Shell (RDSA) is being sued for polluting Houston, but BP. has been cleared of polluting Kansas.

YELL has been downgraded to sell from neutral at UBS with a target of 330 versus 430. Liberty International (LII) has been downgraded to underperform from neutral by Credit Suisse, who have also downgraded the European telecoms sector to market weight from overweight.

Hochschild Mining (HOC) has announced in-line Q4 production figures which they are calling 'strong', but 2008 gross margins will be lower than current expectations. More deals for Autonomy (AU.), and they're potentially big ones, this time with EMC and Oracle. Domino's Pizza (DOM) are reporting they will beat expectations.

Amongst the small caps the Telegraph reports that a Portugese bank has taken a 10% stake in stock broker Evolution (EVG). nCipher (NCH) say they are trading in line. Jessops (JSP) are still talking lower sales and while Christmas trading was regarded as an 'encouraging step' much work remains to be done. VYKE are claiming strong growth in their trading update. Topps Tiles (TPT) are still reporting growth but the market is slowing and not just in the UK. European Nickel (ENK) have reported a significant increase in mineral resources.

FTSE is currently being called up 13 at 6,349 by CMC. Dow futures are currently being called up 3 at 12,830.

TFN UK calendar and forecasts for today

BROKERWATCH Johnston Press cut to 'sell' vs 'neutral' at UBS; price target 225pBROKERWATCH Yell cut to 'sell' vs 'neutral' by UBS; price target cut to 330pBROKERWATCH Liberty International cut to 'underperform' at Credit SuisseUK smallcap opening - Glen Group higher on 2.5 mln stg sale completion

UK smallcap opening - Silanis International slumps as warns of poor FY numbers

UK smallcap opening - Ascent Resources drops on disappointing update

BROKERWATCH European telecoms cut to 'market weight' at Credit SuisseUK smallcap opening - Univision Engineering boosted by 4.2 mln stg contract winUK smallcap opening - Just Retirement down as FY new business value below hopes

UK smallcap opening - Alexon Group tops smallcap risers on FY pretax profit hope

UK smallcap opening - Business Direct up on 6-year order win

London shares open higher, miners strong on higher commodity pricesUK smallcap opening - Landore Resources gains as it completes drill programme

STOCKWATCH Trigano higher as Q1 sales beat forecasts

BROKERWATCH Reed Elsevier target cut to 15.50 eur vs 16.50 at SNS; stays 'buy'London shares open higher

BROKERWATCH Persimmon and Taylor Wimpey cut to 'sell' from 'hold' at ABN Amro

UK small caps open higher; Univision Engineering top on 4.2 mln stg contract win

STOCKWATCH Eni higher as investors await Kashagan final deal

BROKERWATCH ABN Amro ups oil forecasts; lifts Royal Dutch Shell p/t to 2,400p

Metals - Gold hits all-time high above 875 usd on weak dollar, oil reboundMetals - Copper up as funds rebalance indices, dollar weakness prompts buying

OUTLOOK Premier Foods to confirm on track to meet FY expectations

STOCKWATCH SMG shares lower; SG cuts to 'sell'; ABN Amro cuts price targetBROKERWATCH Ipsos, Pearson added to Merrill's list of preferred media stocksMetals - Copper up as funds rebalance indices; dollar weakness UPDATELondon shares - midmorning features

STOCKWATCH Heineken lower as market awaits next step in S&N bid battleMetals - Gold hits all-time high above 875 usd on weak dollar, oil bounce UPDATE

STOCKWATCH Vodafone up as Morgan Stanley hikes price target to 215 pence