STOCKS NEWS EUROPE-Sainsbury hands back gains, no profit upgrade
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08:47GMT 08Jan2008-Sainsbury hands back gains, no profit upgrade
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Shares in J. Sainsbury (SBRY.L) dip 1.1 percent to 319.25 pence, handing back early gains made after Britain's third-biggest grocer posted third-quarter underlying sales at the top end of forecasts. Analysts blame profit taking after a rise of as much as 20 percent over the past month, as well as disappointment the group is not guiding to higher profits and caution about the future.
"The food retail market is becoming more competitive and the level of promotional activity is increasing; consumers are continuing to trade down, a trend that is likely to accelerate in Sainsbury's southern heartlands," says Seymour Pierce analyst Freddie George, keeping a "hold" rating on the shares.
"We are also concerned that the food retailers are likely to underperform in any sector rotation."
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08:41GMT 08Jan2009-TF1 stock falls as UBS cuts rating to "neutral"
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Shares in French broadcaster TF1 (TFFP.PA) drop 2.2 percent after UBS cuts its rating on the stock to "neutral" from "buy".
"Near term visibility is very limited and we believe advertising momentum could disappoint in the first quarter given volatility/confusion around the introduction of regulatory changes," UBS analysts write in a note.
"TF1 outperformed the market by 35 percent in the second half of 2008 and was supported by regulatory newsflow which could result in significant longer term benefits. However, there is a risk that the market now focuses on near term macro risks and that regulatory benefits may disappoint until the underlying advertising market stabilises."
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