Tech distributor Premier Farnell's shares tumbled after it said first half profit was likely to be 10% lower compared with the same period last year.
Credit Suisse downgraded Premier Farnell to 'neutral' from 'outperform' and cut its price target to 175p from 210p.
After an earlier fall, UK stock markets rallied into the afternoon, snapping a four-day losing streak and bouncing off a five-month low as a strong start on Wall Street outweighed ongoing concerns about Greece.
An unexpected rise in UK retail sales helped to limit downside on London's stock market on Thursday, though ongoing concerns about Greece ensured that shares stayed at a five-month low.
Decent gains in the mining sector weren't enough to lift UK stocks on Thursday morning, with markets extending a five-month low on concerns over Greece.
UK stocks were set to fall for the fifth straight day on Thursday as investors continue to digest developments in Greece and comments from the Federal Reserve overnight.
Technology products and solutions firm Premier Farnell raised group sales by 5.4% over the first quarter as it looks to cut expenses to improve operating profit.
Mid-caps were under pressure on Friday, following news that OPEC would not curb oil production and that Greece had opted to defer payment on 300m owed to the International Monetary Fund until Friday.
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UK equities registered slight gains as traders digested the policy announcement issued by the US Federal Reserve overnight and despite the renewed tensions evident in Greek funding markets.
Come midday on Thursday, stocks were registering slight gains as traders digested the policy announcement issued by the US Federal Reserve overnight, but volatility was still evident in other asset classes such as foreign exchange and commodities.
Electronics components distributor Premier Farnell reported a drop in adjusted profits before tax of 3% to reach £74m in 2014. That came on the back of a 0.8% fall in full-year revenues to £960.1m.
The Footsie began the morning higher as traders digested a surprisingly dovish set of macroeconomic projections from the US Federal Reserve overnight which set off sharp moves in all asset classes.
The UK's blue chip index is expected to tack on between 13 and 17 points to yesterday's large gains, financial bookmakers said, as traders digest and react to the surprisingly dovish policy statement from the US Federal Reserve overnight.
The share price of Premier Farnell was hammered in the previous session after a profit warning, but rebounded slightly on Friday after broker N+1 Singer revised its recommendation from 'sell' to 'buy'.
Electronics group Premier Farnell sank after warning that its full-year operating profit for 2015 would be lower than in the previous 12 months. The company cited discounting of the credit-card sized computer Raspberry Pi and strategic initiatives as the main factors weighing on its gross margins, while it warned in November that its full-year operating profit would be affected by challenging market conditions in Europe and Asia.
UK stocks fell for a second day on Thursday as optimism surrounding the situation in Greece began to fade and a raft of corporate earnings and updates received a mixed reaction from the market.
Electronics and technology products distributor Premier Farnell warned that its full year operating profit for 2015 would be lower than in the previous 12 months.
UK stocks declined on Thursday as newsflow from Greece prompted an element of caution on financial markets, as the FTSE 100 continued to retreat from a five-month high.
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