Wednesday, January 19, 2011

Goldman Sachs: Πτώση κερδών 52% και εσόδων 10% το δ΄ τρίμηνο


Goldman Sachs: Πτώση κερδών 52% και εσόδων 10% το δ΄ τρίμηνο


Κέρδη μεγαλύτερα των εκτιμήσεων και έσοδα μικρότερα εμφάνισε το τέταρτο τρίμηνο η Goldman Sachs σε σχέση με την αντίστοιχη περίοδο του 2009.

Ειδικότερα, όπως μεταδίδουν ξένα πρακτορεία, τα κέρδη της εταιρείας υποχώρησαν 52% στα 2,4 δισ. δολ., ή 3,79 δολ. ανά μετοχή, από 4,9 δισ. δολ., ή 8,2 δολ. ανά μετοχή, ενώ τα έσοδα μειώθηκαν 10% στα 8,64 δισ. δολ. από 9,62 δισ. δολ.


Αναλυτές που συμμετείχαν σε δημοσκόπηση της Thomson Reuters τοποθετούσαν τα ανά μετοχή κέρδη της τράπεζας στα 3,76 δολ. και τα έσοδα στα 9 δισ. δολ.

Τα έσοδα της Goldman Sachs από τον κλάδο επενδυτικής τραπεζικής υποχώρησαν 10% στα 1,51 δισ. δολ. ενώ από τις υπηρεσίες σε θεσμικούς πελάτες μειώθηκαν 31% στα 3,64 δισ. δολ.

Η μετοχή της τράπεζας στις προσυνεδριακές συναλλαγές υποχωρεί 2,77% στα 169,85 δολ.



source: capital.gr

Wells Fargo: Αύξηση κερδών 21% το δ΄τρίμηνο


Wells Fargo: Αύξηση κερδών 21% το δ΄τρίμηνο


Αύξηση κερδών 21% και πτώση εσόδων σημείωσε το τέταρτο τρίμηνο η Wells Fargo & Co. σε σύγκριση με την αντίστοιχη περίοδο του 2009.

Ειδικότερα, όπως μεταδίδουν ξένα ειδησεογραφικά πρακτορεία, τα κέρδη της τράπεζας αυξήθηκαν στα 3,4 δισ. δολ., ή 61 σεντς ανά μετοχή, από 2,8 δισ. δολ., ή 8 σεντς ανά μετοχή, ενώ τα έσοδα υποχώρησαν στα 21,5 δισ. δολ. από 22,7 δισ. δολ.

Σημειώνεται πως αναλυτές που συμμετείχαν σε δημοσκόπηση της FactSet Research ανέμεναν κέρδη 61 σεντς ανά μετοχή και έσοδα 21 δισ. δολ.


Πηγή:www.capital.gr

Fitch: Η Ελλάδα η χώρα με τις μεγαλύτερες δανειακές ανάγκες στην Ευρώπη το 2011


Fitch: Η Ελλάδα η χώρα με τις μεγαλύτερες δανειακές ανάγκες στην Ευρώπη το 2011


Η Ελλάδα είναι η χώρα με τις μεγαλύτερες δανειακές ανάγκες, ως ποσοστό του ΑΕΠ, στην Ευρωζώνη το 2011, όπως αναφέρει η Fitch, με τον οίκο να σημειώνει ότι ο μικτός κρατικός δανεισμός της χώρας ανέρχεται στο 25% του ΑΕΠ για το τρέχον έτος.

Όπως μεταδίδει το Dow Jones Newswires, η Fitch παράλληλα εκτιμά ότι ο κρατικός δανεισμός των 15 χωρών της Ευρωζώνης θα μειωθεί αυτό το χρόνο κατά 9,2%, στα 1,866 τρισ. ευρώ έναντι 2,050 τρισ. γεν το 2010, που ήταν το υψηλότερο επίπεδο δανειακών αναγκών της Ευρώπης για δεκαετίες.

Σε απόλυτα ποσά τις μεγαλύτερες ανάγκες έχει η Γαλλία με 386 δισ. ευρώ και ακολουθούν Ιταλία με 381 δισ. ευρώ και Γερμανία με 292 δισ. ευρώ. Ως ποσοστό του ΑΕΠ, εκτός της Ελλάδας, οι δανειακές ανάγκες της Ιταλίας ανέρχονται στο 26%, της Πορτογαλίας στο 23%, του Βελγίου στο 21%, της Γαλλίας στο 18% και της Ιρλανδίας στο 17%.

