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10:03GMT 25 November 2008-ImmuPharma leaps on option deal
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Shares in British-based ImmuPharma LLC rise as much as 38 percent after
it signs a $15 million option agreement with American biopharmaceutical firm
Cephalon for a key drug.
ImmuPharma says it will receive a one-time fee, and milestone payments up
to $500 million if current phase IIb trials are successful and Cephalon
exercises the option.
"If the data are positive and the option is exercised, they shouldnt
really have any need to go back to the market, they should have enough money to
run their internal programmes thereafter," says Jacob Plieth at Edison
Investment Research.
Analysts at Panmure raise their price target on the stock to 234 pence
from 194 pence. The stock, which had already closed 16.4 percent higher on
Monday amid heavy trading volumes, is up another 32.9 percent at 55.25 pence by
0954 GMT having earlier risen as high as 58.65 pence.
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09:53GMT 25Nov2008-Intec Telecom up on FY figs; Panmure "buy"
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Shares in Intec Telecom Systems climb 10.7 percent after the supplier of
billing and operations support systems reports a 52 percent rise in adjusted
pretax profit for the full year 2008 and gives a bullish outlook, prompting
Panmure Gordon to up its recommendation to "buy" from "hold".
Panmure also upgrades its EPS forecasts for 2009 to 3.3 pence from 2.9
pence and lifts its target price to 41 pence from 36 pence.
The broker says the numbers were the company's "best ever" results, as
"better sales combined with cost reduction fed through to better profitability
and importantly better cash."
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09:40GMT 25Nov2008-Gooch and Housego down as FY profits fall
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Shares in optical components maker Gooch and Housego fall 5 percent as
the company reports a 21 percent fall in pretax profits.
"We prefer to adopt a cautious stance given that the outlook is so
uncertain for those serving industrial markets," says Chris Dyett, an analyst at
house broker Investec, adding that the numbers were broadly in line with his
forecasts, although sales missed targets.
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09:28GMT 25Nov2008-Clinton Cards drops as sales weaken
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Shares in Clinton Cards drops over 4 percent as the retailer says group
like-for-like sales for the 16 weeks to Nov. 16 fall 6 percent, comprising
declines in the Clinton and Birthdays brands of 7.1 percent and 2.5 percent
respectively.
Altium Securities changes its sales forecasts to assume that the declines
at its Clinton and Birthdays brands continue for the rest of the year.
For the year to July 2009, Altium's sales estimates fall to 437.3 million
pounds from 443.7 million pounds, and for the year to July 2010 they drop to
432.5 million pounds from 438.8 million pounds.
The broker slashes its price target to 2 pence from 9 pence, and keeps
its "sell" recommendation.
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09:30GMT 25Nov2008-Bango falls as interims disappoint
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Shares in Bango lose 8 percent following disappointing first half results
from the mobile web technology company, prompting Panmure Gordon to cut its
forecasts.
"Impacted by first-quarter weakness in the UK, the interim results are
short of our expectations and drive downgrades to full-year estimates," says
analyst Nick James who cuts his full year 2009 EPS forecast by 0.49 percent to
2.01 pence, and reiterates his "hold" stance.
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09:20GMT 25Nov2008-JJB up as JD Sports takes 10 pct stake
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Shares in JJB Sports, the sports fashion retailer, jump 8.5 percent as JD
Sports Fashion acquires a 10 percent stake in the company, prompting Altium
Securities to upgrade its 12-month core rating to "hold" from "sell" and its
6-month trading rating to "neutral" from "sell".
JD Sports, which bought just over 25 million shares at 32.25 pence, says
it has "made this strategic investment in JJB because of its important place in
the performance sports retail market."
Altium says it moves its target price to 32 pence to reflect JD Sports'
purchase price but it currently leaves its estimates unchanged.
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09:10GMT 25Nov2008-Topps Tiles slides on poor FY results
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Shares in Topps Tiles Plc slide 9.5 percent to 19 pence after the British
tile retailer reports a 27 percent fall in full-year profit, scraps its dividend
and says current trading is dire.
"With like-for-like sales falling by 18.3 percent over the first seven
weeks of the first half, we have revised our forecast assumptions, resulting in
our 2009 pretax profit falling from 22 million pounds to 16.1 million," says
John Stevenson, an analyst at house broker KBC Peel Hunt.
"However, we believe that Topps is well placed to trade through the
current environment and generate consistently robust levels of cash; a feat few
retailers will be able to match, we believe."
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