Reuters/FTSE100 overlay:
Announcements

Forward Diary

Directors deals.

Longer term chart.

See whether it holds below 3.25 today???

Looking better today....but long way to go!

No position ATM snoball. But good luck, hope you do OK. Still trying to sort my charts out. will post asap. There is a possibility of a new uptrend forming after last couple of days. But its early yet.

LONDON (AFX) - Shares of Reuters Group PLC were lower in midmorning trade
after both Goldman Sachs and Merrill Lynch cut earnings forecasts for the group
ahead of its interim results due out next Tuesday, dealers said.
At 10.47 am, Reuters was down 8-1/4 pence at 333-1/4, while the FTSE 100 was
down 64.2 points at 4,313.1.
Merrill cut its core earnings per share estimate by 7 pct and 2 pct in 2004
and 2005 respectively.
It is disappointing that Reuters is sending out mixed messages -- the
group's bullish outlook statements contain a cautionary tone on its margins,
Merrill noted.
However, in the short term Merrill expects that product momentum, contract
wins and a improving market are evidence that a return to growth remains likely
next year.
Meanwhile, Goldman Sachs is shaving its EPS estimates by 0.9 pct and 2.6 pct
in 2004 and 2005 respectively.
But despite the revision, Goldman remained quite bullish on the group.
Continued positive net sales, a healthy balance sheet and a strategy that is
very much on track are likely to be the themes from its results next week,
Goldman said.
leb/jc

Finally got hosting site going!!! Basically the 200 day MA is the key to where this is going. It looks very bearish, after looking bullish a couple of trading days ago. Tuesday will be decision time. RTR have results in the morning(Tues). If 3.22 doesnt hold on Monday, I will go short below 3.20. If not will wait for results. There will be plenty of time to get on board.
Only my opinion. If results are OK, then 3.60-70 possible medium term to top of downtrend. Thinking about it, will probably wait for results day to take a position.

Looks like RTR is going to hold the 5.22-5 area until results tomorrow.

That could be a promising sign considering the rest of the market
is in decline today...

LONDON (AFX) - Reuters PLC will provide investors with a crucial update on
the slowdown in the decline of its main revenue stream, continuing the
quarter-on-quarter trend of steady progress.
Since the global news and information company has already guided investors
to expect quarterly recurring revenue - a key performance indicator taking into
account the rate customers cancel their subscriptions - to fall 6.0-6.5 pct
year-on-year, the spotlight will be on the outlook for the third and fourth
quarters.
Tom Glocer, chief executive, said in April the slowdown in the rate of
decline would be more gradual in the second half of the year after it improved
to 8.4 pct from 9.8 pct in the previous quarter.
"I don't think it's exactly time to break open the champagne," he told
reporters on a conference call.
And analysts expect more of the same on Tuesday, with pretax profit figures
taking a back seat. They are looking for anything between 115 mln stg and 122
mln after 87 mln stg last year.
"The recent cautious tone from Reuters has offset market optimism that the
group would beat expectations for a fifth quarter in a row," said Johnathan
Barrett, an analyst at Williams de Broe. He is forecasting pretax profit of 121
mln stg in the first half.
Barrett said he is struggling to find any immediate attraction in the
shares, despite the potential for a turnaround in revenue growth.
He cited concern over Reuters' high near-term rating, continuing revenue
decline, outstanding execution risks of the cost savings programme and the weak
outlook for newsflow.
The contraction in core recurring revenue is expected to remain within
company guidance of 6-6.5 pct, a range chief executive Tom Glocer reiterated in
May at an investment conference.
Guy Lammings, an analyst at Cazenove, is looking for recurring revenue in
the core business to fall 6.0-6.5 pct, consistent with company guidance, and
expects third-quarter recurring revenues to fall 5 pct.
Meg Geldens, an analyst at Investec, said: "After recent pull-back of some
of the more optimistic forecasts in the market, the update at the interims will
be crucial to understand how confident we can be in current revenue and margin
projections."
"What is the likelihood of revenue growth in 2005, and is it operationally
geared revenue growth or will it require investment?" she asked in a note.
Geldens is looking for first-half pretax profit of 116 mln stg, up 33 pct
year-on-year.
For Reuters, excluding Instinet, revenue is expected to have fallen 12 pct
to 1.19 bln stg from 1.35 bln stg a year ago.
Geldens is looking for an underlying recurring revenue decline of 5.5 pct in
the full year and 0.7 pct in 2005.
JP Morgan analysts reckon the results will confirm the improving revenue
trend and could positively surprise on margins.
Improvements in the revenue line have been driven by a reduction in the
level of cancellations and good growth in Reuter' 3000Xtra product, they said,
forecasting core recurring revenues to fall 6.3 pct in the first half.
The focus will be on third-quarter guidance, where they look for recurring
revenues to fall 5 pct. And they assume a continuation of the sequential
improvement begun in the fourth quarter of last year.
"We believe there could be some margin upside in the first half given
management's outperformance on cost saving to date and through the expected
beneficial impact of currency movements," the JP Morgan analysts said.
"Longer term we remain neutral and believe that post a possible short-term
rally the stock is likely to tread water as the market focus turns to longer
term issues regarding the company's ability to gain market share and the level
of sustainable industry growth."
oliver.wagg@afxnews.com
ow/slm/

