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10:07GMT 13Jan2009-Blavod Extreme Spirits up after trading update
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Shares in Blavod Extreme Spirits, owner of the Blavod Black Vodka
brand, gain 6.2 percent after a trading update which Brewin Dolphin describes as
"broadly positive".
The company says volume sales in its third quarter increased 32 percent over
the previous year, with UK sales "particularly strong", though the export
business proved weaker.
"We are making no change to our forecasts and maintain a positive stance,"
says Brewin Dolphin in a note.
The broker has a "buy" recommendation on the stock.
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Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:57GMT 13Jan2009-Catlin falls after CS downgrades to "underperform"
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Shares in Catlin shed 6.5 percent to 398.75 pence after Credit
Suisse downgrades the UK insurer to "underperform" from "neutral" with a revised
target price of 483 pence from 410 pence.
"We are lowering our 2008 estimate of net profit for common shareholders
from -$8 million to -$144 million, with the decrease due to investment income
and foreign exchange losses," Credit Suisse says in a note.
Credit Suisse says Catlin's capital position looks vulnerable and that the
insurer's tangible equity has fallen by $360 million during the second half of
the year, or 90 pence per share.
Reuters Messaging rm://phakmisa.ndzamela.reuters.com@reuters.net
09:45GMT 13Jan2009-Game Group down; Altium "sell" on outlook
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Shares in Game Group fall 10.0 percent following the company's
Christmas trading update, which prompts Altium Securities to repeat its core
"sell" recommendation, in view of its cautious outlook.
David O'Brien, Altium analyst, says: "The group is erring on the side of
caution on the outlook for full year 2010 estimates, particularly in terms of
revenue growth."
Game says trading in the six weeks to January was strong, and while Altium
admits its 2009 forecasts are too low, Game's management says that economic
conditions are likely to deteriorate and revenue growth will be challenging,
while store openings will slow to 70 in 2009 from about 200 in 2010.
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Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:33GMT 13Jan2009-Postbank up, Deutsche Bank says will stick to stock buy
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Shares in Deutsche Postbank rise 1.6 percent, making them the top
gainers among German largecaps, after Deutsche Bank says it
is sticking to plans to buy a stake of just under 30 percent in the Deutsche
Post banking unit.
"In light of problems in the financial sector, investors had feared that the
deal might fall apart at the last minute," says a Frankfurt-based trader.
Deutsche Bank says it is sticking to plans to complete the purchase by the
end of the first quarter.
German newspaper Handelsblatt reports, citing financial sources, that
Deutsche Bank is trying to renegotiate terms of a deal to acquire Postbank due
to a sharp decline in the German retail bank's share price.
Both Post and Deutsche Bank decline to comment on whether there are
negotiations to lower the purchase price.
Shares in Deutsche Bank are 0.3 percent higher, while Deutsche Post shares
are 4.2 percent lower.
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
09:35GMT 13Jan2009-Jacques Vert down on margin squeeze
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Shares in Jacques Vert drop 8.3 percent as the womenswear retailer
says like-for-like sales in the last 11 weeks fell by 5.4 percent and
discounting reduced its gross margin over the period.
The company also reports a 63 percent fall in pretax profit for the 26 weeks
to Oct. 25 to 1.1 million pounds on a 6.8 percent drop in like-for-like sales.
Freddie George at Seymour Pierce says: "Following these figures, we are
downgrading our 2008/9 pretax profit forecasts from 3.0 million pounds to 2.0
million, taking EPS down from 1.48p to 0.99p."
To see Jacques Vert's statement please click on
Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net
09:31GMT 13Jan2009-EDF retreats; Exane cuts to "neutral"
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Shares in French utility EDF drop 6.5 percent, featuring among the
biggest losers on the CAC 40 and underperforming the DJ Stoxx utilities
index, which is down 1.8 percent, as traders cite a rating downgrade by
Exane BNP Paribas.
"We believe EDF is likely to disappoint at its FY08 results presentation on
12February. We have cut our earnings by more than 10 percent to factor in a
decline in the volume of sales on wholesale markets due to nuclear plants
unavailabilities (maintenance) and high demand from regulated customers," Exane
analysts write in a note.
"As the debate on regulated tariffs is set to become more refined, a more
realistic and less beneficial path toward convergence sheds a new, less
risk-rewarding light on the stock. Shorter term, downward consensus earnings
momentum is likely to cap the performance of the stock."
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
09:28GMT 13Jan2009-Continental lower, loses out on electric car contract
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Shares in Continental are 5.7 percent lower, making them one of
the sharpest decliner among German midcaps, after LG Chem Ltd has been selected
instead of the German auto parts to build
lithium-ion batteries for General Motors Corp's all-electric Chevy Volt.
