With shares of Dell (NASDAQ:DELL) trading around $12, is DELL an OUTPERFORM, WAIT AND SEE, or STAY AWAY? Let�� analyze the stock with the relevant sections of our CHEAT SHEET investing framework:
T = Trends for a Stock’s MovementDell is a global information technology company that offers its customers a range of solutions and services, which are delivered directly by Dell as well as other distribution channels. The company operates in four segments: Large Enterprise, Public, Small and Medium Business, and Consumer. Dell serves a wide range of customers: global and national corporate businesses; educational institutions; government, health care, and law enforcement agencies; small and medium-sized businesses; as well as end users. Through its four segments, Dell is able to provide information technology products to a growing user base around the world. As economies continue to develop, look for a company like Dell to provide important technology products for years to come.
5 Best High Dividend Stocks To Watch For 2015: Nokia Oyj (NOK1V)
Nokia Oyj is a Finland-based company engaged in the manufacture of mobile devices and networks. It operates three business segments. Devices & Services segment is divided into two areas, Smart Devices, focused on Nokia�� advanced products, such as smart phones, product development and marketing; and Mobile Phones, active in the area of mass market entry and feature phones, affordable smart phones, services, and applications. It also includes net sale of spare parts. Location & Commerce (HERE) segment develops location-based products and services for consumers, as well as platform services and local commerce services for the Group. Additionally, it provides content and map data to NAVTEQ�� customers. Nokia Siemens Networks segment provides a portfolio of mobile, fixed and converged network technology, and professional services, such as consultancy, systems integration, deployment and maintenance. In August 2013, it acquired Siemens AG's whole stake in Nokia Siemens Networks. Advisors' Opinion:- [By Adam Ewing]
A sale would provide the shareholders with cash, while potentially strengthening DNA against larger rivals Elisa Oyj (ELI1V) and TeliaSonera AB. (TLSN) The IPO could be the biggest in Finland, home of Nokia Oyj (NOK1V) and ��ngry Birds��maker Rovio Entertainment Oy, since 2005.
- [By Caroline Chen]
Activist funds generally acquire equity stakes in companies and try to force management and boards to make changes that boost share prices and investor returns. New York-based Third Point was founded by Loeb and this year disclosed stakes in companies including Sony, Nokia Oyj (NOK1V) and Sotheby��.
- [By Sharon Cho]
BYD Electronic International Co. and Compal Communications Inc. led gains of Nokia Oyj (NOK1V)�� Asian suppliers after Microsoft Corp. offered to pay 5.44 billion euros ($7.2 billion) for the Finnish company�� handset business. Samsung Electronics Co. (005930) declined 1 percent.
- [By Tom Stoukas]
Alcatel Lucent SA (ALU) jumped 6.3 percent to 2.69 euros. Nokia Oyj (NOK1V), which is set to become a manufacturer focusing on wireless networks after the sale of its handset business, is evaluating a linkup with the French company, two people with knowledge of the matter said.
Top Information Technology Stocks To Own For 2014: Banner Corporation(BANR)
Banner Corporation operates as the holding company for Banner Bank and Islanders Bank that provide commercial banking and financial products and services to individuals, businesses, and public sector entities. It generates various deposit instruments, including demand checking accounts, negotiable order of withdrawal accounts, money market deposit accounts, regular savings accounts, certificates of deposit, cash management services, and retirement savings plans. The company also originates commercial business and commercial real estate loans, agricultural business loans, construction and land development loans, one to four-family residential loans, and consumer loans. In addition, it engages in mortgage banking operations primarily through the origination and sale of one to four-family residential loans. As of December 31, 2010, Banner Bank operated 86 branch offices and 7 loan production offices in Washington, Oregon, and Idaho; and Islanders Bank conducted business from 3 locations in San Juan County, Washington. The company was founded in 1890 and is based in Walla Walla, Washington.
Advisors' Opinion:- [By Marc Bastow]
Washington-based bank holding company Banner (BANR) raised its quarterly dividend 25% to 15 cents per share, payable on Oct. 16 to shareholders of record as of Oct. 7.
