The company has said that could use the treasury stock to avoid increasing capital substantially. |
The correction comes after similar corrections in Belgium, the Netherlands and France and overall they point toward a potential slowdown in the Euro area in Q4. |
The peak...is the key determinant of the timing of the prospective turn in the dollar. |
The positive surprise was driven by a 9 percent improvement in revenue per unit, which benefited from a sharp contraction of fleet (sales), short-term rentals and shelf registration volume in western Europe. |
The resumption of a dividend, made possible by the imminent closure of the asbestos liability, is also a significant positive. |
The supermarket chains' sales slowed to 3.4% in the 4 weeks to 11 September (versus 5% in the previous 4 weeks) outperforming the market, which slowed to 1.2% (vs. 3.8%). |
Urals claims to be considering a pipeline of 20-30 deals, and management expects to complete at least one substantial transaction by mid-year. We stress that, in our view, deal-flow expectations are absent from the current share price. |
We also recommend that investors with a 2- to 3-year investment horizon accumulate shares in the sector through a basket of mid-sized bank stocks because there could be a sharp uplift in value due to consolidation activity. |
We continue to struggle to find attractive valuations in the sector, and, in contrast to last October, we feel short term drivers are turning negative rather than positive. |
We expect copper to surprise on the upside. |
We have limited information on the disaster. Our immediate focus and concern are for the well-being and safety of Morgan Stanley employees. |
We have significantly increased our short-term and long-term commodity price forecasts to reflect our expectation of sustained tight markets and ongoing deficits in 2006. |
We must work out if one year of increased spending is enough to boost growth and brand positioning, or will 2007 guidance come under further pressure. |
We now think that (U.S.) crude oil could reach $61 before a meaningful sell-off occurs. Long-term price patterns point to even higher prices. |
We recognize that this goes against powerful recent flows into emerging markets and Japan. However, in our view, flows are approaching the point of pushing Japan and emerging markets beyond fair value, creating the relative value opportunity in the U.S.. |