STOCKS NEWS EUROPE-Corac slumps on field trial delay

Shares in British engineering company Corac Group Plc (CRAU.L) sink more than 17 percent after the company announces a further delay to the field trial of its downhole gas compressors (DGC), prompting Hoodless Brennan to downgrade its rating to "hold" from speculative "buy".

In a trading update Corac says talks are underway with a U.S. company and a Middle East-based firm regarding trials, which had previously been targeted for the fourth quarter of 2009 but is now expected to go live in the second-half of 2010.

"This news is clearly disappointing," says Hoodless Brennan in a note.

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