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(AFX UK Focus)
2008-11-14 13:20
Glance-STOCKS NEWS EUROPE-Scor shares soar after results |
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12:51GMT 14nov2008-Scor shares rise after results ------------------------------------------------- Shares in Scor, the world's fifth-biggest reinsurer, soar 10.2 percent after its third-quarter results statement reassures investors about its liquidity position and prospects for the upcoming renewal season. The results and the company's capital position are stronger than the market had expected, Raymond James analyst Danny Jacques says. The stock is the best performer on the French index of 190 mid- and small-cap companies and is down 15 percent so far this year. Reuters messaging rm://james.regan.reuters.com@reuters.net 12:46GMT 14Nov2008-Havas sags as cuts '08 revenue growth target --------------------------------------------------------------- Shares in Havas tumble 5.6 percent in an upward market as the world's sixth largest advertising group cuts its 2008 revenue growth expectations. "Our industry contacts point to a sharp downturn in advertising since September, with high single/double digit declines in most segments. Havas was clearly hit, posting the worst organic growth within its peer group in Q3, contrasting with recent quarters, where it had finally managed to do better than peers after years of disappointments," Exane analysts write in a note. "We assume the synchronized global ad slowdown will continue in the coming quarters and expect Havas' organic growth to come at -5 percent in 2009," they say. "Havas is not cheap relative to the sector. We prefer more resilient names, such as Vivendi, Wolters Kluwer, Pearson or Aegis ."
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------------------------------------------------------------ Shares in professional publishers climb in mid-session trade, as Credit Suisse rates the stocks as "overweight", saying historical performance shows they regain all or most multiple compressions into the economic upswing. Pearson, which the broker upgrades to "neutral" from "underperform", climbs 4.5 percent. Its preferred plays Reed Elsevier and UBM rise 3 percent and 4 percent respectively. Thomson Reuters , on which it has a "neutral" rating, lifts 6.7 percent. Credit Suisse says the sector's historical price earnings multiple has fallen 40 percent over the last 18 months and this bodes well for the group as a risk/reward proposition, owing to the comparatively low earnings risk. Reuters Messaging rm://david.brett.reuters.com@reuters.net 1227 GMT 14Nov2008-HeidelbergCement rises on talk of capital injection ---------------------------------------------------------------------- Shares in German cement maker HeidelbergCement rise 2.6 percent, outperforming Frankfurt's mid-cap index, as a newspaper reports majority shareholder Adolf Merckle may sell his generic drug manufacturer Ratiopharm in order to inject new capital into the debt-laden company. A spokesman for Ratiopharm says he could not comment on the report in the German daily Handelsblatt. Analysts say the deal would be positive for HeidelbergCement, the world's No 4. cement maker, which is heavily indebted following its 14 billion euro ($17.49 billion) purchase of Hanson in 2007. "Altogether we expect a positive market reaction because we think that a sale of Ratiopharm is possible at attractive prices and that therefore the market will speculate that Merckle is back as a buyer for Heidelberg shares," DZ Bank analyst Marc Nettelbeck writes in a note. Reuters Messaging rm://sarah.marsh.reuters.com@reuters.net 12:10GMT 14Nov2008-Centaur Media falls as revenue slides -------------------------------------------------------- Centaur Media shares fall 8.9 percent to 43.5 pence as it says its revenue for the four months to Oct. 31 are down 16 percent from a year earlier and visibility of future market conditions is poor. The shares are on track for their lowest close since Centaur floated in 2004.
Altium Securities cuts its price target on the company to 40 pence from 45
pence as it expects the shares' valuation to be dominated by the uncertain
outlook for now. It maintains its "sell" rating on the stock.
month and now expects other brokers to do the same. Reuters Messaging rm:// brian.gorman.thomsonreuters.com@reuters.net 12:13GMT 14Nov2008-Energy services groups up on Singer note ----------------------------------------------------------- Shares in oil and gas services groups soar after Singer Capital Markets names four British companies that have the ability to withstand the industry's likely cut in spending due to the falling oil price. "There is concern in the market that the steep decline in oil prices will lead to a reduction in capital expenditure from the industry which will lead to a dramatic reduction in oil service sector earnings," say Singer analysts. "However, our favourite plays in oil services are Hunting, Lamprell, Wellstream and Wood Group. Lamprell and Wellstream are both more than 12 percent higher, while Wood Group is 4.3 percent higher and Hunting rises 3.6 percent. Reuters messaging rm://rhysl.jones.reuters.com@reuters.net 12:07GMT 14Nov2008-Technip up along with oils, after results ------------------------------------------------------------ Shares in French oil services Technip gain 10.8 percent, outperforming a rally in stocks of oil and gas shares, one day after the company posted better-than-expected quarterly profits, but cut its 2008 revenue forecast. "The downgrade of its revenue target is not a surprise," one analyst says. "At 20 euros, and down 60 percent year-to-date, Technip is a good buy." Despite the 10 percent gain on Friday, Technip is still down 58 percent in 2008, falling behind the DJ Stoxx energy index, which has lost 35 percent year-to-date.