BANR Dividend Yield: 1.57%
Top Information Technology Stocks To Own For 2014: Xoom Corp (XOOM)
Xoom Corporation (Xoom), incorporated on October 10, 2012, is engaged in online international money transfer service. Its customers use Xoom to send money to family and friends in 30 countries. The Company generates revenue from transaction fees charged to customers and from foreign exchange spreads on transactions where the payout currency is other than United States dollars. In February 2014, Xoom Corp acquired BlueKite, LTD, a technology company that develops solutions and applications.
The Company�� solutions are designed to offer customers a convenient, fast and cost-effective way to send money to family and friends at any time, from any Internet-enabled location. The Company�� solutions include Origination, Funding, Disbursement and Transaction Processing.
Advisors' Opinion:- [By Alex Planes]
What: Shares of Xoom (NASDAQ: XOOM ) have rocketed higher today and are now sitting 15% above yesterday's close after obliterating analyst estimates with strong earnings.
- [By John Udovich]
Small cap money transfer stock Euronet Worldwide, Inc (NASDAQ: EEFT) and Wal-Mart Stores, Inc (NYSE: WMT) have announced an exclusive money transfer service called "Walmart-2-Walmart,��meaning its time to take a closer look at the stock along with the performance of peers like Moneygram International Inc (NASDAQ: MGI), Xoom Corp (NASDAQ: XOOM) and The Western Union Company (NYSE: WU) which fell 17.68%, 4.32% and 4.98%, respectively.
- [By Zacks Investment Research]
Xoom (XOOM) is also a Zacks Rank #2 (Buy) stock that IPO'ed this year. The stock zoomed higher by a healthy 60% on its first day of trading. The online international money transfer service has been public since February 15 and had an offering price of $16 per share.
- [By John Kell]
Xoom Corp.(XOOM) swung to a fourth-quarter profit as the international money-transfer provider reported a jump in revenue. But the company’s full-year earnings outlook fell short of Wall Street’s expectations. Shares dropped 13% to $24.46 premarket.
Top Information Technology Stocks To Own For 2014: Dun & Bradstreet Corp (DNB)
The Dun & Bradstreet Corporation (D&B), incorporated on April 25, 2000, is the source of commercial information and insight on businesses, enabling customers to Decide with Confidence. As of December 31, 2012, the Company�� global commercial database contained more than 220 million business records. The database is enhanced by its DUNSRight Quality Process, which transforms commercial data into valuable insight which is the foundation of its global solutions. Customers use D&B Risk Management Solutions to mitigate credit and supplier risk, increase cash flow and drive profitability; D&B Sales & Marketing Solutions to provide data management capabilities that provide marketing solutions to increase revenue from new and existing customers, and D&B Internet Solutions to convert prospects into clients by enabling business professionals to research companies, executives and industries.
The Company operates in three segments: North America (which consists of its operations in the United States and Canada); Asia Pacific (which primarily consists of its operations in Australia, Greater China, India and Asia Pacific Worldwide Network), and Europe and other International Markets (which primarily consists of its operations in the United Kingdom, the Netherlands, Belgium, Latin America and its European Worldwide Network). The Company conducts its business internationally through its wholly owned subsidiaries, majority-owned joint ventures, independent correspondents, strategic relationships through its D&B Worldwide Network and minority equity investments.
Risk Management Solutions
The Company provides traditional, value-added and supply management solutions. The Company�� Traditional Risk Management Solutions, which primarily includes its core DNBi product line, as well as reports from its database which are used primarily for making decisions about new credit applications, constituted 74% of its Risk Management Solutions revenue and 47% of its total revenue for the ye! ar ended December 31, 2012. Its Value-Added Risk Management Solutions, which constituted 20% of its Risk Management Solutions revenue and 12% of its total revenue for the year ended December 31, 2012, generally support automated decision-making and portfolio management through the use of scoring and integrated software solutions. The Company�� Supply Management Solutions, which can help companies understand the financial risk of their supply chain, constituted 6% of its Risk Management Solutions revenue and 4% of its total revenue in 2012. Risk Management Solutions accounted for 63% of its total revenue in 2012.
Effective January 1, 2013, the Company began managing and reporting its North America Risk Management Solutions business as DNBi subscription plans, Non-DNBi subscription plans, and projects and other risk management solutions.
