BUZZ-Johnson Matthey: post-update retreat

** Johnson Matthey (LSE: JMAT.L - news) top FTSE 100 faller in heavy volume as Q3 trading update fails to vindicate recent rally

** Stock, down 5.5 pct, poised for biggest one-day drop since Nov 2012, retreating from record high hit earlier this wk

** Most actively traded stock on FTSE 100, with almost twice its 90-day daily avg having gone through

** Co warns that in Process Tech the pace of licensing activity in China remained slow & it now expects this slowdown will continue into next yr & that oil price drop affected investment decisions in chemical industry

** Group sales, excluding loss of 10 mln pound commission contract with Anglo American Platinum, 7 pct higher than previous yr

** FY 2014/15 guidance little changed from that expected during H1 reporting, i.e. continues to expect group underlying pretax profit in 2014/15 to be slightly ahead of 2013/14

** Liberum calls result & guidance a little disappointing since strong US truck order data & a sequential improvement in FX effects prompted near-term optimism going into numbers

** JMAT hosts investor presentation day Jan 29; analysts expect focus to be on Process Tech division (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)