Place your snippet of news on this thread if you feel it will help others gain from the news.

cheers GF.

GF

Many thanks

Mickeyskint

mes amities RE; GF's somewhat amusing jog down memory lane brought a wry smile to my face .As for my own personal favourite gaff of the hi tec daze, which determined the INANE ethos by which stock was valued , was Paul Kavanagh of Killicks waxing lyrical about Kewill systems which at the time were trading at 19,76 , and he dogmatically stated a more true and fair value was 60-00 !!!! ,,, .lndeed Paul . .Currently trading @ 60 odd pence . c'etait un coup de tete. Il n'a pas encore compris le truc .. Although Balt tec were the real king of the 99% club , my personal favourite was Vocalis . One day it was trading at 300p and i went for a drink at lunchtime and by the time i came back it was 1100p .........Happy daze for some; a nightmare still being paid off by more..ALL of which illustrates that the VAST majority of analyists are no better than the hacks telling you which horse will win the 2-30 at Newmarket . ln Public they dance to one tune ; ln private they sing to quite a diffeent tune . PPJ

I had a great time TFC. I think my favourite was Aortech, my father had died the previous year through a heart attack so I thought well ill have a few bob in a good cause at 34p. Latter that day they made an RNS something about stents I think and within 3 days they were 10 plus.

Bring those days back I say.

cheers GF.

GF

Where do you pitch you stop losses 10% 20%.
Mine are at 5-7.5% which I think might be a bit tight. Any pointers would be great. I just hate loosing money so I tend to jump at the least little thing. I am better than I use to be 2.5% was once my point of exit.

MS

Hi Mickey, I dont use stop losses any more I just by instinct know when to sell through experience (been in this business over 20 years now and still learning).

I used to use 15% in my earlier days, I would have thought the figure you are using is indeed too tight and if you have computerised triggers I am sure you will be outed way before you would have wished to get out.

cheers GF.

From Killiks morning notes...................



News in brief



When results are flowing through thick and fast, in the interests of time, we look to cover more of the stocks in brief.



Woolworths announces a first half loss some 5% lower than last year at 33 million. The group makes all of its money at Christmas as demonstrated by the 80 million profit forecast for the full year. These results are in line but trends are hard to establish. Certainly, operating margin improvements are encouraging as the group gets to grips with its security problem and the new Big W format comes through. On 11x earnings, not expensive.



Helphire, the claims handling business for the motor insurance industry, reports trade in line. Expectations are high for some serious growth from this organization but the move to new offices is showing the group is capable of a big leap in growth. No comment is provided on the potential acquisition of Albany Insurance.



WS Atkins reported strong progress last night at its AGM due to better than expected operating margin growth. The stock price of Atkins was as low as 50p last year but has recovered to 680p as management reacted to trading problems swiftly. Profits for the year are expected to hit 67 million according to the top of the range Bridgewell Securities for a price earnings ratio of 15 dropping to 13 for next year. The recovery in the stock price appears to have run its course for now.



Market gossip suggests that Countryside Properties is worth a look. The Cherry family has announced that they are reviewing the potential of a Management Buy Out which has carried the stock up from 220p to 275p. However, this may pave the way for others to take a look at the assets. Indications are that assets are worth well in excess of 300p, possibly as high as 350p. The shares have upside potential but are not without risk if the Cherry family decides to pull out.



Hardman Resources trade slightly lower today after gains yesterday as the Woodside Petroleum boss ( the lead partner in the Mauritania drilling program) cooled expectations for the first drill. The first well (Dorade) is perceived as high risk and of course, should they hit a dry well, this will upset sentiment. These comments are sensible rather than a forecast to lower expectations. As we heard recently with the attempted political overthrow, Woodside do paint a very conservative picture in their statements. Whilst the ride will be rocky, we remain excited by the prospect in Mauritania and finance and rigs are ready for a $100 million 21 hole drill program which begins in the next few days.



cheers GF.

Nice to pick up these snippets - as a shareholder in Hardman I bought this as speculative chance. Recent "problem" in Mauritania could have caused some baling, instead opportunity for more buys. With worldwide demand for oil increasing always worth a gamble in this sector with part of portfolio and Hardman looked as good as any as they have more eggs in more baskets than just this, although I think the mauritania looks potentially the most rewarding.

