Investing Knowledge

LONDON (ShareCast) - The Investor Day presentation by High Street giant Marks & Spencer (M&S) on 13 October backfired, with investment analysts underwhelmed by the presentations from senior executives, some of whom are jostling for position in the contest to succeed Sir Stuart Rose as chief executive officer next year.

The share price reacted negatively on a day when a viable external candidate, former M&S man Charles Wilson, the chief executive of cash and carry outfit Booker, ruled himself out of the running.

Wednesday's interim results represent an opportunity for M&S to regain the initiative, and justify Rose's assertion at the Investor Day that the business is in 'pretty good shape'.

The omens are not especially good, however; earlier this month, figures from market research group TNS FashionTrak, indicated that M&S has fallen into third place among Britain's fashion chains, slipping behind George at Asda (NYSE: WMT - news) , which has a 10.1% market share, and Primark, a pip ahead of M&S's 9.8% share with 9.9% of the market.

M&S downplayed the significance of the event, with a spokeswoman noting that 'value retailers tend to increase market share over the summer, whereas Marks & Spencer's market share improves over the winter.'

Primark owner Associated British Foods (LSE: ABF.L - news) releases its full year results the day before M&S, on Tuesday.

Food and household goods giant Unilever (LSE: ULVR.L - news) brings out quarterly results on Thursday. Nomura Securities is more optimistic than most of the stockbroking community: 'We are 7% ahead of consensus at the EBIT [earnings before interest and tax] level. Forecast volume growth of +3.3% (consensus +2.3%) with EBIT margin up +140 bps [basis points] (consensus +30 bps),' the broker said.

The Japanese broker thinks the Anglo-Dutch giant is a turnaround play, and sees the possibility for 'surprise on the upside for volume growth recovery as well as margin delivery in Q3/ H2 [third quarter/second half].'

Thursday also sees the Bank of England announcing its interest rate decision and, more intriguingly, future policy on its quantitative easing (QE) programme.

Economists are not normally unanimous in their opinions but it would be hard to find a member of that community who is expecting anything other than no change on the interest rate front, but opinions do differ on whether the Bank's Monetary Policy Committee (MPC (A050540.KQ - news) ) will extend the QE programme and, if so, to what extent.

The shockingly poor third quarter gross domestic product figures could tip the balance in favour of the MPC opting to bump up the size of the £175bn programme, with a £25bn rise giving a nice round number.

Monday November 02

INTERIMS Chloride Group

INTERIM DIVIDEND PAYMENT DATE Billington Holdings (LSE: ARP.L - news) , BlackRock Smaller Companies Trust, Dealogic (LSE: DL.L - news) , Keller Group

INTERNATIONAL ECONOMIC ANNOUNCEMENTS ISM Manufacturing (US) (15:00) Pending Home Sales (US) (15:00) Construction Spending (US) (15:00) PMI Manufacturing (FRA) (08:50) PMI Manufacturing (GER) (08:55) PMI Manufacturing (EU) (09:00) Retail Sales (GER)

EGMS RAM Investment Group

AGMS Pacific Horizon Inv Trust, TR European Growth Trust, West Pioneer Properties (DI)

UK ECONOMIC ANNOUNCEMENTS PMI Manufacturing (09:30) Hometrack Housing Survey (00:01)

FINAL DIVIDEND PAYMENT DATE Falkland Islands Holdings, NWF Group

Tuesday November 03

INTERIMS Blinkx (LSE: BLNX.L - news) , Endace (LSE: EDA.L - news) , Penna Consulting, Volex

INTERIM DIVIDEND PAYMENT DATE Goldenport, Mears Group (LSE: MER.L - news) , Nationwide Accident Repair Services (LSE: NARS.L - news) , Smith & Nephew

INTERNATIONAL ECONOMIC ANNOUNCEMENTS Factory Orders (US) (15:00) Producer Price Index (EU)

UK ECONOMIC ANNOUNCEMENTS PMI Construction Survey (09:30)

FINALS Associated British Foods, Smart (SMAR.JK - news) (J)

EGMS Independent News & Media

AGMS Cubus Lux (Xetra: A0Q6GC - news) , Hexagon Human Capital, Pacific Horizon, PNC Telecom, System C Healthcare (LSE: SYS.L - news)

QUARTERLY RESULTS Prodesse Investment Ltd., Yamana Gold Inc

TRADING STATEMENTS AGA Rangemaster Group, BATM Advanced Communications, Consort Medical (LSE: BPK.L - news) , Intelek (LSE: ITK.L - news) , Tarsus Group (LSE: TRS.L - news) , Telecity Group (LSE: TCY.L - news) , WSP, Zotefoams (LSE: ZTF.L - news)

Wednesday November 04

INTERIMS Alterian (LSE: ALN.L - news) , FirstGroup (LSE: FGP.L - news) , Marks & Spencer Group

INTERIM DIVIDEND PAYMENT DATE Cello Group (LSE: CLL.L - news) , M. P. Evans Group, StatPro Group

INTERIM EX-DIVIDEND DATE Braemar Shipping Services (LSE: BMS.L - news) , Collins Stewart (LSE: CLST.L - news) , Edge Performance VCT, Havelock Europa (LSE: HVE.L - news) , Hilton Food (LSE: HFG.L - news) , Intertek Group (LSE: ITRK.L - news) , Northern 2 VCT (LSE: NTV.L - news) , Provident Financial, SThree

