Reuters: Hot Stocks: UPDATE 2-U.S. Supreme Court to decide if human genes patentable

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UPDATE 2-U.S. Supreme Court to decide if human genes patentable Nov 30th 2012, 22:21 Fri Nov 30, 2012 4:07pm EST * Myriad Genetics sought to patent genes linked to cancer * Decision expected by end of June * Myriad shares close down 3.8 percent (Adds background, details, share movement) By Jonathan Stempel Nov 30 (Reuters) - The U.S. Supreme Court on Friday agreed to decide whether human genes can be patented, a hotly contested issue with broad consequences for the future of gene-based medicine. The nation's highest court agreed to review a case over whether Myriad Genetics Inc may patent two genes linked to hereditary breast and ovarian cancer. In a 2-1 ruling on Aug. 16, a panel of the U.S. Federal Circuit Court of Appeals in Washington, D.C., upheld the biotechnology company's right to patent "isolated" genes that account for most inherited forms of the two cancers. But that ruling also denied Myriad's effort to patent methods of "comparing" or "analyzing" DNA sequences. Shares of Myriad fell as much as 9 percent after the top court agreed to hear the case, but pared their losses to close Friday down 3.8 percent at $28.72 on the Nasdaq. The Federal Circuit had ruled in Myriad's favor in July 2011, but that ruling was set aside by the Supreme Court, which asked it to revisit the case in light of later developments. The genes in question, BRCA1 and BRCA2, can be used to detect risk of breast and ovarian cancer and aid in treatment options. Women who test positive using Myriad's gene test, BRACAnalysis, have an 82 percent higher risk of breast cancer and 44 percent higher risk of ovarian cancer in their lifetimes. The appeal against Myriad and the University of Utah Research Foundation was being pursued by a variety of medical associations led by the Association for Molecular Pathology. They contended that Myriad's patents are illegal, prohibit standard clinical testing of the BRCA1 and BRCA2 genes, and restrict scientific research and patients' access to medical care, including their own genetic information. A decision by the Supreme Court is expected by the end of June. The case is Association for Molecular Pathology et al v. Myriad Genetics Inc et al, U.S. Supreme Court, No. 12-398. (Reporting by Jonathan Stempel in New York; Editing by Kevin Drawbaugh, Carol Bishopric and Tim Dobbyn) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: Yum's shares tumble after China sales warning

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Yum's shares tumble after China sales warning Nov 30th 2012, 17:33 By Lisa Baertlein LOS ANGELES | Fri Nov 30, 2012 12:33pm EST LOS ANGELES Nov 30 (Reuters) - Shares of Yum Brands Inc tumbled 9.5 percent on Friday after the parent of the KFC, Pizza Hut and Taco Bell chains warned that sales at established restaurants in China, the company's biggest market, would fall in the fourth quarter. The company, which got more than half its third-quarter revenue and operating profit from China, now expects sales at restaurants open a least one year to fall 4 percent this quarter. Analysts were expecting a gain of around 2.5 percent and Yum previously had forecast sales to be flat to up in the low single-digit percentages. The sales surprise from Yum, the largest Western restaurant operator in the China, landed as economic growth in that country cools. It prompted some Wall Street analysts to downgrade shares of the company, which once seemed insulated from China's economic woes. Some analysts expect visits to Yum's roughly 4,800 China restaurants to drop sharply in the fourth quarter. "Traffic appears to have fallen 9 percent," Susquehanna analyst Rachael Rothman said in a client note in which she downgraded Yum shares to "neutral" from "positive" and cut her stock price target to $69 from $76. Yum faces the daunting task of posting growth on top of the 21 percent same-restaurant sales gain from the fourth quarter of last year. "Value oriented competition" in China also appears to be taking a toll, Rothman said. J.P. Morgan analyst John Ivankoe said China slowed "significantly" following the Golden Week holiday in early October. That trend appeared to continue into November, affecting all regions and times of day, he said. "The slowdown has clearly weighed on the business and competition, but indications seem to be that things aren't getting worse," Ivankoe said in a client note. The slowdown also appears to have hit Yum rivals such as McDonald's Corp, Ajisen (China) Holdings, and Hop Hing Group Holdings Ltd, said Phoebe Tse, a Hong Kong-based analyst with Barclays. Ajisen is a Japanese-style noodle chain, while Hop Hing's fast food unit has the franchise licenses for the Yoshinoya beef bowl and Dairy Queen ice cream shops in northern China. Tse said the deceleration has been "quite apparent" in some of China's major cities, which include Shanghai, Beijing and Guangzhou. Yum has broad geographic reach in China, where a growing middle class is attracted to Western brands. While China remains the world's fastest-growing major economy, American companies ranging from jeweler Tiffany & Co to blue jeans seller Levi Strauss & Co previously have signaled a slowdown there. Shares of Yum, which hit a high of $74.74 on Nov. 29, were down $7.06 at $67.41 in midday trading on the New York Stock Exchange. (Additional reporting by Melissa Lee in Shanghai; Editing by Steve Orlofsky) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: UPDATE 3-Generic drugmaker Teva plans sweeping reorganization

