This Morning in London news that ICI (ICI.L) was selling its Quest (flavouring and fragrances business) for £1.2-billion lifted the shares 41p to 428p. The "world’s favourite airline" saw its shares take-off, climbing 17p to 498p, on the back of news that a consortium led by Macquarie Bank had made an approach for Australian airline Qantas. It’s thought that valuation placed on Qantas would put a price of between 750p and 820p on British Airways (BAY.L), should they receive any approach. It was a case of "Pasta the red pen please," for DSG (DSGI.L), after reporting that poor trading in Italy has led to a cut in profit targets. At 11:19 the FTSE-100 was up 21.4 at 6224.0.
Is this decision short-sighted?
A partially-sighted driver, who has been dubbed Mr Magoo by anxious neighbours, has been ordered off the road. Residents urged him to give up driving after he recently mounted a kerb and crashed into a fence. Twenty-five-year old Peter Davies from Burry Port, west Wales, failed a basic eye test and was banned after police called at his home and asked him to carry out a partial eye test in the street outside. He agreed to take part and went on to fail 4 times to read a number plate of a car parked 20-yards away. Peter’s father, Antony Davies, who was teaching him to drive, says that Peter was 'gutted' and has booked another test with an optician. Mr Davies admits having just 50% effective vision in one eye and 45% in the other but insists he is a safe learner driver. Peter’s dad says that they are both hoping an optician can put an extra thickness into his glasses. He went on to say that he felt that the ban stopping him driving was unjustified, but there was a campaign to get him off the road and that is indeed where it has led.
OFFSIDE!!
Brazilian Military Police are suing a school gym teacher... for teaching his students to play football. They are complaining that footballs always land in their car park, damaging cars. The Military Police Association of Niteroi is taking legal action against Assad Couto, a gym teacher of the Military Police Superior School next door. According to a school spokesman, the decision is "ridiculous." He called them a bunch of old, frustrated policeman who can't stand the vitality of students! However, an association spokesperson retorted, "It is obvious these kids can't play football, they are hopeless! He claimed that they are constantly jumping car park wall to catch the balls and if they were any good they wouldn't need to do that, they’d be scoring goals! Anyway... apparently the gym teacher and students are crying foul!
BROKER RECOMMENDATIONS
ABN reiterates buy Emap (EMA.L) (raising the price target to 945p from 900p).
Bear Stearns has initiated coverage of Cadbury (CBRY.L) appending a peer perform recommendation.
Bridgewell reiterates neutral on Entertainment Rights (ERT.L) and has neutral on Imagination Technology (IMG.L).
The broker says buy Kensington (KGN.L) and has overweight on Paragon (PAG.L), Sinclair Pharma (SPH.L) and Speedy Hire (SDY.L).
Bridgewell is neutral on Taylor Woodrow (TWOD.L) (cutting estimates).
Citigroup reiterates buy DSG International (DSGI.L) and says buy First Quantum Minerals (FQM.L), ICAP (IAP.L) and Mouchel Parkman (MCHL.L) (raising the price target to 450p from 400p).
The broker says hold Signet (SIG.L) (raising the price target to 127p from 110p) and Thus (THUS.L) and buy Taylor Woodrow (TWOD.L).
Collins Stewart says buy ICI (ICI.L) (485p target).
Corporate Synergy have initiated coverage of ScS Upholstery (SUY.L), appending an accumulate recommendation and a 12-month target price of 600p.
Credit Suisse has issued a note on UK Insurance, in which they have downgraded Legal & General (LGEN.L) to underperform from neutral (raising the price target to 159p from 126p), reiterate outperform on Resolution (RSL.L) (raising the price target to 727p from 692p), has outperform on Friends Provident (FP.L) (raising target price to 248p from 236p), has neutral on Aviva (AV.L) (raising the target to 858p from 829p), a neutral Prudential (PRU.L) (raising the price target to 692p from 669p) and underperform Standard Life (SL.L) (raising the price target to 278p from 276p).
The broker has outperform on BAE (BA.L) (raising the price target to 465p from 425p and raising estimates).
Deutsche says buy Mitchells & Butlers (MAB.L) (raising the price target to 740p from 700p) and Signet Group (SIG.L) (raising the price target to 135p from 132p).
Dresdner Kleinwort has initiated coverage of Autonomy (AU.L) appending a buy recommendation and a 650p price target.
Goldman reiterates sell Burberry (BRBY.L) (raising the price target to 585p from 405p, while cutting estimates) and has neutral on Enterprise Inns (ETI.L) (raising the price target to 945p from 900p and raising estimates) and Playtech (PTEC.L) (raising the price target to 235p from 176p).
HSBC reiterates overweight on Legal & General (LGEN.L) (raising the price target to 179p from 161p).
KBC Peel Hunt says buy Mouchel Parkman (MCHL.L), Clapham House (CPH.L) and Mice Group (MEG.L).
Kepler Teather & Greenwood has downgraded Kensington (KGN.L) to hold from buy and reiterates hold for Paragon (PAG.L).
