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US stock's rally as investors jump back in after last week's declines to send the Dow industrials to it's highest close in more than 2-1/2 year'sFKI to close eight loss-making units: Facing a possible cut to its debt ratings, said on it would close eight loss-making businesses and targeted four more businesses for sale after completing a strategic review. The company said actions taken in the past plus the strategic review would generate net 110 million pounds in additional cash in 2003/04 and the next three years and have total exceptional costs of 68 million pounds, of which 19 million is a cash cost.

Marconi gave a cautious market outlook despite third quarter sales rising five percent on the preceding three months. Group sales rose to 408 million pounds in the three months to December 31 from 389 million in the second quarter.

ARM Holdings reported fourth-quarter results at the top end of market expectations and said activity levels indicated more favourable trading conditions in 2004. ARM said in a statement it made 8.9 million pounds pre-tax profit in the three months to end-December, on revenues of 34.0 million pounds. Analysts' forecasts centred on 7.3 million pounds and 32.8 million pounds respectively. They said the company is now cash generative.

Kesa Electricals Europe's third largest electrical retailer, revealed weak sales over the Christmas period in Darty its its French Electrical store chain. In contrast UK's Comet, also owned by Kesa, achieved 3.9 percent growth on the same basis, better than analysts had predicted. In the third quarter period up to November 1, Darty's like-for-like sales had been up 4.7 percent while Comet's were up 3.1 percent. Kesa said gross profit margin was slightly reduced but it was confident of delivering full year results in March in line with market expectations.

Wembley Plc said it had agreed to an all-cash takeover bid from MGM MIRAGE valuing the UK gaming firm at about 270 million pounds. Shareholders will receive 750 pence in cash per Wembley Share

Arm Holdings (F) PBT 26.9m exp, Games Workshop (I), Kensington Group (F), NDS Group (F), Porvair (F), Home Entertainment (I)

Euromoney (AGM), Abacus Group (AGM)

11.00 CBI Quarterly Industrial Trends Survey

Amazon (Q4), Electronic Arts (Q3), Merck (Q4), RJ Reynolds (Q4), Xerox (Q4), CSX (Q4), Caterpillar (Q4), E.I du Pont de Nemours and (Q4), Lockheed Martin (Q4), Marathon Oil (Q4), Xerox (Q4), R.J. Reynolds Tobacco Holdings (Q4), Pepsi Bottling Group (Q4), Broadcom (Q4), Quest Diagnostics (Q4), Countrywide Financial (Q4), Cummins (Q4), Dow Jones and (Q4), Freddie Mac (Q4), Merck & (Q4), NCR (Q4), The New York Times (Q4), Raytheon (Q4), SBC communications (Q4), Zions BanCorp (Q4)

15.00 Jan consumer confidence 97.2 exp. 23.30 ABC/Money consumer confidence (25/01)

Heidelberger Druckmaschinen AG DE

09.00 Jan German IFO Expectations 110.0 exp.

Croc@SnappyTrader.com  WWW.SnappyTrader.com