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14:56GMT 13Nov2008-Gem falls on retail demand worries

Shares in Gem Diamonds fall 15 percent as investors worry about a slowdown in retail demand for precious stones and as the stock drops back from rises yesterday.
"The issue with Gem is what people think retail sales of diamonds will do," says Edison analyst Michael Starke.
"Gem outperformed yesterday on the news that (Laurence) Graff's taken a 5 percent stake so I think it's just giving that back," adds Citi analyst Liam Fitzpatrick.
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15:06GMT 13Nov2008-Babcock International rises, Citi upgrades

Shares in Babcock International jump as much as 7.2 percent after Citigroup increases its 2009 pretax profit forecast for the group by 1 percent to 106.9 million pounds, from 105.8 million, and by 2 percent to 148.6 million for 2010 after the engineering services group's strong first-half results on Tuesday.
"Babcock offers higher than average earnings momentum and careful control of working capital and capex result in a free cash flow yield in excess of 10 percent. Strong growth and good visibility should be attractive in these markets," says Citigroup analyst Joe Brent, who maintains a "buy" rating on the stock.

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14:10GMT 13Nov2008-Intertek up on solid trading update

Shares in testing specialist Intertek rise as much as 5 percent as the company issues a trading update that shows resilience and slightly beats forecasts.

"Encouragingly, there has not yet been significant cyclical impact although management is mindful of the macro deterioration," says Citi analyst Ed Steele, adding that organic growth was slightly ahead of his forecasts.
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13:57GMT 13Nov2008-Galiform slides on weak sales, grim outlook

Shares in Galiform fall fall as much as 13.8 percent after the owner of Howden Joinery, the supplier of kitchen units to small builders, reports a sharp fall in underlying second-half sales and says demand for fitted kitchens is slowing as consumers continue to cut back on spending.
Dresdner Kleinwort analyst Sanjay Vidyarthi cuts his 2008 pretax profit forecast for the group by 17 percent to 63 million pounds, from 76 million pounds, and his 2009 forecast by 54 percent to 36 million.
"Galiform has navigated a difficult trading period relatively well, but there has been a slowdown and there are few reasons to believe that this will not continue into next year ... the cut to numbers is disappointing but unsurprising," says Vidyarthi.
The shares are down 5 percent at 19 pence by 1401 GMT having earlier traded as low as 17.25 pence.
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13:47GMT 13Nov2008-Morgan Sindall up as confirms cash position

Shares in Morgan Sindall rise 4 percent as the construction group says it is on track to meet ifs market expectations and confirms its cash position.
"We believe the market is now adequately pricing in the downside risks to consensus earnings," says Citi analyst William Shirley, who has a "hold/high risk" rating on the stock due to concerns over its market exposure.
Furthermore, the net cash position and existing banking facilities should ensure that Morgan Sindall is a survivor and can cope with cash outflows as prepayments unwind,"
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13:17GMT 13Nov2008-Enterprise Inns rises on dividend, debt hopes

Shares in Enterprise Inns gain as much as 15.1 percent as Dresdner Kleinwort says it expects Britain's second biggest pub operator to increase its dividend when it reports final results next Tuesday, helping to allay fears over its debt levels.
"A solid dividend payout should underline management's confidence in the model and capital structure despite the 1 billion pounds ($1.49 billion) 2011 re-financing," says Dresdner Kleinwort analyst Tim Ramskill who has a 'buy' recommendation and 320 pence target price on the stock which is 9.8 percent higher at 92.75 pence by 1319 GMT having earlier been as high as 97.25 pence.
Ramskill sees Enterprise, which is carrying net debt of 3.8 billion pounds, as a key beneficiary of last week's interest rate cut and subsequent decline in the LIBOR rate.
Rival Punch Taverns, which has debt of 4.5 billion pounds, rises by as much as 6.8 percent.
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13:09GMT 13Nov2008-Ladbrokes up on bullish update

Shares in Ladbrokes climb 1.4 percent as the company's robust trading update outweighs its cautious outlook, with Investec Securities keeping its "hold" recommendation and 150 pence target price.
Investec analyst Matthew Gerard says in a note: "To Ladbrokes' credit, not many companies are reporting revenue growth of 12 percent in the current market conditions."
The broker says full-year 2008 estimates are well underpinned but 2009 will be more difficult as regulatory and tax environments deteriorate.
Paddy Power, also reporting today, slides 5 percent in London as it says it expects operating profit to be cut next year due to a rise in Ireland's betting tax rate.
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12:45GMT 13Nov2008-FTSE Small Cap Index falls 1.3 percent

The FTSE Small Cap slides further, down 1.3 percent, as UK markets suffer renewed pessimism over the global economy, with the FTSE 100 Index down 1.2 percent.

Young Green slumps 26.7 percent after warning on its full-year results, prompting Arbuthnot to cut its rating to "sell" from "hold", as the company sees increasingly difficult trading conditions.
Property developer Minerva soars 46.9 percent after saying it is in advanced talks with potential partners on one of its key London development projects.

