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BUZZ-Morrisons: choppy morning as earnings loom

Reuters - UK Focus

** Wm Morrison enjoyed brief stint at top of FTSE 100 on sales growth pick-up at Ocado - with which it has online contract - only to find gains erased by downbeat industry data

** Market researcher Kantar Worldpanel says sales at Morrisons fell 0.4 pct; its shares, which earlier rose 3.2 pct to 9.5-mth highs, up 0.4 pct

** Ocado, which posted a slight acceleration in quarterly sales growth, up 2.3 pct; Ocado has 25-yr contract to operate Morrison's online delivery service

** JPMorgan (LSE: JPIU.L - news) upgrades Morrisons to "neutral" vs "underweight" citing new mgmt, improved trading & greater cost cutting opportunities, stronger balance sheet & less demanding valuation (lease adj. EV/sales ex petrol) vs other UK grocers

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** Morrisons reports FY Thurs; JPM expects an announcement on a cut in dividend for 15/16

** Morrisons results lagged Tesco (Xetra: 852647 - news) , Wal-Mart's Asda & Sainsbury's in past yrs

** Co been hit particularly hard by rise of discounters, strong in its northern heartlands; was also late to move into better-performing parts of mkt - convenience stores & online (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)