Bank of America in talks to buy Countrywide
NEW YORK (Reuters) - Bank of America Corp, the second-largest U.S. bank, is in advanced talks to buy Countrywide Financial Corp, the largest U.S. mortgage lender, a person familiar with the matter said on Thursday.
Neither company immediately responded to requests for comment.
It was not clear how quickly a merger might take place, but it could occur soon, The Wall Street Journal reported, citing two people familiar with the matter. The newspaper earlier reported a possible merger.
Countrywide has been struggling with the U.S. housing slump, and on Wednesday said foreclosures and late payments among home loans for which it collects payments rose to the highest levels on record in December.
"Somebody is going to have to absorb the massive losses in right-positioning Countrywide," said Sean Egan, managing director of credit-rating firm Egan-Jones Ratings Co. "It can be done, but the cost is going to be exorbitant. From Countrywide's perspective, it is their best chance for salvation."
In August, Bank of America invested $2 billion in Countrywide, buying preferred shares convertible into stock at $18 per share.
Countrywide shares rose $2.52, or 49.2 percent, to $7.64 in afternoon trading, after earlier rising to $8.91. They remain far below their record high of $45.19, set last February 2.
REUTERS
Economy | Business | Social | Leaked | Opinions
Thursday, January 10, 2008
Blackstone to Acquire Hedge-Fund GSO for $930 Million
Blackstone to Acquire Hedge-Fund GSO for $930 Million
Jan. 10 (Bloomberg) -- Blackstone Group LP, the world's largest buyout firm, agreed to buy hedge-fund manager GSO Capital Partners LP for $930 million in cash and stock, a sign it expects debt markets to rebound from subprime-loan losses.
GSO, founded by former Credit Suisse Group executive Bennett Goodman, will add $10 billion in leveraged loans and distressed debt investments to Blackstone's $35.8 billion in hedge-fund assets, Blackstone said today in a statement. The company, which also announced a $500 million stock buyback, rose the most in New York trading since it went public in June.
Chief Executive Officer Stephen Schwarzman is expanding the New York-based company's debt business after the collapse of the U.S. subprime-mortgage market forced investors to shun all but the safest assets. The cost of credit required to fund leveraged buyouts has more than doubled since June, limiting Blackstone's fees and profits from buying and selling companies.
``Getting debt financing is hard,'' said Paul Schaye, managing partner of New York-based Chestnut Hill Partners, which helps buyout firms find investments. ``Some firms are saying, `We're not just going to be a private-equity firm.' ''
The acquisition may help increase earnings amid a slowing U.S. economy, Schwarzman and Blackstone President Hamilton James said on a conference call today.
``Now is a fantastic time to be growing this business globally,'' Schwarzman, 60, said on the call. ``It takes a little bit of internal fortitude to it because the world looks a little messy.''
Deals Slow
Buyout firms announced $202 billion of deals worldwide in the second half of 2007, two-thirds less than in the first six months, according to data compiled by Bloomberg. Blackstone manages $98.2 billion of assets, including a $21.7 billion LBO fund that is the world's largest.
The company, which has lost 41 percent of its value since its initial public offering, rose $2.03, or 11 percent, to $20.13 at 2:48 p.m. in New York Stock Exchange composite trading, after gaining as much as 12 percent earlier in the day.
Schwarzman, who founded the company with Peter G. Peterson in 1985, raised $7.3 billion in the IPO, priced at $31 a share, and the sale of a minority stake to the state-controlled China Investment Corp.
The stock had fallen as investors balked at buying debt committed to leveraged buyouts. The credit markets have yet to recover, James said on the conference call.
``There are no signs of loosening'' in those markets, James said, noting equity markets also are sluggish. ``The U.S. economy is clearly beginning to show signs of weakness.''
Investment Opportunities
Those troubles provide opportunities for investments through vehicles such as GSO's, James said. GSO's assets include about $4 billion in its credit hedge fund, $1 billion for mezzanine investments and $5 billion in collateralized loan obligation funds, Goodman said on the call.
Blackstone participated in some of the biggest deals of 2007, including the $39 billion purchase of Equity Office Properties Trust. At the time of its IPO, Blackstone owned companies with about 375,000 employees and $83 billion in annual sales, more than Microsoft Corp.
Blackstone managed more than $40 billion in hedge funds and other alternative assets as of Sept. 30, more than its $33 billion of corporate private-equity assets. Blackstone also had about $25 billion in real-estate assets.
Milken, DLJ
The GSO takeover reunites Goodman, 50, with former Credit Suisse colleague Hamilton James. James, 56, left in 2002 and is now Blackstone's president. Goodman, the New York-based head of Credit Suisse's alternative-capital unit, left three years later to start GSO with Tripp Smith and Doug Ostrover, former co-heads of leveraged finance at the bank.
Goodman began working with Michael Milken at Drexel Burnham Lambert Inc. in 1984. Four years later he joined Donaldson, Lufkin & Jenrette, helping to make it the No. 1 underwriter of high-yield securities during the 1990s. Credit Suisse bought DLJ in 2000.
Schwarzman said today he had tried to hire Goodman twice to build up Blackstone's credit business. Blackstone was an original investor in GSO's main credit hedge fund.
Fixed-income hedge funds gained an average of 2.7 percent in 2007, compared with 10.4 percent for all managers, according to data compiled by Hedge Fund Research Inc. of Chicago. Funds that invested in distressed debt returned 6.3 percent. Merrill Lynch & Co. bought about 20 percent of New York-based GSO in May for an undisclosed amount.
Earnings Incentives
Blackstone will pay $620 million in cash and stock when the takeover closes, and as much as an additional $310 million depending on GSO meeting earnings targets over the next five years. With the planned share buyback, the acquisition will not reduce earnings, Blackstone said in the statement.
Hedge funds, targeted at insurance companies, pension funds and individuals with at least $1 million, are mostly private and unregulated pools of capital where managers can buy or sell any assets, participating substantially in the profits of the money invested. Hedge fund clients typically pay fees of about 2 percent of assets and 20 percent of investment profits.
Private-equity firms, investment banks and insurance companies are raising mezzanine funds, as well as pools to buy distressed debt as alternatives to buyout funds. Goldman Sachs Group Inc., TCW Inc. and New York Life Capital partners are raising more than $30 billion for mezzanine funds that make loans to companies as investors shun traditional LBO debt.
Buyout firms including Blackstone, Kohlberg Kravis Roberts & Co. and Apollo Management LP are raising money to buy debt committed to last year's record amount of leveraged-buyout announcements.