Any thoughts?

If you want to count this as a snippet, there has been a 9.3 Million crossing trade on PTG.

looking into HMY & BISI. Why is the spread so large. If you take this into account plus brokerage and duty the price has to increase 20% before breakeven.
Who fixes the spread? Is it a reflection of the risk or just to keep the tiddlers like me out.

Back to top, any answers anyone?.

cheers GF.

Shrewd Investors

Shrewd Snapshot: If the shoe fits Petchey will wear it
Published: 07:02 Thr 9 Sept 2004


By Algernon Craig Hall, Secret Buying Correspondent
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Motor and property tycoon Jack Petchey bought shares in asset rich shoe retailer Stylo.

* Petchey picked up 1.8 million shares (STYL) to take his holding to 11.4 million or 27.2% of the 30.2 million company.


Trading has been tough for the shoe group and recently worries about the health of high street retailers can not help.


However, there is a redeeming feature for Petchey. Namely the group's extensive property portfolio.


As of the end of January the group had net assets of 49.7 million or 114.8 pence per share. Net debt at the year end stood at a non-threatening 24.2 million.


The shares closed yesterday up 1p at 59.5p

cheers Gf.

SHARES MAGAZINE

15 Tempting Targets:
*Geest (GET.L) - Molins (MLIN.L) - BAE (BA.L) - Dicom (DCM.L) - NSB (NSB.L) - ICM Computers (ICM.L) - John Wood (WG.L) - Hunting (HTG.L) - Hamworthy (HMY.L) - Sondex (SDX.L) - ICI (ICI.L) - BOC (BOC.L) - Elementis (ELM.L) - Croda (CRDA.L) - British Vita (BVIT.L).

Plays of the Week:
*Computerland (CPU.L) (buy) - Bond International (BDI.L) (buy) - Chorion (COR.L) (buy).

Play Updates:
*British Energy (BGY.L) (risky buy) - SDL (SDL.L) (buy) - Ocean Power (OPT.L) (buy) - Melrose Resources (MRS.L) (buy

cheers GF

mickeyskint re to your post above, this may help...............

The role of the market maker

A market maker runs a shop and investors buy shares from him or sell them back to him. The rules for SEAQ stocks insist that all share transactions must go through a market maker.

The market makers act as retailers of shares and display their prices during working hours (8.00-4.30pm). The prices may vary (sometimes considerably) during the day, depending on a number of influences.

For example, if the holder of a very large amount of a share decides to sell (or many holders of small amounts), the market makers will reduce the price they are prepared to pay for the share. The converse is true also; if there is a consistent and large enough demand for a share, then the market makers will increase the price.

Market makers make money from buying shares at a lower price to which they sell them. This is the bid/offer spread. The more actively a share is traded, the more money a market maker makes.

It is often felt that the market makers manipulate the prices. However, market manipulation is an emotive term that conjures up images of shady deals and exploitation. In fact, they are not elusive companies that appear then vanish overnight. They are duty bound to make a market and to meet the needs of those they are responsible to, so to this end they may try to influence the market.

However, market makers are known to lower prices to panic investors into selling, sometimes called shaking the tree. Moving the price up encourages sells, moving it down also encourages sells. The opposite is a dread cat bounce, a false mark-up to catch out all those bottom fishers or falling knife catchers.

One of the myths surrounding market makers is that they take positions in the stocks they quote, the usual cry is the market makers are shorting this stock; thats why the price is going down. Wrong. Market makers make money by churning stocks, not by taking a position. This does not mean that they do not end up with an excess or a shortage of stock but the cost of holding and the risk of being the wrong side does not make commercial sense.

A market maker who is over-exposed to the market is injecting systematic risk to the whole market. If he was to take up many large positions across the whole range of shares he makes a market in, then any market crash would see him bankrupt (a la Nick Leeson and Barings) and therefore unable to make a market. Once the market vanishes, the shares become pretty worthless (if you cannot sell something at any price, what is it worth?). This, in turn, could force other market makers to go bankrupt and the whole thing would lead to a market meltdown.