The Company�� principal Risk Management Solutions are DNBi, various business information reports, eRAM, and D&B Direct. DNBi is the Company�� interactive, customizable online application that offers customers a subscription based real time access to its complete and up-to-date global DUNSRight information, comprehensive monitoring and portfolio analysis. It is also focused on helping more customers protect their business from risk through additions of DNBi products: DNBi Corporate, offering flexible pricing options allowing credit departments of all sizes to get data and options they need and Portfolio Risk Manager for DNBi, a module which allows DNBi users to create strategic one -click analytic reports to see risk and opportunity across their customer base. Various business information reports include Business Information Report, its Comprehensive Report, and its International Report that are consumed in a transactional manner across multiple platforms, such as DNB.com. eRAM is an enterprise solution for large global and domestic customers for automated decisioning and portfolio analytics. D&B Direct is a software application programming inter! face (API! ) that enables data integration inside enterprise applications, such as ERP, and enables master data management.
Sales & Marketing Solutions
The Company�� Sales & Marketing Solutions is a customer solution set, which accounted 29% of its total revenue in 2012. Within this customer solution set, it offers traditional and value-added solutions. Its Traditional Sales & Marketing Solutions generally consist of its marketing lists and labels used by the Company�� customers in direct mail and marketing activities, its education business and its electronic licensing solutions. These solutions constituted 30% of its Sales & Marketing Solutions revenue and 9% of its total revenue in 2012. Effective January 1, 2013, The Company began managing and reporting its Internet Solutions business as part of its Traditional Sales & Marketing Solutions set. Its Value-Added Sales & Marketing Solutions generally include decision-making and customer information management solutions, including data management solutions like Optimizer (its solution to cleanse, identify and enrich its customers' client portfolios) and products introduced as part of its Data-as-a-Service (DaaS) Strategy, which integrates the Company�� data directly into the applications and platforms that its customers use every day. The Value-Added Sales & Marketing Solutions constituted 70% of Sales & Marketing Solutions revenue and 20% of its total revenue in 2012
Internet Solutions
The Company�� Internet Solutions business provides organized and easy-to-use products that address the online sales and marketing needs of professionals and businesses, including information on companies, industries and executives. Internet Solutions, primarily representing the results of its Hoover's business, accounted for 7% of its total revenue in 2012. Effective January 1, 2013, the Company began managing and reporting its Internet Solutions business as part of its Traditional Sales & Marketing Solutions set.
T! he Company competes with Equifax, Inc., Experian Information Solutions, Inc., infoGROUP, Graydon, and Sinotrust.
Advisors' Opinion:- [By Geoff Gannon] ly doesn�� need working capital even when it grows say 3% a year or so. And some companies always need a ton of working capital like Lakeland (LAKE) or ADDvantage (AEY). How you feel about how those companies use working capital has a lot to do with whether or not you like those stocks long-term.
Then there are companies that have increased working capital very, very fast over the last decade or so ��but they��e also increased sales at a startling clip.
That�� Carbo.
Let�� look at where the difference between EBITDA and operating cash flow is coming from.
Cash flow from others as shown on GuruFocus�� 10-year financials page for Carbo ��I��l use this as a proxy for working capital changes ��was positive in only two years. And not by much. Usually, it�� been negative. Over the 10 years, that single line has added up to a negative $173 million. Wow.
Okay. Then there�� the difference between free cash flow and owner earnings. Owner earnings as you��l remember is Warren Buffett�� calculation of what a business could pay out to owners in cash at the end of the year ��if it stopped growing. But didn�� shrink. More on that later. For now, let�� look at the difference between Carbo�� depreciation and Carbo�� spending on property, plant and equipment.
Over the last 10 years, cap-ex has been: $546 million (or $425 million if you allow cap-ex to provide cash flow in certain years, this is a weird issue I don�� want to touch right now)
And over the last 10 years, depreciation has been: $201.52 million
That�� a big gap. We��e got some combination of Carbo underreporting economic depreciation by anywhere from $225 million to $350 million or so ��or we��e got Carbo investing something like $225 million to $350 million in growth.
Which is it?
Let�� check the growth angle first.
Over the last 10 years, Carbo has grown total sales by just under 18% a year. Now, I happen to
- [By Geoff Gannon] s. All have great track records for business and stock price growth long term so this appears to be a strategic decision to finance through debt rather than equity. My question is at what point can an investor judge that this practice is no longer creating value but adding risk to the investment? There can obviously be too much leverage. However when money is cheap to borrow and ROIC is high this seems like a great way to create value for shareholders, to just borrow at 3% and buy stock with an ROIC over 20%, but how much is too much?
