STOCKS NEWS EUROPE-Fiat outperforms sector after French sales
STOCKS NEWS Reuters Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
15:20 2Mar2009-Fiat outperforms sector after French sales
---------------------------------------------------------
Italian car maker Fiat shares are outperforming the sector, up more
than 3 percent, after its February French car sales are in-line with a year
earlier.
One Milan-based analyst attributes the Fiat share price rise to the French
data in the absence of other clear factors.
"I have seen in France that Fiat has done less badly than the others," he
says, noting Fiat's French sales were up 0.3 percent in February.
Two other brokers give differing views on the significance of the French
market as a factor for Fiat shares.
One fund manager says alliance and joint venture news is key as investors
try to understand if the auto sector is bottoming out.
Reuters messaging rm://nigel.tutt.reuters.com@reuters.net
15:08GMT 02March2009-Lottomatica down as Goldman cuts target
------------------------------------------------------------
Shares in Italian lottery and gaming group Lottomatica fall 5.3
percent to 12 euros after Goldman Sachs, which has a 'buy' rating on them, cuts
the target by 10 percent to 20.3 euros.
"Despite the habitual nature of gambling, demand is not entirely impervious
to economic performance," Goldman says in a note dated Friday.
The cut reflects lower like-for-like revenue growth at its U.S. unit GTECH
and lower profitability in the gaming solutions division, Goldman says.
Lottomatica reports full-year results on March 5.
Reuters Messaging rm://danilo.masoni.thomsonreuters.com@reuters.net
14:47GMT 02Mar2009-Europe shares stay in red as Wall St falls
-------------------------------------------------------------
European shares stay sharply weaker as stocks on Wall Street fall in early
trade on news of a record $61.7 billion loss at embattled insurer American
International Group .
The FTSEurofirst 300 <.FTEU3> is down 3.6 percent at 693.48 points, led
lower by banking stocks. Standard Chartered Bank falls 11 percent,
Lloyds is down 9 percent and slips 8 percent percent.
HSBC tumbles 19 percent after it launches a 12.5 billion pound
rights issue as annual profits more than halve. [nHKG49918]
U.S. benchmark indexes <.DJI> <.SPX> <.IXIC> are trading 1.3-1.8 percent
lower.
Reuters Messaging rm://atul.prakash.reuters.com@reuters.net
14:20GMT 02March2009-AstraZeneca gains on Symbicort approval
------------------------------------------------------------
AstraZeneca shares buck a sharply lower overall market, gaining 1.6
percent after U.S. regulators approve its asthma drug Symbicort as a treatment
for the lung disorder COPD as well.
WestLB analyst Simon Mather says lack of COPD on the label has been
restricting Symbicort's penetration in the U.S. market, where GlaxoSmithKline's
rival medicine Advair currently dominates. Mather forecasts global 2012
Symbicort sales of $3.5 billion, up from $2.0 billion in 2008.
Glaxo shares are off 2.1 percent, in line with a 2.0 percent fall in the
European drugs sector <.SXDP>.
For more double click on [nN27366210]
Reuters Messaging rm://ben.hirschler.reuters.com@reuters.net
13:21GMT 02March2009-Printing.com higher after trading upate
------------------------------------------------------------
Shares in specialist retail chain Printing.com gain over 4 percent
after the company says that since the last market release on Jan. 22, trading
across the UK and Ireland has remained stable and in line with current market
expectations.
"The outlook remains cautious but a stabilisation of trading is reassuring
and we reiterate the strength of Printing.com's balance sheet and cash
generation," Brewin Dolphin says in a note.
The broker, which has a "buy" recommendation on the stock, retains its
forecasts and 40 pence price target.
For more double click on [nRnsB0722O]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
13:21GMT 02March2009-Sevan up as Handelsbanken upgrades
-------------------------------------------------------
Shares in Norwegian oil rig group Sevan Marine rise 8.4 percent
to 7.09 crowns against a 3.4 percent drop on Oslo's main share index <.OSEBX> as
broker Handelsbanken Capital Markets lifts its recommendation to "buy" from
"accumulate".
