News Line

Wall Street takes a break

August 4, 2010

After finishing sharply higher Monday, the markets take a breather on Tuesday. A few minutes after opening, the Dow Jones was down 0.34% at 10,638 points, the Nasdaq lost 0.30% to 2289 points while the S & P LAHC 0.33% to 1122 points.

Markets were waiting for signs of solid U.S. recovery now but they were not reassured. The Commerce Department announced that consumer spending of U.S. households remained unchanged in June In addition, the consumption figures in May were revised downward: they no longer show a rise of 0.1%, against 0.2% previously announced. Economists had forecast an average increase of 0.1% of consumer spending in June

Household income is also unchanged in June at 0.1%, while economists had estimated the increase at 0.1%.The savings rate has reached 6.4%, up a tenth of a point, its highest level since June 2009.

Prices are down 0.1% in June and inflation falls to 1.4% a year.

Furthermore, he promises the sales on the U.S. housing market suffered an unexpected drop in June The index of the federation of Realtors NAR is thus fell to a new record low 75.7. He had fallen from 29.9% in May after the expiration of a tax credit for first-time buyers. In one year, the show promises to sell a drop in June from 18.6%.

In addition, industrial orders fell 1.2% in June, while the market was expecting a decline of 0.5% only. In May, these orders had fallen 1.8% (revised from -1.4%), posting a second consecutive month of decline.

Chimical Dow and Procter fall

On the corporate side, Dow Chemical (-7.52% to 26.20 dollars) and Procter & Gamble (-3.53% to 59.87 dollars) derive the score down. Both companies have disappointed the markets by their results published before the market opens. The first was reported earnings below expectations in the second quarter to $ 566 million, or 50 cents per share, after posting a loss of $ 486 million (47 cents per share) the previous year. Excluding items, earnings totaled 54 cents per share against 56 cents expected by analysts. The second has announced a profit drop of 12% in the fourth quarter of its fiscal year lagged below expectations at 2.185 billion dollars. The turnover is also lower than expected, growing by 5% to 18.926 billion dollars against 19.1 billion dollars expected.

In contrast, Pfizer (3.88% to 16.08 dollars) flies. The pharmaceutical giant reported earnings up 9% year on year to 2.475 billion dollars against 2.261 billion a year earlier. Earnings per share excluding exceptional items stood at 62 cents while analysts expected 52 cents on average.

RIM (+0.35% to 57.18 dollars) this Tuesday its new BlackBerry. The group gave its first agreement with the Indian authorities for the sharing of encrypted data in transit on the servers of its BlackBerry smartphones, the newspaper Economic Times.

Morgan Stanley (-0.57% to 27.55 dollars) will be closely watched. The U.S. bank would have in fact decided to split the fund FrontPoint risk investments, acquired in 2006 by U.S. TV network CNBC that the deal is completed by three months.This split would allow Morgan Stanley to comply with new requirements of the Dodd-Frank legislation on financial regulation, which limits the bank's own brokerage and speculative positions.

Sanofi-Aventis has sent the U.S. biotech group Genzyme (-0.14% to 70.26 U.S. dollars) which gained 1.15% to 70.36 dollars on Monday night) a letter citing his interest in American society, said Monday a source close to the deal, adding that the two companies were discussing the offer.

BNP Paribas leads the CAC 40 rising

August 2, 2010

The Paris Stock Exchange closes in the green Monday. The market is supported by the buoyant stock markets in Asia. The CAC 40 was up nearly 1% to just over 3675 points. The Nikkei closed up 0.35%, the Nikkei 225 index of blue chips gaining 33.01 points to 9570.31 points. In Shanghai, the stock opened up 0.39% Monday, as investors were apparently reassured by the slowdown in manufacturing activity in July, which shows that government efforts to cool the economy seem to be working.For its part, the Stock Exchange of Hong Kong opened up 1.3%, the Hang Seng index gaining 272.2 points to 21,302.01 points in early trade.

The month of July was favorable to investors in Paris. In July, the CAC 40 was well recovered, compared to a decline in June and a memorable month of May in terms of poor performance. Between 1 July and this July 30, the index rose 9.1%. Since the beginning of the year, it remains a decline of 7.45%. Compared to a year ago, it was up 6.3%.

