España
las mujeres tiene una estructura diferente a la de los hombres y dicen los expertos que es por la sexualidad...tiendo a pensar que la escritura a la que las señoras accedieron mucho mas tarde ...por una cuestion relacionada con la fuerza y el poder....es uno de los factores por lo que las niñas son mas equilibradas...un abrazo.
Quien tiene dinero tiene en su bolsillo a quienes no lo tienen
Muy buena selección Roc, gracias por subirla al foro.
El abuelo es un monstruo. No se puede cambiar ni una coma en sus frases. S2
conozco al amo esta cojo y se llama carlo ponzi asi que el perro entierra huesos pensando que van a brotar verdes ...vegetariano e iluso
El maestro esta mirando por unos agujerillos en los periódicos como mi excentrico profe de mates en la escuela,jajaj.Espero que no sea con los brazos en cruz y dos quijotes en cada mano,que a tí te va la educación antigua,jajjaja.s2
Cuelgo la noticia de como ve Seeking Alpha a General Electric...que es una de las empresas que suelen salir en el hilo
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General Electric (GE), the popular industrial company known for its wide portfolio of investments, financial, home appliance, medical imaging, industrial machinery, showed in the previous quarter that it can recover from the shaky markets, and bad financial investments.
While the company's profits were down 12 percent from the previous quarter a year earlier, the company has shown recovery in financial investments, and growth in industrial technologies, which grew by 15 percent. Revenue from GE Capital fell 12 percent, to 11.4 billion, contributing 36 percent to the company's operating profits, with the remaining 64 percent being from industrial. The finance arm of the company, which was under control by the US Federal Reserve, got Fed approval on May 16th of this year, strengthening dividends.
Dividend Increases
As of Friday, GE's board of directors authorized regular quarterly dividends of $.17 per share, causing the stock price to rise .20 points, or 1.05 percent. I foresee this as a show of optimism now that the company has received authorization to receive payments from GE Capital. The initial dividend recently authorized totaled $4.5 billion, showing growth in the company's weak financial arm, amidst global market panic.
Company CEO Jeffery Immelt included plans to repurchase $12 billion in common stock later this year. The company stands to do well under quantitative easing from the US, and European government, as many industrial purchases are made using credit. With the reduction of Chinese interest and deposit rates yesterday, global markets showed optimism in a reduction of borrowing costs, which are often used to purchase industrial equipment.
GE Energy & Coal
The energy division sees 32 percent of segment operating profit for 2011. The company plans to develop new coal plants in China & India. The two countries plan to increase their coal consumption, with China aiming for 70 percent, and India 188 percent, or 3.71 billion tons, and 1.15 billion tons, respectively. The company has cautioned on this approach, citing both countries fail to maintain adequate water supplies, said company Global Strategy Director, Peter Evans.
I foresee China gravitating more toward the use of natural gas powered turbines that provide a set of revenue opportunities for the company, coupled with lower borrowing costs. China's natural gas consumption is expected to grow 502 billion cubic meters in the next 23 years, according to the 2011 World Energy Outlook.
In terms of renewable energy the company - which commands 29.4 percent of the wind market, according to the AWEA (American Wind Energy Association) 2011 report - is beginning to trim down its supply-chain analyzing potential partners. The move comes amidst speculation the US Government may chose not to extend tax subsidies to wind providers, as it has become a political hot potato. While many companies in the energy giant's supply-chain are expected to go bankrupt if the measure fails to receive an extension, GE has seen increases in sales as a result of buyers rushing to purchase before the December deadline, with orders for wind turbines doubling the previous quarter, from the last year.
Healthcare
The industrial giant's healthcare arm contributes 13 percent of sales (2011) and is seeing new developments in growth in the recent months. The company recently received regulatory approval to launch a joint partnership with Microsoft, with the goal of developing scalable Healthcare Applications. The two companies have not outlined expectations or revenue goals for the new venture.
Outside the US, Latin America will also be a stronghold on the company's healthcare export itinerary, which has seen 20 percent growth over the last three years. The company recently completed the acquisition of x-ray manufacturer XPRO, with the goal of exporting x-ray machines to China.
Further Analysis
With the company's financial arm beginning to stabilize, the long-term outlook for the rest of the year begins to look positive; the largest risks associated with the company continue to be global economic uncertainty. News of fiscal stimulus that circulated Friday, promoted optimism among investors and could play a pivotal role for the company.
