5 on the previous day she primarily returned 7

Return to the sources is a simple and effective investment theme. When a company found the springs which made its success, the response of the fellows is guaranteed. Evidenced by the straight route to Sodexho Alliance rising for two years. Once the champion of the catering relocated on a nearby organic growth of 7 the year or two to three points more than in 2002 - 2004, and only through effective it obtains a minimum of lever on its benefits, the award acknowledges the value that it creates. An annual turnover a bit better than expected and a forecast of profits a bit relieved thus were very well received. In a sector which, thanks to its restored discipline and pricing management, benefits in whole of renewed interest, Sodexho a better that regained its premiums in favour. At 23 times profit estimates for the fiscal year which ends late next June, his recovery would begin to become tense, if it did not in part to activity cheques restaurants and services, even stronger than its core business growth and margin. Especially, if a Sodexho rejuvenated and sous-endetté decided to reconnect with acquisitions that have done much to its past glory, it would even better justify the appetite of its shareholders.

BP in quarantine

It is not easy for an oil company to the attention of investors when the price of a barrel down almost every day. When adding, such as BP, a steady decline in its production, the exercise is even more challenging. For the fifth quarter in a row, the British Group had to recognize that it had produced less than last year, period that included yet terrible hurricanes in the Gulf of the Mexico. The City first punished the repeat offender by sending its course to a new low before to recover slightly. He eventually well to find investors to consider that the quarantine imposed on the company led by lord Browne began too last. And the problems it has faced maintenance, environment or business conduct are temporary and impact much lower that does the leave thinking the 21 decline registered since late April, the highest close to twice the Total. The "setbacks" in recent months have to modified now or the objectives of production of BP by 2010, or investment budgets to bring, or redistribution of its cash dividends and share repurchase programs. And as all these plans are wedged on oil at $ 40 per barrel, it is a little premature to depreciate them.

Evidence to validate

The truth varies marker points. If yesterday, EADS action well fell 4.5 on the previous day, she primarily returned 7.3 on its first side course. The market quickly digested information which, far from "confirm" according to the official term, worsen the additional delays in the A380 and their impact on profits and cash flow for the next four years. It has mainly responded well to the reorganization plan to be here in 2010 a faster industrial Airbus, more integrated and much more "low cost". It is clear what justifies this relative leniency. Demand for civilian aircraft remains strong, support plans are tight, the duopoly between Boeing and Airbus limit margins of manoeuvre of the companies, and 40 per cent of the 4.8 billion euros of lack of profits on the A380 could be that benefits offset in time. From there that the EADS title again becomes the father of family placement was five months ago, there remains evidence to validate. The risk of political interference in the execution of the plan of Christian Streiff is very high. The funding of the A350 programme has not yet adjusted after its re-evaluation. And, assuming that Airbus is vaccinated against the worst, EADS has so many other activities and sensitive subsidiaries cannot exclude the assumption of new accidents. Sensitive to air holes hearts, refrain.