LONDON -- The FTSE 100 (INDEX: ^FTSE ) is falling back from last Friday's optimism, down 0.6% by midday to 5,832 points. But a half-percent change on a short-term basis is reason for neither euphoria nor panic. It's the long term that counts.
And there are individual companies in the various FTSE indexes doing worse today. Let's take a quick look at three on the way down.
Inmarsat (LSE: ISAT.L )
Satellite telecom provider Inmarsat dropped 3.7% this morning despite reporting improved third-quarter revenue. In the three months to Sept. 30, revenue grew by 5% to $322 million, with wholesale maritime revenue up 17%.
However, total group EBITDA fell to $161 million from $172 million at the same stage last year -- and that excludes the firm's cooperation agreement with LightSquared, which also saw a fall in revenue.
Telecity (LSE: TCY.L )
Telecity Group fell 7.2% to 847 pence on the day the data center operator released an interim update. The company confirmed that it expects earnings to be in line with current market forecasts, with the most recent suggesting full-year pre-tax profit of around 83 million pounds.
Debt remains stable at twice EBITDA, and the firm has secured further debt financing to 350 million pounds to enable further expansion. On the face of it, there doesn't appear to be any obvious reason for the price fall. Fickle things, markets...
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HSBC (LSE: HSBA.L )
HSBC became the latest bank to increase its provisions for the costs of wrongdoing, as it set aside an additional 500 million pounds to cover U.S. fines for apparent lax security that left it vulnerable to money-laundering, as well as a further 220 million pounds to pay for its part in the mis-selling of payment protection insurance (PPI).
This, plus the announcement of a fall in quarterly profit, contributed to a 1.4% drop in the share price to 617.5 pence. Pre-tax profit for the three months to the end of September fell 51% to $3.5 billion.
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