In my opinion, lower Chinese interest rates will allow for purchases from both the energy and healthcare segments, allowing for recent acquisitions and strong contributions to push further gains. Despite concerns in growing markets over stability in new energy facilities, GE has a large enough portfolio of investments and infrastructure to offer counter energy models, dwarfing the competition.
The company's capital division recovery also came ahead of time for some analysts who saw 2013 as a more rational time frame, affording the company $4.5 billion in revenue. As a result of capital stabilization, and foreseeable economic stimulus, the company should be set to best previous expectations. Buy.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Esta la pago yo. Hay para todos.
Y si hay alguien por ahí que disponga de unas gambas con gabardina puede ir sacándolas.
Y añado...una de las favoritas, tiffany...en Mayo se ha desplomado de 70 a 55 USD.
Tambien parece que apuestan por la subida:
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Tiffany & Co. (TIF)
TIF has recently touched its 52-week low of $53.46. At the current price of $55.28, the stock is trading at 14.8x the current fiscal year's estimated EPS and 8.8x the LTM EBITDA. I believe the price is cheap and investors should consider building up positions for the following reasons:
Taking the EPS growth into consideration, the stock is trading at a 3-year expected PEG of 0.83, indicating a discount to its growth prospect.
In my last article, I have run a comparable company analysis. Given TIF's mediocre financial performance relative to its global peers, it makes sense that TIF could trade at a 10%-20% valuation discount to the group averages. However, TIF's solid emerging market presence and established brand equity are what some of its peers envy. Thus I believe the valuation discount should be no more than 10%. Based on that, I have performed the relative valuation, and the model yields a stock value of $64.57, representing 17% upside. Even with a less realistic 20% valuation discount, the estimated value is $57.18, which is still above the current stock price (see below):
There have been two recent insider buying transactions for the stock executed by one of TIF's directors at about $54. Although the total value of $108,430 is not a significant amount, insiders buy the stock only because they are confident about the company's prospects.
According to the chart below, it appears that there has been strong technical support between $53 and $58 over the past 12 months.
Click to enlarge
Of the 23 analyst ratings for the company, 4 are strong buys, 6 are buys, 12 are holds, and 1 is underperform. The mean target price is $69.37, indicating 26% upside potential. Oppenheimer in April reiterated its outperform rating for the stock and raised the target price from $75 to $83.
The stock has a dividend yield of 2.3%
Abercrombie & Fitch (ANF)
ANF has touched its 52-week low of $31.27. At the current price of $32.16, the stock is trading at 9.3x the current fiscal year estimated EPS and 6.1x the LTM EBITDA. I believe a good entry point has emerged for the following reasons:
The company's Asian expansion and growth story remains intact and attractive.
Taking the EPS growth into consideration, the stock is trading at a 3-year expected PEG of 0.36, indicating a substantial discount to its growth prospect.
The U.S.-listed fashion apparel retailers have an average current fiscal year P/E and an average LTM EV/EBITDA of 13.1x and 6.6x, respectively. On the P/E basis, ANF is trading at a substantial discount of 29% to the group average. Given ANF's strong growth prospect, such deep discount is likely overblown.
One of ANF's directors recently bought 10,000 shares at an average cost of $35.43, suggesting insider confidence in the company.
According to the chart below, there is likely a technical support at the current price level.
Of the 33 analyst ratings for the company, there are 9 strong buys, 4 buys, 18 holds, and 2 underperform. The mean target price is $50.23, indicating a decent 56% upside potential. UBS in May upgraded its rating for the stock from neutral to buy and raised the target price from $51 to $66.
The stock has a dividend yield of 2.2%.
Tables are created by author, charts are sourced from Bloomberg, and financial data is sourced from company 10-Q, 10-K, press release, Yahoo Finance, YCharts, Wall Street Journal, Thomson One, Bloomberg and Morningstar.
Disclosure: I am long TIF, ANF.
Hoy a las 6 de la tarde comunicado de la UE...parece que rescataran la banca Española, y el Lunes tendremos subida disparada del ibex, especialmente del sector financiero. La cuestión es si en vista del entorno macro (china ralentizando, usa crea poco empleo...) esta subida será sostenible o será un espejismo....
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El organismo adelanta dos días su informe financiero y añade presión al Gobierno para que tome una decisión sobre un eventual rescate. Después del informe del FMI, éste podría llegar tan pronto como hoy, tal y como fueron informando ayer fuentes comunitarias. El Gobierno español esperará, antes de actuar, la opinión del Eurogrupo que ha convocado Jean Claude Juncker a las cuatro y que emitirá un comunicado a las seis.
