STOCKS NEWS UK-Meggitt buoyed by positive update, market
STOCKS NEWS Reuters Results diary
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09:44GMT 30Oct2009-Meggitt bouyed by positive update, market
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Shares in Meggitt (MGGT.L) rise as much as 9.7 percent bouyed by a positive trading update and by a rising stock market. The British aeroplane parts supplier says civil aviation markets are showing signs of stabilisation.
"The IMS does not add much that is new but sounds positive and comes out on a day when the market is once again feeling more optimistic, hence the stock may recover some of the c.12 pecent it has lost in the last week or so," says Nick Cunningham at Evolution Securities.
Analysts at Investec also raise their price target on the stock to 270 pence from 220 pence. Shares in Meggitt are up 6.1 percent at 246.1 pence by 1035 GMT having earlier risen as high as 254.4 pence.
For more double click on [ID:nLU195810]
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08:48GMT 30Oct2009-WPP up on improving Q3 results
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Shares in WPP (WPP.L), the world's largest advertising group by revenue, rise 4.5 percent after the firm posts third quarter like-for-like revenues down a better-than-expected 8.7 percent.
"We see these results as reassuring and after falling around 10 percent in recent weeks the shares look due for a positive reaction today, though we are not expecting significant changes to consensus numbers," UBS says in a note.
Numis analyst Lorna Tilbian also welcomes WPP's improvement in margins and says the broker is raising its bottom-end 2010 forecasts for WPP and retains a "buy" rating on the stock.
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08:40GMT 30Oct2009-UK small caps up 0.2 pct early on
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The FTSE Small Cap .FTSC index gains 0.2 percent in early deals, underperforming a 0.7 percent rise by the FTSE 250 .FTMC index but outperforming a flat FTSE 100 .FTSE index.
Uranium miner Forte Energy (FTEFE.L) is a strong small cap gainer, adding 13.3 percent afetr the firm announces encouraging assay results from its Bir En Nar and Bir Moghrein projects in Mauritania, West Africa. For more double click on [ID:nCu564277a]
White Young Green (WHY.L) is the biggest small cap faller, shedding 14.9 percent as the construction consultancy posts a 42 percent fall in full-year profits and proposes a capital restructuring and covenant deferrals. For more double click on [ID:nWLA6936]
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08:35GMT 30Oct2009-Car dealers rise as Lookers Q3 tops forecasts
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Lookers (LOOK.L) shares climb 6 percent to 62 pence after the British car dealer says third-quarter results were well ahead of its expectations, helped by good demand for used cars and market share gains in new cars. Shares in rival Pendragon (PDG.L) are also over 3 percent higher.
"Having restructured the business and strengthened the balance sheet, we believe management will turn to focus more on growth opportunities as we move into 2010," says KBC Peel Hunt analyst John Stevenson, raising his profit forecasts for Lookers to 26.5 million pounds from 24.6 million for the current financial year and to 31.5 million from 29.7 million for next year.
"Backed by strong cash generation, we see scope for modest acquisitions, while the absence of Audi and BMW in the portfolio may be addressed if the opportunity arises," he adds, keeping a "buy" rating on the stock and a target price of 80 pence.
To see Lookers' statement please click on [ID:nRnsd6345B]
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