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12:43GMT 13Nov2008-Minerva rockets 47 pct after JV news

Shares in UK property developer Minerva surge 49.5 percent to 14.25 pence on Thursday after it revealed it was in advanced talks with potential partners on one of its key London development projects.
Diluting some persistent concerns over the company's ability to execute its ambitious project pipeline unassisted, Minerva said it had received approaches from parties interested in taking a stake in its Park Place development in Croydon.
"It's positive in terms of them selling down a partial interest in the development, it will bring a little bit of cash back to the balance sheet which will obviously help in terms of the longer term survival of this business," says an analyst.
Minerva said construction works at other projects at Lancaster Gate, and The Walbrook and St. Botolphs scheme in London's City financial district, were on time and on budget.

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12:32GMT 13Nov2008-Keller up post-update; Brokers say "buy"

Shares in Keller, the British ground engineer, climb 2.7 percent, as it says it expects full-year results at the top end of market expectations, prompting Dredner Kleinwort and Collins Stewart to repeat their "buy" recommendations.
Dresdner Klienwort analyst Wayne Gerry says in a note, that although Keller is not immune from the global effects of the economic downturn, its diverse global footprint means it is likely to be more resilient.
However, while raising estimates for 2008, it believes with the uncertainty now prevailing, Keller will struggle to match the record 2008 performance and cuts future forecasts, thereby bringing its target price down to 800 pence from 1,385 pence.
Collins Stewart, keeping its 734 pence target price, says trading remains very strong as demand from public works - especially in the Middle East and Eatern Europe - counters the commercial slowdown in the US.
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12:30GMT 13Nov2008-Ted Baker falls as Q3 sales slow

Shares in Ted Baker slide 4 percent to 297.5 pence after the British fashion group reports a slowdown in third quarter sales growth, hit by a large drop in wholesale sales, and says it is cautious on its prospects for the fourth quarter.
"Sales over the 13 week period to Nov. 8 were below our expectations and show a deteriorating trend as one would expect in a weakening trading environment," says Seymour Pierce analyst Freddie George.
"We remain concerned about the medium term outlook, the impact of the downturn on high spending urban shoppers, of an increase in the level of discount activity, which will directly impact the wholesale activities and of the weaker dollar."
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12:25GMT 13Nov2008-DSG slumps after Best Buy warning

Shares in DSG International, Europe's second-biggest electrical goods retailer, plunge 20 percent to 22.5 pence following a profit warning late Wednesday from global market leader Best Buy and news that credit insurer Atradius has cut back its provision of insurance to suppliers of some retailers, including DSG.
"What it's showing is the last couple of months, particularly October, have been a disaster (for sales of electrical goods)," says Seymour Pierce analyst Freddie George, who has a "sell" rating on DSG.
Shares in Germany's Metro, which owns Europe'e biggest electrical goods retailer MediaMarkt, and number three Kesa Electricals, are down around 8.5 percent and 6 percent respectively.
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12:23GMT 13Nov2008-Rightmove falls as trading disappoints

Shares in property website Rightmove fall by as much as 10.5 percent as its trading statement disappoints.
"Despite Rightmove's strong market position, the weak property market provides downside risk and little visibility to earnings going forward ... we see little reason to own the shares currently," says Citi analyst James Targett, adding that the fall in membership numbers was greater than he had expected.
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11:35GMT 13Nov2008-Catlin up as premiums rise; Brokers bullish

Shares in insurer Catlin Group climb 6 percent on the back of an encouraging update which sees gross written premiums rise in the 9-months to Sept 30, prompting RBS to keep its "buy" recommendation.
RBS describes the update as quietly positive against the very upbeat Hiscox release, saying margins remain adequate, while highlighting that there was no change to Catlin's loss estimate of US$200m from hurricanes Gustav and Ike.
Citi analyst Trevor May in a note says: "Prospects for 2009 and beyond are enhanced by the more positive rating outlook - particularly on reinsurance lines - and the strength of the U.S. dollar against sterling, which is a key value driver for Catlin."

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11:27GMT 13Nov2008-Chime gains on upbeat trading news

Shares in Chime Communications take on 2.3 percent after a well-received trading update from the marketing services group which prompts Investec Securities to reiterate its "buy" rating.
Chime Communications says it remains well positioned to achieve its full-year expectations as it registers strong performance for the first 10 months of the year.

Investec says Chimes' interim management statement is upbeat with good momentum in Press Relations and Marketing Services, although the group's Market Research operations remain 'disappointing'.
The broker says it has reduced its forecasts on a pre-emptive basis for full year 2009/10 and, as a result, has cut its target price to 140 pence from 180.
However, Investec adds, even after this reduction Chime's valuation is very low, with the stock trading on a price/earnings of around 3 times 2008 estimates.
The broker says while macro concerns continue, Chime shares are unlikely to perform, but it believes the business is now better equipped to deal with the downturn.

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10:42GMT 13Nov2008-Helphire down on Q1 profit warning

Shares in Helphire drop 8.6 percent as it warns first quarter profitability will be lower than previous forecasts, and as RBS repeats its "hold" recommendation, adding it expects forecasts to be reduced by 15 percent for the full-year.
RBS estimates full-year pretax profit will fall to 42.5 million with an EPS of 17 pence, leaving Helphire trading on a price earnings of 5.8 times.
The broker says while the valuation and dividend yield should offer some support to the share price, in its view, it is difficult to see the shares making much progress given the trading backdrop.
RBS adds: "The busiest time of the year starts about now and the strength of trading over the winter period will determine the full year outcome."

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09:57GMT 13Nov2008-Trinity Mirror soars as update reassures

Shares in newspaper group Trinity Mirror rise as much as 25 percent as the publisher of the Daily Mirror and numerous local titles says advertising markets are deteriorating but it is on track for the year and cost savings are ahead of target, providing some relief to investors who feared worse.