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11:28GMT 14Nov2008-St.Modwen rises on BP deal ---------------------------------------------- Shares in St.Modwen rise 8.9 percent to 128.5 pence as it is selected as preferred developer for a 2,500 acre BP land portfolio. The shares climb from 118 pence on Thursday, their lowest close in more than six years, and have fallen more than 60 percent in the last three months. This is a "huge vote of confidence in (St.Modwen)" from BP, say analysts at Singer Capital Markets. The broker adds that that at 118p, the stock "seems oversold". Reuters Messaging rm://brian.gorman.thomsonreuters.com@reuters.net 11:16GMT 14Nov2008-Asterand up on bullish trading statement ----------------------------------------------------------- Shares in Asterand Plc rise 6.8 percent to 11.75 pence after the provider of human tissue-based services to pharmaceutical companies says third quarter sales are growing strongly and that it is on track for significant revenue growth in 2008 and is improving operational efficiency. "Management has indicated that the medium term growth rate for their industry could be some 25 percent compound, but they expected Asterand to grow faster than the overall market ... Although next year will not benefit from a major consultancy contract, which will be completed this year, revenues could still grow," says Charles Stanley analyst Robert Corden. To see Asterand's statement please click on
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-------------------------------------------------------- Shares in Charles Taylor Consulting are up 6.1 percent after a reassuring trading update and news of new 45 million pound bank loan facilities. Dresdner Kleinwort says today's interim management statement from the management and insurance-related services group confirms that trading remains in-line with expectations. The broker says, as a consequence, it leaves its earnings estimates unchanged for Charles Taylor but it is mindful that a continuation of the current pound/dollar exchange rate will provide a tail wind for the group in the medium term. Dresdner Kleinwort says, in its view, the advent of more challenging global economic conditions serves to highlight the resilience of much of Charles Taylor's earnings. The broker repeats its "buy" rating and 375 pence target on the stock, which it notes also offer an attractive yield. For more double click on Reuters Messaging:jon.hopkins.reuters.com@reuters.net 11:17GMT 14Nov2008-Ashtead Group up; Singer repeats "buy" --------------------------------------------------------- Shares in Ashtead Group rise 4.1 percent, as Singer repeats its "buy" recommendation and 113 pence target price saying the company should be a key beneficiary of the strong performance in the U.S. overnight. Singer says U.S. equipment stocks were strong performers with only United Rentals, which suffered the largest downgrades at the Q3 reporting stage, not participating in the bounce. The broker says the recent rally has left its U.S. peer group trading ahead on price earnings and EBITDA multiples, adding that Ashtead is a key dollar beneficiary, plus the industry is acting rationally during the downturn. Reuters Messaging rm://david.brett.reuters.com@reuters.net 11:03GMT 14Nov2008-Novae higher on upbeat trading statement ----------------------------------------------------------- Shares in Novae Group gain 6.5 percent following an upbeat trading statement from the Lloyd's insurer, with RBS reiterating its "buy" rating. Novae posts an 11.2 percent rise in gross written premiums for the first three quarters of 2008, and sounds a note of optimism on recent premium rate rises. RBS says the key point to note is that Novae is starting to see rate increases across all four of its underwriting operations and the group is increasingly positive about the outlook, especially as its portfolio started to head into a downturn ahead of its peers from 2005. Moreover, the broker says, in its view, it will be different for Novae this time, in that the firm goes into this upturn unhampered by the legacy of old year liabilities. The broker says it believes Novae shares look cheap and it thinks increasingly the firm is a potential M&A target, the latter being boosted by the rapid shift in the dollar/pound exchange rate, which has made acquisitions easier for dollar denominated insurers. For more double click on Reuters Messaging: jon.hopkins.reuters.com@reuters.net 11:12GMT 14Nov2008-Telefonica gains as brokers stay upbeat ----------------------------------------------------------- Shares in Telefonica gain 3.5 percent to 15.25 euros as a raft of brokers including Citigroup and UBS maintain their "buy" recommendation following robust nine month results and reiterated 2008 earnings guidance. Oddo Securities analysts are more downbeat, however, reiterating their "reduce" rating and noting that continued deterioration in the third quarter could put pressure on 2009-2010 forecasts. "Latin America is also expected to experience the initial impact of the worldwide economic slowdown and a negative forex impact," Oddo says in a note. Latin America was the key driver behind Telefonica's nine month results. For more double click on Reuters Messaging