BUZZ-Morrisons: choppy morning as earnings loom
** 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
** 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)