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From DealingFloor:

** UPS & DOWNS **

+ AXA RAISED TO `OVERWEIGHT’ VS `EQUAL-WEIGHT’ AT MORGAN STANLEY
+ WOLSELEY PRICE EST. RAISED 4.7% TO 1,490P AT MORGAN STANLEY
+ BOEING PRICE ESTIMATE RANGE RAISED TO $77-$80 AT CREDIT SUISSE
+ CAP GEMINI PRICE EST. RAISED 7.3% TO EU44 AT UBS
+ WOLSELEY PRICE EST. RAISED 17% TO 1,700P AT UBS
+ LAFARGE PRICE EST. RAISED 16% TO EU96 AT MERRILL
+ STARBUCKS SHARE-PRICE ESTIMATE RAISED TO $40 FROM $39 AT UBS

- GM CUT TO `REDUCE’ FROM `NEUTRAL’ AT UBS
- CABLE & WIRELESS CUT FROM `OUTPERFORM’ AT CREDIT SUISSE
- ARCELOR CUT FROM `OVERWEIGHT’ AT MORGAN STANLEY
- ALTADIS SHARE-PRICE ESTIMATE CUT TO EU32.5 FROM EU37.5 AT UBS
- LLOYDS TSB CUT TO `REDUCE’ FROM `HOLD’ AT DRESDNER
- LLOYDS CUT TO `NEUTRAL’ FROM `OUTPERFORM’ AT EXANE BNP PARIBAS
- CORUS CUT TO `SELL’ FROM `HOLD’ AT SOCIETE GENERALE
- CABLE & WIRELESS CUT TO `NEUTRAL’ AT CREDIT SUISSE
- SERONO CUT TO `HOLD’ FROM `BUY’ AT DEUTSCHE BANK

** IN PLAY TODAY **

- Earnings reports of note: Astrazeneca, Stora Enso, Royal Dutch, Rio Tinto, Alcatel, Deutsche Bank, Vedior.

- ECB announces interest rates today at 13:45 CET

- Rio Tinto has 2H record profit after prices of metals rose on China-led
demand. Net income rose to $3b matching the median analyst estimate. Sales rose
to $19b. Rio announced it will pay a special dividend of $1.10 p/s and will
spend $2.5b to buy back shares by the end of 2007.

- Vedior Q4 earnings are in line to slightly ahead. Sales were up tp EUR 1.794b,
net income up to EUR 42m.

- Deutsche Bank reported a Q4 net income of EUR 741m, slightly ahead of
consensus. Deutsche said it aims to sustain double EPS growth over the cycle.
Interest & commission income came in better than expected and RoE of 26% looks
fine.

- Alcatel revenues came in broadly inline at EUR 4.1b, net income of EUR 344m
looks better than estimates. Company sees good dynamics continuing in Q1 and a
slight improvement in profitability.

- Royal Dutch said profits in Q4 fell 4% as hurricanes crimped production in the U.S. Net income came in at $4.4b. Profit excluding gains in inventory values gained to $5.4b, in line with consensus. Proved reserves are enough to last about 8.6 years according to the company. Shell announced it plans to buy back $5b of its stock in 2006.

Source: Europe Overview -- Thursday AM