BEST OF THE BROKERS May 11, 2010 ERICSSON Evolution Securities reiterates its “sell” rating on Ericsson. Despite its miss to top-line expectations, Evo notes that first-quarter results generated excitement because of improved gross margins. But the stock remains expensive against peers, according to Evolution, which warns consensus estimates will remain pressured. UBS Morgan Stanley has upgraded its target price for UBS by [...]
EURO DISNEY INCREDIBLY DISAPPOINTING May 11, 2010 EARNINGS at theme park operator Euro Disney, which boasts “The Incredibles” film characters in its daily parades (above), have dropped sharply after the economic downturn hit visitor numbers. In the six months to 31 March, the group’s net earnings fell by 32 per cent to €95.2m euros (£82m) from sales down by seven per cent.
TalkTalk sees revenues rise 22 per cent May 11, 2010 TALKTALK held off defections from its former Tiscali customers to add 42,000 new users this quarter. The internet and phone provider has flourished since cutting itself free from retailer Carphone Warehouse in March. It will now seek to maximise revenue and loyalty from its existing user base and improve customer integration. Its user-base has risen [...]
Senate backs probe of Federal Reserve May 11, 2010 THE US Senate yeterday unanimously approved an amendment to a financial reform bill that aims to open the secretive Federal Reserve to outside scrutiny. The measure introduced by senator Bernie Sanders, an independent on the left, was passed by a vote of 96 to 0. It directs the Government Accountability Office (GAO), an investigative arm [...]
Orange and T-Mobile in rebranding May 11, 2010 ORANGE and T-Mobile, the newly-merged telecoms giant, has unveiled its new trading name. The firm will be internally branded as Everything Everywhere, although consumers will still deal with the individual brands. Chief executive Tom Alexander told City A.M. the new name represents the scope of the ambition of the new firm. He said: “This name [...]
EU close to a deal on hedge fund regulation May 11, 2010 EUROPEAN commissioner Michel Barnier yesterday signalled the EU was close to agreement with the US on controversial plans to clamp down on hedge funds and private equity. Barnier said Brussels and Washington were “in the last stretch” of thrashing out a compromise, according to Bloomberg. America has been a harsh critic of the EU’s proposed [...]
Toyota beats forecasts May 11, 2010 Toyota beat forecasts with a fourth quarter profit yesterday as it cut costs and used aggressive sales incentives to draw US customers back to showrooms after its worst recall crisis. The company had flagged a small operating loss for last year, estimating a $2bn (£1.3bn) hit from lost sales from the damage to its brand [...]
Deutsche Post upbeat for 2010 May 11, 2010 Deutsche Post delivered an upbeat 2010 outlook after improved shipping volumes and restructuring helped turn around its express business in the first quarter, leading to forecast-beating earnings. “We had a very good start to 2010 and we are on our way toward reaching our 2010 targets,” chief financial officer Larry Rosen said yesterday. Europe’s biggest [...]
City keen to recruit from Ireland May 11, 2010 City banks are now turning to Ireland in a bid to fill vacant roles, according to recruiter Hays. The group said London’s banks have started to recruit Irish accountants because of skills shortages in the sector. Top City accountants are exacerbating the shortage due to their reluctance to move roles, according to Hays. “This isn’t [...]
Capello: No guarantees for Carra May 11, 2010 FABIO CAPELLO told of his delight at luring Jamie Carragher out of international retirement – yet he still refuses to guarantee him a place in his World Cup squad. The 32-year-old turned his back on England in July 2007, citing a lack of first-team opportunities. But despite being tempted back by Capello and recalled to [...]
