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Sunday 25th of April 2010
April 21, 2010    

ARM Holdings higher on good results from Apple

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by Elaine Frei
ARM Holdings higher on good results from Apple

European equities markets saw declines Wednesday on more concerns over how much it is costing to make sure that Greece does not default on its debt, as that nation took steps toward tapping an emergency aid package earlier decided by the European Union.

The FTSE 100 was 1.04 percent lower to 5,723.43 in London, while the FTSE 250 dropped 0.18 percent to 10,469.15.

Chipmaker ARM Holdings (LSE: ARM) led gains on the 100 as it added 3.09 percent after US computer and phone maker Apple (NAS: AAPL) said that profits were up 90 percent and sales added 49 percent as iPhone shipments doubled.

ARM makes chips used by Apple in its products.

Also in the semiconductors sector, Imagination Technologies (LSE: IMG) added 5.6 percent for the best performance of the session in the London technology sector.

Manufacturer Senior (LSE: SNR) led gains on the 250 and in London, gaining 10.11 percent on its forecast that pretax profit for the full year will exceed analyst estimates.

Retailers were mixed, as video games retailer Games Group (LSE: GMG) dropped 11.9 percent on the 250 for the worst performance of the day in London after it announced that its CEO is stepping down and named a replacement, and said its pretax profit fell 28 percent in the fiscal year that ended on 31 January.

Also among retailers, Marks & Spencer (LSE: MKS) was down 2.97 percent after a downgrade from Bank of America Merrill Lynch from “neutral” to “underperform”, while entertainment retailer HMV Group (LSE: HMV) dropped 5.18 percent.

The energy sector was mostly lower as two companies, JKX Oil & Gas (LSE: JKX), which was the worst performer in the sector, and Petrofac Ltd. (LSE: PFC) dropped 8.6 percent and 3.24 percent respectively and both traded ex-dividend.

Miners were also lower as metals prices fell in London trade, with the worst decline coming for Xstrata (LSE: XTA), which was 4.27 percent lower and traded ex-dividend.

Also trading ex-dividend was defense contractor BAE Systems (LSE: BAE), which fell 4.93 percent to lead declines on the 100.

The FTSE Eurofirst 300 was down 0.65 percent to 1,096.24 while the Dax fell 0.54 percent to 6,230.38, the CAC-40 was 1.22 percent lower to 3,977.67 and the IBEX dropped 2.13 percent to 11,064.7.

Most markets in the Asia-Pacific region were higher Wednesday, with semiconductors-related shares and the tech sector up on Apple’s positive report and after Citigroup raised its recommendations on the electronics and chipmaking sectors.

The Nikkei 225 added 1.74 percent to 11,090.05 in Tokyo, while the Topix index was up 1.54 percent to 987.07 and the Mothers market gained 2.2 percent to 484.38.

All Nippon Airways (TYO: 9202) was up 3.8 percent after Bank of America Merrill Lynch raised its recommendation on the airline from “underperform” to “buy” and also hiked its target share price, and after European airspace reopened after being closed for several days due the eruption of a volcano in Iceland.

The electronics sector saw gains, with Panasonic Corp (TYO: 6752) adding 1.9 percent while Sharp (TYO: 6753) gained 2.2 percent.

Among shares related to the semiconductors sector, Toshiba (TYO: 6502) was up 2.9 percent, while chip-testing equipment maker Advantest (TYO: 6857) added 3.3 percent and Elpida Memory (TYO: 6665) was 4 percent higher.

India’s Sensex added 0.07 percent to 17,472.56, while in Australia the S&P/ASX200 was 0.58 percent higher to 4,954.3 and the Sydney Ordinaries gained 0.63 percent to 4,980.5.

The Taiex was up 1.14 percent to 7,990.53 and in South Korea, where the semiconductors sector helped gains, the Kospi added 1.68 percent to 3,677.06 as Samsung Electronics Co (KRX: 005930) gained 2.9 percent and Hynix Semiconductor Inc (KRX: 000660) was 5.7 percent higher on the session.

The Shanghai Composite gained for the first time in several session, adding 1.8 percent to 3,033.28.

On the other hand, the Straits Times Index was 0.46 percent lower to 2,967.65, while the Hang Seng dropped 0.52 percent to 21,510.93.

New York markets were mixed as the Dow Jones Industrial Average was up 0.08 percent to 11,125.68 at just before 1 p.m. local time, while at the same time the Nasdaq Composite had added 0.04 percent to 2,501.35 but the S&P 500 was 0.03 percent lower to 1,206.82.

Crude oil prices were higher while copper, gold and silver had all gained in midday trade in New York.

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