Handelsbanken says there's "light at the end of the tunnel" after Sevan said
on Friday it had received a bid for one of its rigs. "
If the asset sold is Hummingbird, about $170 million could be freed up,"
Handelsbanken says in a note.
"This would eliminate the need for new equity if Sevan pays a $48 million
penalty for the cancellation of Driller II & III," the brokerage says, lifting
its share price target to 12 crowns from 10.50.
Reuters messaging rm://richard.solem.reuters.com@reuters.net
13:17GMT 02March2009-Bright Things shine after update
-----------------------------------------------------
Shares in Bright Things jump more than 18 percent after the
developer of the social networking site, SocialGO, issues a positive trading
update following the completion of the beta test phase of its product and the
launch of its first subscription based services since the start of this month.
Bright Things says, as at February 27, over 29,000 networks had been
registered, with over 7,400 of that total networks with more than a single user.
The company says, putting the multiple user networks into context, there
have been over 750,000 members signed up across those networks.
Bright Things CEO, Dominic Wheatley, says: "Whilst it is still very early
days we are very encouraged by the early data we are receiving following formal
launch."
In addition to the trading update, Bright Things also announces the signing
of a distribution agreement with European software publishers Mastertronic Group
for a boxed version of
SocialGO, which will be packaged with a CD and printed manual
giving tips and advice on how to create an online community.
For more double click on [nRnsB0731O]
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
12:49GMT 02March2009-Future higher as Altium upgrades
-----------------------------------------------------
Shares in specialist media company Future gain over
3 percent to 17 pence as Altium Securities upgrades its
recommendation on the stock to "hold" from "sell" on valuation
grounds.
Altium points out in a note that Future's share price has
fallen 11 percent since it moved to a "sell" recommendation at
the beginning of last month, the weakness following a trading
update on Jan. 27 which painted a cautious picture of current
trading and the outlook.
"This move has seen the group's share price reach our 16
pence target which we regard as a fair trade-off between
short-term trading uncertainty and the longer-term value of the
group's portfolio of market-leading special interest
publications and web portals," the broker says.
However, Altium retains a cautious trading stance to reflect
the possibility of further share price weakness ahead of the
company's trading update on March 30.
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
12:47GMT 02March2009-CGG Veritas down; Goldman cuts target
----------------------------------------------------------
Shares in CGG Veritas fall 6.2 percent, as Goldman Sachs cuts its
target price to 9 euros from 11 euros and keeps its rating on "sell".
The DJ Stoxx Oil and Gas index <.SXEP> is down 3.8 percent.
Goldman Sachs says pricing and margins remain the key uncertainties for the
oil services firm.
"We continue to expect increasing supply, as new vessels enter the sesmic
market during 2009 and 2010, and believe this will put pressure on pricing and
margins over the next two years," Goldman Sachs said in a note.
"The uncertainty over pricing leads us to remain cautious on the sesmic
sector in the near term."
Reuters Messaging rm://martina.fuchs.reuters.com@reuters.net
12:42GMT 02March2009-Spain's SOS drops on weak FY numbers
---------------------------------------------------------
Shares in Spanish food company SOS Cuetara plummeted 22.5 percent
to 6.20 euros, depressed by weak full-year results late on Friday which the
group attributed to a Spanish sunflower oil scare in April and weaker consumer
demand.
"Results were weak and the stock looks expensive compared to peers," a
Madrid-based trader says.
For more double click on [nLQ573963]
Reuters Messaging rm://tracy.rucinski.reuters.com@reuters.net
12:10GMT 02Mar2009-First Property rises on outlook
--------------------------------------------------
Shares in First Property Group rise 16 percent after the company
says in a trading statement that it sees full-year profits "comfortably" ahead
of expectations.
"First Property has an excellent record in respect of reading the property
cycle and, having built up a considerable cash pile, we are very encouraged to
see it now being deployed to take advantage of current weak market conditions,"
says analyst Chris Thomas at house broker Arden Partners, which has a 'buy'
recommendation on the stock.
12:02GMT 02March2009-UK small caps slip 1.9 percent midday
----------------------------------------------------------
The FTSE Small Cap index <.FTSC> slips 1.9 percent in midsession trade,
faring better than both blue chips <.FTSE> and midcaps <.FTMC>, which fall 4.2
percent and 2.5 percent, respectively.
Newspaper group Trinity Mirror is the biggest small cap faller,
tumbling more than 16 percent following target price cuts at RBS and Citigroup.
Senior rises over 10 percent, topping the FTSE Small Cap
leaderboard, after the engineer posts in line results and says it plans further
cost cutting measures to cope with weak regional jet and automotive markets.
For more on Trinity double click on [nL2329433]; for more on Senior
double click on [nL2207581]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
11:44GMT 02March2009-A2A drops on resignation talk
---------------------------------------------------
Italian electricity company A2A falls 6.1 percent, after reports say
the chairman of the supervisory board Renzo Capra is close to resigning.
"Reports that Capra is set to resign could be weighing on the stock, but all
the European (utility) sector is down and indications Enel will launch a capital
hike could be having an effect," a broker says.
The DJ Stoxx Utilities index <.SX6P> is down 3.8 percent.
Reports says the possible resignation is the result of uncertain merger
talks and the future form of the company management. A2A declines to comment.
The municipality of Milan supports a merger between the company and Edison,
the reports say, while the mayor of Brescia and the company's executive board
chairman Giuliano Zuccoli are against such a deal.
Reuters Messaging rm://martina.fuchs.reuters.com@reuters.net
rm://stephen.jewkes.thomsonreuters@reuters.net
11:51GMT 02Mar2009-Trinity Mirror falls following downgrades
------------------------------------------------------------
Shares in newspaper group Trinity Mirror tumble 16 percent following
target cuts at RBS and Citigroup.
RBS cut its target price to 0.40 pence from 1.15 pounds, citing cyclical and
structural problems at the company in a note to clients.
Analyst Ruchi Malaiya at Citi says that issues are the outlook for
advertising and "double digit newsprint inflation", and cut the target price to
30 pence from 35 pence, reitereating a "sell" rating.
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
11:40GMT 02March2009-Aquarius Platinum falls; Teathers starts as "reduce"
-------------------------------------------------------------------------
Shares in Aquarius Platinum fall 8.3 percent, with traders pointing
to the weaker wider market, and as broker Teathers initiate coverage on the
metals group with a "reduce" rating.
"Aquarius Platinum is a well-established platinum group metals (PGM)
producer, but a combination of lower PGM prices and a strained balance sheet
puts Aquarius in a weaker position than some of its peers," says the broker in a
note.
At 1140 GMT, the FTSE 250 index <.FTMC> is down 2.7 percent.
The platinum price has more than halved in the last year.
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
11:28GMT 02March2009-Conti up on report Schaeffler may give up shares
-------------------------------------------------------------------
Shares in Continental rise 1.45 percent after a newspaper report
that Schaeffler's creditor banks are examining taking over Schaeffler's nearly
50 percent stake in the tyremaker and car parts group.
Schaeffler officials are not immediately available for comments.
"For Conti, a separation from Schaeffler would be the best solution," says a
Frankfurt-based analyst.
"The takeover deal has really gone off track, but backtracking on the whole
transaction will be extremely difficult," the analyst adds.
M.M. Warburg analyst Marc-Rene Tonn notes the report in the Frankfurter
Allgemeine Zeitung on Monday says that Schaeffler may have to pass those shares
back to banks from which it borrowed money to finance a takeover last year.
However, it may be difficult to find buyers as many potential buyers may
have difficulties financing on their own, while others can run into anti-trust
problems, he adds.
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
11:26GMT 02Mar2009-Senior up on encouraging outlook
---------------------------------------------------
Shares in engineer Senior rise 9.2 percent after the
company posts in-line results and says it plans further cost
cutting measures to cope with weak regional jet and automotive
markets.
