Taylor Wimpey Share Discussion Threads

[wig123] 08/7/2010 14:20

barf, I am benefitting from bdevs rise, however I chose to put a larger piece of the pie here ;-(

[barf2] 08/7/2010 14:15

It's all good isn't it? Shame we're not in the housebuildr sector because there's some nice gains being had there like that BDEV up over 4%.

[wig123] 08/7/2010 13:45

Gotta start reading a better quality rag:




08/07 13:42 - US Stock Futures Rise After Jobless Claims Decline; DJIA Futures Up 42

By Jonathan Cheng and Kristina Peterson

Of DOW JONES NEWSWIRES


NEW YORK (Dow Jones)--U.S. stock futures gained Thursday after jobless claims declined more than expected, in a hopeful sign for the labor market.

Dow Jones Industrial Average futures were up 42 points to 10022, Nasdaq Composite futures rose 6 points to 1796 and Standard & Poor's 500 stock index futures rose 4 points to 1063. Prior to the data, Dow futures had been up 4 points, Nasdaq futures were down 1 point and S&P 500 futures were flat. Changes in stock futures do not always accurately predict stock moves after the opening bell.

The Labor Department said Thursday that initial claims for jobless benefits declined by 21,000 to 454,000 in the week ended July 3. Economists surveyed by Dow Jones Newswires had expected claims would fall by 12,000. That last time claims dropped by so much was in mid-April.

Meeting the market's expectations, the European Central Bank announced it would hold interest rates steady. The Bank of England also left key rates unchanged at its monthly meeting. The euro, which was boosted Wednesday after the ECB released details about planned stress tests for 91 European banks, was recently trading at $1.2673, up from $1.2648 late Wednesday in New York.

June chain-store sales were mixed early Thursday, with half the stores that have reported beating Street estimates and the other half missing. Costco Wholesale rose 1.2% in premarket trading after its June same-store sales rose 4%, against expectations for a rise of 3.7%, and Limited Brands gained 5.6% after its June same-store sales rose 6%, nearly doubling expectations for a rise of 3.2%.

However, teen retailer Wet Seal's June sales dropped 3.6%, below projections, and the company said its sees second-quarter earnings below its prior guidance.

Among other stocks in focus, U.S. lender Wells Fargo rose 0.6% after saying it will cut 3,800 jobs and close a business unit that specialized in subprime and other loans issued through its consumer finance stores.

The International Monetary Fund said late Wednesday that the global economy will continue to recover this year and next, despite the turbulence from Europe and worries about sovereign debt. Turbulence in financial markets has "cast a cloud over the outlook," the IMF said.

In Asia, stocks rose with the Australian market hitting a fresh seven-day high after a stronger-than-expected June employment report, which lifted the Aussie dollar and the euro. The dollar weakened against the euro, but strengthened against the yen. Demand for Treasurys was mixed, with the two-year note flat and the 10-year note down to push yield up to 3.01%. Crude-oil futures rose above $74 a barrel, while gold futures declined.


-By Kristina Peterson, Dow Jones Newswires; 212-416-2917; [e-mail]

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: You can use this link on the day this article is published and the following day.


(END) Dow Jones Newswires

[wig123] 08/7/2010 13:42

indeed, or jobless claimants fall, but only due to summer camp vacancies!

[barf2] 08/7/2010 13:41

The Telegraph must be scratching their heads as we speak.Give it about 15 minutes before they have a headline up about 'more misery for battered Canadian housing market'before picking out the line 'only up 0.4%'

[wig123] 08/7/2010 13:37

jobless claims lower also 454K 460k exp. tiz all doom ;-)

[wig123] 08/7/2010 13:36

08/07 13:35 - Canada May New House Prices Up 0.3%; 11th Monthly Gain
OTTAWA (Dow Jones)--Canada's monthly new housing price index rose 0.3% in May, Statistics Canada said Thursday, marking the eleventh consecutive increase and in line with market expectations.

Prices rose 2.9% from a year ago, up from 2.5% in April, StatsCan said.

