OUTLOOK Housebuilder trading updates seen hitting sector confidence furtherOUTLOOK Marks & Spencer seen reporting solid ChristmasTokyo shares close firmer on bargain-huntingTFN economic and business calendar

TFN UK calendar and forecasts for today

London shares outlook - lower after NY drop; Persimmon, Marks & Spencer in focus

Thomson Financial UK at a glance share guide

STOCKWATCH Marks & Spencer set to fall as much as 5 pct after 3Q disappointment

Marks & Spencer (MKS) reported like for like sales down 2.2% versus analyst expectations of a 1.1% rise, and trading conditions will remain tough. They would like a 50bp rate cut. Food sales were surprisingly down 1.5%. Cantor are bravely calling it only 2-3p lower but GFT are saying 5% down. Evolution have downgraded MKS.

Persimmon (PSN) reported home completions down 5% and forward sales down 14% but that they are in line with expectations.

Computacenter (CCC) expect to be marginally ahead of consensus.

Among the small caps, 'under possible offer' Eckoh (ECK) have signed a new five year deal with Northern Ireland Electricity. Meldex (MDX) say they will launch seven new products in Q1. Chip designer Arc International (ARK) are headlining a 20% YoY revenue increase but they have delayed contracts and the EBITDA loss will be higher than expected. The only Japanese company listed on AIM, though possibly not for long, Secure Design (SDKK), have announced 'very poor trading' due to retirements in the sales team... they will update again soon with details of their short-term cash facilities and funding options going forward. Corin Group (CRG) are employing an ex-Smith & Nephew man as their CEO, and William Ransom (RNSM) have also got a new CEO after their recent troubles.

In addition to the Evolution MKS downgrade, ITV downgraded to sell from hold with a 75 target by Deutsche Bank. Sage (SGE) have been downgraded to underperform from neutral by Credit Suisse in a sector note - so there are probably recommendations on other stocks out there today. Imperial Energy (IEC) has been added to Merrill Lynch's Europe 1 List with a 2400 target. UBS have also upgraded IEC with a 1900 target. Tullow (TLW) has been upgraded to neutral by UBS, Cairn's (CNE) price target has been upgraded by Credit Suisse.

The FTSE is currently being called down 48 at 6,308 by CMC. Dow futures are currently being called up 75 at 12,664 after yesterday's 238 point loss. Asia has been surprisingly strong though, with the Nikkei, Hang Seng, KOSPI, Shanghai and Singapore all positive.

BROKERWATCH Sage cut to 'underperform', Misys raised in Credit Suisse reviewTokyo shares close firmer on bargain-hunting - UPDATE

FWIW,
For short term traders out there, I think the MKS sell off is hugely overdone, and there may be some good short term money to be made on the bounce.
Knee jerk????

STOCKWATCH Xstrata lower, reverses earlier gains from Anglo American bid rumoursSTOCKWATCH Sainsbury lower amid rumours Tchenguiz could be forced to sell stakeBROKERWATCH Legal & General cut to 'Underperform' from 'Market Perform' by KBWSTOCKWATCH Persimmon down after update; Dresdner Kleinwort cuts to 'reduce'BROKERWATCH S&N upped to 'add' vs 'hold' at Dresdner Kleinwort, tgt 800p vs 760STOCKWATCH BP down on talk guiding estimates down; Merrill cuts FY EPS UPDATECORRECTION BROKERWATCH UK healthcare sector targets raised at Credit SuisseSTOCKWATCH Marks & Spencer plunges 19 pct on Q3 weakness; trio of downgradesUS futures manage a meek advanceUK small caps stay low at midday; Secure Design KK slumps on FY sales warning

BROKERWATCH Marks & Spencer upgraded to 'buy' from 'add' by Dresdner Kleinwort

Midday Market Roundup

Precious Metals Summary - London AM Fixings

London shares - midday features

STOCKWATCH Impresa outperforms on news TV arm in talks to sign hit TV show

Metals - Gold dips on profit taking midafternoon after earlier record high

FOCUS BoE rate setters under unprecedented pressure to lower ratesLondon shares - midafternoon features

Precious Metals Summary - London PM Fixings

TFN economic and business calendar to Wednesday Jan 23

UK small caps close on session low; Secure Design top faller on FY sales warning

End-of-day Market Roundup