"It is encouraging to see that management is reducing cost
within the business and the actions taken should position the
business for the lower level of demand," KBC Peel Hunt says.
The broker reduces its 2009 earnings forecasts by 20 percent
but retains a 'buy' stance on the stock.
For more double click on [ID:L2112971]
Reuters Messaging
rm://austin.lobo.thomsonreuters.com@reuters.net
11:21GMT 02March2009-ITV sinks 5 pct; jobs, div cut report
----------------------------------------------------------
Shares in ITV drop 5 percent after reports the
broadcaster is to announce up to 500 job cuts and scrap its
dividend when it releases full-year results in Wednesday.
In a results preview, RBS repeats its "sell" rating on ITV
and lowers its target price to 21 pence from 26p, as it
forecasts a 25 percent fall in advertising, a key source of
revenue for the British broadcaster.
"FY08 numbers are unlikely to impress the market, in our
view," the bank says. "We forecast group revenues down 5 percent
year-on-year, at ITV1 net ad revenues down 21 percent in Q4."
"We believe the cyclical and structural issues combined with
potential funding constraints will continue to weigh on the
shares," RBS writes in a note to clients.
Reuters Messaging rm://nicholas.vinocur.reuters.com@reuters.net
11:13T 02Mar2009-Ashtead up; Singer says "buy" ahead of Q3s
-----------------------------------------------------------
Shares in Ashtead Group rise 3.7percent as Singer Capital repeats
its "buy" recommendation ahead of the equipment hire firm's third-quarter
results due on Tuesday.
The broker says in a note: "We remain mindful of the impact
of an increase in headline debt on share price sentiment, but with the balance
sheet secure, we believe the 8.2 percent dividend yield provides a greater
attraction, and an option on a US-led recovery play."
However, Singer says: "Ashtead's US bias (85 percent of revenues) suggests
that it is likely to follow the US peer group in outlining a deterioration in
trading over the past three months."
Reuters Messaging rm://david.brett.reuters.com@reuters.net
11:03GMT 2March2009-Ackermans, CFE down on dredging woes
--------------------------------------------------------
Shares in Belgian holding company Ackermans & Van Haaren fall more
than 10 percent in a delayed reaction to worse than expected earnings last week
from dredging company DEME, which it jointly owns with Belgian building company
CFE .
Ackermans & Van Haaren, which owns 50 percent of DEME, trades down about 11
percent to 32.77, while the Belgian bluechip index <.BFX> which is down about
4.3 percent.
Shares in CFE , which owns the other half of DEME, fall 6.8 percent
to a fresh 52-week low of 18.50 euros having closed 5 percent lower on Friday.
Both CFE and DEME reported earnings after the market close on Thursday.
"This is maybe a postponed reaction to the disappointment on DEME," says KBC
Securities analyst Tom Simonts, with Ackermans & Van Haaren shares only showing
the pain now.
Simonts reitereates his comment in a note on Friday that DEME's results show
the economic slump is eating into its business more rapidly and tenaciously than
expected.
Reuters Messaging rm://anne.jolis.reuters.com@reuters.net
10:59GMT 02Mar2009-KBC falls on ongoing E. Europe concerns
----------------------------------------------------------
Shares in Belgian financial services group KBC fall more than 14
percent as the group's exposure to Eastern Europe continues to cause concern and
as banks are dragged down by a rights issue announced by HSBC earlier
on Monday.
The stock drops as much as 14.3 percent to 7.20 euros, its lowest since
hitting an all-time low of 6.09 euros on Jan. 21, the day before the Flemish
regional government agreed to pump 2 billion euros into the group.
[nLM764624]
The DJ Stoxx European Banking index <.SX7P> is 6.7 percent weaker.
Kurt De Baenst, analyst at Fortis, links the drop to general market
sentiment, and more specifically to worries over KBC's exposure to Eastern
Europe.
"The fall could also be linked to news that central and eastern Europe will
not receive help from the EU, " De Baenst says.
