STOCKS NEWS Reuters Results diary
Stocks on the move Real-time Equity News
12:30GMT 06Mar2009
Payom Solar up as company says 2009 has started strong
Shares in Payom Solar are 6.8 percent higher in regular trade and over 10 percent higher in Frankfurt floor trade after the solar company announces a successful start to 2009 and says it has won a key order.
Payom acquired an order as part of an open space installation with a total capacity of 2.1 Megawatts and a sales volume of more than 6 million euros ($7.59 million).
Close Brothers analyst Martin Deco says the order accounts for almost 15 percent of his total sales estimates for Payom in 2009.
'We believe that Payom will be able to show an appealing performance in 2009 despite the expected slowdown in growth in the German solar market,' he says.
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
($1=.7909 Euro)
12:26GMT 06Mar2009
FTSE Small Caps down 0.7 percent at midday
The FTSE Small Cap Index falls further in mid session trade, down 0.7 percent, as the FTSE 100 recovers some of its earlier losses but is still down 0.1 percent, while the FTSE 250 slips 1.6 percent, ahead of the non-farm payroll figures.
Sexual health specialist Futura Medical slides 11 percent after the company announces that it will raise 1 million pounds by issuing 5 million shares at 20 pence per share.
Landkom International, an oilseed rape and wheat producer, adds more than 2.1 percent after saying it plans to raise 4.8 million pounds via a share placing to help the company operate through and beyond this year's harvest, due to begin in June.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
12:20GMT 06March2009
Seadrill drops on refinancing risk
Shares in Norwegian offshore oil driller Seadrill fall 5.4 percent on worries around refinancing of its rig-building programme.
'It's got nothing to do with the drilling market, people are just worried about the balance sheet,' Fearnley Fonds analyst Truls Olsen says.
'Seadrill is far from home free. They need to refinance around $1-1.5 billion in the next 12-18 months,' Olsen says. 'With all that is happening to banks, it's not a given that it will be easy.'
Reuters messaging rm://richard.solem.reuters.com@reuters.net
12:17GMT 06March2009
Conergy drops; brokerages cut price target
Shares in German solar systems maker Conergy drop 4 percent in Frankfurt's technology index, after Equinet halves its price target in the company to 0.25 euros from 0.50 euros, and with traders pointing a price target cut by WestLB to 0.40 euros from 0.70 euros.
'The risk-reward-profile continues to be far away from being attractive (stretched valuation despite a weak balance sheet) and ... our new price target of 0.25 euros ... offers a downside potential of 50 percent,' Equinet writes in a note, keeping its 'sell' rating on the stock.
Conergy on Thursday posted a 2008 net loss of 199 million euros ($251.6 million), mainly due to currency losses and restructuring, and did not give a 2009 outlook.
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Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
($1=.7909 Euro)
11:38GMT 06March2009
BT slumps on pension, dividend concerns
Shares in BT slump 6.8 percent, making them among the top losers on the FTSE 100, after Morgan Stanley suggests the group may cut the final dividend to pay increased top ups to its pension.
BT will report its final results in mid May and analysts have speculated for some time that it will have to cut its dividend. The group also hopes to report the results of its pension review at that time.
'We now consider 500 million pounds per year a minimum top-up level (previously a maximum), with 750 million pounds a possibility if pension trustees take a more conservative view on deficit recovery,' Morgan Stanley says in a note.
'A zero final dividend is possible, leaving a total dividend at 5.5 pence and the stock on a significant premium to the sector.'
Reuters messaging rm://kate.holton.reuters.com@reuters.net
11:35GMT 06March2008
Swedbank shares down 10 pct on capital raising fear
Shares in Swedish financial services group Swedbank fall 9.9 percent on concern that it will need to raise more capital after a 12.4 billion Swedish crown ($1.34 billion) issue in December last year.
'It's a result of worries they will need more capital,' says one analyst who declined to be identified.
Worries are that the firm's loan losses, particularly in the Baltics and Central Europe, will rise substantially.
Rivals SEB and Nordea have also announced plans to raise capital.
Separately, Nomura cuts its price target on Swedbank to 22 crowns from 30 crowns. Nomura also cuts Nordea and Handelasbanken.
Swedbank stock is down nearly 90 percent over the last 12 months.
Reuters messaging rm://oskar.vonbahr.reuters.com@reuters.net
($1=9.239 Swedish Crown)
11:22GMT 06Mar2009
Oerlikon up 10 pct on covenant relief
Swiss technology group Oerlikon is the top gainer among Swiss blue chips and midcaps, adding to strong gains the previous two days after saying it would not breach loan covenants.
Shares in midcap Oerlikon, which traded at over 400 Swiss francs less than a year ago, jump 10 percent to 30.60 francs, against a 0.5 percent fall in the Swiss midcap index.
'The shares are continuing to rise after the company said it had fulfilled its debt terms,' a trader says. The stock's still not worth that much, but the gains will have to stop some time.'
