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CFD Traders DiaryA busy day for news as two way action continues21/2/2008 The benefits of CFDs are clear for all to see at the moment as there has been plenty for the longs and shorts all week. After yesterday's big opening fall at Alliance & Leicester, there was a big mark up at Reed Elsevier after it said it was targeting cost savings of £245m over 2008 to 2011. Of more interest though was some M&A activity with the purchase of US insurance data firm Choicepoint for £2.1bn in cash and plans to divest its trade magazine business as part of a major restructuring programme. Traders liked the strategy and the shares were up 4% mid-morning, so if this holds, it turns the trend bullish here for the first time in two months. A&L was in fact today's worst performer after yesterday's figures, with a string of brokers lowering their price targets for the stock, but it could be argued that the worst may now be over for the shares, and if we see a retest of yesterday's low point around 430p, longer term buyers might just wish to have a nibble.
Elsewhere, Kingfisher reported a 5.1% fall in Q4 retail sales but the shares edged up after it said it expected underlying pre-tax profits for the full year to be in line with expectations. BAe Systems was a good market after it said it performed well in 2007 as it saw all four of its business sectors deliver growth helping profits come in line with expectations. Another share to watch is Scottish & Newcastle, which is down after it emerged after the close yesterday that SABMiller has ended weeks of secret talks with the brewer. This is one perhaps for the arbitrageurs if there is any further weakness. |
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