Stock Market reassured Fed welcomes good U.S. data

Wall Street has appreciated Thursday for the third straight session, waving American flags and good comments deemed reassuring on the monetary policy of the United States: the Dow Jones was awarded 0.77% and the Nasdaq 0.76% .

According to the final results at the close, the Dow Jones Industrial Average advanced 114.35 points to 15,024.49 points and the Nasdaq, dominated by technology, 25.64 points to 3401.86 points.

The broader Standard & Poor's 500 gained 0.62% or 9.94 points 1613.20 points.

"The indices sign a new session frankly up, the S & P 500 moved back more substantially above the psychological threshold of 1600 points: the negative market sentiment seems to gradually dissipate," said Peter Cardillo, of Rockwell Global Capital.

At the opening, traders cheered good statistics in key sectors of the U.S. economy.

In May, the American household incomes have increased by 0.5% in May compared to April and consumer spending rose 0.3%.

"However, the expenses are associated with consumer confidence, and this is a good sign for the economic recovery of this sector is a key driver," said Mr. Cardillo.

More good news, the promises of home sales in the U.S. have rebounded strongly in May, reaching their highest level since late 2006.

And on the job front, new jobless claims in the U.S. fell for the third week of June.

Market participants have been refreshed along with about three leaders of the U.S. central bank (Fed), including those of William Dudley, president of the New York antenna and a voting member of the monetary policy committee.

While the Fed chief Ben Bernanke had mentioned last week a possible slowdown exceptional measures of support, shaking global markets, Mr. Dudley assured that the central bank would keep "long" on its balance sheet assets it buys currently on the market.

Mr. Dudley also said that raising the policy rate "not before long, in all likelihood" intervene.

The prospect of a few days off next week, punctuated by Thursday, July 4th celebration of the American national holiday, also reinforced the mood of the markets by Michael Gayed of Pension Partners.

On the values ​​front, the food company ConAgra took good quarterly results, jumping 5.07% to $ 35.04.

The U.S. satellite package Dish Network rose 3.08% to $ 41.44. The group withdrew its bid on the service provider Clearwire Internet (-2.06% to $ 4.98) a week after he threw in the towel in another market battle for the operator mobile Sprint (0.14% to 6.98 dollars).

Giant trading and processing of agricultural materials Archer Daniels Midland (ADM) won 0.39% to $ 33.71 while the Australian competition authorities have given the green light for the purchase of food group GrainCorp.

Distributor of products and materials for industry and construction HD Supply has a good start on the market, appreciating by 3.67% to $ 18.66 compared to its introductory course $ 18 fixed well below the range initially targeted.

Before unveiling their quarterly results at the end, the manufacturer of sporting Nike took 0.76% to $ 62.32 and consulting group Accenture 0.83% to $ 80.22.

The bond market closed up. The yield on the 10-year Treasury fell to 2.483% against 2.539% Wednesday, and the 30-year 3.547% against 3.574% yesterday.

The Tokyo Stock Exchange gained almost 3%, soothed by Wall Street and Shanghai

The Tokyo Stock Exchange ended the session on Thursday rallied nearly 3%, helped by the rise of Wall Street yesterday and the progress noted in the Shanghai Stock Exchange on Thursday.

At the close, the Nikkei of 225 blue chips was up to some point 379.54 (2.96%) for up to 13,213.55 points.

The broader Topix index of all first-section shares of its registered share for a rebound of 29.55 point (2.76%) to 1098.83 points.

The session was quite active, with a volume of 2.69 billion shares traded on the main market, similar to that of recent days total.

The Tokyo Stock Exchange finished down Tuesday and Wednesday due to fears of a lack of liquidity of Chinese banks and the subsequent drop in value in the financial center of Shanghai.

Wall Street ends up, won by optimism before the Fed

U.S. Stock Market rebounded sharply Monday, hopefully preparing to hold a much awaited the Federal Reserve (Fed) and welcoming good indicators meeting: Dow Jones advanced 0.73% and the Nasdaq 0 83%.

According to the final results at the close, the Dow Jones Industrial Average gained 109.67 points 15,179.85 points and the Nasdaq, dominated by technology, 28.57 points 3452.13 points.

The Standard & Poor's 500 rose by 0.76% (12.31 points) to 1639.04 points.

The trend in recent weeks on the New York site following cryptic about the Fed chief Ben Bernanke, who left anticipating a slowdown in measures to support the institution's economy excitement, made Monday up to greater confidence.

"This optimism has expectations that the Fed finally clarifies his speech and prepare a more transparent market" in the coming shift in its policy over the improvement of the U.S. economy, said Peter Cardillo, of Rockwell Global Capital.

The expansionist policy of the central bank, including passing through the purchase of Treasury bonds and mortgage-backed securities for a $ 85 billion monthly, was heavily involved in supporting the U.S. stock indices in recent months.

