GLAXOSMITHKLINE UPPED TO 'EQUAL-WEIGHT' FROM 'UNDERWEIGHT' AT MORGAN STANLEY

ASTRAZENECA CUT TO 'EQUAL-WEIGHT' VS 'OVERWEIGHT' AT MORGAN STANLEY

SCOTTISH & NEWCASTLE UPGRADED TO 'HOLD' VS 'SELL' AT DKW

BT GROUP DOWNGRADED TO 'HOLD' FROM 'BUY' BY DEUTSCHE BANK

AFX UK at a glance share guide - 3

MARKETS
Tokyo: Nikkei 225 (midday) 11,939.39 up 39.79
Hang Seng (midday) 14,939.73 up 58.75

BREAKING NEWS - MONDAY
* O2 investor manhandled at AGM to complain to DTI that he was prevented from proposing a valid motion calling for CEO's resignation - Guardian
* New Debenhams terms anger suppliers - Telegraph
* FORUM ENERGY to float on Aim today - Independent
* Murdoch dynasty 'will end', NEWS CORP likely to be broken up on founder's death, says former lieutenant Andrew Neil - Guardian
* Peter Chernin to take over most of Lachlan Murdoch's news at NEWS CORP - FT
* Japanese drugs group TAKEDA gets set for 8 bln stg acquisition spree - Times
* Hewlett-Packard to stop re-selling iPods - FT
* Laxey value fund to quit Dublin for Aim - FT
* UK telecom regulator Ofcom to investigate overseas call costs - Times
* UK alcohol licensing scheme 'in chaos' - FT
* WTO ruling set to peel open EU banana policy - FT

MONDAY PRESS COMMENT
FT
Lex Column: US Adjustable Rate Mortgages (Cheap money fuels housing boom. The withdrawal of easy credit usually signals the end of the party. While the edge of the cliff has not been reached, the drop looks scary); Renewable energy (Fundamentals are improving. Still, at current prices, sun-seekers risk getting burned); UK pensions (it is hard to regulate a problem effectively if you do not define what it is)

Times
Rumour of the Day: AMVESCAP (CI Financial said to be examining potential bid) -- Smaller Stock to Watch: SCREEN TECHNOLOGY (Solid Aim debut expected today)

Independent
Small Talk: WALKER GREENBANK (City charm offensive has impressed a number of private client brokers; aims to build a big presence in the US); MEDIA SQUARE (appetite for growth clearly remains undiminished); DIGITAL CYBERMASTERS (Poor track record in meeting its sales expectations); VOLLER ENERGY (Investors' worry is that hiccups in the development process may cause delays); Directors buying (The ratio of directors buying to selling has spiked suddenly in recent weeks. So much for selling in May and going away)

Express
The Aim Market: BETEX (Ofex-quoted company looking to float on Aim)

Happy anniversary Greystone and thanks for everything.

Good morning all.

NYMEX CRUDE SPIKES BACK ABOVE 61 USD ON REPORT OF KING FAHD'S DEATH