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Glance-STOCKS NEWS EUROPE-JJB hit by probe into Sports Direct stake
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Equity News
10:36GMT 03Dec2008-JJB hit by probe into Sports Direct stake
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Shares in British sporting goods retailer JJB Sports (LSE: JJB.L - news) slump 23
percent to 11.5 pence, taking their losses this week to over 50 percent, after
Britain's consumer affairs watchdog said on Tuesday it planned to investigate
rival Sports Direct's decision to buy a stake in the business.
'The investigation creates the possibility that stakes held by Sports Direct
and JD Sports Fashion (LSE: JD.L - news) might have to be sold, creating an overhang,' says
Altium Securities analyst David Stoddart, cutting his price target to 10 pence
from 32 pence and his rating to 'sell' from 'buy'.
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