Como se combate o populismo? "Com eleições", responde Fukuyama

[nunes]

10 semanas - actualização.

Face ao fecho de 18.Novembro.2005:

Acerinox
11,64 -> 11,38 ==> -2,23%

Cap Gemini
26,45 -> 32,54 ==> +23,02%

Inditex
22,50 -> 24,30 ==> +8,00%

Rhodia
1,50 -> 1,68 ==> +12,00%


Rentabilidade global => +10,2%

[nunes]

PS - Neste tópico só iria à partida discutir estes investimentos, mas aqui fica a nota. Abri posições na PT (7.81) e PTM.com (7.93), com liquidez que andava à deriva...

Na continuação deste aparte de há 2 meses (6.Setembro), registam-se finalmente cores verdes relevantes na posição PT.
Muito pálidas ainda assim face à afilhada! (mais de 20% desde a compra).

[nunes]

2 semanas passadas, actualização.

Face ao fecho de 11.Novembro.2005:

Merck
27,25-> 30,03 ==> +10,20%

Pfizer
21,55 -> 22,43 ==> +4,08%

[nunes]

Actualização após 9 semanas.

Face ao fecho de 11.Novembro.2005:

Acerinox
11,64 -> 10,72 ==> -7,90%

Cap Gemini
26,45 -> 32,01 ==> +21,02%

Inditex
22,50 -> 23,80 ==> +5,78%

Rhodia
1,50 -> 1,62 ==> +8,00%


Rentabilidade global => +6,7%

[nunes]

Já agora, para quem como o Cramer (ainda fortemente desconfiado da Merck) está farto das grandes farmacêuticas...

"We want to be looking for stocks that will be in our kids' medicine cabinets," he said. Pfizer and Merck have the stuff that is in cabinets today, he said.

What's more, Cramer said that Big Pharma doesn't innovate anymore. They just repackage stuff so that they can squeeze out every last dime. The biotech companies are the future of pharmaceuticals, he said.

"Get into biotech now to make money off of lifesaving drugs," Cramer concluded.

... aqui ficam 2 alinhamentos biotech:

- http://www.fool.com/news/commentary/200 ... 101301.htm

- http://www.fool.com/news/commentary/200 ... it=y&npu=y

[nunes]

By Jon Hurdle
ATLANTIC CITY, N.J., Nov 3 (Reuters) - In a major victory
for Merck & Co Inc. , a jury on Thursday decided the
drugmaker provided adequate warning to doctors about health
risks associated with its withdrawn painkiller Vioxx and did
not commit consumer fraud in marketing the drug.
The nine-member jury in state court also found that Merck
did not misrepresent, suppress or conceal information about
increased risks of heart attack and stroke from the pain and
arthritis medicine. Merck shares rose on the decision.
"It's a terrific victory for Merck," said Ned Riley, chief
executive of Riley Asset Management. "It might open the door
for Vioxx to come back on the market with some labeling
(changes). It may not be the lost drug everyone anticipated."
The case brought by 60-year-old postal worker Frederick
Humeston, who claimed Vioxx caused his heart attack, was being
closely watched as a potential indicator of future Vioxx
litigation as Merck is facing more than 6,500 lawsuits from
former Vioxx users who claim to have been harmed by the drug.
"Merck would have been in a desperate situation if it had
not won this case because a negative verdict would have
encouraged waves of other plaintiffs to come forward," said
Steve Brozak, an analyst with WBB Securities LLC.
Last August, in the first Vioxx case to go to trial, a
Texas jury found Merck liable for the death of a 59-year-old
Vioxx user and awarded his widow $253 million in damages. Merck
is appealing that decision.
More than 2,700 of the cases already brought against Merck
were filed in New Jersey and Judge Carol Higbee, who presided
over the case just decided, is expected to oversee the bulk of
them.
The jury in New Jersey reached its decision after only
about eight hours deliberation, following a seven-week trial in
which lawyers for Humeston argued that Vioxx caused his 2001
heart attack and that Merck had hidden the drug's risks.
Vickie Heintz, a 40-year-old juror from Mays Landing, New
Jersey, said Humeston had "way too many health issues," to win
his case.
"If you looked at his medical records over the past 20
years it was riddled with a history of medications and health
problems. Stress absolutely played a role," Heintz said.
Merck's lawyers had argued that the postal worker was under
tremendous job-related stress at the time of his heart attack.
"Frederick Humeston would have suffered a heart attack when
he did, whether he was taking Vioxx or not," said Jim
Fitzpatrick, one of Merck's attorneys.

