Drug maker needs a high
PHARMACEUTICAL giant GlaxoSmithKline will announce its third quarter trading results tomorrow. The drug maker has had a mixed year, and shares currently lie towards the middle of their 52-week range. GSK has appointed headhunters to find a replacement for Sir Chris Gent, who had been chairman since 2005, and traders will want details about when his replacement will be in place. Analysts expect sales to come in at £6.6bn, down from £7.1bn in the third quarter of 2011. ETX Capital quotes a price of 1,410.9p-1,414.1p for GlaxoSmithKline.
Due to additional provision made for Payment Protection Insurance (PPI) compensation, Barclays looks set to post a loss when it reports its latest earnings tomorrow. This could erode some of the gains made in recent weeks, potentially pushing shares below 220p – a key support level. CMC Markets quotes a price of for 228.55p-229.19p for Barclays.
Analysts are gloomy about the outlook for Lloyds Banking Group, and forecast a pre-tax loss of £700m. Traders also want confirmation on whether the £4bn provision for PPI mis-selling will be increased. There is some optimism, however, after the company announced that it was to scrap incentives linked to product sales in line with a FSA crackdown. Spreadex quotes a price of 40.33p-40.45p for Lloyds Banking Group.
High street bellwether Next is preparing for the upcoming festive season, and investors will be hoping that its share price strength can continue when it releases its trading statement tomorrow. Historically, the last two months of the year are the strongest for retailers. Capital Spreads quotes a price of 3,594.1p-3,598.9p for Next.