EU leaders did not agree on regional aid to the whole of central and eastern
Europe at a summit on Sunday after opposition from German Chancellor Angela
Merkel.
Reuters Messaging rm://antonia.vandevelde.reuters.com@reuters.net
09:19GMT 02March2009-Investors shun Europe
------------------------------------------
Investors are shunning European stocks in a big way according to two major
investment trackers.
First, State Street says the institutional investors whose money it looks
after have taken cross-border equity flows into the euro zone to record low
levels. These investors are also selling the euro.
Second, fund tracker EPFR Global says a net $786 million was redeemed form
Europe equity funds in the week to February 27.
For more double click on [nN27357976] and
http://www.globallink.com/en/About/ResearchNotes/index.htm
Reuters Messaging rm://jeremy.gaunt.reuters.com@reuters.net
08:59GMT 02March2009-Goals Soccer Centres gains after results
-------------------------------------------------------------
Shares in Goals Soccer Centres gain over 5 percent after the
company, which runs 5-a-side football pitches in the UK, posts an 18 percent
rise in its 2008 pretax profit and says it expects 2009 to be a year of further
progress.
"These results are positive and the valuation too low," says Evolution
Securities in a note.
"We believe that 5-a-side football will remain resilient mainly due to its
low spend (about 5 pounds) and reiterate our "buy" recommendation," the broker
says.
Evolution points out that debt is not an issue, with 41.5 million pounds at
the year end versus a 47.5 million pound facility. The broker says its estimates
assume that debt will be flat over the next two years, and notes that covenants
are comfortable.
For more double click on [nBNG476735]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
08:50GMT 02Mar2009-WSP up; FYs beat expectations, Citi "buy"
------------------------------------------------------------
Shares in WSP Group rise 9 percent as the British environmental and
consultancy firm reports a 37 percent rise in full-year pretax profit, beating
market estimates, and prompting Citi group to repeat its "buy" rating.
"We expect WSP to be a survivor and, eventually, a consolidator. We believe
the share price could see significant appreciation over the next 12 months,"
says Citi group in a note.
The broker highlights that WSP has a 150 million pound facility that doesn't
expire until 2013, which gives the company comfortable headroom of 94 million
pounds.
For more double click on [nBNG431056]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:44GMT 02March2009-Europe shares fall at open, led down by HSBC
-----------------------------------------------------------------
European shares fall sharply in early trade, led lower by HSBC ,
which slides more than 10 after unveiling a big rights issue as annual profits
fall and bad debts soar in the United States.
The FTSEurofirst 300 index of top European shares is down 3 percent at
697.55 points.
EUROPEAN COMPANIES
HSBC FY
Ahold FY
Vivendi FY
Intercell Q4
National Bank of Greece Q4
Allied Irish Banks FY
Ipsen Q4
Kingspan Group FY
Criteria Caixacorp Q4
Amlin FY
Pearson FY
Ultra Electronics FY
Havas FY
Paddy Power FY
Whitbread TRADE
U.S. COMPANIES
American Capital Q4
Edison International Q4
Pepco Holdings Q4
MACRO
0700 DE Wholesale Price Index
0830 CH PMI
0843 IT Manufacturing PMI
0853 DE Manufacturing PMI
0930 GB Manufacturing PMI
0930 GB Cosmumer Credit
0930 GB Mortgage data
1000 EZ HCPI
1100 US Personal Consumption
1500 US ISM Manufacturing
Reuters Messaging rm://sitaraman.shankar.reuters.com@reuters.net
rm://brian.gorman.thomsonreuters.com@reuters.net
08:40GMT 02March2009-Tate & Lyle up; UBS upgrades
-------------------------------------------------
Shares in Tate & Lyle gain 0.3 percent, one of only three FTSE 100
<.FTSE> risers as UBS raises its rating for the sugar firm to "neutral" from
"sell" on valuation grounds, while cutting its target price by 14 percent to 270
pence.
In a note, the broker says, with the stock having fallen over 20 percent in
the last month, it judges Tate & Lyle's valuation now more accurately reflects
the weak near-term investment case.
