Satiety and lack Repetition easily leads to boredom

The course of Hewlett-Packard increased by 8 in four days, corresponding to an additional capitalization of $ 7.5 billion. Increases of this magnitude are very rare for an American company of this weight. If they result in part of arbitrations to the detriment of a Dell full rout, they also have their origin in the group-specific performance. And it is actually at IBM must be compared Hewlett-Packard: even if the first is separated from the PC activity on which the second returned in force, the two groups have perimeters, clients and the very similar issues. That is little operational talent of Mark Hurd, pattern for eighteen months, coupled to the previously implemented by Carly Fiorina strategy led to a real revival of the declining star of the California-based computer. On the basis of quarterly results better than expected, the revision in its forecast increase and the largest program of redemptions of securities in its history bear witness to his confidence in the dynamic it was recreated. Investors applaud: earnings per share of HP course is more than 2 points higher than that of IBM, in contrast to the historical hierarchy. And it is clear that Wall Street is confident that one keeps good surprises there potential where the other drawn to seek formula to reinvent itself.

Satiety and lack

Repetition easily leads to boredom. The 14th quarter in a row of results in progress in Zurich Financial Services is to develop the assets of James Shapiro, its President for three years. But investors are clearly replete of what has brought them the phase of relief of the first Swiss insurer. The maintenance of a strict operational control continues to fuel the increase in its results, and all its financial performance ratios are well oriented. Only lack to maintain the appetite of investors a dynamic of growth and conquest that can display an AXA in the same context. The stagnation of the premiums received in risk generals, already visible in the first quarter data, now is the Achilles heel of a group of best better managed, but increasingly more frozen. The course of ZFS, which has experienced one of the most beautiful of the Zurich stock exchange in 2005, is four months again behind the evolution of its index, and its valuation ratios reflect a net haircut on European tenors of the sector. And as James Shapiro does his habit to uncover no forecasting, or any project other than the next two years, the fellows cost savings are likely to look elsewhere what deceive their boredom.

The Danone quadrature

A year ago, the soufflé of virtual OPA of PepsiCo on Danone fell as fast as it was mounted. Since then, the course of the group led by Franck Riboud won 25.5: this is 10 points better that the CAC 40, evidence that once the effect of speculation, the fellows have found reasons to remain attentive to the Danone case. The title was one of the first to emerge from the depression experienced by the stock market last spring, and excellent half-year results published early August propelled it over its highest authorities. The cocktail of organic growth above that of giants, of constant progress in the rate of margin and strong refunds of cash to shareholders today is without doubt better valued than before the Pepsi episode: 19 times its profit 2007, Danone is in the forefront of the CAC and the yield that to l ' Oréal in the consumer. The best way to break this dynamic balance would be to engage in major external growth operations. It is a temptation to itch some within a group often described as too small not finally swallowed. Recall insisting the priority to medium-sized and targeted acquisitions responds to internal pressures that it reassures investors, while leaving open the hypothesis of a change of control premium. A true squaring of the circle, but, as long as it works that way