INCREASED RISK
The plaintiff's side had accused Merck of hiding evidence
for years that Vioxx caused increased heart risks in order to
protect huge profits.
The drugmaker said it pulled the $2.5 billion-a-year drug
from the market in September 2004 as soon as it had clear data
showing that long-term Vioxx use doubled the risk of heart
attacks and strokes.
"This case involved a person who only used Vioxx for a
short amount of time and used it intermittently," said Albert
Rauch, an analyst for A.G. Edwards. "If Merck would have lost
this, there would not be much they could win."
Humeston had only taken the drug for about two months for
knee pain from an old Vietnam war wound, while the study that
led to the Vioxx withdrawal last year found increased heart
risk only after 18 months of continuous use.
"I wish to impart to other plaintiffs, do not let this
deter you because Vioxx is a bad product," Humeston told
reporters after the verdict.
Humeston's attorney Christopher Seeger said it would take
time to get over the defeat but added: "Merck would be making a
big mistake if they think we're not going to be looking for
another trial date immediately. We're going to keep fighting."
The first federal Vioxx case is scheduled to go to trial on
Nov. 28 before U.S. District Judge Eldon Fallon of New Orleans,
who is operating out of Houston because of Hurricane Katrina.
"There will be other Vioxx trials and we will vigorously
defend them one by one over the coming years," Merck general
counsel Kenneth Frazier said in a statement.
Merck has set aside $675 million to fight the Vioxx
lawsuits.
Analysts are saying Merck could still eventually have to
pay anywhere from $5 billion to $50 billion to cover potential
liability from the growing wave of Vioxx lawsuits. Merck shares closed up $1.07, or 3.8 percent, at $29.48 on
the New York Stock Exchange after climbing as high as $30.50
just after the verdict was rendered.
The share price is still down 34 percent since Merck pulled
Vioxx from the market.

[nunes]

No final de Outubro, abri 2 posições em farmacêuticas que seguia há já algum tempo: Pfizer e Merck.

MERCK - compra a 27,25

PFIZER - compra a 21,45

Na Merck, duramente fustigada pelo processo Vioxx, parece-me que o grosso da poeira vai assentando.

A Pfizer, maior farmacêutica do mundo, apresentou resultados que desiludiram, e veio aos 21 dólares.

Reportando-nos aos fundamentais, estão baratas. Ambas são sólidas como uma rocha. Em termos AT, julgo que as descidas de ambas não violaram antigas LTa's pelos mínimos relativos de 1990 e 1994. Não sendo decisivo (não faço muita AT), registo-a por não ir contra a impressão fundamental.

Entrementes, a Merck arrebitou no seguimento de upgrades (nomeadamente da Morgan-Stanley) e pelo desfecho favorável do 2º julgamento Vioxx. Pareceu-me exagerada a reacção positiva, já que o caso da acusação não era particularmente forte. No entanto, teve um impacto simbólico que o mercado fez questão de registar.
Ainda assim, a viagem promete ser agitada... Arrisco ir dentro.

