year when she thought she was playing for the final time.

"I would be really surprised to see players having a long, long career. This is my 17th year, and I want to play a few more years. To really see girls playing 15, 20 years, I think I'd be surprised."
- French veteran Mary Pierce who believes that the demands of the tour will prevent players in the future from extending their careers into their 30s.
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