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Swiss broker Credit Suisse has today updated its forecasts for chip maker ARM Holdings so as to reflect the changes made to its forecasts for the handset industry in 2013. More specifically, analyst Kulbinder Garcha has raised his smartphone market volume estimates by 6%/15% and tablet estimates by 5%/13% for 2012/13. Ironically enough, growth in emerging markets is set to drive chip set prices - and the resulting royalties for ARM - lower by 2% per year. Thus, for example, the sub-$200 smartphone category is expected to grow from 19% of global volumes to 43% from 2012 to 2015, as emerging markets power smartphone growth and represent 70% of annual shipments by 2017. Even so, royalties per smart phone are still expected to grow at a 1.6% per cent compound annual rate through 2017 as customers license more expensive IP that commands higher royalty rates, as well as take-up more Mali graphics. As well, high-end networking could become more material. Due to all of the above Credit Suisse raises its target to 780p from 645p before, even though it maintains its recommendation at hold.

Competition in the industry has increased as the US and Europe continues to grapple with financial woes that make it hard to afford new fighter jets, according to Kevin Brancato, a Washington-based defence analyst at Bloomberg Government. With more than 2,200 F-16s sold outside the US to countries including Egypt, Turkey, Greece, Thailand and Chile, refurbishing the jets offers lucrative opportunities for competitors to take market share away from Lockheed, he added. Lockheed may have lost its focus on F-16 work as it turns its eye to F-35 jets, the Pentagon's most expensive weapons programme, said Richard Aboulafia, a defence and aerospace analyst with Teal Group, a consulting firm based in Fairfax, Virginia. However, Benjamin Boling, a spokesman for Lockheed, said the company was "committed to meeting the sustainment and modernization needs of F-16 operators around the world for decades to come".

BAE Systems said on Tuesday it wants to dominate the F-16 fighter jet upgrades market by taking business away from competitor Lockheed Martin Corp, the Pentagon's biggest contractor. In an interview with Bloomberg, Dave Herr, President of BAE's support solutions business, said the London-based company was working to increase international sales and become a leader in the $3.0bn market for F-16 upgrades. "We're looking at potentially where to take this next," Herr said in a phone interview. "It's a big opportunity for us." The company last year won against Lockheed for a deal to refurbish about 130 of South Korea's jets through a US Foreign Military Sales programme. It was the first time a company other than Lockheed has landed such a contract, Herr said.

The decline in other income was due to the removal of the booking fee and comparatively lower 3D glasses sales, after fewer 3D films were shown in the period. Screen advertising revenues were marginally ahead as compared with the prior year, the group explained. Cineworld's film release programme for 2013 includes Les Miserables, Star Trek, Iron Man 3 and The Hobbit part 2. "With our plans for continued expansion, we look forward to delivering further value to shareholders in the forthcoming year," it said.

Cinema chain Cineworld said it expects 2012 profit to be in line with forecasts despite distractions from the Diamond Jubilee, Olympics and European Football Championship. As expected, the full year was weighted towards the fourth quarter as moviegoers flocked to see the latest Bond movie Skyfall which, to date, has grossed over £100m in the UK. Other strong film performances in the quarter included Twilight: Breaking Dawn part 2 and The Hobbit. Total revenue at Cineworld for the 52 weeks ended December 27th, excluding Picturehouse, rose 2.4%. Box office was boosted by a higher average ticket price, up 5% from the same period a year earlier. Admission fell by 1.1%. Spend per person for the year increased by 1.9% compared with the previous year. Overall box office market share in UK/Ireland was maintained at 24.7% for the year versus 24.8% in 2011.

Topps Tiles said the firm's good performance in the second half of last year had carried on into its first quarter. The UK's largest tile and wood flooring specialist said trading in the first quarter had been within the range of management expectations. Like-for-like revenues across the first 13 weeks of the current financial year increased by 1.6%, an improvement on the 4.2% drop the previous year. Like-for-like growth had strengthened in the final six weeks of the period, the company added. Topps ended the quarter with a total of 322 UK stores. There were no significant or unexpected changes in the financial position of the group since the publication of the annual report at the end of September.

The company is yet to announce a replacement.

Severfield-Rowen's Chief Operating Officer and Director, Peter Emerson, will retire from both roles on his 60th birthday, the structural steel company said Tuesday. Emerson will step down from the positions on June 5th this year, but will continue to work for the company on a part-time consultancy basis in a largely commercial advisory role with key clients. "The board and the company express their appreciation for Peter's significant contributions over the years and wish him happiness in his forthcoming retirement, while looking forward to having his input in his reduced role beyond June," Chief Executive Officer Tom Haughey said in a statement. Emerson has been a member of the board since 1998 and became Chief Operating Officer in 2007.

office2office said on Tuesday revenue in the contract office supplies business has declined. Ahead of the company's annual statement in March, the group revealed that it has had to contend with a tough market since its November interim management statement. The group is expected to report an underlying profit before income tax in the range of £6.3 and £6.7m for the year ended December 31st. Revenue exceeded that for the same period in 2011, reflecting the growth of its Truline and Business Critical Services activities. However, the provider of office supplies and business solutions said it "has not been able to compensate for the difficult trading in the contract office supplies market". The company anticipates a slightly higher level of borrowings than the previous year.

