Saturday, 26 July 2014

Trades I have undertaken in the last week

Trades I have undertaken this week are listed below.  As always these are just my views and personal actions: you know the disclosures to the right.

It really has been a busy week with a huge number of companies reporting this week.  So - in aggregate - how is earnings season going to far? 

Well, in the US, the beat proportion of 69% is a touch above the norm. On a sector-split basis it is interesting to me that the 'misses' are in the more consumer facing parts of the market: both consumer discretionary and staples plus telecoms.  Materials as the second highest proportion 'beat' sector is interesting too. 

By contrast - and perhaps surprisingly - the pan-European STOXX600 'beat' level of nearly 78% is way ahead of the norms...although the earnings season is very immature (less than 10% of companies have reported versus over 40% in the US). 

An interesting earnings season...

Purchases / adds / buys to cover:

General Motors - established a pair with Ford as discussed here

Royal Mail - added to my position following the interim management system which showed disappointment on the parcels side...but I noted the cost cutting aspect continues apace

Syngenta - added to position following numbers disclosure providing an opportunity as discussed here

Sells / take profits / short initiations:

Dr Pepper - excellent numbers...but hit my target as discussed here

Eli Lilly - closed position as it hit my target

Ford - established a pair with General Motors as discussed here

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