price analysis of CAC40's stocks during the period of earning results

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price analysis of CAC40's stocks during the period of earning results

  1. 1. INSIGHTBy observing the variation of stock prices of a company from Day-2 to Day-1 (closing prices), weeither take a buy position (if the variation is positive) or a short position (if the variation is negative).At Day0, the results are published either in the morning before the Paris Stock Exchange opens, orafter closing of the markets. We separate ourselves from the positions at closing prices of Day+1.By systematically applying this technique to all the results publications available in 2011 and 2012 ofcompanies part of the CAC40 index in January 2012, we discovered that we could forecast thedirection of stocks with a 56,66% chance! In 2011, we could forecast the direction of stocks with a52,28% chance when the CAC had a negative year. In 2012, when the CAC had a positive year, wecould predict the results with a61,22% chance.Note that the sums of the forecasts’ results in 2011 and 2012are positive. NEXT STEPThis insight should encourage academics/experts to: 1) Study how stocks on other indexes perform during earnings reporting. Is there a cultural correlation? An economic correlation? Is there any correlation to sanctions concerning insider trading per countries? 2) Study the performances much more back in time. Is there a generational syndrome? 3) Use social media monitoring tools such as Radian6 to measure precisely mentions of companies before publications. Is there a correlation between mentions online preceding publications online? 4) Analyse more in detailinside buyers. Can they be an indicator of future performances? 5) Observe the regulator’s (Autorité des Marchés Financiers) actions in 2013 and continue to analyse the variation of stock prices during earnings publications. We speculate that in the future, we will need to review the transparency of transactions. If people are taking advantage of insider information, it can potentially put social cohesion in danger. Indeed, profits with leverage can be considerable if inside trading does exist. METHODOLOGYThe source of stock prices is Google Finance. We have searched for press releases on thequarterly/half year/annual results on the website of the CAC40 companies. Some have not beenfound.6 variations between D-2 and D-1 are equal to 0. They were not considered for the finalresults.The dates of publications for the following results were not found on the internet website: - Publicis 2011, 1erquarter - Publicis 2011, 3èmequarter - Publicis 2012, 1erquarter - Publicis 2012, 3èmequarter - GDF Suez 2011, 1erquarter
  2. 2. - GDF Suez 2012, 3èmequarterThe publication dates for the following results happened on a weekend and so were not taken intoaccount for the final results: - Air LiquideAnnual Results 01/10/2011 - PernodAnnual Results 01/10/2011We hope not to have forgotten anything else. 2011 :2012 :Average : Results Forecasts Balance Correct/Wrong 2011 7,00 Number of Forecasts 2011 153 Forecasts Balance Correct/Wrong 2012 33,00 Number of Forecasts 2012 147 Sum of Forecasts Balance Correct/Wrong 40,00 Sum forecastsCorrect/Wrong 300 Company Name Date Position Volatility Correct Position % Forecast Accor 23/02/2011 buy -7,10 -1,00 1 -7,10 20/04/2011 buy -1,50 -1,00 1 -1,50 24/08/2011 short 0,35 -1,00 -1 -0,35 18/10/2011 short 2,35 -1,00 -1 -2,35 22/02/2012 buy -0,38 -1,00 1 -0,38 17/04/2012 short 5,36 -1,00 -1 -5,36 29/08/2012 short -3,90 1,00 -1 3,90 16/10/2012 buy -2,16 -1,00 1 -2,16 CréditAgricole 24/02/2011 buy 7,47 1,00 1 7,47 13/05/2011 buy -1,35 -1,00 1 -1,35 25/08/2011 buy 3,38 1,00 1 3,38 10/11/2011 short -2,39 1,00 -1 2,39 23/02/2012 short -2,20 1,00 -1 2,20
  3. 3. 11/05/2012 buy -6,57 -1,00 1 -6,57 28/08/2012 buy 0,47 1,00 1 0,47 09/11/2012 short -7,43 1,00 -1 7,43Alcatel 10/02/2011 buy 27,07 1,00 1 27,07 06/05/2011 buy 1,86 1,00 1 1,86 28/07/2011 short -18,34 1,00 -1 18,34 04/11/2011 buy -23,38 -1,00 1 - 23,38 26/04/2012 buy -18,37 -1,00 1 - 18,37 26/07/2012 short -5,68 1,00 -1 5,68 02/11/2012 buy -3,66 -1,00 1 -3,66Danone 15/02/2011 buy 3,53 1,00 1 3,53 14/04/2011 buy 3,76 1,00 1 3,76 28/07/2011 short -1,72 1,00 -1 1,72 18/10/2011 short 2,86 -1,00 -1 -2,86 15/02/2012 buy 2,06 1,00 1 2,06 17/04/2012 buy 4,46 1,00 1 4,46 27/07/2012 buy 5,49 1,00 1 5,49 17/10/2012 buy -3,34 -1,00 1 -3,34Carrefour 13/01/2011 buy 1,13 1,00 1 1,13 14/04/2011 buy -2,67 -1,00 1 -2,67 13/10/2011 buy -3,69 -1,00 1 -3,69 19/01/2012 buy -2,63 -1,00 1 -2,63 11/04/2012 short -0,80 1,00 -1 0,80 12/07/2012 buy 10,15 1,00 1 10,15 11/10/2012 buy 1,50 1,00 1 1,50Axa 17/02/2011 buy -2,51 -1,00 1 -2,51 05/05/2011 short 1,27 -1,00 -1 -1,27 04/08/2011 short -3,91 1,00 -1 3,91 27/10/2011 short 11,95 -1,00 -1 - 11,95 16/02/2012 buy 0,65 1,00 1 0,65 11/05/2012 buy -4,04 -1,00 1 -4,04 03/08/2012 short 8,04 -1,00 -1 -8,04 25/10/2012 short 1,33 -1,00 -1 -1,33Vinci 27/01/2011 short -1,16 1,00 -1 1,16 28/04/2011 buy 2,13 1,00 1 2,13 30/08/2011 buy 2,80 1,00 1 2,80 03/11/2011 buy 0,47 1,00 1 0,47 07/02/2012 short 2,22 -1,00 -1 -2,22 26/04/2012 buy 3,73 1,00 1 3,73
  4. 4. 31/07/2012 buy -4,74 -1,00 1 -4,74 25/10/2012 buy 0,15 1,00 1 0,15EADS 09/03/2011 buy -0,30 -1,00 1 -0,30 13/05/2011 buy 3,57 1,00 1 3,57 29/07/2011 short -1,40 1,00 -1 1,40 10/11/2011 short 11,52 -1,00 -1 - 11,52 08/03/2012 buy 12,00 1,00 1 12,00 16/05/2012 buy -0,93 -1,00 1 -0,93 27/07/2012 buy 5,35 1,00 1 5,35 08/11/2012 buy -3,34 -1,00 1 -3,34EDF 15/02/2011 buy 0,51 -1,00 1 0,51 12/05/2011 buy 2,20 1,00 1 2,20 29/07/2011 buy -5,48 -1,00 1 -5,48 10/11/2011 short 3,84 -1,00 -1 -3,84 16/02/2012 buy 1,12 1,00 1 1,12 10/05/2012 buy 2,14 1,00 1 2,14 31/07/2012 buy 0,84 1,00 1 0,84 13/11/2012 short -5,97 1,00 -1 5,97Essilor 02/03/2011 buy -1,63 -1,00 1 -1,63 19/04/2011 short 1,97 -1,00 -1 -1,97 26/08/2011 buy -1,43 -1,00 1 -1,43 21/10/2011 short 3,02 -1,00 -1 -3,02 01/03/2012 buy 1,72 1,00 1 1,72 24/04/2012 short 4,51 -1,00 -1 -4,51 31/08/2012 buy -0,03 -1,00 1 -0,03 25/10/2012 buy 0,32 1,00 1 0,32Bouygues 01/03/2011 buy 2,12 1,00 1 2,12 16/05/2011 short -4,28 1,00 -1 4,28 31/08/2011 buy 13,39 1,00 1 13,39 15/11/2011 buy -2,43 -1,00 1 -2,43 28/02/2012 short -2,25 1,00 -1 2,25 15/05/2012 short -1,13 1,00 -1 1,13 28/08/2012 buy -11,49 -1,00 1 - 11,49 14/11/2012 buy -0,89 -1,00 1 -0,89Total 11/02/2011 buy -0,41 -1,00 1 -0,41 29/04/2011 buy 0,09 1,00 1 0,09 29/07/2011 short -3,34 1,00 -1 3,34 28/10/2011 buy -3,32 -1,00 1 -3,32 10/02/2012 buy -0,24 -1,00 1 -0,24
