STOCKS NEWS UK-Game slumps as sales decline accelerates
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07:50GMT 02Jul2009-Game slumps as sales decline accelerates
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Shares in Game Group (GMG.L) fall as much as 11 percent after the British video games retailer reports a sharp deterioration in underlying sales, down 15.4 percent in the 21 weeks to June 27.
Although Game said the sales decline was in line with internal expectations, analysts at Singer Capital Markets noted underlying sales fell about 25 percent in the latter 10 weeks of the period.
"There is now little room for disappointment and we would expect consensus (year to end-Jan. 2010 pretax profit) numbers to edge down today from circa 117-118 million pounds towards 113-114," they said.
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Reuters messaging rm://james.davey.reuters.com@reuters.net
07:45GMT 02Jul2009-StanChart outperforms; UBS upgrades
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Shares in Standard Chartered (STAN.L) slip 0.3 percent but outperform a weak FTSE 100 FTSE index, down 1.3 percent, as UBS upgrades its rating to "neutral" from "sell", hikes its target price to 1,140 pence from 1,000 and raises its estimates following the bank's recent trading update.
UBS ups its 2009 EPS forecast for Standard Chartered by 9 percent to $1.78, pointing out that the bank's Wholesale revenues are again outperforming and it now see that business making first-half pretax profit of $2.5 billion, nearly four times its earnings of four years ago.
The broker says that while the environment is favourable, Standard Chartered has enabled itself to enjoy this better than most by maintaining its capital and funding discipline in the pre-crisis period.
UBS says it sees Standard Chartered shares struggling to make progress from here, with group earnings likely at their near-term peak in first-half 2009, however, with its new 2009 earnings forecasts well ahead of consensus, the broker also struggles to see the stock declining much either.
UBS says it continues to see significantly better value in HSBC (HSBA.L), which is likely gaining from the same external trends but with its valuation well below historical averages on a normalised basis.
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
07:20GMT 2Jul2009- Europe stocks fall ahead of U.S. jobs
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European shares are lower in early trade, as investors take a cautious stance ahead of U.S. non-farm payroll figures, with commodities the biggest fallers tracking weakness in crude and metal prices.
By 0715 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares is down 1 percent at 858.66 points after gaining 1.8 percent in the previous session.
BG Group (BG.L), BP (BP.L), Royal Dutch Shell (RDSa.L) and Total (TOTF.PA) are down 0.9-1.5 percent.
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Reuters Messaging rm://joanne.frearson.reuters.com@reuters.net