rm://tracy.rucinski.reuters.com@reuters.net 10:36GMT 14Nov2008-Austrian Airlines takes off on Lufthansa hopes ----------------------------------------------------------------- Shares in Austrian Airlines surge 18 percent to 3.10 euros following Austrian state holding company OeIAG's statement on Thursday that Germany's Lufthansa is now the exclusive bidder for the airline and a deal could come within a month. Investors hope Lufthansa will make a buyout offer for minorities at the six-month average price, which currently stands at 4.15 euros. "The market is speculating on a Lufthansa buyout offer to the free float shareholders," says one trader. "Therefore buying at 3 euros or so is interesting." For more double click on Reuters Messaging rm://eva.komarek.reuters.com@reuters.net 10:33GMT 14Nov2008-RAB Capital up on fund closures -------------------------------------------------- Shares in RAB Capital rise 19.4 percent as bargain hunters tuck in on the back of a rallying market as the hedge fund manager says it plans to streamline the number of funds it offers, but analysts remain sceptical. Evolution, which has withdrawn its rating and target price, says cash and investments equate to a price of 21 pence per share, well in excess of the current share price. The broker says in a note: "The discount reflects both distrust over which funds the money is invested in (and what its realisable value might be) and that the cash is available for reinvestment in existing funds range and new fund opportunities as appropriate." Evolution Securities analyst Jason Streets writes: "RAB's immediate prospects are grim." For more double click on Reuters Messaging rm://david.brett.reuters.com@reuters.net 10:15GMT 14Nov2008-Lo-Q higher on US contract extension ------------------------------------------------------- Shares in Lo-Q Plc jump 17 percent to 34.5 pence after the virtual queuing system supplier signs an extended agreement with U.S. theme park operator Six Flags, which will see more of Lo-Q's 'Flash Pass' systems installed at the American group's theme parks. "Six Flags, Lo-Q's largest customer, is increasing the number of parks that will be using Lo-Q's technology next year by two to 10. This, with the news that one million visitors used Lo-Q's Flash Pass this year, should imply upgrades for both this year and next year's forecasts," says Arbuthnot analyst Robert Sanders, who reiterates his 'strong buy' recommendation on the stock. To see Lo-Q's statement please click on Reuters messaging rm://rhysl.jones.reuters.com@reuters.net 10:15GMT 14Nov2008-EADS rises after forecast-beating results ------------------------------------------------------------ Shares in EADS gain 4.8 percent after the European aerospace group's quarterly results beat expectations and the company raises its 2008 profit forecast. "These results confirm efforts made by EADS to improve its profitability and the way it manages its programmes," CM CIC analysts write in a note. EADS shares are down 43 percent so far in 2008, in line with the year-to-date performance of the FTSEurofirst 300 index of top European shares. Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net 09:57GMT 14Nov2008-Continetal up as Schaeffler plans takeover ------------------------------------------------------------- Shares in Continental AG rise 20.95 percent as German ball-bearings company Schaeffler plans to file for European Commission approval a takeover of just under 50 percent of the tire of the auto parts specialist. "The deal looks to have a much better chance of succeeding. There was speculation that it might be in danger. The market appears to be warming to the idea of the Conti/Schaeffler merger," says Robert Heberger, analyst at Merck Finck. "Both Schaeffler and Conti have high debt levels at the moment -- Schaeffler from this deal and Conti through its purchase of former Siemens' unit VDO . The market has punished companies with high debt, but Conti's drop might have been a bit too extreme and now we are also seeing part of a rebound," Heberger adds. A Frankfurt-based analyst says that investors might be relieved, adding that a failed takeover deal might have spelled additional pressure on Conti. For more double click on
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---------------------------------------------------------- Shares in GTL Resources are marked down 4.8 percent to 20 pence after rival ethanol producer VeraSun Energy Corp says its annual losses may be four times greater than the previously reported $99 million loss, as it struggles to secure corn feedstock at market prices. "We expect to see further reduced ethanol supply into the market assisting in the narrowing of spreads moving forward. We are now at a critical point in the corn ethanol market as current prevailing crush spreads are insufficient for many less-efficient plants to operate profitably," says Arbuthnot analyst David Cunningham. For more, click on Reuters messaging rm://rhysl.jones.reuters.com@reuters.net 09:43GMT 14Nov2008-Dexia falls after Q3 results, unit sale ----------------------------------------------------------- Shares in Franco-Belgian financial services group Dexia fall nearly 5 percent after it reports a heavy 1.54 billion euro loss and sells its U.S. subsidiary Financial Security Assurance to Assured Guaranty. The DJ Stoxx European banking index is up 2.2 percent. "At first the reaction was that they finally got rid of FSA. Then investors looked a bit further and found they are not selling it entirely," a Brussels-based trader says. The fact that Dexia receives Assured Guaranty shares and that France and Belgium could end up with higher stakes in Dexia pressure the stock, traders say. For more double click on Reuters Messaging rm://philip.blenkinsop.reuters.com@reuters.net 09:37GMT 14Nov2008-Logica up as Q3 sales beat expectations -----------------------------------------------------------
