Euro stocks continue to drag into the afternoon

European stocks continue to drag into the afternoon ahead of the Federal Reserve economic outlook survey later this evening. The Fed will publish its Beige Book economic survey later today which could give investors clues on how soon the central bank will taper its quantitative easing program.

 

Data from the UK showed a jump in Services PMI to more than a six-year high, challenging the bank of England’s cautious outlook for the economy a day before the monetary policy meeting tomorrow.

 

Crude traded lower today as the US debated a military strike on Syria whilst interventions from Russia clouded the prospects for an attack. US futures are indicating a fairly flat to lower open as discussion on an attack against Syria intensified and an attack could be several days away. 

Risers

Johnson Matthey
Equities research analysts at JPMorgan Chase & Co. increased their price target on shares of Johnson Matthey from $40.29 to $43.38 in a research note issued to investors today. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.’s target price would indicate a potential downside of 4.01% from the company’s current price.

Kenmare Resources
Kenmare Resources was upgraded by research analysts at Goldman Sachs Group Inc. to a “conviction-buy” rating in a report released today. The firm currently has a $0.62 target price on the stock. Goldman Sachs Group Inc.’s price target points to a potential upside of 47.06% from the stock’s previous close.

Dixons
Investment analysts at Citigroup Inc. raised their target price on shares of Dixons Retail from $0.77 to $0.82 in a note issued to investors today. The firm currently has a “buy” rating on the stock. Citigroup Inc.’s target price indicates a potential upside of 19.96% from the company’s current price.

Rare Earth Minerals
Rare Earth Minerals and Bacanora Mineral, its partner, have added almost 60% more acreage to their Fleur-El Sauz lithium deposit in northern Mexico. The partnership now has mineral rights over approximately 5,325 hectares in the region compared to 3,305 hectares previously. Rare Earth added it also intends raise its stake in the joint venture from 10% to 30%. It has a right of refusal to increase this further to 49.9%.

Bullabulling Gold Limited
Bullabulling Gold has started a 12-hole, 1,600-metre drilling programme at the Gibraltar project. Gibraltar is situated approximately six kilometres south-east of the proposed plant site at the company's Bullabulling gold project and is being evaluated as a potential satellite feed source to supplement Bullabulling production.

Fallers

Easyjet
A warning from Ryanair that it could miss its full year profit forecast hit shares both in the Dublin based budget airline and its FTSE 100 competitor Easyjet.

Standard Life
Edinburgh-based Standard Life Investments (SLI) and Legal & General Investments Management have hired top legal counsel to weigh up whether they were misled by RBS in its drive to raise cash from shareholders. The two are understood to have called in international corporate litigation firm Quinn Emanuel. The development is seen as strengthening the case set out in two major lawsuits already launched against RBS and its former management, by angry institutional and small shareholders over the massive stock market financial “rights issue”.

Ashtead Group
Seen trading lower today despite record Q1. revenues in the three months to the end of July surged 24% to £410.5m, while EBITDA and pre-tax profits surged 34% and 59% respectively to £176.7m and £99.5m.

Centurian Resources
Centurion Resources non-executive chairman Peter Landau and non-executive director Robert Hyndes are stepping down from the board with effect from today (4 September) to pursue their other business interests. Centurion chief executive Alastair Clayton said: "I'd like to take this opportunity to thank both Peter and Rob for their contribution during the past 10 months. We have always had a philosophy of minimising administrative costs wherever possible and these changes reflect both that policy as well as our continued focus on the European resources sector.

Blavod Wines & Spirits
Blavod Wines & Spirits' operating loss attributable to shareholders for the year to end-March amounted to £619k (2012: loss of £433k), with a recurring trading loss of £320k. This loss comprises £299k of non-recurring expenses related to the aborted acquisition and a recurring trading loss of £320k (2012: £433k) which related to on-going activities.