STOCKS NEWS EUROPE-Internet retailer ASOS up,trading buoyant

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10:16GMT 17Nov2008-Internet retailer ASOS up, trading buoyant

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Shares in ASOS (ASOS.L), the AIM-listed British Internet fashion retailer, gain as much as 8.2 percent after reporting a 68 percent increase in first-half pretax profit and buoyant current trading.

Bucking a gloomy retail sector trend in the UK, the company says its sales in the first seven weeks of its second-half were up 104 percent.

David Stoddart, analyst at Altium Securities, retains his "buy" recommendation and year to end-March 2009 pretax profit forecast of 13.4 million pounds.

"Despite the economic headwinds, it seems increasingly likely that ASOS will exceed our sales forecasts for full year 2009," he says.

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Reuters messaging rm://james.davey.reuters.com@reuters.net

10:17GMT 17Nov2008-Severfield Rowen up on update and Indian JV

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Shares in Severfield Rowen (SFR.L) climb 1.3 percent, after the British structural steel company reports an inline trading update and announces a joint venture project in India, prompting FinnCap to repeat its "buy" recommendation. FinnCap says Severfield's trading update met with its expectations, while a strong order book and new overseas opportunities in India and Abu Dhabi should make up for the shortfall in the UK, where economic conditions in 2009 are expected to be tough.

The broker says the company is focusing on cash generation and a reduction in debt levels, while the maintenance of its 20 pence full-year dividend represents an attractive yield of 12 percent.

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10:09GMT 17Nov2008-German property firm Vivacon down on price target cut

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Shares in German real estate company Vivacon VIVG.E fall 10.3 percent to 3.47 euros, extending last week's slide and putting the stock at the top of the losers in Frankfurt's small-cap index .SDAXI.

DZ Bank cuts its price target for the stock to 3 euros from 5 euros, saying in a research note: "Vivacon will have to continue to fight for liquidity and cash flow as long as the market remains difficult."

The note is in reaction to Vivacon's Q3 results last week. DZ Bank says the company's interim financials and outlook are poor. Vivacon said it could no longer confirm its previous full-year 2008 profit target.

Reuters Messaging rm://peter.starck.reuters.com@reuters.net

10:09GMT 17Nov2008-British drugmaker Shire falls ahead of R&D day

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Shares in British hyperactivity drug and gene therapy specialist Shire (SHP.L) fall over 4 percent ahead of expected product updates from the company at a research and development day scheduled for Tuesday.

"They're having an R&D day tomorrow ... and you could expect to see selling before the R&D day," says Panmure analyst Damian McNeela.

"What tends to happen at the R&D day, there's a whole raft of updates on where drugs are in development, and it's a lot easier to adjust your model to take stuff out than it is to readjust your model for an improvement, so psychologically people generally tend to sell ahead."

Reuters messaging rm://ben.deighton.reuters.com@reuters.net

10:035GMT 17Nov2008-Premier rises on Mr Kipling sale talk

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Shares in Premier Foods (PFD.L) rise 17.6 percent as The Sunday Telegraph reports United Biscuits (UB) is interested in buying the group's Mr Kipling Cakes Division.

Premier's chief executive, Robert Schofield, is understood to have rebuffed private equity-owned UB, leaving the biscuit group weighing up a direct approach to banks or shareholders.

"We think that Kipling is a useful illustration of the potential benefits to Premier's valuation from disposing of a 'crown jewel'," says Investec analyst Martin Deboo, who estimates the division could have a disposal value of about 200 million pounds.

"While this deal would almost certainly be dilutive, this would be more than compensated by the benefits of increased covenant headroom."

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Reuters messaging rm://paul.sandle.reuters.com@reuters.net

10:04GMT 17Nov2008-Accident Exchange drops 18 pct on warning

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Shares in Accident Exchange ACEX.L tumble 18 percent after the group, which provides vehicle rental for parties involved in road traffic accidents, warns on profits in an end-of-first-half trading update.

Accident Exchange says profitability for both the first-half and full year to April 30, 2009 will be below market expectations as lower traffic volumes have resulted in fewer road accidents.

Daniel Stewart & Company anticipates that it will be necessary to downgrade its estimates for Accident Exchange by at least 20 percent for full year 2009, with its adjusted pretax profit forecast currently 19.3 million pounds, and consensus expectations for 20.5 million pounds.

Daniel Stewart says this is clearly a negative statement and is one that reiterates many of the concerns raised by peer Helphire last week.

The broker says, however, that it does draw some comfort from news that Accident Exchange's cash collection has been improving and that there has been no breach of its banking covenants.

Daniel Stewart has its rating and target price for Accident Exchange under review.

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Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net

09:47GMT 17Nov2008-Bodycote falls on second-half warning

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Shares in engineering group Bodycote Plc (BOY.L) fall 9.6 percent to 111.25 pence after it warns of a second half performance modestly below its hopes and says it is halving a payout to shareholders from the sale of its testing unit.

Numis Securities says the group's 30 percent exposure to the automotive and truck industry is likely to lead to sharp volume declines, although the broker expects aerospace, oil and gas and power generation to stay positive.

"Operational gearing remains high and we expect a significant impact on profits," Numis says.

For more, click on [ID:nLH509752], company statement [ID:nPRrE1AC6a]

Reuters Messaging:philip.waller.thomsonreuters.com@reuters.