On the face values, we will monitor:

BNP Paribas announced on Monday its quarterly results before the market in good order. They are far beyond expectations, thanks to lower provisions. The title gained 4.19% to 54.92 euros. the title brought in its wake Societe Generale (2.86%) to 45.50 euros. For its part, Credit Agricole gained 1.90% to 10.71 euros.

Air Liquide on Monday confirmed its objective of increasing its net profit for 2010 after an acceleration of growth in sales between the first and second quarter, thanks largely to emerging markets. The track lost 1.93% to 84.70 euros.

France Telecom has entered into discussions with shareholders Meditel second operator in Morocco, to acquire 40% stake in it, according to the Moroccan weekly News, citing a potential investment of 650 million euros. Title varies slightly to 16.05 euros.

Eurazeo announced Saturday that entered into exclusive negotiations with the U.S. fund Carlyle for the sale of the hotel chain B & B. Eurazeo gaining 0.24% to 49 euros.

The construction group Vinci has been chosen Friday by the Government for the concession and the construction of the airport at Notre-Dame-des-Landes, who should take over from the 2017 air services from Nantes-Atlantique. The title appreciates by 1.35% to 37.65 euros.

Areva (0.69% to 367.30 euros) on Friday, as expected, half results penalized by an additional provision under the Finnish EPR OL3, but confirmed its 2010 targets.

Eiffage (1.99% to 39.49 euros) published a quarterly revenue up 2.2% and said its order book stood at EUR 10.8 billion at July 1 ( +4.4% at constant since 1 April 2010), more than 11 months of activity.

APRR – Arnaud Montebourg The socialist leader said it had seized the financial markets authority (AMF) to try and block the delisting of Autoroutes Paris Rhin Rhone (APRR) requested by Eiffarie, a joint venture of Eiffage the Australian Macquarie Group

The CAC 40 caution before U.S. GDP

July 30, 2010

The CAC 40 is the map of prudence on Friday. After an opening in the red (-0.12%) followed by a brief stint in the green (0.24%), the leading index in Paris back in negative territory at mid-session: -0.56% in 3631 points. The markets are waiting game: the first estimate of U.S. GDP in the second quarter will indeed be announced this afternoon across the Atlantic. This Friday in Asia as investors remained on the defensive.

Besides GDP, the U.S. will publish the index of consumer sentiment and Chicago PMI.

The interpretation of many important results published before opening is not enough to liven up the coast.

Publication Burst

Alcatel Lucent (8.27 to 2.24 euros%) announced revenues of 3.813 billion euros in the second quarter.The group reiterated its outlook for 2010, including an Adjusted operating income of between 1% and 5% of its revenues.

JCDecaux (1.16% to 20.10 euros) on Friday announced a net profit in the first half of 65 million euros. The group anticipates a change in organic revenue for the third quarter less than that of the second with a cash flow of 119 million euros, compared with -1.7 million euros in the first half.

Lafarge (-4.75% to 41.43 euros) has reported a sales increase of 2% to 4.43 billion euros in the second quarter. The company expects a reduction in capital expenditure to less than 1 billion euros in 2011.

EDF (1% to 32.80 euros) announced a net income Group share 1.7 billion euros including a provision for $ 1.1 billion on its North American operations.The group, which should sell its UK electricity networks based on an enterprise value of over 5.5 billion pounds, has announced a delay of two years for his BDU Flamanville.

EADS (2.70% to 18.06 euros) announces a net profit in the first half of 185 million euros and a turnover of 20.3 billion euros.

Schneider Electric (2.14% to 88.25 euros) publishes a turnover of 8.57 billion euros in the first half (+10.5%) of which 4.661 billion (+18.5%) in the second . In an interview with Le Figaro, Jean-Pascal Tricoire, CEO, set an improvement for the second part of the year.

Renault (0.28% to 33.74 euros) issued a revenue increase of 23.1% for the first semester in the same area, to 19.668 billion euros.The constructor returns to the green with profits of 823 million euros.

The reaction of Peugeot (-2.23% to 22.61 euros) will be observed.Also in the automotive industry, Michelin (-1.40% to 58.52 euros) announced a net profit in the first half and said it expects a continued rebound in demand for tires in the second half of the year .

PPR (-0.34% to 102 euros) has announced a net profit after minority interests rose 86.8% to 407 million euros in the first half.

