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Bids climb for 3PAR. The computer giants Dell and Hewlett-Packard are engaged in a struggle to redeem the American Society of data storage. A standoff that intensified this week.

Last rebound on Friday: HP announced in mid-afternoon that he raised his bid for 3PAR to $ 30 per share, valuing the company proposed data storage to 2 billion dollars! Rival Dell had announced earlier in the day he lined up on the previous HP offers made Thursday night: $ 27 per share, or $ 1.8 billion.

In this battle of "cloud computing (cloud computing via the Internet), and two days are alike. The day of Thursday has been marked by the same scenario.By putting on the table an offer to 1.8 billion, HP responded to Dell, which had outbid earlier in the day.

For Dell, the matter seemed closed Thursday morning. Thirty cents per share closely. Indeed, the offer was raised from Dell was barely higher than that of HP, to 24.30 cents per share against 24 cents. If the transaction would receive the green light from authorities, Dell assured however that it could be finalized before the end of the year. The computer maker also added that the operation "should have a positive impact on [his] profit excluding exceptional items from fiscal 2012.

The "cloud computing" is popular

He had not reckoned on the pugnacity of HP.The acquisition would allow 3PAR to expand its range of storage products for cloud computing and support services activities, like other industry heavyweights like IBM, they tend to generate higher profit margins than sales of computers.

The ball is now in the hands of Dell. And it did not intend to waive 3PAR Friday. "The group continues to believe that the acquisition of 3PAR, and its storage technology market leaders, is an important operation for our customers and will strengthen Dell's position on these services," he said in its statement.Dell has until Sept. 20 to launch a public offer to acquire all the shares of 3PAR, "unless the offer is extended," he says.

The battle began last Aug. 16, when Dell announced plans to acquire 3PAR price of $ 18 per share. A week later, HP came out of the woods. Last Monday, the group also proposed 1.6 billion dollars against 1.15 billion for Dell. The suspense continues, therefore. And the recovery of 3PAR flies …

On Friday, shares of Hewlett-Packard bend 1.5% to 37.6 dollars in Wall Street, about 17 hours, while Dell shares advance 1.8% to $ 12. 3PAR him, flew 21.5%.

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Dropped 6% Eurostoxx 50 in four meetings. -4.5% On the Dow Jones. The stock markets are feeling the pinch since five days after a series of disappointing indicators. But the deteriorating economic conditions may explain in part the decline of recent days. A new phobia stirred since mid-August the community of technical analysts, very active in the Anglo-Saxon: the Hindenburg omen. According to this theory based on statistical observation, when during a single session, a large amount of assets a share price reached its highest level since 52 weeks and another group of shares is in contrast to a low of 52 weeks, then it presages a new crash on Wall Street. This configuration has indeed preceded all the crashes of the past 25 years.Now this rare phenomenon has been observed on August 12 last.

At first glance, the analysis may seem silly, but when we know the possible influence of technical analysis on decision making in trading rooms, the question deserves some attention here. An emphasis on this theory could have the effect of precipitating the collapse of markets by a kind of anticipatory self-fulfilling.

What happened on August 12

On 12 August, the same day at least 2.9% of U.S. stocks from the NYSE reached a peak of 52 weeks, while at least 2.6% of values fell to a low of 52 weeks. This configuration, called "Hindenburg omen," referring to the crash of a German Zeppelin in New Jersey in 1937, would thus poses a risk of an imminent collapse in the New York Stock Exchange.For the scenario is validated, however, requires that the configuration is again within 35 days. However, if one sticks to the analysis of Robert McHugh Marketoracle website, seems to have been the case, last August 20.

More ominously, this type of configuration, which, under certain conditions, would have preceded each of the 25 crashes last year. This was the case before the crash in the fall of 2008. The figure was also present a few weeks before the stock market crash of 1987. We could observe three trading days before the panic of October 1989. With this indicator, the 1990 recession, falling stock markets linked to the collapse of LTCM and Asian crises of 1998 were also predictable.

