STOCKS NEWS UK-Immunodiagnostic Systems up as H1 sales rise
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09:02GMT 05Oct2009-Immunodiagnostic Systems up as H1 sales rise
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Shares in Immunodiagnostic Systems (IDH.L) rise 4.3 percent after the diagnostic testing kits maker says first-half revenue increases 56 percent and sales of vitamin D tests double.
Panmure Gordon reiterates its 'buy' rating and raises its price target on the stock to 470 pence from 420.
"Given the underlying strength of the vitamin D market we are increasing our revenue forecast for 2010 by 11 percent to 33.4 million pounds," the brokerage says in a note.
For more information please click on [ID:nBNG422067]
Reuters messaging rm://ram.kumar.thomsonreuters.com@reuters.net
08:52GMT 05Oct2009-IQE up on NanoGaN buy
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Shares in IQE Plc (IQE.L), a supplier of wafer products, rise 3.6 percent after it buys UK-based NanoGaN Ltd for up to 3.6 million pounds ($5.8 million) for its technology used in blue and green lasers and solid-state lighting products.
"We are very excited by this acquisition as it reinforces IQE's position as a world technology leader in the development of compound semiconductor substrates and brings closer the prospect of volume sales of higher efficiency, higher power substrates for the opto-electronics market," WH Ireland analyst Anne Crow says in a note.
Crow upgrades IQE to "buy" from "market perform" and raises the target price to 16 pence from 15 pence to reflect the longer-term benefit to profits arising from the acquisition.
For details please click on [ID:nBNG377315]
Reuters messaging rm://purwa.naveen.reuters.com@reuters.net
08:21GMT 05Oct2009-Synchronica up on contract win
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Shares in Synchronica (DAU.L) climb 6.7 percent as the AIM-listed mobile email and synchronisation provider announces a contract win in South-East Asia, which FinnCap describes as a "potentially lucrative" revenue share contract.
"The structure of this contract highlights the critical role Synchronica's software can play in increasing average revenue per user and combating churn by introducing addictive data services to the mass market," the broker says in a note.
The company says it will receive $1 and $0.5 per subscriber per annum respectively, as a share of the net revenue derived from the provision of Synchronica's Mobile Gateway and Mobile Backup service.
Synchronica says it will further provide professional services for customization and deployment of its products worth $60,000.
For more double click on [ID:nRnsE1959A]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
08:06GMT 05Oct2009-Corin surges on positive FT write-up
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Shares in British medical technology group Corin (COCRG.L) gain as much as 22 percent following positive comment by stock market historian David Schwartz in the Financial Times newspaper on Saturday.
Schwartz says the company has "promising prospects" despite its shares losing over 80 percent of their value over the last 18 months after it was hit by weak demand for its Cormet hip resurfacing product and lower sales to U.S. orthopaedics giant Stryker (SYK.N). [ID:nLP108744]
"My view is that all the bad news is now in the price and foundations are in place for a solid improvement in Corin's fortunes," Schwartz said in his Trader's Diary Column.
Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net
07:50GMT 05Oct2009-Wolfson Micro drops on weak demand outlook
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Shares in Wolfson Microelectronics (WLF.L) drop 12 percent after the chip maker end-customer demand remains poor and it expects $35 million in third-quarter revenue.
"Lower than expected demand from Apple for the old iPhone is likely to mean FY 2009E revenue will be short of expectations," Panmure Gordon analyst Nick James says in a note, adding that he expects fourth-quarter revenue of $33 -35 million. "This will drive a bigger than expected loss for the year."
To see Wolfson's statement please click on [ID:nRnsE1952A]
Reuters messaging rm://catherine.bosley.thomsonreuters.com@reuters.net
07:42GMT 05Oct2009-French Connection up; Altium says "buy"
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Shares in fashion retailer French Connection (FCCN.L) gain 2.2 percent as Altium Securities raises its "recommendation to "buy" from "hold" after the company reported late on Friday that it was closing all of its 21 stores in Japan in an attempt to stem losses.
French Connection said the cash cost of the closure will be less than 0.5 million pounds and there will be one-off charges to the profit and loss account in the year to Jan. 31, 2010, amounting to approximately 2.5 million pounds relating to closure costs and asset write-downs.
The closures come after French Connection reported widening first-half losses in September, and the move prompts Altium to raise its forecasts for the full-year 2011 and up its target price to 70 pence from 50 pence.
For more double click on [ID:nRnsB1940A]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
07:37GMT 05Oct2009-FTSE small caps flat at the open
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The FTSE Small Cap Index .FTSC is flat in early trade, outperforming London's blue chip shares .FTSE, which fall 0.2 percent, and the FTSE mid caps .FTMC, which shed 0.1 percent.
British chipmaker Wolfson Microelectronics (WLF.L) drops 9.5 percent after saying it expects third-quarter 2009 revenue of about $35 million dollars, with end-consumer demand remaining poor. [ID:nL5448179]
French Connection (FCCN.L) adds 2.2 percent as Altium Securities ups its rating to "buy" from "hold" after the fashion retailer announced late on Friday plans to close all of its 21 stores in Japan in an attempt to stem losses. [ID:nRnsB1940A]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
