It is never better than served than by yourself

It is never better than served than by yourself. Subjected to the misunderstanding of markets for two years while its strategy has led Thomson to 85 of its area of activities, the group could decide to withdraw from the stock market. Red Lantern of the CAC 40 with a market capitalization fell to 4.5 billion euros, the specialist of digital technologies for the media, despite its recent rebound, shows a decline of 7 since January and 15 since January 2005. At the same time, the flagship of the stock market index won respectively 10 and 45. It is understandable in these circumstances that Franck Dangeard, former banker who took over the reins of Thomson, eighteen months ago, consider that investment funds will be better able to understand and enhance its strategy analysts and portfolio managers desperately doubtful. While Thomson has a very fragmented capital and an anemic recovery, the time is likely to launch an operation to leverage to allow some investors to take advantage of interest rates still low and of the "recovery" of Thomson, instead of a predator that could also be said that the game is worth the candle.

Google race

Is the regularity in the performance which is the major champions. Even if they sometimes empty passages. From this point of view, the brilliant figures aligned by Google in the first quarter should reinforce the optimists and reassure the skeptics. If the stock market the Internet prodigy rocket had been misfiring this winter, the King of search engines has resumed with vigour its triumphal March forward. Google is a specialist of the leaps forward followed levels but, so far, he has always avoided returns back. And the course of 2005 as the beginning of 2006 militate for the continuation of the phenomenon. Last year had been marked each quarter by exponential jumps sales and profits from 2004, which gave to 2005 a coherence. Every three months, Google has thus displayed between 343 and 381 million in profits. By making a new bond of 60 in early 2006, the star of the Nasdaq touch 600 million quarterly profit for 2 billion turnover. That bodes well for an annual result greater than 2.6 billion. If it is capitalised today 50 times, against 80 times for the 2005 benefit and 35 times for 2007, is that the scale of the values is well respected. And successive levels of action, increasing $ 100 every six months a year and a half show that those who are now 500 dollars have what support their passion.

Reinforced concrete

A swarthy champion can hide another. If, in the steel, the Indian Mittal Steel monopolizes attention since its OPA on Arcelor, the Mexican Cemex, third world cement which celebrates its centenary this year, is positioning for a backward trajectory. The growth of 52 of its sales and 29 of its Ebitda in the first quarter reflect first the great dynamics of the sector, drawn by the boom building and reconstruction in the United States. And markets should find a validation of the project of Lafarge trying to buy its minority across the Atlantic, even at the price very. But Cemex also take integration accelerated British CTMR, consolidated since March 2005. The group, which désendette, has already revised upward the synergies expected for this year: the shareholders of Lafarge would have liked that the acquisition of Blue Circle, in 2001, gives rise to such party. Bruno Lafont, the new boss of the first world cement, knows what to take: if management does not convince investors, his Mexican challenger will be ambushed, despite a problem of competition more than that to Arcelor Mittal. Restructuring or consolidation Does it not say that Albert Frère, which it is not awarded from 10 of the capital of Lafarge, still has two irons in the fire.