The loss of the contract "is negative for Continental shares, as contract
was one of the biggest supplier contracts that is currently available," says a
Frankfurt-based trader.
"We believed that Conti had a good chances of gaining the contract after it
received the order for the hybrid version of the Mercedes S-class, the first
serial produced lithium-ion hybrid," says analyst Daniel Schwarz from
Commerzbank.
Schwarz adds that the industry had been closely following the deal as the
Volt may likely be the first mass-produced electric car.
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09:27GMT 13Jan2009-Computacenter rises on strong year-end
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Shares in Computacenter rise 15.8 percent as the IT hardware and
services company says it will beat market consensus forecasts of 38.1 million
pounds for full-year adjusted pretax profit.
"Computacenter has clearly had a strong end of year," says Piper Jaffray
analyst Rajeev Bahl, who forecasts 39.7 million pounds for 2008 profit and has a
"buy" recommendation on the stock.
"Cash flow looks solid, they point to good services contract wins, they are
taking costs out of the business and they have outperformed in Germany," Bahl
adds
For more, click on, company statement
Reuters messaging rm://paul.sandle.reuters.com@reuters.net
09:04GMT 13JAN2009-FTSE small caps fall 0.6 percent early
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The FTSE Small Cap Index falls 0.6 percent in early trade,
outperforming the wider UK market, which reels on the back of disappointing
results from the British Retail Consortium survey, which highlights the grim
trading conditions on the high street.
The FTSE 100 sheds 1.2 percent and the FTSE mid caps index
falls 2 percent.
European publisher Mecom surges 37.5 percent after it says it has
agreed to sell its German operations to the Cologne-based publisher M. DuMont
Schauberg for 152 million euros in cash to repay debt.
Taylor Wimpey, the British housebuilder, tumbles 23 percent as it
says it buildt a third fewer homes in 2008 compared with 2007, adding it had
1.55 billion pounds of debt at the end of last year and would continue to try to
cut costs.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:23GMT 13Jan2009-Holcim falls; Credit Suisse cuts target
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Shares in Holcim fall some 6.2 percent to 55.80 Swiss francs after
Credit Suisse cuts its price target to 41 francs from 55 francs, citing an
"extremely bleak" outlook for the cement industry in 2009.
"Not surprisingly, we expect cement demand to deteriorate materially across
almost all markets in 2009, but we also expect global supply to increase as new
capacity continues to come on line," analyst Harry Goad says in a research note.
"The unfavourable supply-demand dynamic will, in our view, increase global
pricing pressure," he says.
Credit Suisse reduces its earnings per share estimates by 27 percent for
2009 and by 42 percent for 2010.
Reuters Messaging rm://rupert.pretterklierber.reuters.com@reuters.net
katie.reid.reuters.com@reuters.net
09:17GMT 13Jan2009-Miners slide on metals prices, economic gloom
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Mining shares tumble as copper sheds 6 percent in Shanghai, its daily limit,
after a source said China's State Reserves Bureau was in no rush to restart its
suspended copper buying programme.
The sector is also hit by renewed fears of dwindling demand after top
central bankers said on Monday the global economy will slow down sharply in
2009.
The DJStoxx basic resources index and the UK mining index both give up 5.4
percent, making the sector the weakest performer
in Europe.
Rio Tinto, due to release fourth quarter production data on
Thursday, is the biggest loser of the FTSE 100, sliding 7.9 percent. The
mining group also said it was shelving a $229 million plan to extend its
Northparkes copper mine in Australia.
Indian-ocused miner Vedanta loses 5.9 percent, Kazakhk group
Eurasian Natural Resources Corp falls 4.9 percent and Xstrata
down 6 percent.
Reuters Messaging rm://eric.onstad.reuters.com@reuters.net
09:15GMT 13Jan2009-Pernod dip as sales growth slows
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Pernod Ricard shares dip 3.2 percent to 51.2 euros as a trading
update points to slowing sales growth in the last three months of 2008 and tough
markets in Spain and South Korea while retail destocking affects its U.S.
performance.
The French drinks group holds its target to grow operating profits by 8
percent for its year to June 2009, but it says underlying sales in its first
half (July-Dec) were up around 5 percent after it reported 7 percent Q1 growth
for July-Sept.
Although the company says its performance had been satisfactory and in line
with expectations, analysts says there are some worries about slowing growth and
tough markets.
Reuters messaging rm://david.jones.reuters.com@reuters.net
09:14 13Jan2009-Topps Tiles slips after trading update
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Shares in Topps Tiles slip 9.3 percent after the tile retailer posts
a 13.3 percent total revenue fall in the first 13 weeks of the financial year,
with like-for-like revenue for the same period down by 18.1 percent.
"Positive characteristics remain: strong cash generation, expansion
possibilities and a potential bid target, but we fear that estimate risk remains
on the downside," Teathers says in a note.