LONDON (AFX) - Reuters PLC reported an improvement in the rate of decline of
underlying core recurring revenues in the second-quarter of the year to 6.2 pct,
within company guidance of 6.0-6.5 pct, and reported better-than-expected
first-half pretax profit.
The year-on-year decline in core recurring revenue improved to 8.4 pct in
the first quarter, from 9.8 pct in the fourth quarter of last year.
Reuters said it expected to improve the rate of decline in this key measure
of performance to 5 pct in the third quarter, and for this to continue to
improve in the fourth quarter.
Meanwhile, first-half pretax profit shot up to 297 mln stg from 44 mln a
year earlier.
Before amortisation of goodwill and intangibles, impairments and disposals,
pretax was 136 mln stg, up from 87 mln a year earlier and higher than the range
of analysts' forecasts of 115-122 mln stg.
The company also raised its estimate for cost savings in 2004 to 230 mln stg
from 220 mln.
Chief executive Tom Glocer said strong earnings in the first half reflect
"sound business performance" at Reuters and Instinet, boosted by profits on
disposals.
"While the external environment in the second quarter was somewhat less
benign than in the first, our increased competitiveness and better sales
discipline mean that we expect to see the recurring revenue trend continue to
improve gradually," he added.
"At the mid point of our three year Fast Forward programme, we are ahead of
schedule.
"We are winning business with our largest customers; our new product line-up
is taking shape; and customer satisfaction is improving."
oliver.wagg@afxnews.com
ow/ab/jc

Right in the middle of a big range. Could go either way. Results look OK on the face of it. So will probably wait to see what the "Boys" think of them.

RNS Number:2469B
Reuters Group PLC
27 July 2004


REUTERS GROUP PLC - INTERIM RESULTS
For the six months to 30 June 2004

27 July 2004 19/04

REUTERS: INSTINET STATEMENT

London - Instinet Group Incorporated (Nasdaq:INGP), the electronic brokerage in
which Reuters Group has a 62% stake, published its financial results for the six
months to 30 June 2004 yesterday, following the US market close.

The following is a reconciliation of the unaudited results for the six months to
30 June 2004 under US GAAP as released by Instinet Group yesterday, to the
numbers that are being reported by Reuters Group under UK GAAP today.

Revenue Profit after taxation
--------------------------- -------- -------------
Per Instinet Group results - US GAAP (US$m) 593 27
Adjustments to UK GAAP
- Soft dollar commission and commission
recapture (113) -
- Interest (3) -
- Investments - 16
- Amortisation of intangibles - 2
- Stock compensation - 1
- Restructuring - (6)
- Tax - (5)
- Other - 1
--------------------------- -------- -------------
Instinet Group results - UK GAAP (US$m) 477 36
--------------------------- -------- -------------
Instinet Group results - UK GAAP (#m) 263 20
--------------------------- -------- -------------

An exchange rate of US$1.81 has been used, being the average for the six months
to 30 June 2004.


