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Good Morning ShareCrazies
This Morning in London blue-chip stocks were marginally lower in early trade, with Unilever (ULVR) suffering following a downgrade. Rolls-Royce (RR.) fell 8p to 517p after it said it plans to cut up to 2,300 jobs at its plants in the UK, Germany, US and elsewhere as part of ongoing efforts to improve efficiency and competitiveness. Marks & Spencer (MKS) continued its decline following its disappointing trading statement on Wednesday. M&S shares gave away another 6p to 388.5p. At 9:40 the FTSE-100 was down 14.8 points to 6,207.9 with the FTSE-250 off 55.9 points at 9,744.7.
BROKER RECOMMENDATIONS
Citigroup has downgraded Minerva (MNR) to hold from buy (cutting the price target to 200p) and upgraded Wellstream (WSM) to buy from hold (raising the target to 1400p) and Burberry (BRBY) (cutting the target to 600p from 700p).
Credit Suisse has cut its sector stance on European Semi-Conductors to market-weight from overweight.
Deutsche has downgraded Hays (HAS) to sell from buy (target 95p) and Michael Page (MPI) to hold from buy (target price 240p).
Goldman has upgraded Weir Group (WEIR) to buy from neutral (raising target to 860p) and Sprax Sarco (SPX) to buy from neutral.
The broker has downgraded IMI (IMI) to sell from neutral and has initiated coverage of ICAP (IAP), appending a neutral recommendation and of Tullett Prebon (TLPR), appending a buy recommendation.
ING has upgraded BT (BT.A) to buy from hold (raising the price target to 335p from 315p).
NEWS ROUND-UP
Last Night in New York stocks leaped in late trading to close with solid gains after Federal Reserve Chairman Ben Bernanke signaled more interest-rate cuts ahead and on reports Bank of America is in talks to buy Countrywide Financial, sending shares of the troubled mortgage provider soaring 51%. Down as much as 100 points during the day, the Dow Jones closed up 117.8 points at 12,853.1. The S&P gained 11.2 points to 1,420.33, while the Nasdaq jumped 13.97 points to 2,488.52.
On this day in:-
1998 - More than 100 people were killed in 2 villages in Algeria. The attacks, which took place south of the capital Algiers, were alleged to have been perpetrated by Islamic extremists.
1993 - British Airways was forced into an embarrassing climb-down in relation to a campaign of 'dirty tricks' it launched against rival airline Virgin Atlantic. BA was forced to pay damages to both Virgin Atlantic and its boss Richard Branson.
1989 - After 8-years as President of the United States, Ronald Reagan gave his farewell address to the American people. In particular, Reagan emphasised the foreign policy achievements of his administration.
1973 - The first students of the Open University received their graduation certificates.
1962 - An avalanche buried a village in the Peruvian Andes, with reports on the death toll ranging from 2,000 to 3,000 people.
1960 - The central African country of Chad declared its independence from France.
1946 - Enver Hoxha proclaimed the People’s Republic of Albania.
1945 - A truce was negotiated between the Great British-backed Democratic National Army and the communist rebel National Liberation Front, during the Greek Civil War.
1942 - World War II: Japanese troops seized Kuala Lumpur in Malaya.
1928 - Leon Trotsky, a leader of the Bolshevik Revolution and early architect of the Soviet state, was deported by Soviet leader Joseph Stalin to Alma-Ata in remote Soviet Central Asia. He would live there in internal exile for a year before being banished from the USSR forever by Stalin. Trotsky, born of Jewish-Russian parents, was first arrested by the Czarist government for revolutionary activities in 1898. Two-years later, he was exiled to Siberia but escaped to London, where he collaborated with Vladimir Lenin. Expelled from several countries, he lived in Switzerland, Paris, and New York City before returning to Russia at the outbreak of the Russian Revolution in 1917. Trotsky played no less a role than Lenin in the Bolsheviks' seizure of power, but lost out to Joseph Stalin in the power struggle after Lenin's death in 1924. He criticised Stalin's regime for suppressing democracy in the Communist Party and for its economic policies. Stalin fought back, expelling him from the Politburo in 1926, from the party in 1927, from Moscow in 1928, and from the USSR in 1929. During his exile, Trotsky criticised the Soviet state for falling short of its Marxist ideals, and was found guilty of treason in absentia. In 1940, he was assassinated in Mexico City by a Spanish communist, allegedly under Stalin's orders.
1923 - French troops were sent to occupy the Rhur as Germany failed to pay its reparation payments imposed by the Treaty of Versailles.
1922 - The first successful use of insulin to treat diabetes. The patient was Leonard Thompson, who was treated at Toronto General Hospital in Canada.
1916 - World War I: In order to provide a safe area for the thousands of refugees fleeing the fighting in Serbia, French forces took formal military control of the Greek island of Corfu.
1864 - The opening of London's Charing Cross station.
1693 - Mount Etna erupted in Sicily, Italy.
1569 - The first national lottery was held in England. 40,000 lots, at 10 shillings each, went on sale at St. Paul's Cathedral in London.
WEEKLY DIARY
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Compiled in association with HB PLC and WH Ireland Ltd
