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STOCKS NEWS UK SMALL-JJB hit by probe into Sports Direct stake
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09:50GMT 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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