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U.S. stocks tumbled back on profit taking after reaching 2-1/2 year highs despite upbeat earnings reports. Northern Rock mortgage bank said full-year profit rose 18.6 percent, beating expectations, Profit rose to 386.8 million pounds from 326.2 million a year earlier. Analysts expected profit of 377.1 million pounds Ryanair says full-year results are likely to be hit by a further fall in average fares, as it posts a 10 percent rise in underlying third-quarter profit. Jarvis says it has suffered delays in several of its projects, which will have an impact of around 12 million pounds in the current financial yea Vodafone said it had won 4.3 million new customers in the key Christmas quarter, topping most market expectations.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Northern Rock (F) PBT 367m exp. ML Laboratories (F), Halladale Group (I), Fairbriar (F) RM Group (Update), Thirdforce (Update), TriVest VCT (Update)Vodafone Q3 Key Performance Indicators 09:30 Institute for Fiscal Studies green budget 14:30 Dec BBA mortgage lending data	Altria Group (Q4), Sealed Air (Q4), PPL (Q4),nocoPhillips (Q4), Allergan (Q4), AMBAC Financial Group (Q4), Amerada Hess (Q4), C R Bard (Q4), Chiron (Q4), PerkinElmer (Q4), Hershey Foods (Q4), International Flavors and Fragrances (Q4), Kerr-Mcgee (Q4), LSI Logic (Q4), Leggett and Platt (Q4), McCormick & (Q4), Tupperware (Q4), The Hartford Financial Services Group (Q4), Veritas Software (Q4), Norfolk Southern (Q4), Xcel Energy (Q4), Pulte Homes (Q4), Exelon (Q4), Reebok International Ltd (Q4), St Jude Medical (Q4), Tribune (Q4), WM Wrigley Jr (Q4), AOL Time Warner (Q4), Praxair (Q4), Wellpoint Health Networks (Q4) 13.30 Dec Durable Goods Orders 2.0% exp. 15.00 Dec New Home Sales 1100k exp. 19.15 FOMC rate Announcement	Carrefour SA (F), Klepierre (F), TF1 (FR) Saint-Gobain (FR)
Ex Dividend: Bespak (7), DTZ Holdings (2.25), De Vere Group (7.7), Dixons (1.66), FKI (1.5), ICAP (8.5), ITE Group (1.1), Stanley Leisure (2.75), Xansa (1.08)

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off subject.
the vote last night.
in america it's government for the people by the people.here government by the party for the party,no free vote.

Morning All

Morning all

Is it my imagination - or have the volumes dropped?

Not looking like a day I want to trade.

nothings moving on my stocks today,opened and stopped dead.

Things certainly are now getting interesting

Seems to have stopped dead again - as if trying to decide which direction it is going to go

Both DJ & FTSE are moving sideways in a very narrow range. I've reduced my positions on both as I don't have any idea if it will do anything. (I think yesterday both dived after a couple of hours - but there are no guarentees that it'll do the same today).

I've just been reading the TATE report and I don't think its as bad as "first impression"! May go long on this one.

Subject: Stocks
Date: Wed 28th Jan 2004 10:02:56
Country: United Kingdom
Industry:
AFX at a glance - Today's UK, European broker recommendations

LONDON (AFX) - UK and European brokers recommendations issued today, as collated by AFX News from a range of market sources:


ABN AMRO
Upgrade Buy from add Northern Rock

DRESDNER KLEINWORT
Downgrade Sell from hold Scottish & Newcastle, target 350 pence -- Downgrade Hold from buy Jarvis -- Downgrade to hold Ryanair -- Reiterate Buy Telenor, ups target to 56 eur from 39 -- Reduce Smiths Group, cuts target to 610 pence from 640 --

GOLDMAN SACHS
European Biotech review; Downgrade Underperform from in-line Crucel; Downgrade Underperform from in-line Medigene; Upgrade Outperform from underperform GPC Biotech

HSBC
Upgrade Add from reduce Pennon -- Upgrade Add from reduce Balda

CAZENOVE
Downgrade Reduce from hold Ryanair

DEUTSCHE BANK
Downgrade hold from buy Amvescap, ups target to 410 pence from 440, preview -- Downgrade Hold from buy Ordina, cuts target to 11.9 eur from 12.4 -- Downgrade Hold from buy Capio, cuts target to 55 eur from 60, preview -- Downgrade Sell from hold Telelogic, target 14 skr, valuation call -- Reiterate Hold ARM Holdings, ups target to 105 pence from 95 -- Buy FKI, ups target to 145 pence from 130 -- Hold Swiss Re, ups target to 199 sfr from 194 -- Buy SCA, ups target to 350 skr from 320 -- Buy Lindt & Sprungli, ups target to 1,250 skr from 1,200, ups estimates -- Hold ABN Amro, ups target to 19.5 eur from 19.3, preview -- Buy Essilor, ups target to 48 eur from 44

JP MORGAN
European Model Portfolio: Remove Allianz, SKF and Tesco; Add British Airways, Barclays and Metro -- Reiterate Neutral Carrefour, cuts fair value to 42 eur from 47 -- Overweight SKF, ups fair value to 320 skr from 310, raises estimates