BLOOMBERG
Jan. 10 (Bloomberg) -- Blackstone Group LP, the world's largest buyout firm, agreed to buy hedge-fund manager GSO Capital Partners LP for $930 million in cash and stock, a sign it expects debt markets to rebound from subprime-loan losses.
GSO, founded by former Credit Suisse Group executive Bennett Goodman, will add $10 billion in leveraged loans and distressed debt investments to Blackstone's $35.8 billion in hedge-fund assets, Blackstone said today in a statement. The company, which also announced a $500 million stock buyback, rose the most in New York trading since it went public in June.
Chief Executive Officer Stephen Schwarzman is expanding the New York-based company's debt business after the collapse of the U.S. subprime-mortgage market forced investors to shun all but the safest assets. The cost of credit required to fund leveraged buyouts has more than doubled since June, limiting Blackstone's fees and profits from buying and selling companies.
``Getting debt financing is hard,'' said Paul Schaye, managing partner of New York-based Chestnut Hill Partners, which helps buyout firms find investments. ``Some firms are saying, `We're not just going to be a private-equity firm.' ''
The acquisition may help increase earnings amid a slowing U.S. economy, Schwarzman and Blackstone President Hamilton James said on a conference call today.
``Now is a fantastic time to be growing this business globally,'' Schwarzman, 60, said on the call. ``It takes a little bit of internal fortitude to it because the world looks a little messy.''
Deals Slow
Buyout firms announced $202 billion of deals worldwide in the second half of 2007, two-thirds less than in the first six months, according to data compiled by Bloomberg. Blackstone manages $98.2 billion of assets, including a $21.7 billion LBO fund that is the world's largest.
The company, which has lost 41 percent of its value since its initial public offering, rose $2.03, or 11 percent, to $20.13 at 2:48 p.m. in New York Stock Exchange composite trading, after gaining as much as 12 percent earlier in the day.
Schwarzman, who founded the company with Peter G. Peterson in 1985, raised $7.3 billion in the IPO, priced at $31 a share, and the sale of a minority stake to the state-controlled China Investment Corp.
The stock had fallen as investors balked at buying debt committed to leveraged buyouts. The credit markets have yet to recover, James said on the conference call.
``There are no signs of loosening'' in those markets, James said, noting equity markets also are sluggish. ``The U.S. economy is clearly beginning to show signs of weakness.''
Investment Opportunities
Those troubles provide opportunities for investments through vehicles such as GSO's, James said. GSO's assets include about $4 billion in its credit hedge fund, $1 billion for mezzanine investments and $5 billion in collateralized loan obligation funds, Goodman said on the call.
Blackstone participated in some of the biggest deals of 2007, including the $39 billion purchase of Equity Office Properties Trust. At the time of its IPO, Blackstone owned companies with about 375,000 employees and $83 billion in annual sales, more than Microsoft Corp.
Blackstone managed more than $40 billion in hedge funds and other alternative assets as of Sept. 30, more than its $33 billion of corporate private-equity assets. Blackstone also had about $25 billion in real-estate assets.
Milken, DLJ
The GSO takeover reunites Goodman, 50, with former Credit Suisse colleague Hamilton James. James, 56, left in 2002 and is now Blackstone's president. Goodman, the New York-based head of Credit Suisse's alternative-capital unit, left three years later to start GSO with Tripp Smith and Doug Ostrover, former co-heads of leveraged finance at the bank.
Goodman began working with Michael Milken at Drexel Burnham Lambert Inc. in 1984. Four years later he joined Donaldson, Lufkin & Jenrette, helping to make it the No. 1 underwriter of high-yield securities during the 1990s. Credit Suisse bought DLJ in 2000.
Schwarzman said today he had tried to hire Goodman twice to build up Blackstone's credit business. Blackstone was an original investor in GSO's main credit hedge fund.
Fixed-income hedge funds gained an average of 2.7 percent in 2007, compared with 10.4 percent for all managers, according to data compiled by Hedge Fund Research Inc. of Chicago. Funds that invested in distressed debt returned 6.3 percent. Merrill Lynch & Co. bought about 20 percent of New York-based GSO in May for an undisclosed amount.
Earnings Incentives
Blackstone will pay $620 million in cash and stock when the takeover closes, and as much as an additional $310 million depending on GSO meeting earnings targets over the next five years. With the planned share buyback, the acquisition will not reduce earnings, Blackstone said in the statement.
Hedge funds, targeted at insurance companies, pension funds and individuals with at least $1 million, are mostly private and unregulated pools of capital where managers can buy or sell any assets, participating substantially in the profits of the money invested. Hedge fund clients typically pay fees of about 2 percent of assets and 20 percent of investment profits.
Private-equity firms, investment banks and insurance companies are raising mezzanine funds, as well as pools to buy distressed debt as alternatives to buyout funds. Goldman Sachs Group Inc., TCW Inc. and New York Life Capital partners are raising more than $30 billion for mezzanine funds that make loans to companies as investors shun traditional LBO debt.
Buyout firms including Blackstone, Kohlberg Kravis Roberts & Co. and Apollo Management LP are raising money to buy debt committed to last year's record amount of leveraged-buyout announcements.
BLOOMBERG
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Bank of England Keeps Benchmark Interest Rate at 5.5%
Bank of England Keeps Benchmark Interest Rate at 5.5%
Jan. 10 (Bloomberg) -- The Bank of England kept its benchmark interest rate unchanged today as policy makers assessed the effects of last month's reduction on the economy.
The nine-member Monetary Policy Committee, led by Governor Mervyn King, left the bank rate at 5.5 percent, as predicted by 40 of 50 economists in a Bloomberg News survey. The rest forecast a quarter-point cut.
Economists predict the Bank of England will wait until next month before lowering rates again as banks rein in lending, damping consumer spending and deepening a slowdown in the housing market. Officials are weighing those risks against inflation pressures after oil prices rose to a record.
``They don't want to take risks on inflation,'' said Stewart Robertson, an economist at Morley Fund Management in London. ``But they missed a trick here. They could have sent a supportive message in the face of a lot of gloomy news. We'll get a cut next month.''
The pound rose as high as 74.65 pence per euro after the decision. Earlier, it dropped to a record as some investors speculated the deteriorating economy would prompt the Bank of England to lower borrowing costs as soon as today.
The yield on the two-year government bond rose more than 3 basis points to 4.391 percent. Minutes of the meeting, including how each member voted, will be published on Jan. 23.
U.S. Recession
U.K. Prime Minister Gordon Brown, lagging behind opposition leader David Cameron in opinion polls, is trying to reassure voters that the economy can weather a global slowdown. Brown, who will decide in the next few weeks whether to reappoint King as governor, said yesterday that ``low interest rates'' and ``low inflation'' will keep growth on track.