A highly controversial approach

By looking more closely at the scenario is unlikely to occur. To understand this flag, it must return to basics.The paternity of the Hindenburg omen Miekka back to Jim, who edits a newsletter called the Bull & Bear Report Sudbury. But the very idea of this flag goes back to later, finding its roots in another indicator: the high low logic index, described by Norman Fosback in the 1970s. In his book Stock Market Logic, the American economist, explained why when at the same time, a significant number of shares reached a new high and a significant number reaches a low, markets are likely to decline. This shows that the market is undergoing a period of extreme divergence, which is generally not conducive to future rising stock prices.

But where Norman Fosback had merely simple criteria, proponents of the Hindenburg omen facing a multitude of conditions, which are subject to interpretation, and therefore are not unanimous.That's where the shoe pinches. In practice, it is virtually unenforceable.

Reliable indicators abound in the sense of portent

When the five conditions necessary for the validation of the Hindenburg omen are met, the stock market crash, defined by a rapid drop of at least 15% of stock market indices in the next four months, would then have 30% chance to occur. A contrario reasoning is sufficient to limit the scope of this prediction: if a 30% chance that a crash occurs, there are so 70% it does not happen! This likelihood does not however exclude the possibility of an imminent crash.

This approach also runs counter to the traditional view of technical analysis, which is to banish any source of subjectivity by analyzing the market through simple indicators, not subject to multiple conditions in an attempt to predict the evolution courses in the coming weeks. Technical analysts therefore recommend to always use the same indicators that markets go up or they fold, including the trend of moving averages.These reliable indicators not currently exclude a decrease of 10% to 15% of the market in the coming weeks, as recommended in the Hindenburg omen.

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The Paris Bourse hesitated Wednesday

The five conditions of the Hindenburg omen

First, the quota values that cross new thresholds upward or downward has been lowered. For Norman Fosback requires a minimum of 5% of the relevant securities. But for the Hindenburg omen it requires a much lower threshold of 2.5%.

Further, the followers of the Hindenburg omen believe it should be interpreted in light of several other indicators on the conditions of validity of five.The first condition, the most important is that the highest and lowest of 52 weeks. The second is that the moving average of ten weeks NYSE should be increased. Thirdly, the McClellan Oscillator (a proxy measure of volatility) must be negative on the same day. Fourth condition: the highest amount of new 52-week values the NYSE should not exceed twice the amount of new low of 52 weeks. Finally, and this is the fifth and final condition: the scenario must be repeated within 36 days after the first appearance of this configuration market.

Having finished sharply higher Monday, the U.S. markets followed their European counterparts in the red. On Tuesday, the Dow Jones coward 0.36% 10,636 points at closing. The Nasdaq and the S & P retreating respectively 0.52% to 2284 points and 0.48% to 1120 points.

Markets were waiting for signs of solid U.S. recovery now but they were not reassured. The Commerce Department announced that consumer spending of U.S. households remained unchanged in June In addition, the consumption figures in May were revised downward: they no longer show a rise of 0.1%, against 0.2% previously announced. Economists had forecast an average increase of 0.1% of consumer spending in June

Household income is also unchanged in June at 0.1%, while economists had estimated the increase at 0.1%.The savings rate has reached 6.4%, up a tenth of a point, its highest level since June 2009.

Prices are down 0.1% in June and inflation falls to 1.4% a year.

Furthermore, he promises the sales on the U.S. housing market suffered an unexpected drop in June The index of the federation of Realtors NAR is thus fell to a new record low 75.7. He had fallen from 29.9% in May after the expiration of a tax credit for first-time buyers. In one year, the show promises to sell a drop in June from 18.6%.

In addition, industrial orders fell 1.2% in June, while the market was expecting a decline of 0.5% only. In May, these orders had fallen 1.8% (revised from -1.4%), posting a second consecutive month of decline.