Imerys (+0.27% at 44.59 euros) has reported a net operating income rose sharply to 122 million euros in the first half with a turnover of organic growth of 16%.

Total (1.30% to 38.85 euros) announced adjusted net income for the second quarter of 3 billion euros, up 72%.

CNP Assurances (EUR 15.45 -4.01%) has published a net increase of 8% to 542 million euros and a turnover of 17.697 million euros (+2.4%).

Rhodia (1.14% to 15.93 euros) raised again after its 2010 targets announced Friday results exceeded expectations in the second quarter.

Saint Gobain is optimistic

Saint-Gobain (-2.16% to 32.57 euros) reported a strong rebound in its first half results, while confirming its target of strong growth in operating earnings in 2010.

Capgemini (-1.29% to 35.88 euros) has announced the acquisition of the Swedish IT services Skvader Systems. No financial details were disclosed.

Air Liquide (-0.81% to 85.40 euros) has announced the acquisition of the company Lion Copolymer Geismar American Services.No financial details were disclosed.

Euler Hermes (4.94% to 61.40 euros) has reported net profit more than doubled in the second quarter from the first and said he intended to maintain profitability in a more favorable macroeconomic environment that over the past two years.

Ingenico (5.28% to 19.45 euros) on Thursday posted a net profit increased more than two in the first half thanks to increased transactions in Europe and raised its sales target.

Alten (-0.49% to 22.29 euros) has reported a slight improvement in activity in its sector in the first half. Turnover increased 2.7% to 450.9 million euros over the period.

Flo (-3.7% to 4.43 euros) said that the activity in its restaurants had not yet regained the level that was hers before the crisis, despite the reduction in VAT.The turnover of the group stood in the first half rose 7.6%.

Vallourec remains cautious for the second half

July 29, 2010

Vallourec published Wednesday earnings growth under its second quarter due to the recovery of all of its markets. In a statement released after the close of the Paris Bourse, Vallourec reported a net profit between March and June to 125.9 million euros (+107% over the same period a year earlier) for billings of $ 1.12 billion (+28%). Its EBITDA rose 78% to 264.4 million. Its margin EBITDA / turnover was well established at 23.6% against 22% in the second quarter 2009 and 16.9% in first quarter 2010. It's better than expected, analysts polled by Reuters expected a gross operating income of about $ 225 million. And sales of around 1.09 billion.

In the first half, net profit group share stood at 186.7 million against 311.1 million a year earlier.The consolidated turnover amounted to 1, 99 billion, down 17% from the previous year (2.39 billion Premmia half of 2009), due to price / mix effect negative (- 19.7%). Volumes fell 3.6%.

A second part of the year more difficult

The producer of seamless steel tubes, which provides the oil and gas, electric power, petrochemical and automotive industries, however, said in a statement it expected the second half margin Gross operating "slightly less" than that of 20.6% in the first half. "Rising commodity prices weigh on production costs in the coming quarters, while sales prices will increase gradually. Price effects and mix effects due to weak market power will have an impact on margins, "he specifically explained.

Brazil also will record additional operating costs related to start production of its new plant in the fourth quarter.

"After the rebound in the second quarter 2010, growth in turnover is expected to continue in the second half of 2010, but at a slower pace," said Vallourec.

The EU gave its approval to United and Continental

July 28, 2010

The European Commission, guardian of competition in Europe, has given the green light Tuesday to approximation of U.S. airlines Continental Airlines and United Airlines, which will give birth to the world leader in the industry.

"The Commission's investigation confirmed the complementarity of networks of United and Continental for the transatlantic routes between the European Economic Area and the United States and the fact that the merger will not cause any problem on any route in particular, "said the statement from Brussels.

United Airlines, the third American company, Continental Airlines and fourth, had announced in May their intention to merge under the single name of United.Combined, they have access to 370 destinations in 59 countries, with a combined turnover of 29 billion dollars, a fleet of nearly 700 aircraft and about 87,000 employees worldwide.

Complementary networks

Brussels noted in its survey of overlapping activities of both companies in the regular transport of freight (where the impact is in her "limited") and passengers between Europe and the United States.In the latter case, the networks of both companies, however, are "complementary insofar as they operate hubs in different U.S. cities" and so there will be a "marginal increase in market share", he stresses Brussels .

