STOCKS NEWS UK-Corin Group surges on positive FT write-up

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08:06GMT 05Oct2009-Corin surges on positive FT write
up

Shares in British medical technology group Corin Group gain as much as 22 percent following positive comment by stock market historian David Schwartz in the Financial Times newspaper on Saturday.

Schwartz says the company has 'promising prospects' despite its shares losing over 80 percent of their value over the last 18 months after it was hit by weak demand for its Cormet hip resurfacing product and lower sales to U.S. orthopaedics giant Stryker.

'My view is that all the bad news is now in the price and foundations are in place for a solid improvement in Corin's fortunes,' Schwartz said in his Trader's Diary Column.

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07:50GMT 05Oct2009
Wolfson Micro drops on weak demand outlook

Shares in Wolfson Microelectronics drop 12 percent after the chip maker end-customer demand remains poor and it expects $35 million in third-quarter revenue.

'Lower than expected demand from Apple for the old iPhone is likely to mean FY 2009E revenue will be short of expectations,' Panmure Gordon analyst Nick James says in a note, adding that he expects fourth-quarter revenue of $33 -35 million. 'This will drive a bigger than expected loss for the year.'

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07:42GMT 05Oct2009
French Connection up; Altium says 'buy'

Shares in fashion retailer French Connection gain 2.2 percent as Altium Securities raises its 'recommendation to 'buy' from 'hold' after the company reported late on Friday that it was closing all of its 21 stores in Japan in an attempt to stem losses.

French Connection said the cash cost of the closure will be less than 0.5 million pounds and there will be one-off charges to the profit and loss account in the year to Jan. 31, 2010, amounting to approximately 2.5 million pounds relating to closure costs and asset write-downs.

The closures come after French Connection reported widening first-half losses in September, and the move prompts Altium to raise its forecasts for the full-year 2011 and up its target price to 70 pence from 50 pence.

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07:37GMT 05Oct2009
FTSE small caps flat at the open

The FTSE Small Cap Index is flat in early trade, outperforming London's blue chip shares, which fall 0.2 percent, and the FTSE mid caps , which shed 0.1 percent.

British chipmaker Wolfson Microelectronics drops 9.5 percent after saying it expects third-quarter 2009 revenue of about $35 million dollars, with end-consumer demand remaining poor.

French Connection adds 2.2 percent as Altium Securities ups its rating to 'buy' from 'hold' after the fashion retailer announced late on Friday plans to close all of its 21 stores in Japan in an attempt to stem losses.

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