Magic JohnsonRespect for traditions creates obligations

The Opera as rock concerts, openings are there to heat the room. Philips launches European results ball should have been rather cooling announcing losses in a market which expected profits. It has nothing been, its underperforming even was warmly welcomed by the strong rebound of title divided by two for a year. The reaction of investors is even more confusing that the results displayed by the King of lighting do not reflect only the gloom of the situation but punish a diversification assumed defensive strategy. The three legs on which the group is now based all have flexed. Sales of lighting thus fell by 19, fault to the building and automotive. Not surprisingly, consumer electronics, even renamed "style of life", has dropped by 25. More worrying, health, which would cure all the ills of the group, has not fulfilled his office, and has been challenge both its margins defence capabilities. Emerging countries, the activity has declined even more than in the mature markets... Market to mount so did that a certain affluence and a promise of acceleration of cuts in costs much insufficient yet to warrant an upgrading of 19 times the benefits. The operational account also.

Magic Johnson

Respect for traditions creates obligations. Johnson & Johnson, the world number one of self-medication knows well: its sales grew continuously over the past 75 years, and he prepares for the first time to confront their retreat. To heal the wound, the owner of Tricostéril seeks to ensure the stability of its profits, which are in constant increase since a quarter of a century at least. The results it displays in the first quarter of 2009 leave hope that it will achieve. Buy for $ 16.6 billion in 2006 Pfizer consumer products (Hextril, Nicorette, Actifed etc.), it is is free time from too much dependence on prescription drugs and has succeeded in balancing its activities. One suffers from competition from generics, the other of the languor of the consumption and the strength of the dollar but by cutting administrative costs and costs of research, the group is primarily reached to stabilize its earnings per share and maintain its annual forecast. What mount in a Dow Jones down there under-performed since the beginning of the year to the point that his defensive qualities are more valued to 11 times its profits. A historical mistake.

Goldman gold

Goldman Sachs celebrates its 150 years of the theory of evolution. Of course, the question of the "origin of species" is terribly hard and realm for the American Bank: its quarterly earnings pleasantly surprised analysts who expected to half less on average. There is no less that this return in spectacular form after an end of year 2008 deficit is a new chicken egg of gold which verifies much the law of natural selection. Because the division "rate exchange and raw" pond of new records with the disappearance of competitors such as Lehman Brothers and Bear Stearns, simply swept away by the financial crisis last year: the survivors of the investment bank may be household more comfortable margins. Any specialist life can only wonder if this development there is durable good, while other trades of Goldman Sachs borrow a rather declining slope. In the meantime, this brightness is enough to allow Wall Street House to launch its new capital increase to 123 dollars, the price of his last appeal to the market. Without too much hit investors, who ruthlessly select but do not climb trees to heaven. As Mother Nature.