This Morning in London major shares were modestly lower with investors cautious ahead of US homes sales figures. Miners were out of favour with Kazakhmys (KAZ) the top faller, down 33p at 1,452p after the mining group's third quarter update matched the group's recently lowered guidance. Earlier, the mining group said total copper cathode output declined 5% in the third quarter, mainly due to significantly lower volumes of output from purchased concentrate, and reiterated that full-year production will be 'moderately below' 2006. By 9:30 the FTSE-100 had recovered to be up 3.9 points at 6,517.9 with the FTSE-250 ahead 21.2 points at 11,380.3.
BROKER RECOMMENDATIONS
Citigroup says hold Enodis (ENO) (210p target) and Umbro (UMB) (raising the price target to 190p from 130p) and buy Mouchel Parkman (MCHL) (raising the price target to 510p from 470p), Pearson (PSON) (900p target) and Tullow Oil (TLW) (raising the price target to 700p from 630p).
Goldman has downgraded BHP Billiton (BLT) to neutral from buy (slightly lowering the price target to 1750p from 1770p).
Landsbanki says hold Home Retail (HOME) and buy Xchanging (XCH).
The broker reiterates hold Biffa (BIFF) and says buy Shanks (SKS).
JP Morgan has upgraded Vodafone (VOD) to overweight from neutral (raising the price target to 200p from 169p) and has initiated coverage of GKN (GKN) appending a neutral recommendation and a 425p price target.
The broker has overweight on BP (BP.) (cutting estimates) and Aviva (AV.).
Morgan Stanley has issued a note on UK Real Estate, in which they have upgraded Hammerson (HMSO) to overweight from equal-weight (cutting the price target to 980p from 1510p) and downgraded Brixton (BXTN) to underweight from overweight (cutting the target to 300p from 550p), Land Securities (LAND) to equal-weight from overweight (cutting the target to 1400p from 2110p) and Segro (SGRO) to equal-weight from overweight (cutting the price target to 420p from 680p) and reiterates overweight Liberty International (LII) (raising the price target to 1030p from 930p), with underweight on British Land (BLND).
NEWS ROUND-UP
Last Night in New York stocks rallied to close firmly higher, with enthusiasm for tech stocks carrying the day, after Apple's upbeat earnings and ahead of Amazon.com's results due after the close. The market first struggled in morning trade on concerns fueled by Target's lowered guidance and after Wal-Mart cut its capital spending forecast. Wal-Mart, a Dow component and America's biggest retailer, said it plans to trim capital expenditures for the current fiscal year more than forecast. Its stock was recently down 3%. The S&P rose 13 points to close at 1,519. Most of the gains were in the tech-heavy Nasdaq which rallied 45 points to end at 2,799.
On this day in:-
1995 - Great Britain's main church leaders attacked the setting up of Great Britain's first National Lottery, accusing it of undermining public culture and damaging society.
1989 - US television preacher Jim Bakker was given a 45-year jail sentence and fined $500,000 for swindling his followers out of a millions of dollars.
1976 - Great British Formula One driver James Hunt became the World Motor Racing Champion.
1969 - Actor Richard Burton bought his wife, actress Elizabeth Taylor, a 69.42 carat diamond, costing more than a million dollars.
1964 - In Africa, Zambia proclaimed its independence.
1945 - The United Nations Charter came into force.
1945 - The execution of Norweigan leader Vidkum Quisling after being found guilty of treason during World War II, for collaborating with the Germans.
1931 - American gangster Al Capone started an 11-year prison sentence in Alcatraz, after being found guilty of tax evasion. He was released in 1939 and died in 1947.
1929 - The start of the 'Wall Street Crash' which wiped millions of dollars off the value of shares in America and triggered falls on stock markets around the world.
1922 - In Italy, at the Fascist Congress in Naples, leader Benito Mussolini demanded a place in the Italian Government.
1901 - To help raise money to pay her mortgage, Mrs Ann Edson Taylor went over Niagra Falls in a padded barrel... and survived.
1857 - The founding of the world's first official football club, Sheffield Football Club, in Yorkshire, by a group of former students from Cambridge University.