Sandvine's network policy control solutions are deployed in more than 200 networks in over 85 countries. The company has a current market cap of £124.64m.

Sandvine, an AIM-listed company which provides broadband network solutions for fixed and mobile operators, has won follow-on Network Policy Control orders totalling more than 6.5m dollars. The orders were made by a top-5 Asian communications service provider, the firm said, and added that initial orders from this customer were announced back in May last year. "This is a multi-phase project and the deployment has proceeded as expected. We are just beginning the second phase," said Tom Donnelly, Chief Operating Officer of Sales and Global Services. "Our customer base cuts a swath across Asia Pacific, including Japan, Australia, Hong Kong, Korea, Singapore, Indonesia, Malaysia, Thailand and elsewhere. By coupling unmatched innovation with compliance to the relevant quality and technical standards, our products are well-suited to the technically demanding Asian markets."

Silvermere Energy, an independent oil and gas company with assets in the Gulf of Mexico, said Tuesday that production and sales of oil and gas from its Mustang Island 818-L field have now recommenced following the repair of the main interconnect pipeline operated by Exxon Mobil. The repairs were completed on January 5th and the sales line from the field was re-opened on January 7th. In a statement the group added: "With production re-established, the clean-up of the I-1 well will continue and an indication of likely sustainable commercial flow rates is expected to be available after a few weeks of continuous production."

Positive Points: Reported group revenues were at the higher end of analyst expectations. The share price rose by 1% in early trading. Aided by the government's FirstBuy scheme, management anticipates an increase in sales to first time buyers as it enters the new spring season in 2013. Margin improvement remains a key part of the company's strategy, with the medium term aim of returning to underlying operating margins within the range of 15% to 17%. A concentration on cash generation since early 2008 has allowed group debt to be eliminated. The company held £200 million of cash balances as of 31 December 2012 (2011: £41 million). Plans previously outlined to return £1.9 billion over the next nine and a half years appear to underscore management confidence in the outlook. The planned return of cash is currently attractive for income seeking investors.

Negative Points: The current Chief Executive has been at the company for 30 years. A change in the CEO provides a degree of uncertainty going forward. The share price valuation relative to rival housebuilders has been highlighted as a concern by some analysts. Government spending cuts and tax increases required in order to reduce record borrowing levels remain a threat to consumer sentiment going forward. Both government and banking industry measures to limit the fallout from the credit crisis have allowed weaker rivals to otherwise survive.

Financial Highlights: Revenues for the year totalled £1.72 billion (2011: £1.54 billion), an increase of 12% Group operating margin continued to strengthen. It is anticipated that it will be 13% for the full year (2011: 10.0%)

Full year trading update: Management continued to report solid ongoing progress. Both the volume of new homes legally completed and the average selling price rose by 6% compared to the prior year, with the launch of the government's FirstBuy scheme in September (2012) aiding interest from first time buyers. Persimmon opened 60 new sites during the second half, bringing total selling sites to 375. Forward sales at the year end totalled £645 million (2011: £615 million), with management anticipating further growth in its outlet network in the first half of 2013. New land continued to be acquired, although a strong focus on free cash generation also remains, with the group's cash balance as of 31 December coming in at £200 million (2011: £41 million). Finally, the company's long term management succession plan is to be implemented, with the current Chief Executive retiring in April and the company's current Managing Director and CEO of its Northern Division taking the helm. In all, today's update continued to build on its previously outlined plan for the next 10 years. The group's better health coming into the credit crisis has placed it ahead of many rivals, whilst the shortage of family housing looks to underwrite the long term story. In all, and given some valuation concerns

Top Director Sells Charles Stanley Group (CAY) Director name: Mr Gary Teper Amount sold: 7,026 @ 334.00p Value: £23,467

Caterpillar Inc. (CTA) Director name: Mr Eugene V Fife Amount purchased: 156 @ € 66.88 Value: € 10,433

Charles Stanley Group (CAY) Director name: Mr Gary Teper Amount purchased: 7,026 @ 334.00p Value: £23,467

While Fresnillo is seen as "still a high-quality name", Lichtenheldt said that its valuation is now "full" with the shares trading at 1.26 times net asset value, 48% higher than the North American peer group. Sector peer Anglo American was also in the red after agreeing to sell its 70% interest in the Amapá iron ore mine in Brazil. The terms of the deal with Zamin Ferrous are confidential and subject to state regulatory approval, but the company said it was expected to complete in 2013. FTSE 100 stocks Randgold, Polymetal and Kazakhmys were also registering slight losses by the close of trade. One bright spot in the sector was AIM-listed Eurasia Mining after saying that its Monchetundra exploration licence for palladium mineralisation in the Kola Peninsula in Russia has been extended for another year. Shares soared by almost 30%.