IMI, the international valve-maker based in Birmingham, is shelling out €135m (£120m) for Germany's Zimmermann & Jansen (Z&J), in what analysts tip to be the first of a spending spree that could reach £1.8bn. City analysts not only commended yesterday's deal but said they expected more, buy says the Independent.The €135m (£120m) purchase of Zimmermann & Jansen is the sort of deal that companies such as IMI, which has cash in the bank and longer-term debt, should be doing at this stage in the economic cycle. It adds to earnings from the first year, raising these by 3 to 4%, according to well-briefed analysts' estimates.The shares, at their present level, still sell on about 13 times' this year's earnings, falling to less than 12 times' those for 2011. Though investors might be tempted to take some profits, the shares remain a long-term hold says the Times.Under its executive chairman Simon Ashton, who has been in charge since September 2008, Abbeycrest is heading upmarket. It is selling more branded jewellery and reducing its reliance on low-margin products to high-street stalwarts such as Argos. Abbeycrest will be keeping its fingers crossed that the crucial Christmas trading period delivers the goods, but we are more concerned about the anaemic trading conditions awaiting the jewellery maker next year. Largely for this reason, we advise caution. Hold says the Independent.Though most of the industry has converted to digital, Xaar's new range of ink-jets, Platform 3, is apparently the bee's knees and the only gadget on the market suitable for a range of industrial processes, including ceramics. The problem now is going to be managing customers' expectations before the new facilities come on stream. For now, the shares are on an irrelevant 17 times' next year's earnings, which takes little account of higher sales from 2012. Buy on any further weakness says the Times.The big question in the hotels industry is when the return of the high-spending business traveller will be followed by the return of the ordinary punter paying the full price. Some figures released by InterContinental Hotels Group, the industry's biggest operator, to tie in with a convention in Las Vegas suggest some reason for optimism. Shares in IHG, which will give a more detailed update on November 9, trade on about 17 times' next year's earnings. High enough for now says the Times.Impax Asset Management is an investment manager focused on the environmental sector. Impax released preliminary results yesterday for the year ending 30 September, in which it forecast that revenues would be comfortably ahead of last year's, while assets under management have risen 45% to £1.8bn. The headwinds seem to be in Impax's favour, so buy says the Independent.Please note: Digital Look provides a round-up of news, tips and information that is impacting share prices and the market. Digital Look cannot take any responsibility for information provided by third parties. This is for your general information only as not intended to be relied upon by users in making an investment decision or any other decision. Please obtain a copy of the relevant publication and carry out your own research before considering acting on any of this information.