Morgan Stanley on langetamas Mastercardi (MA) kasumiprognoose ja hinnasihti ($320 --> $235). Kuigi EPSi vähendatakse, oodatakse järgmise kolme aasta jooksul vähemalt 20%-list kasumikasvu, mis peaks endiselt olema atraktiivne väärtusinvestorite jaoks. Eriti arvestades, et aktsia kaupleb alates 2006. aasta IPOst madalaimal ettevaataval P/E suhtel (üllatus üllatus).
We see 20%+ EPS growth over the next three years, and believe the company has several unique defenses to preserve earnings growth: 1) advertising and marketing expenses (20% of revenue) could be flattish or decline;2) G&A costs (39% of revenue) could decelerate; 3) rebates should slow as payments growth weakens; and 4) MA’s position as a revenue driver to its customers may cushion the ongoing impact of bank consolidation.
Foorumitest on need lingid korra läbi käinud. Aga et nalja ikka rohkem siia vahepeal sattuks, panen need siia uuesti üles:Briti koomikud finantssüsteemist. Suurepärane materjal vaatamiseks ka siis, kui juba korra näinud:
Raamatus Heast Suurepäraseks on toodud ühe eeskujuna Fannie Mae, sest läbis tiheda analüütikute sõela ning vastas kõigile heast suurepäraseks vajalikele tingimustele. Põhi edu point oli see, et deregulatsiooni ajal leidis see firma geniaalse võimaluse ja võime kodulaenude riske hinnata ning neid paketeerida ja edasi kindlustada.. :). Tänaseks siis asi selge, et geniaalne mudel feilis..
Capital Economics on kurjakuulutavate sõnadega väljas Hispaania kinnisvaraturu kohta:
The latest Spanish house price data provide further evidence that the housing market is set for a hard landing. We expect house price falls of around one third over the next few years to push the economy into a prolonged recession.
Henno, ma just paar päeva tagsi mõtlesin, et nad võiks Vene börsi kinni hoidagi aga samas ametlikult iga päev teatada, et hinnad tõusid kuigi tehinguid ei tehtud. Kõik oleksid rahul.
uusi soovitusi USA päästeplaani autoritele .... riik võiks pankade päästmise kõrval siseneda ka kinnisvaraturule? :)
Problem of home prices remains - WSJ
WSJ reports the Treasury Department's rescue plan for the U.S. financial industry doesn't directly address the root cause of the crisis: falling home prices. The government's plan, which includes taking stakes in major financial institutions and temporarily guaranteeing certain new bank debt, could cushion the economy and thus the housing market from further blows. But many economists say additional measures are needed to stimulate demand for homes and to reduce mortgage delinquencies and foreclosures. At the heart of the rescue plan is an effort to keep the credit crunch from sending the economy into a tailspin. But some economists say the government needs to do more to address the underlying problems that triggered the credit crisis. "It's very disappointing" that the plan doesn't do anything "to stop the spiral in home prices," which is reducing net worth and creating a falloff in consumer spending, says Harvard University economist Martin Feldstein.
Tõepoolest, Vene turu puhul ei jaksa enam igast peatamisest ja alustamisest enam teatadagi. Lisaks terve turu peatamisele on nad päevasiseselt hakanud harrastama üksikute aktsiatega kauplemise peatamist.
Wells Fargo beats by $0.08 (33.52 ) Reports Q3 (Sep) earnings of $0.49 per share, $0.08 better than the First Call consensus of $0.41; revenues fell 9.4% year/year to $10.38 bln vs the $10.96 bln consensus.
eelturul kerge positiivsus, aga see esmane reaktsioon ei loe ... abesiki, kas WFC väike short välja või hoiad edasi?
WFC lööb EPSi osas ootusi ($0.49 vs $0.41), müügitulu osas jäädakse alla ($10.38 miljardit vs $10.96 miljardit). Aktsia on eelturul ca 3% kõrgemal. Deposiidid jooksevad Wells Fargosse:
We saw a tremendous inflow of deposits in the latter part of the quarter, especially at the end of September reflecting what we believe is a significant flight to quality." Loans 90 days or more past due and still accruing totaled $8.44 bln, $7.26 bln, and $5.53 bln at September 30, 2008, June 30, 2008, and September 30, 2007, respectively.
mnjah, suht ilusas tulemused WFC-lt. Eriti see osa "We saw a tremendous inflow of deposits in the latter part of the quarter, especially at the end of September reflecting what we believe is a significant flight to quality." juhul kui keegi märkab commente stock offeringu osas võiks teada anda.
Makro rõõmustav pole jah... aga eks see ole ka põhjus, miks globaalsel tasandil valitsused majandust rahaga üle uputada üritavad ja päästa, mis päästa annab.
October Empire Manufacturing -24.6 vs -10.0 consensus, prior -7.4 September Retail Sales Ex-Autos -0.6% vs -0.2% consensus; prior revised to -0.9% from -0.7% September Core PPI y/y +4.0% vs +3.8% consensus, prior +3.6% September core PPI m/m 0.4% vs. 0.2% consensus, prior 0.2% September Retail Sales -1.2% vs -0.7% consensus; prior revised to -0.4% from -0.3% September PPI y/y +8.7% vs +8.6% consensus, prior +9.6% September PPI m/m -0.4% vs. -0.4% consensus, prior -0.9%
Halb makro? Ma ei saa aru, kas keegi on jube üllatunud või, et pärast sellist deflatsioonilist shokki keegi midagi osta ei taha? Või on keegi ÜLLATUNUD, et recession käes on? Pikkade juhtmete sündroom...