The li e o telecoms is not a long quiet ri er

The li e o telecoms is not a long quiet ri er. Between technological change, the change in consumer beha iour, competition rom new entrants and the obsession o the regulator on the decline o prices, rance Telecom has more and more di icult to achie e its objecti es. or the third time in nine months, sales growth is not at the meeting, but more modest, which had been attached to in estors. As the markets tend to ocus on bad news rather than good, they ha e there ore retained the inability o rance Telecom to identi y organic 2 growth this year instead o serenity with a goal o operating pro it o 7 billion euros to pay a di idend increase o 20. So the group headed by Didier Lombard now o ers a yield o 7.5, one o the highest in the market. I the in lections to regain strength in its three major markets ( rance, United Kingdom, Spain) bear ruit in a ew months, all conditions will be met to use, then the best the cash paid by KKR with a repurchase o shares that will appear clearly as the most creati e in estment o alue possible.

A multi-coloured screen

Mo ement is e idence by walking. A ter a disaster year 2005 Sony starts 2006 with an encouraging basis. Not only it releases o erall operating pro it while the irst quarter o last year's loss was, but still his tele ision acti ity ound o beauti ul colours. But it was a symbolic challenge since its President had stated that it would be no re i al o Sony until its T operations would not be restated. This passage rom the Red to green LCD screens, conjugate to the good o the aio computers, cameras and camcorders allows the electronic di ision which pro ides 70 o the sales o the Japanese giant to release its irst pro it or the period April-June or two years. What to allow the group to meet its annual operating income target o 30. Sony remains not less con alescent and his State he also le t a beauti ul margins o appreciation. Its operating margin in the tele ision is still less than hal that o its ri al Matsushita. And the bene its o its acti ity o games and consoles dropped 29 due to the weaknesses o the PlayStation2 with the new generation will be released end o the year. In addition, its music subsidiary with Bertelsmann Sony-BMG plunged into the red and the cinema where the success o "Da inci Code" was not enough to o set the light o marketing spend.

The show o Renault

As in the concerts o arieties, to shine on the stock exchange it is sometimes better pass in the second part. A ter the chilling pro ided Wednesday by PSA, Renault, with poor results, and instead marked points. The act that its operating margin in the irst hal down "only" rom 4.4 to 2.7 while that o PSA dropped rom 4.4 to 2.4, is not the cause o the relie o the markets. The maintenance o a orecast o margin annual 2.5, which in ol es there ore a downturn in the second hal , should be more, e en i PSA is distinguished by relying on its low in the second hal point maintenance while he was until then a rebound. This is mainly because it ga e clear and encrypted reco ery objecti es 3 in 2007, and 4.5 in 2008 as Carlos Ghosn is distinguished rom the artistic blur in which it is bred Jean - Martin olz. A more substantial di erence that the pattern o Renault had already launched se eral months ago a plan 2006-2009 which helped re ine the uture 24 new models launch while that o Peugeot-Citroën merely promised or September announced it a cost reduction plan.