BUZZ-Ultra Electronics: Sparton deal off, shares tank
** British defence contractor Ultra Electronics (Frankfurt: 909716 - news) falls 12.1 pct in heavy volume
** Co terminates $234 million acquisition of Sparton Corp following an unfavourable anti-trust review outcome from the U.S. Department of Justice
** Ultra Electronics also says FY underlying operating profit fell to 120.1 mln pounds, from 131.1 mln pounds a year earlier, weighed down by lower defence orders in the UK
** "The Sparton news is likely to overshadow the results, which are as expected in profit terms and ahead on cash," Investec (LSE: INVP.L - news) says
** Co announces a 134 mln pound buyback
** ULE shares have fallen 35 pct since the deal with Sparton was announced in July last year
** Stock easily bottom performer on the FTSE 250 & most actively traded stock on the index