W H Smith - 7% yield + modest capital appreciation = 25% within a year

Croquetman - on top of all recent downward adjustments, their own house broker today chopped its profit forecast by nearly a third, bringing it lower than recent downgrades from other brokers. Scope for further downgrades yet to come as outside brokers modify their numbers to match. Note that statement warns that write-downs may be announced later and that todays details are not the last of the story. Also no denial of ex-chair's previous hint that future divi may be cut or abandoned.Those future write-offs are not yet quantifiable (they've only announced the ones that are) so cannot be properly catered for in market price yet. I'm not saying the price will fall further after current bounce - but it can drift nervously until full extent of later bad news is declared.

Meanwhile plenty of scope for up-plays and down-plays this morning for all who play the familiar intraday yoyo pattern that marks so many such announcements ;-)

mtg

(K - emailed you. Tell me if not recieved)