Shares in satellite company Inmarsat have come down to earth despite a 10% rise in full year profits.
Investors are wary about the situation with the company's US partner LightSquared, whose plans to build a new network were hit by the Federal Communications Commission said it would ban the service because of interference concerns.
As a result a payment from LightSquared to Inmarsat which was due in February has not been paid, and although the two are in discussions, Inmarsat said there was no guarantee the payment - or any future payments - would be received.
Much of the growth in revenues - up 20% to $1.4bn last year - was due to the LightSquared deal, the company said, so the continuing problems have pushed Inmarsat's shares 5.2p lower to 462.9p.
The company's shipping business suffered during the year as customers moved to its new, lower cost, service FleetBroadband, but it has increased the number of terminals in use and average revenues are now starting to grow.
Overall leading shares are lower on continuing worries about global economic growth following China cutting its forecasts and uninspiring European service sector surveys on Monday. The FTSE 100 has fallen 55.66 points to 5819.16, while the German and French markets are down more than 1%.
Hargreaves Lansdown is the biggest riser in the index, up 10p to 455.3p, but it is still likely to drop out of the FTSE 100 following this week's quarterly review.
Fresnillo is up 33p to £18.65 after the Mexican miner said profits for the year had risen 63% to $1.54bn, boosted by rising silver prices.
Defensive stocks were again in favour, with GlaxoSmithKline up 8.5p to 1412.5p, AstraZeneca adding 15.5p to 2856.5p and Shire - recently tipped once more as a possible bid target - up 3p to £22.20.
Cape is topping the FTSE 250 risers, up 14.7p to 444.1p after the industrial services group issued an upbeat outlook statement despite flat full year profits of £69.4m. Both JP Morgan Cazenove and WH Ireland raised their target prices.
Among the fallers, insurer Aviva is down 11.9p at 355.5p following analysts at Exane BNP Paribas moving their recommendation from neutral to underperform. Ahead of results on Thursday, Exane's Andy Hughes said:
We have long seen Aviva as cheap but leveraged, but with the earnings power to pay down the high level of debt.
We have changed our view on the group's earnings power. In the current low-yield, low-growth environment Aviva's earnings will be lower and cash flows under pressure. Declining earnings put more pressure on the group to further reduce debt leverage, in our opinion. In the meantime, Aviva's share price has re-rated based on the recovery in Italian government bonds over the last three months.
Cable & Wireless Worldwide has fallen 2.16p to 31.3p on doubts about whether Vodafone would end up bidding for the business, although India's Tata is still in the frame.
Lower down the market Gulf Keystone Petroleum fell 27p to 312p in the wake of HSBC starting coverage on Monday with an underweight rating and 280p price target.
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