Good morning traders!

Should be some focus on the mobile phone sector today with a trading update from mm02 due out this morning. Vodafone will probably be the one to watch tho.

Off to blighty for the Clitheroe day so no trading for me today.

See some of you tomorrow.

G.

Morning punters. A bit dull here.

Curtailed early morning for me as got things to do.

ACM - smallpox contract
http://www.uk-wire.com/cgi-bin/articles/20040930070000PEC32.html

AWG - no surprises
http://www.uk-wire.com/cgi-bin/articles/20040930070000PF01B.html

OOM - "ahead of previous expectations". H2 expected better
http://www.uk-wire.com/cgi-bin/articles/200409300700044987D.html

TLR - trading profitably, floated in May
http://www.uk-wire.com/cgi-bin/articles/200409300700064999D.html

HFD - decent LFL? Margins slightly off
http://www.uk-wire.com/cgi-bin/articles/200409300700064995D.html

FKI - not the best update. In the price?
http://www.uk-wire.com/cgi-bin/articles/200409300700064993D.html

VP. - nice update, nice chart and would have been long if I'd seen the chart last week. ;-(
http://www.uk-wire.com/cgi-bin/articles/200409300700085021D.html

TGN - another contract
http://www.uk-wire.com/cgi-bin/articles/200409300700085017D.html

HET - AGM statement
http://www.uk-wire.com/cgi-bin/articles/200409300700095025D.html

BGC - could be an "Oops".
http://www.uk-wire.com/cgi-bin/articles/200409300700195072D.html

NGT - mixed?
http://www.uk-wire.com/cgi-bin/articles/200409300700195070D.html

CASH - update as expected?
http://www.uk-wire.com/cgi-bin/articles/200409300700295096D.html

ICAP - in line
http://www.uk-wire.com/cgi-bin/articles/200409300700405127D.html

KCOM - another "we're doing OK"
http://www.uk-wire.com/cgi-bin/articles/200409300700415129D.html

Right, gotta go.

Later!

Morning all.

morning campers,

Morning all.

bit late there druid,its afternoon now , but good afternoon .

Good afternoon daves. Only 7 minutes out though!! lol

From today's Share Mag;-

'UK retail banking shares are cheaper than they should be - according to Merrill Lynch.For a while now we have witnessed a sustained de-rating of UK banks which has punished all stocks across the board.Current market prices lead to two possible conclusions; either that the retail banking sector should be trading at an estimated 2005 p/e ratio of 6.8.representing a 45% discount to the present p/e of 12.2, or that Merrill's forecasts for next year are some 30% too optimistic.
Merrill has an aggregate 2005 p/e target of 9.9 for the largest domestic banks,reflecting 9.8 times for retail banking and 10.0 for the rest of the business.Assuming the latter target figure is right, that gives an estimated actual pe of 6.8 for the retail business.In such a scenario,one can pick up RBOS'retail division at only 5.5 times,Barclays retail and Barclaycard at 7.2 times and Lloyds retail business at 4.8 times.
On current pricing, the market is factoring in a 30% reduction in our 2005 retail estimates which we believe is highly unlikely.
With Barclays and RBS looking the most undervalued , it makes them their core picks.

Improving business momentum and stable credit quality.Merrill thinks the market has not yet taken into account the group's aim to fix the cost underperformance of its retail banking operations nor its ambitions for Barclays Capital,'This coupled with a low rating and increasing likelihood of more substantial capital repatriation into 2005 leaves the stock looking very attractive'

Target price 634p

Not doing the share price much good so far today though, is it.

druid , i have had lloyds for over 2 years now ,3.66 when i bought and i am still waiting to see 5.00 plus share price.


still a 500 plus divi a year helps .

Druid/Dave
Are you expecting the DOW to go belly up?
FTSE seems to have dropped back since earlier..

If I had to make a living on MAM's figures.....I'd go skint.
regards