  5. 5. 27/04/2012 buy -1,21 -1,00 1 -1,21 27/07/2012 buy 3,68 1,00 1 3,68 31/10/2012 buy 0,33 1,00 1 0,33France Telecom 24/02/2011 short -1,11 1,00 -1 1,11 03/05/2011 buy -0,95 -1,00 1 -0,95 28/07/2011 short 1,48 -1,00 -1 -1,48 27/10/2011 buy 2,29 1,00 1 2,29 22/02/2012 short 1,40 -1,00 -1 -1,40 03/05/2012 short 1,56 -1,00 -1 -1,56 26/07/2012 buy 7,80 1,00 1 7,80 25/10/2012 short -5,26 1,00 -1 5,26SociétéGénérale 16/02/2011 buy 6,51 1,00 1 6,51 05/05/2011 short -4,83 1,00 -1 4,83 03/08/2011 short -14,77 1,00 -1 14,77 08/11/2011 short 4,00 -1,00 -1 -4,00 16/02/2012 buy 7,33 1,00 1 7,33 03/05/2012 buy -4,05 -1,00 1 -4,05 01/08/2012 short -6,72 1,00 -1 6,72 08/11/2012 buy 0,12 1,00 1 0,12Safran 24/02/2011 short 0,80 -1,00 -1 -0,80 28/04/2011 short 8,80 -1,00 -1 -8,80 28/07/2011 short 3,53 -1,00 -1 -3,53 24/10/2011 short 3,60 -1,00 -1 -3,60 23/02/2012 short -4,72 1,00 -1 4,72 26/04/2012 buy 6,90 1,00 1 6,90 31/07/2012 buy -0,99 -1,00 1 -0,99 25/10/2012 buy -0,63 -1,00 1 -0,63Lafarge 18/02/2011 short 1,20 -1,00 -1 -1,20 05/05/2011 short -0,02 1,00 -1 0,02 28/07/2011 short -5,82 1,00 -1 5,82 04/11/2011 buy -2,52 -1,00 1 -2,52 17/02/2012 buy 11,47 1,00 1 11,47 04/05/2012 buy 1,73 1,00 1 1,73 27/07/2012 buy 6,33 1,00 1 6,33 09/11/2012 short -0,31 1,00 -1 0,31Michelin 11/02/2011 buy 3,43 1,00 1 3,43 21/04/2011 buy 5,18 1,00 1 5,18 29/07/2011 short -8,25 1,00 -1 8,25 26/10/2011 short 5,61 -1,00 -1 -5,61 10/02/2012 buy -2,69 -1,00 1 -2,69
  6. 6. 23/04/2012 short 3,39 -1,00 -1 -3,39 27/07/2012 buy 11,39 1,00 1 11,39 22/10/2012 buy 1,85 1,00 1 1,85LOréal 10/02/2011 short -2,99 1,00 -1 2,99 19/04/2011 short 5,03 -1,00 -1 -5,03 12/07/2011 short -4,07 1,00 -1 4,07 07/11/2011 short 0,27 -1,00 -1 -0,27 13/02/2012 short 4,12 -1,00 -1 -4,12 12/04/2012 buy 1,90 1,00 1 1,90 26/07/2012 short 6,77 -1,00 -1 -6,77 06/11/2012 short -2,60 1,00 -1 2,60PPR 17/02/2011 short 1,94 -1,00 -1 -1,94 27/04/2011 buy 2,24 1,00 1 2,24 29/07/2011 short -1,04 1,00 -1 1,04 26/10/2011 short 4,95 -1,00 -1 -4,95 16/02/2012 buy -3,21 -1,00 1 -3,21 25/04/2012 buy 8,14 1,00 1 8,14 26/07/2012 buy 11,24 1,00 1 11,24 25/10/2012 buy 3,74 1,00 1 3,74Renault 10/02/2011 short -4,08 1,00 -1 4,08 26/04/2011 buy 6,56 1,00 1 6,56 28/07/2011 short 4,08 -1,00 -1 -4,08 27/10/2011 buy 10,31 1,00 1 10,31 16/02/2012 buy 9,94 1,00 1 9,94 25/04/2012 buy 0,06 1,00 1 0,06 27/07/2012 buy 6,69 1,00 1 6,69 25/10/2012 short -2,69 1,00 -1 2,69Suez Environ- 09/02/2011 short 3,98 -1,00 -1 -3,98nement 28/04/2011 buy 4,29 1,00 1 4,29 03/08/2011 short -3,82 1,00 -1 3,82 26/10/2011 short -1,86 1,00 -1 1,86 08/02/2012 short 6,93 -1,00 -1 -6,93 20/04/2012 short -2,13 1,00 -1 2,13 01/08/2012 short -4,47 1,00 -1 4,47 25/10/2012 short 4,04 -1,00 -1 -4,04Saint Gobain 24/02/2011 short 5,86 -1,00 -1 -5,86 28/04/2011 short -0,77 1,00 -1 0,77 28/07/2011 short -0,22 1,00 -1 0,22 25/10/2011 buy -2,86 -1,00 1 -2,86
  7. 7. 16/02/2012 short 5,64 -1,00 -1 -5,64 03/05/2012 buy -0,69 -1,00 1 -0,69 26/07/2012 buy -6,69 -1,00 1 -6,69 25/10/2012 buy 1,68 1,00 1 1,68Peugeot 09/02/2011 buy -2,88 -1,00 1 -2,88 20/04/2011 buy 7,40 1,00 1 7,40 27/07/2011 short -8,37 1,00 -1 8,37 26/10/2011 short -0,94 1,00 -1 0,94 15/02/2012 short -8,13 1,00 -1 8,13 25/04/2012 buy 1,46 1,00 1 1,46 25/07/2012 short -4,49 1,00 -1 4,49 24/10/2012 short -7,89 1,00 -1 7,89Veolia 04/03/2011 short -3,57 1,00 -1 3,57 05/05/2011 short 1,94 -1,00 -1 -1,94 04/08/2011 short -22,03 1,00 -1 22,03 21/11/2011 buy -7,18 -1,00 1 -7,18 01/03/2012 buy 20,37 1,00 1 20,37 04/05/2012 short 2,30 -1,00 -1 -2,30 02/08/2012 buy -9,44 -1,00 1 -9,44Cap Gemini 17/02/2011 buy 7,25 1,00 1 7,25 05/05/2011 short 1,43 -1,00 -1 -1,43 28/07/2011 short -11,30 1,00 -1 11,30 08/11/2011 buy 4,38 1,00 1 4,38 10/05/2012 buy 1,49 1,00 1 1,49 26/07/2012 buy 9,51 1,00 1 9,51 08/11/2012 short -4,10 1,00 -1 4,10STMicroelectronics 24/01/2011 buy -5,10 -1,00 1 -5,10 04/04/2011 buy 1,93 1,00 1 1,93 20/07/2011 buy 0,79 1,00 1 0,79 19/10/2011 buy -3,95 -1,00 1 -3,95 23/01/2012 short -5,19 1,00 -1 5,19 23/04/2012 short -12,20 1,00 -1 12,20 17/07/2012 short 5,70 -1,00 -1 -5,70Schneider 17/02/2011 buy 3,58 1,00 1 3,58 20/04/2011 buy 5,01 1,00 1 5,01 29/07/2011 buy -2,59 -1,00 1 -2,59 20/10/2011 short -5,51 1,00 -1 5,51 22/02/2012 short 5,54 -1,00 -1 -5,54 20/04/2012 short -4,89 1,00 -1 4,89 01/08/2012 short 1,02 -1,00 -1 -1,02
  8. 8. 25/10/2012 buy -0,76 -1,00 1 -0,76Technip 17/02/2011 short -1,06 1,00 -1 1,06 28/04/2011 buy -0,90 -1,00 1 -0,90 28/07/2011 short 3,43 -1,00 -1 -3,43 27/10/2011 short 5,59 -1,00 -1 -5,59 16/02/2012 buy 1,46 1,00 1 1,46 26/04/2012 buy -3,05 -1,00 1 -3,05 26/07/2012 buy 3,45 1,00 1 3,45 25/10/2012 buy -1,35 -1,00 1 -1,35Unibail 09/02/2011 buy 2,21 1,00 1 2,21 26/04/2011 buy 0,68 1,00 1 0,68 20/07/2011 buy 3,22 1,00 1 3,22 28/10/2011 buy -1,37 -1,00 1 -1,37 01/02/2012 short -0,27 1,00 -1 0,27 23/07/2012 buy -0,50 -1,00 1 -0,50 26/10/2012 buy 1,39 1,00 1 1,39Vivendi 01/03/2011 buy -3,00 -1,00 1 -3,00 12/05/2011 buy -0,05 -1,00 1 -0,05 31/08/2011 buy 6,80 1,00 1 6,80 16/11/2011 short 2,58 -1,00 -1 -2,58 01/03/2012 short -10,92 1,00 -1 10,92 14/05/2012 short -0,78 1,00 -1 0,78 30/08/2012 short 3,18 -1,00 -1 -3,18 13/11/2012 short 6,01 -1,00 -1 -6,01Vallourec 23/02/2011 short -7,23 1,00 -1 7,23 12/05/2011 short 5,86 -1,00 -1 -5,86 27/07/2011 short -18,66 1,00 -1 18,66 09/11/2011 buy -0,26 -1,00 1 -0,26 22/02/2012 short -5,56 1,00 -1 5,56 10/05/2012 buy -18,82 -1,00 1 - 18,82 26/07/2012 short -3,57 1,00 -1 3,57 07/11/2012 buy 4,24 1,00 1 4,24ArcelorMittal 08/02/2011 buy 0,92 1,00 1 0,92 11/05/2011 buy -3,52 -1,00 1 -3,52 27/07/2011 short -0,90 1,00 -1 0,90 03/11/2011 buy 1,73 1,00 1 1,73 07/02/2012 short 7,67 -1,00 -1 -7,67 10/05/2012 buy 1,29 1,00 1 1,29 31/10/2012 short -3,76 1,00 -1 3,76
