Hot small caps: Johnston Press down as Teathers cuts forecast

LONDON (Reuters) - The following is a round-up of small cap movers on the London stock market on Tuesday.

2:20 p.m. - Johnston Press down as Teathers cuts forecast

Shares in Johnston Press (JPR.L) continue to slide, down 20 percent to 7.91 pence, as broker Teathers downgrades its 2009 earnings per share estimate by 20 percent after talking to the regional newspaper publisher's management.

"We have amended our advertising fade assumption for Johnston Press, in line with our thinking on Trinity (Mirror) (TNI.L)," analyst Andrew Walsh says in a note. "As a result, whereas we saw a covenant breach as improbable in our comments in the wake of the IMS (given the levels of advertising fade in our prior estimates), this now looks likely on our revised numbers."

1:15 p.m. - Big Yellow down on H1 fall, scrapped dividend

Shares in Big Yellow (BYG.L) shed 1.7 percent after the self-storage group posts a 12 percent fall in first-half pretax profit, scraps its interim dividend and says it continues to experience tough trading conditions.

Citigroup says Big Yellow's failure to pay a dividend is a surprise which is blamed on continuing build-out on "potentially highly profitable existing London sites," with the key word "potentially," adds the broker.

Citigroup says it is cautious on the self-storage market as a whole and on Big Yellow, with the poor first half results reinforcing that view.

The broker has a "hold" rating on Big Yellow shares.