Footsie has turned south after a firm start, with inter-dealer broker ICAP leading the retreat after a trading update from sector peer Tullett Prebon in which it disclosed a chunky exceptional charge for restructuring. Tullett Prebon not entirely friendlessTullett Prebon expects revenue for 2011 to be on a par with that seen in 2010, though using constant exchange rates, and adjusting for the impact of the closure in 2010 of the satellite offices in North America and for the recent acquisition of Convenção, revenue is expected to be around 2% higher.The shares initially reacted very negatively to the update, before broker analysis prompted a rally. Singer Capital Markets, which has a "buy" rating on the shares, notes that the revenue performance is marginally better than expectations."Given the extreme weakness of the shares in recent months, this is wholly reassuring," suggests Singer analyst, Sarah Ing. "Whilst an exceptional charge of £10m will be made to reflect cost reductions, we maintain our EPS [earnings per share] estimates excluding this item," Ing continues. "Earnings forecasts have remained largely unchanged all year whilst the shares have suffered a substantial derating. Cash generation is expected to have been strong and with an increasing level of surplus capital, an additional return of capital is a rising possibility in due course," the broker reckons.Peel Hunt is another broker that thinks the recent share price fall has been overdone. "Tullett looks outstandingly cheap after the shares have now fallen by 20% over the last three months," suggests Stuart Duncan at Peel Hunt. "Although short term trading conditions may be more subdued, this is a hugely cash generative business which looks too cheap," is Duncan's view.Chip-designer ARM is the best performing blue-chip; analysts at UBS reckon the Cambridge-based technology firm may beat market expectations with its fourth quarter revenues. Hands across the waterOilfield services firms Petrofac and Schlumberger are to combine forces on a number of production projects in the emerging and growing production services and production enhancement market. The companies will team-up to bid for large projects that would prove too big for either company to handle on their own.'Imperial Leather' soap maker PZ Cussons is to extend its consumer products range with the acquisition of the Fudge hair care brand from Australia's Sabre Group. PZ Cussons is paying £25.5m in cash for the brand and associated inventory.Panmure Gordon reckons the purchase price, at 1.6 times annuals sales, is a good deal for PZ Cussons (PZC). "The acquisition gives commercial synergies, access to additional distribution channels, gives entry into the male grooming sector and leverages PZC's existing overhead base," Panmure Gordon asserts. Contract race stands at two eachContracting firms Balfour Beatty and Carillion seem to be in a race to make the most contract win announcements in the first week of the year, and the score currently stands at two-all.In a deal worth up to £750m, Balfour Beatty will continue maintenance and upgrade work on the UK electricity transmission network for National Grid.Two days after it announced a contract to work on the M6 motorway Carillion is on the road again, this time in Canada, where it has won a highway maintenance contract. The 12-year contract is worth in excess of £100m.Signs of life on the High StreetThere has been some long overdue good news from the High Street.Beleaguered sports retailer JJB Sports pulled it socks up in the second half of last year, with like-for-like sales over the key four-week Christmas period up 5%, in line with company expectations. Margins also recovered in the last four weeks, with like-for-like cash gross margins up by 6%.Greeting cards and gifts seller Clinton Cards tended firmer after releasing positive like-for-like (LFL) sales figures for the crucial Christmas period.Total LFL group sales were up 0.4% in the five weeks to the 1st of January with Clintons stores up 0.8% while the Birthdays UK subsidiary was down 2.7%.Fantasy and science fiction tabletop war gaming firm Games Workshop saw growth in sales, profit and return on capital from its core business in the first half of its financial year, while it continued its recently adopted habit of dipping into reserves to pay out a bumper dividend.FTSE 100 - RisersARM Holdings (ARM) 614.00p +3.28%Fresnillo (FRES) 1,605.00p +2.29%Petrofac Ltd. (PFC) 1,496.00p +2.12%British Land Co (BLND) 471.10p +1.42%Land Securities Group (LAND) 636.00p +1.19%Standard Chartered (STAN) 1,457.00p +1.04%Wolseley (WOS) 2,146.00p +0.89%Aggreko (AGK) 2,043.00p +0.84%Hammerson (HMSO) 359.70p +0.76%BG Group (BG.) 1,439.50p +0.70%FTSE 100 - FallersICAP (IAP) 333.30p -3.36%International Consolidated Airlines Group SA (IAG) 144.90p -3.01%Essar Energy (ESSR) 176.70p -2.81%Smith & Nephew (SN.) 609.50p -2.64%Schroders (Non-Voting) (SDRC) 1,057.00p -2.49%National Grid (NG.) 615.00p -2.38%Legal & General Group (LGEN) 102.80p -2.37%Schroders (SDR) 1,284.00p -2.36%CRH (CRH) 1,255.00p -2.33%Resolution Ltd. (RSL) 254.30p -2.23%FTSE 250 - RisersOphir Energy (OPHR) 309.00p +3.52%Exillon Energy (EXI) 287.40p +3.31%Allied Gold Mining (ALD) 150.20p +2.60%Daejan Holdings (DJAN) 2,809.00p +2.29%Great Portland Estates (GPOR) 331.00p +2.00%Petropavlovsk (POG) 657.00p +1.94%Afren (AFR) 101.20p +1.81%JD Sports Fashion (JD.) 617.00p +1.48%FTSE 250 - FallersGem Diamonds Ltd. (DI) (GEMD) 185.50p -6.03%Logica (LOG) 66.45p -5.48%Cable & Wireless Worldwide (CW.) 17.58p -4.72%Regus (RGU) 85.00p -4.60%Talvivaara Mining Company (TALV) 255.40p -4.38%Halfords Group (HFD) 289.00p -4.18%jh