Wednesday preview: Marks & Spencer, Smiths Group, Misys

29th Sep 2009 17:43

High Street giant Marks & Spencer issues a second quarter update on Wednesday which will illuminate whether the strong run by the company's shares in the third quarter - they are up by a quarter over the period - has been justified by trading performance.For the second quarter Societe Generale is forecasting a 2.6% decline in like for like sales (LFL) in M&S General Merchandise, while Food sales are projected to have fallen 0.5% on a LFL basis from a year ago. Overall, LFL sales are expected to have fallen by a little over 1.4%.Merrill Lynch predicts total sales will be up 2%, with UK sales 1% better, and expects the store to have made market share gains in clothing, on the back of a good performance by its Portfolio brand.Deutsche Bank is expecting management to trim its guidance on the fall in gross margins over the full year. M&S is currently guiding to a decline of between 1.25 and 1.75 percentage points but Deutsche Bank thinks tomorrow's statement will see this range trimmed to around seven-tenths of a percentage point.Technology company Smiths Group releases results for the year to 31 July 2009 on Wednesday, with the market expecting pre-tax profit of £364m on turnover of £2,646m. That would represent an improvement on the preceding year's figures, albeit with a bit of help from favourable exchange rate movements.Broker Panmure Gordon is tipping software group Misys to confirm profit estimates for the full year when it issues an interim trading statement. The broker reckons the group has seen a dramatic turnaround in business at its treasury and capital markets and banking divisions. INTERIMSAlexandra, Alexon, Gulf Keystone Petroleum, Hansteen Holdings, Harvey Nash Group, Marks & Spencer Group, Netplay TV, Silence TherapeuticsINTERIM DIVIDEND PAYMENT DATEAlphameric, Glanbia, Rights & Issues Inv Trust Income Shares, SR Europe Inv Trust, Temple Bar Inv TrustINTERIM EX-DIVIDEND DATEAmbrian Capital, Billington Holdings, BrainJuicer Group, Charlemagne Capital, Derwent London, Development Securities, Dignity, Dunedin Income Growth Inv Trust, F&C Asset Management, Fiberweb, Filtrona PLC, Henry Boot, Huntsworth, Inmarsat, International Power, Liberty International, Lighthouse Group, Morrison (Wm) Supermarkets, Morson Group, Norman Hay, Omega Insurance Holdings, PV Crystalox Solar, Quarto Group, Severfield-Rowen, STM Group, The Hotel Corporation, Tullow Oil, Wynnstay GroupQUARTERLY PAYMENT DATEPremier Energy & Water Trust, Scottish American Inv CompanyQUARTERLY EX-DIVIDEND DATEAfrica Opportunity Fund Ltd., Mercantile Inv TrustFINALSFinsbury Food Group, Indigovision, Litcomp, Neuropharm Group, Smiths GroupAGMSEdinburgh New Income Trust, Gartmore Fledgling Trust, Misys, Prime Focus London, PrometheanTRADING ANNOUNCEMENTSMan Group, Thomas CookFINAL DIVIDEND PAYMENT DATEAcorn Income Fund Ltd., Cambium Global Timberland Ltd., F&C Capital & Income Inv Trust, Hargreaves Lansdown, Henderson Diversified Income Ltd., Puma Brandenburg, Stagecoach GroupFINAL EX-DIVIDEND DATEAlumasc Group, Cassidy Brothers, Eco Animal Health Group, Falkland Islands Holdings, Framlington Innovative Growth Trust, Hansard Global, Haynes Publishing Group, Lighthouse Group, New City Energy, Oxford Instruments, Ruffer Investment Company Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSGross Domestic Product (USA) (13:30)Personal Consumption (USA) (13:30)Chicago Purchasing Managers Survey (USA) (14:45)Retail Sales (GER) Producer Prices (FRA) (07:45)Consumer Price Index estimate (EC) (10:00)Tankan Large Manufacturers Index (JPN)Retail Sales (JPN)Large Retailers' Sales (JPN)