morning all

Shares in BT Group were reiterated a 'sell' at Merrill Lynch
after the UK's incumbent telecoms operator reported a stronger-than-expected rise in second-quarter profits, dealers said.


C&W DOWNGRADED TO 'HOLD' FROM 'BUY' BY CITIGROUP SMITH BARNEY

Prudential, confirmed strong support for its 1bn rights issue today with the announcement that it has received valid acceptances in respect of 310,221,770 new Prudential shares, representing approximately 92% of those offered.

Morning all just come over from 'the other side' to take a look and check some functionality, must say the news feed is very good...

I assume the main traders are in the traders room, so will have to dig deap to find a fiver!!!

Welcome bigmolly, I think you will find we are a decent bunch here :-) If you day trade CFDs, then the Traders' Thread is interesting. Some people post on both. MAM have just offered us a free trial of Level 2 but I think that has expired now - perhaps if you e-mailed them directly, they may give you a go and that would give access to the Traders' Thread before you have to dig deep for that fiver!!!

bigmolly - Trader traffic in here varies a lot but it it always busy and buzzing in the Traders Room. ;-)

UK and European brokers' recommendations issued today, as collated by AFX News from a range of market sources.


CITIGROUP SMITH BARNEY
Downgrade Hold from buy C&W, target 118 pence -- Upgrade buy from hold Deutsche Telekom -- Reiterate Hold Delhaize, ups target to 56 eur from 45 -- Hold DIS, ups target to 27 eur from 24 -- Hold Epcos, cuts target to 13.75 eur from 15.0 -- Hold Sampo, ups target to 9.6 eur from 9.1 -- Sell Scottish Power, cuts target to 385 pence from 395 -- Hold Swisscom, ups target to 430 sfr from 400

DEUTSCHE BANK
Food Manufacturing note: Downgrade Hold from buy Unilever, cuts targets to 500 pence/50 eur from 550 pence/55 eur; Downgrade Hold from buy Nestle, cuts target to 320 sfr from 400 -- Downgrade Hold from buy ProSieben, cuts target to 15 eur from 18 -- Upgrade Hold from sell Loewe, ups target to 6.0 eur from 3.5 -- European Focus List: Add Michelin (Buy, target 55 eur); Add Reuters (Buy, target 455 pence) -- Reiterate Buy Atos Origin, ups target to 60 eur from 55 -- Hold VT Group, ups target to 270 pence from 245 -- Hold Delhaize, ups target to 57 eur from 47 -- Hold Jenoptik, ups target to 7.9 eur from 7.35 -- Hold Telefonica Moviles, cuts target to 9.0 eur from 9.3

CSFB
Downgrade Neutral from outperform Capitalia -- Reiterate Outperform Fraport, ups target to 30.4 eur from 29.0

MORGAN STANLEY
Upgrade Equal-weight from underweight C&W, ups target to 125 pence from 105 -- Upgrade Overweight from equal-weight Schering, ups target to 59 eur from 44, raises estimates -- Reiterate Overweight Vodafone, ups target to 175 pence from 173

MERRILL LYNCH
Upgrade Neutral from sell CSR -- Upgrade Buy from neutral Warner Estate, target 510 pence -- Initiate Neutral Admiral, fair value 300 pence -- Reiterate Neutral Royal & Sun, cuts fair value to 80 pence from 82

ABN AMRO
Downgrade Add from buy Deutsche Boerse -- Downgrade Add from buy Telecom Italia

CAZENOVE
Downgrade In-line from outperform Royal & Sun

UBS
Upgrade Buy from neutral Crest Nicholson, target 405 pence -- Upgrade Neutral from reduce Actelion

JP MORGAN
Upgrade Overweight from neutral Vinci

EVOLUTION SECURITIES
Upgrade Buy from add Dixons

PANMURE GORDON
Downgrade Hold from buy Allied Domecq, target 550 pence -- Downgrade Hold from buy Punch Taverns, target 620 pence

WILLIAMS DE BROE
Downgrade Hold from buy RAS

SEYMOUR PIERCE
Downgrade to Underperform Barratt Developments

CAI CHEUVREUX
Downgrade Underperform from outperform C&W, target 125 pence -- Downgrade Underperform from outperform Capitalia, cuts target to 3.2 eur from 3.3, switch to Banca Intesa -- Reiterate Outperform Rational, ups target to 71.5 eur from 60.0 -- Outperform Delhaize, ups target to 60 eur -- Underperform GIFI, cuts target to 35 eur from 45 -- Outperform Randstad, ups target to 33 eur from 30 -- Underperform Richemont, ups target to 37 sfr from 36

ALTIUM SECURITIES
Reiterate Add Northgate, ups target to 785 pence from 770

SANFORD BERNSTEIN
Downgrade Maret Perform from outperform BNP Paribas

LEHMAN BROTHERS
Initiate Underweight Adecco, target 53.3 sfr

The Parrot
==========

David received a parrot for his birthday.

This parrot was fully grown with a bad attitude and worse
vocabulary. Every other word was an expletive (curse word).
Those that weren't expletives were, to say the least rude.

David tried hard to change the bird's attitude and was
constantly saying polite words, playing soft music, anything he
could think of to try and set a good example.

Nothing worked.

He yelled at the bird and the bird got worse.
He shook the bird and the bird got more angry and more rude.
Finally, in a moment of desperation,
David put the parrot in the freezer.

For a few moments he heard the bird squawking, kicking, and
screaming, then suddenly there was quiet. David was frightened
that he might have hurt the bird and quickly opened the freezer
door.

The parrot calmly stepped out onto David's extended arm and
said: "I'm sorry that I might have offended you with my language
and action and I ask your forgiveness.
I will endeavor to correct my behavior."

David was astonished at the bird's change in attitude and was
about to ask what had made such a dramatic change when the
parrot continued:

"May I ask what the chicken did?"

Bought some more TCSC. Good solid northern stock. On the move again.

Afternoon all,

BT.A a sell, and the price goes up!

The parrot joke was very funny!

Lol! (at the parrot)