Dow Chemical and Procter fall

On the corporate side, Dow Chemical (-10.06% to 25.48 dollars) and Procter & Gamble (-3.50% to 59.89 dollars) derive the score down. Both companies have disappointed the markets by their results published before the market opens. The first was reported earnings below expectations in the second quarter to $ 566 million, or 50 cents per share, after posting a loss of $ 486 million (47 cents per share) the previous year. Excluding items, earnings totaled 54 cents per share against 56 cents expected by analysts. The second has announced a profit drop of 12% in the fourth quarter of its fiscal year lagged below expectations at 2.185 billion dollars. The turnover is also lower than expected, growing by 5% to 18.926 billion dollars against 19.1 billion dollars expected.

In contrast, Pfizer (5.56% to 16.34 dollars) flies. The pharmaceutical giant reported earnings up 9% year on year to 2.475 billion dollars against 2.261 billion a year earlier. Earnings per share excluding exceptional items stood at 62 cents while analysts expected 52 cents on average.

RIM (-2.54% to 55.53 dollars) on Tuesday introduced its new BlackBerry. No officer of MDR was available after the presentation of the Torch, a touch screen device and slider to evoke the "discussions" going on with the authorities in countries like the UAE and Saudi Arabia worry about the barriers to safety that arise messaging services on the BlackBerry.

Morgan Stanley (-0.72% to 27.48 U.S. dollars) has decided to split the fund FrontPoint risk investments, acquired in 2006 by U.S. TV network CNBC that the transaction would be completed within three months. This split would allow Morgan Stanley to comply with new requirements of the Dodd-Frank legislation on financial regulation, which limits the bank's own brokerage and speculative positions.

Sanofi-Aventis has sent the U.S. biotech group Genzyme (-0.23% to 70.20 dollars) a letter citing his interest in American society, said Monday a source close to the deal, adding that both companies were discussing supply.

The automotive sector also changed on Tuesday after the publication of sales of major manufacturers for the month of July.Ford (-1.75% at 12.93 dollars) despite rising sales of 5% as its competitors, disappoints. Toyota is doing well (1.07% to 72.81 dollars) after avoirqui has reported a 6.8% decline in shipments in July.

The number of counterfeit euro banknotes declined in the first half of 2010 according to the biannual report of the European Central Bank (ECB). In total, 387,000 false banknotes were withdrawn from circulation, a decline of 13% over the second half of 2009.

The ECB said that "reported to the stock, up, of genuine euro banknotes in circulation (average 13.2 billion in cuts in the first half of 2010), the number of counterfeits is very small." The European institution does not specify whether the counterfeit notes were seized before their release.

Tickets are most affected by counterfeiting are € 20 (41.5%) and 50 euros (42.5%). Almost all (98%) of counterfeit notes seized this semester have been in a member country of the euro area.According to the Central Office for the Suppression of Counterfeiting Currency (OCRFM) quoted by Agence France Presse (AFP), France, Spain and Italy together account for 70% of the counterfeiting of the euro.

The ECB seeks public caution, recalling the method "Touch-Tilt-Watch" called "TRI" to verify the presence of several security features on tickets for the single currency.

The euro area returns in the red. Ten days after France's trade deficit widened to 5.5 billion euros, the euro zone on Friday issued a trade deficit of 3.4 billion for the month of May, after a surplus of 0.3 billion in April, according to a first estimate from Eurostat. In May 2010, seasonally adjusted exports rose by 1.6% and imports by 4.2%. In May 2009, the euro area recorded a surplus of 2.2 billion euros.

This was due to the decline of the euro against the dollar in the spring, pro-European exports, but bad for imports, which are to higher prices.