  9. 9. LVMH 04/02/2011 buy -0,43 -1,00 1 -0,43 19/04/2011 buy 7,24 1,00 1 7,24 26/07/2011 buy -0,57 -1,00 1 -0,57 18/10/2011 short -0,48 1,00 -1 0,48 02/02/2012 buy 1,97 1,00 1 1,97 18/04/2012 buy -5,67 -1,00 1 -5,67 26/07/2012 buy 3,19 1,00 1 3,19 15/10/2012 short 4,40 -1,00 -1 -4,40Sanofi 09/02/2011 buy -1,47 -1,00 1 -1,47 28/04/2011 buy 0,26 1,00 1 0,26 28/07/2011 short 0,91 -1,00 -1 -0,91 03/11/2011 buy -1,06 -1,00 1 -1,06 08/02/2012 buy -0,74 -1,00 1 -0,74 27/04/2012 short 1,55 -1,00 -1 -1,55 26/07/2012 buy 5,74 1,00 1 5,74 25/10/2012 buy 3,40 1,00 1 3,40BNP 17/02/2011 buy -1,24 -1,00 1 -1,24 04/05/2011 buy 0,99 1,00 1 0,99 03/11/2011 buy 4,04 1,00 1 4,04 15/02/2012 short 6,98 -1,00 -1 -6,98 04/05/2012 short 3,81 -1,00 -1 -3,81 02/08/2012 buy 4,23 1,00 1 4,23 07/11/2012 buy 2,38 1,00 1 2,38Alstom 04/05/2011 buy -3,39 -1,00 1 -3,39 20/07/2011 buy 1,64 1,00 1 1,64 03/11/2011 buy 4,35 1,00 1 4,35 19/01/2012 buy 13,93 1,00 1 13,93 19/07/2012 buy 0,35 1,00 1 0,35 07/11/2012 buy 3,95 1,00 1 3,95Pernod 17/02/2011 buy -5,13 -1,00 1 -5,13 05/05/2011 short 3,02 -1,00 -1 -3,02 20/10/2011 buy 4,78 1,00 1 4,78 16/02/2012 buy -4,13 -1,00 1 -4,13 26/04/2012 buy 0,75 1,00 1 0,75Air Liquide 15/02/2011 buy -2,06 -1,00 1 -2,06 26/04/2011 buy 1,25 1,00 1 1,25 01/08/2011 buy -2,03 -1,00 1 -2,03 26/10/2011 short 3,66 -1,00 -1 -3,66 25/04/2012 buy 1,88 1,00 1 1,88
  10. 10. 30/07/2012 short -0,79 1,00 -1 0,79 25/10/2012 buy 1,06 1,00 1 1,06 GDF Suez 03/03/2011 short -1,03 1,00 -1 1,03 10/08/2011 buy -2,00 -1,00 1 -2,00 27/10/2011 buy 4,11 1,00 1 4,11 09/02/2012 short -8,30 1,00 -1 8,30 23/04/2012 buy -2,25 -1,00 1 -2,25 02/08/2012 buy 4,48 1,00 1 4,48 Publicis 18/04/2011 buy -1,00 -1,00 1 -1,00 03/08/2011 short -5,37 1,00 -1 5,37 20/04/2012 short -1,87 1,00 -1 1,87 03/08/2012 buy 2,37 1,00 1 2,37 Active SelectionCompany Name Date Position Volatility Correct Position % ForecastCréditAgricole 24/02/2011 buy 7,47 1,00 13/05/2011 buy -1,35 -1,00 25/08/2011 buy 3,38 1,00 10/11/2011 short -2,39 1,00Forecast Balance 2,002011 23/02/2012 short -2,20 1,00 -1 2,20 11/05/2012 buy -6,57 -1,00 1 -6,57 28/08/2012 buy 0,47 1,00 1 0,47 09/11/2012 short -7,43 1,00 -1 7,43Alcatel 10/02/2011 buy 27,07 1,00 06/05/2011 buy 1,86 1,00 28/07/2011 short -18,34 1,00 04/11/2011 buy -23,38 -1,00Forecast Balance 2,002011 26/04/2012 buy -18,37 -1,00 1 - 18,37 26/07/2012 short -5,68 1,00 -1 5,68 02/11/2012 buy -3,66 -1,00 1 -3,66
  11. 11. Danone 15/02/2011 buy 3,53 1,00 14/04/2011 buy 3,76 1,00 28/07/2011 short -1,72 1,00 18/10/2011 short 2,86 -1,00Forecast Balance 2,002011 15/02/2012 buy 2,06 1,00 1 2,06 17/04/2012 buy 4,46 1,00 1 4,46 27/07/2012 buy 5,49 1,00 1 5,49 17/10/2012 buy -3,34 -1,00 1 -3,34Vinci 27/01/2011 short -1,16 1,00 28/04/2011 buy 2,13 1,00 30/08/2011 buy 2,80 1,00 03/11/2011 buy 0,47 1,00Forecast Balance 4,002011 07/02/2012 short 2,22 -1,00 -1 -2,22 26/04/2012 buy 3,73 1,00 1 3,73 31/07/2012 buy -4,74 -1,00 1 -4,74 25/10/2012 buy 0,15 1,00 1 0,15EADS 09/03/2011 buy -0,30 -1,00 13/05/2011 buy 3,57 1,00 29/07/2011 short -1,40 1,00 10/11/2011 short 11,52 -1,00Forecast Balance 0,002011 08/03/2012 buy 12,00 1,00 1 12,00 16/05/2012 buy -0,93 -1,00 1 -0,93 27/07/2012 buy 5,35 1,00 1 5,35 08/11/2012 buy -3,34 -1,00 1 -3,34Bouygues 01/03/2011 buy 2,12 1,00 16/05/2011 short -4,28 1,00 31/08/2011 buy 13,39 1,00 15/11/2011 buy -2,43 -1,00Forecast Balance 2,002011 28/02/2012 short -2,25 1,00 -1 2,25 15/05/2012 short -1,13 1,00 -1 1,13 28/08/2012 buy -11,49 -1,00 1 - 11,49 14/11/2012 buy -0,89 -1,00 1 -0,89
  12. 12. Total 11/02/2011 short -0,41 -1,00 29/04/2011 buy 0,09 1,00 29/07/2011 short -3,34 1,00 28/10/2011 buy -3,32 -1,00Forecast Balance 0,002011 10/02/2012 buy -0,24 -1,00 1 -0,24 27/04/2012 buy -1,21 -1,00 1 -1,21 27/07/2012 buy 3,68 1,00 1 3,68 31/10/2012 buy 0,33 1,00 1 0,33France Telecom 24/02/2011 short -1,11 1,00 03/05/2011 buy -0,95 -1,00 28/07/2011 short 1,48 -1,00 27/10/2011 buy 2,29 1,00Forecast Balance 0,002011 22/02/2012 short 1,40 -1,00 -1 -1,40 03/05/2012 short 1,56 -1,00 -1 -1,56 26/07/2012 buy 7,80 1,00 1 7,80 25/10/2012 short -5,26 1,00 -1 5,26SociétéGénérale 16/02/2011 buy 6,51 1,00 05/05/2011 short -4,83 1,00 03/08/2011 short -14,77 1,00 08/11/2011 short 4,00 -1,00Forecast Balance 2,002011 16/02/2012 buy 7,33 1,00 1 7,33 03/05/2012 buy -4,05 -1,00 1 -4,05 01/08/2012 short -6,72 1,00 -1 6,72 08/11/2012 buy 0,12 1,00 1 0,12Lafarge 18/02/2011 short 1,20 -1,00 05/05/2011 short -0,02 1,00 28/07/2011 short -5,82 1,00 04/11/2011 buy -2,52 -1,00Forecast Balance 0,002011 17/02/2012 buy 11,47 1,00 1 11,47 04/05/2012 buy 1,73 1,00 1 1,73 27/07/2012 buy 6,33 1,00 1 6,33 09/11/2012 short -0,31 1,00 -1 0,31
  13. 13. Michelin 11/02/2011 buy 3,43 1,00 21/04/2011 buy 5,18 1,00 29/07/2011 short -8,25 1,00 26/10/2011 short 5,61 -1,00Forecast Balance 2,002011 10/02/2012 buy -2,69 -1,00 1 -2,69 23/04/2012 short 3,39 -1,00 -1 -3,39 27/07/2012 buy 11,39 1,00 1 11,39 22/10/2012 buy 1,85 1,00 1 1,85LOréal 10/02/2011 short -2,99 1,00 19/04/2011 short 5,03 -1,00 12/07/2011 short -4,07 1,00 07/11/2011 short 0,27 -1,00Forecast Balance 0,002011 13/02/2012 short 4,12 -1,00 -1 -4,12 12/04/2012 buy 1,90 1,00 1 1,90 26/07/2012 short 6,77 -1,00 -1 -6,77 06/11/2012 short -2,60 1,00 -1 2,60PPR 17/02/2011 short 1,94 -1,00 27/04/2011 buy 2,24 1,00 29/07/2011 short -1,04 1,00 26/10/2011 short 4,95 -1,00Forecast Balance 0,002011 16/02/2012 buy -3,21 -1,00 1 -3,21 25/04/2012 buy 8,14 1,00 1 8,14 26/07/2012 buy 11,24 1,00 1 11,24 25/10/2012 buy 3,74 1,00 1 3,74Renault 10/02/2011 short -4,08 1,00 26/04/2011 buy 6,56 1,00 28/07/2011 short 4,08 -1,00 27/10/2011 buy 10,31 1,00Forecast Balance 2,002011 16/02/2012 buy 9,94 1,00 1 9,94 25/04/2012 buy 0,06 1,00 1 0,06 27/07/2012 buy 6,69 1,00 1 6,69 25/10/2012 short -2,69 1,00 -1 2,69
  14. 14. Suez 09/02/2011 short 3,98 -1,00Environnement 28/04/2011 buy 4,29 1,00 03/08/2011 short -3,82 1,00 26/10/2011 short -1,86 1,00Forecast Balance 2,002011 08/02/2012 short 6,93 -1,00 -1 -6,93 20/04/2012 short -2,13 1,00 -1 2,13 01/08/2012 short -4,47 1,00 -1 4,47 25/10/2012 short 4,04 -1,00 -1 -4,04Saint Gobain 24/02/2011 short 5,86 -1,00 28/04/2011 short -0,77 1,00 28/07/2011 short -0,22 1,00 25/10/2011 buy -2,86 -1,00Forecast Balance 0,002011 16/02/2012 short 5,64 -1,00 -1 -5,64 03/05/2012 buy -0,69 -1,00 1 -0,69 26/07/2012 buy -6,69 -1,00 1 -6,69 25/10/2012 buy 1,68 1,00 1 1,68Peugeot 09/02/2011 buy -2,88 -1,00 20/04/2011 buy 7,40 1,00 27/07/2011 short -8,37 1,00 26/10/2011 short -0,94 1,00Forecast Balance 2,002011 15/02/2012 short -8,13 1,00 -1 8,13 25/04/2012 buy 1,46 1,00 1 1,46 25/07/2012 short -4,49 1,00 -1 4,49 24/10/2012 short -7,89 1,00 -1 7,89Veolia 04/03/2011 short -3,57 1,00 05/05/2011 short 1,94 -1,00 04/08/2011 short -22,03 1,00 21/11/2011 buy -7,18 -1,00Forecast Balance 0,002011 01/03/2012 buy 20,37 1,00 1 20,37 04/05/2012 short 2,30 -1,00 -1 -2,30 02/08/2012 buy -9,44 -1,00 1 -9,44