The broker rates the stock as "hold".
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Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
08:55GMT 13Jan2009-Shares extend losing streak; miners tumble
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European shares slip for a fifth straight session, tracking losses in the
U.S. and Asia, as investors remain worried that big companies might post poor
results in the current earnings reporting season.
A sharp decline in crude oil and metal prices also put pressure on commodity
stocks, which have a significant weight on the pan-European FTSEurofirst 300
index.
At 0856 GMT, the index of top European shares is down 1.4 percent at 841.82
points after closing 1.6 percent lower in the previous trading session. The
benchmark lost 45 percent in 2008.
Miners retreat, with BHP Billiton, Anglo American, Xstrata , Antofagasta and
Rio Tinto falling between 2.6 and 6.2
percent.
Reuters Messaging rm://atul.prakash.reuters.com@reuters.net
09:07GMT 13Jan2009-Fortis leaps on hopes of sweeter BNP deal
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Shares in troubled Belgium-based financial services group Fortis
skyrocket on market optimism that Fortis investors might receive better terms in
a potential partial sale of assets to France's BNP Paribas.
Fortis shares rise as much as 14.1 percent to 1.48 euros, against the DJ
Stoxx European Banks Index, which is down about 1.7 percent.
Petercam analyst Marc Debrouwer says many factors might be affecting the
stock, but adds the key element is likely newsflow this week which has indicated
that BNP might sweeten its offer for Fortis.
"There are many things at play here, but one of the most important in the
market right now is the feeling that, in the final terms of the deal, Fortis
shareholders might be better off," Debrouwer says.
The French bank said on Monday it remained determined to press ahead with
the deal on the terms set in October. But with Fortis shareholders widely
expected to reject the deal when they vote in February, a source close to the
transaction told Reuters that BNP might be prepared to make concessions.
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08:58GMT 13Jan2009-Santander down after Madoff probe report
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Santander shares fall 3.2 percent, underperforming a weak banking
sector after the Wall Street Journal reports Spain is probing the bank over the
exposure of more than 2.3 billion euros of its clients' money to alleged
swindler Bernard Madoff.
"Something like this was expected, but it is still going to be taken
negatively," a dealer at a local brokerage said.
The Journal said investigators are probing why Santander Chairman Emilio
Botin sent his head of risk management operations to visit Madoff weeks before
the former Nasdaq chairman's arrest and whether Santander officials were aware
of the problem.
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Reuters Messaging rm://jonathan.gleave.reuters.com@reuters.net
08:51GMT 13Jan2009-TF1 dips as Morgan Stanley cuts to "underweight"
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Shares in French broadcaster TF1 drop 3.7 percent after Morgan
Stanley downgrades its rating on the stock to "underweight" and slashes its
share price target by 43 percent to 7.7 euros.
"We now expect EBIT (earnings before interest and tax) to fall from 305
million euros in 2007 to 42 million euros in 2010, driven by a reduction in
forecast revenues, only partially offset by slightly more optimism on cost
cutting," Morgan Stanley analysts write in a note.
"Our below consensus forecasts for TF1 may appear harsh, but we note that
ITV's profits trajectory has been similarly difficult, despite a large and
profitable content production business, an economic environment that has
historically been more benign, and much more aggressive cost benefits."
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
08:50GMT 13Jan2009-Genmab up on renewed takeover talk
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Shares in Danish biotech firm Genmab rise 10 percent on renewed
speculation it will be acquired by partner GlaxoSmithKline, after a
report in The Independent newspaper cites a recent Credit Suisse research note
highlighting it as a possible takeover target.
But traders note the Credit Suisse report was published last week and talk
of Glaxo's interest in buying out Genmab -- with which it has a major drug
partnership -- is not new.
Glaxo has consistently declined to comment on the idea it might acquire
Genmab, which has a market capitalisation of about 10 billion Danish crowns
($1.80 billion). The Danish firm could not immediately be reached to comment the
report.
One trader said the current market speculation is of a bid of 500 crowns per
share, twice the current share price.
For an analysis on the prospects of European biotech companies making deals
with major pharmaceuticals companies, please click.
Reuters Messaging rm://kim.mclaughlin.thomsonreuters.com@reuters.net
($1=5.561 Danish Crown)
08:44GMT 13jan2009-Lack of bank deal takes wind out of Rodriguez sails
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Shares in Rodriguez Group, which designs and sells luxury yachts,
fall by 11.9 percent after the company says it has not yet reached an agreement
with banks to restructure its debt and that talks are still ongoing.
"Debt (is) still a problem we think," Oddo Securities analysts write.
"The group has been the subject of intense speculation over the past few
days with, predominantly, the possibility of an agreement on the renegotiation
of its bank debt. In a press release issued yesterday evening, management
indicated that it had no new information," Oddo writes.