Las malas noticias llegaron a las 2 de la madrugada. A esa hora el FMI decidió cambiar el calendario previsto y publicar el informe sobre el Programa de Evaluación del Sector Financiero (PESF), que no se esperaba hasta el lunes y que servirá como base al Ejecutivo para tomar una decisión sobre un eventual rescate.
A la espera de esos acontecimientos, ya se puede avanzar que las noticias no son positivas: “Si bien el núcleo del sistema parece ser sólido, persisten vulnerabilidades en algunos segmentos”, advierte el texto. “En el escenario desfavorable, los bancos más grandes estarían suficientemente capitalizados como para resistir nuevos deterioros, en tanto que varios bancos necesitarían incrementar las reservas de capital entre 40.000 y 60.000 millones de euros en términos agregados”, como se había especulado. Sería lo necesario “para cumplir con el calendario de transición de Basilea III”, es decir, para alcanzar un capital básico de nivel 1 de 7%.
El presidente del Eurogrupo y primer ministro de Luxemburgo, Jean Claude Juncker, ha convocado a los ministros de Finanzas de la eurozona a las 16:00 y ha reclamado hoy una solución rápida y urgente para la crisis de la banca en España. Fuentes del Eurogrupo dijeron a Expansión.com que no ha sido España quien ha solicitado que se celebre la teleconferencia, aunque el posible rescate de nuestro país será su tema principal. Fuentes del ejecutivo insistieron a Efe que el Gobierno español quiere conocer el análisis del Eurogrupo antes de actuar.
"La solución debe producirse rápidamente", exigió Juncker en declaraciones a la emisora pública alemana Deutschlandradio Kultur, en las que subrayó que el problema español es puramente bancario, mientras que el de Grecia es mucho más amplio.
Por su parte, el titular alemán de Finanzas, Wolfgang Schäuble, ha insistido en que España decide de manera autónoma si el país debe protegerse bajo el paraguas de los fondos de rescate europeos para resolver su crisis bancaria y ha recordado que "en España el déficit estatal es menor que en Alemania".
En declaraciones hoy al rotativo "Ruhr Nachrichten", Schäuble comenta que las necesidades de capital para la banca española por la burbuja inmobiliaria se deben a que "España ha endurecido las reglas sobre el capital propio de los bancos para afrontar mejor la crisis".
Pero las exigencias de capital no son lo peor. El problema se agravaría porque las necesidades de capital de los bancos más débiles “superarían esta cifra” debido a “los costos de reestructuración y la reclasificación de préstamos que puedan identificarse en los exámenes de las valoradoras independientes”, esto es, de Roland Berger y Oliver Wyman. Y es así porque el grado de deterioro económico puede implicar “nuevas pérdidas para la banca”.
De ahí que la institución alerte de que a partir de ahora será “será crítico comunicar con claridad la estrategia para crear un mecanismo de apoyo creíble para las deficiencias de capital, que es mejor sobreestimar que subestimar”, precisó Ceyla Pazarbasioglu, subdirectora del Departamento de Mercados Monetarios y de Capitales del FMI. En caso de haberlo subestimado, el organismo quizá habría hecho hincapié en otra cifra, en los 25.000 millones en que computa las necesidades del sector en un escenario macroeconómico exento de sobresaltos. Aún rondaba ayer otra cantidad más: 29.000 millones, correspondientes a un escenario intermedio.
Críticas al Banco de España
Pazarbasioglu es también la jefa del equipo que trabajó en el PESP, que visitó España en febrero y abril. Pero no es la máxima dirigente del departamento de Mercados Monetarios. Ese puesto corresponde a José Viñals, también ex subgobernador del Banco de España, entidad que recibe un golpe en el documento.
“Aunque los supervisores cuentan con personal sumamente experimentado y respetado por sus buenos sistemas de información, en los últimos años el enfoque gradual aplicado a la adopción de medidas correctivas permitió a los bancos débiles continuar operando en detrimento de la estabilidad financiera”, dice. Por eso reclama “mejorar los procesos y el marco de rendición de cuentas para garantizar un cumplimiento eficaz y el ejercicio de las facultades de resolución de bancos”.
¿Está abocada España al rescate?
Poco más se puede concluir del documento, elaborado a partir de test de estrés con datos confidenciales. Y menos todavía se puede saber sobre si el FMI cree que el texto aboca a España a un rescate. “No hemos tratado eso, tan sólo las necesidades financieras, cuya magnitud debe valorar cada uno”, aseguraban fuentes del organismo. “Sólo decimos que es lo que se requiere para que el sistema sea creíble”