Looks like broker re-ratings will dampen any chance of a rally. Berenberg with a 32% reduction in target price (560 to 380) and Goldman retaining their sell rating will probably do the most damage. Not all doom and gloom though with a few modest price cuts and a bunch of reiterations. JPM's target price of 550 now looks like an optimistic near-term objective.
The shares purchased are cancelled straight away or as soon as possible thereafter, otherwise they would have to announce that the shares were being held in Treasury. If you keep an eye on the number of shares in issue, you will see it dropping over time in line with the purchases.
On the RNS, M&S say they intend to cancel the shares they've been buying back, i assume that means they haven't cancelled them yet? when do they intend to cancel them and will they cancel all at once? They've bought a lot of shares and cancelling that many will result in a big reduction in shares in issue which should push the SP up quite a lot i would imagine..
Looks like you were right. Shares had already dropped ahead of this announement. Held up well this morning though despite shock waves through rest of footsie. Bought about £10k a week ago as I spotted m&s are buying there own shares until the end of the month I think.
Turned up my radio this morning when I heard the R4 reporter say the results made "dire reading" but I didn't get the same impression after having seen the overall numbers. Not sure what to make about the CEO situation but also don't feel the urge to panic sell quite yet.
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