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Cookson: Barclays Capital downgrades to equal weight, target cut from 700p to 580p.

Carpetright: Seymour Pierce keeps sell rating and 500p target; Panmure Gordon keeps sell rating and 400p target.

British American Tobacco: Nomura keeps buy rating and 3,506p target.

Bellway: Panmure Gordon raises target from 954p to 957p, hold rating kept; Jefferies keeps hold rating and 1,004p target..........................

ASOS: Morgan Stanley initiates coverage with overweight rating and 3,000p target.

Third quarter results: "the housing market has turned the corner". In the wake of what has been a difficult year for the bank, its latest results appeared to come in at the upper end of analyst forecasts. Despite the hit to management's reputation thanks to earlier year trading losses, the Chief Executive noted that "the firm had reported strong performance across all of our businesses". The Investment Bank reported favorable Fixed Income Market performance and maintained its number one ranking for Global Investment Banking fees. Its Consumer & Business Banking business saw average deposits up 9% and Business Banking loan balances grew for the eighth consecutive quarter to a record $19 billion, up 8% compared with the prior year. Mortgage Banking originations were $47 billion, up 29% compared to Q3 2011. Credit Card sales volume rose by 11% year over year. Importantly, and given the importance of the US housing market to the US economy, the Chief Executive noted that "we believe the housing market has turned the corner." For its Mortgage Banking business, credit trends continued to modestly improve. As a result, the bank reduced its related loan loss reserves by $900 million. In all, despite ongoing concerns for the health of the world economy, a perceived turn in the US housing market, combined with increased assistance from the US Central Bank - it is buying mortgage backed securities as part of its QE programme

JP Morgan Chase & Co. is one of the oldest financial services firms in the world. It services clients in more than 100 countries. It is a leader in financial services with assets of $2.3 trillion. Group core businesses include: Asset Management, Investment Banking, Private Banking, Securities Services, Treasury Services and Commercial Banking. The group was formed in 2000, when Chase Manhattan Corporation merged with JP Morgan & Co

Positive Points: Fresnillo confirmed it was on track to meet silver and gold output targets for this year. The group continued to deliver a solid operating performance with gold production achieving a new record of 375,637 ounces, a 15.1% increase over the same period of 2011. Fresnillo has a strong and long tradition of mining, with a proven track record of mine development. The company's goal is to maintain its position as the world's largest primary silver company, producing 65 million ounces of silver and 500,000 ounces of gold by 2018.

Negative Points: While Fresnillo's revenue will be driven by the global demand for silver and gold, its cost base will be influenced by local currency rates, as well as country-specific economic issues such as labour availability, wages and inflation. One of the key challenges facing the mining industry is rising cost pressures. All of Fresnillo's operations are in Mexico. The revenue stream is denominated in US$ and upwards of 70% of the cost base is denominated in Mexican pesos, therefore any significant shift in the US$ /Peso exchange rate could impact profitability. The group faces operational risk at its existing mines and execution risk on its development projects..

interim statement: The world's largest primary silver producer, and Mexico's second largest gold producer, Fresnillo Plc said it was on track to achieve gold and silver production for 2012. The miner posted a 2.6% rise in silver production in the third quarter compared to the same period in 2011 which amounted to 10.3 million ounces, and said it was on course for total output of 41 million ounces for the year. Furthermore, the company added that its quarterly gold production rose 5.9% compared to the same period last year, to 126,841 ounces, giving it confidence in meeting its 2012 target of 460,000 ounces. Fresnillo's development projects include a dynamic leaching plant at Herradura and Soledad-Dipolos mine and five advanced exploration projects. The company further stated that intensive exploration continued at 10 projects and nine prospects with 60 rigs, completing 212,200 metres of core and 60,000 metres of reverse circulation drilling. Additionally, resources were increased at each of its seven operating mines with reserves notably increased at Noche Buena and Saucito........

ompany overview Fresnillo has been mining in Mexico since 1887. It is recognised as one of the world's largest primary silver producers and Mexico's second largest gold producer. The group operates five producing mines, all of them in Mexico - Fresnillo, Ciénega, Herradura and Soledad-Dipolos, and Saucito, with three exploration prospects - San Juan, San Julian, Orysivo, as well as a number of other long term exploration prospects. In total, mining concessions cover approximately 1.75 million hectares across the country. Fresnillo is listed on the London Stock Exchange and is a constituent of the FTSE100 index.

