Editor's Picks
Premium broker snap: Glencore undervalued, Deutsche Bank initiates with 'buy'
Wednesday 08 Jun 2011
Deutsche Bank claimed on Monday that newly-listed commodities trading house Glencore is “undervalued and misunderstood”, and initiates coverage with a ‘buy’ recommendation.
OPEC will not raise output, fails to reach a decision
Wednesday 08 Jun 2011
The Organization of Petroleum Exporting Countries has failed to reach an agreement on a possible increase in its production quotas, according to market reports. It has apparently also decided to convene another meeting in three months time. Earlier on some newswires held that the cartel had decided to put off a decision until the arrival of the delegation from Libya.
Southern Cross to cut 3,000 jobs
Wednesday 08 Jun 2011
Struggling care home operator Southern Cross is to cut up to 3,000 jobs as it seeks to stay afloat.
Gas price rises to heat up inflation, says Barclays
Wednesday 08 Jun 2011
The decision by Scottish Power to increase its gas and electricity prices has prompted Barclays to raise its inflation forecasts for this winter.
Premium broker snap: Glencore undervalued, Deutsche Bank initiates with 'buy'
Wednesday 08 Jun 2011
Deutsche Bank claims that newly-listed commodities trading house Glencore is “undervalued and misunderstood”, and initiates coverage with a ‘buy’ recommendation. “The company is able to generate profits all along the commodity value chain, benefitting from rising prices, growing trade and increased volatility,” the German bank said.
Gas price rises to heat up inflation, says Barclays
Wednesday 08 Jun 2011
The decision by Scottish Power to increase its gas and electricity prices has prompted Barclays to raise its inflation forecasts for this winter. Scottish Power said it will be increasing gas prices by 19% from August and electricity prices will be going up by 10%. Barclays thinks that the other ‘big six’ energy companies will follow Scottish Power’s lead, with gas
Remarks by German Finance Minister may stoke Greece worries
Wednesday 08 Jun 2011
German Finance Minister, Wolfgang Schaeuble, has said that bondholders must contribute a “substantial” share of a second aid package for Greece, proposing a swap that credit-rating companies may term a default, according to Bloomberg News.
Premium broker snap: UBS cuts Wood Group target post tender offer
Wednesday 08 Jun 2011
UBS has scaled back its target price for oilfield services firm Wood Group after cutting its earnings forecasts ahead of an extraordinary general meeting (EGM) to approve a share consolidation in late June/early July.
US newspaper round-up: Bernanke, Borders, GOP...
Wednesday 08 Jun 2011
Despite recent economic news that revived fears of a double-dip recession, Federal Reserve Chairman Ben S. Bernanke said the recovery was on track and likely to pick up in the second half of this year.
Broker snap: Matrix keeps 'hold' on Punch despite strong Q3
Wednesday 08 Jun 2011
Matrix has kept its 'hold' rating and target price of 78p on Punch Taverns, despite the pub operator reporting third quarter figures ahead of expectations.
Europe open: Italian banks provide a drag
Wednesday 08 Jun 2011
European bourses have opened sharply lower on Wednesday, on the back of losses on Asian and US markets overnight.
Gooch & Housego more than doubles profit
Wednesday 08 Jun 2011
Half year profit more than doubled at optical components maker Gooch & Housego after robust demand for lasers used in the manufacturing.
Moody's comments stoke nerves
Wednesday 08 Jun 2011
Weak growth and a failure to meet government fiscal targets could prompt Moody’s to strip the UK of its AAA rating, the agency has warned. Moody’s says the outlook on the UK remains stable but was quoted by Reuters as saying : “As we've been saying for a while, in a situation of lower growth combined with weaker than expected fiscal consolidation, we would reconsider our stance.”
Industrial orders drive sales at Smiths Group
Wednesday 08 Jun 2011
Revenue growth in Smiths Group's John Crane division helped underlying sales in the first ten months push ahead of the prior year, offsetting weaker sales from Smiths Detection.
London pre-open: Lower start envisaged after US retreat
Wednesday 08 Jun 2011
A slightly lower start looks to be on the cards after US stocks finished in the red last night following Federal Reserve chairman Ben Bernanke’s speech on the economy. In stocks news, the spell of unusually hot weather over spring had drinkers queuing up at Punch Taverns, helping Britain’s biggest pub operator to a sharp rise in sales in the 12 weeks to the end of May.
FX round-up: Bernanke's sober assessment hurts dollar
Wednesday 08 Jun 2011
The dollar skidded to a one-month low against the euro on Tuesday after comments by Federal Reserve Chairman Ben Bernanke increased expectations that US interest rates will remain ultra low at least in the short term.
Wednesday tips round-up: Hamworthy, BATS, Phoenix IT...
Wednesday 08 Jun 2011
The speed of the revival in the Hamworthy's fortunes is probably best shown by the growth in the order book, up from £142m a year before to £258m at the end of March. The shares, 13% ahead at 634½p last night after those upgrades, are up by almost 50% since the start of the year and sell on around 22 times’ this year’s earnings, which suggests the good news could be in the price. Long-term
Wednesday newspaper round-up: Food prices, Bernanke, BP...
Wednesday 08 Jun 2011
The cost of living has continued to soar in the past 12 months, with further price rises in food and energy expected to cost consumers hundreds of pounds more over the coming year. Despite the apparent allure of supermarket bargains, a typical basket of fresh produce – including bread, meat and vegetables – now costs 4.9% more than it did in 2010. And it is rising at its fastest rate in almost
Wednesday preview: Punch Taverns, Hyder Consulting
Tuesday 07 Jun 2011
The string of bank holidays in April was bad news for some companies, but, combined with the good weather that accompanied them, is likely to have had the punters queuing up at Punch Taverns’ pubs.
US close: Lower finish after Bernanke speech
Tuesday 07 Jun 2011
US stocks finished off earlier lows but still in the red after Federal Reserve chairman Ben Bernanke’s speech contained no indication that new stimulus measures are on the cards. The Dow Jones closed down 19 at 12,070, the S&P 500 finished down 1 point and the NASDAQ closed 1 lower at 2,701. “The economy is still producing at levels well below its potential; consequently
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