|
(AFX UK Focus)
2009-03-24 14:15
Glance-STOCKS NEWS EUROPE-Cryo-Save rises on upbeat outlook |
|---|
| Article layout: raw |
|
13:56GMT 24March2009-Cryo-Save rises on upbeat outlook ----------------------------------------------------- Shares in Cryo-Save Group NV rise 14 percent to 36.5 pence after the stem-cell storage company says it expects to benefit in 2009 from price increases and declares a maiden dividend. Brokerage Daniel Stewart, which has a "buy" recommendation on the stock and a target price of 99 pence, says in a note: "The economic downturn is having less of an impact on sales volumes than initially feared. Current trading is in line with management expectations and the group is confident that volume growth will resume in FY09." For more double click on Reuters Messaging rm://austin.lobo.thomsonreuters.com@reuters.net 13:53GMT 24March2009-Innovation soars on approach ------------------------------------------------- Shares in software company Innovation Group Plc soar as much as 76 percent after the company says it has received an expression of interest at 15 pence a share from private equity group Carlyle. Panmure Gordon analyst George O'Connor says the company has previously rejected higher bids and a winning offer would likely be around 25 pence a share. Innovation Group shares are up 72 percent at 7.4 pence. But brokerage KBC Peel Hunt, which reiterates its "buy" rating on the stock, says given the recent trading history of the company, it suspects that shareholders may leap to accept this potential offer. For more please click on Reuters messaging rm://srikanth.srinivasa.reuters.com@reuters.net 13:41GMT 24March2009-European stocks fall as Wall St. opens lower ----------------------------------------------------------------- European shares are fall as Wall Street opens lower after stocks surged in the previous session following the unveiling of a plan to clean toxic assets off banks balance sheets with financials the major fallers. The pan-European FTSEurofirst 300 index of top shares is down 0.2 percent at 738.27 points. Banks are lower with HSBC falling 7.1 percent on concerns over Asian growth after Bank of China posts a 58 percent drop in fourth-quarter earnings. BNP Paribas, Nordea Bank, Credit Suisse are down 3-8.1 percent. Reuters Messaging rm://joanne.frearson.thomsonreuters.com@reuters.net 12:53GMT 24March2009-UK small caps gain 0.4 percent by midday ------------------------------------------------------------- The FTSE Small Cap index gains 0.4 percent in midday deals, outperforming both the blue chips, which fall 1.3 percent, and the midcaps, which are up 0.2 percent. Newspaper and magazine wholesalers Smiths News and John Menzies gain 14.7 percent and 31.1 percent, respectively, after winning new distribution deals from Associated Newspapers and COMAG, taking further market share from smaller rival Dawson Holdings, which plunges 40.6 percent. Reuters Messaging rm://tricia.wright.reuters.com@reuters.net 12:05GMT 24March2009-Conergy rockets; seen as penny stock --------------------------------------------------------- Shares in German solar systems maker Conergy rockets 36.8 percent to 0.52 euros, making it the top gainer on both Frankfurt's technology index as well as in Germany's stocks universe as investors are seen piling into the hammered penny stock. "Investors may be using the stock's cheap price as a inexpensive play in the renewables sector. The stock has lagged behind its peers and may be ready for a rally," says a Frankfurt-based trader. Stricken Conergy, which is in the process of restructuring and posted a 199 million euros net loss for 2008, underperformed the TecDAX by 86.7 percent and the FTSE clean technology index by 85.4 since the beginning of 2008. Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net Reuters Messaging rm://tyler.sitte.reuters.com@reuters.net 11:44GMT 24March2008-Getinge down on irregularities, outlook ------------------------------------------------------------ Shares in Sweden's Getinge drop 14 percent to 81 crowns ($10.2) after the medical technology firm cuts its sales outlook and says it will revise down its 2007 and 2008 earnings slightly after discovering accounting irregularities at its French subsidiary. "The share falls on a combination of the two things," a trader says. "(The accounting irregularities) hurt the share insofar that it causes distrust for the company. The market doesn't like this kind of things." Getinge forecasts core sales growth of 2-3 percent this year and a 25-percent rise in pretax profits before costs for the integration of an acquired U.S. rival. Its previous forecast was for core growth "somewhat lower" than the 6.4 percent achieved in 2008. "This deviates significantly on the downside from consensus forecasts," says an analyst who declines to be identified. Martin Sikorski, analyst at Cheuvreux, says in a note the weaker outlook seems linked to softer U.S. markets for hospital equipment, and that the outlook adds uncertainty to the prospects for 2010. Reuters messaging rm://anna.ringstrom.reuters.com@reuters.net ($1=7.956 Swedish Crown) 11:15GMT 24March2009-RM gains after trading update -------------------------------------------------- Shares in educational software and services provider RM gain over 2 percent after the company says trading for the first half is in line with its expectations as its public sector customers continue to spend as anticipated. "RM remains one of our key picks in the UK small cap software sector," Numis Securities says in a note, keeping its "buy" recommendation on the stock. "We believe that the group's markets are defensive, and that the company continues to be very well positioned," it adds. For more double click on Reuters Messaging rm://tricia.wright.reuters.com@reuters.net 11:00GMT 24March2009-Gas Natural up as overhang risk seen fading ---------------------------------------------------------------- Shares in Gas Natural gain 5.5 percent after a report by Europa Press news agency that French utility GDF Suez will take up the Spanish utility's rights issue, thus eliminating concerns of overhang which have weighed on the stock. Gas Natural declines to comment. "The market is discounting that Suez will subscribe to the rights issue, so overhang risk now appears to be over," a Madrid-based trader says. Gas Natural's 3.5 billion euro rights issue to help finance its takeover of Spanish utility Union Fenosa ends on March 28. For more double click on Reuters Messaging rm://tracy.rucinski.reuters.com@reuters.net 10:43GMT 24March2008-Getinge down on worse 2009 outlook ------------------------------------------------------- Shares in Sweden's Getinge drop more than 12 percent to 82.5 crowns ($10.37) after the medical technology firm forecasts core sales growth of 2-3 percent this year and a 25-percent rise in pretax profits before costs related to the integration of acquired U.S. rival Datascope. It had previously forecast core growth "somewhat lower" than the 6.4 percent achieved in 2008. "This deviates significantly on the downside from consensus forecasts," says an analyst who declines to be identified. Martin Sikorski, analyst at Cheuvreux, says in a note the weaker outlook seems linked to softer U.S. markets for hospital equipment, and that the outlook adds uncertainty to the prospects for 2010. Getinge also says it would revise down its 2007 and 2008 earnings slightly after discovering accounting irregularities at its French operations. Reuters messaging rm://anna.ringstrom.reuters.com@reuters.net ($1=7.956 Swedish Crown) 10:40GMT 24March2009-ArcelorMittal up on bond reassurance --------------------------------------------------------- Shares in ArcelorMittal, the world's largest steelmaker, rise as much as 7.5 percent after the group launches a convertible bond in excess of 1 billion euros ($1.36 billion), allaying fears it will have to raise cash through a rights issue. The stock is up 2.7 percent at 15.12 euros at 1036 GMT, against a 3.5 percent drop of the DJ Stoxx European basic materials index. "By the sound of it, it should be very successful," Credit Suisse analyst Michael Shillaker says. The move shows the group is prepared to take steps to reduce its debt, but the market would rather have seen one big step, removing all uncertainty surrounding the group's need to raise fresh capital, he says. For more, double click on
Reuters messaging rm://antonia.vandevelde.reuters.com@reuters.net
($1=.7337 Euro)
-------------------------------------------------------- HSBC take the most points off Britain's sliding blue chip FTSE 100 index, down 5.6 percent on concerns over Asian growth after Bank of China reported a 58 percent drop in fourth-quarter earnings, traders say. "It's a read across from the Bank of China results," a trader says. Bank of China quarterly earnings was weighed down by its overseas assets and exposure to recession-hit Hong Kong, where HSBC is the biggest player. Asia-focused Standard Chartered slips 1.2 percent, while the DJ Stoxx European bank index is down 1.8 percent. Please click on for more on Bank of China story. Reuters Messaging rm://dominic.lau.reuters.com@reuters.net 10:18GMT 24Mar2009-AB Foods rises as UBS upgrades Northern Foods ---------------------------------------------------------------- Associated British Foods shares rise 5.6 percent to 659-1/2 pence after broker UBS upgrades fellow food manufacturer Northern Foods and some analysts talk of AB Foods' defensive quality in times of an economic slowdown. "There is some read across from Northern where UBS has upgraded, while some continue to stress the defensive qualities of the stock," says one food industry analyst. UBS upgrades Northern Foods to a "buy" from "neutral" and its stock rise nearly 9 percent. This has helped AB Foods, which makes Silver Spoon sugar and Kingsmill bread as well as operating the Primark discount fashion retail chain, analysts say. Reuters messaging rm://david.jones.reuters.com@reuters.net 10:13GMT 24March2009-Metro shares fall on worries over outlook -------------------------------------------------------------- Metro shares fall 3.2 percent to 24.46 euros to become the worst performing European retail stock after the world's fourth-biggest retailer says 2009 sales will fall well short of its medium-term goals and gives few new details on its "Shape 2012" restructuring plan. "Metro's Q4 08 earnings reflect the continued deterioration in its performances over the course of the year, with EBIT in Q4 growing by just 4.7 percent compared to 7.1 percent for the year," Natixis analysts say in a research note, keeping a "reduce" rating on the shares. "Given the lack of guidance for 2009 and the cautious comments on sales in Q1 09, 2009 promises to be a tough year, particularly in eastern Europe, where Metro makes around 50 percent of its EBIT." Citi analysts say Metro "stands out" with a forecast price to earnings ratio of 8.5 times versus 15.6 percent for a weighted non-food retail index and 10.7 percent for a similar food index. But they keep a "hold" rating, also citing concerns over eastern Europe and a difficult environment for disposals. "The 2008 numbers were solid, but the missing outlook for 2009 is making the waters murky," says LBBW analyst Bernd Muell. For more information please click on Reuters Messaging: rm://mark.potter.reuters.com@reuters.net Reuters Messaging: rm://eva.kuehnen.reuters.com@reuters.net Reuters Messaging: rm://tyler.sitte.reuters.com@reuters.net 10:02GMT 24March2009-Commerzbank up, seen undervalued vs peers -------------------------------------------------------------- Shares in Commerzbank add 4.8 percent, making the bank the top gainer among German blue chips, as traders say it is undervalued compared to peers and is now gaining on the back of the Obama administration's plan to purge toxic assets from bank balance sheets. "Commerzbank has been slow to catch up with the rest of the German banking sector, perhaps because of its partial nationalisation. Now latecomers to the recent interest in financial stocks see it as one of the last potential gainers," says a local trader. Commerzbank trades at 2.23 times its estimated earnings for 2009, less than half of the 5.38 2009 P/E ratio average of its industry-related peers, according to data from Thomson One analytics. Reuters Messaging rm://Tyler.Sitte.thomsonreuters.com@reuters.net 09:14GMT 24March2009-Northern Foods gains as UBS upgrades to "buy" ------------------------------------------------------------------ Shares in Northern Foods rise as much as 11.4 percent after UBS upgrades to "buy" from "neutral" ahead of the company's fourth quarter trading update on Thursday. "Whilst the environment is challenging, we believe management had good visibility on the FY outturn when they last updated in January and, after the stock's recent sell-off, we upgrade our rating to "buy" from "neutral"," UBS analyst Alan Erskine says. UBS forecasts organic sales growth of 3.2 percent, margin improvement of 20 basis points, and earnings before interest and tax up 7 percent to 52 million pounds.
Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net
--------------------------------------------------------------- Shares in print media distributor Dawson Holdings Plc plummet nearly 45 percent to 14 pence after it says two major wholesale clients will not be renewing their contracts. Dawson lost the business to larger rivals John Menzies, up more than 24 percent, and Smiths News, up 29 percent. Dawson's contract losses -- which together represent 139 million pounds of potential lost revenue -- prompt broker Altium Securities to reduce its trading recommendation to "sell" and place its target price of 29 pence under review. "Given the significant near term uncertainty resulting from these contract losses, we believe that the stock is likely to underperform until the forthcoming trading/strategy update," analyst Karl Green writes in a note to clients. Reuters messaging rm://nicholas.vinocur.reuters.com@reuters.net 08:44GMT 24March2009-UK small caps rise 0.5 percent early on ------------------------------------------------------------ The FTSE Small Cap index rises 0.5 percent in early deals, while the blue chips gain 0.2 percent, and the midcaps are 1.3 percent firmer. Technology group IQE surges more than 32 percent after unveiling a seven-fold jump in full-year underlying operating profit as the company's focus on high-growth markets helped it deliver a double-digit revenue growth. Newspaper and magazine distributor Dawson Holdings tumbles over 44 percent after the company says Comag and Associated Newspapers will not be renewing their contracts when they expire in December 2010 and October 2010, respectively. For more on IQE double click on; for more on Dawson double click on Reuters Messaging rm://tricia.wright.reuters.com@reuters.net 08:40GMT 24March2009-Daily Mail up on investor day feedback ----------------------------------------------------------- Shares in British newspaper publisher Daily Mail & General Trust rise almost 6 percent as analysts say the company's investor presentation late on Monday shows the company well positioned to benefit from an economic recovery. Brokerage Numis upgrades the stock to "add" from "hold" and raises its target price to 285 pence from 226 pence, and UBS notes the company's upbeat view on its long-term growth chances. Numis writes in a note: "We believe the group is the best positioned of the B2C (business to consumer) publishers, benefiting