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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

Jul 22, 2014 8:32 AM       Daily Market News   EN | DE

Credit Suisse reports quarterly loss after U.S. tax settlement

Credit Suisse (Attractive*) posted its biggest quarterly loss since 2008 after paying USD 2.6bn to settle an U.S. tax investigation. The bank?s Q2 net loss was CHF 700m, compared with a profit of CHF 1.05bn a year earlier. Analysts surveyed by Bloomberg forecast a net loss of CHF 691m. Credit Suisse reporting a second quarterly loss in less than a year said, ?strategic results were solid, demonstrating the resilience of the business model, notwithstanding subdued client trading activity in certain areas which impacted both private banking & wealth management and investment banking.? Pretax profit at the investment bank was steady at CHF 752m, beating the CHF 544m average estimate of analysts surveyed by Bloomberg. The bank today announced a further reorganization of the investment bank. Wealth management posted a 8.4% decline in pretax profit to CHF 569m, while attracting CHF 7.4bn in net new money. Analysts had expected inflows of CHF 6.2bn. We leave our rating unchanged on the back of a satisfactory operating business.

From: LGT Navigator Abo

Jul 21, 2014 8:36 AM       Daily Market News   EN | DE

Julius Baer: Solid net new money inflow & Leumi cooperation

Swiss private bank Julius Baer posted a solid profit gain in the first-half and announced a strategic cooperation with Israeli Bank Leumi. Adjusted profit, which strips out certain expenses and provisions, advanced 10% to CHF 288m and net income climbed to CHF 178.3m from 114m a year earlier, exceeding market estimates. Net new money inflow was also stronger than expected. Assets under management rose 8% to CHF 274bn. ?We are very pleased with the strong financial performance in the first half of 2014,? Chief Executive Officer Boris Collardi, commented in the statement. Switzerland?s third-largest wealth manager said it has entered into a ?strategic cooperation agreement? with Bank Leumi and will acquire the bank?s wealth operations in Switzerland and Luxembourg with about CHF 6bn and CHF 1.3bn, respectively, under management. Still unclear is the situation regarding the tax dispute with the U.S. government. The bank has said it expects to pay a penalty to settle the matter, but so far cannot reliably assess the size of the fine.

From: LGT Navigator Abo