STOCKS NEWS Reuters Results diary
Stocks on the move Real-time Equity News
08:30GMT 12March2009
Delhaize jumps on 2009 guidance, good 2008
Shares in Belgian supermarkets group Delhaize jump to a two-week high of 48.54 euros, a gain of 8.6 percent, after company reports 2008 results that beat market expectations and forecasts operating profit growth of up to 3 percent this year.
The shares outperform the DJ Stoxx European retail index, which is 0.1 percent higher, and are the fourth strongest in the FTSEurofirst 300 index .
'It is clear that their business is going relatively well,' says Bank Degroof analyst Ivan Lathouders, adding that some analysts have not expected a concrete outlook.
'Not only have they given specific operating profit guidance, it is also quite good. Management must therefore have a certain degree of confidence.'
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08:40GMT 12March2009
KUKA falls as it slashes 2008 dividend
Shares in KUKA fall 6 percent, making them the worst performers among German midcaps, as the robotics specialist skips a dividend for 2008 and sees weaker demand in 2009.
'We interpret that the dividend omission in that KUKA expects to face increasing margin pressure in 2009,' says analyst Jasko Terzic from DZ Bank.
'Management sees order intake in Automotive deteriorating... Furthermore, general industry orders have been declining 'noticeably' since the fourth quarter, according to the management,' says Michael Schaefer, analyst at Equinet, who sees a 'short-term pain/long-term gain' scenario for the stock.
'Major investor Grenzebach's (recent) move towards a 25.1 percent stake in KUKA underlines the long-term merits of the company. However, short-term pain remains the key issue with no sign of recovery ahead,' he says.
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08:40GMT 12March2009
Antofagasta down after RBS downgrade
Shares in mining company Antofagasta are down 5.5 percent, underperforming the other UK-listed miners, after RBS downgrades the firm to 'sell' from 'hold'.
'We believe Anto remains one of the best positioned miners to weather the economic storm in the coming quarters ahead with a $3 billion dollars net cash position. However, despite the strength of the balance sheet, we still think that Anto holds much the same P&L risk in 2009 as its peers,' RBS writes in a note.
Within the mining sector, BHP Billiton, Rio Tinto, Vedanta Resources and Xstrata are down 3 to 5 percent.
Reuters Messaging rm://martina.fuchs.reuters.com@reuters.net
0832GMT 12March2009
BHP down after Citigroup lowers target
Shares in natural resources company BHP Billiton are down 3.8 percent, after Citigroup lowers its price target to 11.6 pounds from 12.6 pounds.
Citigroup says: 'Downgrades to oil prices have reduced our BHP Billiton earnings, net present value and target price.'
'Despite a strong balance sheet and relatively resilient margins, we maintain our 'hold' recommendation, due to global economic growth uncertainty and BHP's comparatively high valuation,' Citigroup writes in a note.
Reuters Messaging rm://martina.fuchs.reuters.com@reuters.net
08:26GMT 12March2009
GEA up on solid 2008 figs, dividend rise
Shares in GEA group rise 4.8 percent, a top gainer among German midcaps as the technology company reports solid 2008 results and says it will nearly double its 2008 dividend to 0.40 euros.
'(The) share was a big underperformer in the last two days, as everyone expected a bad report and a dull 2009 outlook. As the situation is not as bad as feared, we expect some short covering in the course of the day,' says a Frankfurt-based trader.
'The higher-than-expected dividend should also give support,' he says.
'Positive in our view is that order backlog has increased in January and February. The outlook for 2009 is muted, but consensus expects already a drop in EBIT by 22 percent,' says analyst Markus Turnwald from DZ Bank.
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08:27GMT 12March2009
European shares fall early on economic fears
European shares fall early, tracking declines in Asian stock markets, amid renewed worries about the health of the global economy.
The FTSEurofirst 300 index of top European shares is down 0.5 percent at 689.20 points.
Financials such as Deutsche Bank down 5.1 percent, UBS, down 3.1 percent, and BNP Paribas , down 3.9 percent, lead the slide.
World Bank President Robert Zoellick told the Daily Mail newspaper that the global economy is on track for its worst recession since the 1930s with output likely to shrink by 1-2 percent this year.
