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"Plumbing supplies firm Wolseley has been tipped by Goldman Sachs to join the stream of big name companies tapping shareholders for funds. The US bank said that Wolseley should ditch its loss-making US-based Stock Building Supply business, but even then would need to raise between 0.75 billion dollars and 1 billion dollars to avoid breaking its banking covenants. Goldman Sachs downgraded its rating for the shares from 'neutral' to 'sell' and slashed its price target from 385p to 165p. Wolseley shares tumbled 17.2p to 170.8p."
Absolutely.
I was going to say wait until they are a penny share (but wanted to check if you held them first), with "banking covenants" issues as below.. Could be another fall from grace as per PFD, TW. etc etc...
Not right now – it’s one on my watch-lists However my position would be “short”!! as with all building supplies etc. TPK, MSLH which I’ve been in and out of profitably. ATB
Do you hold these?
"US bank Goldman Sachs reckons builder’s merchant Wolseley needs to raise between £0.75bn and £1bn to stay on the safe side of banking covenants."
“Yesterday's gloomy trading update from Wolsleley prompted broker Numis to comment that trading is "much worse than we expected and a higher level of net debt now seems to make a covenant breach inevitable at year end July 2009". Collins Stewart reckon that a rights issue is equally inevitable. Both would be bad news for existing shareholders. Sell says the Independent. Wolseley's operating results, balance sheet and outlook have all deteriorated since its last update so, until the company gets a handle on its debt and reassures the market on its covenants beyond the end of January, avoid adds the Telegraph.”
Whilst researching other shares I found a brokers telling people to sell this now. "Wolseley lost 3½p at 528½p after Goldman urged clients to sell. It expects the world's biggest plumbing equipment supplier to suffer from further deterioration in the European and US construction markets. "
where is everyone
in this ? - I thought this share felw yesterday and now its go breasts upper most .is it likely to climb again if the DOW is more upbeat today ?
looking , just looking , stacks up so far , get some info , watch close
I sold 2 weeks ago for a modest profit, they have since rocketed, kicking myself.
is more in trouble than we realise..Real Estate is very quiet at the moment..I have a broker in the States and things are more serious than we are told..I was quite shocked actually at the down turn at the moment..
Bought these at the peak a month or so ago losing 10%, now on the way back up. Shaky US housing market caused jitters. Lots of buying going on now though.