Breaking News in association with Money AM

Thursday, 19th November 2009

Fulcrum confirms bid approach

1:02pm
Fulcram Pharma says that it has received a preliminary takeover approach.

The share price jumped up to 4.12p by the end of the morning - up 32% since the market open

Story provided by Business Financial Newswire...

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FTSE dragged lower by weak heavyweight miners

12:47pm
MIDDAY REPORT: Headline shares were dragged lower by weakness in heavyweight mining stocks as metals prices eased, overpowering M&A-inspired gains for Reckitt Benckiser and strong performances from SABMiller and BG Group.

At high noon, the FTSE100 was down 29.13 points at 5,313 with the FTSE250 off 73.74 points at 9,357.31 and the FTSE Smallcaps 8.31 points lower at 2,826.5.

NEW YORK

US stock futures suggest a negative start on Wall Street, with tech stocks under pressure after downgrades for chip-makers at BofA Merrill Lynch.
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Broker News

12:02pm
British Land was upgraded to overweight from equal-weight at Morgan Stanley, target raised to 480p from 370p, while Land Securities was cut to reduce from neutral at Arbuthnot.

ARM Holdings downgraded to underperform from neutral at BoA-Merrill Lynch, target price falls to 135p from 160p.

Big Yellow cut to negative from neutral at Noble.

Centaur downgraded to hold from buy at KBC Peel Hunt.

Connaught raised to buy from hold at Panmure Gordon, target price upped to 410p from 340p.

Diageo raised to buy from...

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T. Clarke broadly in line with forecasts

10:02am
Trading at electrical engineering and contracting group T. Clarke is broadly in line with expectations.

The board said that while the markets in which the group operates remain challenging and competitive, it was encouraged that the level of tendering activity had improved.

The group's focus remains on maintaining margins where possible and continues to seek sensible cost base reductions.

It added: "By this year end we will have a leaner business and will have absorbed the cost of these efficiencies.

"We must, however, as...

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Gleeson focuses on rigorous cost control

10:02am
Urban regeneration and strategic land specialist MJ Gleeson's main focus will continue to be on rigorous cost control and cash generation.

It said this will enable it to lay the solid foundations on which sustained growth can be achieved once more normal conditions return.

Gleeson said while there have been some signs of improvement in housing market conditions compared to the same period in 2008, a sustained upturn required an increase in mortgage availability and consumer confidence.

"In the North of England, in particular, it is not yet clear...

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FTSE flat as weak mining stocks balance out gains elsewhere

9:17am
MORNING REPORT: Headline shares were evenly balanced in early deals, with weakness in mining stocks countered by firm progress for companies reporting numbers today, with SABMiller and National Grid standing out.

At 8:30am, the FTSE100 was little changed at 5,342.27 with the FTSE250 off 14.81 points at 9,416.24 and the FTSE Smallcaps 2.12 points higher at 2,836.93.

US & ASIA

In the US last night, the Dow lost 11 points at 10,426, the Nasdaq Composite fell 11 points at 2,193 and the S&P500 dropped a point at...

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