The operator of ten pin bowling alleys, Hollywood Bowl, has this morning announced news of a share buy back. Whilst the numbers involved are modest against what we’ve seen from some larger cap stocks, investors were clearly quick to cheer the news. The company will buy back up to £10m worth of stock over the next year. The Hollywood Bowl share price was up as much as 5% shortly after the open although has started giving back some of those gains at the time of writing. The company has a market cap of around £500m.
The telecoms giant saw its valuation tumble on Tuesday morning after Morgan Stanley cut its stake in the business. A TR-1 filing published on Monday evening showed the US bank’s 5% holding had been reduced to zero, news that clearly rang out a note of disquiet amongst investors. The BT share price was down by more than 5% in early trade.
The iron casting and machining group, Castings, published a trading statement this morning. Their main market is supplying metal for heavy trucks manufactured in Europe and the company had previously noted weakness in underlying demand here, a trend that continued to deteriorate in the third quarter. Whilst early indications are that the situation will improve heading into the year end, reduced production has triggered a number of financial penalties. As a result, it is the board's expectation that the company's result will be substantially below market expectations in the current year. Castings share price fell by as much as 20% at the open, although the longer term outlook does seem to be lending support.
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