LONDON (ShareCast) - Manny Fontenla-Novoa, the chief executive of Thomas Cook, is one of life’s cheerier characters. The oil price may linger well above $100 a barrel, and recession may be looming, but the Spanish-born travel executive remains relentlessly upbeat.

However, given the oil price-related surge in the shares from last month’s lows – the stock is up 36 per cent – there will be better times to buy, according to the Times.

Vodafone is a strong company and anyone buying a portfolio of stocks would consider adding the group for stability. They are unlikely, however, to come to regard the investment as a cash cow. Hold, says the Independent.

Balfour Beatty's share price has performed strongly relative to its competitors and the shares trade on 10.7 times 2008 earnings - a significant premium to its peers. While that is justified, and yesterday's results will offer support to the stock as well as likely upgrades, it suggests that the potential upside from here is limited. Hold, says the Telegraph.

British Energy’s 65 per cent plunge in first-quarter profits vividly illustrates why this country urgently needs new reactors. With wholesale power prices close to record highs, the nuclear generator should be enjoying a windfall. Instead, its rapidly ageing fleet has been operating well below capacity because of a string of technical problems. At 706½p – an 8 per cent discount to EDF’s offer – investors who have endured this saga thus far should hang on, according to the Times.

It is pretty tough to find a bad word to say about software group Micro Focus. Indeed, the group is very well run with a strong record of cash generation, no debt and a margin approaching 40 per cent. Investors, sadly, will not be so fortunate: if they want safety then they should pile into Micro Focus, but not if they are intent on big returns. Hold for now, says the Independent

If AIM’s contingent of overseas companies has a poor reputation, that is no fault of SQS Software Quality Systems. At 281½p, up 5p, SQS, which is debt-free, sits at eight times next year’s earnings. On the view that there is room for profit forecasts to rise, the shares should be bought on weakness, according to the Times.

The share price of specialist agricultural distribution group NWF ended the day up 7.9 per cent yesterday after the company announced its annual results. Watchers at broker Charles Stanley argue that the second half of the year was very strong. They add that agriculture-focused businesses average a price earnings ratio of 10.9 times, while transport groups trade on 13.4 times, compared to NWF's 12.3 times. This may not be enough to convince investors to buy now, especially with the company itself saying that the outlook is uncertain. Hold, says the Independent.

While the high price of oil may have left many of us smarting, it has led to boom times for Interserve. The construction, facilities management and equipment rental group has seen profits from the Middle East soar in recent years as cities in the United Arab Emirates, Qatar and Oman expand beyond many people's wildest imaginations. On under 10 times earnings, the stock looks relatively cheap, despite falling valuation multiple. Buy, says the Telegraph.

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