STOCKS NEWS UK SMALL-Renishaw up; sees lower H2 op loss
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08:24GMT 15May2009-Renishaw up; sees lower H2 operating loss
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Shares in Renishaw (RSW.L) gain 5 percent as the precision engineer says cost-cutting efforts mean second-half operating losses will be lower than the previously expected 10 million pounds.
KBC Peel Hunt upgrades the company to "Hold" from "Sell" and says it expects to increase 2009 forecasts.
"While we do not view Renishaw as being 'out of the woods' it has made good inroads on cost cutting and net cash of 14 million pounds reduces the risk of the final dividend being passed," write the analysts in a note.
For more, please click on [ID:nLF921169]
Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net
07:55GMT 15May2009-Computacenter up on positive H1 view
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Shares in Computacenter (CCC.L) rise 7.1 percent as the IT firm says profit in the first four months was well ahead year-on-year and it sees similar progress for the first half.
Analyst George O'Connor at Panmure Gordon, who has a "buy" rating on the stock, says the company is better configured, selling more higher margin products and services, and he raises his 2009 earnings per share forecast to 21.3 pence from 20.2 pence.
"Our view is unchanged -- Computacenter is a story about the transformation of the offer -- selling more service has a dramatic positive impact on group profitability and delivers positive earnings surprises," he says in a note.
For more, click on [ID:nLF612865], company statement [ID:nRnsO2960S]
Reuters messaging rm://paul.sandle.reuters.com@reuters.net
07:55GMT 15May2009-Ladbrokes down as profit falls
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Shares in Ladbrokes (LAD.L) fall 6 percent after Britain's biggest bookmaker says its gross profit fell by a third in the four months to end April after a run of punter-friendly results in March, particularly at the Cheltenham Festival.
The group says its gross win was flat overall in the four month period. UK over-the-counter gross win falls 4 percent in British shops and e-gaming revenues drop 2 percent.
"Ladbrokes is underperforming its closest peer (William Hill (WMH.L)) across each of the key business units. Perhaps the most notable area is online, where the modest decline in Ladbrokes' net revenue compares unfavourably with William Hill (up 10 percent)," says Goldman Sachs analyst Patrick Hargreaves.
For more, click on [ID:nLF624344]
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
07:48GMT 15May2009-PV Crystalox slumps on H1 warning
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Shares in solar company PV Crystalox (PVCS.L) slump 20 percent as it warns on first half revenues, with slowing customer demand leading to order deferrals.
"Long-term contracts can withstand only so much and the rate of order deferral has increased. Downward revision to earnings are needed," says Andrew Shepherd-Barron at KBC Peel Hunt.
The broker revises 2009 pretax profit estimates down to 80 million euros from 93 million, but remains a 'buy', citing Japanese exposure, a strong balance sheet, and the stock being the cheapest play in the sector.
For more double click on [ID:nLF471906].
Reuters Messaging rm://lorraine.turner.reuters.com@reuters.net
07:36GMT 15May2009-FTSE small caps up 0.5 pct at open
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The FTSE Small cap index .FTSC climbs 0.5 percent in early trade as the London market looks to end the week on a bullish note, with the FTSE 100 .FTSE up 0.2 percent and the FTSE 250 .FTMC gaining 0.6 percent.
SciSys (SSY.L) rises 12.1 percent as the IT and software solutions provider announces its media and broadcast division has won a 4 year contract worth between 10 and 15 million pounds with the British Broadcasting Corporation.
PV Crystalox Solar (PVCS.L) slide 13.9 percent after warning first half revenues would be 10 percent lower after warning customer demand weighs on its order book. The company, which applies silicon wafers to solar cell makers, says it has had a number of requests for order deferrals.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
07:23GMT 15May2009-AGI tumbles after Rezular failure
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Shares in stomach drug specialist AGI Therapeutics (A9I.I) plummet 59 percent after the company says that its lead drug Rezular has failed in large-scale tests.
"Rezular made up the bulk of our sum-of-parts net present value for AGI," say analysts at Piper Jaffray, downgrading their recommendation to "neutral" from "buy".
To see AGI's statement please click on [ID:nMKW1681a]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
