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The big question taxing analysts is how much airlines such as easyJet will be forced to discount prices in order to fill seats at a time when they are having to cope with rising fuel and crew costs.

Boker Collins Stewart estimates that a 1% fall in the yield from ticket prices wipes 8% off the airline's profits. EasyJet hopes to generate extra revenue this year from new baggage charges and fees from other services. Higher fuel costs are partly offset by dollar weakness, but its own estimate of 20% profit growth for 2008 looks increasingly ambitious against a backdrop of weakening demand. The shares look vulnerable. Sell says the Independent.

Judging from yesterday's year-end trading update, there is no reason for alarm - at least not yet over recruiter Michael Page. Apart from singling out some weakness in UK banking, all parts of the recruitment group are in robust shape. Michael Page is dependent on confidence - the sort that encourages an employer to take on new people. But that is in short supply at the moment, especially in the UK. But the shares recent fall looks overdone. Although the shares are likely to remain sensitive to shifts in global sentiment, buy says the Independent.

The risk averse or shareholders looking for a fast buck should keep on moving. But for investors with a longer-term outlook, the stock - on just 8.6 times Investec's 2007 forecasts, dropping to 6.5 times those for 2008 - Michael Page looks cheap. Buy says the Telegraph.

The Times disagrees. On a forward multiple of six times earnings and a dividend yield of nearly 5 per cent, Michael Page, the preeminent name in its sector, might appear heavily oversold. The difficulty is that, with more cyclical permanent placements accounting for 70% of gross profits, it is still heavily geared to the economic cycle. That, and Page's limited forward view, means sentiment is likely remain firmly against it for now. Avoid, the newspaper says.

Estate agent Savills surprised the market yesterday with news that it would beat expectations for 2007. Given how far those expectations have narrowed since the summer, that need not be difficult. Like other stocks, Savills now looks ridiculously cheap at 6.2 times earnings forecasts for this year. But the problem remains that things are going to get worse before they get better. When the low point comes there should be plenty of time to catch the ride up again. But confidence will take time to return. Sell says the Telegraph.

Alterian is a specialist software supplier to the marketing industry. Yesterday it revealed third-quarter revenues were up 48% on the same period in the prior year, while nine-month figures showed 34% growth. With analysts expecting earnings growth of more than 50%for the next two years, the measly multiple of just 12 times next year's earnings provides a good level to buy in says the Telegraph.

Domino's Pizza's current rating of 19 times earnings suggests now is the right time to reinvest in a company with minimal debt, a dominant market position and scope to beat forecasts of a 16% rise in current-year earnings. Buy says the Times.

Kyrgyzstan-baded gold miner Aurum trades at a steep discount to its peers. Yesterday's drilling update augured well for additional projects on the Andash licence, while recent stakebuilding in rival Highland Gold adds to the interest. Worth a flutter at 114½p says the Times.

Over one of the toughest Christmas trading periods in years, the digital camera specialist Jessops achieved the near impossible - it managed to increase sales. Jessops needs to sustain the improvement in what is a very harsh retail environment. That won't be easy and even at 8.3p, against a float price of 155p, the shares are no more than a punt. Avoid says the Independent.

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