Oct 31 (Reuters) - STOCKS NEWS Reuters Results diary
Stocks on the move Real-time Equity News

14:10GMT 31Oct2008-European shares up as Wall St opens mixed

European shares edge up, having been in and out of positive territory during the session, after Wall Street opens mixed as investors fret about a slowing economy and sources say the General Motors-Chrysler merger is on hold.
The FTSEurofirst 300 index of leading European shares is up 0.6 percent at 909.2 points.
Across the Atlantic, the Dow Jones is up 0.3 percent, the S&P 500 adds 0.2 percent and the Nasdaq Composite falls 0.5 percent.
GM's shares fall 2.3 percent after three people with direct knowledge of talks tell Reuters a deal to merge the U.S. automaker and Chrysler LLC hit an impasse after the Bush administration ruled out funding for it.
Economic data provide further evidence of a deep slowdown across the Atlantic. U.S. consumers cut their monthly spending for the first time in two years during September, evidently bracing for hard times as jobs continue to disappear and credit conditions tighten.
Banks take most points off the FTSEurofirst 300 index, with Barclays more than 17 percent lower on concern about the cost of raising new funds from Middle East investors.

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13:09GMT 31Oct2008-Shire leads UK pharma stocks higher

Shares in Shire lead gainers among UK pharmaceutical stocks, up 7.2 percent, as JP Morgan reiterates its 'overweight' stance and raises its price target on the stock to 1,084 pence from 1,014 previously.
JP Morgan cites strong third quarter results reported by Shire on Wednesday and moves by management to address concerns over its cost base.

Meanwhile, Panmure analyst Savvas Neophytou welcomes Shire's prediction that earnings in 2009 will match analyst expectations. Analysts had previously feared that Shire would not have enough firepower to replace revenues from its current top seller, Adderall XR, which faces generic competition from next year.
"Drawing a line under that will allow the stock to start trading on fundamentals," he says.

"Although AstraZeneca, Glaxo and other European pharmaceutical companies have been outperforming the markets in general, Shire hasn't really benefited from the macro switch into pharmaceuticals because of the concerns for 2009 and Adderall XR," he adds.
Other companies in the sector also rise, boosted by the perceived defensive merits of the sector. GlaxoSmithKline gains 4.9 percent with Smith & Nephew up 2.9 percent and AstraZeneca rises 1.7 percent.
"The cash generation capability of this sector, which has had a good couple of years of restructuring its cost base in anticipation of price pressures in the U.S., has enabled it to be in a better position compared to the broader markets to weather any pressures," says Neophytou.
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12:49GMT 31Oct2008-FTSE Small Cap Index edges up at midday

The FTSE Small Cap Index edges higher in midday trade as UK markets continue to look for direction, with the FTSE 100 index down 1.2 percent.
Ithaca Energy, the North Sea focused oil and gas explorer, soars 93.3 percent, after a series of asset sales to Dyas UK Ltd gives the group the necessary funding to develop other prospects.
Entertainment Rights falls 34 percent as it warns negotiations regarding content and music publishing rights in the U.S. could result in a further EBITDA reduction of 10 million pounds in the current year.

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12:41GMT 31Oct2008-NETeller up on solid Q3 trading

Shares in NETeller rise 4.2 percent after the online payment company says its e-wallet business shows underlying growth in Europe and Asia Pacific during the third quarter and that it is confident of meeting a pretax profit target of 12 million pounds for the year to the end of December.
"NETeller says third quarter trading is in-line and that full year expectations will be met ... It's a great business, there's cash to be returned and no debt, which makes it an interesting investment case even in a humdrum world," says Evolution analyst Ivor Jones.
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12:36GMT 31Oct2008-Independent News soars after statement

Shares in Independent News & Media jump some 26 percent after the Dublin-based newspaper publisher says it is looking to sell its 39.1 percent stake in Australasian radio and newspaper group APN News & Media to reduce debt by about 800 million euros ($1 billion).
Independent News trades 26 percent higher in Dublin and in London.

