Trading at pub owner Punch Taverns is not about to get any easier, but once the anniversaries of the smoking ban and the flooding are passed, comparatives should ease.

With conversion to a real estate investment trust also a possibility, there is no reason why the shares – trading on a forward earnings multiple of less than four – should not bounce. Buy says the Times.

Spice showed the growth potential in the UK with a slide showing that even in electricity - its strongest sector - its market share was only £106m out of a possible £2.3bn. It is beginning to breach the US market, where it runs data and records services for AT&T in several states. The shares stand on a prospective multiple of 15, on forecasts for pre-tax profits of £30m in the year to April 2009. Provided it does not become overconfident, it should soon be knocking on the door of the FTSE 250 index says the FT.

Historically, the labour market has lagged behind other economic indicators. As a result, recruiters' income tends to hold up longer at the beginning of a downturn but is slower to recover at the end. Going into the downturn, white collar recruiter Michael Page appears better insulated than some rivals, but with on a price/earnings multiple of 6, substantially ahead of a UK-focused operator such as SThree, investors appear to have recognised that already says the FT.

While the diversification strategy in to areas such as the Middle East, Latin America, China and Russia is working and Michael Page is probably better placed than most, economic uncertainty is likely to make the recruitment sector dangerous territory. Avoid says the Times.

The big problem for no-frills airline Easyjet is the price of oil, which has stymied the stock. A spokesman for the group concedes there is an inverse relationship between the price of Brent crude and EasyJet shares and that the stock is not going to recover while the price of the black stuff increases. Even if most economists are right in thinking that oil prices will begin to fall sometime next year, it is going to take some time for the market to appreciate. There is no evidence to suggest that EasyJet shares will not continue to slide for the foreseeable future. Sell says the Independent.

Morgan Crucible is doing what it can in the current environment and issued a trading update yesterday saying that the full-year expectations remain on track. The order book is ahead of this time last year and the board remains confident. Investors should back them. Buy says the Independent.

Cashbox, which has an estate of some 2045 ATM machines, issued a trading update yesterday saying that its number of machines is increasing, even if the income generated per ATM is falling. Cashbox has a rather chequered management past, which it says is all now resolved. Investors should wait to see more evidence, but should ask if the stock can possibly go any lower. Cautious hold says the Independent.







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