A Pfizer tem reagido bem às quedas recentes. O news-flow recente não tem registado nada de particularmente relevante. O sildenafil (vulgo Viagra), que já fora aprovado pela FDA em Junho para o tratamento da Hipertensão Pulmonar Primária, recebeu esta semana luz verde das autoridades europeias. É uma doença rara (incidência média de 2 casos por milhão de habitantes), e o impacto relativo por acção da notícia num gigante como a Pfizer é mínimo.
Esperemos por melhores resultados anuais... E pelo sacrossanto dividendo trimestral (0,19$).

Face ao fecho de 4.Novembro.2005:

Merck
27,25-> 29,22 ==> +7,23%

Pfizer
21,55 -> 22,26 ==> +3,29%

[nunes]

A Acerinox anda algo "enferrujada".

Foi constituída como posição para 2006, mas ainda assim gostava que acabasse melhor o ano... Penso que o fará.

MADRID, Nov 3 (Reuters) - Spanish stainless steel firm
Acerinox posted a 19 percent fall in nine-month net
profit on Thursday, hit by high prices of raw materials and
oversupply.
Net profit fell to 196.2 million euros ($236.6 million),
short of the average forecast in a Reuters poll of eight
analysts of 203 million euros.
Sales rose 8.8 percent to 3.26 billion euros, just below the
average forecast of 3.31 billion euros.
Acerinox said the market for its products had weakened in
the third quarter compared with previous quarters.
Stainless steel prices have fallen in Europe and the United
States because of oversupply. Several stainless steel producers
have cut output, including Acerinox rival Outokumpu ,
which at the end of last month posted a third-quarter loss and
said fourth-quarter demand was uncertain.
Acerinox, which has plants in Spain, the United States and
South Africa, said its steel production in the first nine months
of the year was 1.76 million tonnes, up 3.8 percent.
It had cut production in the third quarter by 145,000
tonnes, mainly at its South African plant.
Lower prices had been expected to hit profits at Acerinox,
one of the world's four largest stainless steel makers.
Acerinox said a fall in use of stainless steel gathered pace
in the third quarter owing to the high price of raw materials,
which had now begun to decline; high levels of stocks in all
markets; and slower growth of the world economy.
It said stocks had fallen in the latest quarter and were
expected to return to normal by the end of the year.
The market was also affected by an increase in production
capacity, mainly in China, it said.
Acerinox shares closed 0.8 percent lower at 10.85 euros,
having lost around 7 percent of their value so far this year.

[nunes]

2 meses após a constituição desta carteira, uma actualização.

Face ao fecho de 4.Novembro.2005:

Acerinox
11,64 -> 10,67 ==> -8,33%

Cap Gemini
26,45 -> 32,07 ==> +21,25%

Inditex
22,50 -> 24,24 ==> +7,73%

Rhodia
1,50 -> 1,63 ==> +8,67%


Rentabilidade global => +7,3%

[nunes]

6 semanas passadas, uma pequena actualização.
Outubro trouxe chuva, mas até a carteira ainda tem pé.

Alterei o preço de compra da Acerinox de 11,72 para 11,64 visto ter sido distribuído um dividendo extraordinário de €0,08.

A Rhodia vai proporcionando excelentes oportunidades de day-trading, que tento aproveitar nos dias em que encontro disponibilidade para acompanhar a sessão. Dado que esta carteira é um exercício de longo-prazo, tendo a não reportar ganhos intercalares.

Face ao fecho de 21.Outubro.2005:

Acerinox
11,64 -> 10,84 ==> -6,87%

Cap Gemini
26,45 -> 30,59 ==> +15,65%

Inditex
22,50 -> 24,18 ==> +7,47%

Rhodia
1,50 -> 1,67 ==> +11,33%


Rentabilidade global => +6,9%

[nunes]

Em relação à sua perspectiva de Médio-Longo Prazo eles referem o preço alvo para o fim de 2006:

Recentemente, o BPI Equity Research reduziu ligeiramente as estimativas (2% no EBITDA e no lucro líquido para 2005-2007). O nosso novo preço-alvo para o final de 2006 situa-se nos €10.90 por acção, um valor abaixo do actual preço de mercado.