Goldman Sachs Group Inc., Morgan Stanley and Merrill Lynch & Co. say the U.S. may already be in recession and recent economic reports suggest the U.K. economy is cooling.
House prices dropped in the fourth quarter for the first time in seven years and shares in Marks & Spencer Group Plc, the country's largest clothing retailer, yesterday fell the most in at least 19 years after an unexpected decline in holiday sales.
``A rate cut is important and 50 basis points clearly would be nice,'' Ian Dyson, finance director of Marks & Spencer, said in a Bloomberg Television interview yesterday. The company said conditions will remain ``tough'' throughout 2008.
The Bank of England last month joined the Federal Reserve in cutting rates in response to the global jump in credit costs sparked by the U.S. subprime mortgage slump. The Fed has already reduced its benchmark three times, taking it to 4.25 percent, with economists forecasting a further move at the end of January.
Inflation Pressure
The European Central Bank will probably keep its benchmark at a seven-year high of 4 percent today, all 59 economists in a Bloomberg News survey predict.
The Bank of England is considering rate cuts even as inflation pressures mount. Consumer prices rose 2.1 percent in November, exceeding the 2 percent target for a second month, and U.K. gasoline prices climbed to a record this week after the cost of crude oil reached $100.09 a barrel.
RWE AG's Npower business, Britain's fourth-biggest energy retailer, raised gas prices by an average 17 percent and electricity prices by 13 percent this month. The weaker pound will also make imports more expensive.
Brown this week called for wage moderation as labor unions started a round of annual pay negotiations.
`Fairly Concerned'
``If I worked at the Bank of England I would be fairly concerned about inflation,'' said Martin Weale, director of the National Institute of Economic and Social Research, a research group that advises the Treasury, in a Bloomberg Television interview. ``They probably will move in February.''
The Bank of England forecasts that inflation will return to its target next year as growth cools. Policy makers predicted in November that growth will slow to about 2 percent this year, close to the lowest since 1992, from expansion of 3 percent in 2007.
``There's a risk of recession in the U.K., but the bank can prevent it if it acts quickly,'' said Alan Clarke, an economist at BNP Paribas SA in London, who forecast a cut today. ``Inflation will go above target this year, but a sharp slowdown in the economy suggests it will come down in the medium term.''
BLOOMBERG
Jan. 10 (Bloomberg) -- The Bank of England kept its benchmark interest rate unchanged today as policy makers assessed the effects of last month's reduction on the economy.
The nine-member Monetary Policy Committee, led by Governor Mervyn King, left the bank rate at 5.5 percent, as predicted by 40 of 50 economists in a Bloomberg News survey. The rest forecast a quarter-point cut.
Economists predict the Bank of England will wait until next month before lowering rates again as banks rein in lending, damping consumer spending and deepening a slowdown in the housing market. Officials are weighing those risks against inflation pressures after oil prices rose to a record.
``They don't want to take risks on inflation,'' said Stewart Robertson, an economist at Morley Fund Management in London. ``But they missed a trick here. They could have sent a supportive message in the face of a lot of gloomy news. We'll get a cut next month.''
The pound rose as high as 74.65 pence per euro after the decision. Earlier, it dropped to a record as some investors speculated the deteriorating economy would prompt the Bank of England to lower borrowing costs as soon as today.
The yield on the two-year government bond rose more than 3 basis points to 4.391 percent. Minutes of the meeting, including how each member voted, will be published on Jan. 23.
U.S. Recession
U.K. Prime Minister Gordon Brown, lagging behind opposition leader David Cameron in opinion polls, is trying to reassure voters that the economy can weather a global slowdown. Brown, who will decide in the next few weeks whether to reappoint King as governor, said yesterday that ``low interest rates'' and ``low inflation'' will keep growth on track.
Goldman Sachs Group Inc., Morgan Stanley and Merrill Lynch & Co. say the U.S. may already be in recession and recent economic reports suggest the U.K. economy is cooling.
House prices dropped in the fourth quarter for the first time in seven years and shares in Marks & Spencer Group Plc, the country's largest clothing retailer, yesterday fell the most in at least 19 years after an unexpected decline in holiday sales.
``A rate cut is important and 50 basis points clearly would be nice,'' Ian Dyson, finance director of Marks & Spencer, said in a Bloomberg Television interview yesterday. The company said conditions will remain ``tough'' throughout 2008.
The Bank of England last month joined the Federal Reserve in cutting rates in response to the global jump in credit costs sparked by the U.S. subprime mortgage slump. The Fed has already reduced its benchmark three times, taking it to 4.25 percent, with economists forecasting a further move at the end of January.
Inflation Pressure
The European Central Bank will probably keep its benchmark at a seven-year high of 4 percent today, all 59 economists in a Bloomberg News survey predict.
The Bank of England is considering rate cuts even as inflation pressures mount. Consumer prices rose 2.1 percent in November, exceeding the 2 percent target for a second month, and U.K. gasoline prices climbed to a record this week after the cost of crude oil reached $100.09 a barrel.
RWE AG's Npower business, Britain's fourth-biggest energy retailer, raised gas prices by an average 17 percent and electricity prices by 13 percent this month. The weaker pound will also make imports more expensive.
Brown this week called for wage moderation as labor unions started a round of annual pay negotiations.
`Fairly Concerned'
``If I worked at the Bank of England I would be fairly concerned about inflation,'' said Martin Weale, director of the National Institute of Economic and Social Research, a research group that advises the Treasury, in a Bloomberg Television interview. ``They probably will move in February.''
The Bank of England forecasts that inflation will return to its target next year as growth cools. Policy makers predicted in November that growth will slow to about 2 percent this year, close to the lowest since 1992, from expansion of 3 percent in 2007.
``There's a risk of recession in the U.K., but the bank can prevent it if it acts quickly,'' said Alan Clarke, an economist at BNP Paribas SA in London, who forecast a cut today. ``Inflation will go above target this year, but a sharp slowdown in the economy suggests it will come down in the medium term.''
BLOOMBERG
Wal-Mart Sales Beat Estimates; Limited Brands Cuts Forecast
Wal-Mart Sales Beat Estimates; Limited Brands Cuts Forecast
Jan. 10 (Bloomberg) -- Wal-Mart Stores Inc., the world's largest retailer, said December sales climbed 2.4 percent, higher than analysts' estimates. Limited Brands Inc. cut its fourth-quarter profit forecast after sales declined during what may have been the worst holiday season in five years.