Συνολικά, αναφέρει η Fitch, ο μικτός δανεισμός των ευρωπαϊκών κυβερνήσεων έχει μειωθεί σε ετήσια βάση, με εξαίρεση τη Δανία, την Ελλάδα και την Πορτογαλία.

«Η Fitch εκτιμά ότι ο καθαρός δανεισμός των κεντρικών κυβερνήσεων στην Ευρώπη θα μειωθεί σημαντικά το 2011 καθώς οι κυβερνήσεις εφαρμόζουν περικοπές στους προϋπολογισμούς», σημειώνει ο Douglas Renwick, διευθυντής της Fitch.



source: capital.gr

ΗΠΑ: Πτώση στις ενάρξεις ανέγερσης κατοικιών το Δεκέμβριο


ΗΠΑ: Πτώση στις ενάρξεις ανέγερσης κατοικιών το Δεκέμβριο

Πτώση μεγαλύτερη των εκτιμήσεων σημείωσαν το Δεκέμβριο οι ενάρξεις ανέγερσης κατοικιών στις ΗΠΑ, ωστόσο η άνοδος στις εκδόσεις αδειών που αποτελούν ένδειξη της μελλοντικής δραστηριότητας σημείωσαν άλμα.

Ειδικότερα, οι ενάρξεις κατοικιών υποχώρησαν σε ποσοστό 4,3% και διαμορφώθηκαν στον εποχιακά προσαρμοσμένο ετήσιο αριθμό των 529.00 σύμφωνα με στοιχεία του αμερικανικού υπουργείου Εμπορίου.

Σημειώνεται ότι, οικονομολόγοι που έλαβαν μέρος σε δημοσκόπηση του Dow Jones Newswires, είχαν διαμορφώσει εκτιμήσεις για πτώση 0,2% τις ενάρξεις ανέγερσης κατοικιών.

Παράλληλα, οι οικοδομικές άδειες αυξήθηκαν 16,7% στις 635.000, το οποίο αποτελεί το μεγαλύτερο επίπεδο από το Μάρτιο του 2010.



source: capital.gr

Γερμανία: Προβλέπει ανάπτυξη 2,3% το 2011 η κυβέρνηση


Γερμανία: Προβλέπει ανάπτυξη 2,3% το 2011 η κυβέρνηση

ΒΕΡΟΛΙΝΟ (Dow Jones)—Η γερμανική κυβέρνηση προβλέπει σήμερα ότι το ακαθάριστο εγχώριο προϊόν θα αναπτυχθεί κατά 2,3% το 2011, καθώς η ζήτηση από το εξωτερικό συνεχίζει να δίνει ώθηση στη μεγαλύτερη οικονομία της Ευρώπης.

Η γερμανική οικονομία αναπτύχθηκε κατά 3,6% το 2010, με τον ταχύτερο ρυθμό σε 20 χρόνια, σύμφωνα με στοιχεία που έδωσε την περασμένη εβδομάδα στη δημοσιότητα η στατιστική υπηρεσία της χώρας. Το υπουργείο Οικονομικών ανέφερε στην ετήσια έκθεσή του σήμερα ότι ενώ η υψηλή ανάπτυξη θα συνεχιστεί στον αναπτυσσόμενο κόσμο, ο ρυθμός της ανάκαμψης από τη χρηματοπιστωτική κρίση θα επιβραδυνθεί στον ανεπτυγμένο κόσμο.

Στην πιο πρόσφατη πρόβλεψή της τον περασμένο χρόνο, η κυβέρνηση προέβλεψε ανάπτυξη του ΑΕΠ σε ποσοστό 1,8% το 2011.


source: capital.gr

10 American Companies That Will Disappear in 2011


10 American Companies That Will Disappear in 2011

Companies disappear all the time. Sure, it may be news when large corporations with well-known brands go belly-up. But think about it: Businesses like Circuit City, Northwest Airlines and Countrywide are gone now.

24/7 Wall St. recently looked at a number of large American companies, some of which are owned by foreign companies, to see which will disappear in 2011. A vanishing firm may go bankrupt and its assets sold off, it may be closed after being bought by another company or it may cease to exist due to a merger.

