STOCKS NEWS EUROPE-Finmeccanica down on helicopter review news

STOCKS NEWS Reuters Results diary

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09:25GMT 17Feb2009-Finmeccanica down on helicopter review news

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Finmeccanica (SIFI.MI) falls 5.4 percent to 11.24 euros after news reports that U.S. President Barack Obama wants to review the supply of the president's helicopter fleet by a consortium including Finmeccanica's AgustaWestland unit.

AgustaWestland is the chief subcontractor on the project for Lockheed Martin (LMT.N), which is leading the consortium.

On Jan. 29, the U.S. Navy said the VH-71 presidential helicopter program was more than 50 percent over budget.

Citing Monday's New York Times, MF newspaper says President Obama wants to review the supply of the fleet.

"The reason for the poor performance (of the stock) is this issue," says one Milan trader.

Even though the order represented about 1.5 percent of the value of the company's order book, it was still important for its image, he says.

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09:22GMT 17Feb2009-Findel climbs on turnaround hopes

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Shares in Findel (FDL.L) climb 4.7 percent after the home shopping and education supplies firm reports a 3 percent fall in sales for the 44 weeks to Jan. 6, a small improvement on the 4 percent decline posted after 39 weeks, and says it is reviewing its struggling Cotswold Company and Letterbox brands.

"Today's statement is unlikely to alter current forecasts but offers hope that forward projects on both EPS (earnings per share) and debt will turn the corner in due course," says Singer analyst Matthew McEachran.

To see Findel's statement please click on [ID:nRnsQ4099N]

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09:18GMT 17Feb2009-Debt relief, outlook lift Steria shares

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Shares in Steria (TERI.PA) gain nearly 7 percent after the French IT services group predicts a sharper-than-expected reduction in net debt at-end 2008 and revises upwards its operating margin goal for the year.

"This sharp reduction in net debt significantly limits the risk on debt covenants," CM-CIC Securities says in a note, adding a strong order book in the fourth-quarter is another positive factor.

Steria shares hit a session-high of 10.32 euros, before retreating slightly, still leading gainers on Paris's broad index SBF 120 .SBF120.

For more double click on [ID:nLG138673]

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09:17GMT 17Feb2009-L&G gains on denial of capital raising, reserve buildup

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Shares in Legal & General (LGEN.L) jump 5.2 percent, making the insurer the top gainer on the FTSE 100 .FTSE. The stock recovers from hefty losses the previous session after it says it has no plans to raise fresh capital, and that it will more than double its credit default reserves to 1.2 billion pounds.

Shares in L&G fell nearly 11 percent on Monday with traders blaming the slide on a Financial Times report that it may be forced to launch a rights issue or cut its dividend to bolster its capital cushion.

"It's a bit of a relief rally, it was over-smacked yesterday, and there's a bit more confidence in the stock today," one trader says.

For more double click on [ID:nLH321520]

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09:16GMT 17Feb2009-Land Securities plunges on rights issue talk

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Britain's biggest real estate company Land Securities (LAND.L) tumbles to a new 52-week low as rumours of rights issue indigestion across the property sector threaten possible plans to bolster its balance sheet via a share issue, analysts say.

Shares are trading 9.1 percent down at 565 pence amid speculation the company may have to offer a bigger than expected discount to gain investor support, after rivals Hammerson (HMSO.L) and British Land (BLND.L) unveiled fully underwritten rights issues of 1.3 billion pounds last week.

"It's always riskier and costlier the later you leave it and market uncertainty is the worse outcome," says Nomura analyst Mike Prew.

Another analyst says the fragile demand for UK listed property firms may be overwhelmed by the three of the four biggest UK property companies all baying for cash simultaneously.

"I would have thought the institutions are duty bound to do Land Securities after the other two but they may now be saying that that is it," the second analyst says.

Land Securities confirmed on Monday it was mulling a possible cash call to shareholders but no formal decision on timing or size had been made.

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09:11GMT 17Feb2009-Laura Ashley drops on profit warning

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Laura Ashley (ALY.L) shares drop 13.6 percent to 9.5 pence after the fashion and homewares retailer says it will miss analysts' forecasts with an underlying profit of about 9 million pounds ($12.7 million) for the year ended Jan. 31.

"While provisional full-year like-for-like (sales) were well ahead of expectations at down 6.2 percent, the increased activity was at a cost, with group gross margins now estimated to be down about 5 percentage points in the second half," Numis analysts say in a research note.

They cut their full-year profit forecast to 9.1 million pounds from 16.1 million and also reduce their forecast for the year ending January 2010 to 9.1 million from 16.5 million.

For more information please click on n[ID:LH548954]

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09:03 GMT 17Feb2009-Jarvis rises on investor relief

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Shares in Jarvis (JRVS.L) rise 9 percent despite a profits warning as investors express relief at a cost management deal struck by the British rail service group with UK track operator Network Rail (NR), an analyst says.

Jarvis expects operating results for 2008/09 to be slightly short of its expectations and results in 2009/10 to fall significantly below its hopes due to lower rail engineering work, it says in a trading statement.

The company's stock, however, jumps 0.49 pence to 5.77 p after it says it has agreed a revised cost structure with NR to deliver the lower volumes of work.

Brewin Dolphin analyst Michael Parkinson says the market previously had no idea of how much work Jarvis was going to get, but it appears NR is now going to help the company manage the impact of the lower workload.

"Although forecasts were always going to fall, it could have been more serious in terms of Jarvis' funding position," he says.

(Reuters Messaging: philip.waller.thomsonreuters.com@reuters.net))

08:55GMT 17Feb2009-FTSE Small Caps down 0.3 percent early

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The FTSE Small Cap Index .FTSC falls 0.3 percent as the UK market heads south in opening trade with the FTSE 100 .FTSE down 1.1 percent and the FTSE 250 .FTMC off 1 percent.

Spice SPI.L, the provider of utility support services, drops 13.8 percent following its inline trading update in which it says the facilities marketplace and trading at its gas business have continued to soften and that it is cutting costs at both businesses.

Laura Ashley (ALY.L), the small-cap British fashion and homewares retailer, slides 13.6 percent as the company says it would miss full-year profit forecasts and trading was set to remain tough.

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