BUZZ-Babcock: top FTSE 100 loser as co to exit Magnox contract

** Babcock -3.6%, top FTSE 100 loser & heading towards worst day since Nov after co arrives at a mutual agreement with the UK to terminate Magnox nuclear decommissioning contract in 2019

** Change to result in the removal of about £800 mln (c4%) from BAB (Other OTC: BABB - news) 's £20 bln order book, creating annual step down in revenue of c£100m (

** Liberum writes that news is "marginally negative" & it will reduce the pipeline by 9% to £10 bln, although BAB's management says pipeline likely to be unchanged at the FY given other opportunities

** British engineering outsourcer says work that needs to be done is now materially different in volume from that specified in tender

** About 15% 30-day daily avg vol through on stock in 30 mins of trade, making it one of top 5 vols movers on FTSE 100

** Stock - 3.8% YTD vs FTSE +2.7%