JD Wetherspoon was one of the Share Watch winners of last week in The Business, with a gain of 6.76%. But Equity View in The Sunday Telegraph still rates the shares, trading at 18.5 times earnings, a sell and warns that the format has become tired. Significant investment and "alert new management", it says, are needed to breathe life into the "dowdy, downmarket pubs". Bid speculation has been rife for a while, but offers have failed to materialise. The Business 29/01/06 page 15 The Sunday Telegraph 29/01/06 (Business) page 9