The broker says buy Standard Chartered (STAN.L), Speedy Hire (SDY.L), AstraZeneca (AZN.L) and 2 Ergo (RGO.L) and hold Lloyds TSB (LLOY.L), ITV (ITV.L), Enterprise Inns (ETI.L) and DSG International (DSGI.L).
Lehman has overweight on British Land (BLND.L) (raising the price target to 1761p from 1661p) and has equal-weight on Home Retail (HOME.L) (490p price target).
The broker has overweight on Kingfisher (KGF.L) (raising the price target to 300p from 270p) and underweight on Signet (SIG.L) (107p target).
Merrill has upgraded Great Portland Estates (GPOR.L) to buy from neutral and reiterates buy Slough Estates (SLOU.L).
The broker says buy Land Securities (LAND.L).
Merrill has issued a review of the Tobacco shares, in which they have BAT’s (BATS.L) as its top pick.
The broker says buy BHP Billiton (BLT.L) and Enodis (ENO.L) (raising the price target to 214p from 195p).
JP Morgan has upgraded British Energy (BGY.L) to overweight from neutral (cutting the price target to 560p from 605p) and has underweight on Home Retail (HOME.L).
The broker has overweight on Enterprise Inns (ETI.L) (with an increased target of 1330p).
Morgan Stanley reiterates overweight on LogicaCMG (LOG.L) and reiterates equal-weight on FirstGroup (FGP.L) (raising the price target to 507p from 420p).
The broker has equal-weight on National Express (NEX.L) (raising the price target to 954p from 915p) and has downgraded Arriva (ARI.L) to equal-weight from overweight (695p price target).
Morgan Stanley has equal-weight on Go-Ahead Group (GOG.L) (raising the price target to 1869p from 1714p), Stagecoach (SGC.L) (raising the price target to 120p from 114p) and Experian (EXPN.L) (raising the price target to 632p from 602p).
Panmure Gordon says buy First Choice (FCD.L) (275p target) and Kensington Group (KGN.L) (cutting target to 1050p from 1285p) and hold Northern Foods (NFDS.L) and DSG International (DSGI.L).
The broker has downgraded Signet (SIG.L) to sell from hold.
Seymour Pierce says buy Inspace (INSP.L) and underperform on DSG International (DSGI.L).
UBS has neutral on National Grid (NG.L) (raising the target to 735p from 675p), Home Retail (HOME.L) and GlaxoSmithKline (GSK.L).
NEWS ROUND-UP
Last Night in New York shares closed higher, helping to offset higher crude prices and light volumes ahead of Thursday's Thanksgiving holiday. The Dow closed up 5.05-points at 12321.59, the Nasdaq added 2.12-points to 1402.81, while the S&P put on 2.31-points to close at 1402.80.
On this day in:-
1997 - Australian rock star Michael Hutchence, boyfriend of Great British TV presenter Paula Yates, was found dead in a hotel room in Sydney, after apparently hanging himself.
1995 - Rosemary West is jailed for life after being found guilty of murdering 10 girls and young women.
1990 - Margaret Thatcher, Prime Minister since 1979, announced her resignation.
1986 - 20-year old American boxer Mike Tyson became the youngest ever world heavyweight champion, defeating Trevor Berbick in Las Vegas.
1977 - The world's first supersonic airliner, Concorde, was given permission to fly into New York's Kennedy Airport, following an agreement over noise levels.
1975 - In Madrid, following the death of Spanish dictator General Franco, the monarchy was returned, with Juan Carlos being sworn in as King of Spain.
1972 - US President Richard Nixon lifted a 22-year ban on travel to China.
1963 - John Fitzgerald Kennedy, the 35th President of the United States, was assassinated in Dallas, Texas. On the afternoon of 22nd November, President Kennedy and his wife Jacqueline sat with Texas Governor John Connally and his wife in a motorcade though downtown Dallas. Riding in an open-top convertible, the Kennedy’s and Connally’s waved at the enthusiastic crowd gathered along the parade route. As their vehicle passed the Texas School Book Depository Building, 24-year-old Lee Harvey Oswald allegedly fired 3 shots from the 6th-floor, fatally wounding President Kennedy and seriously injuring Governor Connally. The 46-year-old Kennedy was pronounced dead 30-minutes later. Oswald, an ex-U.S. Marine, lived in the USSR from 1959 to 1962 and worked in Dallas as a communist organiser. Less than an hour after Kennedy was shot, Oswald killed a policemen who questioned him on the street. He was arrested shortly after in a movie theatre. On 24th November, he was shot to death in a police station by Dallas nightclub owner Jack Ruby, who claimed that rage at Kennedy's murder was the motive for his action.
1946 - The first ballpoint pens went on sale, invented by the Hungarian journalist Laszlo Biro.
1943 - World War II: Allied leaders Winston Churchill, Franklin Roosevelt and Chiang Kai Shek met in Cairo to discuss joint operations against the Japanese.
1943 - Lebanon independence day.
1869 - The launch of English sailing ship Cutty Sark.
1849 - The Cape Colony in southern Africa forbade any further landing of convicts from Great Britain and forced a British ship to sail to Tasmania instead.
1830 - Container transport was introduced by carrier company Pickfords.
1497 - Portuguese explorer Vasco Da Gama rounded the Cape of Good Hope in search of a route to India.