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UPDATE 3-Generic drugmaker Teva plans sweeping reorganization Nov 30th 2012, 17:32 Fri Nov 30, 2012 12:32pm EST * To streamline operations, cut costs, boost profitability * 2013 sales and earnings forecast below Street view * To outline its plans in detail on Dec. 11 * Shares up 0.7 pct in New York (Adds details of sales figures, outlook, updates stock price) By Toni Clarke Nov 30 (Reuters) - Teva Pharmaceutical Industries Ltd , the world's biggest maker of generic drugs, announced an ambitious plan on Friday to reshape the company as it faces increased competition for its top-selling multiple sclerosis drug Copaxone. The Israeli-based company said it plans to streamline operations, cut costs and make targeted acquisitions to improve profitability. It will discontinue certain research programs and integrate functions ranging from ordering to inventory control. Teva said profit excluding some items will be between $4.85 and $5.15 a share in 2013, while revenue will be $19.5 billion to $20.5 billion. Analysts were on average forecasting earnings of $5.71 a share and revenue of $20.85 billion, according to Thomson Reuters I/B/E/S. Teva will outline its plans in detail at an investor day on Dec. 11. In the meantime, it is predicting sales of Copaxone will fall somewhat in 2013 as it faces competition from new drugs for multiple sclerosis. A new drug that is expected to be approved shortly from Biogen Idec Inc, BG-12, is expected to pose particularly strong competition. The reshaping of Teva is being driven by its new chief executive, Jeremy Levin, a former senior executive at Bristol-Myers Squibb, who says he wants to make the company more transparent and responsive to shareholders. "Teva will look like a very different company going forward," he told analysts on a conference call. As part of its reorganization, Teva plans to cut $1.5 billion to $2 billion in costs, with most of those savings occurring over the next three years and the rest over the following two years. The savings will come from every aspect of its business, Teva said, including the way it procures raw materials, the amount of real estate it owns, and how it invests in information technology. "Most had anticipated below-consensus guidance and while clearly the magnitude will surprise, we actually think the lowered bar will be welcome when the dust settles today relative to the stock reaction," said Randall Stanicky, an analyst at Canaccord Genuity. Teva's shares were up 0.7 percent at $40.52 in midday trading on the New York Stock Exchange. Teva expects revenue from its generic drugs of $10.3 billion to $10.7 billion in 2013, and sales of branded medications of $7.6 billion to $8 billion. The company expects sales of Copaxone to range between $3.7 billion and $3.9 billion. The company said it could not predict with accuracy the extent of the drug's potential sales decline until the trajectory of BG-12's launch becomes clearer. It said it continues to believe Copaxone will remain a strong player in the market. That drug currently accounts for about 20 percent of Teva's total sales. The company said sales of branded products will be hurt somewhat by the launch of multiple generic versions of Provigil, a sleep disorder drug the company acquired with its $6.5 billion purchase of Cephalon Inc. On the other hand, Teva expects growth in other branded products, including women's health. Teva has grown historically through acquisitions, some substantial such as the Cephalon deal. But Levin said that going forward, Teva plans to make targeted acquisitions in its core areas of expertise, such as central nervous system disorders. Levin said Teva is determined to be more transparent with Wall Street and says there are "different levers" the company can pull to return value to shareholders, including potentially increasing stock buybacks and allocating cash more efficiently. "Our intent is to divest businesses that don't have the margins we want and at the same time build businesses with margins that we want to have," he said. That means continuing to invest in treatments for multiple sclerosis and other central nervous system disorders. (Reporting by Toni Clarke in Boston; additional reporting by Esha Dey in Bangalore; editing by John Wallace and Matthew Lewis) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: Britain's FTSE stalls at 6-week high at month-end