All countries of the European Union, namely sixteen of the euro area and the eleven who did not belong, recorded in May a trade deficit of 15.1 billion euros free instant credit report . It widened from April (-11 billion) and over the same month of 2009 (-7000000000). In May 2010, exports of "27" rose 0.9% and imports by 4.1%. One area where the deficit was more accentuated for the "27", the éenergie (-91.5 billion euros against a deficit of 76.1 billion a year ago).Conversely, manufactured products emit a surplus of 50.5 billion euros (ocntre a surplus of 34.7 billion).

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Eighty days after the explosion of the platform Deepwater Horizon BP, while 35,000 to 60,000 barrels of crude continue to flee each day in the Gulf of Mexico, the Administration faces Obama in the oil industry courtrooms.

Latest twist, a Louisiana appellate court has imposed a setback Thursday at the White House. On 22 June a judge in New Orleans overturned the six-month moratorium on new offshore drilling more than 150 meters deep, decreed by the Obama Administration. The magistrate ruled the gel arbitrary, decided by him without consideration for its regional economic impact. The executive has therefore appealed and lost again on Thursday.

Thirty drilling platforms in the Gulf these are now hostage to this legal battle.The cost of leasing a drilling platform is estimated at 1 million per day. As a result of thirty platforms in the Gulf, the bill accumulated over three months would amount to 2.7 billion dollars for companies exploring the deposits of the Gulf. The extension of the moratorium could put 50,000 employees out of work in Louisiana and the neighboring oil states.

Go drill "elsewhere"

Along with judges, elected Republicans deposit burst of bills or amendments to overturn the moratorium. For its part, the British government also said to be opposed to a freeze of all offshore drilling and focuses on a case by case basis. "We will not allow drilling until we have no assurance that the plans for all wells (…) represent what can be done better," says the UK Department of Energy.

Already, several U.S. companies threaten to go elsewhere to drill. "If the moratorium is maintained, we will have to redirect our resources to other parts of the world we are authorized to work," says one at Exxon Mobil, the first American company. In the U.S., the oil sector is characterized by the presence of a multitude of small companies, which bore alongside the majors. Thus, Swift Energy, based in Houston, told AFP that she was going to drill more in Texas, on land, at the expense of its operations off the coast of Louisiana.

In California, oil companies had rejoiced the green light to drill offshore, given by Barack Obama just days before the spill.The disaster has brought back the White House on this concession to the oil lobby for support of allied Republicans in Congress on the draft energy law discussed step by step for over a year. The company Venoco, which had projects off California, will focus on its land drilling. Problem: the volumes available in the ground are much lower than those buried under the ocean floor.

G20 warned. Beware of excessive rigor. That's good, the government has always had something in horror. Rigor. However, in the fall, it will be many rigorous measures to be announced. Nonetheless, France has heard this message. This Sunday, at the Economic Forum, held annually the weekend by the Circle of economists, Christine Lagarde, Minister of Economy, has found a new formula. The "ri-lance, a mixture of rigor and recovery. "Renewal or rigor, this is not a choice, not a Gordian knot for me," she said.The economic policy that we are in France now is a political ri-lance.

So precisely what does she mean by "ri-lance? This is a "delicate balance which is really to reduce public spending where it will be less painful for the prospect of reviving economic activity," she says.

Another question: how to implement it? "We must carry out fundamental reforms such as pension reform and revitalize the economy by insisting on nvestments and innovation.

Reducing public expenditure without forgetting to relaunch growth. Such is the creed of the government, which needs to 100 billion euros in savings in three years and above who expects growth of 2.5% in 2011 as in 2012.Ambitious requires a real fight economic policy and especially a real global coordination.

The last summit of the G20 in Canada had indeed left a clear dissonance in this area between Europeans and Americans. They demanded that the Europeans do not all implement the same time austerity plans, fearing for U.S. growth.

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The Autorité des marchés financiers (AMF) to better protect investors. Like announced last April, the MFA has launched with the collaboration of the supervisory authority, a new public financial information. His goal? To better inform its clients on banking, savings, insurance, financial markets or the credit. The public will get information on insurance products (home, auto, life, health …), bank accounts, means of payment, bank books or the functioning of financial markets, products collective savings, companies listed on the Stock Exchange, the securities account.

