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Good Morning ShareCrazies
This Morning in London major shares fell in early trade, with Marks & Spencer (MKS) down sharply as third quarter sales fell short. The group also said 2008 looks set to remain challenging. For the 13 weeks to December 29th 2007 UK sales on a like-for-like basis, which strips out the impact of new and closed space, fell 2.2%. At 10:15 the FTSE-100 was down 101.2 points at 6,255.3 with the FTSE-250 off 163.3 points at 9,998.3.
BROKER RECOMMENDATIONS
Credit Suisse has issued a review of the Software & Services Sector, in which it has upgraded Misys (MSY) to outperform from underperform (210p target price) and downgraded Sage (SGE) to underperform from neutral (cutting the target price to 200p from 266p).
The broker has reviewed the European Pharmaceutical Sector and Stocks, retaining its marketweight stance on the sector, and adjusting share target price, with GlaxoSmithKline (GSK) moved to 1250p from 1200p, AstraZeneca (AZN) to 2210p from 2375p and Shire (SHP) to 1130p from 1240p.
Credit Suisse has downgraded Stagecoach (SGC) to neutral from outperform (raising the price target to 287p from 278p) and reiterates neutral on Cairn Energy (CNE) (raising the price target to 2890p from 2600p).
The broker has outperform on Rolls Royce (RR.) (580p target price), Compass (CPG) (target price 400p).
Deutsche has reviewed the European Media Sector and includes downgrades on ITV (ITV) to sell from hold (cutting the price target to 75p from 100p) and GCap (GCAP) to sell from hold, with a reiteration of its buy recommendation on Reed Elsevier (REL) (raising the price target to 790p from 715p) and hold Pearson (PSON) (raising the target price to 825p from 810p).
The broker reiterates buy Hammerson (HMSO) (cutting the price target to 1400p from 1770p).
Deutsche has issued a report on the UK Banks in which it has listed its top picks as Barclays (BARC) and Lloyds TSB (LLOY), with hold recommendations on HBOS (HBOS), Bank of Ireland (BKIR), Bradford & Bingley (BB.), HSBC (HSBA) and Standard Chartered (STAN) and sell Northern Rock (NRK) (cutting the price target to 50p) and Alliance & Leicester (AL.).
The broker reiterates buy Informa (INF) (cutting the price target to 610p from 650p).
Deutsche says buy Banco Santander (BNC), believing a maximum price the Spanish bank could pay for Alliance & Leicester (AL.) is 680p.
Goldman reiterates buy Mecom (MEC) (cutting the price target to 50p from 98p).
UBS has upgraded Tullow Oil (TLW) to neutral from sell.
NEWS ROUND-UP
Last Night in New York stocks plunged, led by a 17% drop in shares of Countrywide Financial amid swirling bankruptcy speculation, and as the Nasdaq dropped to an eighth day of losses. Up more than 100 points during the session, the Dow ended 238.4 points lower to 12,589.1, with 25 of its 30 components declining. Broader indexes didn't escape the drop. The S&P was down 25.99 points to 1,390.19. Whilst the Nasdaq, which lost ground the previous seven sessions, fell 58.95 points to 2,440.51.
On this day in:-
2005 - Voting in the Palestinian Presidential Elections drew to a close. Early exit polls indicated that Mahmoud Abbas has won a significant majority.
1998 - Northern Ireland Secretary Dr Mo Mowlam made a controversial visit to the Maze Prison in Belfast, Northern Ireland to talk to Loyalist and Republican terrorists.
1997 - Round-The-World yachtsman Tony Bullimore was rescued after spending 4-days in the Pacific Ocean, after his boat capsized.
1986 - Defence Secretary Michael Heseltine resigned from the Cabinet of Prime Minister Margaret Thatcher over the 'Westland Affair'.
1976 - Sylvester Stallone started filming 'Rocky'.
1972 - After three months of unsuccessful negotiations, Great Britain’s coal miners went on strike for the first time in almost 50-years.
1972 - The cruise liner Queen Elizabeth cought fire and sank in the harbour at Hong Kong.
1959 - In America, the first episode of the TV series Rawhide, staring Eric Fleming and a young man by the name of Clint Eastwood, was shown.
1957 - Prime Minister Anthony Eden resigned due to ill health. Eden's premiership had been in decline since his controversial handling of the 'Suez Crisis'.
1945 - General MacArthur presided over the landing of the American 6th Army on Luzon, in another step towards capturing the Philippine Islands from the Japanese.
1917 - In Mesopotamia, Great British troops under the command of Sir Frederick Maude launched an offensive against Turkish forces at Khadairi Bend.
1905 - According to the Julian calendar, which was in use at the time, Russian workers staged a march on the Winter Palace, which ended in a massacre of the workers, signalling the beginning of 1905 Russian Revolution. The day came to be known as 'Bloody Sunday'.
1900 - The Italian football club, S.S. Lazio, was founded in Rome.
1861 - In a precursor to the start of the Civil War in America, a Union merchant ship, the ‘Star of the West’, was fired upon as it tried to bring supplies to Fort Sumter in Charleston Harbour.
1806 - Lord Horatio Nelson was buried at St. Paul's Cathedral in London.
1768 - English cavalryman Philip Astley staged the first modern circus in London. Trick riders, acrobats, clowns, trained animals, and other familiar components of the circus have existed throughout recorded history, but it was not until the late 18th century that the modern spectacle was born. Astley found that if he galloped in a tight circle, centrifugal force allowed him to perform seemingly impossible feats on a horse's back. His trick riding received such a favourable response that he soon hired other equestrians, a clown, and musicians and in 1770 built a roof over his ring and called the structure Astley's Amphitheatre. Later, a competitor coined the term circus to describe this new form of entertainment, referring to the Roman name for the circular theatres where chariot races were held. Circuses soon sprang up across Europe, and giant tent shows toured America in the nineteenth century. The last major addition to the circus repertoire was the flying trapeze, which was introduced in France in 1859.
WEEKLY DIARY
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Compiled in association with HB PLC and WH Ireland Ltd
