Evening all,

I see the US don't celebrate Easter Monday!

Good morning traders!

The US had a positive day yesterday with news of the biggest tech buyout ever, falling oil prices, a stronger dollar and arguably oversold conditions lifting stocks from the opening bell.

Underpinning the positive sentiment at the open was news that a consortium of seven private-equity firms plan to acquire SunGard Data Systems for about $10.8bn.

The Dow closed up 42.78 points at 10,485.65 with the Nasdaq Composite 1.46 points better at 1,992.52 and the S&P500 2.86 points up at 1,174.28.

In Asia overnight both the Nikkei and Hang Seng have been trading heavily in arrears.

Off to find some UK news....

Happy trading!

G.

EGG UPGRADED TO 'EQUAL-WEIGHT' FROM 'UNDERWEIGHT' BY MORGAN STANLEY

PILKINGTON UPGRADED TO 'EQUAL-WEIGHT' FROM 'UNDERWEIGHT' BY MORGAN STANLEY

MARKETS (March 28)
FTSE 100 closed
FTSE 250 closed
DJIA 10,485.60 up 42.70
Nasdaq Comp 1,992.52 up 1.46
S&P 500 1,174.30 up 2.90

BREAKING NEWS
* Office of Fair Trading examining whether Europe's largest stock exchanges are effectively monopolies, in a development that could delay any takeover of the LONDON STOCK EXCHANGE for several months - FT
* The 11.3 bln usd sale of SunGard Data Systems, the US technology group, to a seven-member private equity consortium expected to become a model for future deals, as the largest buy-out groups join forces to clinch big takeovers - FT
* BALFOUR BEATTY's Hong Kong partner Gammon wins a 175 mln stg contract to build the Venetian Macao Tower, a hotel and casino for the glitzy Las Vegas group - FT
* VISUAL DEFENCE, a company that provides digital surveillance technology to airports and the military, planning to float on AIM next month with an estimated valuation of 72 mln stg - FT
* AON's 190 mln usd settles commissions inquiry; world's second-largest broker reaches agreement with Eliot Spitzer over allegations of conflictas of interest on fes - Telegraph

TUESDAY PRESS COMMENT
FT
THE LEX COLUMN comments on SunGard deal, mergers and acqusitions market, Livedoor/Fuji TV, European chemicals
Times
RUMOUR OF THE DAY: Shortlist of bidders for MTS, the electronic trading platform, understood to have expanded to include REUTERS, the media group - SMALLER STOCK TO WATCH: FONEBAK, which recycles mobile phones, makes its debut on AIM this week after raising 5 mln stg in an issue that is set to value the company at 24 mln stg
Independent
Small Talk: Stephen Foley comments on cash shells

Morning all.

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


CAZENOVE
Upgrade In-line from neutral Rentokil Initial

JP MORGAN
Upgrade Neutral from underweight TeliaSonera -- Initiate Overweight Immobiliare Grande Distribuzione, target 1.90 eur

UBS
Upgrade Buy from neutral Centrica, ups target to 300 pence from 275 -- Reiterate Neutral WPP, ups target to 605 pence from 580 -- Neutral Brambles, ups target to 300 pence from 283 -- Neutral Topps Tiles, cuts target to 190 pence from 265 -- Buy Getronics, cuts target to 2.40 eur from 2.50 -- Neutral FirstGroup, cuts target to 350 pence from 360

MERRILL LYNCH
Upgrade Neutral from sell TeliaSonera -- Downgrade Neutral from buy Sodexho Alliance, target 25.54 eur, valuation call -- Downgrade Neutral from buy Gecina -- Reiterate Buy O2, adds to Europe 1 List -- Neutral Marylebone Warwick, ups NAV estimate to 115 pence from 99 -- Buy Capital & Regional, ups target to 840 pence from 790 -- Buy BNP Paribas, raises target to 62 eur from 59 -- Buy Akzo Nobel, raises target to 38 eur from 35 -- Sell Autogrill

