Carnival revealed higher revenues for its third quarter yesterday, as the cruise operator's North American brands booked strong growth, notes the Investment Column in the Independent. That strength, which saw yields at those brands climb by almost six per cent, helped offset weakness elsewhere. Yet, for all that, there is nothing wrong with the business, which issued what we viewed as a reassuring outlook statement. As we noted last time, the longer term prospects appear sound; it's the short term that makes us pause. Given this, we would wait before buying in. That said, if you have been holding since the start of the year, we'd once again advise against hopping off now. After falling to levels under 1,750p apiece in August, Carnival has climbed back above 2,100p. This trend should persist as bargain hunters move in, so sit tight in order to mitigate losses. Hold, says the Independent.

The three big beasts of Debenhams, Next and Marks & Spencer take about one pound in five spent on clothing in Britain, so the explosive growth during the past decade of Primark and the supermarkets, notably Asda, Tesco and J Sainsbury, should have hit the big three's tills, writes the Tempus column in the Times. Yet every time that M&S reports it is able to point to modest increases in market share. Debenhams told the City that it would beat consensus profit yesterday, the fourth consecutive year of profit growth. At less than seven times next year's earnings, Debenhams trades at a discount to M&S and Next. Doubtless it is exposed to a rejuvenated M&S sharpening its focus on its stable of house brands. Next, meanwhile, is better-placed to compete online via Next Directory. So, while some analysts believe that Debenhams' greater reliance on promotions, like the famous "Blue Cross" sales, are more likely to coax customers to spend in this sort of environment, it feels as if there is little to move the needle for now. Hold, says the Times.

Recommeding Porvair, the filtration specialist, at the start of April when the shares were changing hands at 115.5p doesn't look all that clever now, says the Investment Column in the Independent. In our defence, this was before the current turmoil swept through the markets hitting the value of almost every stock you'd care to mention. And the reasons for backing the company were sound: an update detailing soaring revenues, falling borrowings and a strong order book. Those balmy looking fundamentals haven't changed all that much. Yesterday, Porvair released another update showing that revenues have continued to grow while debt continues to fall. And though it trades at premium to the sector, this latest update should trigger forecast upgrades, which should support the stock. Buy, suggests the Independent.

Few businesses can watch a $2.3 billion rogue trading scandal unfold with relish, although Wilmington Group may be one of the exceptions, says the Tempus column in the Times. The provider of professional training and education believes, not unreasonably, that the importance of compliance training has been underlined by the alleged antics of Kweku Adoboli at UBS. But Wilmington is not sitting back and waiting for the City law firms to wake: revenue from overseas comprised more than a quarter of the total for the first time last year, with strong growth from Hong Kong and Singapore. Regulatory upheaval in financial markets will stand it in good stead — accountants make reliable customers — but with roughly a third of its revenue derived from legal markets and the vast majority from the UK, Wilmington will have to look for reasons closer to home to lure investors. With the shares at eight times next year's earnings, this could be the time to climb on board. Add the prospect of consolidation in the industry and you have a compelling case, says the Times.

BC

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