Alliance & Leicester write-down reports drag FTSE

British Airways fell 4.65%, or 22.5 points, to 330.75p after pulling out of plans to raise its stake in Spanish airline Iberia. Northern Rock rose 28.52%, or 24.5 points, to 110.4p after the Government said it favours Virgin as the preferred bidder for the troubled bank. In the US, the Dow Jones fell 0.21%, or 27.23 points, to 12953.65c after Merrill Lynch said year-on-year sales at the DIY retailer dropped. JP Morgan Chase fell 1.84%, or 0.77 points, to 41.18c after the bank said it would cut 100 sub-prime mortgage jobs in California. Boeing rose 2.69%, or 2.41 points, to 91.95c af...