  15. 15. Cap Gemini 17/02/2011 buy 7,25 1,00 05/05/2011 short 1,43 -1,00 28/07/2011 short -11,30 1,00 08/11/2011 buy 4,38 1,00Forecast Balance 2,002011 10/05/2012 buy 1,49 1,00 1 1,49 26/07/2012 buy 9,51 1,00 1 9,51 08/11/2012 short -4,10 1,00 -1 4,10STMicroelectronics 24/01/2011 buy -5,10 -1,00 04/04/2011 buy 1,93 1,00 20/07/2011 buy 0,79 1,00 19/10/2011 buy -3,95 -1,00Forecast Balance 0,002011 23/01/2012 short -5,19 1,00 -1 5,19 23/04/2012 short -12,20 1,00 -1 12,20 17/07/2012 short 5,70 -1,00 -1 -5,70Schneider 17/02/2011 buy 3,58 1,00 20/04/2011 buy 5,01 1,00 29/07/2011 buy -2,59 -1,00 20/10/2011 short -5,51 1,00Forecast Balance 2,002011 22/02/2012 short 5,54 -1,00 -1 -5,54 20/04/2012 short -4,89 1,00 -1 4,89 01/08/2012 short 1,02 -1,00 -1 -1,02 25/10/2012 buy -0,76 -1,00 1 -0,76Unibail 09/02/2011 buy 2,21 1,00 26/04/2011 buy 0,68 1,00 20/07/2011 buy 3,22 1,00 28/10/2011 buy -1,37 -1,00Forecast Balance 2,002011 01/02/2012 short -0,27 1,00 -1 0,27 23/07/2012 buy -0,50 -1,00 1 -0,50 26/10/2012 buy 1,39 1,00 1 1,39Vallourec 23/02/2011 short -7,23 1,00
  16. 16. 12/05/2011 short 5,86 -1,00 27/07/2011 short -18,66 1,00 09/11/2011 buy -0,26 -1,00Forecast Balance 0,002011 22/02/2012 short -5,56 1,00 -1 5,56 10/05/2012 buy -18,82 -1,00 1 - 18,82 26/07/2012 short -3,57 1,00 -1 3,57 07/11/2012 buy 4,24 1,00 1 4,24ArcelorMittal 08/02/2011 buy 0,92 1,00 11/05/2011 buy -3,52 -1,00 27/07/2011 short -0,90 1,00 03/11/2011 buy 1,73 1,00Forecast Balance 2,002011 07/02/2012 short 7,67 -1,00 -1 -7,67 10/05/2012 buy 1,29 1,00 1 1,29 31/10/2012 short -3,76 1,00 -1 3,76LVMH 04/02/2011 buy -0,43 -1,00 19/04/2011 buy 7,24 1,00 26/07/2011 buy -0,57 -1,00 18/10/2011 short -0,48 1,00Forecast Balance 0,002011 02/02/2012 buy 1,97 1,00 1 1,97 18/04/2012 buy -5,67 -1,00 1 -5,67 26/07/2012 buy 3,19 1,00 1 3,19 15/10/2012 short 4,40 -1,00 -1 -4,40BNP 17/02/2011 buy -1,24 -1,00 04/05/2011 buy 0,99 1,00 03/11/2011 buy 4,04 1,00Forecast Balance 1,002011 15/02/2012 short 6,98 -1,00 -1 -6,98 04/05/2012 short 3,81 -1,00 -1 -3,81 02/08/2012 buy 4,23 1,00 1 4,23 07/11/2012 buy 2,38 1,00 1 2,38Alstom 04/05/2011 buy -3,39 -1,00 20/07/2011 buy 1,64 1,00
  17. 17. 03/11/2011 buy 4,35 1,00 Forecast Balance 1,00 2011 19/01/2012 buy 13,93 1,00 1 13,93 19/07/2012 buy 0,35 1,00 1 0,35 07/11/2012 buy 3,95 1,00 1 3,95 GDF Suez 03/03/2011 short -1,03 1,00 10/08/2011 buy -2,00 -1,00 27/10/2011 buy 4,11 1,00 Forecast Balance 1,00 2011 09/02/2012 short -8,30 1,00 -1 8,30 23/04/2012 buy -2,25 -1,00 1 -2,25 02/08/2012 buy 4,48 1,00 1 4,48 Publicis 18/04/2011 buy -1,00 -1,00 03/08/2011 short -5,37 1,00 Forecast Balance 0,00 2011 20/04/2012 short -1,87 1,00 -1 1,87 03/08/2012 buy 2,37 1,00 1 2,37 Raw Data Accor2010 Annual Results Date Close Variation 25/02/2011 33,68 3,00% 24/02/2011 32,7 -3,54% 23/02/2011 33,9 -3,69% 22/02/2011 35,2 0,40% 21/02/2011 35,06 buy -7,102011 - 1st Quarter Date Close Variation 26/04/2011 30,04 -0,53%
  18. 18. 21/04/2011 30,2 -3,97% 20/04/2011 31,45 2,58% 19/04/2011 30,66 1,25% 18/04/2011 30,28 buy -1,502011 - Half-Year Results Date Close Variation 26/08/2011 23,26 0,26% 25/08/2011 23,2 -1,32% 24/08/2011 23,51 1,69% 23/08/2011 23,12 1,00% 22/08/2011 22,89 short 0,35 2011 - 3rd Quarter Date Close Variation 20/10/2011 21,84 -3,45% 19/10/2011 22,62 2,45% 18/10/2011 22,08 -0,09% 17/10/2011 22,1 -2,64% 14/10/2011 22,7 short 2,35 2011 Annual Results Date Close Variation 24/02/2012 26,13 0,11% 23/02/2012 26,1 -2,76% 22/02/2012 26,84 2,44% 21/02/2012 26,2 -0,91% 20/02/2012 26,44 buy -0,38 2012 - 1st Quarter
  19. 19. Date Close Variation 19/04/2012 26,03 0,35% 18/04/2012 25,94 0,39% 17/04/2012 25,84 4,96% 16/04/2012 24,62 -1,52% 13/04/2012 25 short 5,362012 - Half-Year Results Date Close Variation 31/08/2012 25,21 -0,75% 30/08/2012 25,4 -0,78% 29/08/2012 25,6 -3,14% 28/08/2012 26,43 -0,34% 27/08/2012 26,52 short -3,90 2012 - 3rd Quarter Date Close Variation 18/10/2012 24,68 -1,16% 17/10/2012 24,97 -3,29% 16/10/2012 25,82 1,18% 15/10/2012 25,52 0,95% 12/10/2012 25,28 buy -2,16 CréditAgricole 2010 Annual Results Date Close Variation 28/02/2011 12,72 0,47% 25/02/2011 12,66 2,18% 24/02/2011 12,39 5,18% 23/02/2011 11,78 1,29%
  20. 20. 22/02/2011 11,63 buy 7,47 2011 - 1st Quarter Date Close Variation 17/05/2011 10,76 -1,56% 16/05/2011 10,93 -1,26% 13/05/2011 11,07 -0,09% 12/05/2011 11,08 0,54% 11/05/2011 11,02 buy -1,352011 - Half-Year Results Date Close Variation 29/08/2011 6,64 3,43% 26/08/2011 6,42 -1,38% 25/08/2011 6,51 4,83% 24/08/2011 6,21 2,48% 23/08/2011 6,06 buy 3,38 2011 - 3rd Quarter Date Close Variation 14/11/2011 4,84 -1,22% 11/11/2011 4,9 0,00% 10/11/2011 4,9 -2,39% 09/11/2011 5,02 -2,52% 08/11/2011 5,15 short -2,39 2011 Annual Results Date Close Variation 27/02/2012 4,73 -3,47% 24/02/2012 4,9 1,87%
  21. 21. 23/02/2012 4,81 -3,99% 22/02/2012 5,01 -3,84% 21/02/2012 5,21 short -2,20 2012 - 1st Quarter Date Close Variation 15/05/2012 3,04 -7,03% 14/05/2012 3,27 -5,49% 11/05/2012 3,46 -1,14% 10/05/2012 3,5 4,79% 09/05/2012 3,34 buy -6,572012 - Half-Year Results Date Close Variation 30/08/2012 4,31 0,23% 29/08/2012 4,3 0,70% 28/08/2012 4,27 -0,23% 27/08/2012 4,28 0,94% 24/08/2012 4,24 buy 0,47 2012 - 3rd Quarter Date Close Variation 13/11/2012 5,65 3,10% 12/11/2012 5,48 -1,62% 09/11/2012 5,57 -5,91% 08/11/2012 5,92 -0,50% 07/11/2012 5,95 short -7,43 Alcatel
  22. 22. 2010 Annual Results Date Close Variation 14/02/2011 3,46 2,37% 11/02/2011 3,38 6,96% 10/02/2011 3,16 18,80% 09/02/2011 2,66 2,70% 08/02/2011 2,59 buy 27,07 2011 - 1st Quarter Date Close Variation 10/05/2011 4,38 0,23% 09/05/2011 4,37 3,80% 06/05/2011 4,21 -1,86% 05/05/2011 4,29 3,62% 04/05/2011 4,14 buy 1,862011 - Half-Year Results Date Close Variation 01/08/2011 2,62 -5,07% 29/07/2011 2,76 -3,50% 28/07/2011 2,86 -15,38% 27/07/2011 3,38 -6,89% 26/07/2011 3,63 short -18,34 2011 - 3rd Quarter Date Close Variation 08/11/2011 1,53 -0,65% 07/11/2011 1,54 -7,78% 04/11/2011 1,67 -16,92% 03/11/2011 2,01 5,79% 02/11/2011 1,9
  23. 23. buy -23,38 2011 Annual Results Date Close Variation 14/02/2012 1,75 6,06% 13/02/2012 1,65 -1,79% 10/02/2012 1,68 12,00% 09/02/2012 1,5 0,00% 08/02/2012 1,5 neutral 10,00 2012 - 1st Quarter Date Close Variation 30/04/2012 1,16 -3,33% 27/04/2012 1,2 -1,64% 26/04/2012 1,22 -17,01% 25/04/2012 1,47 5,00% 24/04/2012 1,4 buy -18,372012 - Half-Year Results Date Close Variation 30/07/2012 0,84 1,20% 27/07/2012 0,83 1,22% 26/07/2012 0,82 -6,82% 25/07/2012 0,88 -3,30% 24/07/2012 0,91 short -5,68 2012 - 3rd Quarter Date Close Variation 06/11/2012 0,8 1,27% 05/11/2012 0,79 1,28% 02/11/2012 0,78 -4,88% 01/11/2012 0,82 5,13%