Thank you,
Top Information Technology Stocks To Own For 2014: Royal Gold Inc.(RGLD)
Royal Gold, Inc., together with its subsidiaries, acquires and operates precious metals royalties. The company owns royalty interests in various production, development, evaluation, and exploration stage projects, which explore for gold, silver, copper, lead, and zinc metals. It holds royalty interests in properties located in the United States, Argentina, Australia, Bolivia, Brazil, Burkina Faso, Canada, Chile, Colombia, the Dominican Republic, Finland, Ghana, Guatemala, Honduras, Mexico, Nicaragua, Peru, the Russia Federation, Spain, and Tunisia. The company was founded in 1981 and is based in Denver, Colorado.
Advisors' Opinion:- [By Jon C. Ogg]
Royal Gold Inc. (NASDAQ: RGLD) was downgraded to Hold from Buy at BB&T Capital Markets.
Target Corp. (NYSE: TGT) was downgraded to Neutral from Positive with a price target that is up at $73 at Susquehanna.
- [By STANSBERRYRESEARCH] Let me start today's essay with an admission... I have no idea what the price of gold will be by the end of the year. Of course, neither does anyone else. I've recommended owning gold and silver bullion for many years. My company began recommending it repeatedly in the early 2000s because we saw the government's efforts to weaken the dollar as a bullish sign for gold prices. Then in 2006, I began to see that we were inevitably heading for a currency crisis. These weak-dollar policies had continued for far too long and were joined by huge increases to both public and private debts. That's when I began warning about the ultimate loss of our dollar's world reserve currency status, something I've called the "End of America." So for nearly seven years, I've been telling people that, whether gold looked expensive or not, it was prudent... or even necessary... to own some as insurance. I still believe that's true. I personally own gold. I've never sold a single ounce. I hold gold because I believe the entire global system of paper money and central banking is in the process of self-destructing. And I believe in a relatively short time – perhaps five or 10 years – the existing monetary system will collapse. During this period of turmoil, I expect gold and silver will maintain their purchasing power, while all forms of paper money will be rendered worthless. I see gold as a form of savings... a universally recognized form of money that is no one else's liability. In that way, it is far superior to any other form of money currently available today. At the same time... I am fully aware that as the public's awareness of the risks associated with our paper-money system grow, volatility in gold prices will spike. Worse, I knew that as the public began to invest in gold, the likelihood increased for a wicked
Top Information Technology Stocks To Own For 2014: Dr. Reddy's Laboratories Ltd(RDY)
Dr. Reddy?s Laboratories Limited, together with its subsidiaries, operates as a pharmaceutical company. It produces finished dosage forms, active pharmaceutical ingredients and intermediates, and biotechnology products. The company also conducts research in the areas of cancer, diabetes, cardiovascular, inflammation, and bacterial infection. In addition, it involves in the contract manufacture generic prescription and over-the-counter products for branded and generic companies in the United States. The company primarily focuses on therapeutic categories of cardiovascular, diabetes management, gastro-intestinal, and pain management. It markets its products in India, the United States, Europe, and the Russian Federation. The company has a co-development and commercialization agreement with Rheoscience A/S for the development and commercialization of Balaglitazone/DRF 2593, a partial PPAR-gamma agonist for the treatment of type 2 diabetes; an agreement with ClinTec Internatio nal for the development of an anti-cancer compound, DRF 1042; collaboration with the National Cancer Institute in Maryland; and an agreement with Argenta Discovery Limited for the joint development and commercialization of a novel approach to the treatment of chronic obstructive pulmonary disease. It also has an agreement with 7TM Pharma for drug discovery collaboration on selected drug targets; and an agreement with GlaxoSmithKline plc to develop and market pharmaceuticals for the treatment of cardiovascular disease, diabetes, oncology, gastroenterology, and pain management. Dr. Reddy?s Laboratories Limited was founded in 1984 and is headquartered in Hyderabad, India.