However, UBS says with Tate & Lyle's investment programme coming to an end,
the group has the capacity to generate around 200 million pounds of free cash
flow per annum, while very little of its debt needs to be re-financed until
2012, and on that basis it sees limited downside for the stock from current
levels.
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
08:33GMT 02March2009--FTSE Small Caps down 0.8 percent at the open
------------------------------------------------------------------
The FTSE Small Caps Index <.FTSC> opens 0.8 percent lower as the UK market
extends Friday's losses as the FTSE 100 <.FTSE> sheds 3.6 percent and the FTSE
250 <.FTMC> dives 2.4 percent on the back of a sell-off on Wall Street <.DJI> on
Friday and plunging Asian markets overnight.
British building and environmental consultancy WSP Group climbs 8.9
percent after reporting a 37 percent rise in full-year pretax profit beating
market estimates and saying it expects order book position and secure bank
facilities to provide a solid platform in 2009.
Senior rises 12.2 percent as the British engineer posts a 48 percent
rise in full-year pretax profit to 56 million pounds, which beat analyst
expectations, according to the company.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:21GMT 02Mar2009-Drugmaker Ipsen slumps on Q1 warning
--------------------------------------------------------
French drugmaker Ipsen loses around a tenth of its stock market
value after it warns that first quarter sales will come in below market
forecasts due to the impact of an economic slump in eastern Europe.
[nL084170].
Ipsen shares are down 9.7 percent at 27.25 euros in early morning trade,
having earlier fallen as much as 12 percent to an intraday low of 26.60 euros.
Ipsen has a current market capitalisation of around 2.3 billion euros.
"Ipsen's 2008 results were OK but 2009 is going to be much more difficult
for the pharmaceutical sector," says Natixis Securities analyst Sylvain Goyon.
Reuters Messaging rm://sudip.kargupta.reuters.com@reuters.net
09:19GMT 02March2009-Investors shun Europe
------------------------------------------
Investors are shunning European stocks in a big way according to two major
investment trackers.
First, State Street says the institutional investors whose money it looks
after have taken cross-border equity flows into the euro zone to record low
levels. These investors are also selling the euro.
Second, fund tracker EPFR Global says a net $786 million was redeemed form
Europe equity funds in the week to February 27.
For more double click on [nN27357976] and
http://www.globallink.com/en/About/ResearchNotes/index.htm
Reuters Messaging rm://jeremy.gaunt.reuters.com@reuters.net
08:59GMT 02March2009-Goals Soccer Centres gains after results
-------------------------------------------------------------
Shares in Goals Soccer Centres gain over 5 percent after the
company, which runs 5-a-side football pitches in the UK, posts an 18 percent
rise in its 2008 pretax profit and says it expects 2009 to be a year of further
progress.
"These results are positive and the valuation too low," says Evolution
Securities in a note.
"We believe that 5-a-side football will remain resilient mainly due to its
low spend (about 5 pounds) and reiterate our "buy" recommendation," the broker
says.
Evolution points out that debt is not an issue, with 41.5 million pounds at
the year end versus a 47.5 million pound facility. The broker says its estimates
assume that debt will be flat over the next two years, and notes that covenants
are comfortable.
For more double click on [nBNG476735]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
08:50GMT 02Mar2009-WSP up; FYs beat expectations, Citi "buy"
------------------------------------------------------------
Shares in WSP Group rise 9 percent as the British environmental and
consultancy firm reports a 37 percent rise in full-year pretax profit, beating
market estimates, and prompting Citi group to repeat its "buy" rating.
"We expect WSP to be a survivor and, eventually, a consolidator. We believe
the share price could see significant appreciation over the next 12 months,"
says Citi group in a note.
The broker highlights that WSP has a 150 million pound facility that doesn't
expire until 2013, which gives the company comfortable headroom of 94 million
pounds.
For more double click on [nBNG431056]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:44GMT 02March2009-Europe shares fall at open, led down by HSBC
-----------------------------------------------------------------
European shares fall sharply in early trade, led lower by HSBC ,
which slides more than 10 after unveiling a big rights issue as annual profits
fall and bad debts soar in the United States.
