LONDON -- The trading range on the FTSE 100 was once again narrow this morning as investors remain somewhat cautious following Wall Street's fall on Friday.
By midmorning, the Footsie was down 10.9 points to 6324.8. The
index predictably took its cue from Nasdaq and was 43.6 points lower to 3582.9.
One worry this week is
The Bank of England
meeting on Thursday on domestic interest rates.
In the media sector,
put out good first-half earnings figures, but the market was far more interested in its proposed acquisition of
National Computer Systems
of the U.S. for $2.5 billion, or $73 cash. This purchase is to be funded by a deeply discounted 3-for-11 rights issue of 170 million new Pearson shares at 10 pound per share to raise approximately 1.7 billion pounds. The Pearson share price fell 115p to 18.95 ($28.43).
telecom and Internet unit
disappointed the market by posting operating losses of 18 million pounds for the fiscal first quarter compared with a loss of 5 million pounds for the same period last year. The shares dipped 43p to 177, the market latching on to the statement in which the company admits that some areas of its business have turned in a disappointing performance.
A totally different story unfolded at
, the designer of microwave and millimeter wave products for wireless and cable telecommunications systems. Excellent earnings and a confident statement boosted the shares 45p to 892.
The market liked the first-half figures from
. The company met estimates moving the shares up 8.5p to 893.5.
Europe's other bourses were mixed. The
in Paris was down 9 at 6407, while the
in Frankfurt was up 14 at 7142.
In Frankfurt, supermarket chain
rose 1.34 euros to 45.35 ($41.72) following German press reports that it is in talks with
to exchange some of its chains for the U.S. retailers