Sales at stores open at least a year dropped 8 percent at Limited Brands, the owner of the Victoria's Secret lingerie chain, double the average projection of a 4 percent decline.
A declining number of customers at American Eagle Outfitters Inc. and other retailers led to the reduction in forecasts. Consumers facing $3-a-gallon gasoline and the worst housing market in 27 years reined in spending and only bought items on sale. Stores typically count on November and December for about a fifth of their annual sales.
``It's a very challenging period for the retailers,'' Steven Baumgarten, an analyst at PNC Wealth Management in Philadelphia, with $77 billion in assets including retailers' shares, said on Jan. 8. ``The sales numbers obviously don't look that great, and the promotional activity in most cases was above last year, so margins are probably going to suffer.''
The International Council of Shopping Centers on Jan. 8 said same-store sales in November and December probably increased ``a little under'' its 2.5 percent forecast. Same- store sales are considered a key measure of a retailer's performance because they exclude locations that have recently opened or closed.
Slowing Sales
December sales may have increased at a pace slower than the council's 1.5 percent estimate as shoppers waiting for discounts spent less at the beginning of the month, Michael Niemira, the ICSC's chief economist, said last week. A calendar shift moved a week of holiday sales into November from December, hurting last month's results and helping November post a 3.5 percent increase.
American Eagle, the U.S. retailer of clothes for 15- to 25-year-olds, fell 6 cents to $17.72 yesterday in New York Stock Exchange composite trading. Limited Brands, based in Columbus, Ohio, dropped 4 cents to $15.69. Bentonville, Arkansas-based Wal-Mart climbed 93 cents to $46.90.
The Standard & Poor's 500 Retailing Index rose less than 1 percent to 375.15 yesterday. The index has dropped 8.5 percent this year through yesterday following an 18 percent decline in 2007.
Food, Drugs
Wal-Mart's December gains were driven by sales of food, drugs and electronics. The results were within the company's forecast of a 1 percent to 3 percent gain.
Other retailers also exceeded estimates. Costco Wholesale Corp., the largest U.S. warehouse-club chain. December sales at stores open at least a year rose 7 percent, beating analysts' projections for a 5.5 percent gain.
Target Corp., Macy's Inc. and other retailers were to release results later in the day.
Holiday sales were ``listless'' beyond the day after Thanksgiving and the weekend before Christmas, according to Retail Metrics LLC. Retailers faced a ``lull'' in sales until about Dec. 15 because of poor weather and people waiting for discounts, said Michael McNamara, vice president of research and analysis at MasterCard Advisors.
Thirty-six percent of Americans went shopping between Christmas and the New Year, the lowest level in six years, according to an America's Research Group survey. Of those who shopped last week, 70 percent only bought sale items, the highest percentage in three years, the ARG survey found.
`Conservative American'
``I can't remember uncovering a more conservative American shopper than during this holiday shopping period,'' ARG Chairman Britt Beemer said yesterday in a statement. The poll of 800 consumers was conducted Jan. 4 to Jan. 6.
Limited Brands, which also operates Bath & Body Works, said fourth-quarter profit would be at the ``low-to-mid point'' of its forecast of 90 cents to $1.05 a share, after releasing same-store sales.
The average analyst estimate was for a sales decline of 4 percent, according to Retail Metrics, a Swampscott, Massachusetts-based research firm.
American Eagle's fourth-quarter profit may fall to as low as 64 cents a share from 66 cents a year earlier, the Pittsburgh-based retailer said yesterday. Its December same- store sales dropped 2 percent.
The average analyst estimate was for a decline of 1.9 percent. The retailer had previously forecast profit to rise to 67 cents to 70 cents a share.
Men's Wearhouse
Men's Wearhouse Inc., which operates 1,277 stores, said fewer customer visits hurt sales more than it anticipated, without providing specific figures. The retailer projects ``continued weak traffic trends'' in January. Full-year profit may now be no more than $2.62 a share, down from a previous high of $2.92.
``Retailers have created a bunch of procrastinators waiting for the markdowns they knew were going to come, and they ended up buying at lower margins,'' Sherif Mityas, a Chicago-based partner with consulting firm A.T. Kearney Inc., said Jan. 8.
Hot Topic Inc., an apparel and gift retailer targeting 12- to 22-year-olds, said fourth-quarter profit will be a maximum 29 cents a share, down from a previous high of 33 cents a share. Hot Topic's same-store sales dropped 6.2 percent in December. Analysts estimated a 6.3 percent decline.
BLOOMBERG
Jan. 10 (Bloomberg) -- Wal-Mart Stores Inc., the world's largest retailer, said December sales climbed 2.4 percent, higher than analysts' estimates. Limited Brands Inc. cut its fourth-quarter profit forecast after sales declined during what may have been the worst holiday season in five years.
Sales at stores open at least a year dropped 8 percent at Limited Brands, the owner of the Victoria's Secret lingerie chain, double the average projection of a 4 percent decline.
A declining number of customers at American Eagle Outfitters Inc. and other retailers led to the reduction in forecasts. Consumers facing $3-a-gallon gasoline and the worst housing market in 27 years reined in spending and only bought items on sale. Stores typically count on November and December for about a fifth of their annual sales.
``It's a very challenging period for the retailers,'' Steven Baumgarten, an analyst at PNC Wealth Management in Philadelphia, with $77 billion in assets including retailers' shares, said on Jan. 8. ``The sales numbers obviously don't look that great, and the promotional activity in most cases was above last year, so margins are probably going to suffer.''
The International Council of Shopping Centers on Jan. 8 said same-store sales in November and December probably increased ``a little under'' its 2.5 percent forecast. Same- store sales are considered a key measure of a retailer's performance because they exclude locations that have recently opened or closed.
Slowing Sales
December sales may have increased at a pace slower than the council's 1.5 percent estimate as shoppers waiting for discounts spent less at the beginning of the month, Michael Niemira, the ICSC's chief economist, said last week. A calendar shift moved a week of holiday sales into November from December, hurting last month's results and helping November post a 3.5 percent increase.
American Eagle, the U.S. retailer of clothes for 15- to 25-year-olds, fell 6 cents to $17.72 yesterday in New York Stock Exchange composite trading. Limited Brands, based in Columbus, Ohio, dropped 4 cents to $15.69. Bentonville, Arkansas-based Wal-Mart climbed 93 cents to $46.90.
The Standard & Poor's 500 Retailing Index rose less than 1 percent to 375.15 yesterday. The index has dropped 8.5 percent this year through yesterday following an 18 percent decline in 2007.