Sim, notei que era para 2006. A Caja Madrid, cujo preço-alvo citei, também reduzira as estimativas do EBITDA 2005 em -4,2% perante os resultados do 1º semestre deste anoa. E entretanto baixaram o preço-justo para 14,50.

[englishman]

Olá, nunes.

Tem razão quando diz que as notas de research valem o que valem e como prova disso eles salvaguardam as suas análises com o seguinte texto:

Todas as opiniões, projecções e estimativas incluídas no site, cuja autoria pertença ao Banco Português de Investimento, S.A (o Banco), formam a
sua apreciação final no momento da sua realização e estão sujeitas a alterações sem aviso prévio, sendo que os pressupostos em que a análise em
causa se baseou podem ou não vir a revelar-se correctos, não existindo qualquer garantia de que os resultados projectados sejam ou venham a ser
atingíveis. O Banco não é responsável pela má percepção, interpretação ou utilização dessa informação e declina, desde já, qualquer
responsabilidade pelas decisões ou resultados destas, tomadas com base na referida informação.

Como todas as pessoas que emitem opiniões e análises em relação ao mercado, claro... há uma responsabilidade e um compromisso moral na emissão da opinião/análise mas não uma verdade absoluta quase divina de adivinhar o caminho destas coisas...

Em relação à sua perspectiva de Médio-Longo Prazo eles referem o preço alvo para o fim de 2006:

Recentemente, o BPI Equity Research reduziu ligeiramente as estimativas (2% no EBITDA e no lucro líquido para 2005-2007). O nosso novo preço-alvo para o final de 2006 situa-se nos €10.90 por acção, um valor abaixo do actual preço de mercado.

Claro que e, relação a mim, não posso dizer mais nada porque não acompanho o evoluir desta empresa...

Abraços e boas decisões.

EnglishMan

[nunes]

Caro Englishman, só agora reparei na sua nota, a qual lhe agradeço, até pelo facto de não ter acesso a research do BPI.

As razões de preocupação apontadas pelo BPI são por demais válidas. Ainda assim, parece-me no médio/longo-prazo uma aposta válida. Não me parece justificada a divergência em relação ao IBEX e ao sector (p.e. DJ Stoxx Basic Resources). Num cenário de quedas, pode ser um refúgio para quer procure desenvolvimento sustentado.

De qualquer, as notas de research valem o que valem. A Caja Madrid, ainda há pouco tempo colocava a Acerinox na sua carteira modelo, e apontava um preço-alvo de 14.85, se não me falha a memória. Devem ter muitas...

Um abraço, e continuação de boas análises, e melhores negócios.

[englishman]

Olá, nunes.

Não sei se interessa ou não, mas vale a intenção...

Nota do BPI em relação à Acerinox:

SMALL CAPS: Acerinox (Venda)
Preço actual: € 11.42 Preço alvo: € 10.90
A Acerinox, empresa especializada na produção de aço inoxidável, está actualmente a enfrentar diversas pressões.
De facto, a fraca procura observada no mercado europeu, juntamente com o recente aumento de capacidade por parte de um dos seus principais concorrentes, a finlandesa Outokumpu, tem influenciado todos os produtores deste metal na Europa. Além disso, os mercados Americano e Asiático parecem já ter atingido o topo do ciclo, contribuindo para uma baixa visibilidade dos resultados da Acerinox.
Catalisadores:1. Evolução negativa nos preços base do aço inoxidável – a fraca procura no mercado Europeu e o
aumento da capacidade da Outokumpu, primeiros sinais de abrandamento nos mercados americano (elevados preços do níquel) e asiático (excesso de oferta devido à elevada produção local e ao aumento
das exportações pelos produtores Europeus);
2. Custos elevados da matéria-prima (sobretudo do níquel);
3. Perspectivas para o mercado Chinês (representa 25% da procura global de aço inoxidável)
Avaliação Fundamental:Recentemente, o BPI Equity Research reduziu ligeiramente as estimativas (2% no EBITDA e no lucro líquido para 2005-2007). O nosso novo preço-alvo para o final de 2006 situa-se nos €10.90 por acção, um valor abaixo do actual preço de mercado.