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Britain's FTSE stalls at 6-week high at month-end Nov 30th 2012, 17:49 Fri Nov 30, 2012 12:49pm EST * FTSE 100 closes down 0.1 percent after late sell-off * Profit-taking in miners sees earlier gains reversed * Banks higher; UBS sees modest sector upside * Blue chips still post sixth consecutive monthly gain By Jon Hopkins LONDON, Nov 30 (Reuters) - Britain's top share index was modestly lower on Friday, volatile on the last day of the month, mirroring its November performance as U.S. budget concerns dominated. The FTSE 100 closed down 3.48 points, or 0.1 percent at 5,866.82, dropping back late on after hitting a 6-week high above the 5,900 level earlier in the session. Profit-taking in heavyweight mining stocks after recent strong gains was the main factor dragging the UK blue chips lower late on. "This is the season to be jolly (almost) and markets are likely to continue to climb this 'wall of worry' for a while yet. But I have to wonder if they will enjoy the view once they reach the top - or decide it really wasn't worth the effort and climb straight back down again," said Mike Ingram, market analyst at BGC Brokers. The UK blue-chip index still ended 1.5 percent higher for November, notching up a sixth consecutive monthly gain, albeit having swung through a near 200-point range during the month. Index provider FTSE said the last time the index rose consecutively for 6 months or more, was over the 6 months to November 2005. The index hit a low of 5,605 on Nov.16 after U.S. election results raised concerns about an impending "fiscal cliff". This is a combination of U.S. government spending cuts and tax rises due to be implemented under existing law in early 2013 that may tip the economy back into recession. The FTSE 100 tracked falls on Wall Street on Friday, with U.S. blue chips down 0.2 percent by London's close, awaiting more news on talks to close the budget gap. On Thursday, the leading Republican politician, House of Representatives Speaker John Boehner, said there had been no substantive progress in talks with the White House, dampening hopes for an early deal less than 24 hours after he had said he was "optimistic" about reaching a pact. "November has been a funny old month. It had volatility, that sharp move to the downside after the U.S. election. But there are clearly signs for investors that politicians are working hard on the U.S. cliff, and hopefully they will try and prevent any hard landings in the U.S. economy," Angus Campbell, market strategist at Capital Spreads said. Banks led the advance by UK blue chips after recovering from early falls, with Barclays rallying 0.6 percent higher, supported by a target price hike from UBS. The broker stayed "neutral" on the sector, however, saying that while tail risk is reducing around the UK banks, with capital positions robust, the recent performance by their stocks leaves upside modest. Royal Bank of Scotland missed out on the sector gains, with the part-state-owned lender shedding 1.3 percent as the Daily Telegraph reported that it could be forced to explore the sale of core businesses after the Bank of England increased the pressure on lenders to raise new capital. Separately, the bank said the sale of its Indian retail and commercial banking operations would not proceed. Among other blue-chip fallers, Kingfisher extended its declines after disappointing Q3 results on Thursday, down 0.4 percent as UBS cut its rating to "neutral" from "buy". But positive broker comment fuelled gains in testing firm Intertek, up 1.0 percent after Berenberg raised its rating to "buy" from "hold" in a UK support services review. Outsourcing firms Babcock and Capita were also in demand, ahead 1.2 percent and 0.3 percent respectively, as Berenberg started coverage on both with "buy" ratings. "Things are still looking quite optimistic and we are expecting a continuation of the trend seen in the past few weeks, leading to a festive rally," Capital Spreads' Campbell said. (Editing by Stephen Nisbet) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: UPDATE 1-Exane sells shares in property group Gecina -sources

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UPDATE 1-Exane sells shares in property group Gecina -sources Nov 30th 2012, 15:19 Fri Nov 30, 2012 10:19am EST PARIS Nov 30 (Reuters) - Exane BNP Paribas has sold 1.5 percent of French property group Gecina at 84.29 euros per share for a total of about 72 million euros ($93.44 million) on behalf of Spain's Grupo Prasa, market sources said on Friday. Gecina has been under the spotlight since two Spanish investment companies - Alteco and MAG Import - that own 31 percent of the French real estate group, filed for bankruptcy in October. Its shares were more than three percent lower at 1504 GMT. They have climbed about 13 percent since mid-October on expectations of a buyer for the Spanish companies' stake. Earlier this month, French business daily Les Echos reported that private equity company Blackstone could take a stake in Gecina. ($1 = 0.7705 euros) ($1 = 0.7705 euros) (Reporting by Alexandre Boksenbaum-Granier and Raoul Sachs; Editing by Lionel Laurent and Jane Merriman)

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Reuters: Hot Stocks: W.Africa bourse pushes for tie-up with neighbours

