RAMSEY CROOKALL & CO
MIDDAY REPORT
29 JULY 2010
The stream of positive second quarter company updates has picked up
pace today giving traders plenty to ponder.
Astrazeneca shares are up 5% at ?33.64. The group’s potential
blockbuster heart drug Brilinta has received the backing of a US
advisory panel just as the drug giant increased 2010 earnings targets
for the second time this year following a strong performance from
emerging markets and key drugs in the second quarter.
Shares in Reed Elsevier are up 33p at ?5.65 after it said advertising and
promotional markets are stabilising as underlying revenues increased 1%
in the first half.
Royal Dutch Shell has trumped forecasts by almost doubling earnings in
the second quarter and has exceeded targets set last year for costs and
staff cuts. Earnings on a current cost of supplies basis came in at
$4.5 billion up from $2.3 billion a year ago.
BT reported a 17% rise in pre tax profits in the first quarter and
reiterated its full year outlook. The firm also said it is in talks
with the government over plans to cut public spending.
Shares in defence firm BAE Systems rise 11p to 328p as the company
continues to expect revenue growth in 2010 despite the threat of cutbacks
in government spending. The company saw sales grow 9% in the first half
of 2010.
British Sky Broadcasting posted slightly better than expected full year
figures but warned that the economic outlook remains uncertain.
Underlying operating profits were up by 10% in the 12 months ended 30 June
to ?855 million.
Aero engines developer Rolls Royce has motored 12p ahead at 600p and
expects 2010 profit to be modestly higher than 2009 after a ‘robust performance’
in the first half of the year. Group revenue in the six months to 30 June
2010 rose to ?5,421 million from ?5,142 million.
THE FTSE AT 12.30 IS UP 44 @ 5363
THE DOW JONES CLOSED DOWN 39 @ 10,497
THE NASDAQ COMP CLOSED DOWN 23 @ 2264
Exchange Rates
GBP – USD 1. 563
GBP – EUR 1. 194
Thursday 29th, July 2010 01:11pm.