Cumprimentos.

EnglishMan

[nunes]

PARIS, Oct 11 (Reuters) - UBS said on Tuesday it was
downgrading Capgemini to "neutral" from "buy" and its
price target to 34 euros from 35 euros, saying the departure of
COO Pierre Danon increased "execution risk" on the recovery plan
in the United States.

A JP Morgan pensa que não. A UBS acha que sim.
E eu espero para ver.

[nunes]

Posição inicial na CapGemini totalmente reconstituída, abaixo do preço de saída (31,07).

Excedentes (descontadas comissões) retirados da carteira; o movimento será doravante omitido, a exemplo da venda e reentrada na Rhodia.

A carteira seria a longo prazo, e por isso tenderei a retirar os dividendos de movimentos intercalares.

[nunes]

Dresdner Kleinwort Wasserstein downgraded Capgemini to
"reduce" from "hold".
"Danon has been instrumental in starting to turn around its
U.S. operation and with the process only partially complete his
departure comes at a critical juncture," it said in a research
note.

Fica o registo de um downgrade.

Posição CapGemini parcialmente reconstituída.
Amanhã há mais.

[nunes]

Tocou nos 30,34 mas começa a recompôr-se.

As quedas generalizadas do final da passada semana dificultaram a interpretação do rebate da saída do Danon. Pelo facto, talvez tenha sido demasiado tolerante (devia pelo menos ter respeitado o meu stop nos 31,74).

Por agora chega de lamentos. O perfeito é por vezes inimigo do bom.

Provável reconstituição da posição na CapGemini hoje ou amanhã.

[nunes]

By Dominique Vidalon
PARIS, Oct 10 (Reuters) - Shares in Capgemini ,
fell on Monday as the sacking of chief operating officer Pierre
Danon dented investors' confidence that the computer consultancy
will deliver on its financial turnaround promise.
The highly regarded Danon, who joined Capgemini seven months
ago, was seen as the main architect of the revamp of Capgemini's
loss-making North American operations.
"The key question now is how much impact on Capgemini's
operations (and especially the U.S. turnaround) Danon's
departure could have," said Exane BNP Paribas analyst Adam Wood
in a note.
By 1002 GMT, Capgemini shares were down 2.6 percent at 30.48
euros, underperforming European sector peers <.SX8P> which rose
0.8 percent.
Capgemini said late Friday it had sacked Danon, after a
newspaper report that he was interested in the top job at hotel
group Accor .
Capgemini said it had been surprised to learn from French
newspaper Le Figaro that Danon was a candidate for the job of
executive chairman at Accor.
Danone's departure was seen by several analysts as a blow to
Capgemini as the firm is starting to reap the first benefits
from years of restructuring, prompted by the costly acquisition
of the Ernst & Young [ERNY.UL] consultancy in the United States
in 2000.
Last month, Capgemini posted its first interim net profit in
four years and reiterated that North America would be near
breakeven in the second half.
TALISMANIC FIGURE
"Having started to regain investor trust that financial and
operating targets would be met or even exceeded over the last
6-9 months, Capgemini will need to rebuild confidence," one
sector analyst said.
When Danon, then the chief executive of telecoms firm BT
Group Plc's retail arm, joined Capgemini in March,
analysts praised his experience as a turnaround champion and his
international background. Capgemini's stock rose 5 percent the
day Danon was appointed COO.
"The loss of such a talismanic figure increases execution
and attrition risk in the United States," the same sector
analyst said.
Capgemini said it had no plans to replace Danon in the
coming months. But a source familiar with the matter told
Reuters on Friday Capgemini might announce next week the hiring
of someone to help it continue its American recovery.
"One negative is that Danon will not be replaced," Exane BNP
Paris analyst Adam Wood said.
But he also cautioned: "We do not want to denigrate Danon's
contribution, but we think in terms of the company's turnaround,
there must be a significant amount attributable to Cap's
management team, to the general pick-up in the market, as well
as Danon's own skills."
JP Morgan analysts said: "We are past the major obstacles in
the U.S. restructuring. Headcount grew in August and we expect
solid bookings, and a return to profit in the second half. None
of this is in jeopardy with Danon's departure."
Capgemini's restructuring started even before Danon's
arrival, with the appointment of Nicolas Dufourcq as chief
financial officer in September 2004, they said.
"We would expect investors to continue to look to Dufourcq
for leadership and comfort", added JP Morgan.
Capgemini shares have gained around 30 percent since the
start of 2005, outperforming a 15 percent rise in the DJ Stoxx
European technology sector <.SX8P>.
((Editing by Louise Ireland and David Holmes
Reuters messaging
rm://dominique.vidalon.reuters.com@reuters.net
Email dominique.vidalon@reuters.com
Telephone +33 1 49495432))

