LONDON -- The FTSE 100
As always, some individual constituents of the various FTSE indexes were enduring a rough session today. We take a quick look at three names that look set to lag the FTSE 100 index by the close of play.
Cobham fell 6% to 224 pence after the aerospace and defense engineer said it was cautious about U.S. sales as it announced interim results.
On revenue that fell 5% to 843 million pounds, the firm saw underlying pre-tax profit fall 4% to 142 million pounds. Cobham told us the "outlook for the US defence/security market for the end of 2012 and 2013 is particularly uncertain due to the upcoming US elections and the lack of political consensus on US Government budgets."
But the 60% of Cobham's business that is not affected remained strong, and the interim dividend was boosted by 33% to 2.4 pence per share.
Health-care specialist BTG dropped 3.6% to 326 pence after announcing this morning that AstraZeneca is to halt the co-development of anti-sepsis drug CytoFab, or AZD9773. AstraZeneca shares also fell, down 2% to 3,016 pence.
Apparently, there is great demand for a treatment of severe sepsis, but unfortunately, BTG's Phase 2 trials "did not show any significant improvements versus placebo in respect of the primary endpoint, ventilator-free days, or secondary endpoints including mortality."
BTG will take a charge of 28 million pounds relating to the ending of the trials in the current year.
The poor performance of the world's fourth-largest producer of platinum was due to two causes: lower production -- which is hitting all operators in the sector -- and a $97 million foreign-exchange loss.
The shares are now down 86% over the past 12 months.
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