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W.Africa bourse pushes for tie-up with neighbours Nov 30th 2012, 16:05 ABIDJAN | Fri Nov 30, 2012 11:05am EST ABIDJAN Nov 30 (Reuters) - West Africa's BRVM Bourse will extend trading hours and encourage smaller firms to list as part of a drive to improve its performance and promote a tie-up with neighbouring exchanges, its new director said on Friday. The Ivory Coast-based bourse began trading in 1998 and lists nearly 40 companies mainly from French-speaking West Africa, but has been overshadowed by more dynamic stock exchanges in Anglophone Ghana and Nigeria. The three markets have been working for several years to integrate their exchanges, though no timetable has yet been set for the fusion. "The BRVM will participate actively in the integration of the three stock markets," Edoh Kossi Amenounve, who was named the bourse's new director on Oct. 1, told Reuters in an interview. Amenounve plans to implement a six-hour trading day - the BRVM is currently open from 9 to 10.45 AM local time - and expand the number of traded companies. In particular, he plans to set up a second-tier exchange to encourage listings from small and medium-sized enterprises across the West African Economic and Monetary Union - an eight nation group of mainly French speaking countries which uses the CFA franc as its currency. Amenounve said he would also push for some listed companies to improve the availability of their shares by splitting their stock into cheaper chunks, as Senegalese telecoms company Sonatel's did on Nov. 23. Sonatel, whose share price had risen beyond the range of many investors, conducted a 10-for-1 stock split to 14,000 CFA last Friday. Stock splits have been historically rare on the West African exchange. Several banks from the CFA franc zone plan to join the exchange in the coming year, Amenounve said, though he declined to name them, and several companies already listed plan to increase their capital. Turnover from October 2011 to October 2012 was 123.5 billion CFA francs ($244.3 million), up from 54.1 billion the previous year when a post-election crisis disrupted economic activity in Ivory Coast, the region's largest economy. ($1 = 505.4180 CFA francs) (Reporting by Loucoumane Coulibaly; Editing by Joe Bavier and Mark Potter) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: SandRidge investor again calls for possible sale, board revamp

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SandRidge investor again calls for possible sale, board revamp Nov 30th 2012, 15:46 Fri Nov 30, 2012 10:46am EST Nov 30 (Reuters) - A large investor in SandRidge Energy Inc is again calling for the oil and gas company to consider selling itself or significantly restructuring operations to boost the stock price. Hedge fund TPG-Axon, which said it owns 6.5 percent of SandRidge shares, sent a second letter to SandRidge on Friday outlining a plan to ask SandRidge shareholders to replace the entire board and de-stagger the board's composition. Shares of SandRidge rose 1.6 percent to $5.76 in Friday morning trading. (Reporting By Ernest Scheyder; Editing by Gerald E. McCormick)

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Reuters: Hot Stocks: UPDATE 2-Metro sells hypermarkets to Auchan in drive to cut debt

