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Heavy STM, high-volume
The difficulties of European tech and departure uncertainty of Nasdaq, combined with the downgrade of the semiconductor industry decided yesterday by Merrill Lynch and the moves of the Japanese rival Matsushita (presented a chip for high-definition television NDR. ), are pushing back the minimum the title of the Italian-French. STM is in fact losing 4.40% by the action changing hands at 23.67 euros. Very high trade: over 10 million pieces compared to an average of 8.5 mln.
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Mondadori and L’Espresso in red
Mediaset While sailing through the positive opinion of Merrill Lynch, L’Espresso and Mondadori undergo a rain of sales. The group’s title De Benedetti is leaving the house at ground level from 2.61% to 3.36 euros, Mondadori instead loses 2.56% to 6.4 euros.
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Royal Dutch drag downward all petroleum
swamped with sell orders after the title Royal Dutch Dutch oil company has been excluded from the S & P 500. Title that is now traded at 53.3 euros, down 6.9% compared to yesterday. The debacle of RD is having repercussions fall on the entire energy sector that at the level of DJ Euro Stoxx, is now the basement side (-3.8%). The figures prove it: Totalfina is leaving the field with 2.7%, Saipem 2.22%, while Eni is late of 0.87%. Repsol, however, runs counter and earn 0.81%.
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Alitalia thud, “great interest in put options”
This breaks down the letter on the title of the airline. Alitalia is losing 7.5% by the action it has plummeted to 0.4370 euro, which dropped below levels of last September. Very high trade: over 12 million units, higher than 6 times the daily average last month. “There is great demand for options bearish on the title,” explain Banca Imi. “There is a shortage of shares in circulation because of the capital.” Remember that the European Commission has confirmed their doubts on the agreement between Alitalia and Air France, calling it detrimental to competition on some routes between Italy and France and, therefore, not approvable in its current form.
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European cars in reverse
Sitting by the dotted red marks for the titles of the automobile sector of the continent. German BMW leaves at ground level from 2.23%, passing from hand to 39.4 euros. Also at the Frankfurt stock exchange: marks -3.04% DaimlerChrysler, Volkswagen and Porsche loses 2.31% marks -2.99% passing from hand to 459.83 euros. The downward trend is also found moving to the Paris Bourse. -3.98% Marks Peugeot and Renault scored a fall of 3.16%.
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Levy (Publicis) confirms growth for 2003
Maurice Levy, CEO of Publicis, confirmed this morning its forecast growth in operating margins of the Group for 2003. Meeting the shareholders, at today’s General Assembly, the manager has estimated for 2003 EBITDA growth of 18% and EBIT by 15%. Levy also provides a stable market in September, not excluding that positive signs of recovery can come from the U.S. market. On 11 July, however, the advertising group trans distribute a net dividend to 0.22 euros per share. At this moment the title in Paris Publicis is leaving the ground about 0.65% to 29.11 euros.
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European telephone breathless
Continue the descent of the European telephone securities, which in the wake of technological exchange all in red marker. In Frankfurt, Deutsche Telekom leaves at ground level from 4.03% to 10.24 euros. France Télécom also in sharp decline (-4.13% at 17.64 euros) and its subsidiary Orange, which marks a decrease of 2.69%. Things are not better for the Spanish TeleOn (-2.87%) and Moviles loses 0.96%.
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TF1 decreased significantly despite the World Cup
red mark today for the private French TF1 television this morning that the Paris stock exchange dealing a decrease of 4%, passing from hand to 30.91 euros. A bad performance that many operators due to strong exposure of the society event of the World Cup football in TF1 owns the TV rights. In fact there are many questions regarding the return of his massive investment support, and much seems to depend on the performance of the French team.
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BNP reiterates outperform on Vodafone, target to 135p
Emmet Kelley analyst at BNP Paribas has maintained an Outperform recommendation on Vodafone, with a target price of 135 pence. Kelley welcomes the operating results of the company with free cash flow, which stood at 2.4 billion pounds (50% more than the estimates). Investments (CAPEX) decreased but remains higher than expected. The analyst also liked the operating margin in the United Kingdom reached 37% in the second half, a good result considering the high level of competitiveness (many analysts had expected the 34-35%). At this moment, Vodafone is traded in London at 109 pence a share (+3.8%), well below the maximum intraday 113.75 pence.
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Infineon, for Aurel Leven and ‘Sell
The research department of Aurel Leven reiterated its view of “sell” on the title of Germany’s Infineon, born from a spin-off of giant Siemens. The company incurred losses and analysts still appear preuccupati perspectives on the field of DRAM. Also in the future there will be a renewed downward pressure on price movements, which may further compress margins.