[nunes]

10.Outubro.05 - Venda de CAPGEMINI a 31,07.

A saída do golden boy continua a fazer mossa. Esperemos pelo estancar da hemorragia.

Resultado do trade: +17,5%.

[nunes]

PARIS, Oct 7 (Reuters) - French chemicals group Rhodia
said on Friday that its Chief Financial Officer Bruno
Mouclier would have to resign due to health reasons.
The heavily indebted company added in a statement that Chief
Executive Jean-Pierre Clamadieu would take over Mouclier's role
until the company appointed a new chief financial officer.
Rhodia shares closed down 2.1 percent at 1.83 euros on
Friday.
((Sudip Kar-Gupta, editing by Tom Hals; Reuters Messaging:
sudip.kargupta.reuters.com@reuters.net; +33 1 49 49 52 26))

[nunes]

PARIS, Oct 7 (Reuters) - Pierre Danon, the sacked chief
operating officer of computer consultancy Capgemini ,
said on Friday he regretted breaches of confidentiality over
his interest in the top job at hotels group Accor .
"I regret that the lack of confidentiality in the Accor
process created a problem at Capgemini. I find it sad and
completely abnormal," he told Reuters in an interview.
Capgemini had earlier announced it had dismissed Danon, 49,
after the company had been angered by learning from a newspaper
report that Danon was a candidate for the job of executive
chairman at Accor.
Danon said he did not know how his name had leaked out in
the press.
"It's impossible to say. What I can say is that I find it
absolutely lamentable, and at the very least it shows some
incompetence in the process, the fact that there were too many
people in the know who couldn't keep their confidentiality," he
said.
Danon said he would receive some payment from Capgemini but
declined to provide further details.
He said he would not be taking legal action after his
dismissal and added that he remained on friendly terms with
Chief Executive Paul Hermelin and Chairman Serge Kampf.
Danon said he had no regrets about going for the Accor job,
describing it as an "exceptional opportunity."
Asked what he would do now, he said, "I am going to reflect
a little."
((Reporting by Sudip Kar-Gupta and Jean-Michel Belot,
editing by Kenneth Barry; Reuters Messaging:
sudip.kargupta.reuters.com@reuters.net; +33 1 49 49 54 52))

[nunes]

By Sudip Kar-Gupta and Jean-Michel Belot
PARIS, Oct 7 (Reuters) - Capgemini , Europe's
largest computer consultancy, said on Friday it had sacked
chief operating officer Pierre Danon after a newspaper report
that he was interested in the top job at hotel group Accor.