Advisors' Opinion:- [By Ben Levisohn]
Teva has dropped 7.7% to $37.85 today at 3:23 p.m. but doesn’t seem to be spreading though the generic drug space. Taro Pharmaceuticals (TARO) ha gained 1.1% to $79, while Actavis (ACT) has gained 1.2% to $156.25 and Dr. Reddy’s Laboratories (RDY) has advanced 1% to $40.24. Mylan (MYL) has dropped 0.7% to $38.40.
- [By Seth Jayson]
Dr. Reddy's Laboratories (NYSE: RDY ) reported earnings on May 14. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended March 31 (Q4), Dr. Reddy's Laboratories beat expectations on revenues and beat expectations on earnings per share. - [By Dan Carroll]
The company's generic drug segment should also help push emerging market sales. Abbott markets generic pharmaceuticals outside the U.S. only, and while the division isn't growth-oriented -- sales actually fell around 2% for the quarter -- it provides an entry for the company to push into lucrative new markets such as India, where generics make up the large majority of the country's retail market. The company will face tougher competition in this industry, however: Firms such as India-based Dr. Reddy's (NYSE: RDY ) have also pushed hard into emerging markets lately, and Dr. Reddy's in particular should benefit from its being headquartered in one of the industry's top locales.
- [By Rich Duprey]
Following FDA approval of its abbreviated new drug application, or ANDA,�Dr. Reddy's Laboratories (NYSE: RDY ) announced today that it launched its lamotrigine extended-release tablets, the generic version of GlaxoSmithKline's Lamictal.�
Top Information Technology Stocks To Own For 2014: Cullen/Frost Bankers Inc (CFR)
Cullen/Frost Bankers, Inc. (Cullen/Frost), incorporated in 1977, is a financial holding company and a bank holding company. The Company offers commercial and consumer banking services, as well as trust and investment management, mutual funds, Section 1031 property exchange services, investment banking, insurance, brokerage, leasing, asset-based lending, treasury management and item processing services. At December 31, 2011, Cullen/Frost had consolidated total assets of $20.3 billion. The Company operates in two segments: Banking and Frost Wealth Advisors. The Company serves a variety of industries including, among others, energy, manufacturing, services, construction, retail, telecommunications, healthcare, military and transportation. On January 1, 2012, the Company acquired Stone Partners, Inc., a Houston-based human resources consulting firm that specializes in compensation, benefits and outsourcing services. During the year ended December 31, 2011, the Company acquired an insurance agency in the San Antonio market area.
Cullen/Frost�� subsidiaries include The New Galveston Company, Cullen/Frost Capital Trust II (Trust II), The Frost National Bank (Frost Bank), Frost Insurance Agency, Inc., Frost Brokerage Services, Inc. (FBS), Frost Premium Finance Corporation, Frost Investment Advisors, LLC, Frost 1031 Exchange, LLC, Frost Securities, Inc. and Main Plaza Corporation. The Banking operating segment includes both commercial and consumer banking services, Frost Securities, Inc. and Frost Insurance Agency. Commercial banking services are provided to corporations and other business clients and include an array of lending and cash management products. Consumer banking services include direct lending and depository services. Frost Insurance Agency provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty products, as well as group health and life insurance products. Frost Securities, Inc. provides advisory and private equity s! ervices to middle market companies. The Frost Wealth Advisors operating segment includes fee-based services within private trust, retirement services, and financial management services, including personal wealth management and brokerage services. The parent company�� principal activities include the direct and indirect ownership of the Corporation�� banking and non-banking subsidiaries and the issuance of debt and equity.
The New Galveston Company
The New Galveston Company is a wholly owned second-tier financial holding company and bank holding company. The Company directly owns all of Cullen/Frost�� banking and non-banking subsidiaries with the exception of Cullen/Frost Capital Trust II.
Cullen/Frost Capital Trust II
Trust II is a business trust formed for the purpose of issuing trust preferred securities and lending the proceeds to Cullen/Frost. Trust II is a variable interest entity for which the Company is not the primary beneficiary.
The Frost National Bank
The Frost National Bank (Frost Bank) is primarily engaged in the business of commercial and consumer banking through approximately 115 financial centers across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions. At December 31, 2011, Frost Bank had consolidated total assets of $20.3 billion and total deposits of $16.8 billion. Frost Bank provides commercial banking services to corporations and other business clients. Loans are made for a variety of general corporate purposes, including financing for industrial and commercial properties and to a lesser extent, financing for interim construction related to industrial and commercial properties, financing for equipment, inventories and accounts receivable, and acquisition financing, as well as commercial leasing and treasury management services.
