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"AMSTERDAM, Dec 15 (Reuters) - A court in the Netherlands on Friday ordered British American Tobacco to pay a fine of 107 million euros ($117 million), and said it owed back taxes on 1.8 billion euros in profit."

DYOR etc.

Best wishes all

Ademcg

Agreed.

Although I usually invest for the medium/long term rather than trade, I try to cut any losses at 7-8%. Unfortunately, sometimes they take the elevator down and hit -20 or worse before I can place a sell! I might then hold for a while in hope of a recovery, but I rarely double down.

I think it may be more to do with the fundamental differences between US businesses and markets and those in the UK (or at least FTSE 100). According to an old friend on Wall St, US investors focus on returns through growth and signs of reduced investment in the business tend to be punished. A company that prioritises investment for growth over distributing dividends is more likely to achieve a better valuation in the US than in UK. A company that fails to identify growth opportunities and so distributes excess to shareholders is more likely to be appreciated in UK.

I've only got £10k exposure, now nursing 20% paper loss, so I might add at 1600. If it does fall to 1500, without a reassuring RNS I fear it could carry on down to around 1000 :(

I guess the wide variation in target prices depends upon the valuations the analysts are using for their discount cash flow models. The cuts to production and capex will dampen potential future growth - but by how much? If you suspect it will limit AAL's opportunities to benefit from future commodity price increases, then your target price likely would be below its competitors.

Missed today's low but manage to pick up a few below 9000. I'm still down about 9% overall, so fingers crossed for a steady increase from here!

Hope you're correct about a bounce but I don't see much sign of one yet, or any squeeze on shorts. As a long-term investor, I'm concerned that the reduced capex will adversely affect future growth and earnings. That would inevitably pull down the SP. Just hope we're not staring at a 'new normal'!

Well, it dropped past my 9200 guess for end of week. I'll add more if it hits 8800 but won't be too surprised to see 8500; the p/e is still too rich if growth is stalling.

It will be interesting to see if any Board members start buying at these prices.

AFC you could be correct, but I'm wondering if it is just algos kicking in as stop losses fall like dominos ....

I'm holding back now in case it falls to 1400 - can't keep snatching at a falling knife!

Yep - Just as I topped up at 1872 :(

Expected licensing revenue down 16%, expected licensing profit down 15%. I fear we could be looking at 9200 by end of week :(

When the Board fails to manage market expectations.

They must have known about reduced demand, cost overruns etc. months ago and should have given some indication of the steps they were taking to mitigate the problems. Instead they kept quiet, then issue what amounts to an unexpected profit warning. The market doesn't like surprises.

China stagnating, US rates higher for longer = reduced demand?

"...Good for clients, good for staff, ...."

Indeed. And the rub is that neither reduced fees nor higher remuneration seem to be working. If AUM continue to decline over the next quarter, I fear yet another cut to the dividend in April.

AUM down another 1.1bn with no sign of improved investment performance?

Roxi: "However this has nothing to do with GKP apart from the effect it has on the rising oil price"

Quite so. IMHO this is not a useful place to express views on the tragic events. Those who wish to let off steam are welcome to write to their MPs, national and social media or whoever, where (who knows?) they might exert some influence. But please let's keep this GKP chat on subject.

Buy the rumour ... sell the news?

I'll settle for another tranche at 900