By marrying, United Airlines and Continental Airlines hope to better withstand the challenges currently facing the sector: competition from low-cost airlines, concerns about terrorist threats, volatility of fuel prices, global economic …

Both companies hope to close the deal said the fourth quarter of 2010. After the Europeans, they will however still get approval from U.S. antitrust authorities, who have already rejected in the past other mega-mergers "in the sector.The Justice Department had opposed in 2001 and the approximation of United Airlines and U.S. Airways, saying it would reduce competition in the aviation industry in the United States to the detriment of the public.

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The debt of CMA-CGM in the court and

July 26, 2010

The shipping company CMA-CGM aims to save time. The Marseilles group had, in theory, until today, Monday, to find a solution to its financial difficulties. Following discussions this weekend with potential investors, the group could receive another suspension of the Commercial Court of Marseille to renegotiate its debt by $ 6.1 billion.

In any case, the group argues in this direction. This setting effect on the recovery of its activity since the beginning of the year to be in a better position to negotiate with potential investors. The traffic grew by nearly 21% since the beginning of the year, turnover increased 29% in the first quarter of 2010 and the gross operating surplus amounted to 380 million.

Multiplication of contenders

And after this improvement, offers of participation in the capital have increased.The sovereign wealth fund Qatar Holding, excluded from discussions on July 12 last, is returned to the race, supported by the French sovereign fund FSI understands Les Echos. The sales will fund Butler Capital Partners may also participate in the round.

Debt Record

The owner, a leading private employers in the Marseille region with 16,500 employees over 385 ships, is buried under record debt, exacerbated by the crisis. The group has in fact faced with a maturity of outstanding bank 300 million euros. It must also meet before the end of the year, a bill of 390 million for twelve ships. CMA-CGM has no choice, therefore, it must open its capital to new investors to pay its debts.

Wall Street opens in the red

July 23, 2010

After their fine up yesterday, the U.S. equity markets are cautious on Friday. The Dow Jones yielded 0.01% and the Nasdaq 0.53%. The Standard & Poor's 500 abandoned, for its part, 0.44% to 1088.89 points

On the foreign exchange market, the euro off again on the rise against the dollar in the morning, after the publication of a German Ifo barometer jumped in July, but remained confined to below $ 1.30. The euro was at 1.2956 dollars against 1.2886 dollars late on the eve of the day.

On the macroeconomic front, the session looks very calm. No major indicator is expected in the United States. Wall Street should have their eyes on Europe.Operators should indeed play the card of caution before publication in the evening the results of resistance tests 91plus major European banks.

From the values listed, investors will react to another round of results published the day after the close of Wall Street.

The U.S. computer giant Microsoft seems to have turned the page on the economic crisis with a quarterly profit up 48% year on year, better than expected, more than 4.5 billion dollars. Over the year, net income jumped to 18.760 billion dollars, up 29% and sales to nearly $ 62.5 billion, up 7%. the title gives 0.16% to 25.80 dollars.

Always on the side of values, the Internet retailer Amazon has posted Thursday a net profit increase of over 45% in the second quarter but below expectations.The penalty was severe the security loses nearly 9% to 109.61 dollars.

The credit card issuer American Express American issued Thursday a net income group share increased by 3 over one year to over $ 1 billion in the second quarter. The group was encouraged by the recovery of expenses of its customers and lower defaults on credit cards. Title varies slightly.

Note also the flash memory maker SanDisk has announced a quarterly benefit of $ 257.9 million slightly exceeded expectations. The turnover was 1.18 billion over the quarter against 730 million last year. "The U.S. market is recovering quickly (27%) and becomes profitable, but significant uncertainties remain safe with the new law on the distribution of consumer credit" note the experts at Aurel BGC.The group remains very cautious on the outlook for activity in the United States.

The traffic had disrupted 30% of controllers on strike

July 22, 2010

Holidaymakers need to take their troubles patiently since Tuesday night and until Thursday early morning. Air traffic was disrupted in the main airports of Paris and the provinces, because of a strike call launched by six unions of air traffic. The disturbances began Tuesday and should be completed Thursday afternoon, the time that the rotations had resumed their normal course.