The stock is down 11.9 percent at 4.36 euros by 0843 GMT after sliding as
low as 3.42 euros. The stock had gained almost two-thirds on Monday as traders
cited talk the company was close to a deal.
Reuters Messaging rm://james.regan.reuters.com@reuters.net
08:34GMT 13Jan2009-CropEnergies up; specifies FY sales target
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Shares in German bioethanol producer CropEnergies rise 1.3
percent, after the company releases nine-month results and specifies its
full-year sales outlook for 2008/2009.
The company -- a subsidiary of Suedzucker -- sees full-year sales
of more than 300 million euros ($402.1 million), after previously predicting for
sales to grow by more than 50 percent from the 187 million euros in 2007/2008.
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
08:29GMT 13JAN2009-Arriva falls; Goldman's cuts to "sell"
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Shares in Arriva, the bus and rail operator, extend losses from
previous session, down 2 percent, as the company suffers a double downgrade at
the hands of Goldman Sachs, which cuts its rating to "sell" from "buy", while
slashing its target price to 450 pence from 797 pence, following Monday's
downgrade from Investec.
Goldman Sachs says it expects higher unemployment across Europe to impact
passenger numbers and "for Arriva's profits to underperform consensus
expectations for 2009 as a result".
The broker says Arriva's balance sheet will be hit by a strong euro, which
will also strangle its acquisitional growth ability, and a likely rise in the
company's pension deficit.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:19GMT 13Jan2009-Tesco climbs on "robust" Christmas update
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Tesco shares rise as much as 2.8 percent to 360.4 pence in early
trade after Britain's biggest retailer meets forecasts with a 2.5 percent rise
in underlying UK sales over Christmas and says it is taking market share in
non-food lines like clothing, electricals and entertainment.
"This is a robust performance from Tesco in clearly difficult times," says
Shore Capital analyst Clive Black. "Its core (business) is stable and improving.
Its international operations are gaining share and growing rapidly and its
retail services business continues to be profitable."
"Overall this is a decent performance by Tesco," Cazenove analysts add.
For more information please click on
Reuters Messaging: rm://mark.potter.reuters.com@reuters.net
07:56GMT 13Jan2009-SAP indicated higher as Merrill Lynch upgrades to buy
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Shares in SAP AG are indicated 0.5 percent higher in pre-bourse
trade, according to data from the brokerage Lang & Schwarz, as Merrill Lynch
upgrades it stance on the software maker to "buy" from "neutral".
The upgrade is largely based on a return to the company's cost cutting
policies, which have been underappreciated by the market, Merrill Lynch says in
a note to clients.
"Today, we are getting more aggressive on SAP's cost cutting efforts and
model relative cuts in-line with the last recession," the brokerage says.
It also says that while SAP fourth-quarter license revenue growth in 2008
will be hurt by a tough quarter it should be within the range of lowered street
estimates.
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
07:48GMT 13Jan2009-Metro seen down on FY results
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Shares in Germany's biggest listed retailer Metro are indicated
0.6 percent lower according to premarket data from brokers, after the company
releases slightly weaker than expected full-year results due to the
deteriorating economic environment.
"I could imagine that the market will react negatively to the figures," says
FrankfurtFinanz strategist Heino Ruland.
Metro says 2008 sales rose 5.9 percent to 68 billion euros, just below the
average estimate of 68.28 billion in a Reuters poll of analysts.
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07:41 13Jan2009-European shares seen extending losses
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European stocks are poised to edge lower, set to lose ground for the fifth
straight session, as the market is seen tracking losses on Wall Street and Asia,
where stocks are hit by worries over corporate profits.
The beleaguered banking sector will be in the spotlight again after concerns
about huge credit losses at Citigroup dragged its stock 17 percent lower.
A Wall Street Journal report says Citigroup could post more than $10 billion in
fourth-quarter operating losses.
Futures for the DJ Euro Stoxx, for Germany's DAX and for
France's CAC were down between 0.6 percent and 0.7 percent.
The FTSEurofirst 300 index of top European shares, which tumbled 45
percent last year, is up 2.6 percent so far in 2009 and has gained 14 percent
since reaching a floor on Nov 21.
Major Macroeconomic Data: (GMT)
0001 GB BRC retail Dec
0700 DE WPI Dec
0930 GB Trade Nov
1245 US ICSC chain w/e
1300 Federal Reserve Chairman Ben Bernanke speech, London
1330 US Int'l trade Nov
1355 US Redbook w/e
1900 US Fed budget Dec
2200 US ABC CCI w/e
Major European Companies Reporting:
Full Year Sika Sales
Major U.S. Companies Reporting:
Q2 Linear Tech.
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
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Keywords: MARKETS EUROPE STOCKSNEWS =3
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