Food, Drugs
Wal-Mart's December gains were driven by sales of food, drugs and electronics. The results were within the company's forecast of a 1 percent to 3 percent gain.
Other retailers also exceeded estimates. Costco Wholesale Corp., the largest U.S. warehouse-club chain. December sales at stores open at least a year rose 7 percent, beating analysts' projections for a 5.5 percent gain.
Target Corp., Macy's Inc. and other retailers were to release results later in the day.
Holiday sales were ``listless'' beyond the day after Thanksgiving and the weekend before Christmas, according to Retail Metrics LLC. Retailers faced a ``lull'' in sales until about Dec. 15 because of poor weather and people waiting for discounts, said Michael McNamara, vice president of research and analysis at MasterCard Advisors.
Thirty-six percent of Americans went shopping between Christmas and the New Year, the lowest level in six years, according to an America's Research Group survey. Of those who shopped last week, 70 percent only bought sale items, the highest percentage in three years, the ARG survey found.
`Conservative American'
``I can't remember uncovering a more conservative American shopper than during this holiday shopping period,'' ARG Chairman Britt Beemer said yesterday in a statement. The poll of 800 consumers was conducted Jan. 4 to Jan. 6.
Limited Brands, which also operates Bath & Body Works, said fourth-quarter profit would be at the ``low-to-mid point'' of its forecast of 90 cents to $1.05 a share, after releasing same-store sales.
The average analyst estimate was for a sales decline of 4 percent, according to Retail Metrics, a Swampscott, Massachusetts-based research firm.
American Eagle's fourth-quarter profit may fall to as low as 64 cents a share from 66 cents a year earlier, the Pittsburgh-based retailer said yesterday. Its December same- store sales dropped 2 percent.
The average analyst estimate was for a decline of 1.9 percent. The retailer had previously forecast profit to rise to 67 cents to 70 cents a share.
Men's Wearhouse
Men's Wearhouse Inc., which operates 1,277 stores, said fewer customer visits hurt sales more than it anticipated, without providing specific figures. The retailer projects ``continued weak traffic trends'' in January. Full-year profit may now be no more than $2.62 a share, down from a previous high of $2.92.
``Retailers have created a bunch of procrastinators waiting for the markdowns they knew were going to come, and they ended up buying at lower margins,'' Sherif Mityas, a Chicago-based partner with consulting firm A.T. Kearney Inc., said Jan. 8.
Hot Topic Inc., an apparel and gift retailer targeting 12- to 22-year-olds, said fourth-quarter profit will be a maximum 29 cents a share, down from a previous high of 33 cents a share. Hot Topic's same-store sales dropped 6.2 percent in December. Analysts estimated a 6.3 percent decline.
BLOOMBERG
MPB: Κόβει τον πήχη στα €12 η DB
MPB: Κόβει τον πήχη στα €12 η DB
Στα €12 από €13 προηγουμένως μειώνει η Deutsche Bank την τιμή στόχο για τη Marfin Popular Bank, διατηρώντας τη σύσταση αγοράς για τη μετοχή. Όπως σημειώνει η DB σε χθεσινό της σημείωμα, μειώνεται η τιμή στόχος για να ληφθεί υπόψη ο παράγοντας της αύξησης κεφαλαίου - μήνυμα που έδωσε η διοίκηση της τράπεζας κατά την ανακοίνωση του business plan. Όπως σημειώνεται, το θέμα αυτό έχει προκαλέσει σύγχυση στην αγορά και η διοίκηση θα πρέπει να επανακτήσει την αξιοπιστία της.
Η σύσταση αγοράς για τη μετοχή διατηρείται, καθώς το business plan που ανακοίνωσε η τράπεζα στο τέλος του 2007 είναι συντηρητικό και αναμένονται αναθεωρήσεις εισοδημάτων.
Όπως τονίζεται, η Marfin είναι καλά τοποθετημένη στην αγορά με δείκτη δανείων προς καταθέσεις 87%. Ρίσκα για την τράπεζα είναι η οικονομική ανάπτυξη σε Ελλάδα και Κύπρο. Στην Ελλάδα τα τραπεζικά ρίσκα περιλαμβάνουν την επιβράδυνση του ρυθμού πιστωτικής επέκτασης σε συνδυασμό με τη μείωση των περιθωρίων κέρδους. Ακόμη, στο ρίσκο περιλαμβάνεται η χειροτέρευση της ποιότητας ενεργητικού.
Ρίσκα για τη μετοχή της MPB είναι η σημαντική αύξηση κεφαλαίου και η δυνατότητα του Ομίλου να βρει διασταυρούμενες ευκαιρίες με την MIG.
STOCKWATCH.COM.CY
Στα €12 από €13 προηγουμένως μειώνει η Deutsche Bank την τιμή στόχο για τη Marfin Popular Bank, διατηρώντας τη σύσταση αγοράς για τη μετοχή. Όπως σημειώνει η DB σε χθεσινό της σημείωμα, μειώνεται η τιμή στόχος για να ληφθεί υπόψη ο παράγοντας της αύξησης κεφαλαίου - μήνυμα που έδωσε η διοίκηση της τράπεζας κατά την ανακοίνωση του business plan. Όπως σημειώνεται, το θέμα αυτό έχει προκαλέσει σύγχυση στην αγορά και η διοίκηση θα πρέπει να επανακτήσει την αξιοπιστία της.
Η σύσταση αγοράς για τη μετοχή διατηρείται, καθώς το business plan που ανακοίνωσε η τράπεζα στο τέλος του 2007 είναι συντηρητικό και αναμένονται αναθεωρήσεις εισοδημάτων.
Όπως τονίζεται, η Marfin είναι καλά τοποθετημένη στην αγορά με δείκτη δανείων προς καταθέσεις 87%. Ρίσκα για την τράπεζα είναι η οικονομική ανάπτυξη σε Ελλάδα και Κύπρο. Στην Ελλάδα τα τραπεζικά ρίσκα περιλαμβάνουν την επιβράδυνση του ρυθμού πιστωτικής επέκτασης σε συνδυασμό με τη μείωση των περιθωρίων κέρδους. Ακόμη, στο ρίσκο περιλαμβάνεται η χειροτέρευση της ποιότητας ενεργητικού.
Ρίσκα για τη μετοχή της MPB είναι η σημαντική αύξηση κεφαλαίου και η δυνατότητα του Ομίλου να βρει διασταυρούμενες ευκαιρίες με την MIG.
