STOCKS NEWS EUROPE-ARM up ahead of key Barcelona industry event

British chip designer ARM Holdings (LSE: ARM.L - news) pushes higher in late trading, with the stock one of the top-performers on the FTSE 100 in percentage terms, as traders cite expectations that ARM may win new contracts at a key industry event in Barcelona next week.

Traders add that ARM's shares rise above the 200-day simple moving average level, which is often used by technical traders as key for further buying.

ARM is up by 2.5 percent at 971 pence in late session trading, albeit in relatively thin volumes. Trading volumes in ARM come in at around 62 percent of the stock's average 90-day volume, and the stock's rise pushes it above its 200 day simple moving average level of around 947 pence.

ARM's chips are used in smartphones, and traders point to the fact that bellwether Samsung Electronics Co Ltd will unveil on Monday its latest Galaxy S5 smartphone as helping boost ARM's shares.

"There may be new contracts around the corner. There's a lot of optimism surrounding ARM Holdings," says JNF Capital trader Rick Jones, while Credit Suisse analysts keep an "outperform" rating on ARM

The Barcelona World Congress for the technology and mobile phone industry is often used by companies to unveil new products and contract wins.

Reuters messaging rm://sudip.kargupta.thomsonreuters.com@reuters.net