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UPDATE 2-Metro sells hypermarkets to Auchan in drive to cut debt Nov 30th 2012, 16:33 Fri Nov 30, 2012 11:33am EST * Sells Real ops in 4 countries to French rival * Deal worth 1.1 bln eur in equity and debt * Metro says reduces debt by 1.5 bln eur * Auchan doubles presence in central, eastern Europe * Metro shares rise 0.5 percent (Adds comments from Metro, Auchan execs, analyst) By Victoria Bryan FRANKFURT, Nov 30 (Reuters) - German retailer Metro AG is selling its Real hypermarkets in eastern Europe to French rival Auchan in a 1.1 billion euro ($1.4 billion) deal to cut debt and focus on expanding its cash and carry and consumer electronics stores. Auchan, controlled by the Mulliez family, one of France's wealthiest, said the deal would double its store presence in central and eastern Europe, a key area for development. Metro has long wanted to sell its Real hypermarkets with their low food margins and is under pressure to raise cash after a profit warning in October prompted ratings downgrades by Moody's and Standard & Poor's. "Our clear aim is to improve our rating. Downgrades are not something that we are happy to live with," Chief Executive Olaf Koch told journalists on Friday, dismissing the idea of a special dividend with the proceeds. The deal will allow Metro to cut net debt by 1.5 billion euros. It will be released from a 900 million euro debt burden stemming from long-term rental contracts and receive 600 million cash. Metro's net debt stood at 7.7 billion euros at the end of September according to its balance sheet. But net debt according to rating agencies' criteria, which includes items such as leases, stood at 13.2 billion. It said the transaction would boost earnings before interest and tax (EBIT) by 40-50 million euros, which would show up in the 2013 results, when it expects the deal will be completed following antitrust approval. This year's results, however, will take a hit of 60-90 million euros, as it transfers stores and employees. Metro, which was demoted from the index of leading German shares in September, is also battling an uncertain spending environment in its home market. Despite consumer confidence remaining solid, shoppers do not seem keen to spend and October retail sales in Germany fell more than expected. Koch said the group was not unhappy with how the crucial Christmas trading period was looking, although southern Europe remained tough. Metro's cash and carry and consumer electronics divisions are the group's biggest and most profitable. The former unit made sales of 31 billion euros in 2011 while the latter made 21 billion. Group sales in total were 66.7 billion in the same period. GOOD PRICE The Auchan deal has a enterprise value-to-sales multiple of 0.4. That compares with 0.63 for French rival Carrefour's sale of its Malaysian operations and 1.33 for Carrefour's sale of its Colombian operations, deemed a hefty price. Analysts said Metro had secured a good price and welcomed the sale particularly after it had to scrap plans in early 2012 to sell its Kaufhof department stores, the smallest part of its business, when it failed to find a buyer. "(The) merits of the deal are clearly positive and the total consideration of 1.1 billion euros is good as well," Commerzbank analyst Juergen Elfers wrote in a note. Auchan is buying 91 Real hypermarkets in Poland, Russia, Romania and Ukraine. Real has sales of over 2.6 billion euros in those four countries and employs around 20,000 people. Auchan, the world's twelfth largest retailer, has 98 hypermarkets with more than 65,000 employees in those countries. The acquisition is its largest since it bought Docks de France in 1996. It will finance the deal with existing credit lines but is not ruling out a bond issue, said Philippe Baroukh, CEO of Auchan hypermarkets. The deal does not include the Real businesses in Germany or Turkey. Auchan is not active in Turkey and so was not interested in those stores. Metro's management sees good growth potential for hypermarkets in Turkey and decided to keep them, Koch said, although other parties had been interested in a deal. A source close to the transaction cited Sabanci, Tesco and Koc as being interested. Asked about the hypermarkets that Carrefour is expected to sell in Turkey, he responded: "We are certainly not a buyer when it comes to international hypermarket operations." Shares in Metro were down 0.5 percent at 21.5 euros at 1630 GMT, compared with a flat retail sector. Metro was advised by Goldman Sachs and JP Morgan, Auchan by BNP Paribas. ($1 = 0.7705 euros) (Reporting by Victoria Bryan, Matthias Inverardi and Dominique Vidalon; additional reporting by Arno Schuetze; Editing by Helen Massy-Beresford) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: UPDATE 1-SandRidge investor seeks board revamp, possible sale

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UPDATE 1-SandRidge investor seeks board revamp, possible sale Nov 30th 2012, 16:28 Fri Nov 30, 2012 11:28am EST Nov 30 (Reuters) - A large investor in SandRidge Energy Inc is soliciting support from other shareholders to replace the company's board of directors, citing poor management of the U.S. oil and gas company. Hedge fund TPG-Axon, which said it owns 6.5 percent of SandRidge shares, also repeated its call for the company to consider an outright sale. A sale is "the most realistic path to restoring the shareholder value that has been destroyed," the hedge fund said in a letter to SandRidge's board on Friday. Earlier this month, TPG-Axon sent a letter to SandRidge that urged Chief Executive Tom Ward to step down and called on the board to consider a sale. Mount Kellett Capital Management, which owns about 4.5 percent of the company, has also urged the ouster of Ward. TPG-Axon will also seek support from other shareholders to destagger the terms of SandRidge's board of directors, it said. Shares of SandRidge rose 5 cents to $5.72 in Friday morning trading. (Reporting by Anna Driver and Ernest Scheyder; Editing by Gerald E. McCormick and Jeffrey Benkoe)

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Reuters: Hot Stocks: Britain's FTSE eyes 6-week high at month-end