On Wednesday, the Directorate General of Civil Aviation (DGCA) said identification of 30% of strikers among its air traffic controllers, and 10% on all staff. Consider a motion "moderately followed" by the DGAC. Today, 90% of flights were operated to Roissy, and 50% of flights at Orly departures. However, Metz-Nancy airport, Dinard, Pau, Biarritz and La Rochelle have been closed, at least for the morning. 22% of flights were canceled at Marseilles, Bordeaux 20%, 16% in Nantes, 11% in Lyon, and 9% in Nice.

100% of flights operated by Air France

At Orly, the first cancellations of flights, were posted Tuesday night. Deleting a dozen flights of low-cost airline EasyJet, provided between 19 and 23 hours, was announced on the boards of the terminal at Orly South, where there was a great atmosphere going on holiday, with important queues at the counters. The flights canceled by the company concerned international destinations such as Rome, Rabat, Budapest and Venice, and France (Toulouse).

For its part, Air France announced that 100% of long haul flights are provided, as well as 80% of its flights short and medium haul routes from Paris-Charles de Gaulle and 50% from Paris-Orly. "We can not exclude some flight cancellations during the day cash advance loans.Delays are possible, "the company said, calling his passengers to see the information updated in real time on its site, under" schedule "and" timeliness of flights, or by phone at 3654 and SMS sending their flight number to 63654 (eg by typing: AF2062).

CorsairFly for its part ensures that the strike 'cause no change on the flight program, also expected some delays due to disruptions related. All rotations of the company will be assured. The company also urges customers to check their flights on its website.

The DGAC said that a strike slogan added "stormy weather that could disrupt traffic".

"A passage in force"

The CGT, CGC, FOR, UNSA UNSA-IESS and ICNA-call for mobilization to denounce the European program for creating Single Sky FABEC, and the dismantling of the DGAC. They denounce as in January and February, the establishment by the end of 2010, a single air control operator for France, Germany, Switzerland and the Benelux countries. "The creation of such a body fusion will inevitably lead to the dismantling of the DGAC, the structure was considered to be efficient in terms of cost, security and service to users," say the unions. Moreover, "this merger will mean the de facto release of all or part of his personal services and the scope of the State Civil Service.

Joffrin Olivier, secretary of the National Air Traffic Controllers CGT:

Apple set a new quarterly record

July 21, 2010

Another record for Apple. While disappointments are linked from the opening ball of quarterly publications, the company announced at the apple on Tuesday after the close of Wall Street, results well above the consensus for the Third quarter of its fiscal year ended 26 shifted June Its net profit was up by 78% to 3.25 billion dollars against 1.83 billion a year earlier to the same period. Based on the number of shares, this equates to a profit of 3.51 dollars, while analysts expected $ 3.11 on.

The turnover reached 15.7 billion dollars, up 61%. Again, beyond the consensus that Apple gave a quarterly income of 14.75 billion dollars.

Apple explains this performance by the 33% increase in sales of its Macintosh computers during the quarter, 3.47 million units.The company has passed 8.4 million iPhones, a figure up 61% over the same period last year. Only sales of iPods fall from 8% to 9.41 million units. Regarding the iPad, Apple puts the figure of 3.27 million units sold this quarter.

"It's a phenomenal quarter, exceeding our expectations," said a delighted boss of Apple, Steve Jobs, in a statement. "And we still have to launch new products this year," he promises.

For the rest, Apple expects earnings per share of 3.44 dollars on a turnover of 18 billion dollars. On Wall Street, the ads are already welcomed. The Apple stock gained 2.62% to 258.50 dollars in after market trade.

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Eurotunnel plunges into the red

July 19, 2010

Despite a sharp rise in turnover (+22% to EUR 144.4 million), Eurotunnel reported a net loss of 44.8 million euros in the first half against – 8 million euros over the same period in 2009.

Asked on BFM radio on Monday morning, Jacques Gounon, Eurotunnel's chief executive, played down that figure. "The dispute we have with Eurostar on the fire of September 11, 2008 block the mechanism of compensation payments made by insurers for bad credit payday loans. Eurostar is a casualty claims and benefits owed to us, "he says.Eurotunnel has reached 147 million euros in compensation in 2009 and 16 million euros this year, half of what the group calls, according to Jacques Gounon.

"If we do not touch the other half, we will post a loss this year," he says, without this calling into question for the moment the dividend.