Apple denies the allegations of U.S. government price fixing

Apple denies the allegations of U.S. government, which accuses him of conspiring with some publishers to fix prices of digital books and undermine the dominance of Amazon. Com in this market ... The charge of the Department of Justice "of collusion against Apple simply is not true," said Natalie Kerris, a spokeswoman for the firm at the apple, reports Bloomberg.

The company's digital library, introduced in 2010, has "fostered innovation and competition, breaking the monopoly position of the Amazon on the publishing industry." Following the entry of Apple in the market, "customers have benefited from e-books that are more interactive and engaging," says N.Kerris. "Just as we have allowed developers to fix prices on the App Store, publishers set the prices on the iBookstore".

In its complaint, the U.S. government accuses Apple for facilitating the efforts of publishers to end the competition on retail prices by coordinating their transition to a model called "agency" where publishers set prices. Publishers are referred other that Hachette Book Group, a subsidiary of Lagardère, HarperCollins, MacMillan, Penguin Group, Pearson and Simon & Schuster, CBS affiliate.

Markets / weekly balance sheet: the CAC40 lost almost 4%!

New week shortened for the Paris and another week of heavy consolidation! ... The CAC 40 and 3.9% yield over the last four sessions to 3.1989 points on Friday night, signing its fourth consecutive week of decline. The debt problems of Spain and Italy continued to weigh on markets after an auction of medium-term tense carried by Rome Thursday. But the situation is especially worrisome in Madrid, Spain being the latest country to show more and more difficult to stem the debt crisis and to restore its fiscal balance. This morning the Bank of Spain has also announced that financial institutions in the country had increased their borrowing from the ECB in March, as investors translated as a sign of increased tension on the market European bank financing in general and Spanish in particular. Chinese growth weaker than expected first quarter 2012 (8.1%) and a Beige Book confirming a U.S. recovery at a pace considered modest to moderate also have little enthusiastic operators.

On the corporate front, Alcoa has yet positively opened the ball of the Atlantic quarterly earnings surprise by unveiling. The latest accounts of JP Morgan and Wells Fargo also reassured. In the hexagon, Carrefour and L'Oreal were the first groups to publish their CAC40 first quarter revenues.

ECO AND CURRENCY

The index of U.S. consumer sentiment from the University of Michigan and Reuters stood at 75.7 for its initial reading of April 2012, after the end of March 76.2. The consensus was slightly higher, at 76.2 also. It must still say that this sentiment index Americans had returned last month on its best levels since early 2008!

According to the U.S. Commerce Department, the U.S. trade deficit for February 2012 totaled approximately $ 46 billion, against $ 51.9 billion consensus and after 52.5 billion dollars in January. Exports reached a record in February, while the deficit fell to the lowest of four months.

According to the U.S. government, the price index for U.S. production in March 2012 remained stable compared to the previous month, against 0.3% consensus. Excluding food and energy, the index "PPI" has however increased by 0.3%, 0.2% against the market consensus.

According to the U.S. Commerce Department, U.S. wholesale inventories for February 2012 increased 0.9% from the previous month, against 0.6% of market consensus.

On the currency markets, the euro ended the week virtually unchanged against the greenback to about 1.3070 / $ between banks. Finally, a barrel of oil closed up $ 2.5 in the week to $ 103 for WTI on Friday.

Hermes confirms its annual target and win more than 7%

Hermes displays the title of a new session on Monday increased (+1%). The value has increased since the announcement of its quarterly revenue by more than 7% (announced on 11/05).
The number of `first quarter consolidated revenues totaled 637.1 million euros, an increase of 25.5% at current exchange rates (+20.7% at constant exchange rates). The activity was very strong in the group's stores (+20% at constant exchange rates). Activities of wholesale sales (+23% at constant exchange rates) have benefited from `strong demand particularly in occupations Watch and Perfume.
Growth was strong in the first quarter in all regions except Japan. France, which enjoys the success of the store open late 2010 rue de Sèvres, recorded strong sales growth (+19%), like other European countries (+21%).
The Americas (+33%) and Asia ex Japan (+27%) showed strong growth. In Japan, sales were stable at the end of March. The positive trend observed since the beginning of the year has been reversed since the earthquake of 11 March.
"Business was driven by the excellent reception by the new collections met the Silks & Textiles and the success of fashion accessories" the group said. The Clock displays an turnover up 34%. Perfumes, whose collection of gardens has grown a garden on the roof, achieve a growth of 33%. Sales Division & Leather upholstery, whose application for leather bags remained robust, up 17%.
The target annual growth in consolidated revenues at constant exchange rates, between 8 and 10% remains unchanged. In 2011, Hermes will continue to invest in developing its distribution network including the opening of ten branches.
Transfer of 45% in the Jean Paul Gaultier
Hermes International said it had sold its entire 45% stake in the house Jean Paul Gaultier to the Spanish group Puig, in full agreement with the creator.
The group said it intends to accelerate the deployment of his house and give it new impetus. "I have no doubt that the alliance between Jean Paul Gaultier and the Puig family's will to further success," said Patrick Thomas, managing director of Hermes.
The sale price of the shares, namely 16 million, and repayment of loans, amounting to 14 million euros in 2011 will generate a book profit of an equivalent amount.
The opinions of analysts
While remaining "hold" on the title Hermes, Aurel BGC back its price target from 125 to 170 euros, after the point of activity for starting the year rated "outstanding".
The consulting firm said that the luxury house announced Wednesday a turnover well above expectations and a higher growth than its peers.
Also, the analyst revises upward its expectation of organic growth in turnover in 2011 of +10% to +15% (2,730 million euro against 2,600 million previously).
If Hermes makes no prediction in terms of operating margin for this year, Aurel BGC believes may appreciate by 170 basis points to 29.5%, or 805 million euros (723 million previously).
Oddo has also recovered its price target on Hermes International 115 to 125 euros and maintained its view "relief" on track "with exceptional fundamentals are valued at a premium relative to the sector by 70%" for which he does not believe a change in the shareholder situation.
The consulting firm said its target price adjustment reflects "a more aggressive long-term margins" of the luxury home.
"No surprises at the meeting on the results 2010 with 2011 objectives confirmed (CA 8% / 10% at constant exchange rates) and a strong speech against LVMH. Our estimates are adjusted marginally up (+ 1%), "says the analyst.

Hermes sales well above expectations

Hermes displays the title of a new session on Monday increased (+1%). The value has increased since the announcement of its quarterly revenue by more than 7%.
The number of `first quarter consolidated revenues totaled 637.1 million euros, an increase of 25.5% at current exchange rates (+20.7% at constant exchange rates). The activity was very strong in the group's stores (+20% at constant exchange rates). Activities of wholesale sales (+23% at constant exchange rates) have benefited from `strong demand particularly in occupations Watch and Perfume.
Growth was strong in the first quarter in all regions except Japan. France, which enjoys the success of the store open late 2010 rue de Sèvres, recorded strong sales growth (+19%), like other European countries (+21%).
The Americas (+33%) and Asia ex Japan (+27%) showed strong growth. In Japan, sales were stable at the end of March. The positive trend observed since the beginning of the year has been reversed since the earthquake of 11 March.
"Business was driven by the excellent reception by the new collections met the Silks & Textiles and the success of fashion accessories" the group said. The Clock displays an turnover up 34%. Perfumes, whose collection of gardens has grown a garden on the roof, achieve a growth of 33%. Sales Division & Leather upholstery, whose application for leather bags remained robust, up 17%.
The target annual growth in consolidated revenues at constant exchange rates, between 8 and 10% remains unchanged. In 2011, Hermes will continue to invest in developing its distribution network including the opening of ten branches.
Transfer of 45% in the Jean Paul Gaultier
Hermes International said it had sold its entire 45% stake in the house Jean Paul Gaultier to the Spanish group Puig, in full agreement with the creator.
The group said it intends to accelerate the deployment of his house and give it new impetus. "I have no doubt that the alliance between Jean Paul Gaultier and the Puig family's will to further success," said Patrick Thomas, managing director of Hermes.
The sale price of the shares, namely 16 million, and repayment of loans, amounting to 14 million euros in 2011 will generate a book profit of an equivalent amount.
The opinions of analysts
While remaining "hold" on the title Hermes, Aurel BGC back its price target from 125 to 170 euros, after the point of activity for starting the year rated "outstanding".
The consulting firm said that the luxury house announced Wednesday a turnover well above expectations and a higher growth than its peers.
Also, the analyst revises upward its expectation of organic growth in turnover in 2011 of +10% to +15% (2,730 million euro against 2,600 million previously).
If Hermes makes no prediction in terms of operating margin for this year, Aurel BGC believes may appreciate by 170 basis points to 29.5%, or 805 million euros (723 million previously).
Oddo has also recovered its price target on Hermes International 115 to 125 euros and maintained its view "relief" on track "with exceptional fundamentals are valued at a premium relative to the sector by 70%" for which he does not believe a change in the shareholder situation.
The consulting firm said its target price adjustment reflects "a more aggressive long-term margins" of the luxury home.
"No surprises at the meeting on the results 2010 with 2011 objectives confirmed (CA 8% / 10% at constant exchange rates) and a strong speech against LVMH. Our estimates are adjusted marginally up (+ 1%), "says the analyst.  