"Trading is similar to Johnston Press, which has already been flagged up," says Numis analyst Richard Hitchcock. "They have reached agreement on the pension contributions, which removes uncertainty, and it looks like they are within their covenants."
"It's a bit of relief that things weren't worse."
Shares in the company, which have slumped 94 percent from their peaks last May are up 12.8 percent at 33 pence by 0952 GMT having earlier risen as high as 36.75 pence.
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09:46 GMT 13Nov2008-LSE falls on gloomy outlook

Shares in the London Stock Exchange fall as much as 9.8 percent as it says market conditions will remain difficult and uncertain even as the company reports in-line interim results.
Trading fees, which accounts for 44 percent of its total revenues, drop 1.25 percent on the back of a 2 percent decline in value traded.
The firm also halts its share buy-back scheme to retain a more robust balance sheet.
At 533.5 pence, LSE shares are trading at about 6.8 times forward earnings -- at a discount to rival Deutsche Boerse's 11 times.
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09:42GMT 13Nov2008-White Young Green slumps on profit warning

Shares in White Young Green tumble 26.2 percent after warning its full-year results will be lower than previous expectations, due to increasingly difficult trading conditions, with Arbuthnot downgrading the stock to "sell" from "neutral".
Arbuthnot says the statement suggests a slightly lower first half performance but an unchanged profile for the second half.
The broker says this implies a 17 percent reduction in full-year pretax profit estimates to 20 million pounds and an EPS of 28 pence from 33.5 pence.
Arbuthnot notes the company is taking action to offset weakness including redundancies and an intensified focus on realising cash from working capital and restrictions on capital expenditure.
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09:12GMT 13Nov2008-Restaurant Group up, turnover up 16 pct

Shares in Restaurant Group climb about 3 percent after it says turnover growth increased by 16 percent in the 45 weeks to the end of November, prompting WH Ireland to repeat its "buy" stance and 165 pence target price.
WH Ireland says the update was solid and demonstrates a resilient performance since its last statement.
The broker says the stock has underperformed recently, trading on a current price earnings of 7.0 times, and while investors may experience near-term turbulence, in the medium-term structural arguments remain intact and the cash generative nature of the business could make for an enticing takeover prospect.
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08:49GMT 13Nov2008-Marshalls down on "poor" update

Shares in Marshalls, the British concrete-block paving maker, drop 16.5 percent after it reports a fall in revenue and a lugubrious outlook, prompting WH Ireland to repeat its "underperform" recommendation.
WH Ireland, which calls the update "poor", says it is likely to reduce its estimates and maintains the belief that Marshalls will cut its full-year dividend.
The broker says whilst Marshalls is a fundamentally quality business and the cost base is being reduced, in its view, the company's operational gearing will continue to work against the group and it sees share price weakness in the near-term.
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08:34GMT 13November2008-Paddy Power slips on weak outlook

Shares in Paddy Power fall 3.5 percent after the Irish bookmaker says it expects its operating profit to be cut next year due to a rise in Ireland's betting tax rate. A decline in retail business turnover in October also weighs on sentiment.
"The rate of deterioration (in October) points to a more pessimistic outlook for 2009," Davy analyst David Jennings writes in a note.
Paddy Power's shares last trade 3.5 percent lower in Dublin and are 3.9 percent down in London.
Shares in Britain's biggest bookmaker Ladbrokes trade 0.3 percent lower.
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08:26GMT 13Nov2008-FTSE Small Cap Index down 0.6 pct early

The FTSE Small Cap Index retreats 0.6 percent in early trade, as jitters return to UK markets following falls in the United States and Asia overnight, while telecoms giant BT announces it is cutting 10,000jobs and the FTSE 100 Index is down 1 percent.
Marshalls, the British concrete-block paving maker, falls 18.6 percent as it says like-for-like revenues for the four months to Oct.31, 2008 were down 9.7 percent.
Capital and Regional, the co-investing property fund manager, climbs 4.8 percent, as the company issues a robust update. It says third quarter occupancy and rent collection rates increased but counselled it was braced for increased stress amongst tenants.

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06:54GMT 13Nov2008-FTSE seen opening 76-93 points lower

The FTSE 100 index is seen opening 76 to 93 points lower on Thursday, extending the previous day's falls after overnight drops on Wall Street and in Asia. The UK blue chip index ended 64.67 points lower on Wednesday at 4,182.02.
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06:45GMT 13Nov2008-Corporate agenda for Thursday

JKX OIL & GAS TRADING

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15:33GMT 13Nov2008-Gem falls on retail demand worries

Shares in Gem Diamonds fall 15 percent as investors worry about a slowdown in retail demand for precious stones and as the stock drops back from rises yesterday.
"The issue with Gem is what people think retail sales of diamonds will do," says Edison analyst Michael Starke.
"Gem outperformed yesterday on the news that (Laurence) Graff's taken a 5 percent stake so I think it's just giving that back," adds Citi analyst Liam Fitzpatrick.
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15:28GMT 13Nov2008-Babcock International rises, Citi upgrades

Shares in Babcock International jump as much as 7.2 percent after Citigroup increases its 2009 pretax profit forecast for the group by 1 percent to 106.9 million pounds from 105.8 million, and by 2 percent to 148.6 million for 2010, after the engineering services group's strong first-half results on Tuesday.
"Babcock offers higher than average earnings momentum, and careful control of working capital and capex result in a free cash flow yield in excess of 10 percent. Strong growth and good visibility should be attractive in these markets," says Citigroup analyst Joe Brent, who maintains a "buy" rating on the stock.