Capgemini said on Friday it had been surprised to learn
from French newspaper Le Figaro that Danon was a candidate for
the job of executive chairman at Accor.
Capgemini said it "notes that the necessary conditions to
maintain his leadership position in the group could no longer
be met, in spite of the wish expressed by Mr. Pierre Danon to
continue his work in the group."
"As a consequence, it has been decided to bring to an end
his functions as of today. There are no plans to replace Mr.
Pierre Danon in the coming months," it said in a statement.
Danon was the main architect of a revamp in Capgemini's
loss-making North American operations.
He told Reuters that he did not regret going for the top
job at Accor, describing it as an "exceptional opportunity,"
but expressed anger at the fact that his interest had leaked
out.
"I regret that the lack of confidentiality in the Accor
process created a problem at Capgemini. I find it sad and
completely abnormal," he told Reuters in an interview.
ACCOR BOARDROOM DRAMA
Danon's dismissal is the latest drama in Accor's search for
a replacement for outgoing chairman Jean-Marc Espalioux.
Earlier this week, Accor's three main banks -- Caisse des
Depots, BNP Paribas and Societe Generale --
said they were no longer co-operating with Accor on its search
for a new chairman.
The banks said they were not comfortable with the
conditions set in Accor's search. Headhunting firm Russell
Reynolds, hired by Accor, also pulled out of the process.
Media reports have focused on several candidates who could
replace Espalioux, including Danon, but in recent weeks Gilles
Pelisson has emerged as a possible favourite.
Pelisson is the head of French company Bouygues Telecom
and is also the nephew of Gerard Pelisson, one of
Accor's co-founders.
The French banks fear that Gilles Pelisson's family ties
could be an obstacle to good corporate governance, La Tribune
newspaper reported on Friday.
Danon said he did not know who was the favourite in the
race for the Accor job, but said the process had been badly
handled.
"What I can say is that I find it absolutely lamentable,
and at the very least it shows some incompetence in the
process, the fact that there were too many people in the know
who couldn't keep their confidentiality," he said.
Danon said he would receive some payment from Capgemini but
declined to provide further details.
He said he would not take legal action after his dismissal
and added that he remained on friendly terms with Chief
Executive Paul Hermelin and Chairman Serge Kampf.
A source familiar with the matter said Capgemini might
announce next week the hiring of someone to help it continue
its American recovery.
Last month, Capgemini posted its first interim net profit
in four years and reiterated that North America would be near
breakeven in the second half.
Capgemini shares closed down 2.2 percent at 31.30 euros.
The stock has gained around 30 percent since the start of 2005,
outperforming a 15 percent rise in the DJ Stoxx European

[nunes]

Sem muito tempo para demais comentários, uma pequena actualização ao fim de 1 mês desde a constituição da carteira.

Face ao fecho de 7.Outubro.2005:

Acerinox
11,72 -> 11,48 ==> -2,0%

Cap Gemini
26,45 -> 31,30 ==> +18,3%

Inditex
22,50 -> 24,42 ==> +8,5%

Rhodia*
1,50 -> 1,83 ==> +22,0%


Rentabilidade global => +11,7%

*Como acima exposto, omite-se a venda a 1.80 e reentrada a 1.75 por se ter retirado o lucro obtido na reconstituição da posição.

[nunes]

Se dúvidas houvesse...

FRANKFURT, Oct 6 (Reuters) - BASF has no plans
currently to take over French chemicals maker Rhodia ,
board member Eggert Voscherau told a news conference on
Thursday.
"Generally speaking we are keeping an eye on the market,
seeing if any mergers and acquisitions have advantages," he
said.
"There are no specific plans regarding Rhodia at the
moment," he said.
Rhodia shares have risen at various times in the past on
speculation that it could be a target for BASF.
Voscherau added that the company's projected growth rates
were assuming that there were no acquisitions.
((Reporting by Sitaraman Shankar; +49 69 7565 1345;
sitaraman.shankar@reuters.com, reuters messaging:
sitaraman.shankar.reuters.com@reuters.net))