While one group led by Terry Semel was 19

With courses at their highest level for five years, expectations are high and the third-quarter results season promises to be tense. Motorola was one of the first to the costs, with a slight slowdown in growth and a goal of sales disappointing for the end of the year. The reaction of investors seems a little disproportionate in the light of the parameters of the mobile terminal activity, which weighs more than 70 of the Group: share of market of Motorola and its margins, to each and the others in progress on the previous quarter as last year, reflect relative commercial peace between brands. In network equipment, stable sales and margin in downturn compares to a record period, and the figures are not sufficient to constitute a significant signal of reversal of the market. Finally, according to patterns established in the great names of the high-tech us, the generation of cash flow, very abundant, directly benefits to shareholders in the form intensive share repurchases. But it is true that the whole is more routine information to sensation, especially for a title which had bounce more than 40 in three months. And this justifies to await the results of other comparable groups to verify whether this was an isolated case or a trend.

The woes of Yahoo!

If money is the sinews of war, stock options are a locomotive essential to the success of the stars of the new technologies. Therefore, the impact of their exercise on the quarterly result of Yahoo! (amputation of a third party) is not anecdotal. Moreover, if it conceals this "exceptional" element, the net benefit of the champion of the Internet does increase 5 while the progression of sales itself disappointing reached 19. But it is especially the erosion of the market share of Yahoo! in online advertising with what concern investors. While one group led by Terry Semel was 19.4 of the U.S. market, slightly ahead of Google (19), small search engines engineering has left its competitor this year. Google should indeed get 25 of a cake estimated at 16 billion while Yahoo! get 18. The group, which is today valued 50 times in 2006 and 38 times the 2007 forecast, the expected benefits must therefore regroup to merit worthy of the best students in ratios of the class. As the key to advertising revenues are the new products attracting Internet users, and that Google still scored a point by buying YouTube, Yahoo! is not the Woods.

Gazelles and heavy weight

Elephants can run quite fast but not to the point of exceeding the gazelles. At the time where the New York Stock Exchange welcomes the good IBM results, promoting the escalation of the Dow Jones to the mythical level of 12,000 points, investors look in the rearview mirror can measure the upheavals of the hierarchy of values in a few years. If the Dow has exceeded its previous record of 1999, IBM is still 30 below its level of seven years. In contrast, the little prince of the high tech, Google, which is now worth as much as the computer giant, has multiplied its value by four two-year stock market. It is true that, if the market welcomed the increase of 7.5, excluding exceptional items in the benefit of IBM for sales in 5 progress, its performance is modest next to the exponential growth of the King of search engines. This explains that markets value profits three times more than those of IBM. With a quarterly profit of $ 2.2 billion and a net margin of 10, the pillar of Wall street is however not to be ashamed when he compares to the glories forfeited as ATT and General Motors. Having been able to find software growth supplement that was missing from its activity services while the revitalization of the historic pole of large computers, IBM risk less to reach the cohort of the dinosaurs of the rating.