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Britain's FTSE eyes 6-week high at month-end Nov 30th 2012, 12:50 Fri Nov 30, 2012 7:50am EST * FTSE 100 up 0.2 percent, set for 1.0 pct weekly gain * Blue chip index eyeing 6-week closing peak * Banks edge higher; UBS sees modest sector upside * Support services stocks helped by Berenberg note By Jon Hopkins LONDON, Nov 30 (Reuters) - Britain's leading shares pushed higher on Friday, extending recent gains as the index looked to end a volatile November at its highest levels for six weeks. Even with the UK blue chip index having swung through a near 200-point range during the month, commentators were fairly sanguine on the prospects for December. "The UK market is ending the month on a very firm note trading close to the highs of the year and not far from a 4 year peak," Lex van Dam, hedge fund manager at Hampstead Capital, which manages around $500 million of assets said. "From a technical perspective we are looking very healthy, having tested the downside earlier this month and bounced back, with further gains likely. Fundamentals however, in the form of company earnings, do not confirm this," van Dam added. At 1221 GMT, the FTSE 100 was up 12.59 points, or 0.2 percent at 5,882.59, near its closing peak for the month of 5,884.90 recorded on Nov.6, with a 6-week high of 5,896 eyed, having jumped 1.2 percent on Thursday. After recording its best weekly performance of the year last week, with a 3.8 percent jump, the UK blue chip index was up a more modest 1.0 percent over this week's five sessions, having only fallen back on Monday, and was on course to post a monthly gain of 1.7 percent, its sixth consecutive month of gains. Thursday's strong gains were triggered by optimism about a U.S. budget deal to avert planned tax rises and austerity measures from January which could push the world's biggest economy into recession. However, having initially sparked that optimism, U.S. House of Representatives Speaker John Boehner then poured cold water on those hopes after the European market close on Thursday, with negotiations between Congress and the U.S. President continuing. "This game of brinkmanship played in Washington dents the possibilities of a Santa Rally to end the year," Ishaq Sidiqi, market strategist at ETX Capital said. Banks led the UK blue chips advance, recovering from earlier falls bolstered by a 1.1 percent gain by global heavyweight HSBC, with Barclays rallying 0.9 percent helped by a hike in target price from UBS. The broker stayed "neutral" on the sector, however, saying that while tail risk is reducing around the UK banks, with capital positions robust, the recent performance by their stocks leaves upside modest. Falls by Royal Bank of Scotland weighed as well, with the part-state-owned lender shedding 1.2 percent as the Daily Telegraph reported that it could be forced to explore the sale of core businesses after the Bank of England increased the pressure on lenders to raise new capital. Separately, the bank said the sale of its Indian Retail & Commercial banking operations would not proceed. Among other blue chip fallers, Kingfisher extended its declines after disappointing Q3 results on Thursday, down 0.4 percent as UBS cut its rating for Europe's biggest DIY retailer to "neutral" from "buy". But positive broker comment fueled gains in testing and inspection firm Intertek, up 1.4 percent after Berenberg Bank raised its recommendation to "buy" from "hold" in a UK support services review. Outsourcing firm Capita was also in demand, ahead 1.6 percent, as Berenberg started coverage on the stock with a "buy" rating in that review. (Reporting by Jon Hopkins) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: International Ferro expects first-half loss on lower 2nd-qtr output

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International Ferro expects first-half loss on lower 2nd-qtr output Nov 30th 2012, 11:23 Fri Nov 30, 2012 6:23am EST Nov 30 (Reuters) - Ferrochrome producer International Ferro Metals Ltd said it expected to report a loss for the first half, hurt by lower production in the second quarter and weak prices, sending its shares down as much as 22 percent. The company, which has operations in South Africa, said it expected the production of ferrochrome, an essential ingredient in stainless steel, to be about 15 percent lower in the second quarter than in the first quarter due to recurring electrode breaks at two furnaces. Production in the first quarter was about 58,000 tonnes. However, the furnaces had been stabilised and were now operating at full load, the Australia-based company said. International Ferro also said it realised lower-than-anticipated prices due to softness in the global ferrochrome market. Shares in the company were down about 19 percent at 11 pence at 1116 GMT on the London Stock Exchange. They touched a four-year low of 10.5 pence earlier. (Reporting by Karen Rebelo in Bangalore; Editing by Maju Samuel) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: UK's FTSE pauses near recent resistance levels