from its breadth (national, regional and online), high historic levels of investment and solid balance sheet." Daily Mail shares are up 5.9 percent to 256 pence by 0845 GMT, the top gainers in a 1.4 percent-higher European media index. For Monday's story on the company's trading update, double click on Reuters Messaging rm://georgina.prodhan.reuters.com@reuters.net 08:27GMT 24March2009-European shares rise early, boosted by US bank plan ------------------------------------------------------------------------ European shares rise in early trade for a fourth consecutive session, tracking a surge on Wall Street after Washington pleased investors by revealing a detailed plan to soak up toxic assets from banks. The pan-European FTSEurofirst 300 index is up 1.1 percent at 747.63 points. The index is down about 10 percent this year, but has recovered about 16 percent since falling to a record low on March 9. Bank stocks gain with Royal Bank of Scotland, Barclays, UniCredit, and UBS up 3.4-8 percent. Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net 08:20GMT 24March2009-Merrill Lynch downgrade send Linde shares to DAX bottom ---------------------------------------------------------------------------- Shares in Linde fall 2 percent, making them the sharpest decliners in Germany's blue-chip DAX-30 index, after Banc of America-Merrill Lynch downgrades the stock to "underperform" from "neutral" and lowers its price target to 51 euros from 59 euros. Merrill Lynch says in a note it sees Linde's revenues dropping in the short term due to lower demand from chemical and steel customers and perhaps also hurting by softer merchant pricing levels. Merrill Lynch sees a 7 percent drop in 2009 EBIDTA hurt by cash burn from pension costs, likely higher tax rates, and capital expenditures largely in line with those in 2008. Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net 08:17GMT 24March2009-Barclays extends rally, iShares interest ------------------------------------------------------------- Barclays shares jump over 6 percent and have more than doubled in the last 11 days as Goldman Sachs joins the interest in buying iShares, according to a person familiar with the matter, and Europe's banks are lifted by optimism the worst of the financial crisis has passed. Goldman's interest could see Barclays could get more for iShares, dealers say, which would boost its capital and reduce the need for it to hand a stake to the UK government if it opts to insure risky assets under a UK plan. Private equity groups Hellman & Friedman, Bain Capital and TPG have all shown interest in iShares, the exchange-traded funds provider, sources have said. Analysts have valued iShares at about 3 billion pounds. Barclays shares hit 133 pence, up from 61.4 pence on March 9. It and other European banks are cheered by Monday's rally on Wall Street and U.S. plans detailed plans to purge toxic assets from banks' balance sheets. The DJ Stoxx banking index is up 2.3 percent. Reuters Messaging rm://steve.slater.reuters.com@reuters.net 07:50GMT 24March2009-Kontron shares indicated higher on strong order levels --------------------------------------------------------------------------- Shares in Kontron gain 8.2 percent in pre-bourse trade, making them the strongest performer among German tech stocks according to data from brokerage Lang & Schwarz, after the embedded computer technolgy specialist releases in-line to slightly better-than-expected full-year 2008 figures showing strong backlog orders. "Kontron has a solid cash position, a considerable order backlog and maintains its long-term goals," says an analyst at Close Brothers Seydler. "The 2009 year will not be easy for Kontron, but the long-term perspectives are much better than for most other tech companies. The share should continue its recent uptrend". Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net 07:04GMT 24March2009-European futures point to higher opening ------------------------------------------------------------- Futures point to a higher start for European shares, tracking Monday's gains on Wall Street after the U.S. government detailed a plan to soak up toxic assets from bank balance sheets. DJ Euro Stoxx futures were up 1.5 percent, Germany's DAX futures were up 1.2 percent and France's CAC-40 futures were up 1.5 percent. Financial spreadbetters expected Britain's FTSE 100 to open 28 to 36 points, or as much as 0.9 percent, higher. MAJOR EUROPEAN COMPANIES REPORTING:
Q4 Metro Group FY Banca Popolare di Milano FY Buzzi Unicem SPA FY Mediolanum Q4 Banco Popolare Q4 UBI Banca Full Year Swiss Life MAJOR U.S. COMPANIES REPORTING: Q1 Carnival Corporation & plc Q1 McCormick & Co., Inc. Q2 Jabil Circuit, Inc. MAJOR MACROECONOMIC DATA: (GMT) 0745 FR Cons spend Feb 0750 FR Business clim Mar 0858 EZ Cmp PMI Mar 0858 EZ Mfg PMI Mar 0858 EZ Ser PMI Mar 0930 GB CPI Feb 0930 GB RPI Feb 1145 US ICSC chain w/e 1255 US Redbook w/e 1400 US Home Price index Jan 1400 US Rich Fed Jan
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
Keywords: MARKETS EUROPE STOCKSNEWS =3
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. |
| At a Glance Share Guide Stocks |
| Article layout: raw |
|