This Morning in London the FTSE-100 was lifted by Corus (CS.L), which stoked up a rise of 27p, after it backed a £4.9-billion takeover offer from CSN of Brazil, after it topped a £4.7-billion offer from Tata Steel, delivered just hours earlier. A trading statement from Lloyds TSB (LLOY.L) indicated that 2006 figures should be in line with expectations, with the Chief Executive saying that the group is well positioned to deliver stronger growth in the future. There was also a bit of drive from Rolls-Royce (RR.L), which is benefiting from recent contract wins, with dealers suggesting that the shares have been left behind. The shares motored to a 17.75p rise, to stand at 444.75p. There are also rumours in the market that Shire (SHP.L) is considering a bid for New River Pharma (Nasdaq stock, which gained 4.7% on Friday to close at $51.53). At 11:28 the FTSE-100 was up 11.2-points at 6163.6.
Mary hits the wrong note with Mariah
Grammy-winning pop singer Mariah Carey is trying to block porn star-turned politician Mary Carey from trade-marking her similar sounding stage name, saying that fans could get the 2 “performers” confused. But the adult film actress, whose real name is Mary Cook, says she will not be intimidated by the international superstar and will press forward with her trademark application. "I'm ready to battle Mariah over this because I've been Mary Carey for a long time," she said. "It's kind of funny because I'm a porn star and I've been being myself for a long time. I think she's being silly."
A teacher has been sacked for telling children that there was no such person as Santa Claus. There was uproar from the parents, who were furious when their little-one’s returned home telling them they had also been taught elves and fairies did not exist either. The supply teacher, in her 30’s, and placed at Boldmere Junior School in Sutton Coldfield, West Midlands, had her contract terminated after complaints to the head. One mother, 30-year old Amanda Piovesana said, "It's taken away the magic." Another mother said that everyone is disgusted. A petition was organised for the teacher’s dismissal and the first names on it were Rudolf, Dasher, Dancer, Prancer, Vixen, Comet, Cupid, Donner and Blitzen!
BROKER RECOMMENDATIONS
ABN has downgraded Mothercare (MTC.L) to hold from add.
Altium has initiated coverage of Porvair (PRV.L) appending a buy recommendation and a 135p target and reiterates buy Connaught (CNT.L) (raising the price target to 300p from 280p).
The broker says add Northgate Information (NIS.L) (90p target) and says reduce Alfred McAlpine (MCA.L) (494p target).
Bridgewell has downgraded Henderson (HGI.L) to sell from underweight and upgraded Quantica (QTA.L) to overweight from neutral (40p fair value).
The broker reiterates buy Imperial Energy (IEC.L) (1208p NAv) and has overweight on Northgate Information (NIS.L) (95p target).
Bridgewell has underweight on Pipex (PXC.L) and overweight on RAB Capital (RAB.L) and RPC (RPC.L) (expecting to cut estimates).
The broker is neutral on Transense Technologies (TRT.L) and Trinity Mirror (TNI.L).
Citigroup has initiated coverage of Henderson Group (HGI.L) appending a buy recommendation and a 150p price target price and says hold Berkeley Group (BKG.L).
The broker says buy GKN (GKN.L) and sell Xansa (XAN.L).
Credit Suisse reiterates underperform on Aga Foodservice (AGA.L) and has neutral on Enodis (ENO.L) (raising the price target to 220p from 180p).
The broker reiterates underperform on Cadbury (CBRY.L) (510p target).
Evolution says buy African Platinum (APP.L) (52p target) and reiterates buy Enterprise Inns (ETI.L) (1496p target).
The broker says buy Greene King (GNK.L) (1900p target), Mitchells & Butlers (MAB.L) (829p target), Wolverhampton & Dudley (WOLV.L) (2800p target) and GKN (GKN.L) (328p target).
Evolution says sell Lloyds TSB (LLOY.L) (430p target) and buy Melrose Resources (MRS.L) (440p target) and Northgate Information (NIS.L) (105p target).
The broker says reduce Debenhams (DEB.L) (175p target) and Next (NXT.L) (1725p price target) and sell Alliance Boots (AB.L) (700p target).
Evolution says add Marks & Spencer (MKS.L) (725p target).
ING reiterates hold Sage Group (SGE.L) (raising the price target to 259p from 246p).
KBC Peel Hunt says reduce Connaught (CNT.L) and hold Shaftesbury (SHB.L).