Reuters Messaging rm://peter.starck.reuters.com@reuters.net
08:21GMT 12Mar2009
FTSE Small Caps down 0.2 percent at the open
The FTSE Small Cap index is 0.2 percent lower in opening trade, outperforming the FTSE 100 which sheds
0.6 percent following the late sell
off on Wall Street on Wednesday, while the FTSE 250 is down 0.2 percent.
Conveyor belt maker Fenner falls 16 percent as it says underlying first-half operating profit will fall about 10 percent after a 16 percent fall in like-for-like volume at its industrials business, while its net debt had risen by 40 million pounds at end-February.
Newspaper and magazine distributor Smiths News climbs 7.6 percent after agreeing to new five-year distribution contracts with magazine distributors Frontline Group and Seymour, with Altium Securities upping its core rating to 'buy' from 'hold'.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:18GMT 12March2009
K+S falls on weak 2009 outlook, disappointing 2008 figs
Shares in K+S drop 7.7 percent as the fertilizer and commercial salts manufacturer reports disappointing 2008 numbers in which all key figures were below expectations and says it will see a marked decline in operating earnings and sales in 2009.
'Some already expected a warning for 2009, but the consensus still expected a rise in earnings,' says a Frankfurt-based trader.
'(These figures and the outlook) will not help share today,' the trader adds.
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0812GMT 12March2008
Turkish Erdemir slumps 9 pct after Q4 loss
Shares in steel-manufacturer Erdemir slumps 9.32 percent to 2.92 lira, making it the biggest loser on the Istanbul index trading 1.9 percent weaker, after the company posted a huge fourth quarter loss of 1.2 billion lira ($68.6 billion).
'Erdemir recorded massive losses in the fourth quarter... (They were) much higher than expected inventory write-downs; volumes declined by around 40 percent quarter-on-quarter, surpassing our estimated 25 percent decline,' says Cemal Demirtas, analyst at Oyak Securities.
He also cites slightly higher than expected financial expenses due to rising net debt and a short foreign exchange position while the lira fell.
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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
08:30GMT 12March2009
Delhaize jumps on 2009 guidance, good 2008
Shares in Belgian supermarkets group Delhaize jump to a two-week high of 48.54 euros, a gain of 8.6 percent, after company reports 2008 results that beat market expectations and forecasts operating profit growth of up to 3 percent this year.
The shares outperform the DJ Stoxx European retail index, which is 0.1 percent higher, and are the fourth strongest in the FTSEurofirst 300 index .
'It is clear that their business is going relatively well,' says Bank Degroof analyst Ivan Lathouders, adding that some analysts have not expected a concrete outlook.
'Not only have they given specific operating profit guidance, it is also quite good. Management must therefore have a certain degree of confidence.'
For more double click on
Reuters Messaging rm://philip.blenkinsop.lastname.reuters.com@reuters.net
08:40GMT 12March2009
KUKA falls as it slashes 2008 dividend
Shares in KUKA fall 6 percent, making them the worst performers among German midcaps, as the robotics specialist skips a dividend for 2008 and sees weaker demand in 2009.
'We interpret that the dividend omission in that KUKA expects to face increasing margin pressure in 2009,' says analyst Jasko Terzic from DZ Bank.
'Management sees order intake in Automotive deteriorating... Furthermore, general industry orders have been declining 'noticeably' since the fourth quarter, according to the management,' says Michael Schaefer, analyst at Equinet, who sees a 'short-term pain/long-term gain' scenario for the stock.
'Major investor Grenzebach's (recent) move towards a 25.1 percent stake in KUKA underlines the long-term merits of the company. However, short-term pain remains the key issue with no sign of recovery ahead,' he says.
For more double click on,
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
08:40GMT 12March2009
Antofagasta down after RBS downgrade
Shares in mining company Antofagasta are down 5.5 percent, underperforming the other UK-listed miners, after RBS downgrades the firm to 'sell' from 'hold'.
'We believe Anto remains one of the best positioned miners to weather the economic storm in the coming quarters ahead with a $3 billion dollars net cash position. However, despite the strength of the balance sheet, we still think that Anto holds much the same P&L risk in 2009 as its peers,' RBS writes in a note.