  24. 24. 31/10/2012 0,78 buy -3,66 PPR 2010 Annual Results Date Close Variation 21/02/2011 114,05 -1,34% 18/02/2011 115,6 -0,22% 17/02/2011 115,85 2,16% 16/02/2011 113,4 -2,07% 15/02/2011 115,8 short 1,942011 - 1st Quarter Date Close Variation 29/04/2011 120,75 -0,04% 28/04/2011 120,8 1,98% 27/04/2011 118,45 0,25% 26/04/2011 118,15 0,25% 21/04/2011 117,85 buy 2,242011 - Half-Year Results Date Close Variation 02/08/2011 125,4 -2,41% 01/08/2011 128,5 -0,39% 29/07/2011 129 -0,65% 28/07/2011 129,85 -0,35% 27/07/2011 130,3 short -1,04
  25. 25. 2011 - 3rd Quarter Date Close Variation 28/10/2011 115,2 -1,12% 27/10/2011 116,5 5,43% 26/10/2011 110,5 -0,45% 25/10/2011 111 3,84% 24/10/2011 106,9 short 4,952011 Annual Results Date Close Variation 20/02/2012 122,55 1,74% 17/02/2012 120,45 0,04% 16/02/2012 120,4 -3,25% 15/02/2012 124,45 0,93% 14/02/2012 123,3 buy -3,212012 - 1st Quarter Date Close Variation 27/04/2012 127,25 1,39% 26/04/2012 125,5 4,85% 25/04/2012 119,7 3,15% 24/04/2012 116,05 0,39% 23/04/2012 115,6 buy 8,142012 - Half-Year Results Date Close Variation 30/07/2012 123,1 1,95% 27/07/2012 120,75 6,62% 26/07/2012 113,25 4,33% 25/07/2012 108,55 1,07% 24/07/2012 107,4
  26. 26. buy 11,242012 - 3rd Quarter Date Close Variation 29/10/2012 134,55 -1,97% 26/10/2012 137,25 4,85% 25/10/2012 130,9 -1,06% 24/10/2012 132,3 0,99% 23/10/2012 131 buy 3,74 Danone 2010 Annual Results Date Close Variation17/02/2011 45,56 0,13%16/02/2011 45,5 0,18%15/02/2011 45,42 3,34%14/02/2011 43,95 0,85%11/02/2011 43,58 buy 3,532011 - 1st Quarter Date Close Variation18/04/2011 48,03 -1,17%15/04/2011 48,6 1,76%14/04/2011 47,76 1,96%13/04/2011 46,84 1,25%12/04/2011 46,26 buy 3,762011 - Half-Year Results
  27. 27. Date Close Variation01/08/2011 49,16 -1,29%29/07/2011 49,8 -0,97%28/07/2011 50,29 -0,75%27/07/2011 50,67 -0,98%26/07/2011 51,17 short -1,722011 - 3rd Quarter Date Close Variation20/10/2011 46,66 -0,09%19/10/2011 46,7 0,65%18/10/2011 46,4 2,20%17/10/2011 45,4 -1,94%14/10/2011 46,3 short 2,862011 Annual Results Date Close Variation17/02/2012 49,74 -0,54%16/02/2012 50,01 0,20%15/02/2012 49,91 1,86%14/02/2012 49 1,14%13/02/2012 48,45 buy 2,062012 - 1st Quarter Date Close Variation19/04/2012 54,36 0,89%18/04/2012 53,88 1,51%17/04/2012 53,08 2,91%16/04/2012 51,58 2,63%13/04/2012 50,26 buy 4,46
  28. 28. 2012 - Half-Year Results Date Close Variation31/07/2012 49,48 -1,34%30/07/2012 50,15 1,62%27/07/2012 49,35 3,81%26/07/2012 47,54 1,24%25/07/2012 46,96 buy 5,492012 - 3rd Quarter Date Close Variation19/10/2012 46,97 -0,36%18/10/2012 47,14 -0,38%17/10/2012 47,32 -2,97%16/10/2012 48,77 1,27%15/10/2012 48,16 buy -3,34 Carrefour2010 Annual Results Date Close Variation17/01/2011 33,1 -0,36%14/01/2011 33,22 -0,54%13/01/2011 33,4 1,67%12/01/2011 32,85 1,39%11/01/2011 32,4 buy 1,132011 - 1st Quarter Date Close Variation18/04/2011 29,94 -2,16%15/04/2011 30,6 -1,42%
  29. 29. 14/04/2011 31,04 -1,27%13/04/2011 31,44 1,42%12/04/2011 31 buy -2,672011 - Half-Year Results Date Close Variation02/09/2011 17,66 -2,86%01/09/2011 18,18 -2,05%31/08/2011 18,56 -0,43%30/08/2011 18,64 0,00%29/08/2011 18,64 neutral -2,472011 - 3rd Quarter Date Close Variation17/10/2011 17,04 -1,22%14/10/2011 17,25 2,37%13/10/2011 16,85 -5,92%12/10/2011 17,91 2,46%11/10/2011 17,48 buy -3,692011 Annual Results Date Close Variation23/01/2012 17,05 0,29%20/01/2012 17 -1,51%19/01/2012 17,26 -1,15%18/01/2012 17,46 2,83%17/01/2012 16,98 buy -2,63
  30. 30. 2012 - 1st Quarter Date Close Variation13/04/2012 15,54 -3,96%12/04/2012 16,18 0,62%11/04/2012 16,08 -1,41%10/04/2012 16,31 -4,62%05/04/2012 17,1 short -0,802012 - Half-Year Results Date Close Variation16/07/2012 14,48 -0,41%13/07/2012 14,54 2,97%12/07/2012 14,12 6,97%11/07/2012 13,2 0,15%10/07/2012 13,18 buy 10,152012 - 3rd Quarter Date Close Variation15/10/2012 16,22 -0,06%12/10/2012 16,23 -2,11%11/10/2012 16,58 3,69%10/10/2012 15,99 1,78%09/10/2012 15,71 buy 1,50 Axa 2010 Annual Results Date Close Variation21/02/2011 14,96 -3,61%
  31. 31. 18/02/2011 15,52 0,78%17/02/2011 15,4 -3,27%16/02/2011 15,92 2,18%15/02/2011 15,58 buy -2,512011 - 1st Quarter Date Close Variation09/05/2011 14,66 -3,49%06/05/2011 15,19 1,13%05/05/2011 15,02 0,13%04/05/2011 15 -1,45%03/05/2011 15,22 short 1,272011 - Half-Year Results Date Close Variation08/08/2011 10,99 -4,93%05/08/2011 11,56 -1,28%04/08/2011 11,71 -2,66%03/08/2011 12,03 -2,98%02/08/2011 12,4 short -3,912011 - 3rd Quarter Date Close Variation31/10/2011 11,77 -3,37%28/10/2011 12,18 -2,40%27/10/2011 12,48 14,71%26/10/2011 10,88 -0,18%25/10/2011 10,9 short 11,952011 Annual Results
  32. 32. Date Close Variation20/02/0212 12,52 1,79%17/02/2012 12,3 1,99%16/02/2012 12,06 -1,31%15/02/2012 12,22 0,41%14/02/2012 12,17 buy 0,652012 - 1st Quarter Date Close Variation15/05/2012 9,3 -2,21%14/11/2012 9,51 -2,26%11/05/2012 9,73 -1,82%10/05/2012 9,91 5,65%09/05/2012 9,38 buy -4,042012 - Half-Year Results Date Close Variation07/08/2012 10,88 3,82%06/08/2012 10,48 2,85%03/08/2012 10,19 5,05%02/08/2012 9,7 -3,67%01/08/2012 10,07 short 8,042012 - 3rd Quarter Date Close Variation29/10/2012 12,08 -1,15%26/10/2012 12,22 0,33%25/10/2012 12,18 1,00%24/10/2012 12,06 -0,33%23/10/2012 12,1 short 1,33
  33. 33. Vinci2010 Annual Results Date Close Variation31/01/2011 42,28 -0,52%28/01/2011 42,5 -1,48%27/01/2011 43,14 0,33%26/01/2011 43 -0,05%25/01/2011 43,02 short -1,162011 - 1st Quarter Date Close Variation02/05/2011 44,86 -0,53%29/04/2011 45,1 0,76%28/04/2011 44,76 1,36%27/04/2011 44,16 0,87%26/04/2011 43,78 buy 2,132011 - Half-Year Results Date Close Variation01/09/2011 36,18 -0,55%31/08/2011 36,38 2,36%30/08/2011 35,54 0,42%29/08/2011 35,39 4,21%26/08/2011 33,96 buy 2,802011 - 3rd Quarter Date Close Variation07/11/2011 33,86 -1,51%04/11/2011 34,38 -2,22%03/11/2011 35,16 2,75%
  34. 34. 02/11/2011 34,22 1,63%01/11/2011 33,67 buy 0,472011 Annual Results Date Close Variation09/02/2012 38,41 1,67%08/02/2012 37,78 2,58%07/02/2012 36,83 -0,35%06/02/2012 36,96 -0,54%03/02/2012 37,16 short 2,222012 - 1st Quarter Date Close Variation30/04/2012 35 -1,57%27/04/2012 35,56 4,25%26/04/2012 34,11 -0,50%25/04/2012 34,28 2,82%24/04/2012 33,34 buy 3,732012 - Half-Year Results Date Close Variation02/08/2012 32,04 -5,15%01/08/2012 33,78 -2,23%31/07/2012 34,55 -2,57%30/07/2012 35,46 2,60%27/07/2012 34,56 buy -4,742012 - 3rd Quarter Date Close Variation29/10/2012 34 -0,96%
