TechMARK movers: Investec downgrades Cable & Wireless

Investec Securities has cut its target price for telecoms group Cable & Wireless from 140p to 120p a share. The broker has downgraded its recommendation from hold to sell. Investec believes that lower revenues in the Caribbean have not been fully offset by cost cutting. There are also fears that C&W could be dragged into a price war in Panama. Investec reckons that the proposed demerger of the worldwide business from the international division is unlikely to create much value for shareholders. There is unlikely to be a turnaround in the company's fortunes before April 2011. There has been interest in the shares of gearbox and transmissions designer Torotrak ahead of interim figures that are due later this month. House broker Arbuthnot believes that Torotrak can move into profit in the year to March 2010. However, Torotrak has already warned that revenues will be weighted towards the second half. Engineering fees and licence income are both expected to grow to offset higher development costs. Annual revenues are forecast to grow from £4.62m to £8.1m. FTSE TechMARK - RisersTorotrak (TRK) 28.50p +7.55%Wolfson Microelectronics (WLF) 121.75p +5.87%GB Group (GBG) 22.75p +5.81%Dialight (DIA) 201.00p +3.61%Biocompatibles International (BII) 250.00p +3.52%NXT (NTX) 16.75p +3.08%Antisoma (ASM) 34.00p +2.26%Kofax (KFX) 187.00p +2.05%Renovo Group (RNVO) 25.50p +2.00%KCOM Group (KCOM) 41.00p +1.86%FTSE TechMARK - FallersTrafficmaster (TFC) 31.50p -4.55%DRS Data (DRS) 14.00p -3.45%Kewill (KWL) 94.50p -2.83%Fidessa (FDSA) 1,221.00p -2.79%Phytopharm (PYM) 18.25p -2.67%Genus (GNS) 631.00p -2.62%Corin Group (CRG) 71.50p -2.39%RM Group (RM.) 146.75p -2.33%Anite Group (AIE) 34.50p -1.43%Cable & Wireless (CW.) 137.70p -0.94%