The FTSEurofirst 300 index of top European shares is down 3 percent at
697.55 points.
EUROPEAN COMPANIES
HSBC FY
Ahold FY
Vivendi FY
Intercell Q4
National Bank of Greece Q4
Allied Irish Banks FY
Ipsen Q4
Kingspan Group FY
Criteria Caixacorp Q4
Amlin FY
Pearson FY
Ultra Electronics FY
Havas FY
Paddy Power FY
Whitbread TRADE
U.S. COMPANIES
American Capital Q4
Edison International Q4
Pepco Holdings Q4
MACRO
0700 DE Wholesale Price Index
0830 CH PMI
0843 IT Manufacturing PMI
0853 DE Manufacturing PMI
0930 GB Manufacturing PMI
0930 GB Cosmumer Credit
0930 GB Mortgage data
1000 EZ HCPI
1100 US Personal Consumption
1500 US ISM Manufacturing
Reuters Messaging rm://sitaraman.shankar.reuters.com@reuters.net
rm://brian.gorman.thomsonreuters.com@reuters.net
08:40GMT 02March2009-Tate & Lyle up; UBS upgrades
-------------------------------------------------
Shares in Tate & Lyle gain 0.3 percent, one of only three FTSE 100
<.FTSE> risers as UBS raises its rating for the sugar firm to "neutral" from
"sell" on valuation grounds, while cutting its target price by 14 percent to 270
pence.
In a note, the broker says, with the stock having fallen over 20 percent in
the last month, it judges Tate & Lyle's valuation now more accurately reflects
the weak near-term investment case.
However, UBS says with Tate & Lyle's investment programme coming to an end,
the group has the capacity to generate around 200 million pounds of free cash
flow per annum, while very little of its debt needs to be re-financed until
2012, and on that basis it sees limited downside for the stock from current
levels.
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
08:33GMT 02March2009--FTSE Small Caps down 0.8 percent at the open
------------------------------------------------------------------
The FTSE Small Caps Index <.FTSC> opens 0.8 percent lower as the UK market
extends Friday's losses as the FTSE 100 <.FTSE> sheds 3.6 percent and the FTSE
250 <.FTMC> dives 2.4 percent on the back of a sell-off on Wall Street <.DJI> on
Friday and plunging Asian markets overnight.
British building and environmental consultancy WSP Group climbs 8.9
percent after reporting a 37 percent rise in full-year pretax profit beating
market estimates and saying it expects order book position and secure bank
facilities to provide a solid platform in 2009.
Senior rises 12.2 percent as the British engineer posts a 48 percent
rise in full-year pretax profit to 56 million pounds, which beat analyst
expectations, according to the company.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:21GMT 02Mar2009-Drugmaker Ipsen slumps on Q1 warning
--------------------------------------------------------
French drugmaker Ipsen loses around a tenth of its stock market
value after it warns that first quarter sales will come in below market
forecasts due to the impact of an economic slump in eastern Europe.
[nL084170].
Ipsen shares are down 9.7 percent at 27.25 euros in early morning trade,
having earlier fallen as much as 12 percent to an intraday low of 26.60 euros.
Ipsen has a current market capitalisation of around 2.3 billion euros.
"Ipsen's 2008 results were OK but 2009 is going to be much more difficult
for the pharmaceutical sector," says Natixis Securities analyst Sylvain Goyon.
Reuters Messaging rm://sudip.kargupta.reuters.com@reuters.net
Keywords: MARKETS STOCKSNEWS EUROPE =5
(C) Reuters 2009. All rights reserved. Republication or redistribution of
Reuters content, including by caching, framing or similar means, is expressly
prohibited without the prior written consent of Reuters. Reuters and the Reuters
sphere logo are registered trademarks and trademarks of the Reuters group of
companies around the world.
nL2532098
STXNEWS/EU
© Thomson Reuters 2009 All rights reserved
