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10:13GMT 10Feb2009-Avingtrans falls after results

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Shares in Avingtrans fall over 9 percent after the engineering group warns that it expects full-year profit to be below where it anticipated at the start of the financial year, although it should be ahead of last year.

"We expect the shares to weaken today on lowered guidance, with the PE high at around 11 times," finnCap says in a note.

The broker keeps its "hold" recommendation on the stock.

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10:10GMT 10Feb2009-Grainger up; sees slight pick up in demand

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Shares in Grainger rise 3 percent, outperforming the FTSE Small Cap Index which falls 1 percent, as Britain's biggest housing landlord says it saw a gentle pick-up in demand in December, prompting Brewin Dolphin to repeat its "buy" rating.

"(Grainger) currently appears to be successfully managing the business in extremely difficult market conditions," says the broker in a note.

Brewin Dolphin says the stock remains relatively high-risk but looks well placed to meet its March 2009 cash covenants, and assuming its pipeline is completed, it currently looks comfortable with its September 2009 covenant.

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10:08GMT 10Feb2009-Phynova up after Tasly deal

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Shares in Chinese medicinal plant-derived drug specialist Phynova rise 20 percent after the company announces a collaboration deal with a Chinese medicine subsidiary of China's Tasly Group.

Robin Davison, an analyst at Edison, says the deal is a sign of confidence in the company. "It's positive that Tasly do this when Phynova is in the midst of its fundraising," he says.

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10:07GMT 10Feb2009-Morgan Stanley upgrade boosts Merck KGaA

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Shares in Merck KGaA rise 1.7 percent, making them the top gainer among German largecaps, after Morgan Stanley raises its stance on the drugmaker to "equalweight" from "underweight" and lifts its price target to 68 euros per share from 63 euros.

"Given low expectations in the stock, we believe it is unwise for investors to remain "underweight" ahead of the Mylinax data disclosure at AAN meeting in April and the forthcoming phase III COIN data with Erbitux in first line colorectal cancer (mCRC) at the ASCO meeting in June," the brokerage says in a short note to clients.

Mylinax will perhaps be the first oral multiple sclerosis drug, while Erbitux, a cancer treatment, is Merck's most promising drug and could achieve blockbuster status as early as next year.

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10:03GMT 10Feb2009-GK Software up; wins order from Lidl

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Shares in German software company GK Software rise 8.9 percent after the company wins an order from food retailer Lidl to supply the new store software for the company's complete store network.

"This is very positive news and about the best deal that's possible in the sector -- particularly due to Lidl's wide-ranging network of branches," says Daniel Grossjohann, analyst at Vara Research.

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1002GMT 10Feb2009 - Pirelli up ahead of business plan

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Italian tyre company Pirelli & C shares gain 4.9 percent, after a brief limit-up suspension, ahead of its business plan presentation on Wednesday.

Brokers said this is the main factor pushing up the shares, though one said there is renewed speculation that Pirelli could sell its small stake in Telecom Italia.

"We believe the message of the 3-year business plan will be less diversification and focus on auto components. Regarding Pirelli Tyre we expect greater emphasis on potential to offset dramatic volume reductions...," Centrobanca says in a note.

Other brokers say they are negative on Pirelli given the outlook for the auto sector, while one broker says Pirelli has relatively high debt and exposure to the real estate sector.

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09:35GMT 10Feb2009-Qiagen gains on solid Q4, FY figures

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Shares in genetic-testing company Qiagen rise 4.8 percent, making them the top gainers among German tech stocks, after the company posts a 65 percent gain in fourth-quarter net profit, above expectations, as it sells more testing kits for a virus that causes cervical cancer.

"In the fourth quarter and full-year in 2008, Qiagen was further able to fulfil company guidance and market expectations, despite negative currency effects," says DZ Bank analyst Michael Bissinger.

"On a currency adjusted basis, Qiagen continues to be a growth company, with double digit sales growth. But the outlook for 2009 is below the current market expectations," Bissinger adds.

A Frankfurt-based trader says the market is largely overlooking Qiagen's outlook, as the company has been traditionally quiet conservative on its guidance.

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