Positive Points: Strong automotive demand in the US and China and ongoing growth in civil aerospace continues to be reported. Despite weakness during the third quarter overall, in September, GKN Driveline's margin returned to more than 7%. Management noted that “we continue to focus on driving performance, keeping close control of our cost base." GKN's Volvo Aerospace acquisition will help the engineering group to benefit from global growth in airlines’ aircraft orders, boosting its exposure in civil aerospace. The deal extends GKN's manufacturing capacity in the high-value aerospace engines market. In 2013, the first full year of ownership, Volvo Aero's contribution is expected to be earnings enhancing. The performance of GKN Land Systems may benefit long term from expected strength in agricultural equipment markets. A progressive dividend policy has to date been pursued. At the half year results, a 20% hike to the dividend was reported.

Negative Points: Whilst the fourth quarter is anticipated to show the usual seasonal improvement, the softening in markets, particularly European automotive and industrial markets, is expected to have some impact on performance. During the period, group trading margin reduced to 7.1%, largely as a result of lower profitability at its Driveline business. This arose due to the expected seasonality in the Getrag all-wheel drive business and costs associated with fluctuations in demand. In the final quarter of 2012, its latest acquisition, Volvo Aerospace, is expected to achieve a profit from its trading activities but have a negative impact on GKN’s reported profit due to integration costs and acquisition accounting adjustments. In addition, the group has exposure to pressured military aerospace spending. Adverse currency translation impacted across its divisions during the period. The multinational company is exposed to currency exchange rates and raw material prices. GKN faces risks from volatility in vehicle production, continuing pricing pressure from car assemblers and warranty claims. GKN operates a number of defined benefit and defined contribution pension schemes together with retiree medical arrangements across the group. The deficit of all schemes at 30 June 2012 was £926 million, a £58 million increase over 31 December 2011.

Financial Highlights: Group sales increased by 8% to £1.608 billion compared to Q3 2011, half of which was organic growth. Profit increased slightly to £114 million compared to £113 million in Q3 2011. The trading margin reduced to 7.1%, largely as a result of lower profitability at its Driveline division.

Third quarter trading update: The announcement raised investor nerves, with the share price down by over 4% in early trading. Strong automotive demand in the US and China and continued growth in civil aerospace had been offset by more challenging European automotive and industrial markets. Management outlook comments noted that "macroeconomic conditions have deteriorated in recent weeks and some softening in order books is now evident." Furthermore, the board also noted that "the fourth quarter is anticipated to show the usual seasonal improvement, although the softening markets are expected to have some impact on performance." In all, bolstered by a recent strengthening of its aerospace business – it completed the acquisition of Volvo Aerospace on the 1st October - and with exposure to both expected long term Chinese growth and the relatively resilient US economy,

Company overview GKN is a global engineering business serving the automotive, aerospace and land systems markets. It is headquartered in Redditch, England, and was formerly known as Guest, Keen and Nettlefolds. It can trace its origins back to 1759, the birth of the industrial revolution. It has operations in more than 30 countries, around 50,000 employees in subsidiaries and joint ventures and is listed on the London Stock Exchange.

If i was a betting man i would say you were right on the money..........news could be on the 22nd fingers crossed mate if we get a good rise i will not waste any time in top slicing,before a retrace.........

The John Laing Infrastructure Fund (JLIF) has completed the acquisition of a stake in Pembury Hospital, a new public/private partnership (PPP) infrastructure asset. The fund is taking a 37.5% stake valued at £22.0m, acquiring it from construction firm John Laing. The stake was one of three assets ear-marked for acquisition at the time of the £60.4m fund raising in September. The group announced the completion of the acquisition of the second of those assets, Forth Valley Royal Hospital, on Friday, October 12th. David Marshall from John Laing Capital Management (JLCM), Fund Manager to JLIF, said: "JLIF has now completed all three acquisitions described in the prospectus issued in September, fully invested the funds received from the capital raise and has utilised its cash balance in order to maximise the return for its shareholders investment. These assets further diversify JLIF's existing portfolio and JLCM continues to actively seek new opportunities for acquisition."

Citi estimates the perfumes move could dilute earning by about 3-5% in 2013 and 2014, but says that if Burberry is able to achieve best-in-class operating margins of 20% in fragrances then it would largely offset the start-up costs. Burberry is following an industry-wide trend of buying back licenses to gain more control over brands. Last year it completed the purchase of its menswear licence and took steps to reduce the number of licence agreements it has in Japan.

Burberry's decision to take direct control of its fragrance and beauty products, as announced October 11th could be a long-term driver of profits, according to figures reported by Reuters. Fragrance and beauty will be run as Burberry's fifth product division alongside accessories and womens, mens and childrens apparel. The decision to end its existing licence agreement with Interparfums and run fragrance and beauty directly from April 1st 2013 will cost the company €181m to end the relationship, but longer term should be earnings accretive.