STOCKS NEWS UK SMALL-Cookson up 8 pct on Goldman upgrade
STOCKS NEWS Reuters Results diary
Europe [STXNEWS/EU] Real-time Equity News [E] [GB/EQUITY]
UK [STXNEWS/UK] Stocks on the move [HOT-RTRS]
UK smallcaps [STX/UKSC]
11:20GMT 22May2009-Cookson rises 8 pct on Goldman upgrade
---------------------------------------------------------
Shares in Cookson Group (CKSN.L) rise 8 percent to 239.75 pence as Goldman Sachs lifts its price target to 500 pence from 220 pence and reiterates its conviction 'buy' recommendation on the industrial materials firm.
Goldman says, at the current share price, the stock has moved to discount the possibility of a rights issue and ignores other more likely options which remain available to management in the event that markets deteriorate further.
"With recent data points showing a stabilization in steel and an improvement in electronics markets, 85 percent of Cookson's revenue combined, we believe the company is unlikely to breach its debt covenants at the end of the full year," Goldman says in a note to clients.
Reuters messaging rm://phakamisa.ndzamela.reuters.com@reuters.net
10:35GMT 22May2009-Findel down; to delay results
------------------------------------------------
Shares in Findel (FDL.L) plunge 35.4 percent on news that the British home shopping and education supplies firm is to delay the announcement of its full-year results and is considering an equity issue, after saying that tough market conditions continue to impact trading.
The company says that its underlying financial performance for the full-year to April 3 was at the lower end of expectations and as a result of issues arising from the wider economy, it is examining the possibility of an equity issue alongside changes to its proposed revised debt facilities.
Seymour Pierce has cut its rating to "hold" from "buy" in reaction and says it is reviewing its forecasts.
Singer says: "Given the revelations about a possible rights issue, coupled with a slight miss on the forecasts, we expect the shares to come under pressure today."
For more double click on [ID:nL0268023]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:19GMT 22May2009-Intec Telecom up; more broker upgrades
---------------------------------------------------------
Shares in Intec Telecom Systems (ITL.L) climb 12.8 percent after receiving upgrades from UBS, Panmure Gordon and Singer, extending Thursday's gains, following the billing firm's strong first half results on Thursday.
UBS keeps its "buy" recommendation, raises its target price to 70 pence from 50 pence and lifts EPS forecasts by 21 percent in full-year 2009 and 11 percent in full-year 2010, to reflect increased expectation.
Panmure Gordon repeats its "buy" rating, ups its target price to 67 pence from 56 pence and raises its 2009 EPS to 5.8 pence from 5.1 pence.
Singer, which rates the company as "buy", ups its target price to 75 pence from 55 pence and upgrades its full-year 2009 EPS estimates by 32 percent to 5.9 pence and by 36 percent in full-year 2010 to 6.8 pence.
"For a business displaying positive earnings and news flow momentum, with one of the strongest balance sheets and high likelihood of being taken out medium-term, we believe this remains compelling," Singer adds.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:50GMT 22May2009-Marston's higher as dividend maintained
----------------------------------------------------------
Shares in Marston's (MARS.L) rise as much as 7 percent as the pubs firm says it is maintaining its interim dividend, which many analysts feared would be cut, and is on track to meet expectations for the full-year.
"The maintaining of the interim dividend is a big positive," says Numis analyst Douglas Jack.
"With strong H2 cash-flow likely to reduce net debt this "With strong H2 cash-flow likely to reduce net debt this year, we would not be surprised if the final dividend is also held. Given this and recent weakness in the shares, we are upgrading our stance from 'hold' to 'add'," he says.
For more please click on [ID:nLM112225]
Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net
09:10GMT 22May2009-Cranswick up; Numis says 'add'
-------------------------------------------------
Shares in British pork supplier Cranswick (CWK.L) rises 1.5 percent, with Numis saying the recent portfolio reshaping and another strong set of results has prompted it to repeat its "add" rating and remain positive on the company.
"We think that price increases will offset a small negative impact from a stronger euro and higher pig prices. Higher sales from bacon and sausages will improve the mix," says the broker, which forecasts EPS growth of 12 percent in 2010.
On May 18, Cranswick posted a 9 percent rise in pretax profit, raised its dividend by 10 percent to 14.7 pence and said it started the new financial year in line with expectations.[ID:nBNG479628]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:47GMT 22May2009-Chrysalis up on H1 numbers
---------------------------------------------
Shares in Chrysalis (CHS.L) gain 2.3 percent after the British music publisher reports narrowing losses in the first-half, promting Investec Securities to repeat its "buy" rating as the numbers beat its forecast.
The company, which owns songs by David Bowie, Blondie and Gnarls Barkley, says its pretax loss for the six months ended March 31 was 2.6 million pounds, compared with a 13.1 million pounds loss a year ago which was only for seven months due to a change in financial year.
Revenue was 31.2 million pounds, compared with the 28.5 million pounds for the seven-month period last year.
Investec says: "Strategically, bulking up the catalogue with sensible high quality and established artists ahead of any possible crystallisation/exit could look sensible given potential global economies of scale and funding availability."
For more double click on [ID:nBNG294910]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:15GMT 22May2009-ATH Resources down as output hit
---------------------------------------------------
Shares in ATH Resources (ATH.L) slide 18.8 percent as the British miner says the output from its mine at Muir Dean in Fife has been hit following "a recent unexpected and substantial inflow of water", prompting Evolution Securities to cut its rating to "hold" from "buy".
Britain's third biggest coal producer also says, as a result it intends to defer its interim dividend, which was anticipated to be paid in July 2009.
Evolution says: "Earnings will be impacted by water delays ... we expect that output in the year to September will be about 100,000t less than previously forecast."
"This is severely disappointing for its income fund investors," the broker adds.
For more double click on [ID:nRnsV6889S]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
07:50GMT 22May2009-Dairy Crest falls as broker downgrades
---------------------------------------------------------
Shares in Dairy Crest (DCG.L) fall 2.1 percent in early trade, underperforming the FTSE 250 .FTMC, which gains 0.2 percent, as Credit Suisse downgrades the maker of Cathedral City cheese and Clover spreads to "underpeform" from "neutral".
Credit Suisse forecasts that Dairy Crest's profits for the year may be broadly flat, and says "the business has shown over the years that in underlying terms profits have consistently gone backwards", with only acquisitions fuelling growth.
"We see little attraction in Dairy Crest shares outside of dividend income," says the broker.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