Within the mining sector, BHP Billiton, Rio Tinto, Vedanta Resources and Xstrata are down 3 to 5 percent.
Reuters Messaging rm://martina.fuchs.reuters.com@reuters.net
0832GMT 12March2009
BHP down after Citigroup lowers target
Shares in natural resources company BHP Billiton are down 3.8 percent, after Citigroup lowers its price target to 11.6 pounds from 12.6 pounds.
Citigroup says: 'Downgrades to oil prices have reduced our BHP Billiton earnings, net present value and target price.'
'Despite a strong balance sheet and relatively resilient margins, we maintain our 'hold' recommendation, due to global economic growth uncertainty and BHP's comparatively high valuation,' Citigroup writes in a note.
Reuters Messaging rm://martina.fuchs.reuters.com@reuters.net
08:26GMT 12March2009
GEA up on solid 2008 figs, dividend rise
Shares in GEA group rise 4.8 percent, a top gainer among German midcaps as the technology company reports solid 2008 results and says it will nearly double its 2008 dividend to 0.40 euros.
'(The) share was a big underperformer in the last two days, as everyone expected a bad report and a dull 2009 outlook. As the situation is not as bad as feared, we expect some short covering in the course of the day,' says a Frankfurt-based trader.
'The higher-than-expected dividend should also give support,' he says.
'Positive in our view is that order backlog has increased in January and February. The outlook for 2009 is muted, but consensus expects already a drop in EBIT by 22 percent,' says analyst Markus Turnwald from DZ Bank.
For more double click on
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
08:27GMT 12March2009
European shares fall early on economic fears
European shares fall early, tracking declines in Asian stock markets, amid renewed worries about the health of the global economy.
The FTSEurofirst 300 index of top European shares is down 0.5 percent at 689.20 points.
Financials such as Deutsche Bank down 5.1 percent, UBS, down 3.1 percent, and BNP Paribas , down 3.9 percent, lead the slide.
World Bank President Robert Zoellick told the Daily Mail newspaper that the global economy is on track for its worst recession since the 1930s with output likely to shrink by 1-2 percent this year.
Reuters Messaging rm://peter.starck.reuters.com@reuters.net
08:21GMT 12Mar2009
FTSE Small Caps down 0.2 percent at the open
The FTSE Small Cap index is 0.2 percent lower in opening trade, outperforming the FTSE 100 which sheds
0.6 percent following the late sell
off on Wall Street on Wednesday, while the FTSE 250 is down 0.2 percent.
Conveyor belt maker Fenner falls 16 percent as it says underlying first-half operating profit will fall about 10 percent after a 16 percent fall in like-for-like volume at its industrials business, while its net debt had risen by 40 million pounds at end-February.
Newspaper and magazine distributor Smiths News climbs 7.6 percent after agreeing to new five-year distribution contracts with magazine distributors Frontline Group and Seymour, with Altium Securities upping its core rating to 'buy' from 'hold'.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:18GMT 12March2009
K+S falls on weak 2009 outlook, disappointing 2008 figs
Shares in K+S drop 7.7 percent as the fertilizer and commercial salts manufacturer reports disappointing 2008 numbers in which all key figures were below expectations and says it will see a marked decline in operating earnings and sales in 2009.
'Some already expected a warning for 2009, but the consensus still expected a rise in earnings,' says a Frankfurt-based trader.
'(These figures and the outlook) will not help share today,' the trader adds.
For more double click on
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
0812GMT 12March2008
Turkish Erdemir slumps 9 pct after Q4 loss
Shares in steel-manufacturer Erdemir slumps 9.32 percent to 2.92 lira, making it the biggest loser on the Istanbul index trading 1.9 percent weaker, after the company posted a huge fourth quarter loss of 1.2 billion lira ($68.6 billion).
'Erdemir recorded massive losses in the fourth quarter... (They were) much higher than expected inventory write-downs; volumes declined by around 40 percent quarter-on-quarter, surpassing our estimated 25 percent decline,' says Cemal Demirtas, analyst at Oyak Securities.
He also cites slightly higher than expected financial expenses due to rising net debt and a short foreign exchange position while the lira fell.
For more double click on
Reuters Messaging rm://thomas.grove.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.