Consider for one moment an analogy of market makers and bookmakers. They both make a book and in many ways operate in the same fashion. Imagine standing in the betting ring at a racecourse. You look around all the bookings stands and see the horse you want to back being offered at differing prices. You naturally go to they bookie who will offer you the best odds.

Lets say Fred is offering 15-1 on the horse you want to back, whereas the other bookie (Ted & Ned) is on 14-1 or further out. Fred will take your bet at 15-1 and will continue to take other bets until he feels he has taken on enough risk at that price. When his book is full, he will move his price down. Meanwhile, Ted & Ned notice that their prices are not bringing in the business, and move their prices up to equal Freds, or indeed higher, to put themselves on the price. If a bookie takes on too much risk on any one horse, he will lay off the bet among other bookies to share the risks. The whole business is a combination of simple demand/supply economics with a twist of risk.

Market makers work in exactly the same way, moving their prices to encourage buyers and detract sellers and vice versa. Likewise they can partially rebalance their books either by enticing trades by becoming ultra competitive or indeed laying off by selling to another market maker direct.

cheers GF

GF

A great explanation. Thanks very much for that.

Reagrds
Mickeyskint

Goldfinger,

What do you think is going on with Pipex, days and days of buys with sod all movement in the share price, promising results and future and with some sales the price falls rapidly!!!

Do you still predict a good share for the future?

Yes I do Andy. Im beleive Pipex will come good although I have taken my eye off the buys and sells over the last few months.

Short term fluctuations in price dont bother me as I still beleive in the original growth story.

At some time all the dilution that as happened will settle down and we will start to see price rises.

Its just patience that is required, remember this is a business you are investing in and although some look upon it as gambling that is very untrue.

Please just stay cool, you will be rewarded I feel.

cheers GF.

From Growth Company Investor.................


Galliford Try - ADD
Galliford Try, the construction and housebuilding play, is going from strength to strength. Turnover rose 8% to 687m and pre-tax profits were up 32% to 22.7m. Construction provided an operating profit of 4.2m compared to last year's post exceptional lo.......

09/09/2004
A & J Mucklow - REDUCE
West Midlands-based property developer and investor A & J Mucklow produced excellent results for the year to June. Rental income fell from 20.4m to 17.9m but pre-tax profits lifted 34.4% to 13.9m thanks largely to the eight industrial estates and two o.......
09/09/2004

cheers GF.

Morning notes from Killik Brokers..............

News in Brief



Luminar, the bars business had a better August and provides confidence of year end forecasts in a statement out today. Aga Foodservice results are in line with expectations. Ebookers shares trade up 11p to 241p on further thoughts about yesterdays takeover news. BSKYB, highlighted recently as a buy are climbing off the lows of 480p and are back through 500p in early trade. Keep buying.

cheers Gf.

Latest tips from Growth company Investor..................


Oakdene Homes - BUY
Housebuilder Oakdene, offered up a healthy set of maiden interim results. Turnover rose 45% to 7.3m and pre-tax profits clambered 33.5% higher to 2m. Margins also improved from 25.9% to 29.8%. Operating firmly in the south-east of England, the company .......

10/09/2004
Dechra Pharmaceuticals - HOLD
Following a couple of sickly years, veterinary drug venture Dechra looks to have a spring in its step once again. Figures for the year to June revealed record pre-tax profits of 8.1m, lifted 19% from the previous year, on a decent 4% turnover gain to 18.......

10/09/2004
Inter Link Foods - ADD
It's been a busy week for cake manufacturer Inter Link, as it celebrated its 10th anniversary and reshuffled the board. The company's non-executive chairman Jeremy Hamer will become deputy chairman, enabling chief executive Alwin Thompson to step up to th.......


cheers Gf.

Posted about this one before here and it certainly looks worthy of buying or placing on the watch list. Looks a genuine recovery stock after the results today.

Shrewd Tip: top investors back dynamic Aero
Published: 10:07 Fri 27 Aug 2004

By Algernon Craig Hall, Secret Buying Correspondent
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Shrewd investors are beginning to warm to former AIM wonder stock Aero Inventory, which ran into problems last year.

Aero (AI.) provides online procurement of aerospace parts to repair and maintenance firms. Its growth has been rapid and it has signed up a number of the industry's big players as clients since it came to market in 2000. However, the final six months of last year presented its shareholders with a raft of disappointments.


Aero's interim results for the six months to the end of 2003 were hit by rising overheads, contract delays, US dollar weakness and the impact of SARs (severe acute respiratory syndrome) on demand from an important Asian customer.


The catalogue of woes has taken the shares from a 2003 470p high to a today's year low of 290p down 2.5p on the day.


The share price performance paints the picture of a thoroughly unloved stock but a number shrewd investors have actually shown renewed interest in Aero recently.


AAA-rated contrarian investor Patrick Evershed picked up 70,000 shares in July for the New Star Select Opportunities fund New Star Select Opportunities, which took its holding to 250,000 or 1.6% of the 46 million company.


Gartmore's star smaller companies stock picker Gervais Williams has also been buying recently. He has bought 10,000 shares so far this month to take the Gartmore UK & Irish unit trust's Gartmore UK & Irish Small Companies holding to 470,000.


Framlington star Brian Watson has a 450,000 share holding in the Framlington Innovative Growth investment trust (FIT).


The underlying state of the business does not seem as bad as recent trading suggests
External factors have been at the root of a number of the company's problems especially the SARs epidemic, US dollar's weakness and delays to a big contract caused by an external union dispute.


Unfortunately there is the chance tough conditions could persist.


SARs may no longer be in the headlines but a lagged effect on aircraft maintenance could continue to subdue Aero's business with HAECO - linked to Cathay Pacific - in Asia. Another negative is the high oil price, which could cause delays to repair and maintenance spending and could possibly mean fewer flights.


Although there are reasons to be wary, much of Aero's recent plight was down to its reliance on the contract with HAECO.


Aero now has three very significant contracts - with HAECO, SR Technics and FLS Aerospace - which should strengthen the group's resilience once they get up and running. The company also continues to win new business.


When Aero's large contracts kick in next year they should have a marked effect on revenue and profit.


Brokers' consensus forecasts suggest turnover has fallen by 6.6 million to 22.5 million in the year to the end of June 2004 but should jump to 47 million in the current year. Profit before tax in the year just gone is predicted to fall by about 600,000 to 2.25 million before leaping in the current year to 8.25 million as delayed big contracts kick in.


The shares are valued at 28 times forecasts for the year just gone and 7.8 times next year's earnings if the group, despite the difficulties, Aero can meet expectations.

Aero has to build up large levels of stock to support new contracts, which makes growth very cash intensive and to date it has relied on share issues to support its expansion. However, the group has recently extended its borrowing facilities from 10 million to 25 million, which should ensure it can take on new business without issuing shares at the current depressed price.


Full year results are expected on 13 September and should meet expectations despite continued weak trading over the final three months of the year. The weakness has been mitigated by profits from the active trading of inventory held by the group.


Aero appears to still have some difficulties but the longer-term picture is encouraging.


The forthcoming results should give shareholders a better view of how the company is faring but there are unlikely to be many positive surprises. Still shrewd investors appear happy to pay the current price for a company that has made such impressive inroads into its market and should benefit once current troubles are over.


It looks like a good time to tuck some shares away for investors not afraid to take a long term view and possibly suffer a knock following the results. For others Aero looks like a good candidate for the watch list.ENDS

And we have from Killik Brokers this morning this....................

Aero Inventory Final Results



Aero Inventory, the provider of e-based procurement and inventory management solutions to the aerospace industry, has announced its preliminary results for the year ended 30 June 2004. Turnover was 21.1m up 32.8% while pre-tax profit came in at 2.1m, down 26.1% as anticipated in earlier announcements.



After a placing at 400p back in 2003 the shares rose to 460p before have a tough start to 2004. Back in March the group indicated that due to timing issues profit for the year would be below prevailing expectations. The shares got down to around 300p from where they have bounced strongly. These results are encouraging as it appears the disappointment from earlier in the year has not been repeated as can often be the case. The company also said that it has a positive outlook for current financial year underpinned by new contracts, in particular those with FLS Aerospace.



Clearly 2004 will be a black mark on the earnings record of Aero Inventory but looking through this, it still looks an interesting business. If the group can keep to its current forecasts for 2005 and beyond the shares should appreciate from here.



cheers Gf. Made my mind up having some of this action.