RAMSEY CROOKALL & CO

17th June 2011

Morning Report

The FTSE 100 is down 0.7%, little changed from the open, with the Greek debt crisis holding the index in negative territory. Mining stocks are lower as concerns about the global economy push down copper prices. GKN is down 1.7% after confirming limited production at its Gallatin plant will recommence next week, later than expected. On the data front, the University of Michigan confidence survey and US leading indicators are announced later today.

The price bluetooth chip specialist CSR is to pay for US video streaming outfit Zoran has been slashed to reflect a worse than expected trading performance by Zoran in the second quarter. Zoran shareholders will now receive $6.26 in cash plus 0.589 CSR shares (in the form of American Depositary Shares) for each Zoran share held, reducing the price tag for CSR from $680m to $484m.

Computer chip designer ARM has acquired privately owned Obsidian Software, a US firm specialising in verification and validation used in the design of increasingly complex processors. Elsewhere in the world of tech, electrical components manufacturer Laird is to exit its under-performing handset antenna business.

Management changes are taking place at Areva, the world's largest maker of nuclear plants. The French government has opted not to renew the contract of Anne Lauvergeon and has appointed chief operating officer Luc Oursel as the new chief executive officer.



Supermarket giant Carrefour is the worst performer in Paris after it announced the transfer of Noel Prioux, previously head of its European operations (excluding France), to head up its French operations, where his task will be to reinvigorate the company's lacklustre performance in its home market. Ex-McDonald's man Thomas Huebner, will take over from Prioux as head of European operations.



THE FTSE 100 at 9:45 Down 43 @ 5655

THE DOW JONES closed Up 64 @ 11961

THE NASDAQ COMP closed Down 7 @ 2623



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