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Oil shocker – producers claim to want lower prices!
Good grief, there’s a lot of tosh spouted on where oil prices are going after Russia and Saudi Arabia pulled the plug on the current rally, once Brent oil hit the magical $80/bbl target. The prize however, must go to Goldman’s straddle, where it seems the ‘technical’ analyst (someone who can draw straight lines) is […]
Continue readingM&S – for once without the flannel
Being long into the M&S results, I was understandably happy to root for the old girl as she struggles to re-invent herself for the modern world. The numbers themselves were broadly as expected and while it was comforting to have the dividend not only held, but forecast to remain that way, I was never in […]
Continue readingRyanair – when the music stops
Many companies resemble sharks. Not just for their need to keep eating new prey to grow, but to keep growing to stay afloat. The capital intensive airlines are perhaps the most glaring example of this in action, particularly given the additional scale advantage that can be secured. The problem for investors however, is being able […]
Continue readingWPP’s armchair warriors
Markets love corporate activity. Bankers love them as shifting assets around companies earns them big fees. Managements love them because they provide opportunities to earn big bonuses. Investors therefore are encouraged to believe all this will enhance shareholder value, so as to endorse the merry-go-round. How many times have we seen acquisition led growth disguise […]
Continue readingApril US employment growth – Goldilocks
There seems to be a whole industry that has emerged to pore over the monthly US non-farm payroll numbers, but ultimately there are only two things of interest. Are US corporate sacking enough employees to signal an impending recession, or employing so many and paying so much as to spook the Fed into tightening monetary […]
Continue readingTime Warner management need to renegotiate AT&T offer
When a slow, or no growth company offers stock to acquire a faster business, then there is always a risk that time value will whittle away the initial bid premium. For AT&T’s offer for Time Warner, this has been accentuated by the drawn out litigation with the DoJ to get the deal approved as well […]
Continue readingIs the current oil price/sector rally getting played out?
It’s not exactly rocket science to work out that upstream oil profits and therefore oil major share prices are sensitive to prevailing oil prices. It therefore ought not come as too much of a surprise then to see sector share prices respond favourably to the better than expected rally in oil prices, with Brent hitting […]
Continue readingGone by May?
As a student of history, Putin is probably well aware of Napoleon’s maxim of “Never interrupt your enemy when he is making a mistake”. The US, France and UK may well feel empowered this morning after attacking Syria with around $200m worth of missiles, but what have they achieved? The Syrian military has not been […]
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