Merchant Securities has given financial software provider Misys a sell rating following the news that the firm is in talks with a suitor.

Shares in struggling computer gaming retailer GAME Group surged on Friday morning after it confirmed revised terms have been agreed with its lenders, but Peel Hunt has maintained its cautious stance on the stock.

Nomura has maintained its buy rating on BT, saying that the telecom titan's trading momentum is building nicely for 2012.

Royal Bank of Scotland: Deutsche Bank downgrades to hold from buy.

Obviously, investing in tobacco shares is not to everyone's taste - but through good times and bad they continue to make money for shareholders. A study this week released by BNY Mellon Wealth Management and Janney Montgomery Scott showed that the MSCI World Tobacco Index had the highest return out of 67 groupings in the MSCI World Index in the 10 years to 2011. The sector was the best place to put your money in the equity markets for the past 10 years. By historical standards the shares are looking cheap, trading on a September 2011 earnings multiple of 11.2, falling to 10.3 next year. The prospective yield is 4.6%, rising to 5.1%, which is attractive for income-seekers. Imperial has changed its dividend policy to increase the pay-out ratio to 50% of adjusted earnings, instead of 47%. The shares were last recommended as a buy at £21.03 a share on September 22 last year. They are up 10% since then, compared with a market up 15%. The sector should continue to generate significant amounts of cash to pay dividends and invest in its key brands. The shares remain a buy for income-seekers, Questor believes.

A round-up of the biggest director deals today so far.

Telecoms giant BT issues third quarter results in which comparisons with rival British Sky Broadcasting (BSkyB), which released figures earlier this week, will inevitably be made.

The health care equipment and services sector was the best performer on Thursday afternoon after some well-received results from medical devices maker Smith & Nephew.

Panmure Gordon has reiterated its buy recommendation for drugs giant AstraZeneca after the group's fourth quarter results came broadly in line with forecasts.

Galvan Research and Trading has labelled copper mining giant Kazakhmys as a buy after the firm met all of its major output targets in 2011.

Nomura has upgraded Imperial Tobacco from reduce to neutral, saying that a focus on operational pressures has shifted to the prospect of M&A.

Panmure Gordon has reiterated its buy recommendation for drugs giant AstraZeneca after the group's fourth quarter results came broadly in line with forecasts.

AstraZeneca: Panmure Gordon maintains buy rating and 3,600p target.

The Tempus column in the Times has its mind on United Utilities, the north England-focused water company. This is a highly regulated stock which is all about yield. The current promise is for yield to grow each year at inflation plus 2%. In 2012 the full year yield is going to come in at 5.3% although this is likely to fall with inflation.

A round-up of the biggest director deals today so far.

The financial services sector was given a lift today by well-received statements from inter-dealer broker ICAP and stockbroker and wealth manager Brewin Dolphin.

As usual, Thursday is the busiest day of the week for scheduled company announcements and this week's big day looks busier than most, with big guns AstraZeneca, Royal Dutch Shell, Smith & Nephew and Unilever are all set to announce full-year results.