The website looked at a variety of companies: those that are in deep trouble, the merger and acquisitions targets, firms in industries that have too many competitors for any to become highly profitable or corporations that Wall Street believes are worth more in parts than as a whole. The 19 companies below were picked from this universe, because odds they are they won't exist a year from now:

Saab USA
Saab has tried to create a renaissance of sorts. The company was sold to Netherlands specialty carmaker Spyker last year. Spyker took an awful risk, particularly in the U.S. -- because Saab is one of the few car firms that did recover when the U.S. car market expanded last year. The total number of cars and light vehicles sold in America in 2010 was up 11% to 11.6 million.

Sales of some niche brands surged. Porsche sales in the U.S. were up 29% to over 29,000. Audi sales rose 22% to over 101,000. But Saab sales collapsed -- falling 37% to 5,445. American car companies have also created new lines of vehicles that have begun to sell well, particularly in the middle market where Saab operates. The Japanese still control the lower-price, high-quality portion of the market. And Korea's Hyundai took share from nearly everyone else last year, as its sales rose over 24% to just above 538,000. There's no room in the American market for tiny operator like Saab.

Office Depot
The company is running third in a three-horse race with Office Max and Staples. Office Depot also has to compete with small business centers in Sam's Clubs and Costcos. The firm operates on razor-thin margins, while managing 1,150 locations -- which are very costly due to employee and real estate expenses. Office Depot is a strong candidate to be taken over by one of its rivals or a broader retail chain like Target.

The market is too competitive for Office Depot to stand on its own. A consolidation in the sector would allow a merged operation to cut thousands of people and close hundreds of locations. Operating margins, then, would not be so modest.

Dean Foods
The maker of dairy products like Land O'Lakes and Silk has struggled as much as any other large public company this year. The costs of raw milk, butterfat, soybeans and sugar have risen sharply. Dean Foods has also been crippled by debt. The firm's shares were down as much as 60% at one point during the last 12 months.

Despite all the bad news, hedge fund investor David Tepper bought a 7.35% stake in the company. Dean Foods shares rose 9% after the announcement. Dean has already sold its yogurt business to Schreiber Foods. And Tepper, one of the cleverest investors on Wall Street, has probably bet the balance of Dean Foods will be sold off in parts. Probably the Fresh Dairy Direct-Morningstar and WhiteWave/Alpro business units would draw the most bidders. Watch for Dean to be broken up, to satisfy debtholders and arge investors.

Frontier Airlines
The carrier is owned by Republic Airways Holdings and was bankrupt when Republic bought it in 2009. Republic recently merged another of its holdings, Midwest Air, into Frontier. Denver-based Frontier is simply too small to compete in the domestic carrier market -- which has become increasingly dominated by large airlines that are growing due to mergers.

Wall Street has also become increasingly worried about Republic's future. Its shares are down 13% over the last quarter, while shares in rival JetBlue are up 9% during the same time frame. Frontier's Milwaukee hub, which serves the East and Midwest, and its Denver hub, which serves the West, the South, and Mexico, would be valuable to a larger carrier. Airline mergers and buyouts like the Continental/United deal and Delta's takeover of Northwest are popular in the industry because they allow for personnel reductions and route cuts -- as well as trimming the number of aircraft that have to be maintained. Two airlines together can have a better margin than separately. Frontier is a buyout target; its brand is not.

Sara Lee
The company that makes Ball Park hot dogs and Jimmy Dean breakfast foods is already being circled by corporations in similar businesses and by private equity firms -- groups interested in breaking Sara Lee up. Apollo Global Management has recently considered a bid. JBS, the Brazilian meat processor, made an offer that was turned down.

Media reports say Sara Lee is in the midst of a plan to separate its coffee and meat businesses. If that happens, the new companies may be named Hillshire Farm and Pickwick Tea. A deal to sell off pieces of the firm will probably happen before midyear.

Borders
The large bookstore chain is almost gone already. The only question remaining is whether it will be dissolved or sold to a related retailer like Barnes & Noble. It appears Borders has little choice other than to go bankrupt, given its debt and cash-flow situation. Two ominous signs for the bookseller: It says it's unable to pay some of its largest publishers for their books.

Border's stock also dropped under $1 a share, a warning sign that the shares could eventually be delisted -- that is, if Borders lasts long enough. The company's 500 locations may have value to a buyer, but its name does not, being associated with little more than failure.

