On the Move: Northern Rock, Sanofi, ABM Amro
NORTHERN ROCK was up £0.23 to £3.06... Shares rebound on UK govt guarantee - Shares recover some of the gound lost in the last two sessions, after the UK government moved in to guarantee deposits. Goldman Sachs downgrades to sell from neutral, as believes shares will continue to fall as management and regulators attempt to stabilise the business. The company says cuts target to £2.96 from £11.00 to reflect maximum price that currently believes a buyer would pay without generating goodwill, as estimates the company will only just meet its cost of capital in 2009, delivering a 10% ROE.
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