The cost of houses only rose 0.4% on a monthly basis, and was 4.6% higher than in May 2009. Land only prices were up 0.2% from the previous month and dropped 0.3% from a year ago.

On a monthly basis, prices increased the most in Regina, where builders reported higher material, labor and land development costs.

Regina also reported the largest gains in annual prices, followed by St. John's and Vancouver.

Web Site:

-By Angus Loten, Dow Jones Newswires; 613-237-0669; [e-mail]


Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: You can use this link on the day this article is published and the following day.


(END) Dow Jones Newswires

[barf2] 08/7/2010 12:50

2nd day running that a relatively large [by PLUS standards]buy has gone through PLUS 359305 shares [paid 27.69!] I think it was the same amount yesterday.Obviously, if they put that through LSE it would cause the share price to rise as it would take the stock off the book and they don't want that to happen do they? [just like the other 2.5 million shares bought through PLUS today].

LSE must be reserved for those £32 and £62 sell trades that are going through.

edit: and that 82p trade!

GGGggrrrrrrrrrrr!!!!!

[scars] 08/7/2010 12:16

buyers beware....
sellers beware....

and so the game goes on!

[scars] 08/7/2010 12:14

spot on barf

[wig123] 08/7/2010 11:35

we are doomed!!!!!! ;-)



08/07 11:34 - 2nd UPDATE: UK May Manufacturing Output Growth Bodes Well For 2Q GDP
(Adds detail, economist comment, detail from another survey published Thursday.)


By Ilona Billington
Of DOW JONES NEWSWIRES

LONDON (Dow Jones)--U.K. manufacturing output data released Thursday show a surge in growth in May, boding well for the country's second-quarter gross domestic product.

U.K. manufacturing output in May rose at the fastest annual rate in 15-and-a-half years, while the three-monthly measure of the wider industrial production index posted its strongest increase in 16 years.

The Office for National Statistics said manufacturing output rose 0.3% on the month in May and grew 4.3% on the year. The annual gain was the largest since a 6.2% increase in December 1994.

Economists surveyed by Dow Jones Newswires last week expected manufacturing output to have risen 0.3% on the month and by 4.4% on the year.

The data compare with a monthly fall of 0.8% and a 3.0% annual rise in April. The April data were sharply revised after originally being reported as falling 0.4% on the month and rising 3.4% on the year.

"In terms of GDP implications, today's outcome shows that a moderate upward trend in industrial production is in place so far in the second quarter--we would have to see a significant drop in June production to derail this upward trend," said Chiara Corsa, economist for UniCredit Bank. Economists forecast this measure would rise 0.3% on the month and 3.1% from a year earlier.

The April data were revised to show a 0.7% monthly drop and a 1.0% annual increase. The ONS previously reported industrial production was 0.4% lower on the month in April and grew 2.1% on the year.

While the data point to stronger output in the sector, another survey published Thursday reported a more mixed outlook. The monthly business confidence survey by Lloyds TSB Corporate said that overall confidence on both the economic outlook and their own business prospects declined 16 points to a balance of +20 from May's +36 due to ongoing concerns over the European sovereign debt crisis.

Looking solely at their own business, however, firms were more optimistic, with the balance rising to +35 in June from May's +31.

"Worries about the European sovereign debt crisis are clearly still weighing on the minds of businesses, and we're seeing confidence in the broader economy dip as a result," said Trevor Williams, chief economist for Lloyds TSB Corporate Markets. "But so far, companies remain upbeat about their own business prospects."

The ONS data, meanwhile, showed that the three-month measure for U.K. manufacturing output, which is preferred by the ONS as it smoothes out sharp monthly fluctuations, was more positive, rising 2.6% in the three months to May, up from the 2.4% rise in the three months to April.

The May gain was the strongest since September 1988 when it grew 2.9%.

The three-month measure for industrial production was equally upbeat, rising 2.0% in May, up from a 1.5% increase in April and the largest rise since June 1994.

That strong performance bodes well for second-quarter gross domestic product growth and also suggests that recent survey data have given a true idea of the strength in the sector.

The detailed breakdown of the ONS data show that both on the month in May and in the three months to May compared with the previous three-month period, the strongest sectors were production of electrical and optical equipment, basic metals and metal products and machinery equipment.

That suggests that demand for U.K.-made goods is increasing, and that the weaker sterling along with the recovering economy are attracting business.

"Interestingly, we've seen a noticeable increase in international companies interested in the U.K. manufacturing sector, with U.S. companies in particular beginning to sniff out acquisition opportunities, highlighting the fact that while the sector still feels undervalued at home, international buyers see underlying strength," said Graeme Allinson, head of U.K. manufacturing at Barclays Corporate.


-By Ilona Billington and Laurence Norman, Dow Jones Newswires; [phone]; [e-mail]

[barf2] 08/7/2010 11:09

At a guess I'd say the Telegraph are about 3 weeks away from actually employing people to run out into the streets with their hands in the air screaming 'Oh my God, the worlds coming to an end and it's all because the Tories let the Libs into the govt'

The BBC might like a slice of that action and gawd knows they don't care about the cost of a few new employees.

[gcom2] 08/7/2010 11:07

I find the Telegraph very good for fish and chips.
The paper is quite absorbent of the grease.

[wig123] 08/7/2010 11:06

Thats handy, might get a few more bargains in auction ;-)

[newkid] 08/7/2010 11:06

What's to stop TW looking to start refinancing talks now? No point in waiting is there?

[barf2] 08/7/2010 11:04

House prices are heading for another crash

House prices are heading for another crash next year, experts warned, as figures showed the third consecutive fall in a row.



Now, which daily newspaper do you think is putting this headline out? ....You've got it, The Telegraph with their 'spurned lover' revenge ampaign trying to hurt the government and whip up trouble.

Even though the article goes on to counter its' own headline!

[barf2] 08/7/2010 09:48

Wiggy
Back to a 1 on my happiness scale.



I wouldn't mind a day when the MM's push all the sells through PLUS and the buys through LSE but I'm sure they'll do that in their own good time once they've agreed prices etc with the hedgies/funds and stripped enough off the PI's

[wig123] 08/7/2010 09:35

08/07 09:34 - PRESS RELEASE: Fitch Affirms Taylor Wimpey at 'B'; Outlook Stable

The following is a press release from Fitch Ratings:

Fitch Ratings-London-08 July 2010: Fitch Ratings has today affirmed UK house-builder Taylor Wimpey Plc's (TW) Long-term Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also affirmed TW's Short-term IDR at 'B' and senior unsecured rating at 'B-'. TW is one of three major UK house-builders and also has a strong presence in the US homebuilding market.

TW currently has over GBP1.9bn of debenture loans and revolving credit facilities that need to be refinanced before maturity in July 2012. The company expects net debt to be less than GBP650m at H1 2010, but TW's ratings remain constrained by concerns that it may not be sufficiently cash generative over the coming two years to refinance what Fitch estimates to be a funding requirement of between GBP1.0bn and GBP1.3bn.

Market conditions and lending appetite - two major factors outside TW's control - will affect the company's ability to further de-leverage ahead of the critical refinancing in 2012. Although the UK market has stabilised, with TW able to increase both its UK selling prices in H1 2010 and its 2010 order book, there are uncertainties for the UK housing market in 2010 and 2011. These include higher unemployment, lower government spending, a public sector salary squeeze and tax rises which may lead to renewed market weakness and rising interest rates. This could reduce TW's cash flows and ensure significant de-leveraging may not be achievable. A successful re-financing will also depend on lenders' appetite for rolling over UK house-builder debt.

The company's outstanding pension deficit will have to be addressed as part of any successful debt refinancing. Fitch estimates these liabilities at around GBP955m at present (on a buy out basis based on a discount rate of 5.70% and a 15 year gilt yield rate of 3.86%). The company is actively managing its pension fund liabilities and recently announced that the George Wimpey Staff Pension Scheme will close to future accrual on 31 August 2010, which is a mild credit positive.

