Deutsche Bank reaffirmed its “Hold” rating on ARM Holdings, up 0.5%, with a target price of 1050p. Jefferies International reaffirmed its “Buy” rating on Johnson Matthey, down 3.4%, with a target price of 3650p. DS Smith, down 1.6%, had Citigroup reissue their “Buy” rating on the stock, while Jefferies reiterated its “Hold” rating with a target price 360p.
Blinkx, down 2.4%, announced that it will change its name to RhythmOne Plc, which is named after its trade entity. Citigroup reiterated its “Neutral” rating on the stock.
AVEVA Group, down 5.1%, announced that it received a revised conditional proposal from Schneider Electric SE, under which AVEVA will be integrated with Schneider’s Software Business. However, after various preliminary discussions, the company stated that it has terminated talks with Schneider. Both Berenberg Bank and Panmure Gordon downgraded their ratings on the stock from “Buy” to “Hold” with target prices of 1800p and 1675p respectively.
Cyan Holdings, down 17.4%, announced that it will raise approximately £10.1m through placement of 4.3b shares and subscription of 1.3b shares, at a price of 0.18p per share. It will use the net proceeds to acquire Connode Holding AB, a Swedish supplier of wireless communication solutions, for a consideration of £6.8m & for working capital purposes. In addition, Biggles Enterprises Limited, Thailand, will make a strategic investment of £2m as part of the subscription. The company’s Directors will invest £0.5m in the subscription of shares. Beaufort Securities restated its “Speculative Buy” rating on the stock.
Abcam is trading marginally lower on Monday. The company announced the appointment of Gavin Wood as the Chief Financial Officer. Meanwhile, Quixant is trading 0.8% lower, as they announced the appointment of Jon Jayal, as the Chief Operating Officer to the Board.
UK markets closed lower in the last week, as investors continued to remain jittery over the outcome of the upcoming EU referendum. Meanwhile, the Bank of England held its key interest rates steady at 0.5% and restated that the global economy would take a hit if Britain votes to exit the EU, later this week. The FTSE 100 index lost 1.5% to 6,021.1, while the FTSE AIM 100 index dropped 3.2% to end at 3,361.6. The FTSE techMARK 100 index declined 2.6% to 3,659.1.
US markets ended weaker, as initial jobless claims in the US rose more than expected while the annual consumer price inflation rose less than expected in May. Additionally, the nation’s industrial production fell more than expected last month. The DJIA index lost 1.1% to finish at 17,675.2, while the NASDAQ index fell 1.9% to 4,800.3.
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