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UK's FTSE pauses near recent resistance levels Nov 30th 2012, 09:16 Fri Nov 30, 2012 4:16am EST * FTSE100 flat * Blue chip nearing resistance at 5,930 * Banks edge lower, UBS cites modest upside * Intertek rises on Berenberg upgrade By David Brett LONDON, Nov 30 (Reuters) - Britain's top shares eased on Friday after the previous session's bumper gains dragged the blue chip index close to recent highs which have proved a major resistance level. By 0856 GMT, the FTSE 100 was down 0.06 of a point at 5,870.24, having scaled three-week peaks on Thursday. The index faces tough resistance around the 5,920-5,930 area, which it has tried and failed to break three times in as many months. "The FTSE is in a position to challenge recent tops at 5,921.80 and 5,928.30," Autochartist analyst James Hyerczyk said in a note. "A sustained move through these prices should trigger an acceleration to the upside with key level resistance likely to be tested at 5,972.80." Thursday's gains were triggered by optimism about a U.S. budget deal to avert a recession in the world's biggest economy, although House of Representatives Speaker John Boehner poured cold water on those hopes after the European market close. "A decisive plan is unlikely by the end of the year but we are not being swayed by the various toing and froing," Guy Foster, head of strategy at Brewin Dolphin, said. "Nobody wants to seen as not being conciliatory but the reality behind the closed doors is that both parties have their own positions to push," he said, adding he has been tinkering with the portfolio but remains modestly positive. The FTSE 100 has rallied 5 percent in the last nine days on growing expectations that a deal might be struck. But Friday, the last trading day of the month, saw a modest bout of profit-taking, with UK banks - the top index performer in recent months - edging lower. UBS said while tail risk is reducing around the UK banking sector with capital positions robust, the stocks' recent performance leaves upside modest. Barclays and Lloyds each fell 0.5 percent, having gained up to 40 percent in the last three-months. Royal Bank of Scotland shed 1.6 percent as the Daily Telegraph reported the UK lender could be forced to explore the sale of core businesses after the Bank of England increased the pressure on lenders to raise new capital. Separately, the bank announced the sale of its Indian Retail & Commercial banking operations would not be proceeding. A UBS downgrade weighed on Kingfisher, which shed 1.5 percent as the investment bank cut its rating on the retailer to "neutral" from "buy" after the firm reported a fall in profit on Thursday. While on the upside, Intertek gained 1.6 percent after Berenberg Bank raised its recommendation on the British testing company to "buy" from "hold". (Editing by Catherine Evans) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: FTSE 100 edges lower, daunted by technical resistance

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FTSE 100 edges lower, daunted by technical resistance Nov 30th 2012, 08:11 LONDON | Fri Nov 30, 2012 3:11am EST LONDON Nov 30 (Reuters) - Britain's top shares eased back on Friday after the previous session's bumper gains dragged the index close to recent highs, which have proved a major resistance level for the blue chip index. By 0807 GMT, the FTSE 100 was down 8.22 points, or 0.1 percent at 5,862.08, having scaled three-week highs on Thursday. The index faces tough resistance around the 5,920-5,930 area, which it has tried and failed to break three times in as many months. "The FTSE is in a position to challenge recent tops at 5921.80 and 5928.30," James Hyerczyk, Analyst at Autochartist, said in a note. "A sustained move through these prices should trigger an acceleration to the upside with key level resistance likely to be tested at 5972.80," he said. Thursday's sharp gains were triggered growing hopes of achieving a U.S. budget deal to avoid recession in the world's biggest economy, but the House of Representatives Speaker John Boehner poured cold water on investors' optimism after the European market close. (Written by David Brett; Editing by Toni Vorobyova) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: UPDATE 2-Strabag warns on profit as Poland weighs

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UPDATE 2-Strabag warns on profit as Poland weighs Nov 30th 2012, 09:01 Fri Nov 30, 2012 4:01am EST * Q3 EBIT down 12 pct to 168 mln euros, misses expectations * 2012 target for 200 mln euros EBIT now "ambitious" * Shares down 1.8 percent (Adds details, background, shares) VIENNA, Nov 30 (Reuters) - Strabag said its full-year operating profit target, which the Austrian construction group cut in July, was "extraordinarily ambitious" because Polish clients were being slow in paying bills. Emerging Europe's biggest builder reported a 12 percent drop in quarterly operating earnings, saying on Friday it was struggling to get paid for large projects completed during a construction boom in Poland that has now ended. "In Poland, business is being hindered by price battles, delays involving the acceptance of unforeseen additional costs by public-sector clients, and the risk of insolvent subcontractors," Strabag said. Chief executive Hans Peter Haselsteiner said while he was committed to keeping 2012 output stable, "we believe the forecasted goal of earnings before interest and taxes of about 200 million euros ($260 million) to be extraordinarily ambitious". Earnings before interest and tax (EBIT) fell to 168 million euros in the third quarter, compared with an average forecast for 184 million in a Reuters poll. That led to nine-month EBIT of 1.7 million euros.. Output fell 2 percent to 4.07 billion euros, in line with expectations, but sales fell 5 percent to a worse-than-expected 3.59 billion as trade receivables rose a quarter to 3.23 billion. "Strabag does not expect larger contract awards from the public sector until the turn of the year 2013/2014," it said. Poland, where Strabag is the market leader, accounted for 12 percent of the company's output last year. Dozens of Polish construction firms have run into trouble after a business bonanza ahead of the Euro 2012 soccer tournament turned sour, leaving builders deeply in debt. Poland's two largest listed builders - PBG and Polimex - posted big first-half losses. In Germany, Strabag's biggest market, output rose and the company won contracts including a 700 million euro project to build 15 colleges in Hamburg over 30 years, helping lift total order backlog 4 percent to 14.6 billion euros. In its home market, Strabag said there was a stable positive trend in orders. "Several projects will be tendered in Austria and Germany in the short to medium term, but the prices in the home markets are in part at a ruinously low level," it said. Strabag were down 1.8 percent by 0900 GMT, underperforming a 0.3 percent higher European construction index. ($1 = 0.7705 euro) (Reporting by Georgina Prodhan; Editing by Dan Lalor) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: Australia shares rally, reaching a fresh 3-week high

