AstraZeneca

Standard Life Investments' Thomas Moore, manager of the £105m UK Equity Income Unconstrained fund, has sold out of UK pharmaceuticals amid fears the sector faces further earnings downgrades this year.

Leading fixed income managers have been adding exposure to peripheral eurozone bonds as value dries up in the investment grade corporate space.

Henderson's Job Curtis, manager of the £838m City of London investment trust, said UK equity income investors are experiencing the best conditions since the 1950s.

BUFFETT

Michael Clark, portfolio manager of the Fidelity MoneyBuilder Dividend and Fidelity Enhanced Income funds, explains why he is not just attracted to the highest-yielding opportunities.

BIOTECH

AstraZeneca has named Pascal Soriot, Roche's chief operating officer of pharmaceuticals, as its new chief executive officer.

PROFIT WARNINGS

Pharmaceuticals giant AstraZeneca said profits fell by more than a third in the first quarter after a number of patents ran out and it was hit by tough market conditions.

Poor results from companies such as Unilever, AstraZeneca and Shell last week showed the valuation gap between defensives and cyclicals is closing in a "vicious" fashion, according to JO Hambro Capital Management's James Lowen.