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Sharewatch: Reed Rises Despite Downgrade
Publisher Reed Elsevier was seen in the spotlight yesterday after ING downgraded the stock on the grounds that it would be a late beneficiary from a cyclical upturn. However, the stock was upgraded by Sanford Bernstein, which claimed the shares have been oversold. Shares were seen up 2.27%.
Elsewhere, Cable & Wireless was seen boosted after it announced plans to sell its US assets to Gores Technology group for $125 million. The stock rose 3.87%.
Broader market sentiment was mixed as continued weakness in the dollar dominated market sentiment. The greenback yesterday posted its seventh consecutive record low against the Euro and languished at a three year low against the Yen.
The closing prices of media company shares on Monday were:
