6 billion has finally not been just overpaid

There are more companies disposition supply to cross their objectives and review their copy to the unpredictability of the situation. But apparently, to handle the Tipp-Ex and balanced Out as nobody provides any competitive advantage. Their manufacturer, Bic, which undergoes the slowdown in U.S. consumption for more than a year already, is no exception to the rule and is being forced to adjust its fixed costs by removing 7 of its workforce in the United States and Spain. Weighed down under the volumes decrease, its operating income quarterly still fell by 5 from the first three months of 2008, which were a low point. And if the family group anticipates despite a progression of its operating margin over the rest of the year, this ambition does not consider the EUR 35 million of loads induced by the restructuring shows 16 the result until now expected by the market. Unlike last year where the share price had fallen by 10 after an alert on profits, the stock exchange did not this time above marked red felt. But with a title that has 15 beat the 120 first Parisian values these last six months, and which displays a premium of 18 on the PER of the place, the following pages will be more complicated to write.

A toss

Pharmaceutical research has in common with the lottery it is to win every time. But the important thing is not too expensive pay the ticket. A month after the success of the OPA of rock on Genentech, which increased its stake of 56 to 96 of the capital, the shareholders of the Swiss pharmaceutical may ask if this ticket of $ 40.6 billion has finally not been just overpaid. A few weeks ago still, the potential of drugs from the California justified in the eyes of the market the impatience of the helvetians to evict the minority left to not be miserly lengthening the initial offer of July 2008 by 7. The speed with which the directors of Genentech capitulated last month, at 95 $ action in place of the 112 claimed $, did not bode well. Indeed, the disappointing results of a clinical study on anti-cancer Avastin threw a shadow on the possibilities for extension of its markets, representing according to WestLB 11 of the purchase price of the American. All hope is not lost, and the stock market was probably heavy hand against the capitalization of rock 14 billion Swiss francs, either three or four times the estimate of the concerned potential. Roche is Avastin was that the side of the Genentech transaction. It must now demonstrate that there is a side face.

The trunk and diligence

Not easy to stop the stagecoaches, especially those of Wells Fargo. The legendary group of the American West separated long long postal activities to focus on financial services, and this has apparently not withdrawn to the tough nature of the firm based in San Francisco. On the contrary, the details of its results confirms its strong competitive position. Not only the banking giant was able to advance its margin of interest, with favourable refinancing conditions in the United States, but produced in turn arm new mortgage loans. Of course, he is not out of the shoals of the great river of the crisis, deepened by the outstanding legacy of Wachovia, chewed year Chicago Group last in banking panic. The less its the most problematic loans outstanding ("pick a pay"...) are in decrease in net and its deposit base firmly advance, 6 on a base annualized. Life seems more complicated for a firm like Morgan Stanley, handicapped by the legacy of its portfolio in commercial real estate and its strategy of reduction of risks. Its deposits increased by 67 but are more than ten times lower than those of the care which of the trunk, because its target is the wealthy clientele.