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15:18GMT 13Nov2008-Germany's Vivacon falls; says cannot confirm outlook

Shares in German real estate company Vivacon drop 3.9 percent, one of the biggest decliners on Frankfurt's smallcap index, after the company says that in light of the current market environment, it can no longer confirm its profit target of 60 million euros ($74.94 million).
"The financial engineering business model Vivacon is currently following is not generating enough cash flows in our view," DZ Bank analyst Hasim Senguel writes.

"Additionally, we expect the current insecure economic situation impacting the development business (sales of high class flats) negatively, in the next months," he adds. Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net

($1=.8006 Euro)
14:56GMT 13Nov2008-Intertek up on solid trading update

Shares in testing specialist Intertek rise as much as 5 percent as the company issues a trading update that shows resilience and slightly beats forecasts.

"Encouragingly, there has not yet been significant cyclical impact although management is mindful of the macro deterioration," says Citi analyst Ed Steele, adding that organic growth was slightly ahead of his forecasts.
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14:00GMT 13Nov2008-Telefonica, EADS, Dexia results eyed on Fri

MAJOR MACROECONOMIC DATA: (GMT)
0700 DE CPI final Oct
0700 DE HICP final Oct

1000 EZ GDP flash Q3
1330 US Export price Oct
1330 US Import prices Oct
1330 US Ret sales Oct
1455 US U Michigan prel Nov
1500 US Bus Inv Sep

MAJOR EUROPEAN COMPANIES REPORTING:
Q3 Dexia
Q3 Bouygues Sales
Q3 Eurazeo Sales

Q3 Thales Sales
Q3 Vinci Sales
Q3 Hochtief
Q3 Kloeckner
Q3 Salzgitter
Q3 Solarworld

Q3 United Internet
Q3 Banco Popolare
Q3 Hera SpA
Q3 Ifil Finanziaria
Q3 Lottomatica
Q3 Parmalat

Q3 Acciona
Q3 Fomento de Construcciones
Q3 Sacyr Vallehermoso
Q3 Telefonica
Interim Richemont

MAJOR U.S. COMPANIES REPORTING:
Q3 Abercrombie & Fitch Co.
Q3 JCPenney
Q4 Agilent Tech. Inc.

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13:57GMT 13Nov2008-Galiform slides on weak sales, grim outlook

Shares in Galiform fall fall as much as 13.8 percent after the owner of Howden Joinery, the supplier of kitchen units to small builders, reports a sharp fall in underlying second-half sales and says demand for fitted kitchens is slowing as consumers continue to cut back on spending.
Dresdner Kleinwort analyst Sanjay Vidyarthi cuts his 2008 pretax profit forecast for the group by 17 percent to 63 million pounds, from 76 million pounds, and his 2009 forecast by 54 percent to 36 million.
"Galiform has navigated a difficult trading period relatively well, but there has been a slowdown and there are few reasons to believe that this will not continue into next year ... the cut to numbers is disappointing but unsurprising," says Vidyarthi.
The shares are down 5 percent at 19 pence by 1401 GMT having earlier traded as low as 17.25 pence.
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13:47GMT 13Nov2008-Morgan Sindall up as confirms cash position

Shares in Morgan Sindall rise 4 percent as the construction group says it is on track to meet ifs market expectations and confirms its cash position.
"We believe the market is now adequately pricing in the downside risks to consensus earnings," says Citi analyst William Shirley, who has a "hold/high risk" rating on the stock due to concerns over its market exposure.
Furthermore, the net cash position and existing banking facilities should ensure that Morgan Sindall is a survivor and can cope with cash outflows as prepayments unwind,"
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13:42GMT 13Nov2008-Enterprise Inns rises on dividend, debt hopes

Shares in Enterprise Inns gain about 10 percent as Dresdner Kleinwort says it expects Britain's second biggest pub operator to increase its dividend when it reports final results next Tuesday, helping to allay fears over its debt levels.
"A solid dividend payout should underline management's confidence in the model and capital structure despite the 1 billion pounds ($1.49 billion) 2011 re-financing," says Dresdner Kleinwort analyst Tim Ramskill who has a 'buy' recommendation and 320 pence target price on the stock which is 9.8 percent higher at 92.75 pence, having earlier been as high as 97.25 pence.
Ramskill sees Enterprise, which is carrying net debt of 3.8 billion pounds, as a key beneficiary of last week's interest rate cut and subsequent decline in the LIBOR rate.