  35. 35. 26/10/2012 34,33 1,45%25/10/2012 33,84 -1,28%24/10/2012 34,28 0,88%23/10/2012 33,98 buy 0,15 EADS2010 Annual Results Date Close Variation11/03/2011 19,66 -0,61%10/03/2011 19,78 -1,40%09/03/2011 20,06 1,11%08/03/2011 19,84 2,80%07/03/2011 19,3 buy -0,302011 - 1st Quarter Date Close Variation17/05/2011 22,05 -2,43%16/05/2011 22,6 -2,12%13/05/2011 23,09 5,82%12/05/2011 21,82 0,28%11/05/2011 21,76 buy 3,572011 - Half-Year Results Date Close Variation02/08/2011 23,54 -1,75%01/08/2011 23,96 -0,99%29/07/2011 24,2 -0,41%28/07/2011 24,3 -0,12%27/07/2011 24,33
  36. 36. short -1,402011 - 3rd Quarter Date Close Variation14/11/2011 22,05 -0,94%11/11/2011 22,26 6,15%10/11/2011 20,97 5,06%09/11/2011 19,96 -4,36%08/11/2011 20,87 short 11,522011 Annual Results Date Close Variation12/03/2012 29,7 -1,20%09/03/2012 30,06 1,08%08/03/2012 29,74 10,80%07/03/2012 26,84 1,47%06/03/2012 26,45 buy 12,002012 - 1st Quarter Date Close Variation18/05/2012 27,81 -3,30%17/05/2012 28,76 -2,11%16/05/2012 29,38 1,21%15/05/2012 29,03 1,08%14/05/2012 28,72 buy -0,932012 - Half-Year Results Date Close Variation31/07/2012 29,26 -1,55%30/07/2012 29,72 -0,27%27/07/2012 29,8 5,64%26/07/2012 28,21 1,11%
  37. 37. 25/07/2012 27,9 buy 5,352012 - 3rd Quarter Date Close Variation12/11/2012 26,12 -0,76%09/11/2012 26,32 0,84%08/11/2012 26,1 -4,15%07/11/2012 27,23 -0,77%06/11/2012 27,44 buy -3,34 EDF2010 Annual Results Date Close Variation17/02/2011 32,62 3,75%16/02/2011 31,44 0,74%15/02/2011 31,21 -0,22%14/02/2011 31,28 1,10%11/02/2011 30,94 buy 0,512011 - 1st Quarter Date Close Variation16/05/2011 28,88 -1,26%13/05/2011 29,25 2,06%12/05/2011 28,66 0,14%11/05/2011 28,62 0,85%10/05/2011 28,38 buy 2,20
  38. 38. 2011 - Half-Year Results Date Close Variation02/08/2011 25,15 -1,45%01/08/2011 25,52 -3,55%29/07/2011 26,46 -2,00%28/07/2011 27 0,15%27/07/2011 26,96 buy -5,482011 - 3rd Quarter Date Close Variation14/11/2011 20,92 -1,97%11/11/2011 21,34 3,19%10/11/2011 20,68 0,63%09/11/2011 20,55 -2,70%08/11/2011 21,12 short 3,842011 Annual Results Date Close Variation20/02/2012 19,08 1,01%17/02/2012 18,89 2,66%16/02/2012 18,4 -1,50%15/02/2012 18,68 0,38%14/02/2012 18,61 buy 1,122012 - 1st Quarter Date Close Variation14/05/2012 15,9 -2,21%11/05/2012 16,26 -0,73%10/05/2012 16,38 2,89%09/05/2012 15,92 0,25%08/05/2012 15,88
  39. 39. buy 2,142012 - Half-Year Results Date Close Variation02/08/2012 16,12 -3,70%01/08/2012 16,74 -0,77%31/07/2012 16,87 1,63%30/07/2012 16,6 2,60%27/07/2012 16,18 buy 0,842012 - 3rd Quarter Date Close Variation15/11/2012 14,2 -2,07%14/11/2012 14,5 -4,73%13/11/2012 15,22 -1,30%12/11/2012 15,42 -0,39%09/11/2012 15,48 short -5,97 Essilor 2010 Annual Results Date Close Variation04/03/2011 51,94 0,29%03/03/2011 51,79 1,39%02/03/2011 51,08 -2,98%01/03/2011 52,65 1,74%28/02/2011 51,75 buy -1,63
  40. 40. 2011 - 1st Quarter Date Close Variation21/04/2011 55,51 -0,47%20/04/2011 55,77 0,87%19/04/2011 55,29 1,10%18/04/2011 54,69 -1,19%15/04/2011 55,35 short 1,972011 - Half-Year Results Date Close Variation29/08/2011 52,61 -0,68%26/08/2011 52,97 -0,30%26/08/2011 53,13 -1,14%24/08/2011 53,74 0,62%23/08/2011 53,41 buy -1,432011 - 3rd Quarter Date Close Variation25/10/2011 52,45 -0,08%24/10/2011 52,49 0,02%21/10/2011 52,48 3,00%20/10/2011 50,95 -0,82%19/10/2011 51,37 short 3,022011 Annual Results Date Close Variation05/03/2012 61,72 1,53%02/03/2012 60,79 -0,36%01/03/2012 61,01 2,09%29/02/2012 59,76 0,10%28/02/2012 59,7
  41. 41. buy 1,722012 - 1st Quarter Date Close Variation26/04/2012 66,75 0,09%25/04/2012 66,69 1,38%24/04/2012 65,78 3,09%23/04/2012 63,81 -0,34%20/04/2012 64,03 short 4,512012 - Half-Year Results Date Close Variation04/09/2012 69,69 -1,25%03/09/2012 70,57 1,70%31/08/2012 69,39 -1,70%30/08/2012 70,59 2,53%29/08/2012 68,85 buy -0,032012 - 3rd Quarter Date Close Variation29/10/2012 69,76 0,07%26/10/2012 69,71 0,59%25/10/2012 69,3 -0,27%24/10/2012 69,49 1,73%23/10/2012 68,31 buy 0,32 Bouygues
  42. 42. 2010 Annual Results Date Close Variation03/03/2011 34,28 0,20%02/02/2011 34,21 3,04%01/03/2011 33,2 -0,90%28/02/2011 33,5 1,21%25/02/2011 33,1 buy 2,122011 - 1st Quarter Date Close Variation18/05/2011 32,56 0,37%17/05/2011 32,44 -4,48%16/05/2011 33,96 0,21%13/05/2011 33,89 -0,12%12/05/2011 33,93 short -4,282011 - Half-Year Results Date Close Variation02/09/2011 25,61 -2,14%01/09/2011 26,17 -2,06%31/08/2011 26,72 15,77%30/08/2011 23,08 1,50%29/08/2011 22,74 buy 13,392011 - 3rd Quarter Date Close Variation17/11/2011 23,54 -2,16%16/11/2011 24,06 -0,41%15/11/2011 24,16 -2,03%14/11/2011 24,66 0,04%11/11/2011 24,65
  43. 43. buy -2,432011 Annual Results Date Close Variation01/03/2012 23,8 -0,34%29/02/2012 23,88 -2,09%28/02/2012 24,39 -0,16%27/02/2012 24,43 -1,17%24/02/2012 24,72 short -2,252012 - 1st Quarter Date Close Variation17/05/2012 20,09 -0,15%16/05/2012 20,12 0,60%15/05/2012 20 -1,72%14/05/2012 20,35 -4,55%11/05/2012 21,32 short -1,132012 - Half-Year Results Date Close Variation30/08/2012 19,32 -3,16%29/08/2012 19,95 -8,95%28/08/2012 21,91 -2,80%27/08/2012 22,54 1,62%24/08/2012 22,18 buy -11,492012 - 3rd Quarter Date Close Variation16/11/2012 17,66 -0,51%15/11/2012 17,75 -0,28%14/11/2012 17,8 -0,61%13/11/2012 17,91 0,06%
  44. 44. 12/11/2012 17,9 buy -0,89 Total 2010 Annual Results Date Close Variation 15/02/2011 43,46 0,37% 14/02/2011 43,3 -0,32% 11/02/2011 43,44 -0,09% 10/02/2011 43,48 1,12% 09/02/2011 43 buy -0,412011 - 1st Quarter Date Close Variation 03/05/2011 42,76 -0,65% 02/05/2011 43,04 -0,42% 29/04/2011 43,22 0,51% 28/04/2011 43 0,94% 27/04/2011 42,6 buy 0,092011 – 2ème trimestre Date Close Variation 02/08/2011 36,8 -0,76% 01/08/2011 37,08 -1,85% 29/07/2011 37,78 -1,51% 28/07/2011 38,36 -0,83% 27/07/2011 38,68 short -3,34
  45. 45. 2011 - 3rd Quarter Date Close Variation 01/11/2011 36,67 -3,04% 31/10/2011 37,82 -1,46% 28/10/2011 38,38 -1,89% 27/10/2011 39,12 3,49% 26/10/2011 37,8 buy -3,322011 Annual Results Date Close Variation 14/02/2012 41,1 0,15% 13/02/2012 41,04 1,13% 10/02/2012 40,58 -1,36% 09/02/2012 41,14 0,69% 08/02/2012 40,86 buy -0,242012 - 1st Quarter Date Close Variation 02/05/2012 36,14 0,19% 30/04/2012 36,07 -1,18% 27/04/2012 36,5 -0,03% 26/04/2012 36,51 0,80% 25/04/2012 36,22 buy -1,212012 - Half-Year Results Date Close Variation 31/07/2012 37,6 0,40% 30/07/2012 37,45 0,27% 27/07/2012 37,35 3,41% 26/07/2012 36,12 3,70% 25/07/2012 34,83
  46. 46. buy 3,682012 - 3rd Quarter Date Close Variation 02/11/2012 39,44 0,82% 01/11/2012 39,12 0,77% 31/10/2012 38,82 -0,44%.3333333330/10/2012 38,99 1,56% 29/10/2012 38,39 buy 0,33 France Telecom 2010 Annual Results Date Close Variation28/02/2011 16,03 0,06%25/02/2011 16,02 0,38%24/02/2011 15,96 -1,48%23/02/2011 16,2 -0,12%22/02/2011 16,22 short -1,112011 - 1st Quarter Date Close Variation05/05/2011 15,6 -0,70%04/05/2011 15,71 -0,38%03/05/2011 15,77 -0,57%02/05/2011 15,86 0,13%29/04/2011 15,84 buy -0,952011 - Half-Year Results Date Close Variation