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Australia shares rally, reaching a fresh 3-week high Nov 30th 2012, 06:25 SYDNEY | Fri Nov 30, 2012 1:25am EST SYDNEY Nov 30 (Reuters) - Australian shares rallied 0.6 percent on Friday to reach a fresh three-week high, bolstered by shares in miners and banks as firmer metals prices and a stronger close on Wall St helped the local market break above the 4,500 level. Bellwether miner BHP Billiton Ltd added 0.5 percent. The mining giant said it was succession planning after reports the world's biggest miner was preparing for changes at the top. Rio Tinto Ltd jumped 2.8 percent. Banks gains were headed by Westpac Banking Corp rising 1.1 percent. "It just seems like one of those risk-on days where investors just pile onto stocks that they think will give them the most value," said Stan Shamu, market strategist at IG Markets. The benchmark S&P/ASX 200 index was 28.3 points higher at 4,506.0. The benchmark rose 2.1 percent for the week, the largest weekly rise since the beginning of October. Local financial markets start next week with a run of economic indicators including the Australian Industry Group's November performance of manufacturing index, last month's internet and newspaper job advertising levels, October retail trade, and September balance of payments - all of which will feed into the Reserve Bank of Australia's monetary policy meeting on Tuesday where it is expected to cut its cash rate 25 basis points to 3 percent. Weekend economic data from the Asian region may also influence Australian shares next week. "The Australian sharemarket ended the week in style with banks and resource stocks making the best of the conditions," said Tim Waterer, senior trader at CMC Markets. "Chinese PMI data on the weekend may impact how the Australian market shapes up in the early part of next week." A Reuters poll shows China's factory activity in November probably expanded at its fastest pace in seven months, the latest evidence a recovery in the vast manufacturing sector was gathering momentum. Energy stocks also made gains, Santos jumped 1.9 percent while Woodside Petroleum rose 0.6 percent. Lynas Corp plunged 5.2 percent after the Australian rare earths producer said it started operations at its long-delayed $800 million Malaysia processing plant on Friday, only to learn the Malaysian high court will hear an application on Feb. 5 next year for a judicial review of bids to permanently block the controversial rare-earths plant. New Zealand's Fonterra, the world's largest dairy exporter, debuted its investment fund at nearly a 22 percent premium. Shares in the new fund opened at NZ$6.66 from the issue price of NZ$5.50, having raised NZ$525 million ($430 million) to bolster its balance sheet and fund expansion plans. It last traded at NZ$6.85. New Zealand's benchmark NZX 50 index rallied 0.8 percent or 33.3 points to 4,050.1. (Reporting by Thuy Ong; Editing by Eric Meijer) Link this Share this Digg this Email Reprints

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Reuters: Hot Stocks: Australia shares rally, posts highest weekly gain in six weeks

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Australia shares rally, posts highest weekly gain in six weeks Nov 30th 2012, 05:34 SYDNEY | Fri Nov 30, 2012 12:34am EST SYDNEY Nov 30 (Reuters) - Australian shares rallied 0.6 percent on Friday to reach a fresh three-week high, bolstered by shares in mining and banks as firmer metals prices and a higher finish on Wall St helped the local market break above the 4,500 level. Global miner Rio Tinto Ltd jumped 2.8 percent, while rival BHP Billiton Ltd added 0.5 percent. Banks were strong, headed by Westpac Banking Corp with a 1.1 percent gain. The benchmark S&P/ASX 200 index was 28.3 points higher at 4,506.0, according to latest data. The benchmark rose 2.1 percent for the week, the largest weekly rise since the beginning of October. New Zealand's benchmark NZX 50 index posted gains of 0.8 percent or 33.3 points to 4,050.1. (Reporting by Thuy Ong; Editing by Richard Pullin)

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