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Shares in Cookson fell 5 per after an update indicated that performance in the company's troublesome electronics division would be below expectations for the third quarter.
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Cookson said that, although it is not immune to uncertainty in the financial markets, overall underlying trading improved. The company is due to release a full trading statement on 11 November.
Cookson is hinting at problems for the full year and next month's trading statement may give pause for thought - the company is exposed to industries including car-making, consumer electronics and construction, which are taking the brunt of the downturn. We downgrade to good value at 435p.
Last IC View: Buy, 618p, 08 Aug 2008.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
