Member Info for jange

First quarter update: M&S has had mixed fortunes across its different business lines, with early trading activity - the share price rose by over 1% - being focused on guarded optimism towards General Merchandise. In some ways, the script was already written - further shows of strength from Online, Food and International offset by another weakening in General Merchandise, albeit at a slowing pace. Within clothing, hopes are firmly pinned to the launch of the autumn and winter range which, having already received critical acclaim, has yet to face the acid test of consumer choice. Within the investment case, the previously announced reduction in capital expenditure implies management confidence in prospects, whilst the dividend yield of 3.7% (not guaranteed) remains supportive in the current interest rate environment. Buoyed by vague bid speculation and alongside some strength in most parts of the business, the share price has bucked the trend of the general pessimism surrounding the company. Having risen 45% over the last year, as compared to a 15% hike in the wider FTSE100, we believe the shares are seen as currently up with events with the market consensus coming in at a hold. The launch of the new range from the end of July (2013) is, we believe, likely to provide - one way or another - the next sense of true direction for the shares.

NIGHT BUD

Synergy Health: Investec downgrades from buy to add with a target price of 1170p.

NIGHT TAKE CARE

HEAD

STRONG

Hikma Pharmaceuticals: HSBC Holdings raises target price from 745p to 1035p, while retaining a neutral rating. Panmure Gordon takes target price from 1000p to 1100p and leaves its buy recommendation unaltered.

LES HORSEMAN

£.................

Fidessa: Sanlam Securities increases target price from 2000p to 2340p and stays with a buy recommendation

Bovis Homes Group: Jefferies ups target price from 897p to 909p keeping a buy recommendation. Panmure Gordon raises target price from 660p to 714p and retains a hold recommendation.

ABOVE.....................

Anite Group: Investec raises target price from 135p to 155p and upgrades from hold to buy.

Anglo American: Exane reduces target price from 1700p to 1400p and reiterates its underperform rating.

Floorcoverings group Headlam warned that first half earnings will be 10 per cent lower than last year, as difficult markets persisted, and believes it is unlikely it will meet full year company expectations. "Floorcovering markets both in the UK and on the Continent have remained difficult and, in our view, have shown continued signs of contraction during the first six months of 2013," the group explained in a company statement. Headlam reiterated that revenue during the first four months of the year was down on 2012. While the early indications for May reflected some of the recovery evident in March and April, activity levels dropped as the month continued leaving revenue marginally up on the previous year by the time the month concluded, it added. In the continued absence of any real improvement in its floorcovering markets, an element of uncertainty around the group's trading performance during the second half is likely to prevail, it cautioned, notwithstanding that this is traditionally the group's busiest period of the year. "As a result, the board now believes it is unlikely that the company will meet market expectations for the financial year as a whole. "However, despite this outcome, the board remains confident subject to a reasonable second half trading performance that the dividend for the current financial year will be consistent with 2012."

Faroe Petroleum (FPM) Director name: Mr Timothy P Read Amount purchased: 20,000 @ 110.75p Value: £22,150

Faroe Petroleum (FPM) Director name: Mr John Bentley Amount purchased: 22,500 @ 110.75p Value: £24,919

Alternative Networks (AN.) Director name: Mr Bernard A Cragg Amount purchased: 35,000 @ 298.00p Value: £104,300

International Greetings (IGR) Director name: Mr John S. Charlton Amount purchased: 595,000 @ 30.00p Value: £178,500

Reconstruction Capital II Ltd. (RC2) Director name: Mr Ion Alexander Florescu Amount purchased: 4,018,410 @ € 0.23 Value: € 936,691