The Footsie drifted lower over the lunch time session though still remained in positive territory, thanks in large part to enthusiastic responses to results from heavy hitters AstraZeneca, BT and Reed Elsevier.AstraZeneca is sharply higher. The group's potential blockbuster heart drug Brilinta has received the backing of a US advisory panel just as the drug giant increased 2010 earnings targets for a second time this year following a strong performance from emerging markets and key drugs in the second quarter. Science, medical, legal, risk and business publishing group Reed Elsevier is also in demand after it said advertising and promotion markets are stabilising as underlying revenues increased 1% in the first half. The Anglo Dutch publishing firm said it had noted improved overall trading performance. Telecoms leviathan BT reported a 17% rise in pre-tax profits in the first quarter and reiterated its full year outlook. BT's pension funding deficit valuation at 31 March was around £6.6bn, a reduction on the position at 31 December 2008 of £9bn.Diversified mining giant Kazakhmys is another making strong headway after it said its operations delivered a solid performance in the first half of the year and it met or beat all of its output targets.Results from the above four companies have overshadowed what was expected to be the main event of the day, second quarter results from Royal Dutch Shell. The market has given a cautious thumbs-up to the figures. Shell trumped forecasts by almost doubling earnings in the second quarter, and has exceeded targets set last year for costs and staff cuts. Earnings on a current cost of supplies (CCS) basis came in at $4.5bn, up from $2.3bn a year ago. Analysts had expected somewhere around the $4bn mark.Aero engines developer Rolls-Royce has motored ahead. It expects 2010 profit to be modestly higher than 2009 after a 'robust performance' in the first half of the year. Group revenue in the six months to 30 June 2010 rose to £5,421m from £5,142m at the interim stage last year.Defence firm BAE Systems continues to expect revenue growth in 2010 despite the threat of cutbacks in government spending. The company saw sales grow 9% in the first half of 2010 to £10,643m from £9,747m the year before. On a like-for-like (LFL) basis, sales increased by 7%. Underlying earnings before interest, tax and amortisation improved 14% to £1,114m from £978m a year earlier.Cobham subsidiary Cobham Analytic Solutions has been selected as a prime contractor to provide infrastructure and deployment support services to the US Missile Defense Agency.An "impressive uplift" in the mineral resource estimate at Collahuasi, Chile's third largest copper mine, is good news for Xstrata and Anglo American who each own a 44% stake in the business.Pay TV and internet service provider British Sky Broadcasting is one of the few FTSE 100 companies that has released figures today that has seen its share price fall back, despite the results being slightly better than expected. Underlying operating profits were up by 10% in the 12 months ended 30 June to £855m, while revenue rose to £5,912m from £5,359m, but the company struck a note of caution, saying the economic outlook remains uncertain.If it is really big gains you are looking for, however, you have to move down to the FTSE 250. Online gaming group PartyGaming is the star performer after announcing a merger with Austrian rival bwin. PartyGaming said the merger would create the world's largest listed online gaming business. Elsewhere in in the gambling sector, casino and bingo hall operator Rank is in demand after a rise in profits. KBC Peel Hunt upgraded the stock from "hold" to "buy" and nudged up its forecast for full year profit before tax to £50m from its previous estimate of £48.4m.Long suffering shareholders in Connaught , the social housing group, catch a break after the company, which was fast running out of working capital, announced it has agreed a short-term overdraft facility and deferral of loan payments with its banks.Shares in electrical component maker Laird jumped after pre-tax profits almost doubled in the half year to June 30 while car dealer Inchcape moved ahead after it reported a better than expected 76% surge in half year pre-tax and said it intends to reinstate a final dividend for the current financial year.Scottish soft drinks maker AG Barr expects full year trading to beat forecasts after sales continued to perform ahead of the market in the first half.Production rose in the three months to June 30 at Aquarius Platinum but the shares fell as the South African miner of the precious metal outlined safety measures that will hit future output.Electronic sensors firm Halma says trading since the start of the financial year has been strong and is in line with expectations.Bus and rail firm National Express shifted into reverse even though it plans to resume dividend payments. The group said it made a pre-tax profit of £24.5m for the six months to 30 June compared to a loss of £48.1m a year earlier after the group pushed through cost cuts.Travis PerkinsGiod, beat expectations as underlying first half profits jumped by a quarter, but the Wickes owner says trading patterns still remain hard to predict.Plumbing supplies firm BSS Group, in the process of being taken over by Wickes owner Travis Perkins for £558m, has had a strong start to the new financial year.Advertising firm Aegis Group has made an agreed bid for Australia's largest marketing communications group, Mitchell Communication Group. The takeover will be effected through a scheme of arrangement on terms that value the entire issued share capital of Mitchell at A$363m (£207m).A better advertising performance and a contribution from recent acquisition Guardian Regional Media sent first half profits climbing at newspaper group Trinity Mirror. Underlying profits in the half -year to June jumped to £50.4m from £31.3m, on flat sales of £382m. Pre-tax profits were £84.8m up from £2.1m.Environmental consultancy RPS posted broadly flat revenues and profits in a year in which it said the timing of recovery varied from market to market.Defence technology group QinetiQ said its performance should be steady in the current year, with a strong result in the US for its global products division offset by delays in the UK.