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ARM Holdings up 7 percent on analyst takeover remarks

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by Elaine Frei
ARM Holdings up 7 percent on analyst takeover remarks

European equities markets were higher Tuesday after Japan said it will purchase Eurozone bonds in an attempt to help solve the region’s debt problems.

The FTSE 100 was up 0.97 percent to 6,014.03 in London, while the FTSE 250 added 1.38 percent to 11,187.83.

ARM Holdings (LSE: ARM) returned to gains, adding 6.99 percent and turning in the best performance on the 100 after an analyst on the US cable television station CNBC said that the chipmaker is a bid target in the technology sector.

Another chipmaker lead gains on the 250 as CSR (LSE: CSR) gained 16.01 percent after it said it has reached an agreement in a patent dispute with Broadcom Corp (NAS: BRCM).

Banks were mostly higher, led by Barclays Bank (LSE: BARC), which added 5.53 percent after Bank of America Merrill Lynch repeated its “buy” recommendation and upped its target share price on Barclays, but Standard Chartered (LSE: STAN) bucked the trend as it dropped 0.76 percent.

The mining sector was higher, led by a 5.17 percent gain for Kenmare Resources (LSE: KMR), followed by Eurasian Natural Resources (LSE: ENRC), which was up 4.05 percent.

Most in the energy sector also saw gains, led by oil explorer Exillon Energy (LSE: EXI), which was up 6.56 percent, but oil rig builder and refurbisher Lamprell (LSE: LAM) was down 0.03 percent and Wellstream Holdings (LSE: WSM), which designs and builds pipeline systems for the oil industry, dropped 0.25 percent.

The biggest decliner on the 100 was Smith & Nephew (LSE: SN), which was 5.9 percent lower on a decline in speculation that it might be a takeover target, while home furniture manufacturer and retailer Dunelm Group (LSE: DNLM) turned in the worst performance on the 250 and led decliners in a mixed retail sector, dropping 5.78 percent after it said that fiscal first-half sales in stores open a year or more had dropped by 1.2 percent.

The FTSE Eurofirst 300 was up 1.27 percent to 1,147.59 while the Dax added 1.23 percent to 6,941.57, the IBEX was 1.53 percent higher to 9,582.1 and the CAC-40 gained 1.58 percent to 3,861.92.

Most markets in the Asia-Pacific region were higher, but the Nikkei was lower on concerns about debt problems in Europe and Australian markets dropped as insurers declined after the worst floods in Queensland in half a century.

The Nikkei 225 was down 0.29 percent to 10,510.7 in Tokyo, but the Topix index added 0.06 percent to 926.94 and the Mothers market gained 2.16 percent to 459.26 as Japan’s Finance Minister said that his government is thinking about buying Eurozone debt.

Some Japanese exporters were lower as the yen strengthened.

Camera makers were lower as Olympus (TYO; 7733) was down 1.1 percent and Canon (TYO: 7751) dropped 1.42 percent.

Consumer electronics giant Sony (TYO: 6758) was 0.33 percent lower while heavy equipment manufacturer Komatsu (TYO: 6301) fell 0.46 percent, Nissan motors (TYO; 7201) was down 0.7 percent and industrial robot maker Fanuc (TYO: 6954) dropped 0.9 percent.

Gainers in the region included an advance of 0.36 percent for South Korea’s Kospi, to 2,088.32, while the Straits Times Index was up 0.38 percent to 3,241.49 in Singapore, the Shanghai Composite added 0.44 percent to 2,804.05, the Hang Seng was 0.99 percent higher to 23,750.3 in Hong Kong, and Taiwan’s Taiex gained 1.29 percent to 8,931.36.

In Australia, the S&P/ASX200 fell 0.03 percent to 4,710.7 and the Sydney Ordinaries dropped 0.08 percent to 4,814.9, while India’s Sensex was 0.14 percent lower to 19,196.3.

New York markets were up at just before 1 p.m. local time, on optimism going into the corporate earnings season, with the Dow Jones Industrial Average up 0.5 percent to 11,696.1, while at the same time the S&P 500 had added 0.52 percent to 1,276.37 and the Nasdaq Composite was 0.46 percent to 2,720.3.

Crude oil prices were higher in midday trade, with both West Texas Intermediate crude and Brent crude nearly $2 per barrel higher.

Metals prices were also higher, with copper up nearly 9 cents per pound in New York trade.

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News posted: January 11, 2011

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