5 times forecast 2008 and 19 times in 2009

A crisis can conceal another. Some had thought that the escalation of oil would skid car manufacturers. In fact, economic crisis, financial crisis and its impact on the morale and the purchasing power of consumers are much more deadly. While the barrel returned to very reasonable levels, car sales collapse. And the movement should intensify next year. To have poorly assessed the future, PSA is found with surplus production capacity without common measure with cost savings under the plan for Cape Town 2010. The group is therefore reduced to rush a third plan to reduce staff in 18 months while the effect on the results may be up to the challenges. A decrease in following years. That, despite the fall of the course of 75 since January 1, gives even to the constructor a PER of 6.5 times forecast 2008 and 19 times in 2009. Levels which remain "Unfortunately".

Portfolio Fund

Be more wary of his friends as his enemies. Arguing that Citigroup was "dramatically undervalued" on Wall Street, the prince Al Waleed, one of its historical shareholders, precipitated the fall of the title exceeds 40 in five sessions. Ironing Board of 4 to 5 of the capital can certainly seem genuine at the time where the course of stock exchange, the lowest for 13 years, approaching 3 dollars per share that the Saudi had paid in 1991. Be willing to make a cheque of approximately $ 300 million, little more than the one signed last year to an A380, did however not stopped the loss of confidence of Wall Street in strategy led a year soon by Vikram Pandit. The 52,000 deletions of posts announced the successor to Chuck Prince could only give a sense of déjà vu, highly inadequate to the collapse of that which was still two years ago the first American Bank, and the title has, since then, divided by nine. It is true that investment reported still in Al Waleed 4 excluding dividend yield. A true substantive portfolio investment.

The limits of the sky

When a long flight turns into waterfall exercise, even the most experienced pilots were not necessarily the time for a change of instrument. Confident in blankets protecting in part the effects of the increase in the fuel, Air France-KLM was taken on its head by the recession, which was instead a decline in the price of oil. Since the barrel is falling below $ 70, covers included the result instead to shelter. Even if it is evolving to the Kingdom of heaven, the company hopes that the former do not have vocation to be the last. It relies on its position as world number one to cross the crisis. With competitors forced to abandon the service to certain destinations, the magnitude of its network allows him to recover market share. Its traffic has also increased in October and its margin is higher than that of British Airways and Lufthansa. What wait a barely positive growth of its activity in a sector overall regression. It should therefore come into port, but after a hectic trip which no one knows how much it will last.