When the Orchestra has the quack, his head will eventually pay the consequences. The dismissal of the head of EMI Music Alain Levy concludes a long series of missed concerts. With the exception of a few quarters, the British group has experienced seven consecutive years of decline in its revenues and its share of the global market for recorded music. Specialist of the "profit warnings", often at the end, the more strong season sales, EMI is a year absent from the list of 10 most sold albums in the world. The only stock market attractiveness that retained EMI would be an Honourable marriage to identify synergies or be bought by a fund which would have the energy to rewrite the partition. The engagement with Warner Music having been broken by fear of antitrust authorities and funding candidates having surrendered to the requirements of price, EMI could no longer rely on its own directory. But the alert results 2006-2007 of the music division is so severe and cost reduction plan will be so long to produce effects that the Fellows did not imagined such a cacophony. Eric Nicoli, the new leader, know the House thoroughly since it was non-Executive Chairman, get him to play again just will not be a simple matter.
The serenity of Samsung
A break can be positive if it is to best start from the front. This is why the situation of the South Korean giant Samsung reassures investors. If his results declined in the fourth quarter of 2006 over the same period of 2005, they nevertheless reached EUR 1.9 billion and progress from the third quarter. Worn by the prices of DRAM and sales of computers and LCD displays memory, Samsung has made a record quarterly turnover of 13 billion euros, an increase of 1. If its net profit fell by 8.5 in one year, it rose by 7 from the previous quarter. A dynamic that brings credit to the forecasts of the Asian champion of consumer electronics to see sales increase of 8 in 2007, compared with 2.6 in 2006, with an acceleration of the increase in profits in the second half. Samsung has a good positioning relative to its competitors in its major markets (memoirs, flat screens, mobile phones), he was able, last year, get a superior profits increase by half of its sales. Suggesting a double-digit growth for 2007 profits, which should exceed the EUR 7 billion.
The European risk
If the "high-tech" bubble and its collapse belong to history, its strongest survivors remain disreputable to the heart. Evidenced by the 8, or more than 4 billion euros, decline recorded Friday by SAP. The German champion of management packages had prepared the ground but investors did that the slowdown of growth in the United States, where sales of licenses fired the group for three years. On the other hand, best business that provided in Europe and especially Germany, which is consistent with the recovery in this country, a margin increase rate and a higher than forecast earnings per share from a year ago have been ignored. The stock market, which eventually consider SAP as a sort of American company headquartered in Europe, seems incapable of positive growth continues double-digit but feed mainly in the old Continent. Also backlash had already occurred at the end of the first half of 2006. Many analysts had concluded that this created an opportunity to purchase. Six months later, they resumed the same argument. The problem is that in the meantime, the course of SAP not having even not overtaken his previous fall risk remains also high.
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