STOCKS NEWS EUROPE-FTSE Small Cap Index up 0.8 percent
STOCKS NEWS Reuters Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
09:09GMT 03Nov2008-FTSE Small Cap Index up 0.8 percent
-- --------------------------------------------------- The FTSE Small Cap Index .FTSC rises 0.8 percent, with UK markets awaiting a possible interest rate cut from the Bank of England.
The FTSE 100 Index .FTSE rises 0.6 percent.
Entertainment Rights ERT.L rebounds to gain 20 percent following Friday's sell-off after the company's first-half results.
CMA Global Sterling Fund (CMAEx.L) falls 7.8 percent after the fund manager says the estimated net asset value of the company's shares have fallen over 25 percent in the year to date.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:00GMT 03Nov2008-Barclays sags on cost of capital concern
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Barclays (BARC.L) shares sag 7.2 percent to 166 pence on concern that raising capital privately is too expensive and dilutive, with analysts at Merrill Lynch estimating the fundraising may cost investors 3.2 billion pounds.
Barclays is raising 7 billion pounds, mostly from investors in Abu Dhabi and Qatar, and its shares are now down 19 percent since the plan was unveiled on Friday.
"We calculate that Barclays' decision not to raise capital from the UK government may have cost shareholders a potential 3.2 billion pounds," Merrill says in a note, citing the absence of a clawback on convertible shares, the cost of new warrants, the longer duration of the interest payments and fees.
Merrill cuts its price target on Barclays shares to 204p from 235p. UBS cuts its target to 170p from 220p and Deutsche Bank cuts its target to 290p from 310p.
Reuters Messaging rm://steve.slater.reuters.com@reuters.net
08:41GMT 03Nov2008-SolarWorld up on strong Q3 results
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Shares in German solar energy company SolarWorld (SWVG.DE) rise 7.8 percent to become one of the biggest gainers on the Frankfurt's technology index .TECDAX, as preliminary third-quarter earnings before interest and tax (EBIT) come in above market expectations.
EBIT was up 67.3 percent at 90.7 million euros beating an average estimate of 67 million euros in a Reuters poll of analysts.
"Preliminary results for Q3 2008 clearly exceeded our and consensus forecasts for EBIT which makes us feeling comfortable with our full year estimate," Equinet analyst Sebastian Growe writes in a note, confirming a "buy" rating.
The company, which is due to report final third-quarter results on Nov. 14, also says it still expects profits and sales to exceed the target of 25-30 percent growth in 2008. For 2009, SolarWorld aims for profit and sales growth of 25-30 percent, the company's Chief Executive Frank Asbeck tells Reuters.
For more double click on [ID:nLV744352]
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
08:26GMT 03Nov2008-Gambling group Codere up on potential sale
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Shares in Spanish gaming group Codere (CDRE.MC) jump 8.7 percent to 10.0 euros on hopes for a potential sale by its core shareholders after they failed to make a final payment on their stake acquisition last Friday.
"We continue to think that a sale process will occur and Codere will raise interest, being a defensive stock," Ibersecurities analysts say in a note.
Ibersecurities estimates valuations of between 13.50 and 21.0 euros per share for the company. For more please double click on [ID:nLV315669]
Reuters Messaging rm://tracy.rucinski.reuters.com@reuters.net
08:21GMT 03Nov2008-UCB gains on U.S. Toviaz drug approval
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Shares in UCB (UCB.BR) gain 5 percent after U.S. regulators approve Belgian drugmaker's over-active bladder drug Toviaz, which is being distributed by Pfizer (PFE.N).
Morgan Stanley analysts say the green light comes six months earlier than expected and is a "major milestone", securing around 10 to 15 percent of future medium term earnings for UCB.
"Given UCB's leverage and debt repayment timings, this approval is a significant catalyst securing important future cash flows," the brokerage says. "Combined with the recent approval of Vimpat (epilepsy) in the U.S., UCB's risk profile has been lowered considerably." For more double click on [ID:nN31361136]
Reuters Messaging rm://ben.hirschler.reuters.com@reuters.net
07:54GMT 3Nov2008-Commerzbank seen lower on Q3 loss
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Shares in Commerzbank (CBKG.DE) are indicated down 1.4 percent at brokerage Lang & Schwarz before the German market opens as Germany's second-largest bank says it will take a 8.2 billion euro capital injection from the German state and reports a third-quarter loss of 285 million euros.
"Commerzbank is one of the banks that was embroiled in talk that it would take advantage of the government aid package," says market analyst Heino Ruland at Renell Investment Bank. Ruland says the market had already speculated that the bank might take the aid.
"The question now is how things will run with the integration of Dresdner Bank (ALVG.DE) if the German government is lolling around in the bank," says a second trader.
For more double click on [ID:nL3543865]
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
07:24GMT 03Nov2008-European stock futures up after U.S., Asia shares gain
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Futures for major European stock indexes rise, after U.S. shares gained on Friday and Asian equities rose on Monday, as investors hope recent measures to help the financial sector and more potential interest-rate cuts could calm market jitters.
Futures for the DJ Eurostoxx 50 STXEc1 add 1.2 percent, for Germany's DAX FDXc1 add 0.7 percent and for France's CAC FCEc1 rise 0.9 percent.
The European Central Bank and the Bank of England are expected to lower interest rates this week, following recent rate cuts by China, India, Japan and the United States.
Major U.S. stocks indexes rose by 1.3-1.6 percent on Friday, while Europe's FTSEurofirst 300 .FTEU3 registered a 2.8 percent gain.
Major European companies reporting:
Q3 Linde (LING.DE)
Q3 StatoilHydro (STL.OL)
Q2 Ryanair (RYA.L)
Q3 Corporacion Financiera Alba (ALB.MC)
Q3 Nobel Biocare (NOBN.VX)
Major U.S. companies reporting:
Q3 MasterCard Incorporated (MA.N)
Q3 Viacom (VIAb.N)
Q1 Automatic Data Processing (ADP.O)
Q3 Albany International (AIN.N)
Q3 Allegheny Energy (AYE.N)
Q3 American Tower (AMT.N)
Q3 Andarko Petroleum (APC.N)
Q3 Goodyear Tire & Rubber (GT.N)
Q3 Pitney Bowes (PBI.N)
Macroeconomic events:
0850 FR CDAF Manufacturing PMI
0855 DE Manufacturing PMI
0900 EZ MarkitManufacturing PMI
0900 GB Halifax survy
0930 GB CIPS Manufacturing PMI
1500 US ISM Manufacturing
U.S. North American car sales
Reuters Messaging rm://rebekah.curtis.reuters.com@reuters.net