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13:09GMT 13Nov2008-Ladbrokes up on bullish update

Shares in Ladbrokes climb 1.4 percent as the company's robust trading update outweighs its cautious outlook, with Investec Securities keeping its "hold" recommendation and 150 pence target price.
Investec analyst Matthew Gerard says in a note: "To Ladbrokes' credit, not many companies are reporting revenue growth of 12 percent in the current market conditions."
The broker says full-year 2008 estimates are well underpinned but 2009 will be more difficult as regulatory and tax environments deteriorate.
Paddy Power, also reporting today, slides 5 percent in London as it says it expects operating profit to be cut next year due to a rise in Ireland's betting tax rate.
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13:04GMT 13Nov2008-Ted Baker falls as Q3 sales slow

Shares in Ted Baker slide 4 percent to 297.5 pence after the British fashion group reports a slowdown in third quarter sales growth, hit by a large drop in wholesale sales, and says it is cautious on its prospects for the fourth quarter.
"Sales over the 13 week period to Nov. 8 were below our expectations and show a deteriorating trend as one would expect in a weakening trading environment," says Seymour Pierce analyst Freddie George.
"We remain concerned about the medium term outlook, the impact of the downturn on high spending urban shoppers, of an increase in the level of discount activity, which will directly impact the wholesale activities and of the weaker dollar."
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13:03GMT 13Nov2008-Rightmove falls as trading disappoints

Shares in property website Rightmove fall around 3 percent as its trading statement disappoints.
"Despite Rightmove's strong market position, the weak property market provides downside risk and little visibility to earnings going forward ... we see little reason to own the shares currently," says Citi analyst James Targett, adding that the fall in membership numbers was greater than he had expected.
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12:53GMT 13Nov2008-DSG slumps after Best Buy warning

Shares in DSG International, Europe's second-biggest electrical goods retailer, plunge 18 percent following a profit warning late Wednesday from global market leader Best Buy and news that credit insurer Atradius has cut back its provision of insurance to suppliers of some retailers, including DSG.
"What it's showing (the Best Buy warning, is the last couple of months, particularly October, have been a disaster (for sales of electrical goods)," says Seymour Pierce analyst Freddie George, who has a "sell" rating on DSG.
Shares in Germany's Metro, which owns Europe'e biggest electrical goods retailer MediaMarkt, and number three Kesa Electricals, are down around 10.5 percent and 8 percent respectively.
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12:45GMT 13Nov2008-FTSE Small Cap Index falls 1.3 percent

The FTSE Small Cap slides further, down 1.3 percent, as UK markets suffer renewed pessimism over the global economy, with the FTSE 100 Index down 1.2 percent.

Young Green slumps 26.7 percent after warning on its full-year results, prompting Arbuthnot to cut its rating to "sell" from "hold", as the company sees increasingly difficult trading conditions.
Property developer Minerva soars 46.9 percent after saying it is in advanced talks with potential partners on one of its key London development projects.

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12:43GMT 13Nov2008-Minerva rockets 47 pct after JV news

Shares in UK property developer Minerva surge 49.5 percent to 14.25 pence on Thursday after it revealed it was in advanced talks with potential partners on one of its key London development projects.
Diluting some persistent concerns over the company's ability to execute its ambitious project pipeline unassisted, Minerva said it had received approaches from parties interested in taking a stake in its Park Place development in Croydon.
"It's positive in terms of them selling down a partial interest in the development, it will bring a little bit of cash back to the balance sheet which will obviously help in terms of the longer term survival of this business," says an analyst.
Minerva said construction works at other projects at Lancaster Gate, and The Walbrook and St. Botolphs scheme in London's City financial district, were on time and on budget.

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12:32GMT 13Nov2008-Keller up post-update; Brokers say "buy"

Shares in Keller, the British ground engineer, climb 2.7 percent, as it says it expects full-year results at the top end of market expectations, prompting Dredner Kleinwort and Collins Stewart to repeat their "buy" recommendations.
Dresdner Klienwort analyst Wayne Gerry says in a note, that although Keller is not immune from the global effects of the economic downturn, its diverse global footprint means it is likely to be more resilient.
However, while raising estimates for 2008, it believes with the uncertainty now prevailing, Keller will struggle to match the record 2008 performance and cuts future forecasts, thereby bringing its target price down to 800 pence from 1,385 pence.
Collins Stewart, keeping its 734 pence target price, says trading remains very strong as demand from public works - especially in the Middle East and Eatern Europe - counters the commercial slowdown in the US.
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11:20GMT 13Nov2008-Tod's weaker on 2008, 2009 concerns

Shares in Tod's fall more than 3 percent as analysts say there is uncertainty on the company's performance in the coming months, despite nine-month results released after Wednesday's market close that are deemed positive.
"The company now expects (2008) sales growth of 7-9 percent compared with 9 percent previously and thinks that keeping its operating margin stable will now be very 'challenging'," Oddo Securities says in a note.
Merrill Lynch says in a note Tod's initial guidance for 2009 suggests "single-digit top line growth and a worse case scenario of broadly static margins with less than half than 2008 capex."
Citigroup cuts its target on the stock to 36.2 euros from 42.5 euros with a "hold" rating. "Nine-month results were solid and ahead of our expectations. However Tod's outlook does mirror the gloomier consumer spending picture," it says in a note.

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11:27GMT 13Nov2008-Chime gains on upbeat trading news

Shares in Chime Communications take on 2.3 percent after a well-received trading update from the marketing services group which prompts Investec Securities to reiterate its "buy" rating.
Chime Communications says it remains well positioned to achieve its full-year expectations as it registers strong performance for the first 10 months of the year.

Investec says Chimes' interim management statement is upbeat with good momentum in Press Relations and Marketing Services, although the group's Market Research operations remain 'disappointing'.
The broker says it has reduced its forecasts on a pre-emptive basis for full year 2009/10 and, as a result, has cut its target price to 140 pence from 180.
However, Investec adds, even after this reduction Chime's valuation is very low, with the stock trading on a price/earnings of around 3 times 2008 estimates.
The broker says while macro concerns continue, Chime shares are unlikely to perform, but it believes the business is now better equipped to deal with the downturn.

