STOCKS NEWS EUROPE-FTSE Small Caps close down 0.7 pct
STOCKS NEWS Reuters Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
16:56GMT 17Mar2009-FTSE Small Caps close down 0.7 pct
-----------------------------------------------------
The FTSE Small Cap index .FTSC ends down 0.7 percent, underperforming the UK blue chip index .FTSE, which falls 0.2 percent, but outperforming the FTSE Mid Cap index .FTMC, which sheds 0.9 percent.
Augean (AUG.L) loses 13 percent as the hazardous waste management company issues a cautious outlook with its full-year 2008 results statement, and traders cite growing concern that there is no further news on bid talks announced back in June 2008. Torotrak (TRK.L) surges 69 percent as the transmission technology group concludes a licence and exclusivity agreement with Allison Transmission, and says Allison will buy an equity stake in the company.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
16:29GMT 17Mar2009-Bowleven up ahead of results
-----------------------------------------------
Shares in oil and gas company Bowleven (BLVN.L) rise 17.6 percent ahead of the oil & gas explorer's first-half results, due March 23.
"This oil and gas group has results next week and investors are speculating that production is going well," says a trader at SpreadEx.
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
16:22GMT 17March2009-Augean falls on outlook, bid concerns
----------------------------------------------------------
Shares in Augean (AUG.L) fall 13 percent as the hazardous waste manager says the impact of the global recession and snow in the UK in February resulted in a slower than expected start to the year, and although visibility is limited, it expects the first half to be materially below its previous view.
One trader said the shares have been hit by the cautious outlook plus concerns over takeover talks, first announced in August 2008.
"It (the takeover) could be deeply discounted or not go ahead at all," he said.
Augean declined to comment on the talks.
For company statement, click on [ID:nRnsQ9481O]
Reuters messaging rm://paul.sandle.reuters.com@reuters.net
16:09GMT 17March2009-Hugo Boss up on news about dividend
--------------------------------------------------------
Shares in German fashion house Hugo Boss (BOSG_p.DE) rise 7.3 percent, topping Frankfurt's midcap index .MDAXI, after the company proposes a dividend of 1.37 euros per common share and 1.38 euros per preferred share for 2008.
"The dividend proposal is at the upper end of expectations," says Thilo Kleibauer, analyst at MM Warburg.
Hugo Boss is scheduled to release full-year results on March 26.
For more double click on [ID:nWEA2923]
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
15:44GMT 17Mar09-OHL drops 11 pct on ratings cut
-----------------------------------------------
Spain's OHL (OHL.MC) shares drop 11 percent after Fitch cuts its ratings for the builder to 'BB+' from 'BBB-' on Monday, while Moody's places its ratings on the company on review for a possible downgrade. [ID:nWNA9237]
"It's pretty clear the stock is dropping on negative sentiment following Fitch's rating cut and Moody's warning," said an analyst who did not want to be named.
One of OHL's objectives for 2009 was to maintain its "investment grade" rating, which is now in jeopardy, the analyst said.
While the debt ratings downgrade directly affects OHL's bonds rather than its shares, the analyst flagged that it fuels a lack of confidence in the company and its business.
The company's 5 percent euro bond due May 2012 is bid at 65.53 and offered at 66.26, down from 68.5 yesterday.
(reuters messaging:andres.gonzalez.reuters@thomsonreuters.com)
15:41GMT 17March2009-Bayer drops;FDA raises concerns on Xarelto
---------------------------------------------------------------
Shares in Bayer BAYG.DE drop 7.6 percent after the U.S. Food & Drug Administration (FDA) says increased bleeding and other potential risks are a concern with Xarelto, a blood thing drug Bayer and Johnson & Johnson (JNJ.N) jointly developed.
"The announcement has put the shares under pressure... the drug was touted as a major revenue bringer for the company and now its approval appears a bit in question," says a Frankfurt-based trader.
Analysts, however, see the market reaction as too extreme.
"There is a first negative impression, but the risks that were highlighted are probably no more severe than the standard treatments," says a Frankfurt-based analyst who wishes not to be named.
"In a first assessment of the documents we see no negative perception of the FDA towards Xarelto," writes Peter Sprengler, analyst from DZ Bank in a note.
"In our view the risk-reward profile of Xarelto is positive. Safety concerns will be addressed by the company."
Johnson & Johnson shares are 2.2 percent lower.
For more double click on [ID:nN17268743]
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
15:11GMT 17March2009-Afren up as presentation reassures
--------------------------------------------------------
Shares in oil and gas company Afren (AFRE.L) rise 13.6 percent, extending Monday's 18 percent gains, with investors reassured by a company presentation at the Securities Africa Citigroup Sub Saharan Conference on Monday.
"I imagine it's reassurance on how production's performed and how secure the financing is," says William Arnstein, an analyst at Jefferies International, adding that a high level of the company's capex is discretionary, helping allay any concerns about financing.
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
