If Bt has bought back 2million 5 thousand shares to day. How come it shows on trades as a sell?

Skinny's fish is currently looking like shark bait!

Talking of Skinny, where is he?

27 Jan Haitong Securities Under Review 305.80 - - Under Review
27 Jan Deutsche Bank Sell 305.80 325.00 325.00 Reiterates

StockMarketWire.com
BT Sport has confirmed that it will remain the exclusive UK home of all UEFA Champions League and UEFA Europa League football.

Following a competitive auction process, BT has secured the rights until the end of the 2020-21 season that for the first time brings together exclusivity across all live games, highlights and in-match clips of both competitions.

BT said: "The UEFA Champions League is set to be even stronger from 2018/19, with a minimum of four participating teams now guaranteed from each of England, Spain, Germany and Italy, resulting in more games between the top European teams.

"Fans will also be able to enjoy UEFA Champions League 'double header' nights, as live matches will kick off at both 6pm and 8pm during the Group Stage.

BT said it woud continue to show UEFA matches using the latest broadcast innovation and technology, with games made available in 4K ultra high definition with Dolby Atmos sound, and via its the award-winning BT Sport App.

BT consumer chief executive John Petter said: "We are delighted to have renewed these rights.

"The UEFA Champions League and UEFA Europa League are two of the best competitions in the world and we would like to thank UEFA for choosing us as their exclusive broadcast partner in the UK.

"The UEFA Champions League is due to get even stronger and we are delighted that fans will be able to enjoy two live matches a night for the first time."

Goldman Sachs today downgrades its investment rating on BT Group PLC (LON:BT.A) to neutral (from buy) and cut its price target to 360p (from 370p).

BT AND OFCOM REACH AGREEMENT ON FUTURE GOVERNANCE OF OPENREACH

Openreach to be a legally separate company within BT with its own Board

Around 32,000 employees to transfer once pension arrangements are in place

Openreach Limited to have its own brand without the BT logo

BT and Ofcom have reached agreement on a long-term regulatory settlement that will see Openreach become a distinct, legally separate company with its own Board1, within the BT Group. The agreement is based upon voluntary commitments submitted by BT that the regulator has said meet its competition concerns.

Once the agreement is implemented:

· Around 32,000 employees will transfer to the new Openreach Limited following TUPE consultation, and once pension arrangements are in place.
· Openreach Limited will have its own branding, which will not feature the BT logo.
· The Openreach CEO will report to the Openreach Chairman with accountability to the BT Group Chief Executive with regards to certain legal and fiduciary duties that are consistent with BT's responsibilities as a listed company.

Openreach, which builds and maintains the tens of millions of copper and fibre lines that run from telephone exchanges to homes and businesses across the UK, will assume greater independence under its own Board of Directors.
The agreement is intended to be comprehensive and enduring, helping to ensure the UK telecommunications market remains one of the most competitive in the world. Hundreds of telecoms companies already use Openreach and its national network on an equivalent basis, and many others are competing with them. That will continue with enhanced safeguards to ensure all of Openreach's customers are treated equally.
Gavin Patterson, BT Chief Executive, said: "I believe this agreement will serve the long-term interests of millions of UK households, businesses and service providers that rely on our infrastructure. It will also end a period of uncertainty for our people and support further investment in the UK's digital infrastructure.
"This has been a long and challenging review where we have been balancing a number of competing interests. We have listened to criticism of our business and as a result are willing to make fundamental changes to the way Openreach will work in the future."

The market likes that, up nearly 4 1/2%!

Hmmm.... which presumably means that Openreach was a bit of a millstone around BT's neck?
Which makes Openreach very unattractive as an investment.

Goldman Sachs input:
1 ) We would not expect a legally separate Openreach to make materially different strategic or investment decisions compared to if it were a legal part of BT. Crucially, we believe Openreach, as a legally separate entity, will continue to prioritise ‘Future of Fixed’ G.fast copper upgrade technology investment (subject to conditions set in an upcoming Ofcom “WLAR” review), which we see as value accretive. This compares to fibre-to-the-home (FTTH), which we see as likely value destructive. While today’s news is a positive for BT in our view, we expect further ducts and poles regulation to come with the WLA.
2) It does not appear that BT has had to commit to any material FTTH roll-out to reach the agreement. This was a key concern expressed by investors, with a concern that FTTH would be value destructive.
3) BT will continue to set the capex budget for Openreach. The limit with regards to capex decisions for Openreach is £1 00 mn and anything above needs to go to BT board.
4) While Openreach management will report to an independent Openreach board, the reporting line into BT Group will not be severed. Ofcom states “Executives will be accountable to the new Board. Openreach’s Chief Executive will in future be appointed by, and accountable to, the Openreach Board. BT Group will be able to veto appointment of the Openreach CEO, but only on notification to Ofcom. The Openreach Chief Executive will then be responsible for other executive appointments, and will report to the Openreach Chair – with a secondary accountability to the Chief Executive of BT, limited to necessary legal, fiduciary or regulatory obligations.” The BT CFO is on the Openreach board.
5) There is limited detail on the pension allocation.
Investor focus has been on Openreach treatment for the last 18 months and this has been seen as the key regulatory uncertainty. As such, we see today’s announcement as a material positive for the shares. But as we state above, we do not believe Openreach decision-making will change materially as to the method of upgrading the network or how to monetise it.
However, there are two more ongoing uncertainties for BT:
1 ) Wholesale Line Access Review (decision expect this “spring”) - this is potentially more influential to BT returns. In this, Ofcom will decide whether Openreach will have wholesale pricing flexibility on G.fast. This is critical to its monetisation of the network upgrade.
2) B2B - following the recent profit warning, this has resurfaced as a business unit with limited visibility, at least for investors.