Shares in Logica rise as much as 9 percent to 82.25 pence,
before retreating to 76 pence, as the Anglo-Dutch IT services firm posts
better-than-expected third quarter sales and raises its full-year revenue growth
positive-ish", and pleasingly the order book is 13 percent up on Q3. "Despite seeing a downturn in 2009, Logica still expects growth and margin improvement of 0.5 percent," he says. "We reserve judgement on this one," he adds, and retains his "hold" recommendation. For more click on, statement Reuters Messaging rm://paul.sandle.reuters.com@reuters.net 09:14GMT 14Nov2008-Yell up as Teathers starts as "hold" ------------------------------------------------------- Shares in Yell Group climb 4.2 percent as Teathers initiates its coverage with a "hold" recommendation, following the British directories company's robust first-half numbers on Tuesday. Teathers analyst Charles Peacock says in a note: "The headline results were assisted by U.S. dollar and Euro exchange rates movements and some rescheduling of Spanish directories." Teathers says the strong numbers have enabled Yell's management to reiterate full-year guidance for EBITDA to be broadly flat. For more double click on Reuters Messaging rm://david.brett.reuters.com@reuters.net 09:05GMT 14Nov2008-Dyson plunges on profit warning ------------------------------------------------- Shares in Dyson Group Plc plunge 45 percent to 18 pence after the company, which develops high performance materials used primarily in the automotive industry, says it expects to miss a full-year profit target due to falling sales volumes and could breach its banking covenants next year if the downturn worsens. "The automotive industry is obviously suffering -- particularly in the United States -- and Dyson's second half will not be as good as the first half, which is disappointing but not actually that bad in the context of the sector. The company is only likely to breach its covenants if the situation gets very much worse though," say KBC Hunt traders. For more, click on Reuters messaging rm://rhysl.jones.reuters.com@reuters.net 09:03GMT 14Nov2008-Vernalis rises as Acambis team takes over ------------------------------------------------------------ Shares in UK biotech firm Vernalis rise 12 percent after it announces that the former top team at Acambis is to take over management of the company. "You'd point towards the success they had at Acambis," says Panmure analyst Damian McNeela. Acambis announced in July that it had agreed a 276 million pounds bid from development partner Sanofi-Aventis. For more click on Reuters messaging rm://ben.deighton.reuters.com@reuters.net 08:35GMT 14Nov2008-Salamander Energy bounces after update --------------------------------------------------------- Shares in Salamander Energy up 15.5 percent, topping the FTSE 250 leaders board with the stock rallying after a recent volatile performance as a trading update provides some reassurance. Oriel Securities says Salamander's interim management statement contains little new information but reaffirms that near-term production at the group growth is on track. Another analyst points out that Salamander's share price has been "ludicrously volatile" recently, as has the sector, and the stock is simply reacting with the market rally today. Reuters Messaging:jon.hopkins.reuters.com@reuters.net 08:28GMT 14Nov2008-FTSE Small Cap Index up 0.9 pct early on ----------------------------------------------------------- The FTSE Small Cap Index climbs 0.9 percent in early trade as UK markets rally following a strong performance on Wall Street on Thursday, with the FTSE 100 Index up 3.2 percent. New Star Asset Management rises 12.5 percent as traders look past a mainly bleak trading update, choosing to focus on the positive that it has managed to its financial covenants in respect of its bad debt. Reuters Messaging rm://david.brett.reuters.com@reuters.net 08:20GMT 14Nov2008-Minster soars on cash levels ----------------------------------------------- Shares in Minster Pharmaceuticals rise by 31 percent after its cash level surprises investors and as it draws closer to a key clinical result. "It (the cash level) was 9 million pounds at the end of September and we had our forecast at 6.2 million, so it's quite a big difference. We are also getting closer to clinical data coming out early next year from a big phase 2b study, it's the pivotal information that everyone's waiting for," says Gary Waanders, analyst at Nomura Code. To see the Minster statement please click on Reuters messaging rm://ben.deighton.reuters.com@reuters.net 06:44GMT 14Nov2008-Corporate agenda for Friday ----------------------------------------------