QUARTERLY EX-DIVIDEND DATE Equity Partnership Income Shares, GlaxoSmithKline (LSE: GSK.L - news) , JPMorgan Claverhouse Inv Trust, Royal Dutch Shell (Amsterdam: RDSA.AS - news) 'A', Royal Dutch Shell 'B'

INTERNATIONAL ECONOMIC ANNOUNCEMENTS FOMC Interest Rate (US) (19:15) ISM Non-Manufacturing (US) (15:00) PMI Services (EU) (09:00) PMI Services (GER) (08:55) Retail Sales (EU) PMI Services (FRA) (08:55) Bank of Japan MPC Meeting Minutes (JPN)

EGMS Bioenergy Africa

AGMS Bioenergy Africa, Green CO2 (LSE: WYT.L - news) , Indigo Vision, JD Wetherspoon, Redrow (LSE: RDW.L - news)

UK ECONOMIC ANNOUNCEMENTS BRC Shop Price Index (10:30) PMI Services (09:30) Nationwide Consumer Confidence (00:01)

FINAL DIVIDEND PAYMENT DATE Pacific Horizon Inv Trust

FINAL EX-DIVIDEND DATE Abcam (LSE: ABC.L - news) , Animalcare Group (LSE: ANCR.L - news) , Ashmore Group (LSE: ASHM.L - news) , Baqus, BlueBay Asset Management (LSE: BBAY.L - news) , Craneware (LSE: CRW.L - news) , Go-Ahead Group, Henderson Far East Income Ltd., Indigo Vision, Interior Services (LSE: ISG.L - news) , ISIS Property Trust, James Halstead (LSE: JHD.L - news) , JPMorgan Overseas Inv Trus, Matchtech, Murgitroyd Group (LSE: MUR.L - news) , Plexus (NASDAQ: PLXS - news) , Quadnetics Group (LSE: QDG.L - news) , St Ives, United Carpets (LSE: UCG.L - news)

QUARTERLY RESULTS Endeavour International Corp (END - news) , JD Wetherspoon

TRADING STATEMENTS Logica (LSE: LOG.L - news)

Thursday November 05

INTERIMS BTG (LSE: BGC.L - news) , Invensys (LSE: ISYS.L - news) , Man Group (LSE: EMG.L - news) , Shanks Group (LSE: SKS.L - news)

INTERIM DIVIDEND PAYMENT DATE Brammer (LSE: BRAM.L - news) , Camellia (LSE: CAM.L - news) , Fisher (James) & Sons

INTERNATIONAL ECONOMIC ANNOUNCEMENTS Initial Jobless Claims (US) (13:30) Non-farm Productivity (US) (13:30) Unit Labour Costs (US) (13:30) Retail Sales (EU) (10:00) ECB Rate Decision (EU) (12:45)

AGMS Kofax (LSE: KFX.L - news) , Swallowfield (LSE: SWL.L - news)

UK ECONOMIC ANNOUNCEMENTS BoE Interest Rate Decision and Asset Purchase Target (12:00) Industrial Production (09:30) Manufacturing Output (09:30)

FINAL DIVIDEND PAYMENT DATE Framlington Innovative Growth Trust

QUARTERLY RESULTS Coca-Cola Hellenic Bottling Company SA, Lancashire Holdings (LSE: LRE.L - news) , Liberty International, Millennium (TIBR3.SA - news) & Copthorne Hotels, Old Mutual (LSE: OML.L - news) , Unilever (Amsterdam: UNIA.AS - news)

Friday November 06

INTERIMS British Airways (LSE: BAY.L - news)

INTERIM DIVIDEND PAYMENT DATE Advance Developing Markets, BBA Aviation (LSE: BBA.L - news) , Cenkos Securities (LSE: CNKS.L - news) , Derwent London (LSE: DLN.L - news) , Fiberweb (LSE: FWEB.L - news) , Forth Ports (LSE: FPT.L - news) , Gaming VC Holdings, Huntsworth (LSE: HNT.L - news) , Hydrogen Group (LSE: HYDG.L - news) , Judges Scientific (LSE: JDG.L - news) , Motivcom (LSE: MCM.L - news) , Pinewood-Shepperton, S & U, Spirax-Sarco Engineering, Tullow Oil (LSE: TLW.L - news) , UK Select Trust Ltd., Weir Group (LSE: WEIR.L - news)

QUARTERLY PAYMENT DATE Investors Capital Trust 'A' Shares, Investors Capital Trust 'B' Shares

UK ECONOMIC ANNOUNCEMENTS NIESR GDP (00:01) Producer Prices Index (09:30)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS Consumer Credit (US) (20:00) Wholesales Inventories (US) (15:00) Change in Non-farm Payrolls (US) (13:30) Unemployment Rate (US) (13:30) Wholesale Inventories (US) (15:00) Consumer Credit (US (20:00) Trade Balance (FRA) (07:45) Factory Orders (GER) (11:00)

AGMS AIREA (LSE: SRDR.L - news) , Dechra Pharmaceuticals (LSE: DPH.L - news) , Quayle Munro (LSE: QYM.L - news)

TRADING ANNOUNCEMENTS PureCircle (LSE: PURE.L - news) , Rentokil Initial (LSE: 647054.L - news)

FINAL DIVIDEND PAYMENT DATE Advance Developing Markets, Daejan Holdings (LSE: 381220.L - news) , Eclectic Investment Company, JPMorgan Emerging Markets Inv Trust

QUARTERLY RESULTS Smith & Nephew