Pv Crystalox Share News (PVCS)

Thu, 4th Mar 2010 09:57

STOCKS NEWS Reuters Results diary

Europe Real-time Equity News

UK Stocks on the move

UK smallcaps UK smallcaps news



09:03GMT 04Mar2010-PV Crystalox rises, Jefferies upgrades to Buy

----------------------------------------------------------------

Shares in British silicon wafer maker PV Crystalox Solar rise as much as 4.7 percent, helped by an upgrade to 'buy' from 'hold' by brokerage Jefferies.

'We believe wafer prices have stopped their free fall and that PV Crystalox is attractive at current levels,' the analysts write in a note, as they reduce their forecasts for wafer average selling prices by 8 percent.

They add that the firm's wafers, used in solar panels, are recognised as very high quality and generally command a slight premium to market pricing, which has been reduced by lower quality products coming out of China.



09:02GMT 04Mar2010-Mouchel falls as VT withdraws offer

------------------------------------------------------

Shares in business services company Mouchel slide 8.5 percent after support services firm VT Group withdraws its offer for the company, prompting Altium Securities to cut its rating to 'sell' from 'hold'.

The broker, which also cuts Mouchel's target price to 190 pence from 220 pence, says 'the background (to the offer withdrawal) clearly being the indicative approach for VT Group from Babcock International.'

VT had previously raised a bid for Mouchel, boosting hopes it would clinch a 330 million pounds deal for the firm to diversify beyond the defence industry.

But VT then received its own bid valuing it at up to 1.29 billion pounds from Babcock, who said any deal would be subject to VT withdrawing its approach for Mouchel.

'It looks like the ball is firmly in Babcock's court as they have until 12 April to make a firm bid for VT,' says Panmure Gordon in a note.

'It will have to increase its existing offer to see the VT books, so no doubt the saga is likely to continue behind the scenes prior to this date.'

VT Group's shares are 1.1 percent higher, while shares in Babcock International fall 2.2 percent.

For more double click on

Reuters Messaging rm://david.brett.reuters.com@reuters.net



08:54GMT 04Mar2010-Aviva weak after 'mixed' results

---------------------------------------------------

Shares in Aviva fall 2.1 percent as the insurer's full-year results prove 'mixed', with a better than expected 3 percent increase in 2009 profit countered by a weaker book value, analysts says.

Britain's second-biggest insurer by market value had a 2009 operating profit of 3.48 billion pounds, up from 3.37 billion pounds the previous year. The average of analysts' forecasts was for profits of 3.01 billion pounds.

However, Morgan Stanley says in a note that while Aviva's profit beat expectations, its full-year book value of 374 pence missed consensus by 7.5 percent, which disappoints.

And JPMorgan Cazenove says: 'Overall, we feel that the FY09 figures in themselves are a mixed bag as the operating profit was better while the book value was weaker than anticipated.'

'We do see, however, some encouraging signs that bode well for the outlook (notably costs and the current year underwriting),' the broker adds in a note.

For more Aviva's results, double click on

Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net



08:48GMT 04Mar2010-Amec top blue-chip faller after results

----------------------------------------------------------

Shares in Amec were the top FTSE 100 fallers, down 6.3 percent to hit a more than two-week low, after the oil services and engineering group posts full-year results, with Deutsche Bank highlighting a relatively weak topline outlook.

For 2009, the company reports earnings before tax, interest and amortisation of 208.3 million pounds ($313.7 million) on sales down 3 percent at 2.6 billion pounds.

Deutsche Bank says in a note that this is a solid result underpinned by management's confirmation of its 8.5 percent 2010 EBITA target.

But it says: 'It will be overshadowed by a relatively weak topline outlook linked to a delay in project awards and renewed concerns around the closure of its legacy P&P contracts.'

The broker says that since the latter concerns are not systemic across the business, it sees any share price weakness in light of these negatives representing a buying opportunity.

Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net



08:32GMT 04Mar2010-Schroders up after full-year results

-------------------------------------------------------

Shares in Schroders gain 4.0 percent, topping the FTSE 100 leaders board, after the fund manager reports an 11 percent rise in full-year pretax profits driven by rising assets under management and higher net inflows from clients.

JPMorgan says in a note that Schroder's adjusted group pretax profit for 2009 of 200.2 million pounds was ahead of its estimate, and ahead of the company compiled consensus of 190.8 million pounds, although well down on 2008's figure of 290.5 million pounds.

The broker notes that flows were much stronger than anticipated in the fourth-quarter of 2009 and the company highlighted a strong start to the current year.

As a result, JPMorgan has materially increased its net flows estimates for 2010 to 11.7 billions pounds, up from 6.2 billion which, together with the better than expected 2009 results and stronger equity markets in the last few weeks, leads it to materially raise its 2011 EPS forecast.

For more on Schroders' results, double click on

Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net



08:22GMT 04Mar2010-FTSE small caps up 0.1 pct early trade

---------------------------------------------------------

The FTSE Small Cap Index is 0.1 percent higher in opening trade, outperforming a 0.4 percent drop on the FTSE 100 and 0.2 percent fall on the FTSE 250.

British industrial engineer Delta Plc jumps over 20 percent after Valmont Industries Inc, a U.S. maker of lightning poles and support structures, said it agreed to acquire Delta for 284.5 million pounds in cash.

Business services company Mouchel drops more than 12 percent after support services firm VT Group withdraws its offer for the company, prompting Altium Securities to cut its rating to 'sell' from 'hold'.

Reuters Messaging rm://david.brett.reuters.com@reuters.net



Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net

Keywords: MARKETS UK STOCKSNEWS/



Shares in British silicon wafer maker PV Crystalox Solar rise as much as 4.7 percent, helped by an upgrade to 'buy' from 'hold' by brokerage Jefferies.

'We believe wafer prices have stopped their free fall and that PV Crystalox is attractive at current levels,' the analysts write in a note, as they reduce their forecasts for wafer average selling prices by 8 percent.

They add that the firm's wafers, used in solar panels, are recognised as very high quality and generally command a slight premium to market pricing, which has been reduced by lower quality products coming out of China.



Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net



Keywords: MARKETS EUROPE STOCKSNEWS



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.