TW's ratings could be upgraded if the company completes a successful refinancing, and leverage remains below a adjusted net debt/funds from operations (FFO) metric of 5.0x and where cash from operations (CFO)/net debt was at least 20% for two consecutive years. Once the market picks up and TW begins to make significant land purchases, Fitch will use both a FFO/net debt metric (as this metric will better measure real underlying profitability) as well as a CFO/net debt metric (as a CFO metric includes positive working capital movements where a house-builder builds out a land bank but does not replace land). With over GBP1.5bn of non-cash land write-downs in FY08 and FY09, Fitch will not refer to EBITDA based metrics as this measure no longer reflects a meaningful financial metric for TW.

Downward rating pressure would include an absence of any significant de-leveraging in the next two years, lack of progress towards a limiting of pension obligations and refinancing by mid 2011, increased pressure on financial covenants and a further UK housing market downturn.

In FY09, TW generated strong cash flow as revenue contracted and working capital unwound (CFO/net debt 30% at FY09, versus 11% at FYE08). However, this is unlikely to re-occur on the same scale in 2010 and 2011, as TW cautiously re-invests in new land bank/sites. This could expose TW in the case of future market weakness, although it is concentrating on generating cash by achieving price improvement rather than volume, while limiting land purchases and ensuring tight control of work-in-progress. While unit sales are expected to be slightly lower in H1 2010 than in H1 2009, achieved prices have been higher.

TW's senior unsecured debt remains notched down from the Long-term IDR to reflect subordination concerns. Fitch believes that up to GBP1,183m of creditors rank ahead of TW's senior unsecured obligations under a default scenario, including GBP975m of pension liabilities (as estimated by Fitch), and thus senior unsecured creditors may recover only approximately 29%.

Applicable criteria, 'Corporate Rating Methodology', dated 27 November 2009, are available at www.fitchratings.com.

>> Fitch has made major improvements to its credit research on EMEA and AsiaPac corporates. To view these improvements, visit our 'Clear Thinking' web page at

Contact: Jean-Pierre Husband, London, Tel: [phone]; Ewan Macaulay, London, Tel: [phone].

Media Relations: Peter Fitzpatrick, London, Tel: + 44 (0)20 7417 4364, Email: [e-mail].

Additional information is available on www.fitchratings.com.

Related Research: Corporate Rating Methodology

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[wig123] 08/7/2010 09:30

although the low level of interest rates continues to support demand, Ellis said.

[wig123] 08/7/2010 09:29

08/07 09:28 - DATA SNAP: UK Halifax June House Prices Fall For Third Month

By Nicholas Winning
Of DOW JONES NEWSWIRES

LONDON (Dow Jones)--U.K. house prices fell for a third consecutive month in June as an increase in properties for sale in recent months relieved the upward pressure on prices, the Halifax mortgage lender said Thursday.

The Halifax house price index fell 0.6% in June from May to an average price of GBP166,203, after falling a revised 0.5% in May. The average price for the three months to June was 6.3% higher than the corresponding period in 2009, down from a 6.9% year-on-year gain in May.

Economists were expecting house prices to be stable on a monthly basis in June, according to a Dow Jones Newswires survey last week.

"This [June fall] continued the slowdown in house price growth since the beginning of the year following the moderate recovery in prices during much of 2009," Martin Ellis, Halifax housing economist, said in a statement. "This pattern is in line with our view that house prices will be broadly unchanged over 2010 as a whole."

U.K. house prices were squeezed higher in 2009, despite the weak state of the economy, due to a shortage of property for sale. An increase in homes coming to the market has helped redress the balance between buyers and sellers in recent months, although the low level of interest rates continues to support demand, Ellis said.

[barf2] 08/7/2010 09:28

Interesting to see that it wasn't a flood of sells that took the share price down to 27.17 then, it was just positioning of the share price by the MM's.


Got to expect a few presses down like that today.Anyone short will not take kindly to this fighting back and there will be a few concerted attempts to bash it down.

[wig123] 08/7/2010 09:24

only fractionally off expected.

[spennysimmo] 08/7/2010 09:21

HPI figures not going down well.