  47. 47. 01/08/2011 14,13 -2,15%29/07/2011 14,44 0,70%28/07/2011 14,34 0,77%27/07/2011 14,23 -1,25%26/07/2011 14,41 short 1,482011 - 3rd Quarter Date Close Variation31/10/2011 13,04 -2,76%28/10/2011 13,41 -1,32%27/10/2011 13,59 3,66%26/10/2011 13,11 0,69%25/10/2011 13,02 buy 2,292011 Annual Results Date Close Variation24/02/2012 11,73 1,12%23/02/2012 11,6 -0,51%22/02/2012 11,66 1,92%21/02/2012 11,44 -0,35%20/02/2012 11,48 short 1,402012 - 1st Quarter Date Close Variation07/05/2012 10,59 1,83%04/05/2012 10,4 1,17%03/05/2012 10,28 0,39%02/05/2012 10,24 -0,97%30/04/2012 10,34 short 1,56
  48. 48. 2012 - Half-Year Results Date Close Variation30/07/2012 11,06 0,00%27/07/2012 11,06 1,28%26/07/2012 10,92 6,43%25/07/2012 10,26 0,29%24/07/2012 10,23 buy 7,802012 - 3rd Quarter Date Close Variation29/10/2012 8,65 -1,93%26/10/2012 8,82 -0,11%25/10/2012 8,83 -5,16%24/10/2012 9,31 -0,53%23/10/2012 9,36 short -5,26 SociétéGénérale 2010 Annual Results Date Close Variation18/02/2011 51,93 -0,21%17/02/2011 52,04 1,56%16/02/2011 51,24 4,87%15/02/2011 48,86 2,22%14/02/2011 47,8 buy 6,512011 - 1st Quarter Date Close Variation09/05/2011 42,18 -2,63%06/05/2011 43,32 0,14%
  49. 49. 05/05/2011 43,26 -4,96%04/05/2011 45,52 -0,11%03/05/2011 45,57 short -4,832011 - Half-Year Results Date Close Variation05/08/2011 27,44 -0,94%04/08/2011 27,7 -6,39%03/08/2011 29,59 -8,95%02/08/2011 32,5 -2,40%01/08/2011 33,3 short -14,772011 - 3rd Quarter Date Close Variation10/11/2011 18,1 -0,55%09/11/2011 18,2 -2,99%08/11/2011 18,76 7,20%07/11/2011 17,5 -2,34%04/11/2011 17,92 short 4,002011 Annual Results Date Close Variation20/02/2012 24,16 0,58%17/02/2012 24,02 6,47%16/02/2012 22,56 0,80%15/02/2012 22,38 2,19%14/02/2012 21,9 buy 7,332012 - 1st Quarter Date Close Variation
  50. 50. 07/05/2012 17,99 3,99%04/05/2012 17,3 0,23%03/05/2012 17,26 -4,27%02/05/2012 18,03 0,95%30/04/2012 17,86 buy -4,052012 - Half-Year Results Date Close Variation03/08/2012 18,52 10,24%02/08/2012 16,8 -7,18%01/08/2012 18,1 0,50%31/07/2012 18,01 -3,59%30/07/2012 18,68 short -6,722012 - 3rd Quarter Date Close Variation12/11/2012 24,9 1,14%09/11/2012 24,62 -1,52%08/11/2012 25 1,67%07/11/2012 24,59 -2,92%06/11/2012 25,33 buy 0,12 Lafarge 2010 Annual Results Date Close Variation22/02/2011 45,52 -2,21%21/02/2011 46,55 -2,82%18/02/2011 47,9 4,13%17/02/2011 46 0,61%16/02/2011 45,72
  51. 51. short 1,202011 - 1st Quarter Date Close Variation09/05/2011 45,07 -1,31%06/05/2011 45,67 0,95%05/05/2011 45,24 -0,96%4/05/20111 45,68 -3,63%03/05/2011 47,4 short -0,022011 - Half-Year Results Date Close Variation01/08/2011 35,68 -4,55%29/07/2011 37,38 -0,80%28/07/2011 37,68 -5,06%27/07/2011 39,69 -1,15%26/07/2011 40,15 short -5,822011 - 3rd Quarter Date Close Variation08/11/2011 28,88 0,70%07/11/2011 28,68 -2,98%04/11/2011 29,56 0,48%03/11/2011 29,42 6,13%02/11/2011 27,72 buy -2,522011 Annual Results Date Close Variation21/02/2012 35,04 -1,24%20/02/2012 35,48 2,96%17/02/2012 34,46 8,26%
  52. 52. 16/02/2012 31,83 0,44%15/02/2012 31,69 buy 11,472012 - 1st Quarter Date Close Variation08/05/2012 29,72 -2,56%07/05/2012 30,5 4,02%04/05/2012 29,32 -2,20%03/05/2012 29,98 0,33%02/05/2012 29,88 buy 1,732012 - Half-Year Results Date Close Variation31/07/2012 37,43 -2,65%30/07/2012 38,45 0,92%27/07/2012 38,1 5,37%26/07/2012 36,16 4,45%25/07/2012 34,62 buy 6,332012 - 3rd Quarter Date Close Variation13/11/2012 45,98 0,83%12/11/2012 45,6 -1,89%09/11/2012 46,48 1,62%08/11/2012 45,74 -0,52%07/11/2012 45,98 short -0,31 Michelin
  53. 53. 2010 Annual Results Date Close Variation15/02/2011 60,34 2,20%14/02/2011 59,04 -0,24%11/02/2011 59,18 3,68%10/02/2011 57,08 1,62%09/02/2011 56,17 buy 3,432011 - 1st Quarter Date Close Variation27/04/2011 66,4 -0,82%26/04/2011 66,95 5,10%21/04/2011 63,7 0,08%20/04/2011 63,65 4,55%19/04/2011 60,88 buy 5,182011 - Half-Year Results Date Close Variation02/08/2011 55,01 -2,07%01/08/1900 56,17 -4,24%29/07/2011 58,66 -4,18%28/07/2011 61,22 -1,05%27/07/2011 61,87 short -8,252011 - 3rd Quarter Date Close Variation28/10/2011 55,71 1,40%27/10/2011 54,94 5,09%26/10/2011 52,28 0,50%25/10/2011 52,02 -0,06%24/10/2011 52,05
  54. 54. short 5,612011 Annual Results Date Close Variation14/02/2012 53,44 -1,46%13/02/2012 54,23 0,35%10/02/2012 54,04 -3,03%09/02/2012 55,73 1,60%08/02/2012 54,85 buy -2,692012 - 1st Quarter Date Close Variation25/04/2012 55,86 3,93%24/04/2012 53,75 6,12%23/04/2012 50,65 -2,58%20/04/2012 51,99 -0,31%19/04/2012 52,15 short 3,392012 - Half-Year Results Date Close Variation31/07/2012 55,42 -2,82%30/07/2012 57,03 3,39%27/07/2012 55,16 7,73%26/07/2012 51,2 2,40%25/07/2012 50 buy 11,392012 - 3rd Quarter Date Close Variation24/10/2012 64,67 1,09%23/10/2012 63,97 3,41%22/10/2012 61,86 -1,51%19/10/2012 62,81 0,24%
  55. 55. 18/10/2012 62,66 buy 1,85 L’Oreal 2010 Annual Results Date Close Variation14/02/2011 84,87 -0,99%11/02/2011 85,72 -4,22%10/02/2011 89,5 1,29%09/02/2011 88,36 -0,66%08/02/2011 88,95 short -2,992011 - 1st Quarter Date Close Variation21/04/2011 85,68 -0,23%20/04/2011 85,88 3,22%19/04/2011 83,2 1,75%18/04/2011 81,77 -2,53%15/04/2011 83,89 short 5,032011 - Half-Year Results Date Close Variation14/07/2011 84,78 -0,19%13/07/2011 84,94 -3,36%12/07/2011 87,89 -0,73%11/07/2011 88,54 -1,26%08/07/2011 89,67 short -4,07
  56. 56. 2011 - 3rd Quarter Date Close Variation09/11/2011 77,43 -0,78%08/11/2011 78,04 0,81%07/11/2011 77,41 -0,54%04/11/2011 77,83 -1,95%03/11/2011 79,38 short 0,272011 Annual Results Date Close Variation15/02/2012 85,4 0,79%14/02/2012 84,73 3,77%13/02/2012 81,65 0,33%10/02/2012 81,38 -1,02%09/02/2012 82,22 short 4,122012 - 1st Quarter Date Close Variation16/04/2012 92,72 0,63%13/04/2012 92,14 1,15%12/04/2012 91,09 0,74%11/04/2012 90,42 0,78%10/04/2012 89,72 buy 1,902012 - Half-Year Results Date Close Variation30/07/2012 98,9 -0,64%27/07/2012 99,54 2,29%26/07/2012 97,31 4,38%25/07/2012 93,23 -0,31%24/07/2012 93,52
  57. 57. short 6,772012 - 3rd Quarter Date Close Variation08/11/2012 96,2 0,21%07/11/2012 96 -2,20%06/11/2012 98,16 -0,41%05/11/2012 98,56 -1,88%02/11/2012 100,45 short -2,60 Renault 2010 Annual Results Date Close Variation14/02/2011 45,95 -1,39%11/02/2011 46,6 -1,38%10/02/2011 47,25 -2,74%09/02/2011 48,58 -1,64%08/02/2011 49,39 short -4,082011 - 1st Quarter Date Close Variation28/04/2011 40,68 -0,59%27/04/2011 40,92 3,75%26/04/2011 39,44 2,71%21/04/2011 38,4 1,35%20/04/2011 37,89 buy 6,56
