This Morning in London a mixed performance on Wall Street last night gave a pre-market indication of opening off about 5-points. There is only 0.36 to be taken from the FTSE-100 index for constituents which went Ex-Dividend today and it looked to be a pretty dull start. However, I’m pleased to say that the pre-market indication has not impinged too much and at 9:55 the FTSE-100 is up 4.6-points at 6161.0. A bullish trading statement from Alliance & Leicester (AL.L) has seen the shares climb to 1123p, up 12p, but they have since eased off to stand at 1104p, down 7p. Alliance & Leicester said overall performance to date is expected to lead to the Group's core operating profit for the 12-months ending 31st December 2006 being towards the top of the current range of analyst forecasts.
Well that’s what I call a relief!!
Down in the Antipodes, a plumber in a rural area of Darwin made a nasty discovery while trying to clear out a blocked toilet. He came face to face with a carpet python more than 2-metres long. According to Parks and Wildlife Officer, Peter Phillips, the plumber was called out to a house in Howard Springs to see what was blocking the toilet above a septic tank. During the course of trying to unblock it, he saw a huge python head sticking out of the S-bend. Mr Phillips says the snake is longer than he is and was difficult to retrieve from the tank because it was so fat and healthy. The P&W officer says that there was no risk to life and limb, but... if the reptile had been surprised it could have delivered a nasty bite. And although it's not dangerous as such, it could certainly have bitten in some precarious positions. Mr Phillips says the owner was relieved the snake has found a new home.
Well it makes a change from the Great Wall of China!!
One of the few man-made objects that are visible from space is The Great Wall of China, but there has recently been another object. Pranksters have drawn a representation of the male appendage on the roof of a school that was so large it could be spotted from space. However, the willy wasn't noticed until it was seen on Google Earth. It’s thought that former pupils at Yarm School at Stockton on Tees carried out the prank, as one former pupil is reported to have said that a couple of ex-students hopped over the school fence on a weekend and went unnoticed by guards. They then managed to climb on to the roof of the Friary building and draw the... er... thingy. Just to underline their ‘daring escapade’, they also burnt a representation of manhood into the school grass. It seems that although the willy on the roof has been removed, the outline can still be seen on Google and a spokesman for the search engine has said that if users spot something offensive, they would consider having it removed.
BROKER RECOMMENDATIONS
ABN says hold Bloomsbury Publishing (BMY.L) (cutting he price target to 230p from 329p).
Altium has downgraded Civica (CIV.L) to hold from buy (cutting the price target to 250p from 300p) and reiterates buy Anite (AIE.L) (target 120p).
The broker says buy Spice (SPI.L) (the 400p price target is under review) and hold Accident Exchange (ACE.L) and Workplace Systems International (WSI.L) (cutting the target to 3p from 4p).
Bridgewell has upgraded Capita (CPI.L) and downgraded Anite (AIE.L).
The broker has underweight on Amec (AMEC.L) and neutral on Countrywide (CWD.L).
Bridgewell says buy Debenhams (DEB.L) and Spice (SPI.L) and is underweight on Hays (HAS.L).
The broker is overweight on Intertek (ITRK.L) and Northgate Information (NIS.L) and neutral on Intec Telecom (ITL.L), Johnston Press (JPR.L) and Laird (LARD.L).
Cazenove has initiated coverage of Luminar (LMR.L) appending an outperform recommendation and an 1100p fair value.
The broker has downgraded Cadbury (CBRY.L) to underperform from in-line.
Citigroup reiterates buy Home Retail (HOME.L) (raising the price target to 115p from 110p) and says buy GlaxoSmithKline (GSK.L), BHP Billiton (BLT.L), Cadbury Schweppes (CBRY.L) (raising the target to 620p), Debenhams (DEB.L) (220p target price), GKN (GKN.L) (310p target) and Laird (LARD.L).
The broker says hold Ashtead (AHT.L) (150p target) and sell Group 4 Securicor (GFS.L).
Evolution reiterates reduce Whitbread (WTB.L) (1385p target) and says add RHM (RHM.L) (383p target).
The broker says buy Entelos (ENTL.L) (125p target) and Western Oriental (WEST.L) (25p target) and add Vastox (VOX.L) (193p target).
Goldman has upgraded Bloomsbury (BMY.L) to buy from neutral (cutting the target to 268p from 341p and reducing estimates) and is neutral on Standard Chartered (STAN.L) (raising the price target to 1569p from 1495p).
Kepler Teather & Greenwood says buy City of London Investment Group (CLIG.L).
Lehman has upgraded Anglo American (AAL.L) to equalweight from underweight.
Merrill has added Whitbread (WTB.L) (1800p buy target) to its Europe 1 List.