STOCKWATCH.COM.CY
Carlsberg, Heineken Raise Brewer Offer
Carlsberg, Heineken Raise Brewer Offer
Carlsberg A/S and Heineken NV said Thursday they have raised their bid for brewer Scottish & Newcastle PLC to $14.9 billion, an offer which was swiftly rejected as two lower offers had been.
THE ASSOCIATED PRESS
Carlsberg A/S and Heineken NV said Thursday they have raised their bid for brewer Scottish & Newcastle PLC to $14.9 billion, an offer which was swiftly rejected as two lower offers had been.
THE ASSOCIATED PRESS
Citigroup Gains on WSJ Report of Foreign Investment
Citigroup Gains on WSJ Report of Foreign Investment
Jan. 10 (Bloomberg) -- Citigroup Inc. rose in Germany and Japan after the Wall Street Journal reported that the biggest U.S. bank is seeking as much as $10 billion from foreign investors as mortgage-related losses deepen.
Merrill Lynch & Co., the largest brokerage, also is in talks with investors and may get $3 billion to $4 billion, the Journal said earlier today, without citing any sources. Citigroup has already received about $7.5 billion from Abu Dhabi and Merrill said last month that it's raising as much as $6.2 billion from Singapore's Temasek Holdings Pte. and New York-based money manager Davis Selected Advisors LP.
Banks and securities firms in the U.S. and Europe have turned to Asian and Middle Eastern governments for about $34 billion to prop up balance sheets battered by writedowns from the collapse of the U.S. subprime market. New York-based Citigroup and Merrill want to secure additional financing before they report the extent of their fourth-quarter losses next week, the Journal reported.
``The subprime situation has not been resolved and banks are looking to strengthen their capital in order to weather through this storm,'' said Arthur Lau, who helps manage $50 billion at JF Asset Management Ltd. in Hong Kong.
Citigroup gained 5 cents to $27.54 in German trading and 64 cents to $28.13 in Japan, while Merrill fell 7 cents to $50.41 in Germany.
Richard Tesvich, a Citigroup spokesman in Hong Kong, and Merrill spokesman Rob Stewart declined to comment.
Fourth-Quarter Writedowns
Citigroup may post $18.7 billion of fourth-quarter writedowns for mortgages and bad loans and cut its dividend by 40 percent, while Merrill may report $11.5 billion of writedowns, according to Goldman Sachs Group Inc. analyst William Tanona. Citigroup and Merrill lost almost 50 percent of their market value in the past 12 months and the companies replaced their chief executive officers.
``When more investors or value investors are taking the opportunity to invest in U.S. banks, one may guess the situation could hopefully bottom out soon because they see value to invest at this level,'' Lau said.
State-controlled China Investment Corp. is buying an almost 10 percent stake in Morgan Stanley for $5 billion after the second-biggest U.S. securities firm reported a fourth-quarter loss of $9.4 billion from mortgage-related holdings. Zurich-based UBS AG and Bear Stearns Cos. also received sovereign money after bad investments depressed profits. Morgan Stanley and Bear Stearns are based in New York.
Investment From Singapore?
UBS, the biggest Swiss bank, replenished its capital last month with 13 billion Swiss francs ($11.6 billion) from the Government of Singapore Investment Corp. and an unidentified Middle Eastern investor by selling them bonds that convert into shares. Bear Stearns, the No. 5 U.S. securities firm by market value, moved to shore up investor support in October by selling a stake to China's government-controlled Citic Securities Co.
Citigroup may receive additional funds from Singapore's GIC, the Journal reported. GIC was an investor in Old Lane LP, the hedge fund company founded by Citigroup Chief Executive Officer Vikram Pandit. Jennifer Lewis, a spokeswoman for GIC, said the company can only comment on ``transactions that GIC has done.'' The Journal said the investments from overseas may attract scrutiny from U.S. lawmakers.
Dodd and SEC
New York Senator Charles Schumer supported Morgan Stanley's deal with China's sovereign wealth fund, when he said last month that the agreement strengthens ``one of New York's premier companies.'' Schumer, a Democrat, also issued a statement in November in support of Abu Dhabi's investment in Citigroup. The Abu Dhabi investors said they weren't interested in a governance role at Citigroup.
Senate Banking Committee Chairman Christopher Dodd, a Democrat from Connecticut, said last month that he was reserving judgment on China's investment in Morgan Stanley pending further study. Dodd also said he intends to determine whether the transaction must undergo review by the U.S. Committee on Foreign Investment. CFIUS, as the panel's known, examines whether acquisitions by overseas buyers compromise national security.
U.S. Securities and Exchange Commission Chairman Christopher Cox warned in December that the growth of state-run investment funds may trigger an increase in political corruption because governments might potentially abuse the funds' leverage over markets and companies.
``When individuals with government power also possess enormous commercial power and exercise control over large amounts of investable assets, the risk of misuse'' increases ``markedly,'' Cox said during a Dec. 5 speech in Washington.
BLOOMBERG
Jan. 10 (Bloomberg) -- Citigroup Inc. rose in Germany and Japan after the Wall Street Journal reported that the biggest U.S. bank is seeking as much as $10 billion from foreign investors as mortgage-related losses deepen.
Merrill Lynch & Co., the largest brokerage, also is in talks with investors and may get $3 billion to $4 billion, the Journal said earlier today, without citing any sources. Citigroup has already received about $7.5 billion from Abu Dhabi and Merrill said last month that it's raising as much as $6.2 billion from Singapore's Temasek Holdings Pte. and New York-based money manager Davis Selected Advisors LP.
Banks and securities firms in the U.S. and Europe have turned to Asian and Middle Eastern governments for about $34 billion to prop up balance sheets battered by writedowns from the collapse of the U.S. subprime market. New York-based Citigroup and Merrill want to secure additional financing before they report the extent of their fourth-quarter losses next week, the Journal reported.
``The subprime situation has not been resolved and banks are looking to strengthen their capital in order to weather through this storm,'' said Arthur Lau, who helps manage $50 billion at JF Asset Management Ltd. in Hong Kong.
Citigroup gained 5 cents to $27.54 in German trading and 64 cents to $28.13 in Japan, while Merrill fell 7 cents to $50.41 in Germany.
Richard Tesvich, a Citigroup spokesman in Hong Kong, and Merrill spokesman Rob Stewart declined to comment.
Fourth-Quarter Writedowns
Citigroup may post $18.7 billion of fourth-quarter writedowns for mortgages and bad loans and cut its dividend by 40 percent, while Merrill may report $11.5 billion of writedowns, according to Goldman Sachs Group Inc. analyst William Tanona. Citigroup and Merrill lost almost 50 percent of their market value in the past 12 months and the companies replaced their chief executive officers.