Hermes: higher growth than its peers

Hermes displays the title of a new session on Monday increased (+1%). The value has increased since the announcement of its quarterly revenue by more than 7%.
The number of `first quarter consolidated revenues totaled 637.1 million euros, an increase of 25.5% at current exchange rates (+20.7% at constant exchange rates). The activity was very strong in the group's stores (+20% at constant exchange rates). Activities of wholesale sales (+23% at constant exchange rates) have benefited from `strong demand particularly in occupations Watch and Perfume.
Growth was strong in the first quarter in all regions except Japan. France, which enjoys the success of the store open late 2010 rue de Sèvres, recorded strong sales growth (+19%), like other European countries (+21%).
The Americas (+33%) and Asia ex Japan (+27%) showed strong growth. In Japan, sales were stable at the end of March. The positive trend observed since the beginning of the year has been reversed since the earthquake of 11 March.
"Business was driven by the excellent reception by the new collections met the Silks & Textiles and the success of fashion accessories" the group said. The Clock displays an turnover up 34%. Perfumes, whose collection of gardens has grown a garden on the roof, achieve a growth of 33%. Sales Division & Leather upholstery, whose application for leather bags remained robust, up 17%.
The target annual growth in consolidated revenues at constant exchange rates, between 8 and 10% remains unchanged. In 2011, Hermes will continue to invest in developing its distribution network including the opening of ten branches.
Transfer of 45% in the Jean Paul Gaultier
Hermes International said it had sold its entire 45% stake in the house Jean Paul Gaultier to the Spanish group Puig, in full agreement with the creator.
The group said it intends to accelerate the deployment of his house and give it new impetus. "I have no doubt that the alliance between Jean Paul Gaultier and the Puig family's will to further success," said Patrick Thomas, managing director of Hermes.
The sale price of the shares, namely 16 million, and repayment of loans, amounting to 14 million euros in 2011 will generate a book profit of an equivalent amount.
The opinions of analysts
While remaining "hold" on the title Hermes, Aurel BGC back its price target from 125 to 170 euros, after the point of activity for starting the year rated "outstanding".
The consulting firm said that the luxury house announced Wednesday a turnover well above expectations and a higher growth than its peers.
Also, the analyst revises upward its expectation of organic growth in turnover in 2011 of +10% to +15% (2,730 million euro against 2,600 million previously).
If Hermes makes no prediction in terms of operating margin for this year, Aurel BGC believes may appreciate by 170 basis points to 29.5%, or 805 million euros (723 million previously).
Besides a core value revalued based on these new estimates, price target takes into account a control premium of 20% linked to the speculative position of the group.
Oddo has also recovered its price target on Hermes International 115 to 125 euros and maintained its view "relief" on track "with exceptional fundamentals are valued at a premium relative to the sector by 70%" for which he does not believe a change in the shareholder situation.
The consulting firm said its target price adjustment reflects "a more aggressive long-term margins" of the luxury home.
"No surprises at the meeting on the results 2010 with 2011 objectives confirmed (CA 8% / 10% at constant exchange rates) and a strong speech against LVMH. Our estimates are adjusted marginally up (+ 1%), "says the analyst.

Europe: wind concerns on the issue of debt

A wind blowing on concern Europe's stock exchanges, the issue of sovereign debt continued to dominate in the minds of investors.
London was down 0.6% Madrid 0.7% and Frankfurt 1%. Squares Euronext Lisbon yields 0.3%, Brussels and Paris fell 0.8% and 1.4% drop around Amsterdam.
The arrest of Dominique Strauss-Kahn this weekend in New York seems to worry the markets, while the Director of the IMF was expected in Brussels to discuss the issue of debt with the Greek EU officials.
"The IMF has played a key role in the crisis of European debt last year and plans to contribute financially to support Greece, Ireland and Portugal. It is logical that the markets are worried about a possible delays in negotiations and in implementing the European mechanism of stability, "said one manager.
"However, this should not question the decisions concerning Greece in the event that the Europeans to agree on a rescheduling of aid to Greece," he nuance.
On economic issues, it is noted that the annual inflation in the euro zone rose 0.1 points to 2.8% in April 2011, and the area recorded an external trade surplus 2.8 bn euros in March.
In terms of values, BP yields 0.6% to 439 pence in London, pending a possible agreement with its Russian partners on the issue of the exploration program in the Russian Arctic: Negotiations breaking be held on the subject, according to the WSJ.
In Paris, Alcatel-Lucent fell back by 2.3% to 4.2 euros, while UBS has withdrawn its recommendation of short-term "buy" on the title, while leaving its recommendation to 12 months "neutral" and raised its price target of 3.5 to 4.5 euros.

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Legrand sinking under 29E

Legrand sinking under the 29E and breaks the MM150, which gravitates towards 29.5 E.

The title should continue its correction towards the recent low of 28.50 E (12 and 18 April).
The next goal down could be situated around E 27.2 (bridging the 'gap' remains open since March 17 last).

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