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Headlam, a leading distributor of carpets and other floor coverings such as vinyl and laminates, fell 12% yesterday after warning it might not meet its sales and profit targets for the year.

Its performance has been dragged down by residential sales, but its growing business supplying floor coverings to the commercial sector is proving more resilient. Even so, there are too many uncertainties to recommend the shares at present. Avoid says the Independent.

The Telegraph adds that analysts believe that the market is not going to get better for at least 18 months. Given that, it is hard to see why Headlam should trade on more than eight times forecast earnings, even before likely downgrades. Sell.

Goals Soccer Centres earns fees from five-a-side teams using its synthetic floodlit pitches. About 300,000 competitive games were played last year. The company claims to be as near recession-proof as it is possible to be in the leisure sector. Sales in the first half increased 4 per cent on a like-for-like basis, with profits before tax of £3.7m, up 20%. Buy says the Independent.

The Times says that 13 times Goals' 2009 earnings seems a reasonable price for 22% forecast earnings growth and potential speculative support following private equity interest in its rival Powerleague. Buy.

Assuming Goals management can handle such a rapid expansion well, the stock should be more highly rated than it currently is, especially after yesterday's dip, which provides a good entry point. Buy says the Telegraph.

Yesterday's maiden annual figures show Epicure Qatar Equity Opportunities (EQEO) - the London-listed fund into which QIA has sunk $25 million (£13.8 million) - to be doing just fine. It is EQEO's direct exposure to Qatar's surging GDP growth - an estimated 15.5 per cent this year - that remains its draw. Its 11% discount to NAV at 111p seems mean. Hold on for more says the Times.

Based in Hong Kong, RCG Holdings has developed fingerprint and facial-recognition software providing advanced levels of security. First-half profits rose two thirds to £20m and the full year seems to be on track for the £41m forecast by the house broker, Investec. Plans for a dual listing on the Hong Kong Stock Exchange should attract new investors. Investec sees the shares hitting 137p. Hold says the Independent.

Petrofac's engineering and construction (E&C) division, its biggest, draws the bulk of its sales from lump-sum deals to design oil and gas facilities in the Middle East and North Africa. Given rampant cost inflation in its sector, fears have arisen over the profitability of those contracts.But as last week's interims show, Petrofac has lost none of its skills in pricing these deals.At 629½p, which implies a 2009 multiple of just 12 times on its core oil services business, Petrofac is a buy says the Times.

Diageo has traditionally been perceived as a strong defensive play in difficult markets - hence the fact that the shares trade on around 15 times 2009 earnings. The company's defensive qualities will be sorely tested in the months to come, but the Telegraph believes Diageo, with a strong record of returning cash to shareholders and investing in growth, will remain in the pink. Hold.

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