This Morning in London the record close on Wall Street last night helped to boost the FTSE-100, which was already looking to open in the positive. The index gained 37-points, but a little profit-taking has seen the index drift 10-points to stand at 6213.8, up 27.2 (time 11:05). Lonmin (LMI.L) released figures which when first seen appeared to look OK, especially when its platinum growth target was raised, although some had been expecting a higher figure. However, Lonmin now appear to be an acquirer rather than a bid target. The market responded by marking the stock lower, they fell 98p to 2983p. The market became aware that Credit Suisse had a positive meeting with Weir (WEIR.L) last night and were looking to upgrade the company. The shares climbed 22.5p to 557p. It seems that Morgan Stanley has placed (all-done on a first-come-first-serve basis) 6.8-million shares in Hanson (HNS.L) at 760p. The shares are now up 1.25p at 763p. Cadbury's (CBRY.L) decision to stop sponsoring Coronation Street has coincided with Goldman Sachs downgrading them to sell from neutral. The shares are down 9.5p at 523p.
But... But... But
A doctor in Germany has been ordered by the Federal Court to pay child support to a patient... who got pregnant with a contraceptive implant. The precedent-setting ruling by the court gives both parents, who are not married, the right to receive child support from the doctor, until their son reaches adulthood. The unnamed gynaecologist inserted a contraceptive implant into the arm of the woman in 2002. But the woman later found she was pregnant, after it was too late for an abortion. The 25-year old woman also unnamed for legal reasons, took the gynaecologist to court, claiming she was unable to continue her work as a kindergarten teacher and could not support herself and the child. Germany's highest court has now demanded the gynaecologist pay the equivalent of around £400 a month until the child turns 18. Justice Gerda Mueller of the Federal Court refused to take into consideration the fact that the woman has had a second child since she filed the original complaint, saying that existence of the child is not a damage in itself, but the need to support it financially is. Oops!
Gulp!!
It appears that "twitchers" flocked to see a rare swallow up in Scotland, but were less than impressed with mother nature. After the rare breed was attacked and eaten by a sparrowhawk. The red-rumped swallow, normally resident to the Mediterranean, excited birdwatchers when it was spotted at Lunan Bay, near Montrose. But unaware of the quaint Great British custom of "dog eat dog" (read bird) the swallow made what turned out to be a fatal mistake. It took a rest high on the roof of a nearby farm building. The twitchers watched in disbelief as the sparrowhawk appeared, swooped on the swallow, crushed it with its powerful talons and flew off. The RSPB says the red-rumped swallow is a rare visitor to the UK but occasionally turns up during the migrating season, probably having lost its way.
BROKER RECOMMENDATIONS
ABN has downgraded HSBC (HSBA.L) to hold from buy (reducing the price target to 1050p from 1200p, reducing estimates and suggesting a switch to HBOS (HBOS.L) or Barclays (BARC.L)).
The broker says hold easyJet (EZJ.L) (530p target).
Collins Stewart says buy Hays (HAS.L) (173p target) and EMI (EMI.L) (330p target).
Credit Suisse has initiated coverage of Home Retail Group (HOME.L) appending a 425p price target and reiterates outperform on Marks & Spencer (MKS.L) (raising the target to 760p from 650p).
The broker has underweight on the European Mobile Sector.
Deutsche has upgraded Vodafone (VOD.L) to buy from hold and downgraded InterContinental Hotels (IHG.L) to hold from buy.
Dresdner Kleinwort has initiated coverage of Ladbrokes (LAD.L) appending a buy recommendation and a 480p price target and of William Hill (WMH.L) also appending a buy recommendation, with a 750p target.
Evolution reiterates add Sainsbury (SBRY.L) (425p target) and says add Scottish & Southern (SSE.L) (1388p target) and Melrose (MRO.L) (190p target).
The broker says buy Luminar (LMR.L) (650p target) and sell Lonmin (LMI.L) (2242p target).
Evolution says add CSR (CSR.L) (700p target) and Avocet Mining (AVM.L) (176p target).
Goldman reiterates neutral on BHP Billiton (BLT.L) (raising target to 1265p from 1250p).
HSBC reiterates neutral on Reckitt Benckiser (RB.L).
ING have upgraded Scottish Power (SPW.L) to hold from sell (raising the price target to 700p from 463p).
KBC Peel Hunt says buy Luminar (LMR.L) and sell Alba (ALBA.L).
Kepler Teather & Greenwood says buy Mitchells & Butlers (MAB.L) and downgraded HSBC (HSBA.L) to hold from buy (cutting estimates).
The broker reiterates hold EMI (EMI.L) and says buy BSkyB (BSY.L).
