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February 17, 2012 6:48 pm
Thorntons was the sweetest of small-caps this week, surging 59.7 per cent despite revealing plans to slash its dividend and close at least 120 high street stores over the next three years.
Analysts suggested the severely depressed stock was now seen as “option money” by less risk-averse investors.
West Africa-focused oil and gas company Bowleven was the week’s other big winner as it rose 55.3 per cent on the back of takeover speculation.
Citibank said that “Yellow Pages companies are near uninvestable for as long as revenue continues to decline, and Yell is no exception. The company’s balance sheet looks stretched, and although free-cash flow generation for now continues to be robust, we worry that cost savings/working capital opportunity will be exhausted before revenue trends ameliorate.”
CPP is facing a Financial Services Authority investigation which Peel Hunt said could see more of its business partners abandoning the company.
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