This Morning in London shares have been somewhat "drifty." Market Makers are taking the opportunity to level their positions as they will not be affected by any American pull today, as Wall Street is closed today for Thanksgiving and a number of investor’s and dealers will be taking the opportunity of having a long weekend, so will be coming back to their desks on Monday. Today the European Court of Justice blocked on-line shoppers from buying cut-price cigarettes and alcohol anywhere in Europe. This decision will come as a blow to consumers hoping for a pre-Christmas spree, but it will be music to the ears of Chancellor Gordon Brown, who faced the possibility of a multi-billion pound hole in annual revenue from domestic excise duty, had the decision gone the other way. Gallaher (GLH.L) enjoyed the result and gained 18.5p to 946p, BAT’s (BATS.L) did climb 12p, but as investor’s switched out of BAT’s into Gallaher, the shares fell 20p to 1437p. At 11:04 the FTSE-100 was down 13.9 at 6146.4, having been up over 21-points.
What's in a name?
A college in County Durham boasts sets of twins, triplets and quadruplets. Rare perhaps, but surely not that unusual. But, what does make it a little unique is that all have the same surname... Smith. Consett Community Sports College has another 6 pupils with the surname Smith, plus 2 teachers and 2 classroom assistants. Thirteen-year-old twins Rebecca and Victoria, are identical, as are 14-year-old triplets Laura, Toni and Sharon. To ensure the triplets get the right coursework and marks, teachers have taken to sitting them in different parts of the classroom. The quadruplets are easier for staff to identify as they are boys Neil and Deklan and girls Courtney and Zoe, aged 14. Headteacher Christine Parker says that it does cause some confusion trying to tell them apart, but the school thinks it's a very special thing to have and it appears that they are all top-notch students. Ms Parker adds that apart from sharing the same surname, all of them are very friendly and really high performing students.
Celebrities give shining example of good English to children (NOT!!)
It’s nice to know that people mellow and become more sensible with age. It’s also good to know that those in the public can behave with dignity. Noel Gallagher said that Sir Elton John was “too precious to go out for a pint of milk,” and Elton retorted by saying that Noel Gallagher looks like Parker from the Thunderbirds. He also said he was glad that Westlife are currently selling more of their Greatest Hits album than Oasis. The knight of the realm then succinctly said, “After what f****** Noel Gallagher said about me, I couldn't give a s*** about Oasis.” Apparently the Candle in the Wind composer then said, "I go into f****** shops all the time myself, he's just such a toss*r.” To complete the little tete a tete, Elton said of fellow artist Gallagher, "He's an absolute toss*r and he looks like Parker from Thunderbirds." Noel Gallagher has also been involved in an on-off feud with Robbie Williams for a number of years, after he called the ex-Take That member, a “Fake.”
Citigroup has upgraded ICI (ICI.L) to hold from sell and downgraded Kelda (KEL.L) to sell from hold.
The broker reiterates hold Vodafone (VOD.L) (raising the price target to 147p from 143p), says buy Legal & General (LGEN.L) (raising the price target to 175p from 165p).
Citigroup says hold AstraZeneca (AZN.L) and British Energy (BGY.L) and buy DSG (DSGI.L) and Enterprise Inns (ETI.L) (raising the price target to 1340p from 1000p).
The broker says hold Johnson Matthey (JMAT.L) and Old Mutual (OML.L) and buy Kensington (KGN.L).
Collins Stewart says buy British Energy (BGY.L) (560p target).
Credit Suisse has initiated coverage of William Hill (WMH.L) appending an underperform recommendation and a 580p target price and reiterates underperform on Paragon (PAG.L) (raising forecasts).
Deutsche has downgraded Pennon (PNN.L) to hold from buy and says hold DSG International (DSGI.L) (cutting the price target to 210p from 227p).
The broker says buy ICI (ICI.L) (raising the price target to 475p from 440p) and hold Liberty International (LII.L) (raising the price target to 1440p from 1100p).
Deutsche has issued a review of the UK Banking Sector and has Barclays (BARC.L) and Lloyds TSB (LLOY.L) as its top picks in the sector.
Dresdner Kleinwort has upgraded Halfords (HFD.L) to add from hold and has downgraded Kingston Communications (KCOM.L) to hold from buy.
Goldman has issued note on UK Housebuilders, in which they have initiated a neutral recommendation on the sector, whilst adding Persimmon (PSN.L) to its Conviction Buy list and George Wimpey (WMPY.L), to its Conviction Sell list.
The broker reiterates neutral on AstraZeneca (AZN.L) and has neutral on Northern Foods (NFDS.L).
HSBC has downgraded British Land (BLND.L) to neutral from overweight and reiterates overweight on AstraZeneca (AZN.L).
WH Ireland says buy Prime People (PRP.L) (140p target price).