Black Rock go below 5%

Exane comment today:
"BT’s shares have fallen ~40% from peak and investors are now asking “are we at the bottom?” Having been guilty of nudging down estimates bit by bit over the last 6 months, we thought it was time to take a step back and to challenge our long term forecasts and assumptions. The result? We can’t help feeling that the underlying business is teetering on the edge. We identify over a dozen factors (ex-regulation) that are underestimated by consensus and will place further pressure on EBITDA and FCF. In our view the market is mispricing BT as they transition from growth to decline.
Ofcom may have semi-reneged on the FTTC fair-bet with 40Mbps price cuts and BT may think that is unfair, but we see little scope for a change in view before the details are finalised (end ’17). Ofcom will not be happy until they see more investment. BT has launched a “fibre consultation” which will likely lead to more FTTP, but the UK is a poor place to build a national FTTP or G.fast network, so BT face structural upwards pressure on capex, just as consumer spend is plateauing.
BT have already signalled their “progressive dividend growth” will be lower than the historical greater than 10%, but on our new estimates they face a GBP800m cash shortfall over 3 years to fund just 2% growth. This promise leaves them on the back foot; a constraint to competitive flexibility and ability to bid on crucial spectrum/content auctions. So does BT want to be a company that faces constant questions over dividend sustainability and one criticised for not investing enough in “full fibre”?
When Mr du Plessis joins, we think he will find a company with deteriorating fundamentals struggling to balance the interests of all stakeholders. We encourage him to re-base the dividend to a more sustainable level: a 30% cut would bring the pay-out in closer to historic levels. Whilst an explicit long term capex plan would re-base expectations and ease regulatory pressure. Together these would put the BT on surer footing to deal with the multitude of challenges ahead.

BT faces a strike threat after unions said they will consider industrial action if the company presses ahead with the closure of its final salary pension scheme. The firm's defined-benefits pension scheme has more than 300,000 members, and although the scheme had been closed to new entrants in 2001, existing members continue to build up benefits. - Telegraph

StockMarketWire.com
BT Group's adjusted EBITDA fell by 2% to £1,785m in the first quarter due to increased pension costs, business rates, sport programme rights and its investment in customer experience.

Reported revenues were up 1% at £5,837m and underlying revenue was up 0.2%.

Other highlights:
- Settlement of warranty claims with Deutsche Telekom and Orange under EE acquisition agreement, arising from the previously reported issues in Italy, with specific item charge of £225m

- Net cash inflow from operating activities of £1,315m down £19m, and normalised free cash flow1 of £556m up £108m due to working capital phasing

- Outlook maintained with share buyback of £200m in the quarter

Chief executive Gavin Patterson said "BT has delivered an encouraging performance in the first quarter of the year. We've made good progress in our key areas of strategic focus: deliver great customer experience, invest for growth, and transform our costs.

"In particular, I'd highlight the growth achieved by our consumer facing businesses, helped by mobile.

"BT, with Openreach, is well placed to support the roll out of FTTP in the UK, and we're consulting with Ofcom, Government and other communications providers to build the investment case to achieve this outcome.

"Our new Consumer business will operate our three distinct brands; BT, EE and Plusnet; to leverage our position as the largest and only fully converged player in the market, spanning fixed and mobile networks, consumer products and services as well as content. "We will continue to simplify and streamline the business and rationalise our costs as demonstrated by our ongoing performance transformation programme. Our businesses are leaders in their core segments and as we drive the business forward I am confident in the outlook for our Company."

The group also announced organisational changes to simplify its operating model, strengthen accountabilities and accelerate its transformation. Marc Allera, currently CEO of the EE business acquired last year by BT, has been appointed to lead a newly created Consumer business, bringing together BT's Consumer and EE businesses. The new Consumer business will operate across three distinct brands - BT, EE and Plusnet - and will span fixed and mobile networks, consumer products and services, and content.

Cathryn Ross, chief executive of Ofwat, has been appointed new director of regulatory affairs.

Ross is expected to take up her role in January 2018.

After almost four years as CEO of BT Consumer, and 13 years in BT, John Petter has announced he is stepping down to pursue roles outside the Group.

Chart of the Week: An "excellent trade" for BT

Citigroup Buy 315.80 - 360.00 Retains

RBC Capital Markets Outperform 315.80 410.00 410.00 Reiterates

JP Morgan Cazenove Neutral 315.80 290.00 290.00 Reiterates

I see the germans (deutsche bank) don't like bt.a

Half year report http://www.moneyam.com/action/news/showArticle?id=5727639

Numis Buy 251.25 390.00 390.00 Reiterates

Your post #675 presumably included a fish?
Was just looking at the historic gap in the chart above that one.

Fish reinstated :-)

Update on that chart.

Yep, sailed through that one and still heading down. I don't hold but feel sorry for those that are seeing their long term faith in the company being eroded. A few gaps on the way up.....when the trend reverses!