BEST OF THE BROKERS October 14, 2010 AUTONOMY Evolution Securities rates the software company a “sell” with a target price of £11.75. The broker has cut its earnings per share forecast by 25 per cent for the fourth quarter, and by 22 per cent for 2011, following last week’s profit warning, but also sees a five per cent growth in revenue next [...]
CVS pays $78m fine in meth case October 14, 2010 CVS Caremark has agreed to pay $77.6m (£48.5m) to settle an investigation that its drugstores allowed widespread sales of cough medicines used to manufacture the illegal stimulant methamphetamine. CVS Pharmacy, a subsidiary, admitted it sold pseudoephedrine to criminals who used it to make meth, the US Attorney in Los Angeles said yesterday.
French strike call causes panic October 14, 2010 French unions yesterday called a nationwide strike for 19 October, hoping to galvanise the country into a drawn-out confrontation with the government over a proposed rise in the retirement age. With some French people already fearing a national protest similar to one which paralysed the country in 1995, motorists have begun panic-buying of fuel after [...]
Sugar hits eight-month high October 14, 2010 Sugar futures sprang to an eight-month high for the third day running yesterday due to crop problems in leading grower Brazil and chart-based investment funds buying in the sweetener, analysts said. The rest of the complex failed to match that surge as cocoa futures ended mixed and arabica coffee rose modestly, helped by a 2010 [...]
Wetherspoon shares hit as execs leave October 14, 2010 JD Wetherspoon yesterday surprised investors by announcing the departure of two of its top executives. Finance director Keith Down and chief operating officer Paul Harbottle are to leave the pubs group “in due course” said a statement, which offered no explanation for the sudden shake-up. Wetherspoon’s has weathered the economic downturn well, with Down considered [...]
Asos jumps on overseas sales October 14, 2010 ONLINE fashion retailer Asos said it was on track to meet full-year profit forecasts after a 47 per cent jump in second-quarter sales, led by demand from abroad and sales of aviator jackets and capes. Asos shares, which have more than doubled this year, fell around six percent as analysts worried about a slowdown in [...]
LVMH beats forecasts as it sees brands rebound October 14, 2010 LVMH, the world’s biggest luxury retail group, beat forecasts with a 14 per cent rise in comparable third-quarter sales, driven by the solid recovery of its fashion, wines and champagne businesses. LVMH, the first major European luxury group to publish third-quarter figures, yesterday confirmed the industry’s stronger-than-expected rebound, powered in part by expansion in China [...]
FTSE weighed down by talk of more banking rights issues October 14, 2010 BRITAIN’S top share index closed lower yesterday, dragged down by banks on worries about rights issues in the sector, while mobile phone heavyweight Vodafone rose following an upgrade from Nomura. The FTSE 100 ended down 20.14 points, or 0.4 per cent, at 5,727.21, after gaining 1.5 per cent on Wednesday to its highest closing level [...]
Wall Street dips on mortgage worries October 14, 2010 BANKS led US stocks lower yesterday as investors fretted a widening foreclosure crisis could undermine the market’s strength over the last five weeks. The S&P 500 has rallied 11.9 per cent since 1 September and volume has picked up from anaemic levels. But the rally could weaken as an index of bank stocks fell nearly [...]
Clinton in slim profit rise but tough times ahead October 14, 2010 CLINTON Cards posted a three per cent rise in full-year adjusted pre-tax profit helped by its namesake brand, but remained cautious about weak consumer spending due to frail economic environment. In the 10 weeks of the new financial year, same-store sales at its Clinton brand fell 3.9 per cent. Total group like-for-like sales declined 2.9 [...]
