This Morning in London major shares were modestly lower in early deals, the Competition Commission report in focus. DSG (DSGI) topped the FTSE100 leaderboard, up 6.1p at 127p, amid talk US Best Buy was mulling a 200p a share bid for the electronics retailer. Traders suggest that it could be a good time for a predator to pounce because the firm is currently, without a CEO after John Clare retired in September. New man John Browett, the former head of IT and potential successor to Tesco (TSCO) boss Sir Terry Leahy, does not start work at DSG until December 5th. At 10:00 the FTSE-100 was down 6.2 points at 6,652.8 with the FTSE-250 up 87.88 points at 11,566.9.
BROKER RECOMMENDATIONS
Altium Securities reiterates buy RDF Media (RDF) and has a buy and 245p target for Rok (ROK).
Bear Stearns reiterates outperform for Johnson Matthey (JMAT), raising target to £20 from £19.40.
The broker initiates coverage of ICAP (IAP) with an outperform rating.
Collins Stewart upgrades Premier Foods (PFD) to buy from hold with a 250p target.
Daniel Stewart reiterates buy and 180p target for Roc Oil (ROC).
HSBC downgrades Schroders (SDR) to neutral from overweight, raising target to £16.50 from £15.50.
KBC Peel Hunt reiterates buy Rok (ROK) and cuts estimates at Alpha Pyrenees (ALPH).
Landsbanki reiterates buy Aberdeen Asset Management (ADN), has a buy and 90p break-up value for Anite (AIE), a reduce for F&C Asset Management (FCAM), a hold for Schroders (SDR), raising target to £17 from £1414, buys for Vectura (VEC) and Wolfson Microelectronics (WLF) and a hold for Woolworths (WLW).
Lehman Bros has an overweight and 350p target for Wolfson Microelectronics (WLF), raising estimates.
JP Morgan reiterates neutral for Marks & Spencer (MKS), raising target to 655p from 625p and has an overweight for Next (NXT), raising target to £24 from £22.50.
Morgan Stanley has an overweight for Man Group (EMG), raising target to 660p from 610p.
Numis has a buy and 171p target for Albidon (ALD), a buy and 265p target for Celsis International (CEL), an add and 248p target for Rok (ROK), a hold and 450p target for Tate & Lyle (TATE), a hold and 193p target for Umbro (UMB), a buy and 310p target for Uniq (UNIQ), a sell and 16p target for Woolworths (WLW) and an add and 954p target for WSP Group (WSH).
Seymour Pierce reiterates hold for Europa Oil and Gas (EOG), cutting target to 25p, has a buy for Yell Group (YELL) and a hold for Woolworths (WLW).
NEWS ROUND-UP
Last Night in New York stocks declined, with Apple's sales offering a late lift to technology stocks amid ongoing speculation about the Federal Reserve's next interest-rate move, and on Procter & Gamble's warning that rising commodity prices would dent profit. The Dow Jones fell 77.8 points to end at 13,792.5, with 20 of its 30 components ending in the red. The S&P shed 9.96 points to 1,531.02, with the Nasdaq shedding the bulk of its earlier declines to finish 0.73 points lower, at 2,816.71.
On this day in:-
1996 - By a narrow margin following a referendum, the people of Quebec voted to remain part of Canada.
1984 - Indian Prime Minister Indira Gandhi was assassinated by a Sikh member of her bodyguard, in New Delhi.
1971 - A terrorist bomb exploded at the top of the Post Office Tower in London.
1952 - The United States of America detonated its first hydrogen bomb, at Eniwetok Atoll in the Pacific Ocean.
1940 - The official end of the 'Battle of Britain', the 6-month fight to control the skies over Great Britain during World War II. The Royal Air Force lost 915 aircraft, the German Luftwaffe lost 1,733. Losing the battle, would have left Great Britain open to a full invasion by German forces who had already over-run most of continental Europe.
1925 - Reza Khan deposed the existing Shah of Persia (now Iran).
1922 - At the invitation of the King of Italy, Fascist leader Benitto Mussolini formed an Italian Government of Fascists, Liberals and Nationalists.
1918 - The assassination of Hungarian Prime Minister Count Tisza.
1915 - For the first time during World War I, Great British troops wore steel helmets.
1888 - Scottish inventor John Boyd Dunlop patents pneumatic bicycle tyres.
1864 - In America, Nevada became a state.