Reuters Messaging rm://jason.rhodes.reuters.com@reuters.net
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Stocks on the move Real-time Equity News
12:30GMT 06Mar2009
Payom Solar up as company says 2009 has started strong
Shares in Payom Solar are 6.8 percent higher in regular trade and over 10 percent higher in Frankfurt floor trade after the solar company announces a successful start to 2009 and says it has won a key order.
Payom acquired an order as part of an open space installation with a total capacity of 2.1 Megawatts and a sales volume of more than 6 million euros ($7.59 million).
Close Brothers analyst Martin Deco says the order accounts for almost 15 percent of his total sales estimates for Payom in 2009.
'We believe that Payom will be able to show an appealing performance in 2009 despite the expected slowdown in growth in the German solar market,' he says.
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
($1=.7909 Euro)
12:26GMT 06Mar2009
FTSE Small Caps down 0.7 percent at midday
The FTSE Small Cap Index falls further in mid session trade, down 0.7 percent, as the FTSE 100 recovers some of its earlier losses but is still down 0.1 percent, while the FTSE 250 slips 1.6 percent, ahead of the non-farm payroll figures.
Sexual health specialist Futura Medical slides 11 percent after the company announces that it will raise 1 million pounds by issuing 5 million shares at 20 pence per share.
Landkom International, an oilseed rape and wheat producer, adds more than 2.1 percent after saying it plans to raise 4.8 million pounds via a share placing to help the company operate through and beyond this year's harvest, due to begin in June.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
12:20GMT 06March2009
Seadrill drops on refinancing risk
Shares in Norwegian offshore oil driller Seadrill fall 5.4 percent on worries around refinancing of its rig-building programme.
'It's got nothing to do with the drilling market, people are just worried about the balance sheet,' Fearnley Fonds analyst Truls Olsen says.
'Seadrill is far from home free. They need to refinance around $1-1.5 billion in the next 12-18 months,' Olsen says. 'With all that is happening to banks, it's not a given that it will be easy.'
Reuters messaging rm://richard.solem.reuters.com@reuters.net
12:17GMT 06March2009
Conergy drops; brokerages cut price target
Shares in German solar systems maker Conergy drop 4 percent in Frankfurt's technology index, after Equinet halves its price target in the company to 0.25 euros from 0.50 euros, and with traders pointing a price target cut by WestLB to 0.40 euros from 0.70 euros.
'The risk-reward-profile continues to be far away from being attractive (stretched valuation despite a weak balance sheet) and ... our new price target of 0.25 euros ... offers a downside potential of 50 percent,' Equinet writes in a note, keeping its 'sell' rating on the stock.
Conergy on Thursday posted a 2008 net loss of 199 million euros ($251.6 million), mainly due to currency losses and restructuring, and did not give a 2009 outlook.
For more double click on
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
($1=.7909 Euro)
11:38GMT 06March2009
BT slumps on pension, dividend concerns
Shares in BT slump 6.8 percent, making them among the top losers on the FTSE 100, after Morgan Stanley suggests the group may cut the final dividend to pay increased top ups to its pension.
BT will report its final results in mid May and analysts have speculated for some time that it will have to cut its dividend. The group also hopes to report the results of its pension review at that time.
'We now consider 500 million pounds per year a minimum top-up level (previously a maximum), with 750 million pounds a possibility if pension trustees take a more conservative view on deficit recovery,' Morgan Stanley says in a note.
'A zero final dividend is possible, leaving a total dividend at 5.5 pence and the stock on a significant premium to the sector.'
Reuters messaging rm://kate.holton.reuters.com@reuters.net
11:35GMT 06March2008
Swedbank shares down 10 pct on capital raising fear
Shares in Swedish financial services group Swedbank fall 9.9 percent on concern that it will need to raise more capital after a 12.4 billion Swedish crown ($1.34 billion) issue in December last year.
'It's a result of worries they will need more capital,' says one analyst who declined to be identified.
Worries are that the firm's loan losses, particularly in the Baltics and Central Europe, will rise substantially.
Rivals SEB and Nordea have also announced plans to raise capital.
Separately, Nomura cuts its price target on Swedbank to 22 crowns from 30 crowns. Nomura also cuts Nordea and Handelasbanken.
Swedbank stock is down nearly 90 percent over the last 12 months.
Reuters messaging rm://oskar.vonbahr.reuters.com@reuters.net
($1=9.239 Swedish Crown)
11:22GMT 06Mar2009
Oerlikon up 10 pct on covenant relief
Swiss technology group Oerlikon is the top gainer among Swiss blue chips and midcaps, adding to strong gains the previous two days after saying it would not breach loan covenants.
Shares in midcap Oerlikon, which traded at over 400 Swiss francs less than a year ago, jump 10 percent to 30.60 francs, against a 0.5 percent fall in the Swiss midcap index.
'The shares are continuing to rise after the company said it had fulfilled its debt terms,' a trader says. The stock's still not worth that much, but the gains will have to stop some time.'
Reuters Messaging rm://jason.rhodes.reuters.com@reuters.net
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.