"Applications will be redirected by the operators to specialists of the AMF or the supervisory authority," says Madeleine Guidoni, mediator of the AMF.The policeman of the Exchange hopes to meet customer expectations disappointed that their banks do not have better information about the content of such Fund.

Life buoy

"The financial institution has taken to bad habits for marketing of financial products", regrets the mediator of the AMF.With this new service, the regulator should thus be able to better track business practices of banks and better focus the control activities.

After the merger of the bank authorities and insurance giving birth to the supervisory authority, the creation of this service, as required by the economy minister, Christine Lagarde, is like a lifeline to investors, including confidence in financial markets has been severely affected by the numerous cases of fraud or scam.

Called Insurance Banking Savings Info Service, is available in a website – www.abs-infoservice.fr – A telephone helpline – 0811901801 – and a postal address – Insurance Banking Savings Info Service, 61 Rue Taitbout; 75,009 Paris.The domestic number is available Monday through Friday from 8:00 to 6:00 p.m..

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The rating agency Fitch announced Monday after the close of stock markets in Europe, it lowered the ratings of BNP Paribas. The first French bank by market value was previously the club closed their highly rated by Fitch, AA sharing a favorite with the British HSBC and Spain's Santander. But the rating agency, BNP Paribas can not be "comfortable" among this circle of elected officials. The bank is degraded to AA – with a stable outlook.

The share "fairly important" for investment banking activities, deteriorating asset quality in 2009 and capital ratios slightly below the others behind this disgrace. Santander and HSBC show, in turn, limited contributions from their market activities."BNP Paribas continues to demonstrate its ability to cope with the pressures that affect the financial sector, especially European banks, and diversification is good," says Fitch, however.

The European Commission has just been estimated in March that the forecasts were too optimistic France and the International Monetary Fund (IMF) last Thursday to consider that they might lead to "a significant underestimation" of efforts to reduce the deficit to 3% of GDP in 2013, Paris had no intention of yielding to pressures coming from all sides on its growth forecast and react hastily to the scaling back.

While the government expects growth of 2.5% in 2011 as in 2012, Christine Lagarde, who was Sunday guest of Grand Jury RTL-LCI-Le Figaro, said Bercy maintained that figure. "It is perhaps a bit daring.But this does not mean that I do not think so because when we have breaks in growth, as we had last year, it rebounded the following year generally stronger than that which was anticipated, "Christine Lagarde has justified, that speaks of" a spring that tightens "…

Nevertheless, "it is too early in the year," to decide to revise the forecast, says she. "Wait and see the results of second quarter results that I hope good." The growth figure for the second quarter will be published in August.Traditionally, this publication – which comes in full preparation of the draft budget law – leads to changes in assumptions of growth for the next year payday loans.

Commitments savings firm and final

If she wants to be proactive, Christine Lagarde, however, not only closes the door to such a review. Paris will pose the question "to fall," said the minister.

This will be a real challenge for public finances. For the equation becomes perilous Paris counts on the 2.5% growth to get him some 35 billion euros in tax revenues to enable it to meet part of 100 billion euros that represents a return to 3% deficit in 2013.If it is not there you will have to find more savings.

One thing is certain: "The commitments we made in terms of economy of expenditure and intervention are firm and final," said Christine Lagarde.

In short, the government must conduct a struggle of economic policy. Christine Lagarde, who just celebrated three years as head of the Department of Economics, said he was ready to continue to assume. While circulating the idea of a reshuffle in September, "it is the President of the Republic to decide what the best players at the right time. If I am useful for the France team, I am available to the Prime Minister and the President of the Republic. Has it Matignon in sight? "Certainly not! Answered Christine Lagarde. The French economy and employment deserve I spend all my energy. "