ATLAS ESTATES Q3
BLUEBAY ASSET AGM
LOGICA TRADING
TULLETT PREBON TRADING
OCEAN WILSON TRADING
NOVAE HOLDILNGS TRADING
YALE CATTO TRADING
rm://paul.sandle.reuters.com@reuters.net 09:24GMT 14Nov2008-Dyson plunges on profit warning -------------------------------------------------- Shares in Dyson Group Plc plunge 40.6 percent after the company, which develops high performance materials used primarily in the automotive industry, says it expects to miss a full-year profit target due to falling sales volumes and could breach its banking covenants next year if the downturn worsens. "The automotive industry is obviously suffering -- particularly in the United States -- and Dyson's second half will not be as good as the first half, which is disappointing but not actually that bad in the context of the sector. The company is only likely to breach its covenants if the situation gets very much worse though," say KBC Hunt traders. For more, click on Reuters messaging rm://rhysl.jones.reuters.com@reuters.net 09:14GMT 14Nov2008-Yell up as Teathers starts as "hold" ------------------------------------------------------ Shares in Yell Group climb 4.2 percent as Teathers initiates its coverage with a "hold" recommendation, following the British directories company's robust first-half numbers on Tuesday. Teathers analyst Charles Peacock says in a note: "The headline results were assisted by U.S. dollar and Euro exchange rates movements and some rescheduling of Spanish directories." Teathers says the strong numbers have enabled Yell's management to reiterate full-year guidance for EBITDA to be broadly flat. For more double click on Reuters Messaging rm://david.brett.reuters.com@reuters.net 09:19GMT 14Nov2008-Vernalis rises as Acambis team takes over ---------------------------------------------------------------------------- Shares in UK biotech firm Vernalis rise 12 percent after it announces that the former top team at Acambis is to take over management of the company. "You'd point towards the success they had at Acambis," says Panmure analyst Damian McNeela. Acambis announced in July that it had agreed a 276 million pounds bid from development partner Sanofi-Aventis. For more click on Reuters messaging rm://ben.deighton.reuters.com@reuters.net 09:02GMT 14Nov2008-Vinci surges as firm maintains 2008 targets -------------------------------------------------------------- Shares in Vinci surge 7.5 percent, the second-biggest gainers on France's CAC 40, after the public works and transport concessions group reaffirms its 2008 targets and posts a 13 percent rise in nine-month sales. "Good sales figures, no profit warning: that is enough to spark a rally, especially on a day like today," one trader says. Vinci shares are down 41 percent so far this year, while the DJ Stoxx industrial index is down 49 percent year-to-date. Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net 08:40GMT 14Nov2008-Celesio gains on Deutsche Bank upgrade --------------------------------------------------------- Shares in European drug distributor Celesio rise 6 percent, one of the top gainers in Frankfurt's midcap index, after Deutsche Bank upgrades the stock to "hold" from "sell", citing a drop in the company's share price. "We upgrade Celesio to Hold (from Sell) because the shares have undershot our price target," Deutsche Bank analysts write. "Fundamentally, we see no reason to get excited about Celesio at this stage. However, given potential hype around the liberalization of pharmacy markets we also see risk of aggressive share price rallies, especially as volatility is high for the stock, which trades at new five-year share price low," they add. The company's shares came under pressure on Thursday, after it released nine-month results and cut its outlook, citing reduced opportunities to finance growth and lower sales in non-medical product. For more double click Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net 08:35GMT 14Nov2008-Salamander Energy bounces after update --------------------------------------------------------- Shares in Salamander Energy up 15.5 percent, topping the FTSE 250 leaders board with the stock rallying after a recent volatile performance as a trading update provides some reassurance. Oriel Securities says Salamander's interim management statement contains little new information but reaffirms that near-term production at the group growth is on track. Another analyst points out that Salamander's share price has been "ludicrously volatile" recently, as has the sector, and the stock is simply reacting with the market rally today. Reuters Messaging:jon.hopkins.reuters.com@reuters.net 08:37GMT 14Nov2008-European shares rally; led by miners, banks -------------------------------------------------------------- European shares race higher in early trade, snapping a three-day losing streak, as mining shares track higher metals prices and banks advance after recent declines. At 0838 GMT, the FTSEurofirst 300 index of top European shares is up 2.8 percent at 876.72 points after closing 0.2 percent lower in the previous session. Commodities stocks add most points to the index, with BHP Billiton up 4.4 percent, and Anglo American rising 9.3 percent.