``When more investors or value investors are taking the opportunity to invest in U.S. banks, one may guess the situation could hopefully bottom out soon because they see value to invest at this level,'' Lau said.
State-controlled China Investment Corp. is buying an almost 10 percent stake in Morgan Stanley for $5 billion after the second-biggest U.S. securities firm reported a fourth-quarter loss of $9.4 billion from mortgage-related holdings. Zurich-based UBS AG and Bear Stearns Cos. also received sovereign money after bad investments depressed profits. Morgan Stanley and Bear Stearns are based in New York.
Investment From Singapore?
UBS, the biggest Swiss bank, replenished its capital last month with 13 billion Swiss francs ($11.6 billion) from the Government of Singapore Investment Corp. and an unidentified Middle Eastern investor by selling them bonds that convert into shares. Bear Stearns, the No. 5 U.S. securities firm by market value, moved to shore up investor support in October by selling a stake to China's government-controlled Citic Securities Co.
Citigroup may receive additional funds from Singapore's GIC, the Journal reported. GIC was an investor in Old Lane LP, the hedge fund company founded by Citigroup Chief Executive Officer Vikram Pandit. Jennifer Lewis, a spokeswoman for GIC, said the company can only comment on ``transactions that GIC has done.'' The Journal said the investments from overseas may attract scrutiny from U.S. lawmakers.
Dodd and SEC
New York Senator Charles Schumer supported Morgan Stanley's deal with China's sovereign wealth fund, when he said last month that the agreement strengthens ``one of New York's premier companies.'' Schumer, a Democrat, also issued a statement in November in support of Abu Dhabi's investment in Citigroup. The Abu Dhabi investors said they weren't interested in a governance role at Citigroup.
Senate Banking Committee Chairman Christopher Dodd, a Democrat from Connecticut, said last month that he was reserving judgment on China's investment in Morgan Stanley pending further study. Dodd also said he intends to determine whether the transaction must undergo review by the U.S. Committee on Foreign Investment. CFIUS, as the panel's known, examines whether acquisitions by overseas buyers compromise national security.
U.S. Securities and Exchange Commission Chairman Christopher Cox warned in December that the growth of state-run investment funds may trigger an increase in political corruption because governments might potentially abuse the funds' leverage over markets and companies.
``When individuals with government power also possess enormous commercial power and exercise control over large amounts of investable assets, the risk of misuse'' increases ``markedly,'' Cox said during a Dec. 5 speech in Washington.
BLOOMBERG
ΟΤΕ: «Προίκα» € 500 εκατ. στην εταιρεία επενδύσεων ακινήτων
ΟΤΕ: «Προίκα» € 500 εκατ. στην εταιρεία επενδύσεων ακινήτων
ΜΕ ΑΚΙΝΗΤΑ συνολικής αξίας έως και 500 εκατ. ευρώ σκοπεύει να «προικίσει» η διοίκηση του ΟΤΕ [OTEr.AT] τη νέα θυγατρική του ομίλου με τη μορφή Ανώνυμης Εταιρείας Επενδύσεων Ακίνητης Περιουσίας (ΑΕΕΑΠ) που σχεδιάζεται.
Τα στελέχη της ΟΤΕ estate που έχουν αναλάβει την ευθύνη της σύστασης της νέας εταιρείας η οποία στη συνέχεια θα εισαχθεί στο Χρηματιστήριο Αθηνών, εργάζονται πυρετωδώς προκειμένου να έχουν ολοκληρώσει το έργο τους μέχρι τον Ιούνιο.
Παράλληλα έχουν αναθέσει την πραγματοποίηση της νέας εκτίμησης της εμπορικής αξίας των ακινήτων του ΟΤΕ, σύμφωνα με πληροφορίες, στη Δανός και Συνεργάτες. Εκτιμάται ότι το πρώτο ακίνητο που θα αποτελέσει την «προίκα» της ΑΕΕΑΠ θα είναι το διοικητικό Μέγαρο στο Μαρούσι η αξία του οποίου υπολογίζεται στα 200 εκατ. ευρώ.
Η πρώτη εκτίμηση για τη συνολική αξία των ακινήτων του ομίλου, βάσει πάντα πληροφοριών, είναι 1,2 δισ. ευρώ. Ωστόσο, δεν έχουν όλα τα ακίνητα του ΟΤΕ τα αναγκαία χαρακτηριστικά για να εκφερθούν σε μια εταιρεία του τύπου ΑΕΕΑΠ (χρειάζεται να είναι εμπορικά ακίνητα με δυνατότητα άμεσης μίσθωσης).
Ως εκ τούτου πιθανόν τα ακίνητα που θα πλαισιώσουν τη νέα εταιρεία να έχουν συνολική αξία μικρότερη από αυτή των αρχικών προθέσεων της διοίκησης του ομίλου.
Ένα άλλο πρόβλημα που αντιμετωπίζει ο ΟΤΕ στην περίπτωση αυτή είναι οι πολύπλοκες νομικές διαδικασίες που είναι αναγκαίες ειδικά όταν πρόκειται για θέματα ακίνητης περιουσίας. Υπάρχουν επίσης σκέψεις, σε δεύτερη φάση, να ενταχθούν στη νέα θυγατρική ακίνητα που ανήκουν σε εταιρείες του ομίλου στο εξωτερικό (π.χ. ακίνητα της RomTelecom η οποία επίσης διαθέτει σημαντική ακίνητη περιουσία).
Αξίζει να σημειωθεί ότι ο ΟΤΕ και πιο συγκεκριμένα η θυγατρική του ΟΤΕ estate έχει στην κατοχή της περίπου 2300 ακίνητα (οικόπεδα - γήπεδα) συνολικής επιφάνειας 9.251.000 τ.μ. Στα περισσότερα από αυτά φυσικά υπάρχουν κτήρια τα οποία χρησιμοποιεί για τις υπηρεσίες του.
Αναβάθμιση από HSBC
Νέα τιμή - στόχο 27,7 ευρώ από 26,5 ευρώ έδωσε για τη μετοχή του ΟΤΕ η HSBC σε σχετική έκθεσή της στην οποία διατηρεί τη σύσταση «neutral». Ο διεθνής οίκος σημειώνει ότι η εξαγορά των μειοψηφιών της Cosmote [COSr.AT] είναι σωστή τόσο από οικονομικής όσο και από στρατηγικής σκοπιάς και εκτιμά περιθώριο ανόδου 13,4% για τη μετοχή του Οργανισμού.