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11:35GMT 13Nov2008-Catlin up as premiums rise; Brokers bullish

Shares in insurer Catlin Group climb 6 percent on the back of an encouraging update which sees gross written premiums rise in the 9-months to Sept 30, prompting RBS to keep its "buy" recommendation.
RBS describes the update as quietly positive against the very upbeat Hiscox release, saying margins remain adequate, while highlighting that there was no change to Catlin's loss estimate of US$200m from hurricanes Gustav and Ike.
Citi analyst Trevor May in a note says: "Prospects for 2009 and beyond are enhanced by the more positive rating outlook - particularly on reinsurance lines - and the strength of the U.S. dollar against sterling, which is a key value driver for Catlin."

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10:45GMT 13Nov2008-RBS leads UK banks lower on economic gloom

Shares in British lender Royal Bank of Scotland fall 6.4 percent in mid-morning trade, followed closely by rivals HBOS and Barclays , amid continued worries all three face tough times ahead following Wednesday's gloomy quarterly inflation report from the Bank of England.
"We're following on from yesterday's inflation numbers. They are the three most UK-oriented banks in the market, that's what they've got in common," says an analyst.

The UK Competition Commission's proposal on Thursday to ban banks from selling payment protection insurance to borrowers at the same time as they take out a loan adds to negative sentiment towards the sector, says Evolution Securities analyst Bruce Packard, who initiates coverage on Barclays, RBS and HBOS with a "reduce" recommendation. Reuters messaging rm://myles.neligan.reuters.com@reuters.net
10:42GMT 13Nov2008-Helphire down on Q1 profit warning

Shares in Helphire drop 8.6 percent as it warns first quarter profitability will be lower than previous forecasts, and as RBS repeats its "hold" recommendation, adding it expects forecasts to be reduced by 15 percent for the full-year.
RBS estimates full-year pretax profit will fall to 42.5 million with an EPS of 17 pence, leaving Helphire trading on a price earnings of 5.8 times.
The broker says while the valuation and dividend yield should offer some support to the share price, in its view, it is difficult to see the shares making much progress given the trading backdrop.
RBS adds: "The busiest time of the year starts about now and the strength of trading over the winter period will determine the full year outcome."

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10:38GMT 13Nov2008-Shares in Celesio drop after it dampens '09 outlook

Shares in Europe's biggest drug distributor Celesio fall 5.9 percent to top the losers on Germany's midcap index, after the company dampens its outlook for next year, citing reduced opportunities to finance growth and lower sales in non-medical products.
The company also says third-quarter net income dropped by a third, slightly worse than expected, hurt by lower payments for drugs in Britain and amid fierce competition in Germany.

"For 2009, management is not that specific, just highlighting several threats while speaking about optimism," says Equinet analyst Martin Possienke, adding that the third-quarter results were in-line with his forecast but below market consensus.
"The stock is most likely undervalued, but we would not expect a positive reaction today."
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10:27GMT 13Nov2008-BT jumps on pension, job cut plans

Shares in BT are up over 8 percent after it reports second quarter earnings and revenues ahead of forecasts and lays out plans to cut 10,000 jobs and boost its pension schemes.
"We would expect today's results, which were generally ahead of expectations, to be well received," said Collins Stewart analyst Mark James in a note to clients.
"Reduced hiring, particularly at Global Services, should help offset margin declines and we would expect renegotiated pension terms to be welcomed."
Investec says in a note, that they remain positive on the shares, adding: "At last -- some good news on pensions!"
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10:04GMT 13Nov2008-Hochtief up; Deutsche upgrades to "buy"

Shares in German construction conglomerate Hochtief rise 7.4 percent to the top of Frankfurt's midcap index, after Deutsche Bank upgrades the stock to "buy" from "hold".
The brokerage also lowers its target price to 33 euros from 88 euros.
"We expect a solid set of results, only falling short of last year's numbers due to significant one-off effects back then," Deutsche Bank analysts write.
Hochtief is scheduled to release third-quarter results on Nov. 14.
The analysts add that their earnings estimate is driven by their "bullish" estimate for Hochtief's Australian subsidiary Leighton.

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10:15GMT 13Nov2008-Capgemini rises after keeping 2008 targets

Shares in Capgemini rise 3.8 percent -- the second biggest gainers on the CAC 40 index-- after the French computer consultancy firm reaffirms its 2008 financial goals and says it is confident it can achieve sales growth in 2009 despite the gloomy environment.
"The group reiterated its 2008 guidance, which is remarkable in the current context. Even with the most conservative assumptions for 2009 and 2010, the share looks like a good buy to us for investors ready to accept negative momentum and downgrades on 2009," one trader says.
Capgemini's stock has lost about 40 percent so far this year, while the DJ Stoxx tech index is down 50 percent year-to-date.
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10:14GMT 13Nov2008-German carmakers gain as U.S. peers rise on bailout hopes

