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Sector movers: Weak earnings from IBM weigh on UK tech stocks

Mon, 20th Oct 2014 13:52

Disappointing results from US tech titan IBM were weighing on hardware and equipment stocks this side of the Pond on Monday.IBM reported a profit of just two cents a share for the three months to 30 September, compared with $3.68 a year earlier, on revenues that declined to $22.4bn from $23.3bn.Adjusted earnings fell 10% to $3.68 a share, well below the $4.31 expected by analysts.Chief executive Ginni Rometty admitted the board was "disappointed in our performance".She said: "We saw a marked slowdown in September in client buying behaviour, and our results also point to the unprecedented pace of change in our industry."Sentiment was also hit by the news that IBM has agreed to pay $1.5bn to sell-off its loss-making chip manufacturing division.UK-listed chipmakers ARM Holdings and Imagination Technologies were 2-3% lower in afternoon trade.Nanoco, CSR, Spirent Communications, Filronic and BATM Advanced Communications were also unwanted.ARM's own third-quarter results are due out on Tuesday and are expected to show that earnings rose to 24 cents a share in the third quarter, from 18 cents a year earlier. Revenues are forecast to have increased 11% to $329.4m.Investors in the industry were also likely showing caution ahead of the quarterly earnings from smartphone and tablet giant Apple after the closing bell on Wall Street.Guidance for the current quarter is likely to garner the most attention given the recent launch of new models of its popular iPhone and iPad gadgets."This week alone, around a fifth of the S&P 500 companies are scheduled to report earnings which, given how quiet a week it is on the economic data side of things, could well have a big impact on investor sentiment," said analyst Craig Erlam from Alpari UK.Top performing sectors so far todayFood Producers & Processors 7,015.30 +1.35%Food & Drug Retailers 2,542.47 +1.06%Real Estate Investment Trusts 2,757.46 +0.52%Industrial Transportation 2,733.38 +0.38%Household Goods & Home Construction 11,764.83 +0.35%Bottom performing sectors so far todayTechnology Hardware & Equipment 1,041.74 -2.33%Oil & Gas Producers 7,326.87 -2.22%Industrial Metals & Mining 1,332.59 -1.80%Automobiles & Parts 7,025.89 -1.73%Forestry & Paper 10,502.07 -1.71%
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2 Jan 2020 07:37

Apple inks licensing deal with Imagination Technologies

(Sharecast News) - Apple has inked a new supply deal with Imagination Technologies for its graphics processing units.

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19 Mar 2018 15:03

Total renewables unit targets Africa's power-starved mining sector

By Joe Bavier ABIDJAN, March 19 (Reuters) - Total's renewable energy unit said on Monday it had opened the world's largest solar-thermal hybrid plant in the of

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12 Mar 2018 14:35

CANADA STOCKS-Toronto stocks edge up, following global markets higher

March 12 (Reuters) - Canada's main stock index rose modestly on Monday, buoyed by improved risk appetite in global markets but declines in energy shares and gold producers

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9 Mar 2018 21:24

UPDATE 1-CANADA STOCKS-TSX ends higher alongside global stocks, oil, metals

By Nichola Saminather TORONTO, March 9 (Reuters) - Canada's main stock index closed higher on Friday, lifted by strong gains in oil and metals

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7 Dec 2016 09:55

Imagination Technologies boosted by Numis upgrade

(ShareCast News) - Imagination Technologies Group gained as Numis raised its rating on the stock to 'buy' from 'add' and lifted the target price to 310p from 280p following better-than-expected results. The chip maker on Tuesday reported royalty revenues rose 6% and licensing revenues increased 7% i

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7 Dec 2016 09:33

BROKER RATINGS SUMMARY: Credit Suisse Raises Rio Tinto And Cuts BHP

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6 Dec 2016 08:17

Peter Hill to chair Imagination Technologies

(ShareCast News) - Multimedia, processor and communications technology company Imagination Technologies Group announced on Tuesday it has appointed Peter Hill CBE as non-executive chairman with effect from 1 February 2017, with him joining the board on 1 January. The London-listed firm said Peter is

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29 Sep 2016 11:56

Broker tips: Imagination Technologies, Babcock, Sainsbury's

(ShareCast News) - Imagination Technologies shares fell on Thursday after Numis downgraded the stock to 'add' from 'buy' after the company sold its Pure digital radio business. The group, which designs chips for iPhones, sold Pure to Austria's AVenture AT for £2.6m in cash as it looks to reduce debt

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29 Sep 2016 10:31

Numis cuts rating on Imagination Technologies to 'add' from 'buy'

(ShareCast News) - Imagination Technologies shares fell on Thursday after Numis downgraded the stock to 'add' from 'buy' after the company sold its Pure digital radio business. The group, which designs chips for iPhones, sold Pure to Austria's AVenture AT for £2.6m in cash as it looks to reduce debt

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29 Sep 2016 08:27

Imagination Technologies sells Pure digital radio business for £2.6m

(ShareCast News) - Imagination Technologies said trading in the first quarter continues to be in line with the board's expectations and announced an agreement to sell its Pure digital radio business to Austria's AVenture AT for £2.6m in cash as it looks to reduce debt. The company said the deal also

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12 Aug 2016 08:29

BROKER RATINGS SUMMARY: Merrill Lynch Upgrades Tullow Oil To Buy

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10 Aug 2016 10:11

Wednesday broker round-up

(ShareCast News) - Ibstock: Jefferies reiterates buy with a target price of 190p. Legal & General: Barclays maintains equal-weight with a 194p target. Glencore: UBS reiterates buy with a 220p target. Booker: HSBC stays at neutral with a 200p target. Spire Healthcare: Berenberg reiterates buy with

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10 Aug 2016 08:35

BROKER RATINGS SUMMARY: Panmure Raises RSA Insurance To Buy From Hold

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18 Jul 2016 15:55

LONDON MARKET CLOSE: Stocks Given Helping Hand From ARM Takeover

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18 Jul 2016 09:38

WINNERS & LOSERS SUMMARY: ARM Takeover Also Lifts Imagination Shares

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