Η HSBC εκτιμά επίσης ως θετικό καταλύτη για τη μετοχή του ΟΤΕ την πιθανή ιδιωτικοποίησή του αναφέροντας ως καλύτερο σενάριο έναν ευρωπαίο στρατηγικό επενδυτή που θα μπορούσε να του παράσχει τεχνογνωσία, συνέργιες και ευκαιρίες επέκτασης σε νέες αγορές.
Ακόμη ως θετικό καταλύτη θεωρεί μια πιθανή εισαγωγή της Romtelecom στο χρηματιστήριο της Ρουμανίας.
Η Credit Suisse
Η Credit Suisse επίσης με έκθεσή της προχώρησε σε υποβάθμιση της στάθμισης του ευρωπαϊκού τηλεπικοινωνιακού κλάδου από «overweight» σε «market weight» σημειώνοντας πως αναμένει λιγότερες ανοδικές αναθεωρήσεις κερδών και κατά συνέπεια επιβράδυνση του momentum της κερδοφορίας των εταιρειών του κλάδου.
Ο ίδιος οίκος αναμένει ταυτόχρονα μεγαλύτερη κινητικότητα όσον αφορά εξαγορές και συγχωνεύσεις.
NAFTEMPORIKI
ΜΕ ΑΚΙΝΗΤΑ συνολικής αξίας έως και 500 εκατ. ευρώ σκοπεύει να «προικίσει» η διοίκηση του ΟΤΕ [OTEr.AT] τη νέα θυγατρική του ομίλου με τη μορφή Ανώνυμης Εταιρείας Επενδύσεων Ακίνητης Περιουσίας (ΑΕΕΑΠ) που σχεδιάζεται.
Τα στελέχη της ΟΤΕ estate που έχουν αναλάβει την ευθύνη της σύστασης της νέας εταιρείας η οποία στη συνέχεια θα εισαχθεί στο Χρηματιστήριο Αθηνών, εργάζονται πυρετωδώς προκειμένου να έχουν ολοκληρώσει το έργο τους μέχρι τον Ιούνιο.
Παράλληλα έχουν αναθέσει την πραγματοποίηση της νέας εκτίμησης της εμπορικής αξίας των ακινήτων του ΟΤΕ, σύμφωνα με πληροφορίες, στη Δανός και Συνεργάτες. Εκτιμάται ότι το πρώτο ακίνητο που θα αποτελέσει την «προίκα» της ΑΕΕΑΠ θα είναι το διοικητικό Μέγαρο στο Μαρούσι η αξία του οποίου υπολογίζεται στα 200 εκατ. ευρώ.
Η πρώτη εκτίμηση για τη συνολική αξία των ακινήτων του ομίλου, βάσει πάντα πληροφοριών, είναι 1,2 δισ. ευρώ. Ωστόσο, δεν έχουν όλα τα ακίνητα του ΟΤΕ τα αναγκαία χαρακτηριστικά για να εκφερθούν σε μια εταιρεία του τύπου ΑΕΕΑΠ (χρειάζεται να είναι εμπορικά ακίνητα με δυνατότητα άμεσης μίσθωσης).
Ως εκ τούτου πιθανόν τα ακίνητα που θα πλαισιώσουν τη νέα εταιρεία να έχουν συνολική αξία μικρότερη από αυτή των αρχικών προθέσεων της διοίκησης του ομίλου.
Ένα άλλο πρόβλημα που αντιμετωπίζει ο ΟΤΕ στην περίπτωση αυτή είναι οι πολύπλοκες νομικές διαδικασίες που είναι αναγκαίες ειδικά όταν πρόκειται για θέματα ακίνητης περιουσίας. Υπάρχουν επίσης σκέψεις, σε δεύτερη φάση, να ενταχθούν στη νέα θυγατρική ακίνητα που ανήκουν σε εταιρείες του ομίλου στο εξωτερικό (π.χ. ακίνητα της RomTelecom η οποία επίσης διαθέτει σημαντική ακίνητη περιουσία).
Αξίζει να σημειωθεί ότι ο ΟΤΕ και πιο συγκεκριμένα η θυγατρική του ΟΤΕ estate έχει στην κατοχή της περίπου 2300 ακίνητα (οικόπεδα - γήπεδα) συνολικής επιφάνειας 9.251.000 τ.μ. Στα περισσότερα από αυτά φυσικά υπάρχουν κτήρια τα οποία χρησιμοποιεί για τις υπηρεσίες του.
Αναβάθμιση από HSBC
Νέα τιμή - στόχο 27,7 ευρώ από 26,5 ευρώ έδωσε για τη μετοχή του ΟΤΕ η HSBC σε σχετική έκθεσή της στην οποία διατηρεί τη σύσταση «neutral». Ο διεθνής οίκος σημειώνει ότι η εξαγορά των μειοψηφιών της Cosmote [COSr.AT] είναι σωστή τόσο από οικονομικής όσο και από στρατηγικής σκοπιάς και εκτιμά περιθώριο ανόδου 13,4% για τη μετοχή του Οργανισμού.
Η HSBC εκτιμά επίσης ως θετικό καταλύτη για τη μετοχή του ΟΤΕ την πιθανή ιδιωτικοποίησή του αναφέροντας ως καλύτερο σενάριο έναν ευρωπαίο στρατηγικό επενδυτή που θα μπορούσε να του παράσχει τεχνογνωσία, συνέργιες και ευκαιρίες επέκτασης σε νέες αγορές.
Ακόμη ως θετικό καταλύτη θεωρεί μια πιθανή εισαγωγή της Romtelecom στο χρηματιστήριο της Ρουμανίας.
Η Credit Suisse
Η Credit Suisse επίσης με έκθεσή της προχώρησε σε υποβάθμιση της στάθμισης του ευρωπαϊκού τηλεπικοινωνιακού κλάδου από «overweight» σε «market weight» σημειώνοντας πως αναμένει λιγότερες ανοδικές αναθεωρήσεις κερδών και κατά συνέπεια επιβράδυνση του momentum της κερδοφορίας των εταιρειών του κλάδου.
Ο ίδιος οίκος αναμένει ταυτόχρονα μεγαλύτερη κινητικότητα όσον αφορά εξαγορές και συγχωνεύσεις.
NAFTEMPORIKI
ΤΟ ΣΗΜΕΡΙΝΟ ΠΡΟΓΡΑΜΜΑ (ΑΜΕΡΙΚΗ)
8:30 AM
Jobless Claims
Dept of Labor
10:00 AM
Wholesale Trade
Dept of Commerce
Jobless Claims
Dept of Labor
10:00 AM
Wholesale Trade
Dept of Commerce
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