BUZZ-Marks & Spencer: turnaround promise not enough for skeptics

** Marks & Spencer (Frankfurt: 534418 - news) falls 2.3 pct after reporting falling food and clothing sales, despite the company insisting a turnaround was "on track"

** Q1 clothing LfL down 1.2 pct versus a fall of around 1 pct expected by analysts; food LfL -0.1 pct against modest growth expected

** Brokers unconvinced: Cantor Fitzgerald maintains its "sell" rating, saying "the scale of the task ahead to turn around the fortunes of the business should not be underestimated"; notes shares are down 12 pct since interims in May despite hopes the new management team could lead to a reversal

** Liberum ("sell") says while it sees some modest signs of improvement, these would need to be sustained across the business for it to upgrade the stock

** Co is among the most-shorted stocks in the UK amid a gloomy backdrop for the UK retail sector

** 10 funds hold "significant" shorts totalling 9.6 pct, according to regulatory filings, just off an all-time high

** Stock has nearly halved since June 2015; second top faller on the FTSE 100 on Tuesday

** Peers 1-2 pct lower