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STOCKS NEWS UK-Charter falls after lacklustre outlook
Fri, 30th Jul 2010 09:41
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08:20GMT 30July2010-Charter falls after lacklustre outlook
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Shares in Charter International fall 4.7 percent, among the biggest mid-cap fallers, after the tools and equipment maker fails to provide the market with a bullish outlook statement at its first-half results.
'They are very good results, but net consensus needs to come up by 5 to 10 percent. We haven't seen the big upgrade there,' says Scott Cagehin, analyst at Numis Securities.
He adds that the shares have risen by nearly 30 percent since early July, indicating the market had priced in an upgrade.
'We are in this stage with the engineers where, unless you get big upgrades, they tend to underperform. If they're in line, they come off a little bit,' he says.
For more please click here 07:48GMT 30July2010-UK small caps flat early -------------------------------------------- The FTSE Small Cap index is flat in early trade, outperforming both the blue chips and the midcaps, off 0.4 percent and 0.3 percent respectively. Trinity Mirror adds to the previous session's powerful results-driven gains, rising 8.3 percent, as Goldman Sachs hikes its target price for the newspaper publisher to 125 pence from 119 pence. Pantheon Resources sheds more than 12 percent after the oil and gas exploration company says the drilling of the Kara Farms #1H well in East Texas has been delayed. Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net 07:44GMT 30July2010-M Stanley shuffles fund managers ---------------------------------------------------- Shares in Henderson Group fall 0.5 percent after Morgan Stanley cuts its rating for the mid cap British fund manager to 'equal-weight' from 'overweight', with a reduced target price of 150 pence, down from 153 pence, and suggests investors should switch to peer Aberdeen Asset Management. Morgan Stanley upgrades its rating for Aberdeen to 'overweight' from 'equal-weight' and raises its target price to 175 pence from 155 pence, saying it recommends the switch from Henderson because Aberdeen 'has more compelling flow recovery and earnings growth potential.' Aberdeen shares gain 0.8 percent. Elsewhere in the UK sector, Morgan Stanley reiterates its 'overweight' stance on blue chip fund manager Schroders, which it expects to demonstrate best-in-class growth among its coverage
in the second quarter. But the broker cuts its target price for Schroders to 1,545 pence from 1,565 pence after adjusting its 2011 estimates ahead of upcoming first-half results. Schroders shares fall 0.2 percent. Morgan Stanley cuts its 2011 estimates more materially for mid caps Gartmore and F&C Asset Management, by 15 percent and 20 percent respectively, and reduces its target prices for Gartmore to 124 pence from 150 pence, and for F&C Asset to 62 pence from 76 pence. Gartmore shares lose 3.6 percent, the third biggest FTSE 250 faller, while F&C Asset slips 0.5 percent. In Europe, the broker downgrades its rating for Gottex Fund Management to 'underweight' from 'equal-weight' having chopped its 2011 estimates by 70 percent and reduced its target price to 5.10 sfr, down from 9.80 sfr. Gottex shares in Zurich lose 3.8 percent. Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net Keywords: MARKETS UK STOCKSNEWS/
(Reuters Messaging: lorraine.turner.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2010. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Europe Real-time Equity News
UK Stocks on the move
UK smallcaps UK smallcaps news
08:20GMT 30July2010-Charter falls after lacklustre outlook
----------------------------------------------------------
Shares in Charter International fall 4.7 percent, among the biggest mid-cap fallers, after the tools and equipment maker fails to provide the market with a bullish outlook statement at its first-half results.
'They are very good results, but net consensus needs to come up by 5 to 10 percent. We haven't seen the big upgrade there,' says Scott Cagehin, analyst at Numis Securities.
He adds that the shares have risen by nearly 30 percent since early July, indicating the market had priced in an upgrade.
'We are in this stage with the engineers where, unless you get big upgrades, they tend to underperform. If they're in line, they come off a little bit,' he says.
For more please click here 07:48GMT 30July2010-UK small caps flat early -------------------------------------------- The FTSE Small Cap index is flat in early trade, outperforming both the blue chips and the midcaps, off 0.4 percent and 0.3 percent respectively. Trinity Mirror adds to the previous session's powerful results-driven gains, rising 8.3 percent, as Goldman Sachs hikes its target price for the newspaper publisher to 125 pence from 119 pence. Pantheon Resources sheds more than 12 percent after the oil and gas exploration company says the drilling of the Kara Farms #1H well in East Texas has been delayed. Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net 07:44GMT 30July2010-M Stanley shuffles fund managers ---------------------------------------------------- Shares in Henderson Group fall 0.5 percent after Morgan Stanley cuts its rating for the mid cap British fund manager to 'equal-weight' from 'overweight', with a reduced target price of 150 pence, down from 153 pence, and suggests investors should switch to peer Aberdeen Asset Management. Morgan Stanley upgrades its rating for Aberdeen to 'overweight' from 'equal-weight' and raises its target price to 175 pence from 155 pence, saying it recommends the switch from Henderson because Aberdeen 'has more compelling flow recovery and earnings growth potential.' Aberdeen shares gain 0.8 percent. Elsewhere in the UK sector, Morgan Stanley reiterates its 'overweight' stance on blue chip fund manager Schroders, which it expects to demonstrate best-in-class growth among its coverage
(Reuters Messaging: lorraine.turner.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2010. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