Explanation of adjustments

Revenue

A significant part of the adjustment from US GAAP to UK GAAP relates to soft
dollars, primarily relating to the purchase of third party research products,
and payments made as part of Instinet Group's commission recapture services.
Under US GAAP, Instinet Group reports its transaction fee revenue from these
businesses on a gross basis. Under UK GAAP these revenues and costs are not
grossed up but are netted against each other.

The other revenue adjustment relates to net interest income that is not included
as revenue under UK GAAP.

Profit after taxation/net profit

Adjustments to net profit after taxation include impairment of investments,
amortisation of intangible assets, the tax effect of US to UK GAAP differences,
stock based compensation costs, restructuring charges and currency translation
differences.

A summary of Instinet's statement is below and the full press release, including
financial tables, can be found in the earnings release section on Instinet
Group's site at: www.investor.instinetgroup.com.

NEW YORK, July 26, 2004 - Instinet Group Incorporated (Nasdaq:INGP) today
announced net income of $8 million or $0.03 per share for the second quarter of
2004 compared to a net loss of $5 million or $(0.02) per share for the second
quarter of 2003 and net income of $19 million or $0.06 per share for the first
quarter of 2004. The second quarter 2004 results included a $7 million gain
related to the mutual release by Instinet Group, Zone Trading Partners and
affiliated parties of execution obligations, a write-off of fixed assets of $2
million and a severance charge of $4 million. Excluding these items and their
related tax effect, pro forma operating income for the second quarter of 2004
was $8 million, or $0.03 per share compared to a pro forma operating loss of $2
million or $0.00 per share for the second quarter of 2003 and pro forma
operating income of $13 million, or $0.04 per share for the first quarter of
2004.

Edward J. Nicoll, Chief Executive Officer of Instinet Group, commented, "We had
a good second quarter considering weaker U.S. and European equity markets and
our business again returned a profit. Instinet, the Unconflicted Institutional
Broker, added to its Pure Block Trading Solution by introducing its Intra-Day
Cross during the quarter while INET, the electronic marketplace maintained its
25% market share. Despite weak market conditions and a competitive environment,
Instinet Group continues to be profitable while we serve our clients in the most
low cost and efficient way possible while at the same time maintaining our focus
on their interests."

Reuters contacts:

Shorted at 3.18.5 small, will let run a bit.

Out at 16, never any good at long term! Wait to see what happens with 15 level

UBS cut target to 3.55

Sorry David - are you 'out' now? If you are, hope you've not lost cash
on it, I'll stay put for while longer - wish me luck!

I ve been in and out on a daily basis, mainly short so done OK. Hope yours works for you. Mixed bag of Broker views today...

Merrill Lynch Mob...Neutral Reuters, cuts fair value to 375p from 425

GOLDMAN SACHS Outperform Reuters, 'buy on weakness', ups estimates

JP MORGAN- Reuters Upgrades to Overweight from Neutral

Thanks David - I've been holding RTR now for over 2 years - bought in at the
wrong time then (just over 400p) and patiently waiting to exit stage left!
(lol)
But it was a learning curve - I was pretty new to this game then and
made more bad calls then good ones!

Will stay put for break even
(missed one opportunity a while back) and collect miserly divi in meantime!!
Be Lucky and good for you, day to day seems the best way to play this one.

3.25 key battle area now. Been here for over a day. Could well have bottomed out for time being. Hope it gets back to 4 for you, as I will take a humungeous short out. Then we will both be happy!

Very true - I'll add it to the wish and prayer list!!

hi Stockbunny it's me The Chelsea Hare we must have identical portfolio's.

Possible!!! More red then blue today for sure