Always be right is a great wrong said Edgar Faure

"Always be right is a great wrong," said Edgar Faure. That is probably why the market, which is supposed have reason, has done a lot of wrong France Telecom as to harm itself. While the historical operator recognizes months struggling in a market difficult displaying confidence to identify solid profitability announced earlier this year, analysts were until then between skepticism and pessimism. After falling below 16 euros title last summer, the investors, who had meekly out of the abyss since a few weeks, rushed value yesterday, propelling it above 20 euros for the first time since January. The performance of the past quarter are yet in the vein of the previous with the same good news in broadband or mobile and the same caveats in the business telephony or fixed. Nevertheless, the group headed by Didier Lombard, who had taken a bit of delay in the integration of the Spanish conquest and suffered setbacks in the United Kingdom is back in the right path. The strength of its positions in the agreements and the ADSL innovative and promising conclude with groups like Microsoft in the mobile can also suggest that the old lion still has the resource and its value remains below its potential.

The revenge of Yves Saint Laurent

The luxury to Epicureanism, it is logical that the shareholders of Pinault-spring-redoubt in are currently reduced, as the philosopher, simply little to avoid be satisfied with nothing. Quarterly sales imperceptibly under the bar of the consensus of the place and the prospect of early conversion of OCEANE 2008 at the end of the month are indeed the opportunity of taking profit on the stock exchange. Legitimate after an increase in the title of 42 in a year and a superior performance of 13 of the CAC 40 since last June, this pause should not obscure the beginnings of the only good surprise that emerges figures for the third quarter. From the thrill of Yves Saint Laurent. The mark is one of the few of the group to have accelerated its growth during the summer than in the first half (to perimeter and at comparable exchange rates), as well in couture and perfumes. In particular, YSL beauty moves into position to consolidate the benefit of its current restructuring. But with a three times sales increase and a half lower in the beauty that an LVMH yet almost four times larger in this job and a horizon of more that far in the fashion and leather goods profitability, it is still too early to say if YSL is this the beginning of his revenge.

The egg of Capgemini

It is known since 1492 India road passes through America. By purchasing the Indian Kanbay, which carries out 80 of its activity in the United States but employs 5,000 people on 7,000 in India, Paul Hermelin follows therefore somehow traces of Christophe Collomb. If listed in New York, the company has not upgrading Himalayan peers, who often pay to eight times their turnover, the market found however Capgemini was a bit generous buying Kanbay three times its sales while it has a margin of 12, more than 2.5 times lower than that of the giants of Bangalore. This acquisition offers however a triple attraction to Capgemini. First, it greatly strengthens its positions in the North America and in the financial sector. Then it doubles its workforce in a country where a junior computer is 2.5 times cheaper than in Hungary, East-European eldorado favoured by competitors who prefer the "near shore" to offshore! It is true that valued by the market 22 times the benefit expected this year and 18 times forecasts 2007, Capgemini has need to be clearly distinguished to warrant the premium of 40 as investors give to a group such as Atos Origin.