Gateway
Gateway was bought by Taiwanese PC giant Acer in 2007. Acer is currently the No. 3 PC company in the world after Dell and Hewlett-Packard. The buyout was not unlike the one that China-based Lenovo made of the IBM PC division. Lenovo found the IBM brand was useful for marketing in the U.S., but dropped the name in favor of its own. Lenovo saw no reason to support two brands any longer and wanted to be recognized by its corporate name in the U.S. market.

Acer, meanwhile, has become an established brand in the U.S. over the last two years, particularly for its netbooks and notebooks -- while the Gateway brand has faded. Gateway is still a stand-alone corporation but will likely disappear this year.

DollarThrifty
Dollar Thrifty has a tentative deal to be bought by Avis Budget -- but the FTC has not given the transaction final approval. If the buyout closes, then the Avis, Budget, Dollar and Thrifty car rental businesses will all be under one roof. Dollar Thrifty has lost any momentum in its efforts to expand. The company said in December that it would add 31 new franchises in the U.S. It has 1,550 locations in 81 countries worldwide.

Ironically, Dollar Thrifty is itself the result of a merger of two companies. Thrifty was owned by Chrysler and combined with Dollar in 1990. Avis should close its takeover by mid-2011

Answers Corp.
The online search firm's stock is down 40% in five years. Google, in comparison was up nearly 40% during that period. The smaller company had third-quarter revenue of only $4.5 million, which means it barely has a reason to be a public company. Operating income for the quarter was only $379,000, and its total average page views daily are about 14 million.

Answers will likely be sold to a company that could use its technology platform and unique visitor traffic. This might include one of the portals or large online content companies like News Corp. The company's market value is only $65 million, which is pocket change for a really large Web company.

E*Trade
There are too many big discount brokers in the U.S. There have been persistent rumors that E*Trade will be bought by one of its larger competitors --Charles Schwab or TDAmeritrade. The rumors even caused a large move in E*Trade's options early last month. Broker Collins Stewart downgraded E*Trade shares recently, pointing to problems with loan portfolio growth on the banking side of the online brokerage's business.

Wall Street's view of the other two discounters is much more positive. The brokerage business has been ideal for consolidation for years. Full-service brokers went through a large number of mergers and acquisitions in the 1970s, 80s and 90s. The reason for the rollups were compelling then as they are now for E*Trade. There are a number of expensive duplicate functions among these companies -- which include marketing costs, trading platforms and administration. Either Schwab or TDAmeritrade will use those economies of scale to buy E*Trade, the weakest member of the sector.


source: dailyfinance.com

HSBC: Μειώνει τις τιμές-στόχους για τις ελληνικές τράπεζες


HSBC: Μειώνει τις τιμές-στόχους για τις ελληνικές τράπεζες


Κρατώντας την μετοχή της Τράπεζας Κύπρου ως αγαπημένη μεταξύ των ελληνικών τραπεζών, η HSBC σε σημερινή της ανάλυση μειώνει τις τιμές-στόχους για τις ελληνικές τράπεζες και καθώς και τις εκτιμήσεις για τα κέρδη ανά μετοχή.

Όπως επισημαίνει, οι ανησυχίες για το κρατικό ρίσκο, η παρατεταμένη οικονομική ύφεση της Ελλάδας και οι δύσκολες συνθήκες ρευστότητας, θα κυριαρχήσουν στον κλάδο για ένα ακόμη χρόνο.

Τα πτωτικά ρίσκα για την κερδοφορία, παραμένουν συνυφασμένα με την μακροοικονομική αβεβαιότητα.

Περικόπτει τις εκτιμήσεις για τα κέρδη ανά μετοχή του 2010 κατά 17%, για το 2011 κατά 35% και του 2012 κατά 26% εξαιτίας των υψηλότερων προβλέψεων.

Λαμβάνει δε πιο προσεκτική στάση σχετικά με τα μη εξυπηρετούμενα δάνεια και αυξάνει τις εκτιμήσεις της κατά 6% για το 2011 και κατά 14% για το 2012.

Επιπλέον, μειώνει την τιμή-στόχο για την μετοχή της Τράπεζας Κύπρου στα 3,4 από την προηγούμενη των 4,4 ευρώ διατηρώντας τη σύσταση overweight.

Αντίστοιχα, η μετοχή της Alpha Bank έχει νέα τιμή-στόχο τα 3,9 ευρώ από την προηγούμενη των 5 ευρώ (σύσταση neutral), για τη Marfin Popular αναβαθμίζει τη σύσταση σε neutral από underweight και η τιμή στόχος μειώνεται στα 1,15 από τα 1,4 ευρώ.