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08:34GMT 14Nov2008-Vallourec soars after results, raised targets ---------------------------------------------------------------- Shares in Vallourec soar 11.7 percent, the biggest gainer on the CAC 40 index as the steel tube manufacturer raises its full-year targets after posting a forecast-beating 7.6 percent rise in quarterly sales. "The very good results and the solid forecasts show the company's good resilience," CM-CIC analysts write in a note. Vallourec stock is still down 53 percent so far this year, while the DJ Stoxx industrial index is down 49 percent year-to-date. Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net 08:23GMT 14Nov2008-ASMI shares slump 7.3 pct on deal collapse ------------------------------------------------------------- Shares in ASMI slump 7.3 percent after it says Applied Materials and private equity firm Francisco Partners have walked away from an approach to buy key ASMI units, underperforming a 2.6 percent gain in the Amsterdam midcap index. "No deal, no upside," says Petercam analyst Eric de Graaf. "After a rapid weakening of the market and the results released by Applied Materials a few days ago, the likelihood of a deal was low." De Graaf adds the focus will now move to an Amsterdam court decision for a ruling on a push from activist shareholders Hermes and Fursa to dismiss the company management in a drawn-out dispute over ASMI's underperforming Front-end business. For more double click on Reuters Messaging rm://aaron.gray-block.reuters.com@reuters.net 08:40GMT 14Nov2008-Miners up on metals rebound ahead of G20 ----------------------------------------------------------- Mining shares jump as metals prices rebound ahead of a meeting of key industrial and emerging nations. Benchmark London Metal Exchange copper prices rise 4 percent on short-covering ahead of any surprises from the G20 meeting. The DJStoxx basic resources index rises 5.2 percent, making it the strongest performer in Europe, while the UK mining index surges 6.3 percent. compared to a 3.2 percent rise for the FTSE 100. Anglo American is the biggest gainer of the FTSE 100, shooting up 9.1 percent, while Kazakh group ENRC climbs 7.5 percent and Xstrata rises 6.9 percent. "It is clearly too early to say that the global economy is stabilising so acquiring shares in the sector is risky -- especially for the more leveraged plays," analyst Michael Rawlinson at Liberium Capital warns. Reuters Messaging: eric.onstad.reuters.com@reuters.net 08:32GMT 14Nov2008-Minster soars on cash levels ----------------------------------------------- Shares in Minster Pharmaceuticals rise by 31 percent after its cash level surprises investors and as it draws closer to a key clinical result. "It (the cash level) was 9 million pounds at the end of September and we had our forecast at 6.2 million, so it's quite a big difference. We are also getting closer to clinical data coming out early next year from a big phase 2b study, it's the pivotal information that everyone's waiting for," says Gary Waanders, analyst at Nomura Code. To see the Minster statement please click on Reuters messaging rm://ben.deighton.reuters.com@reuters.net 08:06GMT 14Nov2008-Bauer rises on solid Q3 results -------------------------------------------------- Shares in German construction company Bauer rise 10 percent, the second-biggest gainers on Frankfurt's midcap index, after the company releases a set of solid 9-month results. FrankfurtFinanz market analyst Heino Ruland says that the numbers look "positive". The company says nine-month earnings after tax rise by 74 percent to 67.8 million euros. Bauer also confirms its full-year guidance, expecting sales to grow by 20 percent to 1.4 billion euros ($1.75 billion), while earnings after tax are expected to rise to about 100 million euros. For more double click on Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net ($1=.8006 Euro) 07:39GMT 14Nov2008-United Internet seen down on weak Q3 results --------------------------------------------------------------- Shares in German telecommunications company United Internet are indicated 1.8 percent lower, according to brokerage Lang & Schwarz, after the company late Thursday