STOCKS NEWS EUROPE-Sportech up after submits VAT claim
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09:45GMT 01April2009-Sportech up after submits VAT claim
-------------------------------------------------------- Shares in betting firm Sportech (ROD.L) gain more than 3 percent after the company says it has submitted a claim to Her Majesty's Revenue & Customs to recover "in excess of 40 million pounds" in overpaid VAT for its Spot the Ball game offered between 1979 and 1996.
"We caution a successful outcome is not guaranteed and the process is likely to drag on for a number of years, but see the claim as yet another positive catalyst which is not, in any way, reflected in the current 5 times P/E, 5 times EV/EBITDA, 15 percent FCF yield valuation," Investec Securities says in a note.
The broker highlights that the amount could increase to over 100 million pounds including interest.
Investec has a "buy" rating on the stock.
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:35GMT 01April2009-Novo Nordisk bounces as drug hopes revive
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Shares in Novo Nordisk (NOVOb.CO) bounce back 4 percent, after heavy falls on Tuesday, as bullish analysts predict its diabetes drug Victoza should still win U.S. approval, despite tough questions from Food and Drug Administration staff.
Brian Bourdot of Deutsche Bank reiterates his "buy", arguing an FDA panel on April 2 is likely to recommend the drug, given its unequivocal efficacy and the fact Novo has sufficient data to assuage immediate concerns over cardiovascular risks.
FDA staff, in briefing documents prepared ahead of the meeting, had queried the scope of the cardiovascular data and also highlighted a possible thyroid cancer link. For more double click on [ID:nN31404834]
Reuters Messaging rm://ben.hirschler.reuters.com@reuters.net
09:32GMT 01April2009-Plethora Solutions up on license payout
------------------------------------------------------------ Shares in Plethora Solutions (PLE.L) climb 3.1 percent after confirming an amendment to its license for PSD502 -- a premature ejaculation drug -- with Sciele Pharma Inc which will boost its income in the short term.
The amendment means, Sciele has made additional license payments totalling $13.7 million to Plethora and its debt providers, with the company retaining $7 million.
FinnCap says in a note: "This is a bittersweet deal: its conclusion indicates that the FDA meeting had a positive outcome as this was a condition of the amendment, and Sciele will now assume all U.S. development costs (thereby cutting cash burn), however Plethora has had to sell the U.S. rights to PSD502 to generate cash."
For more double click on [ID:nRnsA8780P]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:15GMT 01April2009-Umicore sinks on on RBS downgrade
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Shares in Belgian metals and specialty materials maker Umicore (UMI.BR) fall as much as 7.6 percent after RBS downgrades it to "sell" from "buy" and drops its target price to 12 euros from 17 euros, citing its automotive exposure and the expiration of hedging contracts in 2009 and 2010.
"Umicore has the highest automotive exposure of the sector," write RBS analysts Pieter Zwinkels and Mutlu Gundogan in a research note, adding that the expiration of hedging contracts will dent Umicore's precious metals services performance in 2012 unless there is a strong recovery in precious metals prices.
Umicore shares are down 7 percent at 12.94 euros, underperforming the DJ Stoxx European Basic Resources Index .SXPP which is down about 2.7 percent. Umicore has lost about 65 percent from its 52-week high of 37.36 euros hit on May 21 2008.
Reuters Messaging rm://anne.jolis.reuters.com@reuters.net
09:10GMT 01Apr2009-Regal Petroleum up; funding fears over played
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Shares in Regal Petroleum (RPT.L) climb 7.7 percent as broker Mirabaud says market fears over group funding and the risks associated with its Ukranian operations have been over played, leading the broker to repeat its "buy" rating.
Mirabaud says in a note that the chances of a funding shortfall leading to a cutback in costs and drilling activity are less than the current market valuation implies.
Regal has cash of $88 million, which is more than enough to complete the two wells underway in Ukraine, the broker says.
Mirabaud adds that worries over challenging political and economic environment in Ukraine, which is home to the company's core asset base, should ease with the Former Soviet state showing some signs of stabilisation.
Regal's shares hit an all-time low in early March of 25.5 pence.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:06GMT 01April2009-GW Pharma up on milestone payment
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GW Pharmaceuticals' (GWP.L) shares rise 8.2 percent after the company says it will receive 8 million pounds from its Spanish licensing partner Almirall (ALM.MC) for its cannabis-based medicine Sativex in the next few weeks.
KBC Peel Hunt says the milestone payment demonstrates Almirall confidence in the drug, which treats spasticity in patients that have failed all previous therapies.
The broker repeats its "buy" rating on GW Pharmaceuticals.
To see GW Pharma's statement click on [ID:nRnsA8710P]
Reuters messaging rm://tresa.sherin.reuters.com@reuters.net
08:53GMT 01April2009-TUI Travel higher on M.Stanley upgrade
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Shares in TUI Travel (TT.L) add 1 percent lifted by an upgrade to "overweight" from "equal-weight" by Morgan Stanley with an increased target price of 320 pence, ups from 300.
The broker recommends investors switch to TUI Travel from mid cap peer Thomas Cook Group (TCG.L) which it downgrades to "equal-weight" from "overweight" with a decreased target price of 270p, down from 290.
Shares in Thomas Cook Group fall 3 percent.
Morgan Stanley says it increases its 2009 forecasts for both UK travel companies following solid trading news so far this year, but remains below consensus on Thomas Cook Group in 2010 due to its higher exposure to the tougher Scandinavian market and as the firm is already approaching peak margins.
The broker says Kuoni (KUNN.S) looks good value, but says it is a little too early to buy. Kuoni shares in Zurich lose 1.3 percent.
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