The broker reiterates buy Peter Hambro Mining (POG.L) and says buy Intertek (ITRK.L) (900p target), Standard Chartered (STAN.L) (cutting the target to 1584p from 1635p) and Bunzl (BNZL.L) (690p target).
Merrill is neutral on Drax (DRX.L), Capita (CPI.L), Alliance & Leicester (AL.L) and Johnston Press (JPR.L) (cutting forecasts).
The broker has upgraded Shaftesbury (SHB.L) to buy from neutral.
Morgan Stanley has initiated coverage of C&C (CCR.L) appending an overweight recommendation and a €1350 price target.
The broker has issued a note on the UK Retail Sector, in which they have reiterated overweight on Marks & Spencer (MKS.L), they have equalweight on Home Retail (HOME.L), overweight on Debenhams (DEB.L), equalweight on Next (NXT.L) and Alliance Boots (AB.L) and overweight on HMV (HMV.L).
Morgan Stanley reiterates overweight on United Business Media (UMB.L) (745p target).
Panmure reiterates buy Amec (AMEC.L) and Bunzl (BNZL.L) and has upgraded Carpetright (CPR.L) to buy from hold (raising the price target to 1350p from 1275p).
The broker has retained its under review stance on Chime Communications (CHW.L), whilst reiterating buy Colliers CRE (COL.L).
Panmure says buy Creston (CRE.L) and RHM (RHM.L) and hold Rightmove (RMV.L) (raising the target to 350p from 310p).
The broker says buy Whitbread (WTB.L).
Panmure believes that retailers should have a better Christmas than last year.
UBS has upgraded Sportingbet (SBT.L) to neutral from reduce and downgraded Ashmore (ASHM.L) to neutral from buy.
The broker has upgraded PartyGaming (PRTY.L) to neutral from reduce and reiterates buy Lonmin (LMI.L).
UBS says buy Debenhams (DEB.L) (cutting the price target to 225p from 235p) and says reduce Trinity Mirror (TNI.L).
The broker says buy Ashtead (AHT.L), Carpetright (CPR.L) and Anite (AIE.L).
NEWS ROUND-UP
Last Night in New York shares closed lower, after the Federal Reserve noted a "substantial cooling" in the housing market, but also kept its emphasis on fighting inflation, in the statement accompanying its decision to leave interest rates unchanged. The Dow closed down 12.90-points at 12315.58, off an earlier low of 12,252, the Nasdaq fell 11.26-points to 2431.60, while the S&P lost 1.48-points to 1411.56.
On this day in:-
1991 - Leaders of Kazakhstan; Tadzhikistan; Kirgizia; Uzbekistan and Turkmenistan agreed to join the Commonwealth of Independent States (CIS).
1990 - The ANC President, Oliver Tambo, returned to South Africa after 30 years in exile.
1989 - The former ANC prisoner Nelson Mandela visited South African President F.W.de Klerk to discuss an end to racial conflict.
1981 - Martial Law was imposed in Poland and leaders of the workers union, Solidarity, were arrested.
1976 - The first oil was brought to Great Britain from the Brent Oil Field in the North Sea.
1974 - Egypt demanded a 50-year freeze on Israel's population, as a condition for peace in the Middle East.
1973 - The Government ordered a 3-day working week following an Arab oil embargo and industrial action by the country's miners.
1972 - Apollo 17 astronauts, on the last US moon mission, unveiled a plaque dedicated to peace on the lunar surface.
1967 - A military coup in Greece overthrew the monarchy - King Constantine fled to Rome with his family.
1944 - World War II: Japanese suicide planes crashed into US Cruiser Nashville killing 130 crew.
1939 - World War II: The start of the Battle of the River Plate when Great British warships attacked the German battleship Admiral Graf Spee. The battle finished when the captain of the Graf Spee scuttled his ship at the entrance to Montivideo harbour.
1937 - Japanese troops took Nanking City in China.
1930 - The last public appearance of prima ballerina Anna Pavlova.
1921 - Great Britain; France; Japan and the USA signed the Washington Treaty respecting each other's rights over possessions in the Pacific.
1903 - Ice Cream cones were patented by Italo Marcione of New York.
1884 - A coin operated weighing machine was patented by Percy Everitt.
1867 - In London, 12 people were killed when Irish terrorists blew up the outer wall of Clerkenwell Prison, in an attempt to rescue a jailed colleague.
1862 - American Civil War: Confederate forces, commanded by Robert E Lee, defeated the Union Army at Fredericksburg.
1843 - On the first day of publication, Charles Dickens' novel A Christmas Carol sold more than 6,000 copies.
1808 - The Spanish capital, Madrid, surrendered to Napoleon Bonaparte.
1789 - Austrian Netherlands declared independence as Belgium.
1577 - Francis Drake set sail from Plymouth, on his voyage around the world.
1570 - Denmark, in the Peace of Stettin, agreed to recognise the independence of Sweden.
