The question is whether this can turn the brake

It is sometimes complicated to simple. France Telecom could imagine that failure to resolve its own stock market equation, the sale of its majority stake in PagesJaunes thing the formality, given the visibility and profitability of the business of Publisher of directories. One-way and return of Vivendi on the record has troubled the process because the conglomerate, competitor of France Telecom, waived on the basis of a price he considered excessive, after contributing itself to raise the course... In this context, the forecast by PagesJaunes to a gross margin at the bottom of its range of goals 2006 brings a little clarity to the situation. The issue update of the half-year results reflects the destabilization of the market of information by telephone after his release in April. Information available to investors who have made firm offers to PagesJaunes it book especially to minority shareholders. What a priori facilitate consistency between them and the stock market valuation. 11 Below an earlier quite artificial, the course of Friday capitalizes 22 again 2006 profits. It is not bad for a company the accident of the 118 shows in one day a little less predictable. 57 Over the course just two years ago, it would also be an end of route in beauty.

Excess of monitoring

Two straight quarters of decline in profits at Ericsson: this is not yet a trend but the Swedish group actually crosses a difficult passage. An acquisition such as the British Marconi was for the number one global mobile telephony equipment an approach so novel that it has been placed under close surveillance. Costs and turnover expected synergies are not yet visible while the lower profitability of Marconi and the goodwill to cushion impact already accounts, and restructuring charges are still to pass. Yet should we not exaggerate the risk of skidding. The gains from the sale by Ericsson of its defence activities will offset the additional costs generated by the purchase of Marconi. Especially, after two quarters for the integration of the latter half of its negative effect on the margin has already been closed. It is much faster than expected and this gives the measure of the lever on its results offered Ericsson, even in a context of "moderate" growth of telecoms investment. For the moment, and similarly that they did not adhere to the Alcatel-Lucent merger, investors take the Ericsson title in distance and have done down 25 four months. But its valuation ratios are so inconsistent with its parameters of growth and profitability that this anomaly should review.

Brake motor

In a context set for high-tech values, Google spent top hand test results at midyear. With profits doubled those of the second quarter of 2006 exceed those of the first half of 2005 Google, which publishes no forecast was the only one of its class to beat those in recipients. And to surprise them otherwise than by a gigantic plan of redemption of shares how Microsoft. However, the performance of the Internet search engine does not earned him preferential treatment. Still used by analysts, the title is exited without major damage, but without glory, a turbulent week, and it is down 6 since the beginning of the year. The first reason is simple: a quarter to the next, the growth of Google is eight times slower than that measured over one year, itself less a quarter what it was one year more soon. The slowdown is sensitive and logical in view of the rhythms to which Google is five years. The question is whether this can turn the brake. Those who the worry less Google capabilities to maintain its technological lead and its appeal to users of its exposure to the advertising market, which is not extensible to infinity and whose it 99 of its revenues. Google, cyclic value It is not yet, but need to prepare.