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Emmi, GAM, Sonova & Co. – On the stock market it bubbles again in the smell News

Tuesday, September 5th, 2017 | Economy

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There are days with us on the Swiss stock market, since the news situation hardly produces anything. Then again, there are days when a stock market rumors the next chase. Just such a day is today …
Only a few weeks ago, Emmi caused long faces. After all, not only the sales performance remained behind the analysts expectations in the first half of the year. Even in terms of operating profit (EBIT) and Reingewinn, the traditional company missed the latter quite clearly. At the same time, this year's growth targets had to be reconsidered.
The receipt was not long in coming. On the same day, the analyst working for Z├╝rcher Kantonalbank downgraded the shares from "market weights" to "underweight". Other professional colleagues, among them those of MainFirst Bank and UBS, however, reaffirmed their purchase recommendations and thus prevented an even stronger price slump.
Now it is to be heard on the stock exchange that Emmi could also go with the medium-term targets over the books. An organic sales growth of 2 to 3 percent annually is no longer realistic, it is said.
The trigger of this speculation could be a UBS comment on this issue. It is interesting to note that the Swiss bank is still recommending the shares to buy and that it will climb to 770 Swiss francs over the next 12 months.
The short guest game with the asset manager GAM has paid off for Rudolf Bohli and his hedge fund RBR. It is rumored that a double-digit million sum would be hanged.
The fact that the shares since the exit Bohlis from the end of June once again strong growth was in his view is annoying, but not more. Worth earning.

The GAM shares (red) leave the SPI (green) far behind (Source: www.cash.ch)
According to RBR, another financial investor now seems to want to try his luck at GAM. How to hear rumors, someone is lacing a bigger stock package. With Silchester International Investors in the back, you will not grow gray in the head office of the asset manager in Zurich. After all, this large-scale shareholder, who is regarded as loyal, brings a vote of 19 percent to the balance.
At Novartis it is known since yesterday that the long-term CEO Joe Jimenez takes the hat at the end of January next year. His successor will be the former research and development boss Vas Narasimhan and thus someone from his own ranks.
There are sectoral observers who only see a "corporate boss on time" in Narasimhan. In the long term, Novartis will not be able to get around to joining forces with AstraZeneca or Bristol Myers Squibb. Jimenez had always spoken out against such an elephant wedding in recent years.
There is also a personal rogue at the top of the hearing aid manufacturer Sonova. Lukas Braunschweiler, the company's former CEO, will be replaced by Arnd Kaldowski and will join the Board of Directors.
That Kaldowski meets the American conglomerate Danaher to Sonova is hardly to be surpassed by Brisanz. The Americans are known for their aggressive takeover policy. Just a few years ago Nobel Biocare, the dental implant manufacturer, was caught. The new CEO was a "trojan horse" and Sonova threatened "a takeover by the back door", reported from the local trade.
Aryzta is at the center of speculations of a completely different kind. The bakery manufacturer is aware of an orchestrated attack by foreign short-selling merchants. The aim of this attack is to trigger limited sales orders at prices below 30 francs and to set off a downward spiral.

On Monday the stock of Aryzta appeared briefly below 30 francs (Source: www.cash.ch)
At Dufry, too, there are some conspicuous short sales from abroad. Recent surveys by the consultancy firm Markit seem to confirm these reports. At the end of August, 13.2 percent of all outstanding shares were borrowed from the rice retail trade group from Basel. That's a good 70 percent more than four weeks ago. Shares are usually lent for only one reason: to sell them immediately.
It is quite possible that the short-selling wholesalers would lure HNA out of the reserve and provoke a forced sale. Supposedly, the Chinese conglomerate has deposited a large part of its shareholdings with the lending banks as collateral (see column of July 25).
This accumulation of stock market speculation does not surprise me. On the one hand, the Swiss stock market has been experiencing a bit of a summer break. In the thin trade, the courses are often driven in targeted directions by one or the other. On the other hand, speculative trading is ideally suited to the late phase of the long-term stock market.
The cash insider records and interprets market rumors as well as strategy, industry or corporate studies. Market rumors are deliberately not checked for their truth content. Rumors, speculation and everything that traders and market participants are interested in should be passed on to the readers quickly. No responsibility is assumed for the correctness of the contents. The personal opinion of the cash insider does not have to coincide with that of the cash editorial department. The cash insider itself is active on the stock market. This is the only way to reach the necessary market proximity for this kind of news. The opinions expressed do not constitute any recommendation to buy or sell to the reader.


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