Frost Bank provides a range of consumer banking services, including checking accounts, savings progra! ms, autom! ated teller machines, overdraft facilities, installment and real estate loans, home equity loans and lines of credit, drive-in and night deposit services, safe deposit facilities, and brokerage services. Frost Bank provides international banking services to customers residing in or dealing with businesses located in Mexico. These services consist of accepting deposits, making loans, issuing letters of credit, handling foreign collections, transmitting funds, and to a limited extent, dealing in foreign exchange.
Frost Bank acts as correspondent for approximately 316 financial institutions, which are primarily banks in Texas. These banks maintain deposits with Frost Bank, which offers them a range of services, including check clearing, transfer of funds, fixed income security services, and securities custody and clearance services. Frost Bank provides a range of trust, investment, agency and custodial services for individual and corporate clients. These services include the administration of estates and personal trusts, as well as the management of investment accounts for individuals, employee benefit plans and charitable foundations. Frost Bank�� Capital Markets Division offers services, such as sales and trading, new issue underwriting, money market trading, and securities safekeeping and clearance.
Frost Insurance Agency, Inc.
Frost Insurance Agency, Inc. is a wholly owned subsidiary of Frost Bank. Frost Insurance Agency, Inc. provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty insurance products, as well as group health and life insurance products.
Frost Brokerage Services, Inc.
FBS is a wholly owned subsidiary of Frost Bank. FBS provides brokerage services and performs other transactions or operations related to the sale and purchase of securities of all types.
Frost Premium Finance Corporation
Frost Premium Finance Corporation is a who! lly owned! subsidiary of Frost Bank. Frost Premium Finance Corporation makes loans to qualified borrowers for the purpose of financing their purchase of property and casualty insurance.
Frost Investment Advisors, LLC
Frost Investment Advisors, LLC is a registered investment advisor entity and a wholly owned subsidiary of Frost Bank. Frost Investment Advisors, LLC provides investors access to various Frost-managed mutual funds.
Frost 1031 Exchange, LLC
Frost 1031 Exchange, LLC is a wholly owned subsidiary of Frost Bank. Frost 1031 Exchange, LLC assists customers in structuring the exchange of property such that the transactions result in a tax-deferred exchange in compliance with Section 1031 of the Internal Revenue Code.
Frost Securities, Inc.
Frost Securities, Inc. is a wholly owned subsidiary of The New Galveston Company. Frost Securities, Inc. provides advisory and private equity services to middle market companies in Texas.
Main Plaza Corporation
Main Plaza Corporation is a wholly owned non-banking subsidiary of The New Galveston Company. Main Plaza Corporation occasionally makes loans to qualified borrowers.
Advisors' Opinion:- [By Sarah Jones]
Richemont (CFR) rallied 8.3 percent to 73.80 Swiss francs, the biggest gain since December 2008. The Swiss company said full- year net income climbed about 30 percent as the dollar�� strength against the euro boosted sales growth. Analysts had expected a 25 percent gain in profit, according to the average of 17 estimates compiled by Bloomberg.
- [By Namitha Jagadeesh]
UniCredit SpA and Standard Chartered Plc climbed more than 2 percent each as a gauge of lenders advanced. Randgold Resources Ltd. and Polymetal International Plc jumped more than 8 percent as the price of gold rose. Cie. Financiere Richemont SA (CFR) and Swatch Group AG advanced more than 1 percent as a report showed Swiss watch exports increased last month.
- [By Jack Adamo]
Steve Halpern: Another new recommendation is Cullen/Frost Bankers (CFR). There you've been recommending the 5.375% Perpetual Preferred Series A (CFR-PA). Now, you call Cullen/Frost one of the best little banks in Texas. What makes this such an attractive issue?
- [By Sofia Horta e Costa]
Sanofi fell 2.6 percent after withdrawing a U.S. application for a diabetes drug. Cie. Financiere Richemont (CFR) SA dropped 2.3 percent as revenue missed analysts��estimates. Vivendi SA advanced 2.7 percent after saying it will begin a formal study to separate its French phone unit from its media businesses. Home Retail Group Plc (HOME) surged 5.4 percent to a two-year high as sales exceeded projections.
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