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Tuesday preview: ARM, Go-Ahead, GDP

Mon, 25th Oct 2010 18:08

Shares in chip designer ARM Holdings are up more than 150% over the last year but have eased by 6% over the last month as slightly implausible takeover rumours - Apple and Intel both have strategic stakes in the company - have quietened down.Given that the company's chip designs are included in hot ticket items such as smartphones, including the much ballyhooed iPhone from Apple, the company is still very much a high growth operation though its prospects may have taken a bit of a knock last week when Apple revealed that sales of its iPad tablet computer were running below market expectations. Third quarter figures from the Cambridge based firm on Tuesday will show whether the company is still on track to hit market expectations of full year revenue of £391.6m. The market is also expecting the company to triple last year's pre-tax profit of £47.3m. Directors of the public transport provider Go-Ahead Group probably breathed a sigh of relief when the government's slash and burn comprehensive spending review was announced. Though the bus service operator grant will be cut by 20% over three years from 2012, the market had been expecting a much more enthusiastic wielding of the axe by chancellor of the exchequer George Osborne. The grant reimburses bus companies for 80% of the fuel duty on certain services that would otherwise be unviable.Some economists have argued that Osborne's determination to bring the public spending deficit under control endangers Britain's fragile economic recovery and on Tuesday we'll get to see whether they are right to be concerned, as the first stab at calculating third quarter gross domestic product (GDP) is revealed.After the giddy heights of a 1.2% quarter-on-quarter improvement of the second quarter economists are bracing themselves for a dramatic slowdown to around 0.4% for the third quarter.If the economists' forecasts are correct then that would take GDP to level some 2.4% higher than a year earlier, an improvement on the 1.7% year-on-year improvement in the second quarter.However, recent experience suggests that the consensus view of economists is unlikely to be bang on the money; the consensus figure is just the median value of a range that runs from +0.2% to +0.8%.INTERIMS Braemar Shipping Services, LiDCO Group INTERIM DIVIDEND PAYMENT DATE Fairpoint Group INTERNATIONAL ECONOMIC ANNOUNCEMENTS GFK Consumer Confidence (GER) (07:00)Consumer Confidence (FRA) (07:45)Jobseekers Net Change (FRA) (17:00) House Price Index (US) (15:00) Consumer Confidence (US) (15:00) Richmond Fed Manufacturing Index (15:00)Q3 ARM Holdings GMS Anglogold Ashanti Ltd., Impax Asian Environmental Markets, Mitchells & Butlers IMSS Go-Ahead Group AGMS Active Capital Trust, Global Special Opportunities Trust Income Shares, Indus Gas Ltd., JPMorgan Overseas Inv Trust, Lucky Cement Ltd. GDR (Reg S), Murray Income Trust, Savile Group UK ECONOMIC ANNOUNCEMENTS GDP (Preliminary) (09:30) Index of Services (09:30) FINAL DIVIDEND PAYMENT DATE Anite
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