Shares in German carmakers rise, with BMW one of the top gainers on Germany's top-30 index, as they recover some of this week's losses and mirror the climb of U.S. carmakers in the previous session on state bailout hopes.
BMW, Daimler and Volkswagen are up between 0.9 and 2.6 percent. General Motors rose 5.5 percent in the previous session, as the only advancer among the 30 Dow components, amid hopes the automaker will get the federal financial assistance it desperately needs.
"In the last few days, shares in U.S. carmakers went down a lot, and yesterday we finally saw a bit of relaxation -- both GM and Ford went up," says Christian Schmidt, analyst at German bank Helaba. "A reason for this rise is that there is hope, also here, for some form of state aid."
GM, Ford and Chrysler LLC are seeking $25 billion in urgent federal assistance as their cash burn rates rise.
Schmidt added that the current weakness of the euro versus the dollar could be supporting the shares of European car makers.
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10:06GMT 13Nov2008-Trinity Mirror soars as update reassures

Shares in newspaper group Trinity Mirror rise as much as 25 percent as the publisher of the Daily Mirror and numerous local titles says advertising markets are deteriorating but it is on track for the year and cost savings are ahead of target, providing some relief to investors who feared worse.

"Trading is similar to Johnston Press, which has already been flagged up," says Numis analyst Richard Hitchcock. "They have reached agreement on the pension contributions, which removes uncertainty, and it looks like they are within their covenants."
"It's a bit of relief that things weren't worse."
Shares in the company, which have slumped about 90 percent from their peaks last May are up 13.7 percent at 33.25 pence by 1006 GMT having earlier risen as high as 36.75 pence.
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10:00GMT 13Nov2008-Topdanmark up as Sampo raises stake

Shares in Danish insurer Topdanmark gain 5 percent after Finnish peer Sampo increases its stake in the company to around 11 percent, reigniting talk of a possible takeover bid.
Sampo declines to comment.
"The opportunities in Denmark are limited. If Sampo wants a position in Denmark, it must be through Topdanmark," says Rune Dahl, an analyst at Sydbank. "There is speculation that Sampo is interested in taking over Topdanmark entirely and there is nothing in Topdanmark's articles of association to stop it."

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09:46 GMT 13Nov2008-LSE falls on gloomy outlook

Shares in the London Stock Exchange fall as much as 9.8 percent as it says market conditions will remain difficult and uncertain even as the company reports in-line interim results.
Trading fees, which accounts for 44 percent of its total revenues, drop 1.25 percent on the back of a 2 percent decline in value traded.
The firm also halts its share buy-back scheme to retain a more robust balance sheet.
At 533.5 pence, LSE shares are trading at about 6.8 times forward earnings -- at a discount to rival Deutsche Boerse's 11 times.
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09:42GMT 13Nov2008-White Young Green slumps on profit warning

Shares in White Young Green tumble 26.2 percent after warning its full-year results will be lower than previous expectations, due to increasingly difficult trading conditions, with Arbuthnot downgrading the stock to "sell" from "neutral".
Arbuthnot says the statement suggests a slightly lower first half performance but an unchanged profile for the second half.
The broker says this implies a 17 percent reduction in full-year pretax profit estimates to 20 million pounds and an EPS of 28 pence from 33.5 pence.
Arbuthnot notes the company is taking action to offset weakness including redundancies and an intensified focus on realising cash from working capital and restrictions on capital expenditure.
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09:20GMT 13Nov2008-Infineon falls, after U.S. peer Intel's warning

Shares in German chipmaker Infineon fall 2.8 percent to 2.24 euros, making it the top loser on Germany's top-30 DAX index, after U.S. peer Intel Corp cut its fourth-quarter revenue forecast and as worries about the situation at its subsidiary Qimonda persist.
"Today's fall has very much to do with Intel and in addition, Qimonda appears to be going belly up," says FrankfurtFinanz analyst Heino Ruland.
Intel cut its fourth-quarter revenue forecast by about 14 percent, indicating the economic crisis is set to hurt computer sales in the holiday season and beyond. The shock warning hammered tech shares in the previous session, with Intel plunging 7 percent to a 12-year low and Microsoft Corp falling 2 percent to a 10-1/2 year low.
A Qimonda spokesman said this week that the situation at loss-making Qimonda was "very serious" and it was in a serious downturn that is affecting the entire chip industry.
Adding further pressure on the stock is the news that Infineon will not honor a wage deal reached on Wednesday for Germany's engineering sector.
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09:12GMT 13Nov2008-Restaurant Group up, turnover up 16 pct

Shares in Restaurant Group climb about 3 percent after it says turnover growth increased by 16 percent in the 45 weeks to the end of November, prompting WH Ireland to repeat its "buy" stance and 165 pence target price.
WH Ireland says the update was solid and demonstrates a resilient performance since its last statement.
The broker says the stock has underperformed recently, trading on a current price earnings of 7.0 times, and while investors may experience near-term turbulence, in the medium-term structural arguments remain intact and the cash generative nature of the business could make for an enticing takeover prospect.
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09:00GMT 13Nov2008-Siemens up on outlook, restructuring

Shares in engineering giant Siemens rise 2.3 percent after the company confirms its full-year guidance for the financial year 2008/09 but posts a fourth-quarter net loss of 2.42 billion euros ($3.06 billion).
"Siemens has confirmed almost everything and delivered great operating results," says one trader.
"Given the current economic climate, expectations were worse," he adds.
The company confirmed its financial targets for 2008/09, with total sector profit seen at 8.0-8.5 billion euros, while revenue is still expected to grow at twice the rate of global GDP growth.
He also points to statements by Chief Executive Peter Loescher that

restructuring at the company has been completed.
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08:59GMT 13Nov2008-Bank of Ireland rises, not raising equity

Shares in Bank of Ireland rise 3.8 percent, pairing some of the losses of recent days, after first-half earnings fall, it scraps its dividend and raises guidance on bad loans, but does not signal any need to ask shareholders or the state for extra cash.
"The numbers they produced this morning seem to be a little bit ahead of consensus and as yet there is no announcement of any capital fund raising at the moment," one Dublin-based trader says.

