STOCKS NEWS EUROPE-FTSE Small Caps down 1 percent by midday
STOCKS NEWS Reuters Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
11:56GMT 17Feb2009-FTSE Small Caps down 1 percent by midday
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The FTSE Small Cap Index .FTSC continue to slide lower, down 1 percent, in mid session trade, as the wider UK market also retreats with the FTSE 100 .FTSE down 2.3 percent and the FTSE Mid Caps .FTMC down 2.4 percent.
Spice (SPI.L) extends losses, down 18.5 percent, after the provider of utility support services reports an inline trading update, saying the facilities marketplace and trading at its gas business have continued to soften and that it is cutting costs at both businesses.
Synchronica (DAU.L) rises 12 percent after the provider of mobile email software wins a contract with Nokia Siemans networks, which Finncap says puts the company "at the forefront of push email".
Reuters Messaging rm://david.brett.reuters.com@reuters.net
11:48GMT 17Feb2009-Cape extends falls as sale talks ends
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Shares in Cape (CIU.L) fall 9.5 percent, following news late on Monday that the oil and energy services operator has ended all talks for a possible sale of the company.
Collins Stewart says the termination of discussions is not a surprise "given contract risk and the only partially capped asbestos legacy liabilities".
The broker says risks remain about Cape's earnings and its debt/covenants. It said the sole reason for its upgrade to "buy" is on valuation grounds, noting the company's shares have effectively halved in value since Jan. 7, 2008 following the announcement that it would not meet market expectations on debt reduction targets.
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11:36GMT 17Feb2009-Nyrstar drops after CEO exits
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Shares in Belgium's Nyrstar (NYR.BR), the world's largest zinc producer, drop 14.1 percent to 2.7 euros after it announces late on Monday that its chief executive would leave to be replaced by the former head of ArcelorMittal (ISPA.AS).
The company, which is set to report full-year results on Feb. 27, has plummeted since its flotation at 20 euros in October 2007, partly due to the crash of commodity prices.
"The decisions it had taken had been well received," said Bernard Hanssens, analyst at Bank Degroof. "Maybe some investors consider that there are signs of tension among management."
"We expect the results will be terrible, but the new man knows well this sort of crisis."
One Brussels-based trader says: "It's never good news when the CEO goes."
For a story on the CEO change double click on [ID:nLG150918]
Reuters Messaging rm://philip.blenkinsop.reuters.com@reuters.net
11:32GMT 17Feb2009-Biocompatibles up as starts trial
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Shares in Biocompatibles (BII.L) rise 13.2 percent after the drug delivery specialist announces that the first patient has been treated in a Phase II clinical trial for the evaluation of drug-eluting beads used in colorectal cancer.
"We believe there is significant commercial potential for Biocompatibles' drug-eluting beads in colorectal cancer," say analysts at Piper Jaffray in a note to clients.
To see Biocompatibles' statement please click on [ID:nPRrGB6AEa]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
11:17GMT 17Feb2009-Intercontinental gains on full-year profits
-------------------------------------------------------------- Shares in Intercontinental Hotels (IHG.L) gain 2.5 percent, among the blue-chip top gainers, after the hotelier meets full-year profit forecasts despite strong headwinds in the leisure sector, with brokers relatively upbeat on the stock.
Evolution keeps its price target for the stock at 485p and Societe Generale keeps its "buy" recommendation.
Evolution repeats its "reduce" rating for the stock but notes that Intercontinental is outperforming peers. Mariott International (MAR.N) last week posted a fourth-quarter net loss of $10 million.
"There is evidence that IHG is outperforming, but it is in a cyclical industry and still heading down," the broker writes. "The time to buy is when occupancy trends turn positive."
Intercontinental met full-year forecasts with a 13 percent rise in operating profits to $535 million, but said a fourth-quarter slowdown was spilling into 2009. [nID:LH071005]
Reuters Messaging rm://nicholas.vinocur.reuters.com@reuters.net
10:45GMT 17Feb2009-Iberdrola gains on upbeat 2009 outlook
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Spain's Iberdrola (IBE.MC) rises 3.5 percent after the power company gives an upbeat presentation on the outlook for 2009, traders say.
"Iberdrola should rally considerably over the next few weeks if the broad market stabilises, but that is a big if," a Madrid based equities analyst says.
Iberdrola shares dropped sharply in the two weeks ahead of its results on rumours of a profit warning, which were denied by the company, and after several analysts cut their 2008 estimates.
Reuters Messaging:rm://jonathan.gleave.reuters.com@reuters.net
judith.macinnes.reuters.com@reuters.net
11:00GMT 17Feb2009-Comdirect rises on positive FY results
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Shares in German online bank Comdirect (CDBG.DE) rise 2.1 percent as one of the top gainers in Frankfurt's smallcap index .SDAXI, after the company releases a strong set of 2008 results.
"In our view the performance in 2008 was excellent for a bank against the background of the extremely difficult market conditions," DZ Bank writes in a note, issuing a "buy" rating on the stock.
Comdirect says it still aims for pretax profit of 150-160 million euros ($189.7-202.3 million) by 2013.
For more double click on [ID:nWEA7063] [ID:nLA776812]
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net ($1=.7908 Euro)
10:32GMT 17Feb2009-Kingfisher hit by zloty worry, target cut
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Shares in Kingfisher (KGF.L), Europe's biggest home improvements retailer, drop 4.5 percent to 133.7 pence on concerns its fast-growing Polish business will be hit by a slide in the Polish zloty and a target price downgrade from Credit Suisse.
"Prior to considering the possible impact of the (economic) slowdown over the next two years on a local currency basis, if the zloty does not recover (Kingfisher) will face a translation headwind of about 25 percent in the year to Jan 2010, almost fully reversing a circa 26 percent gain to Jan 2009," says Singer analyst Matthew McEachran in a research note.
Credit Suisse analysts cut their target price on Kingfisher shares by 17 percent to 125 pence.
For a story on the zloty's fall please click on [ID:nLH310660]
Reuters Messaging: rm://mark.potter.reuters.com@reuters.net
10:20GMT 17Feb2009-Synchronica up on Nokia contract win
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Shares in Synchronica (DAU.L), the provider of mobile email software, jump 20 percent as the company announces a contract win with Nokia Siemans networks to supply it Mobile Gateway software to operators worldwide.
Fincapp says in a note: "This agreement clearly puts Synchronica at the forefront of push email with the second largest Network Equipment Provider in the World."
For more double click on [ID:nBNG348517]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
