Cost rises hammer Compass shares
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Shares in catering firm Compass slump nearly 20% after the firm says higher costs are set to hit profits.
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London shares made strong gains in early trade on Tuesday, boosted by a rally on Wall Street overnight and led by mining stocks as metal prices continued to rise.
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Ivanhoe Energy is making discoveries, but its valuation is sky high.
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Compass Group saw its share price slump by almost 25 percent after the British catering group warned future annual profits would be reduced by 30 million pounds (43.9 million euros, 53.5 million dollars).
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Associated British Foods warns that prices of brands that include Kingsmill and Allinson will have to rise again.
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The cost of borrowing headed higher as yields on the 10-year Treasury note hit a five-year high, climbing to 5.248 percent.
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After a month-long rally that repeatedly pushed prices to new highs, the cost of a barrel slumped for the fourth day, leaving the price $10 higher than year-ago rate.
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WMC Resources, the Australian mining group fighting a hostile A$7.4bn takeover bid from Xstrata, is to return up to A$1bn (US$1.3bn) to shareholders after yesterday upgrading its profit forecast for 2004.
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tocks ended higher yesterday after Ford Motor raised its earnings forecasts but gains on the Nasdaq were checked after the wireless technology provider Qualcomm said an accounting review might reduce pretax income.
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The valuation on this company's shares has risen to mythical proportions.
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Red Hat (NOVL:Nasdaq - news - research) got its second upgrade in two week Tuesday, and promptly leaped northward. In recent trading, shares of the Linux Vendor were up $1.42, or 10.6%, to $14.84 in heavy volume.
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Yellow Roadway Corp. (YELL.O: Quote, Profile, Research) on Tuesday raised its third-quarter earnings outlook, citing higher prices for its services and better cost controls.
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Imperial Tobacco , which is looking to take over rival Altadis , met forecasts with a 12 percent rise in annual earnings on Tuesday, but a delay until January in completing the Altadis deal hit its shares.
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A quarter goes a long way toward pushing up shares.
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A $7.4 billion takeover bid for the Australian mining company WMC Resources has seen its share price surge by 36 per cent. The Swiss-based mining house Xstrata wants to add WMC Resources to its Australian mining portfolio.
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London equities progressed by midday Wednesday, pushed by strong gains in the mining sector following a Goldman Sachs (NYSE:GS) note on metals prices. Retailers like J Sainsbury remained in focus one day after Tesco issued a somber results statement that sent its stock down nearly 5 per cent.
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Oil prices edged higher on Wednesday, pushed upwards by technical buying, but struggling to break above the narrow range that has persisted this month.