Take profits after a very strong share price run. |
The events in question took place over two years ago and were isolated instances involving a small number of individuals. There is no finding of deliberately wrongful conduct or of systems failures. |
The raw material cost in the quarter is surprising given that the company generally has six-month visibility on raw materials based on forward purchases. |
The valuation of European equities remains supportive, but the upside is clearly shrinking. |
There would be a massive period of uncertainty. |
This will grab attention, particularly since having seen very good control of operating costs by SAP. This needs clarification since small shifts in gross margin are material to earnings -- it is possible the mix of product revenue has shifted towards reselling during the quarter. |
We believe demand could be very strong for oil products as we head into winter, because of high natural gas prices. |
We believe the 21 percent discount to our target price should close through 2006. |
We believe the company's share price is likely to consolidate near present levels as it absorbs its recent aggressive evaluation rating. |
We expect the emerging markets to form a higher proportion of Ericsson's business in 2006 and Ericsson will have to fight hard in these markets and pay the price of lower margins to maintain its market share lead. |
We feel it is impossible to present a Buy recommendation on a stock which is capable of being declared insolvent within two months and for which we have no clarity on the prospective group structure and strategy. |
We find that capital flows trends are once again moving against the dollar, which could prove fortuitous in providing yet another leg to this gold price rally. |
We're still struggling in a fog of volatility that may obscure the fact the market is, or may be close to, bottoming. |
With the U.S. and global economies still showing strong signs of resilience, expectations for oil demand growth in 2006 and 2007 remain robust. The United States and China account for a substantial proportion of the total world oil growth in 2006 and 2007. |