STOCKS NEWS UK-Glisten down on profit warning
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09:50GMT 25Jun2009-Glisten down on profit warning
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Shares in Glisten (GLI.L) fall 30 percent after its rating is cut by house broker KBC Peel Hunt following Wednesday's profit warning, which came about as a result of a poor performance at its fruit and cereal snacks unit.
The company, which discovered accounting failures at its Halo subsidiary, says annual profit will be around 4 million pounds compared to prior estimates of 6 million pounds.
"The accounting issues at Halo relate to the failure to take into account higher material and operating costs in the second half. Obviously the news is very disappointing and we are moving our recommendation to "hold" and our price target to 80 pence from 120 pence," says KBC analyst Charles Hall.
For more, click on [ID:nBNG495996]
Reuters messaging rm://rhysl.jones.reuters.com@reuters.ne
09:30GMT 25Jun2009-Sirius Exploration up 14 pct on Dakota deal
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Shares in Sirius Exploration (SXX.L) rise 14 percent as investors digest an announcement late Wednesday that the mining and exploration firm has been granted two options to acquire the remaining 49 percent of Dakota Salts, in which it already holds a 51 percent stake.
Dakota Salts holds mineral leases in excess of 5,000 acres in North Dakota and Sirius says the Dakota project is a key long term asset for its business.
"The announcement, which had been anticipated, has been viewed positively," says one trader. "The retail punters have got wind of it and chased them up although we're starting to see a bit of profit taking as well."
To see Sirius' statement please click on [ID:nCu539085a]
Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net
08:57GMT 25Jun2009-Lavendon up on trading update
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Shares in Lavendon (LVD.L) climb nearly 9 percent, the third biggest riser on the FTSE small cap index .FTSC, after the equipment rental firm's trading update, prompting Panmure Gordon to upgrade to "buy" from "hold", saying the results are better than it anticipated.
Panmure says: "The share price has suggested profits under significant pressure in recent weeks, though that does not look the case on this update."
The company, which rents out power aerial work platforms, saw group revenues fall 5 percent in the five months to end-May and dropped 13 percent on a constant currency basis.
The broker retains its profit expectations for 2009 and 2010, with an EPS of 26.78 pence and 27.14 pence respectively, adding that the outcomes could now be better than expected.
The broker rates the shares on a price earnings ratio of 4.7 times 2009 and 4.6 times 2010 forecasts.
For more double click on [ID:nRnsY4652U]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:50GMT 25Jun2009-Clinton Cards up on store purchases
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Shares in Clinton Cards (CLCA.L) rise 15 percent to an eight month high after it buys 196 stores from administrators of its Birthdays greeting cards chain, safeguarding the jobs of over 1400 staff.
Clinton placed its Birthdays chain of 332 stores into administration last month after the unit was hit by the economic downturn and dire trading.
"It is the ideal scenario for Clinton who will have taken the better half of the Birthdays chain. This is the best of both worlds because Clinton Cards has now eliminated the underperforming problem stores and kept the profitable element, which should send the shares up," says KBC analyst John Stevenson.
For more, click on [ID:nLP601756]
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
08:46GMT 25Jun2009-John Menzies jumps after update
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Shares in John Menzies (MNZS.L) jump 10.8 percent, topping the FTSE Small Cap .FTSC leaderboard, as the company issues a trading update, which prompts both Numis Securities and Brewin Dolphin to raise their target prices for the firm.
The newspaper distribution and aviation services company forecasts a higher profit for the half year as lower contribution from its aviation division was more than offset by improved trading in its distribution business. [ID:nBNG457463]
"With positive earnings momentum and a reduced debt burden, investors should see Menzies as a de-risking stock leading to considerable upside in the share price given the low valuation of 3.7 times EV/EBITDA and prospective P/E of 4.7 times," says Numis in a note.
Numis, which repeats its "buy" rating on the stock, moves its target price to 180 pence from 160 pence, and its EPS estimate for the full year to 29.0 pence from 26.6.
Brewin Dolphin's target price, meanwhile, is hiked to 200 pence from 165 pence, with the broker also repeating its "buy" recommendation on the company.
Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net
08:21GMT 25Jun2009-Goldshield up as FY beats forecasts
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Shares in British generic drug supplier Goldshield rise 4.4 percent after its full-year results beat forecasts.
The company booked full-year revenues of 98.4 million pounds, compared with three analysts polled by Reuters who expected on average about 95.1 million pounds.
"They've come in significantly ahead of expectations and people are pricing that into the valuation," says Sahill Shan, an analyst at Brewin Dolphin who has a "buy" stance on the company.
To see the full article please click on [ID:nLP593378]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