DEUTSCHE BANK
Upgrade Buy from hold Red Electrica

MORGAN STANLEY
Upgrade Equal-weight from Underweight Pilkington, ups target by 14 pct to 108 pence -- Upgrade Equal-weight from Underweight Egg, ups target to 125 pence from 90 -- Resume Overweight Deutsche Boerse

CITIGROUP SMITH BARNEY
Upgrade Buy from hold Nestle

WESTLB
Downgrade Neutral from outperform AP Moeller Maersk -- Upgrade Outperform from underperform Depfa, ups target to 13.5 eur from 11.0 -- Downgrade Underperform from neutral Pfeiffer Vacuum, target 35.5 eur

LEHMAN
Reiterate Equal-weight Scor, ups target to 1.65 eur from 1.50

CSFB
Reiterate Underperform Generali, ups target to 25.6 eur from 24.5

London shares - midmorning features

FTSE 100 risers
Rentokil Initial 165-1/4 up 6-1/4
PurusCo bid for ISS excites; 'in-line' from 'underperform' - Cazenove
Scottish & Newcastle 480-1/2 up 10-3/4
Talk of 600 pence-a-share bid from SABMiller
Centrica 227 up 1-3/4
'Buy' from 'neutral' on valuation grounds - UBS
EMAP 839 up 6
Trading update tomorrow
Standard Chartered 950 up 2-1/2
Barclays bid speculation; Teather & Greenwood 'buy'
Tate & Lyle 545 up 4-1/2
Trading in line with expectations; Williams de Broe 'buy'
HBOS 821-1/2 up 6
Buys back 500,000 shares at 816.4 pence apiece

FTSE 100 fallers
BAE Systems 258 down 3-3/4
Profit-taking
BAA 586 down 5-1/2
'Hold' but could take some profits - Williams de Broe
WPP 607 down 3
UBS targets 605 pence
Next 1,610 down 22
CSFB cuts estimates
J Sainsbury 291-1/2 down 1-1/2
Goldman Sachs cuts estimates

FTSE 250 risers
Egg 116-1/2 up 2
'Equal-weight' from 'underweight with 125p target - Morgan Stanley
Burren Energy 517 up 5
Full-year results due next Monday
VT Group 313-3/4 up 1/2
In-line trading update; Numis/Williams de Broe/Arbuthnot/Panmure positive
Luminar 495 up 1-1/2
Arbuthnor reiterates 'buy' with 630 pence target
Ultra Electronics 743 up 5
To buy Horizon Aerospace's cockpit instrumentation business; Arbuthnot 'buy'

FTSE 250 fallers
London Stock Exchange 460 down 14
OFT probe could delay any takeover
WH Smith 346-1/2 down 9
High street spending worries
Whatman 244 down 3-1/2
Full-year results due Tuesday April 5
Somerfield 204-3/4 down 2-1/4
Awaiting bid developments
Pilkington 115-1/2 down 1
Morgan Stanley targets 108 pence

Other risers
Triple Plate Junction 45 up 4-1/2
Vietnamese licences award
Retail Stores 250 up 25
Sales showing strong growth; debt reduction moves; interims
XKO Group 83 up 7-1/2
Co to focus on software operations following disposal
Avesco 102-1/2 up 7
Mail on Sunday comment on fund manager's stake buying
Deal Media Group 2-1/2 up 3/4
Move to profit in year ended December
Hambledon Mining 8.62 up 0.37
5 mln stg placing completed
Intec Telecom Systems 68 up 3
New chairman

Other fallers
Longbridge 14 down 7-1/2
Accounting policy revision results in 2004 losses of 660,000 stg
Scott Tod 34 down 5-1/2
Disappointing interims
Jarvis 15-1/4 down 1-3/4
Dilution threat; secures additional short term financing
Ottakar's 258-1/2 down 4
LFL sales for 7 weeks to March 19 down 1.6 pct; FY results
First Calgary 845 down 90
Bidders raise concerns about steep price tag - Sunday Telegraph

Good to have you back Digger. :-)

Thanks for all the news...