The French media group Vivendi Universal may soon be in a situation of credit crunch. According to calculations made by analysts, Vivendi could lead to a lack of liquidity (necessary to conduct the normal operations of the company) of approximately 2.7 billion by year end, a need which could rise to 5.5 billion by mid – 2003.
Click afternoon for highways. The title of the company that orbit around the galaxy in fact the Benetton is gaining 3.29%, is confirmed as the star of Mib30. Highways therefore passes from hand to 8.61 euros. The title remains one of as favorite displays of analysts not only because of its defense but for the potential that can exploit in the future.
After the tragic meeting yesterday linked to the scandal of WorldCom, the Tokyo Stock Exchange closed the session up 1 day, 86% at 10,261 points, while the Topix scored a step forward at 0.99% to 994.05 points. Good response of technology stocks, with Sony in particular has gained 3.79%, although many analysts have confirmed their fears about the future because of general weakness of the markets and the dollar.
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Liberty Media is trying again and this morning there is circulating the news of a possible new offer on the cable division of Deutsche Telekom. How to tell who dies is affected. “John Malone is an entrepreneur experience,” said James Enck, an analyst at Daiwa Securities has issued on the German telecoms operator underperform rating, “knows the European telecommunication market, knows when to intervene: the expected difficulty of the company to knock on the door. E ‘fell back into play in the moment of worst crisis of DT, in order to obtain a discount on cable. On the other hand, knows that Ron Sommer, the company needs liquidity. ” Four months ago the German autority had refused the offer from 5.5 billion euros made by American tycoon. “Today things have changed,” the analyst continued, “I predict that the new supply of Liberty fluctuate in a range between 2-3 billion euros.” “We must take into account”, then concludes Enck, “that Germany has a high penetration of PCs, but is poorly developed in the market for cable TV. Malone might then find a little busy and profitable business.”
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Impregilo is paying perhaps too much the Brazilian crisis, but the market is now very nervous and sales triggered instantly when there are problems like this, “said Patrizio Pazzaglia, chief investment officer of Bank Insinger de Beaufort, He adds: “South America weighs on sales of Roman society to a 15-20% (and averaging between major works and concessions), but many analysts had already discounted the risk of these countries. The title was still in positive terrain and ‘profit taking’ are taken immediately. ” At the expense Astaldi also that the onset has not had a happy life, “Astaldi pay, we might say, for sympathy,” says Pazzaglia, “as its exposure in Latin America is very low. Case continue to be positive on the sector, although it is now under pressure. “
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It ’still a day of sales for the title of the Bulgari Group, which descends to the area of 6 euros. The title of the house of Roman jewelry forfeit the 2.60% and is worth 6.40 euros. From mid-March to today Bulgarians left the field 36%. “At these prices, the title is underestimated but is affected by market uncertainty,” says one analyst, “It would have to buy a medium to long term.”
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Analysts Office study of the Mib30 BNL from a technical point of view, should remain in a figure of between 28450th points and 29350th points for some sessions.
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“I do not think today’s price rise will last very Italian,” said Alberto Ieralla, Infochart technical analyst, who added: “The movement today, led by Nokia, has the feel of a pull-back (movement against the main trend remains bearish in this case) with a target share 29,510 points for the Fib 30 and 21,700 points for Mibtel, where the two graphs meet their gap-down, which would be closed. As regards the future, the area in question is the one where he spends the least touched on in September, which now serves as resistance. E ‘Interestingly, “concludes the analyst,” as this year the Fib 30 has reached its highest relative on the occasion of previous Nokia data (results, incidentally, lower than expectations), before falling to current levels, by which is bouncing their giant Finnish data (results, too, below expectations). In the first case were not discounted and the market reacted with a wave bearish, in this case I think so. That is why Nokia is both the market while bouncing, should have the breath.
Ross MacMillan, an analyst at Morgan Stanley, is cautious on the title of Germany’s SAP. The jury is to equal-weight and the price target has not been fixed. According to MacMillan, the danger remains that the resumption of investment in technology by businesses, is less buoyant expectations.
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“The solution for Canal + is not finding a partner with broad shoulders, but to radically change its core business which, until now, has proved very deficient.” This proves surprised Jean-Pierre Geremy, analyst at Fideuram, when interepellato about a possible interest by Jerome Sydoux, President of Path. franmcese film company, for Canal +. “E ‘clear, however, that the two companies are linked by the element cinema,” continues Geremy, “even if I do not believe that the agreement’ tout court ‘would benefit the parties.”