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12:26GMT 31Oct2008-Senior jumps on hopes for Boeing strike deal

Shares in FTSE 250-listed aerospace engineer Senior rise as much as 38 percent amid mounting hopes a strike at Boeing, one of its most important customers, will be resolved this weekend.
The dispute is costing Senior about 1.5 million pounds ($2.4 million) a month, says analyst James Tetley at Brewin Dolphin. The company's ability to weather it without earnings downgrade so far points to its strength, Tetley says, but it can only continue doing so until early November.
"We expect Boeing to resume production with all guns blazing," he says. "It bodes well (for Senior) for next year."
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12:12GMT 31Oct2008-Zurich, Swiss Re benefit from upgrades

Zurich Financial Services shares rise more than 5 percent in a weaker European insurance sector, helped by a rating upgrade by Merrill Lynch, traders say.
"First, we now expect to see a better non-life environment and this has boosted our estimates," Merrill analyst Brian Shea says in a note, raising his rating to "buy" from "neutral".
"Second, the shares have fallen sharply, pushing the valuation down to what we consider a very attractive level."
Reinsurer Swiss Re's shares gain nearly 4 percent, also boosted by a Merrill upgrade to "buy" from "neutral".

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11:40GMT 31Oct2008-Barclays falls on capital cost concerns

Shares in British bank Barclays fall 10 percent on concerns the group's plan to raise 7.3 billion pounds in fresh capital from private investors will cost it more than accepting a cash injection from the government under its bank recapitalisation programme.

"The capital ain't cheap. It's more expensive than the government's capital," says Hichens, Harrison analyst Magnus Mathewson.
"But they're doing everything possible to stay out of the government's hands. I think they're doing the right thing."
Up to 5.5 billion pounds of the capital being raised by Barclays is coming from investors in Qatar and Abu Dhabi.
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11:47GMT 31Oct2008-Retailers slide on John Lewis woes, Tesco up

Shares in British retailer Marks & Spencer and Kingfisher, the owner of the B&Q home improvement chain, slide as much as 4.7 percent and 5.3 percent, respectively, after John Lewis reports a 9.8 percent fall in weekly sales at its department stores, led by slowing homeware sales.
However, shares in Tesco rise 2.6 percent with analysts predicting value conscious shoppers will trade down to the supermarket group for cheaper food and a growing range of non-food goods. Shares in rival Wm Morrison Supermarkets also rise over 2 percent.
"There's a definite shift towards consumers looking for value so I expect Tesco to perform better than M&S because it's generally cheaper and I suspect we'll see more people buying non-food items from Tesco too," says Howard Archer, an economist at IHS Global Insight.
"Homeware goods are also being hammered by the falling housing market ... if you're not moving house you're less likely to buy new furnishings or a new TV, which will impact Kingfisher." Home Retail, owner of DIY chain Homebase and homeware retailer Argos, is down 7.2 percent.
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11:24GMT 31Oct2008-GEA Group up on Q3 results margins

Shares in German engineering group GEA rise 5.2 percent making it the second top gainer in Frankfurt's midcap index as the company reports third-quarter results with strong margin developments.
"The third-quarter 2008 figures are better than we had expected for the core segments, especially in regards of the margin development as GEA Group has grown especially in the components business," DZ Bank analyst Markus Turnwald writes.
GEA reports third-quarter operating profit of 131.9 million euros, beating an average estimate of 128 million euros in a Reuters poll, but sales miss forecasts.
"According to GEA Group the demand in the high margin areas is still growing," says Merck Finck analyst Carsten Kunold.
He adds according to GEA, September was "strong with orders significantly above the prior year's level".
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11:24GMT 31Oct2008-Centrica drops on rights issue

British Gas-owner Centrica falls as much as 9.6 percent after announcing a mammoth rights issue that will deliver three new shares for every eight currently in existence, but an analyst says the fall could have been more severe if investors had not supported the move.
The issue, announced in order to pay for a 25 percent stake in nuclear operator, was fully underwritten and backed by all major shareholders.
"If you are in Centrica it is because you back its strategy (to reduce its exposure to the wholesale gas price), and this is bang in line with that strategy," says Evolution analyst Lakis Athanasiou. The shares are down 5.6 percent at 289 pence having earlier fallen as low as 276.75 pence.