KTG says hold Xaar (XAR.L) and Emap (EMA.L) and sell Domino Printing (DNO.L).
The broker says reduce Sainsbury (SBRY.L) and buy Soco International (SIA.L) and Hays (HAS.L) (150p target price).
Lehman has downgraded HSBC (HSBA.L) to equal-weight from overweight (cutting the price target to 999p) and has equal-weight on Derwent Valley (DWV.L) (1791p target), Great Portland Estates (GPOR.L) (raising the price target to 627p from 571p and raising the net asset value by 17.4% to 513p) and Vodafone (VOD.L) (150p target, raising estimates).
Merrill has downgraded Kingfisher (KGF.L) to neutral from buy and reiterates neutral on Shire (SHP.L).
The broker says buy CSR (CSR.L) and Sage (SGE.L) and has neutral on Emap (EMA.L) and Northern Foods (NFDS.L).
Panmure Gordon has initiated coverage of Goldenport Holdings (GPRT.L) appending a buy recommendation and a 320p price target and reiterates buy easyJet (EZJ.L) (raising target to 650p from 575p).
The broker reiterates sell Sainsbury (SBRY.L) (360p price target) and has upgraded Northern Foods (NFDS.L) to hold from sell (95p price target).
Panmure says hold Shed Productions (SHDP.L) (120p target price) and reiterates buy Luminar (LMR.L) (raising the price target to 750p from 650p).
The broker says sell EMI (EMI.L) (225p target).
Seymour Pierce has underperform on Hays (HAS.L) and Lonmin (LMI.L) and has outperform on Avocet Mining (AVM.L) and Photo-Me (PHTM.L).
The broker says buy European Goldfields (EGU.L) and Leyshon Resources (LRL.L) and hold Caledonia Mining (CMCL.L).
SG Securities has initiated coverage of Cairn Energy (CNE.L) appending a buy recommendation with a 1889p fair value and says buy HSBC (HSBA.L) (1100p fair value).
UBS have downgraded Kingfisher (KGF.L) to neutral from buy and upgraded iSoft (IOT.L) to neutral from reduce.
The broker reiterates buy Michael Page (MPI.L) (raising the price target to 470p from 420p) and has neutral on Northern Foods (NFDS.L) and Vodafone (VOD.L) (raising the price target to 140p from 138p).
UBS says buy SThree (STHR.L) (raising the price target to 450p from 400p) and neutral on BT (BT.L) (raising target to 280p from 270p).
The broker says buy HSBC (HSBA.L) and neutral on Alliance Boots (AB.L) (raising the price target to 850p from 800p).
UBS reiterates neutral on Sainsbury (SBRY.L).
NEWS ROUND-UP
Last Night in New York shares staged a late rally, boosted by gains in Wal-Mart Stores, Home Depot and Intel, culminating in a new all-time high for the Dow Jones. Neutral producer-price data also assisted in lifting the market, but investors are still aware of the consumer-price data due later this week, which they hope will confirm signs of an easing inflationary trend. The Dow added 86.13-points to 12218.01, the Nasdaq gained 24.28-points to 2430.66, while the S&P put on 8.80 to close at 1393.22 (a new 6-year high).
On this day in:-
1995 - Conservative Party chairman Brain Mawhinney was attacked by demonstrators throwing paint and flour, as he left Westminster after the Queen's Speech.
1985 - Prime Minister Margaret Thatcher and Irish Prime Minister Garret Fitzgerald signed the Anglo-Irish Agreement in Dublin.
1983 - The Greenham Common Women's Group mounted its first protest, as cruise missiles arrived at the US airbase in Berkshire.
1983 - An independent Turkish Republic of Northern Cyprus was unilaterally proclaimed... recognised only by Turkey.
1969 - ITV screened Great Britain's first commercial in colour, an advert for Birds Eye peas.
1968 - The Cunard flagship 'Queen Elizabeth' docked at Southampton for the last time. She was replaced by the new liner the QE2.
1956 - The New York premiere of Elvis Presley's first film: 'Love Me Tender'.
1901 - An electronic hearing aid was given a patent in New York.
1899 - Future Prime Minister Winston Churchill was captured while covering the Boer War as a war correspondent for the English newspaper, the Morning Post. He later escaped and reached Great British lines.
1889 - On the abdication of Pedro II, Brazil was proclaimed a republic.
1848 - Papal premier Count Rossi was assassinated.
1796 - In America, John Adams defeated Thomas Jefferson by 3 votes in the US Presidential election. Jefferson became vice president.
1577 - English explorer and navigator Sir Francis Drake began his voyage to sail around the world.