"There is a lot of noise about what the Fed might do or not do," which has a little increased market volatility in the afternoon, noted Mace Blicksilver of Marblehead Asset Management. "But the truth is, everyone is waiting for the release of the institution on Wednesday to take a stand."

A more encouraging than expected in the field of manufacturing activity in the New York area in June economic statistics also helped operators keep smiling, noted experts from Wells Fargo Bank.

The Empire State index came in at 7.8, against a modest increase of 0.8 expected, although many components were down.

Much better than expected NAHB Association of builder confidence in the United States in June, which stood at its highest in seven years real indicator has also increased rising indices. This shows "that the sector continues to participate in the growth" of the country, noted Jennifer Lee of BMO Capital Markets.

Side values, the rental of videos online Netflix has appreciated by 7.12% to $ 229.23 after signing an agreement on the creation of original content over several years with DreamWorks Animation Studios.

Following an optimistic article in the influential financial weekly Barron's on the outlook for the U.S. chipmaker AMD, the title of the group took 2.79% to $ 4.05.

The social network Facebook has made 1.66% to $ 24.02, while rumors buzzed before a mysterious events this week by the group on the possible addition of a function to its video-sharing application Instagram photos , bought last year.

The media group Liberty Global and telecommunications who wants to counter the offer of British mobile phone group Vodafone in the German cable operator Kabel Deutschland, yielded 2.19% to $ 72.03.

The giant hot dog sausages Smithfield Foods has appreciated by 0.85% to $ 33.08 after calling one of its major shareholders to a dismantling of the group rather than its purchase by the Fund Chinese investment Shuanghui.

The manufacturer Boeing has advanced 1.18% to $ 103.03 after the announcement of multiple aircraft orders, as part of the Paris Air Show, including the UAE Qatar Airways, the aircraft leasing company GE Capital, Gecas and Japanese airline Skymark.

In the pharmaceutical sector, Johnson & Johnson took 0.85% to $ 85.63 after the announcement of the acquisition of rival Aragon Pharmaceuticals, specializes in the treatment of hormonal cancers.

The bond market fell. The yield on the 10-year Treasury rose to 2.171% against 2.126% Friday night, and the 30-year 3.348% against 3.297%.

Stocks to Watch: Metro, Empire (Sobeys) and Safeway (USA)

Metro (MRU.A, $ 67.22): bad news

BMO Capital Markets reiterates a recommendation to "market performance".

Empire Sobeys announces that its subsidiary has entered into an agreement to acquire $ 5.8 billion for Canada Safeway.

Peter Sklar said that Metro does not have the scale of Loblaw and Sobeys and is therefore a member of the buying group IGU, which is also a member of Canada Safeway.

The analyst sees the negative development in that it is clear that Safeway Canada will withdraw from the group, which should significantly reduce the purchasing power of UGI.

His target is $ 68.

Meanwhile, National Bank Financial reiterated a recommendation to "outperform."

Vishal Shreedhar indicates that even if Safeway was the most interesting acquisition, it could be other acquisitions, Overwaitea.

The analyst said it is unclear whether the grocer is available. It states that in the absence of potential targets, Metro could return its excess capital to shareholders.

The target is $ 70.

Empire (EMP.A, $ 67.61): synergies take time

BMO Capital Markets reiterated a recommendation "market performance".

The company announced that its subsidiary Sobeys entered into an agreement for the acquisition of Safeway Canada for $ 5.8 billion.

Peter Sklar calculates the transaction to be dilutive by $ 0.15 per share for fiscal 2014, but will add $ 0.85 to that of 2015 and $ 1.46 the following year (2016).

The analyst pointed out that the contribution to profits is moderate due to the high multiple paid for the issuance of shares of $ 1.5 billion which will proceed Empire, and that it will take three years for synergies provided ($ 200 million) to materialize fully.

The anticipation of earnings in 2014 is reduced from $ 5.69 to $ 5.54 per share. The 2015 climbing from $ 6 to $ 6.84.

The target is raised from $ 65 to $ 75.

Safeway (SWY, $ 23.11 U.S.): burning the furniture to save the rest of the house

Cantor Fitzgerald reiterates a sell recommendation.

The company announced the sale of its Canadian subsidiary for $ 5.8 billion (CAN) at Sobeys, a subsidiary of Empire.

Ajay Jain said that the sale is equivalent to burning the furniture to save the house. He noted that although the transaction will allow Safeway to reduce its debt, it should not be sufficient to increase its profitability. The tax will monopolize further $ 1.8 billion.

The analyst believes that the sale of the Canadian subsidiary, which was the heart of profitability, now puts light on weak U.S. data, which is negative.

The anticipation of earnings in 2014 is reduced by U.S. $ 1.80 to U.S. $ 1.26 per share.

Mr. Jain recognizes that management has managed to manage his income in recent months, but doubt that the thing may continue long.

The target is U.S. $ 14.

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.