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Bellway: Liberum Capital takes price target from 957p to 1189p, while maintaining a hold recommendation.

Anite: Northland Capital shifts target price from 153p to 167p leaving its buy recommendation unchanged.

Alternative Networks: Westhouse Securities downgrades from add to neutral with a target price of 280p.

With Smith & Nephew having reached Panmure Gordon's target price, the broker has downgraded the stock from 'buy' to 'hold' despite it remaining bullish for the group's long-term outlook. Panmure said that it expects the medical technology firm's full-year results on Thursday to be "largely positive" but doesn't think that the outlook statement will be as strong as consensus forecasts imply - consensus estimates are for 5.4% growth in 2013 revenues.

Strong growth in Licensing sales at chip designer ARM Holdings helped the company beat expectations in the fourth quarter, according to Investec. "ARM has proved again it is the standout play in the tech sector. Our recent move to 'hold' was predicated in the stock hitting our 900p target price which was based on our FY16E royalty scenario analysis. The upside beat on the licence performance should be enough to help the stock consolidate following its very strong run. At this stock price, the key will be on the sustainability of this licence level".

Positive Points: The outlook for the full year remains unchanged. Management noted that "following the achievement of a net cash position at the half year point, the group's balance sheet and cash generation remain strong." A net cash position of £21.5 million was reported as of the end of September 2012 compared to a debt position of £145.3 million as of September 2011. Following the completion of a two year restructuring programme, a strategy to engender growth is now being followed. Defence products have and are being adopted in order to assist non-defence customers. The company previously agreed a deal to supply Royal Dutch Shell with monitoring equipment used in the natural gas fracking business. A progressive dividend policy is now being pursued. A 22% increase in the half year dividend payment was previously announced.

Negative Points: Accompanying management comments continue to highlight uncertainty regarding contracts and government defence spending budgets going forward. QinetiQ operates in a highly competitive marketplace. The company has exposure to foreign exchange fluctuation.

Third quarter update: In a relatively short statement, QinetiQ management highlighted in line trading. Performance during the quarter period had proved as expected, whilst the outlook for the year was unchanged from that set out at the half-year results back in November (2012). As of midday trading, the share price was marginally lower. The performance of its UK Services division had continued to benefit from a more competitive cost base and better project execution, with a highlight proving to be the successful renewal of a five year contract for the provision of test, evaluation and training support services to the Ministry of Defence. As for its US business, the board noted that "the high level of uncertainty in the federal services market has been maintained by the extension of the sequestration (spending cuts) deadline to 1 March 2013." As such, delays to contract awards continued to impact performance. For now, with management initiatives weighed against the withdrawal from Afghanistan and ongoing government spending uncertainties

Positive Points: BG said it remained well financed to support production as it moved into the final stages of its $20.4 billion LNG investment in Australia, alongside developing oilfields with Petrobras in Brazil. Overall, the company said its LNG business performed well with total operating profit up 13%. It highlighted the benefits of its flexible LNG model, which allowed it to capture increased margins by diverting cargoes to higher value markets. In total, the Group has agreed disposals that are expected to release $8.1 billion of capital by the end of 2013. The group highlighted its exploration performance in 2012, saying "we continued to deliver excellent performance in exploration and appraisal, with 18 successful wells out of 19 tests in the year, including a further four successes in Tanzania". A progressive dividend policy continues to be pursued.

Negative Points: BG warned that it will not reach its goal of producing more than 1 million barrels of oil equivalent per day by 2015. BG's profits are sensitive to changes in oil and natural gas prices, which can fluctuate significantly as a result of economic and geopolitical forces. The group may face changing political implications as it increases its global reach. BG maintains key positions in Australia, Brazil and Tanzania. BG's operating activities can be severely disrupted by the effects of natural disasters or industrial accidents.