KBC Peel Hunt says buy Chaucer (CHU.L) and Rotork (ROR.L) and add WS Atkins (ATK.L).
The broker says hold Big Yellow (BYG.L) and Domino's Pizza (DOM.L).
Merrill says buy Johnson Matthey (JMAT.L) (cutting the price target to 1000p from 1650p) and says buy Enterprise Inns (ETI.L) (raising the price target to 1385p from 1240p).
JP Morgan reiterates overweight on BP (BP.L) and has overweight on Carphone Warehouse (CPW.L).
Morgan Stanley reiterates overweight on Aberdeen Asset Management (ADN.L) (raising the price target to 210p from 205p) and has underweight on DSG International (DSGI.L).
Panmure Gordon says hold Arla (ARU.L) (70p price target) and buy WS Atkins (ATK.L) (975p target) and Daily Mail & General Trust (DMGO.L) (710p target).
The broker says hold Kesa Electricals (KESA.L) (raising the price target to 360p from 330p) and sell Galiform (GFRM.L) (100p target price).
Panmure says buy Cardpoint (CASH.L) (120p target), Rotork (ROR.L) (935p target), Bunzl (BNZL.L) (800p target), Intechnology (ITO.L) (45p price target) and Alexon (AXN.L) (75p target).
Seymour Pierce has outperform on Daily Mail & General Trust (DMGO.L) and Halfords (HFD.L) and underperform on Galiform (GFRM.L).
The broker says buy Integrated Asset Management (IAM.L).
UBS has initiated coverage of Inmarsat (ISAT.L) appending a reduce recommendation and a 360p price target and reiterates buy British Airways (BAY.L) (raising the price target to 600p from 500p).
The broker has neutral on Dana Petroleum (DNX.L) (raising the price target to 1300p from 1240p) and Paragon (PAG.L) and says buy BSkyB (BSY.L).
UBS is neutral on Marks & Spencer (MKS.L) (raising the price target to 750p from 650p) and says buy Intec (ITL.L) and Aegis (AGS.L).
NEWS ROUND-UP
Last Night in New York shares closed slightly higher prompted by a big drop in crude oil prices and better-than-expected earnings from Dell which counteracted an unexpected fall in consumer confidence and weakness in General Motors shares, on initially speculation and then confirmation that billionaire Kirk Kerkorian had reduced his holding in the company. With trading volumes very light ahead of the Thanksgiving holiday, the Dow closed up 5.36-points at 12326.95, having hit an all-time intraday high of 12361. The Nasdaq gained 11.14-points to 2465.98, while the S&P added 3.28-points to 1406.09.
On this day in:-
1997 - The financial world faced more turmoil as one of Japan's leading stockbroking firms, Yamaichi Securities, collapsed with debts of £30-billion.
1976 - Comedians Eric Morecambe and Ernie Wise received the Order of the British Empire (OBE) from the Queen.
1963 - The BBC transmitted the first episode of a new children's drama, Dr Who. The title role was played by actor William Hartnell. His female assistant is played by Carole Ann Ford.
1956 - In Great Britain, the introduction of petrol rationing prompted by the Egyptian blockade of the Suez Canal, the main oil route from the Middle East to Europe.
1930 - The founding of the Veteran Car Club of Great Britain.
1921 - US President Warren Harding closed a loophole in the American prohibition laws by banning doctors from prescribing alcohol for medicinal purposes.
1914 - World War I: The end of Battle of Ypres.
1910 - The execution of wife-poisoner Dr Hawley Harvey Crippen, hanged at Pentonville Prison in London.
1906 - Italian operatic tenor Enrico Caruso was fined $10 for sexual harassment.
1905 - Liberal Party leader Sir Henry Campbell-Bannerman advocated Home Rule for Ireland, by installments, in a controversial speech in Scotland.
1897 - The first Royal Command Performance was staged at Windsor Castle in the presence of Queen Victoria. However, history should have recorded that the first Royal Variety Performance (not Command) was performed in Edinburgh in July 1911 to coincide with the Coronation of King George V. Tragically, it records that the venue, the Empire Palace Theatre, burned to the ground some weeks earlier killing some of the performers who were due to take part. Understandably, the event was cancelled. It went ahead the following year but this time at The Palace Theatre, Shaftsbury Avenue, London, but would not establish itself as an annual event for another decade.
1889 - In America, the world's first 'juke box' was installed in a bar in San Francisco.
1863 - American Civil War: Confederate forces were defeated by the Union Army at Chattanooga, in Tennessee.
1852 - Great Britain's first 4 pillar boxes came into service on the Channel Island of Jersey. The idea came from English novelist Anthony Trollope, who worked for the General Post Office in London before becoming a writer.
1844 - In America, Democrat James Polk won the US Presidential election, defeating Henry Clay.
