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Jul 28, 2014 8:39 AM       Daily Market News   EN | DE

Reckitt Benckiser: Spin off of pharma business

Reckitt Benckiser largely met market expectations with its first half-year results. Net profit was even slightly better than expected (GBP 829m vs. consensus GBP 804m). In addition, the manufacturer and distributer of a wide range of household, toiletry, pharmaceutical and food products confirmed its plan to spin off the pharmaceutical business within the next twelve months, which makes sense from our perspective. Reckitt confirmed its outlook and presented, in our view, an overall result without any major surprises at the first glance. We therefore reiterate our rating.

From: LGT Navigator Abo

Jul 25, 2014 8:42 AM       Daily Market News   EN | DE

LVMH: Negative currency and special effects

LVMH posted first-half earnings that came in below expectations due to a strong Euro, the increase in VAT in Japan and a lower sales of high-quality cognac. Our recommendation remains unchanged.

From: LGT Navigator Abo

Jul 24, 2014 8:40 AM       Daily Market News   EN | DE

Roche delivers convincing half-year results

Roche presented overall convincing half-year results and slightly exceeded market expectations (EPS CHF 7.57 versus consensus CHF 7.43), despite negative currency effects. Not only established drugs but also new breast cancer drugs (Kadcyla, Perjeta) have contributed to solid results. Roche confirmed its outlook. The stock trades at the level of the peer group but deserves in our view a clear premium. We confirm our rating.

From: LGT Navigator Abo

Jul 23, 2014 8:45 AM       Daily Market News   EN | DE

Apple: Solid sales and "incredible pipeline"

Apple signaled that the long wait for new products is nearing an end, with Chief Executive Officer Tim Cook talking about an ?incredible pipeline.? Q3 net income rose 12% to USD 7.75bn and revenues advanced 6% to USD 37.4bn, with strong iPhone and Mac sales making up for a drop in iPad demand. Sales of the iPhone rose 13% to 35.2m and Mac sales increased 18% to 4.4m. That helped offset a second-straight quarterly decline for the iPad, with sales dropping 9% to 13.3m as the tablet market becomes more saturated, especially in the U.S. and Western Europe. Apple shares were little changed in extended trading.

From: LGT Navigator Abo

Jul 23, 2014 7:36 AM       Weekly Market Comment  EN | DE

LGT Beacon: Chinese balancing act

The decline of China?s economic growth seems to have found a bottom for the time being. In the second quarter the real gross domestic product (GDP) grew by 7.5% year over year, which is a slight acceleration compared to the previous quarter. The outlook remains mixed since the growth rates would have decreased further without any policy stimulus. However, the stock markets are already pricing in a lot of negative developments.

From: LGT Beacon Abo