Results diary

Stocks on the move Real-time Equity News

11:12GMT 14Nov2008-Telefonica gains as brokers stay upbeat

-----------------------------------------------------------

Shares in Telefonica gain 3.5 percent to 15.25 euros as a raft of brokers including Citigroup and UBS maintain their "buy" recommendation following robust nine month results and reiterated 2008 earnings guidance.

Oddo Securities analysts are more downbeat, however, reiterating their "reduce" rating and noting that continued deterioration in the third quarter could put pressure on 2009-2010 forecasts.

"Latin America is also expected to experience the initial impact of the worldwide economic slowdown and a negative forex impact," Oddo says in a note.

Latin America was the key driver behind Telefonica's nine month results.

For more double click on

Reuters Messaging rm://tracy.rucinski.reuters.com@reuters.net

10:36GMT 14Nov2008-Austrian Airlines takes off on Lufthansa hopes

-----------------------------------------------------------------

Shares in Austrian Airlines surge 18 percent to 3.10 euros following Austrian state holding company OeIAG's statement on Thursday that Germany's Lufthansa is now the exclusive bidder for the airline and a deal could come within a month.

Investors hope Lufthansa will make a buyout offer for minorities at the six-month average price, which currently stands at 4.15 euros.

"The market is speculating on a Lufthansa buyout offer to the free float shareholders," says one trader. "Therefore buying at 3 euros or so is interesting."

For more double click on

Reuters Messaging rm://eva.komarek.reuters.com@reuters.net

10:33GMT 14Nov2008-RAB Capital up on fund closures

--------------------------------------------------

Shares in RAB Capital rise 19.4 percent as bargain hunters tuck in on the back of a rallying market as the hedge fund manager says it plans to streamline the number of funds it offers, but analysts remain sceptical.

Evolution, which has withdrawn its rating and target price, says cash and investments equate to a price of 21 pence per share, well in excess of the current share price.

The broker says in a note: "The discount reflects both distrust over which funds the money is invested in (and what its realisable value might be) and that

the cash is available for reinvestment in existing funds range and new fund opportunities as appropriate."

Evolution Securities analyst Jason Streets writes: "RAB's immediate prospects are grim."

For more double click on

Reuters Messaging rm://david.brett.reuters.com@reuters.net

10:15GMT 14Nov2008-Lo-Q higher on US contract extension

-------------------------------------------------------

Shares in Lo-Q Plc jump 17 percent to 34.5 pence after the virtual queuing system supplier signs an extended agreement with U.S. theme park operator Six Flags, which will see more of Lo-Q's 'Flash Pass' systems installed

at the American group's theme parks.

"Six Flags, Lo-Q's largest customer, is increasing the number of parks that will be using Lo-Q's technology next year by two to 10. This, with the news that

one million visitors used Lo-Q's Flash Pass this year, should imply upgrades for

both this year and next year's forecasts," says Arbuthnot analyst Robert Sanders, who reiterates his 'strong buy' recommendation on the stock.

To see Lo-Q's statement please click on

Reuters messaging rm://rhysl.jones.reuters.com@reuters.net

10:15GMT 14Nov2008-EADS rises after forecast-beating results

------------------------------------------------------------

Shares in EADS gain 4.8 percent after the European aerospace group's quarterly results beat expectations and the company raises its 2008 profit forecast.

"These results confirm efforts made by EADS to improve its profitability and

the way it manages its programmes," CM CIC analysts write in a note.

EADS shares are down 43 percent so far in 2008, in line with the year-to-date performance of the FTSEurofirst 300 index of top European shares.

Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net

09:57GMT 14Nov2008-Continetal up as Schaeffler plans takeover

-------------------------------------------------------------

Shares in Continental AG rise 20.95 percent as German ball-bearings company Schaeffler plans to file for European Commission approval a takeover of just under 50 percent of the tire of the auto parts specialist.

"The deal looks to have a much better chance of succeeding. There was speculation that it might be in danger. The market appears to be warming to the idea of the Conti/Schaeffler merger," says Robert Heberger, analyst at Merck Finck.

"Both Schaeffler and Conti have high debt levels at the moment -- Schaeffler

from this deal and Conti through its purchase of former Siemens' unit VDO . The market has punished companies with high debt, but Conti's drop might have been a bit too extreme and now we are also seeing part of a rebound,"

Heberger adds.

A Frankfurt-based analyst says that investors might be relieved, adding that

a failed takeover deal might have spelled additional pressure on Conti.

For more double click on

Reuters Messaging rm://tyler.sitte.reuters.com@reuters.net

COPYRIGHT

Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

MMMM

Six Flags, Inc. is the world's largest regional theme park company with 20 parks across the United States, Mexico and Canada. Founded in 1961, Six Flags has provided world class entertainment for millions of families with cutting-edge, record-shattering roller coasters and appointment programming and special events such as the weekly Summer Concert Series, Fright Fest and Holiday in the Park. Now 47 years strong, Six Flags is recognized as the preeminent thrill innovator while reaching to all demographics -- families, teens, tweens and thrill seekers alike -- with themed attractions based on the Looney Tunes characters, the Justice League of America, skateboarding legend Tony Hawk, The Wiggles and Thomas the Tank Engine. Six Flags, Inc. is a publicly-traded corporation (NYSE:SIX) headquartered in New York City.