Για τη Eurobank μειώνει την τιμή στόχο στα 3,2 από τα 4,6 ευρώ και υποβαθμίζει τη σύσταση σε underweight από neutral, και για την Πειραιώς η σύσταση παραμένει underweight και η τιμή-στόχος μειώνεται στα 1,5 από τα 3,7 ευρώ.

Σύμφωνα με την HSBC, μόνο η Τράπεζα Κύπρου μπορεί να αντέξει τα πιστωτικά ρίσκα, ενώ για τις υπόλοιπες η ανταμοιβή-ρίσκου δεν είναι ελκυστική.



source: capital.gr

Apple Profit Rises 78% on Holiday Demand for IPad, IPhone, Mac


Apple Profit Rises 78% on Holiday Demand for IPad, IPhone, Mac


Jan. 18 (Bloomberg) -- Apple Inc., whose Chief Executive Officer Steve Jobs said yesterday he is taking a medical leave of absence, posted a 78 percent jump in quarterly profit, helped by holiday buying of iPads, iPhones and Macintosh computers.

Net income in the fiscal first quarter rose to $6 billion, or $6.43 a share, from $3.38 billion, or $3.67, a year earlier, Apple said today in a statement. Analysts projected profit of $5.41 a share, the average of estimates compiled by Bloomberg.

Sales increased 71 percent to a record $26.7 billion in the quarter, typically Apple’s strongest, after the company sold 7.33 million iPad tablet computers in the first holiday season for the device. Jobs, 55, who has been fighting a rare form of cancer since 2004, handed over day-to-day operations to Chief Operating Officer Tim Cook. The company is likely to fare well on his watch, said Barry Jaruzelski, a partner at Booz & Co.

“It’s a well-oiled machine,” said Jaruzelski. Jobs’s “ethos and things he focuses on from marketing and innovation are deeply embedded in the process and people, making it an institutional capability,” he said.

Analysts had predicted first-quarter sales of $24.4 billion.

Apple, based in Cupertino, California, fell $7.83 to $340.65 at 4 p.m. New York time in Nasdaq Stock Market trading. The shares rose 53 last year. The company is the world’s second- most valuable company behind Exxon Mobil Corp.

IPhones, IPads

Apple sold 16.2 million iPhones, 4.13 million Mac computers and 19.5 million iPod media players, according to the statement. Mike Abramsky, an analyst at RBC Capital Markets LLC, predicted sales of 16 million iPhones, 6 million iPads, 18.7 million iPods and 4.2 million Macs.

Apple, whose potential U.S. customer base for the iPhone will almost double by adding Verizon Wireless as a carrier next month, said profit this quarter will be $4.90 a share on sales of $22 billion.

Analysts estimate Apple will have second-quarter profit of $4.47 a share on sales of $20.9 billion, according to data compiled by Bloomberg. The period will be the first to include sales from Verizon Wireless, the largest U.S. carrier, which will begin selling the iPhone on Feb. 10. The arrangement ends AT&T Inc.’s exclusive U.S. rights to the iPhone and adds 93.2 million potential customers for Apple.

The iPhone is Apple’s top-selling product, accounting for 39 percent of revenue last fiscal year. The iPad also is becoming a top-seller for Apple. The company has now sold 14.8 million since it was introduced in April.

Macbooks, Beatles

Gross margin, the percentage of sales left after deducting production costs, was 38.5 percent in the first-quarter, compared with 36.9 percent in the fourth-quarter.

Jobs introduced a lineup of the Macbook Air notebook computers and iPod media players to entice shoppers last quarter, while also adding songs from the Beatles to iTunes for the first time.

Jobs took a leave of absence as his health deteriorates from a bout with a rare form of cancer and the effects of a liver transplant he had almost two years ago, according to a person with knowledge of the situation.

Jobs has been unable to keep on weight as he undergoes treatment for his conditions, said the person, who requested anonymity because the matter is private. He took two previous leaves -- for cancer surgery in 2004 and the transplant in 2009.

Jobs will continue as the CEO, according to a company statement citing an e-mail he sent to employees. Jobs co-founded Apple in 1976 and after being ousted in 1985, he returned in 1997 and transformed it from a computer-industry also-ran into the world’s largest technology company by market value.

source: businessweek.com
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