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11:23GMT 31Oct2008-REpower up; report Suzlon gets funding help

Shares in German wind turbine maker REpower soar 37.8 percent to the top of Frankfurt's technology index as traders cite a report in Indian newspaper Business Standard, saying majority owner Suzlon will get help in funding the remaining stake in the German company.
The report, citing banking sources, says that Suzlon -- which owns about 66 percent in REpower -- will start talks about selling a 5-8 percent stake to Goldman Sachs, Blackstone and General Atlantic, the proceeds of which are intended to complete the acquisition of REpower.
"This raises hopes that the deal might still happen," a trader says.
Suzlon earlier this week said it dropped a $360 million rights issue that was planned to fund the purchase of a 22.48 percent stake in REpower from Portugal's Martifer.
Suzlon declined to comment on the report.
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11:17GMT 31Oct2008-Ithaca Energy soars on asset sale news

Shares in Ithaca Energy Inc., the North Sea focused oil and gas exploration group, almost double to trade over 96 percent higher -- one of the top risers on AIM - after a series of asset sales to Dyas UK Ltd gives the group the necessary funding to develop other prospects. In total, the sales could be worth $126.8 million if certain options are exercised.
Investment Research firm Tristone Capital says the transaction will alleviate a funding gap for its Jacky development and allow the field to proceed to full production. It has a target price of 53 pence for Ithaca's shares which are up 88 percent at 28.4 pence having earlier risen as high as 29.5 pence.
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11:11GMT 31Oct2008-Petmin up as Numis repeats "Buy"

Shares in Petmin,, the AIM listed minerals, mining and processing company, climb 4.7 percent as Numis repeats its "buy" recommendation, saying the company will benefit from weakness in the South African Rand and is immune to lower commodity prices.
The broker, which also keeps its 48 pence target price on the stock, says prices have been locked in for all Petmin's 2009 volumes and it is upgrading Petmin's Rand based earnings figures.
Furthermore, Numis says it expects the company's net cash position to increase during 2009 and 2010, believing it is well positioned to weather any downturn in commodity prices, while expecting earnings to remain robust.

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10:52GMT 31Oct2008-BSkyB cuts gains as economic woes weigh

Shares in British pay-TV company BSkyB reverse early gains of as much as 6.5 percent as Investec says it intends to downgrade its earnings per share (EPS) forecasts despite good first quarter subscriber numbers.

"First quarter figures are almost surprisingly good," Investec analyst Steve Liechti says in a note. "However, while numbers are OK, to be conservative we intend to reduce forecast EPS given worsening economic macros."
He expects to downgrade 2009 EPS by about 5 percent to about 30 pence, and 2010 to about 35 pence.
Numis analyst Paul Richards says subscriber numbers are ahead of forecast, but the stock loses ground on anticipated earnings downgrades by analysts. Broadband growth is slightly below expectations, but this reflects a switch to marketing its Sky Plus and high definition services, he says.
The shares are down 1.7 percent at 371.75 pence, broadly in line with a weaker FTSE 100., having earlier risen as high as 402.75 pence.
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10:49GMT 31Oct2008-Goldenport falls after trading update

Shares in Goldenport fall 13 percent after a trading update in which the shipping company says that during October the market changed dramatically, with the financial crisis hitting the market segments in which it operates.
Panmure Gordon says that the latest trading update, combined with a number of company specific events, prompts it to reduce its EPS estimates for 2008 and 2009 by about 16 percent, and 50 percent, respectively, and to slash its target price, to 200 pence, from 500 pence.

The broker however, keeps its "buy" recommendation saying the company's financial position remains strong, and Goldenport seems well positioned to weather this unprecedented storm.
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10:31GMT 31Oct2008-Empyrean Energy up on positive well result

Shares in AIM-listed oil and gas exploration group Empyrean Energy Plc jump as much as 29 percent after the group gives a positive update on its Sugarloaf Prospect in Texas. The company says the Block A-4 well has consistent flow rates in excess of 2.0 million cubic feet of gas per day.
Craig Howie, an oil analyst at Blue Oar Securities, says the flow results are "very positive news" for the company and bring the full commercialisation of the SugarLoaf Project a step nearer.
"Flow rates from the A-4 well are commercial and will be put into long-term production. This bodes well for the full development of the field," he says.
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