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Morning Eyecatchers: Helphire issues profits warning
BAT volumes dip but on track for another year of good earnings growth; CSR commencing dividend programme and Deutsche Bank posts Q3 net loss and still cautious.
Markets
* Helphire -- market conditions have not been favourable for group; expects results below forecasts
* BAT overall nine-month volumes decreased by 1% to £526 billion; good growth in revenue for the nine months; on track for another year of good earnings growth; underlying nine-month volumes 3% lower than last year; group has started the consultation procedures to close its Lecce factory in Italy; four global drive brands achieved overall volume growth of 8%; challenging economic conditions, excise driven price increases and high unemployment have led to some softening of volumes
* CSR -- Q3 revenue $222.1 million; undiluted eps $0.13 cents; commencing dividend programme; expect Q4 revenue to be between $170 million and $185 million; beyond the year expect to continue growing revenues; expect subdued growth in handset business will be outpaced by strong growth in other two units; raising gross margin target expect gross margin to be maintained at the high 40s level
* Deutsche Bank posts €1.2 billion Q3 net loss and is still cautious on 2011 outlook
* Carpetright -- group sales for 12 weeks ended October 23 declined by 5.2%; the year-on-year effect of closing operations in Poland accounted for 0.5% of sales decline; group's store base decreased by two to 7,022 stores at the period end; UK and Republic of Ireland sales declined by 4.6%, with like-for-like sales down 7.3%; expect difficult market conditions to continue into 2011; expect full year UK margin increase by round 30-50 basis points via price and promotional management
* GlaxoSmithKline has agreed to pay $750 million to settle a US government case over sale of defective drugs
* HSBC USA chief Irene Dorner says the bank has completed a review of its US mortgage foreclosure process and has not found any evidence of the faulty processes that has sparked a nationwide furore
* BAA plans £250-£325 million bond issue
* David S Smith -- financial year progressing in line with expectations
* Interserve wins three schools contracts worth £42 million
* Laird Group expects further progress in fourth quarter; sales £141 million, up 10% year-on-year; operating margin has continued to strengthen
* Virgin Media added fewer net new customers in third quarter than expected but managed to extract record sums from each user, helping it to post strong financial metrics; adds 14,000 net new customers vs 21,000 forecast; key operating cash flow up 11%, beating forecasts
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