Paulson heals from European trades to post a return to form January 9, 2014 TRADER John Paulson – whose 2007 bet against the US sub-prime mortgage market was dubbed the greatest trade ever – saw a reversal in fortunes at the European wing of his hedge fund last year, annual accounts shows. Paulson Europe, a Jermyn Street-based subsidiary of Wall Street firm Paulson & Co, increased turnover by 14 [...]
Debenhams remains unloved as hedge funds pile on the pressure January 9, 2014 HEDGE fund bets against Debenhams have increased four- fold since the start of the year led by a short position from Marshall Wace, amid an overall decline in shorting of high street retailers, fresh figures show. About 4.5 per cent of the company’s stock is now out on loan versus 1.5 per cent just a [...]
BlackRock has agreed to end analyst surveys January 9, 2014 BLACKROCK, the world’s largest asset manager, agreed to end its analyst survey programme worldwide, as part of an agreement reached with the New York Attorney General’s office. The agreement stems from an investigation by New York Attorney General Eric Schneiderman into the early release of Wall Street analyst sentiment, which can move markets. BlackRock agreed [...]
Analyst Views: What did you think of yesterday‘s results? January 9, 2014 ROBIN SAVAGE | CANACCORD GENUITYRathbones’ funds under management figure is £100m ahead of our forecasts as net inflows into Rathbone Unit Trust Management (RUTM) were £200m ahead of expectation. This is significant as RUTM’s growth should lift the division’s margins and the momentum should continue into 2014. DAVID MCCANN | NUMISWe regard Rathbones as one [...]
Oriel Securities goes on a hiring spree after its Canadian tie-up January 9, 2014 ORIEL Securities, the independent stockbroker which agreed a financing deal with CIBC, Canada’s fifth largest bank, last September, yesterday announced five senior appointments to help take its business forward. The firm, which had been linked several times last year with a merger with Panmure Gordon, says the strengthening of its team also follows a bumper [...]
No deal as Rolls ends Wartsila takeover talks January 9, 2014 ENGINEERING company Rolls-Royce made a takeover approach to Finnish ship and power plant engine maker Wartsila but the talks ended without a deal, the two companies said yesterday. Shares in Wartsila, with an enterprise value of around €7.3bn (£6bn), rose more than 11 per cent after the companies confirmed the preliminary talks. They had discussed [...]
McBride sales suffering as rival brands ramp up special offers January 9, 2014 MCBRIDE, Europe’s biggest manufacturer of retailers’ own-brand household and personal care products, yesterday announced a three per cent drop in revenue at constant currency in the last six months. The group said its decision – announced previously – to wind down selected contract manufacturing business had hit its first half, but that private label revenue [...]
Set-top box maker Pace reveals that last year beat expectations January 9, 2014 PACE, the set-top box maker, saw its share price jump three per cent yesterday after it said sales had performed above expectations during 2013. In a trading update Pace said its full year revenue is expected to be up 2.4 per cent to $2.46bn (£1.49bn) when the firm reports its results on 3 March. Shares [...]
Spirent slumps after it warns of revenues hit by contract delays January 9, 2014 TELECOMS testing company Spirent Communications warned yesterday that its full-year revenue would likely fall by about 14 per cent after some major equipment makers in the US delayed awarding contracts in the fourth quarter. The company’s shares fell as much as 15.6 per cent, making it the top percentage loser on the FTSE 250. Spirent, [...]
Laird soars on Asia plans and trading update January 9, 2014 SHARES in electronic parts maker Laird soared over 12 per cent yesterday, after the FTSE 250 firm said trading was in line with expectations and unveiled its Asian expansion plans. The company – which makes components for Apple and Samsung – is building a new manufacturing facility in Vietnam and expanding a design centre in [...]