Financial Highlights: BG said annual profits were up 3% to $4.4 billion. BG reported a 29% drop in fourth-quarter profits to $1 billion, which it said was caused by the loss of a one-off $277 million tax credit that it benefited from in 2011. Group revenues for the year rose from $17.7 billion to $18.9 billion. The full year dividend was increased by 10% to 26.14 cents per share.

Fourth quarter and full year results: Shares in oil and gas group BG dropped over 2% in early trading today as the company said it would not meet its medium term production target of 1 million barrels of oil equivalent per day by 2015. The group said profits for the year increased by 3% to $4.4 billion but its fourth-quarter profits were 29% lower as the 2011 results benefited from a $277 million tax credit. BG Group's new Chief Executive Officer, Chris Finlayson, said the quarter reflected fewer liquefied natural gas (LNG) cargo deliveries and lower spot prices which resulted in a "16% lower contribution from LNG Shipping & Marketing". The company said it had made important progress on projects across the world, particularly in Brazil and in Australia. Last month a record 55 wells were drilled. Furthermore, the group signed agreements which are expected to release $8.1 billion of capital by the end of this year, exceeding targets set 12 months ago

Positive Points: The results have broadly exceeded analyst forecasts. Management comments noted that "in recent quarters, the year-on-year growth of ARM's processor royalty revenues has outperformed the semiconductor industry by 15-20%." The company enjoys diversity in both the products in which its designed chips are used and the geographical footprint of its customers. In the fourth quarter period, 36 processor licenses were signed for a broad range of applications, from smartphones and mobile computers to medical devices and microcontrollers. ARM's processors are used as the main central processing unit (CPU) in many mobile phones, handheld devices and GPS navigation systems, including those manufactured by Apple, HTC, Nokia, Sony Ericsson, Samsung and Nintendo. A progressive dividend policy continues to be followed. A total dividend in respect of 2012 of 4.5 pence per share was declared, an increase of 29% on the total dividend of 3.48 pence per share in 2011.

Negative Points: The high valuation is seen by some analysts as providing little scope for disappointment. Intel continues to try to compete against ARM, offering technology of a similar nature and attacking its core smartphone and tablet arena. Intel is currently promoting a new class of instant-on, super-thin laptops dubbed "ultrabooks". Given valuation concerns, some scepticism towards previous takeover speculation has been voiced. Accompanying management comments noted that "the global macro economic environment continues to be characterised by uncertainty and the prospect of low growth for some time."

Financial Highlights: Fourth quarter revenue rose by 21% to £164.2 million Full year revenue rose by 17% to £576.9 million Full year profit before tax increased by 20% to £276.5 million A total dividend in respect of 2012 of 4.5 pence per share, an increase of 29% on the total dividend of 3.48 pence per share in 2011

Fourth quarter/full year results: The announcement again saw ARM exceeding analyst expectations. Once more, performance was driven by demand for Smartphones and tablet computers, with management underlining what it now believes is the "post PC era." The Chief Executive noted that "in the fourth quarter, we again saw influential market-leaders demonstrating their commitment to ARM technology by licensing our latest products." The share price rose by over 7% in opening trading. In accompanying outlook comments management noted that "ARM enters 2013 with a robust opportunity pipeline for licensing and a record order backlog." Furthermore, the company went on to note that "assuming the macroeconomic situation does not deteriorate significantly, we expect group dollar revenues for the full-year to be at least in line with current market expectations." In all, concerns over valuation - the share price has risen by over 50% in the last six months alone (as of 5th Feb2013) - and a potential fight back from arch rival Intel continue to weigh against clear progress being made,

http://www.investegate.co.uk/fujitsu-ld.-(fuj)/rns/regarding-media-report/201302050700051015X/

http://www.investegate.co.uk/ubm-plc-(ubm)/prn/proposed-sale-of-data-services-businesses/20130205070000PE0C3/

http://www.investegate.co.uk/mitsubishi-corp.-(mbc)/rns/(partial-amendment)-tender-offer-for-shares/201302050700051206X/

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