Lehman retains its bullish on outlook on global equities for 2007 and expects total returns of 15%.
The broker has cut its Continental Europe exposure to neutral and moves UK to underweight, raising the US market to neutral, while remaining overweight on Japan.
Merrill says buy Misys (MSY.L) and has neutral on Compass Group (CPG.L).
The broker reiterates buy Lloyds TSB (LLOY.L) (609p price target) and says buy Prudential (PRU.L) (740p target).
Merrill is neutral on Shaftesbury (SHB.L) and Drax (DRX.L) (cutting forecasts).
JP Morgan has initiated coverage of Resolution (RSL.L) appending an underweight recommendation and a 600p target.
Morgan Stanley reiterates equal-weight on Drax (DRX.L) (cutting the price target to 720p from 751p) and has overweight on Taylor Nelson Sofres (TNN.L) (230p target).
Panmure Gordon says buy RPC Group (RPC.L) (300p target) and reiterates buy Ashtead Group (AHT.L) (260p target).
The broker says buy Regent Inns (REG.L) (105p target) and reiterates sell Pearson (PSON.L) (690p target).
Panmure reiterates buy Davenham (DAV.L) (400p target).
Seymour Pierce has outperform on Focus Solutions (FSG.L) and says hold Pearson (PSON.L).
UBS has downgraded AstraZeneca (AZN.L) to reduce from neutral and says buy Micro Focus (MCRO.L) (raising the price target to 230p from 185p).
NEWS ROUND-UP
Last Friday in New York shares closed higher and recorded a weekly gain, as investors studied a slightly stronger-than-expected November jobs report, and hunted for stocks which were fundamentally good, but oversold within the technology sector. The Dow Jones closed up 29.08-points at 12307.49 (up 1%, its first weekly gain in 3-weeks), the Nasdaq put on 9.67-points to 2437.36 (again 1% better on the week), while the S&P added 2.55-points to 1409.84 (also up 1% on the week and its first weekly gain in 3-weeks).
On this day in:-
1994 - Russia sent troops into a region called Chechnya, to control the independence movement.
1990 - Albania announced it would allow the formation of independent political parties.
1987 - The cane and bowler hat, trademarks of silent film comedy actor Charlie Chaplin, were sold at auction for £82,500.
1975 - The end of the IRA Balcombe Street siege.
1972 - USA astronauts aboard Apollo 17 landed on the Moon and began extensive exploration of the lunar surface.
1967 - The unveiling of the prototype of Concorde, the world's first supersonic airliner.
1961 - Two US helicopter companies arrived in Saigon, capital of South Vietnam, the first direct USA military support in the war against Communist guerillas.
1941 - World War II: United States of America declared war on Germany and Italy.
1936 - The abdication of Edward VIII, after reigning as King for just 325 days. He ascended to the throne, but was never crowned. After ruling for less than one year, Edward VIII became the first English monarch to voluntarily abdicate the throne. The eldest son of King George V, Edward ascended to the throne in January 1936. He enjoyed immense popularity with his subjects until he announced his intention to marry Wallis Warfield Simpson, an American divorcee. Many in Great Britain opposed the marriage, but the king refused to call off his engagement. With no compromise possible, Edward announced his abdication, saying, “I have found it impossible to carry the heavy burden of responsibility and to discharge my duties as king, as I would wish to do, without the help and support of the woman I love.” That evening, Parliament passed a bill of abdication, and the next day Edward's younger brother was proclaimed King George VI. The former king was granted the title of Duke of Windsor, and in 1937 he married Wallis Warfield in France.
1921 - Several members of the Indian National Congress were arrested by the Great British authorities for advocating self-rule for India.
1914 - Great Britain's Royal Flying Corps, which later became the RAF, first adopted the distinctive red, white and blue roundel to identify its aircraft more easily during World War I.
1907 - Fire destroyed the Parliament Buildings at Wellington in New Zealand.
1903 - The world's first wildlife preservation society was founded, in Great Britain : The Society for the Preservation of the Wild Fauna of the Empire.
1894 - There was a total of 9 exhibitors at the world's first Motor Show, which was held in Paris.
1844 - The first recorded use of nitrous oxide (laughing gas) by a dentist.
1816 - Great Britain restored Java, Indonesia, to the Netherlands.
1816 - Indiana officially became an American state.
1769 - Venetian blinds were patented by Edward Beran, in London.