Forward Looking Statements:

The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. These risks and uncertainties include, among others, Six Flags' success in implementing its new business strategy. Although Six Flags believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including factors impacting attendance, such as local conditions, events, disturbances and terrorist activities, risk of accidents occurring at Six Flags' parks, adverse weather conditions, general economic conditions (including consumer spending patterns), competition, pending, threatened or future legal proceedings and other factors could cause actual results to differ materially from Six Flags' expectations. Reference is made to a more complete discussion of forward-looking statements and applicable risks contained under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in Six Flags' Annual Report on Form 10-K for the year ended December 31, 2007, which is available free of charge on Six Flags' website http://www.sixflags.com.

SOURCE Six Flags Inc.

http://www.sixflags.com

--Issuer Default Rating (IDR) at 'CCC';

--Senior unsecured notes (including the 4.5% convertible notes) at 'CC/RR6';

--Preferred stock at 'C/RR6'.

Six Flags Operations Inc. (SFO)

--IDR at 'CCC'.

--Senior unsecured notes at 'CCC-/RR5'.

Six Flags Theme Park Inc. (SFTP)

--IDR at 'CCC'.

--Secured bank credit facility at 'B/RR1'.

In August 2009, Six Flags' $287.5 million (plus accrued dividends) 'C'rated mandatorily convertible preferred stock (PIERS) comes due. Six Flags does not generate sufficient internal cashflow to repay this obligation at maturity and has expressed its intention to explore alternatives to address its highly leveraged capital structure.

Given the state of the credit markets and current pricing on Six Flags securities, Fitch believes securing traditional external financing could be extremely challenging, leaving the company limited options available to address this maturity. In Fitch's view, it is a real possibility that certain remedies that Six Flags may pursue to address the PIERS maturity could constitute a technical or restricted default (RD) or outright default on the PIERS. One such remedy could be to offer to exchange the PIERS for some other obligation. Under Fitch's criteria, a Distressed Debt Exchange (DDE) results when an exchange offer has a material reduction in terms (extension of maturity and securityholders will receive less than par) and is deemed to be coercive (de facto necessary even if voluntary). Fitch deemed the previous exchange offer to be a DDE in a rating action commentary on June 16, 2008. The rating Watch Negative would be resolved upon Six Flags' announcement of a plan to address the PIERS maturity.

The 'CCC' IDR and 'C' rating on the PIERS reflect the material refinancing risks posed by the August 2009 PIERS maturity. The company has stated that there are potential Delaware Law restrictions on the potential redemption of the PIERS. In addition, Fitch believes that a failure to redeem the PIERS when due could trigger a default on the bank credit facility. Further, a default on the senior unsecured notes could be triggered if the banks do not agree to grant an amendment or waiver and choose to accelerate the bank credit agreement.

The company has improved fundamental operating performance in 2008 and is expected to be above free cashflow breakeven for the year. On Nov. 10, 2008, the company announced that Sept. 2008 year-to-date (YTD) revenues grew 5% as a result of 4% revenue per capita growth and slight increase in attendance. Revenue has continued its growth into the fourth quarter, with attendance for the quarter through Nov. 4, 2008 up 7% and revenue per capita up 2%. As of Sept. 30, 2008, the company has an interest coverage ratio of approximately 1.5 times (x), and leverage is approximately 9x, both an improvement over 2007 year end interest coverage of 0.9x and leverage of 13.8x. Total debt of $2.4 billion was made up of $1.3 billion in senior unsecured notes ($400 million at SFO), $840 million in term loan B debt and approximately $297 million in PIERS.

Liquidity as of Sept. 30, 2008 consisted of $34.3 million in cash. In October 2008, the company borrowed $244.2 million from its revolving credit facility (there was a $0 balance as of Sept. 30, 2008) in order to ensure sufficient liquidity for its off-season. In addition to its August 2009 PIERS maturity, Six Flags has approximately $130 million in notes due in February 2010. Fitch expects that Six Flag's liquidity should be sufficient to cover operating costs in the off-season and invest in its parks.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. The issuer did not participate in the rating process other than through the medium of its public disclosure.

SOURCE: Fitch Ratings

Fitch Ratings 
Rolando Larrondo, 212-908-9189, New York 
Mike Simonton, CFA, 312-368-3138, Chicago 
or 
Media Relations: 
Cindy Stoller, 212-908-0526, New York 
Email: cindy.stoller@fitchratings.com

Six Flags, which runs 20 of its roller-coaster parks in the United States, Mexico and Canada, reported quarterly profit of 95 cents per share, compared with 61 cents per share, in the year-ago quarter.

Revenue rose 5 percent to $489 million, as total park attendance rose by 200,000 in the quarter.

For the current quarter, Six Flags said revenue was up 9 percent over last year, driven by a 7 percent increase in attendance and greater spending from park visitors, helped by its Halloween-themed offerings.

(Reporting by Bill Rigby, editing by Leslie Gevirtz) Keywords: SIXFLAGS/

(bill.rigby@thomsonreuters.com; +1 646 223 6122; Reuters Messaging: bill.rigby.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

MMMM