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08:43GMT 12Nov2008-ICAP drops; Morgan Stanley downgrades

Shares in ICAP drop 10.8 percent, topping the blue chip fallers list, as Morgan Stanley cuts its rating for the interdealer broker (IDB) and its mid-cap peer Tullett Prebon, which is down 2.8 percent.

Morgan Stanley downgrades ICAP to "underweight" from "equal-weight" and cuts its price target to 245 pence from 710, while Tullett Prebon has been double downgraded to "underweight" from "overweight" with its target cut to 195 pence from 500.
The broker expects revenue declines of 5-25 percent in 2009, which drives a 26 percent cut in 2009 EPS estimates for both IDBs.
Morgan Stanley expects around a 12 percent contraction in the IDB revenue pool year-on-year in 2009 as a result of reduced trading activity due to financial de-leverage and risk aversion at banks, intensifying price pressure as customer numbers shrink, and a shift away from over-the-counter (OTC) trading to liquid, centrally cleared products.

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08:55GMT 13Nov2008-Santander jumps as shares go ex-rights

Spain's largest bank Santander jumps 4.3 percent to trade at 6.61 euros and lead the gainers on Spain's blue-chip index as shares go ex-rights today.
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Keefe, Bruyette & Woods say they have recently downgraded Santander to market perform, "largely due to an increased risk profile in terms of balance sheet, M&A execution and pressure to raise capital."
"The latter has now materialised and the bank's risk profile has improved," analysts say.

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08:49GMT 13Nov2008-Marshalls down on "poor" update

Shares in Marshalls, the British concrete-block paving maker, drop 16.5 percent after it reports a fall in revenue and a lugubrious outlook, prompting WH Ireland to repeat its "underperform" recommendation.
WH Ireland, which calls the update "poor", says it is likely to reduce its estimates and maintains the belief that Marshalls will cut its full-year dividend.
The broker says whilst Marshalls is a fundamentally quality business and the cost base is being reduced, in its view, the company's operational gearing will continue to work against the group and it sees share price weakness in the near-term.
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08:34GMT 13November2008-Paddy Power slips on weak outlook

Shares in Paddy Power fall 3.5 percent after the Irish bookmaker says it expects its operating profit to be cut next year due to a rise in Ireland's betting tax rate. A decline in retail business turnover in October also weighs on sentiment.
"The rate of deterioration (in October) points to a more pessimistic outlook for 2009," Davy analyst David Jennings writes in a note.
Paddy Power's shares last trade 3.5 percent lower in Dublin and are 3.9 percent down in London.
Shares in Britain's biggest bookmaker Ladbrokes trade 0.3 percent lower.
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08:26GMT 13Nov2008-FTSE Small Cap Index down 0.6 pct early

The FTSE Small Cap Index retreats 0.6 percent in early trade, as jitters return to UK markets following falls in the United States and Asia overnight, while telecoms giant BT announces it is cutting 10,000jobs and the FTSE 100 Index is down 1 percent.
Marshalls, the British concrete-block paving maker, falls 18.6 percent as it says like-for-like revenues for the four months to Oct.31, 2008 were down 9.7 percent.
Capital and Regional, the co-investing property fund manager, climbs 4.8 percent, as the company issues a robust update. It says third quarter occupancy and rent collection rates increased but counselled it was braced for increased stress amongst tenants.

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07:46GMT 13Nov2008-Premiere seen down on weak Q3 results

Shares in German pay-TV company Premiere are expected to fall 8 percent after the company posts third-quarter results below expectations.
"The figures are miserable," says a Frankfurt-based trader.
The company says its core loss in the third-quarter was 27.2 million euros ($34.34 million), against an average of 19 million euros in a Reuters poll.
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07:31GMT 13Nov2008-Phoenix Solar seen up after company hikes targets

Shares in German company Phoenix Solar, which plans, builds and operates large photovoltaic plants, are indicated 7.5 percent higher after the company releases third-quarter results and hikes its outlook for the full-year.
"Shares should have a strong start, supported by strong Q3 figures and raised outlook," says a Frankfurt-based trader.
The company now expects 2008 full-year sales of 380 million euros ($479.7 million), up from a previous outlook of at least 370 million euros, while earnings before interest and tax (EBIT) are seen at 33 million euros, up from a previous outlook of more than 23 million euros.
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07:39GMT 13Nov2008-Q-Cells seen higher on hiked outlook

Shares in German solar cell maker Q-Cells are indicated 5.7 percent higher, after the company reports solid nine-month results and hikes its guidance for 2008 sales and net profit.
"The solid report should help the shares to recover some recent losses," says a Frankfurt-based trader.
The company now expects full-year net profit to come in at 215 million euros ($271.4 million), up from a previous 200 million, while sales are now seen at 1.35 billion euro, up from an estimate of 1.325 billion.
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07:34GMT 13Nov2008-European Futures point to lower open

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