• Leading broker calls bluff on PartyGaming

December 14, 2005 - PartyGaming was the main talking point in a becalmed London market yesterday after a leading broker called time on its recent strong run. When the online gaming group revealed last Thursday that full-year profits were likely to exceed expectations, citing among other factors the successful introduction of blackjack on to its website, its shares rallied nearly 17%. However, a large chunk of that gain was handed back yesterday after Lehman Brothers cut its rating on the stock to underperform. The US broker warned clients not to read too much into the strong trends reported by PartyGaming last week. "October/November trends were strong but mainly as the consequence of IT improvements made to the platform. We recognise the introduction of blackjack has been a success. However, it is early days and PartyGaming management is already talking about a novelty factor and a substitution effect on poker," analyst Craig Fraser said. PartyGaming shares closed 7.5p lower at 128p - the biggest FTSE 100 faller.

> Read the full story here Source: Business.Guardian.co.uk

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