CSFB
Upgrade Outperform from neutral Porsche, ups target to 520 eur from 450 -- Downgrade Underperform from neutral L&G, cuts target to 95 pence from 129; Downgrade Underperform from neutral Friends Provident, cuts target to 117 pence from 149 -- Italian Publishers review: Reiterate Mondadori, ups target to 9.1 eur from 7.7, 'top sector pick'; Neutral Espresso, ups target to 4.6 eur from 3.6; Neutral RCS, ups target to 2.5 eur from 2.4 -- Italian Cement review: Reiterate Outperform Buzzi, ups ord. share target to 11.2 from 10.9, 'top pick'; Neutral Cementir, ups target to 2.9 eur from 2.8; Neutral Italcementi, ups target to 11.5 eur from 11.1; Outperform Italcementi RNC, ups target to 8.1 eur from 7.8; Underperform Ciements Francais, ups target to 54.6 eur from 51.5

UBS
Reinitiate Neutral Alcatel, target 14 eur -- Downgrade Neutral from buy Georg Fischer, target 265 sfr, valuation call -- Downgrade Reduce from neutral Berna Biotech, cuts target to 12.6 sfr from 15.0 -- Reiterate Neutral Lindt & Sprungli, ups target to 12,000 sfr from 11,000 -- Reduce Wanadoo, ups target to 5.5 eur from 5.0 -- Neutral Travis Perkins, ups target to 1,445 pence from 1,330 -- Buy Carillion, ups target to 205 pence from 185

WESTLB
Downgrade Neutral from outperform Heidelberger Druck, target 34 eur, prefer Koenig & Bauer -- Upgrade to Buy Balda, ups target to 8.1 eur from 7.0 -- Reiterate Neutral Jenoptik, ups target to 10.0 eur from 9.5 -- LogicaCMG target upped to 375 pence from 300

PANMURE
Upgrade Buy from neutral Allied Domecq, ups target to 470 pence from 395; Downgrade Sell from neutral Scottish & Newcastle, target 335p; Downgrade to Sell Heineken, cuts target to 27 eur from 32; Reiterate Sell SABMiller, ups target to 490 pence from 455 -- Upgrade Neutral from sell Domino -- Upgrade Buy from hold Turbo Genset, target 50 pence -- Buy Vanco, ups target to 400 pence from 200 -- Buy XP Power, ups target to 300 pence from 240

CITIGROUP SMITH BARNEY
Upgrade Buy from hold Imperial Tobacco -- Upgrade Hold from sell Infineon (intraday yesterday) -- Downgrade Hold from buy AT&S

MERRILL LYNCH
Upgrade buy from neutral Serono, fair value 1,100 sfr -- Initiate Sell Amadeus GTD, fair value 5.4 skr -- Reiterate Buy Shire Pharmaceuticals, ups target to 600 pence from 525 -- Buy ACS Dragados, ups target to 55.0 eur from 49.6, valuation call -- Buy Finmeccanica, ups target to 0.91 eur from 0.76

LEHMAN
Reinitiate Underweight Seat Pagine Gialle, target 0.84 eur -- Reiterate Overweight Amvescap, cuts target to 515 pence from 580, preview -- Equal-weight Veolia Environnement, ups target to 19.8 eur from 17.3 -- Underweight Nicox, ups target to 3.0 eur from 2.0 -- Equal-weight ARM Holdings, ups target to 145 pence from 140

WILLIAMS DE BROE
Downgrade Sell from hold easyJet
jmh/ak

Afternoon all,

Just logged on. Had a miserable morning at the dentist, still
got a 'dead' face. Good job I'm writing instead of speaking,
I sound like I'm drunk. :-(

I agree, yet again, with TP, with the rallys been sold at the moment.
As posted yesterday, stuff seems to be churning to me. Lots of
frenetic energy being expended for very little movement.

4480 has held as a top for 3 days now. 4430 seems to be where some
dip buyers are coming in, but if DOW goes down today I feel that will
all change as 4380/4400 comes under attack. As posted previously,
4430 is important to swing traders as it marked the previous swing low.
A break of that, that is not recovered smartish, will be significant IMHO.

I will watch for a while whilst I try and get some feeling back into
my face, and spark the few little grey cells left back into life. ;-)

Melnibone.

Afternoon all:
Melnibone:
I know the feeling from the dentist - i was there two weeks ago for extraction and then trying to trade under the effects of lignocaine.

I am long dow at the moment and in positive territory.Going to make a fast exit as things develop.The durable goods figs are unchanged and the FOMC meeting greenspan talking 19.00-19.50 gmt.-regarding int.rates etc.

I had a good earner on the cable/usd which i held onto for two days.The trends are more relaible imho. Less stressful than the dow.Also while waiting for the trades to present themselves these fx trades are in play.
Currently short Usd/CAD.

rgds
zarif

Cheers Zarif,

Glad your Forex trading is going well, never tried it, CMC
quote it on my trading platform so I may look into it.

Melnibone.

pop and drop Us day imho!

I hope so TP,

Got to be wary of Thu/Fri though, last two trading days of
the month for US fund managers to put this month's money
to work.

Looking to next week for any real direction.
General feeling seems to be building that we get a retracement
soon. Market looking tired IMHO.

Melnibone.

Fed has given the markets the reason it's been looking for
to take profits and retrace.

They've removed the 'Considerable period of time' wording
for holding rates low.

Should get some good shorts now, traders will be actively looking
to sell the pops rather than buy the dips.

Interesting day ahead on the ftse tomorrow. :-)

Melnibone.

anyone got any ideas as to why this one has been steadily climbing by about 20% in last 3 or 4 wks

piston
looks like you were ahead of the game a bit...strongly rumoured that Bradford and Bingley are coming in with an offer for NRK (see Times On Sunday on 19th Feb). What a brilliant solid share this one is. Steady gains, fantsatic divis and now maybe a takeover

good luck