releases weaker-than-expected third-quarter results and also slashes its full-year guidance. "Although analysts expected the company to cut its full year 2008 guidance the stock should underperform today as new FY08 guidance is clearly below consensus estimates," a Frankfurt-based trader says. The company says it now expects sales to grow by 11.6 percent, down from a previous estimate of 16 percent. For more double click on Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net 07:49GMT 14Nov2008-Kloeckner & Co seen up on 9-mth results ---------------------------------------------------------- Shares in German metal trader Kloeckner & Co are seen 6.5 percent higher, according to premarket data from brokerage Lang & Schwarz, as it posted nine-month results that were in line with expectations although the company made gloomy statements about 2009. FrankfurtFinanz market analyst Heino Ruland says it is positive that the company does not expects a loss for the full year, adding that it is one of the cheapest stocks in the midcap index. The company says that the global economic situation makes business forecasts for 2009 impossible to issue at this point. A Frankfurt-based trader says the 9-month figures are more or less in line with forecasts, adding: "In a normal market the stock would have underperformed, but in today's market, the stock should go up as well." For more double click on Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net 07:19GMT 14Nov2008-Salzgitter rises pre-bourse on strong 9-month numbers ------------------------------------------------------------------------ Shares in Salzgitter rise 6.6 percent in pre-market trade after Germany's second-largest steelmaker releases 9-month figures that exceed analysts' expectations. "Better-than-expected numbers should help the stock to outperform today," a Frankfurt-based trader says. Salzgitter says its 2008 pre-tax profit will rise to almost 1.2 billion euros ($1.50 billion), but after contingent accounting measures as part of the annual accounts process, pre-tax profit will range within the previous forecast for the financial year of more than one billion euros. Profit before tax in the third quarter rose to 367.5 million euros from 316.8 million, while net profit advanced to 252.1 million euros from 196.2 million. The average estimate for quarterly pretax profit was 319 million euros in a Reuters poll of nine analysts while net profit was put at 218 million. For more double click on &
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rm://tyler.sitte.thomsonreuters.com@thomsonreuters.net
($1=.8006 Euro)
-------------------------------------------------------- European shares are set to rebound sharply, following a late surge in the United States on Thursday as investors picked up bargains after stocks fell to five-year lows. Futures for the DJ Euro Stoxx, Germany's DAX and France's CAC-40 futures are up 3.95-4.2 percent. The Dow Jones industrial average, the S&P 500 Index and the Nasdaq Composite Index closed 6.5 to 6.9 percent higher on Thursday. MAJOR MACROECONOMIC DATA: (GMT) 0700 DE CPI final Oct 0700 DE HICP final Oct
0750 FR GDP P Q3
0900 IT GDP P Q3 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 SCOR Q3 Thales Sales Q3 Vinci Sales Q3 Hochtief Q3 Kloeckner Q3 Salzgitter Q3 Solarworld
Q3 TUI Q3 United Internet Q3 Banco Popolare Q3 Hera SpA Q3 Ifil Finanziaria Q3 Lottomatica Q3 Parmalat
Q3 ERG
Q3 EADS Q3 Acciona Q3 Fomento de Construcciones Q3 Sacyr Vallehermoso Q3 Telefonica Interim Richemont 07:23GMT 14Nov2008-Koenig & Bauer seen down; expects FY loss ------------------------------------------------------------ Shares in printing machines manufacturer Koenig & Bauer are seen 1.2 percent lower, according to brokerage Lang & Schwarz, after the company says it expects a high double digit million loss for the full year 2008. "(This is) not a stock to own," says a Frankfurt-based trader. "The report will not help the share price," he adds. The company also says that full-year sales will come in at 1.5 billion euros ($1.87 billion). For more double click on Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net Keywords: MARKETS EUROPE STOCKSNEWS =5
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