  58. 58. 2011 - Half-Year Results Date Close Variation01/08/2011 37,08 -0,48%29/07/2011 37,26 -0,43%28/07/2011 37,42 4,53%27/07/2011 35,8 -3,16%26/07/2011 36,97 short 4,082011 - 3rd Quarter Date Close Variation31/10/2011 30,44 -3,85%28/10/2011 31,66 4,45%27/10/2011 30,31 5,61%26/10/2011 28,7 1,81%25/10/2011 28,19 buy 10,312011 Annual Results Date Close Variation20/02/2012 41,08 3,22%17/02/2012 39,8 5,24%16/02/2012 37,82 4,48%15/02/2012 36,2 1,97%14/02/2012 35,5 buy 9,942012 - 1st Quarter Date Close Variation27/04/2012 35,68 3,12%26/04/2012 34,6 -2,04%25/04/2012 35,32 2,14%24/04/2012 34,58 2,61%23/04/2012 33,7
  59. 59. buy 0,062012 - Half-Year Results Date Close Variation31/07/2012 35,59 -1,30%30/07/2012 36,06 0,33%27/07/2012 35,94 6,33%26/07/2012 33,8 2,42%25/07/2012 33 buy 6,692012 - 3rd Quarter Date Close Variation29/10/2012 34,14 -1,73%26/10/2012 34,74 -1,81%25/10/2012 35,38 -0,90%24/10/2012 35,7 -0,22%23/10/2012 35,78 short -2,69 Suez Environnement 2010 Annual Results Date Close Variation11/02/2011 15,75 0,45%10/02/2011 15,68 -0,38%09/02/2011 15,74 4,38%08/02/2011 15,08 -0,40%07/02/2011 15,14 short 3,982011 - 1st Quarter Date Close Variation
  60. 60. 02/05/2011 15,55 -0,06%29/04/2011 15,56 0,26%28/04/2011 15,52 4,02%27/04/2011 14,92 1,43%26/04/2011 14,71 buy 4,292011 - Half-Year Results Date Close Variation05/08/2011 12,27 1,40%04/08/2011 12,1 -4,50%03/08/2011 12,67 0,72%02/08/2011 12,58 -0,47%01/08/2011 12,64 short -3,822011 - 3rd Quarter Date Close Variation28/10/2011 11,6 0,00%27/10/2011 11,6 -1,94%26/10/2011 11,83 0,08%25/10/2011 11,82 -0,08%24/10/2011 11,83 short -1,862011 Annual Results Date Close Variation10/02/2012 10,1 -6,48%09/02/2012 10,8 5,88%08/02/2012 10,2 0,99%07/02/2012 10,1 -0,79%06/02/2012 10,18 short 6,93
  61. 61. 2012 - 1st Quarter Date Close Variation24/04/2012 10,27 1,68%23/04/2012 10,1 -4,17%20/04/2012 10,54 2,13%19/04/2012 10,32 -0,39%18/04/2012 10,36 short -2,132012 - Half-Year Results Date Close Variation03/08/2012 8,89 4,10%02/08/2012 8,54 -3,94%01/08/2012 8,89 -0,56%31/07/2012 8,94 -2,40%30/07/2012 9,16 short -4,472012 - 3rd Quarter Date Close Variation29/10/2012 8,36 -1,65%26/10/2012 8,5 0,59%25/10/2012 8,45 3,43%24/10/2012 8,17 -0,37%23/10/2012 8,2 short 4,04 Saint Gobain 2010 Annual Results Date Close Variation28/02/2011 43,32 0,70%25/02/2011 43,02 5,49%24/02/2011 40,78 0,34%
  62. 62. 23/02/2011 40,64 -1,55%22/02/2011 41,28 short 5,862011 - 1st Quarter Date Close Variation02/05/2011 46,68 0,09%29/04/2011 46,64 -1,10%28/04/2011 47,16 0,34%27/04/2011 47 -0,19%26/04/2011 47,09 short -0,772011 - Half-Year Results Date Close Variation01/08/2011 38,9 -3,71%29/07/2011 40,4 2,15%28/07/2011 39,55 -2,32%27/07/2011 40,49 -1,58%26/07/2011 41,14 short -0,222011 - 3rd Quarter Date Close Variation27/10/2011 35,1 5,60%26/10/2011 33,24 0,97%25/10/2011 32,92 -3,80%24/10/2011 34,22 2,76%21/10/2011 33,3 buy -2,862011 Annual Results Date Close Variation20/02/2012 37,2 1,36%
  63. 63. 17/02/2012 36,7 5,10%16/02/2012 34,92 0,52%15/02/2012 34,74 -1,28%14/02/2012 35,19 short 5,642012 - 1st Quarter Date Close Variation07/05/2012 32,64 2,71%04/05/2012 31,78 -0,28%03/05/2012 31,87 -0,41%02/05/2012 32 1,14%30/04/2012 31,64 buy -0,692012 - Half-Year Results Date Close Variation30/07/2012 25,07 2,12%27/07/2012 24,55 -10,66%26/07/2012 27,48 4,45%25/07/2012 26,31 0,96%24/07/2012 26,06 buy -6,692012 - 3rd Quarter Date Close Variation29/10/2012 26,82 -1,76%26/10/2012 27,3 1,87%25/10/2012 26,8 -0,19%24/10/2012 26,85 0,41%23/10/2012 26,74 buy 1,68
  64. 64. Peugeot 2010 Annual Results Date Close Variation11/02/2011 30,14 -0,53%10/02/2011 30,3 1,64%09/02/2011 29,81 -4,46%08/02/2011 31,2 4,28%07/02/2011 29,92 buy -2,882011 - 1st Quarter Date Close Variation26/04/2011 30,34 3,98%21/04/2011 29,18 2,60%20/04/2011 28,44 4,67%19/04/2011 27,17 2,61%18/04/2011 26,48 buy 7,402011 - Half-Year Results Date Close Variation29/07/2011 26,54 -1,81%28/07/2011 27,03 -0,84%27/07/2011 27,26 -7,59%26/07/2011 29,5 -3,22%25/07/2011 30,48 short -8,372011 - 3rd Quarter Date Close Variation28/10/2011 16,63 -1,60%27/10/2011 16,9 -0,12%26/10/2011 16,92 -0,82%
  65. 65. 25/10/2011 17,06 -2,40%24/10/2011 17,48 short -0,942011 Annual Results Date Close Variation17/02/2012 14,52 4,54%16/02/2012 13,89 -1,21%15/02/2012 14,06 -7,01%14/02/2012 15,12 -2,33%13/02/2012 15,48 short -8,132012 - 1st Quarter Date Close Variation27/04/2012 9,08 0,22%26/04/2012 9,06 -3,00%25/04/2012 9,34 4,59%24/04/2012 8,93 3,12%23/04/2012 8,66 buy 1,462012 - Half-Year Results Date Close Variation27/07/2012 6,01 0,84%26/07/2012 5,96 -1,97%25/07/2012 6,08 -2,56%24/07/2012 6,24 -4,00%23/07/2012 6,5 short -4,492012 - 3rd Quarter Date Close Variation26/10/2012 5,28 -1,68%
  66. 66. 25/10/2012 5,37 -3,42%24/10/2012 5,56 -4,63%23/10/2012 5,83 -2,51%22/10/2012 5,98 short -7,89 Veolia 2010 Annual Results Date Close Variation08/03/2011 22,36 0,81%07/03/2011 22,18 0,18%04/03/2011 22,14 -3,74%03/03/2011 23 -0,04%02/03/2011 23,01 short -3,572011 - 1st Quarter Date Close Variation09/05/2011 22,21 -1,64%06/05/2011 22,58 0,09%05/05/2011 22,56 1,85%04/05/2011 22,15 -1,82%03/05/2011 22,56 short 1,942011 - Half-Year Results Date Close Variation08/08/2011 10,26 -7,98%05/08/2011 11,15 -3,88%04/08/2011 11,6 -18,88%03/08/2011 14,3 -2,72%02/08/2011 14,7
  67. 67. short -22,032011 - 3rd Quarter Date Close Variation23/11/2011 8,16 0,12%22/11/2011 8,15 -3,44%21/11/2011 8,44 -3,87%18/11/2011 8,78 1,27%17/11/2011 8,67 buy -7,182011 Annual Results Date Close Variation05/03/2012 10,94 -1,00%02/03/2012 11,05 4,74%01/03/2012 10,55 14,92%29/02/2012 9,18 2,00%28/02/2012 9 buy 20,372012 - 1st Quarter Date Close Variation08/05/2012 10,47 -1,87%07/05/2012 10,67 1,81%04/05/2012 10,48 0,48%03/05/2012 10,43 -1,42%02/05/2012 10,58 short 2,302012 - Half-Year Results Date Close Variation06/08/2012 8,29 -0,72%03/08/2012 8,35 2,45%02/08/2012 8,15 -11,61%
  68. 68. 01/08/2012 9,22 0,44%31/07/2012 9,18 buy -9,442012 - 3rd Quarter Date Close Variation09/11/2012 7,9 -2,11%08/11/2012 8,07 1,00%07/11/2012 7,99 4,86%06/11/2012 7,62 0,00%05/11/2012 7,62 neutral 5,91 Cap Gemini 2010 Annual Results Date Close Variation21/02/2011 41,78 -2,25%18/02/0211 42,74 -0,35%17/02/2011 42,89 7,63%16/02/2011 39,85 2,23%15/02/2011 38,98 buy 7,252011 - 1st Quarter Date Close Variation09/05/2011 41,4 0,75%06/05/2011 41,09 1,26%05/05/2011 40,58 0,17%04/05/2011 40,51 -1,65%03/05/2011 41,19
  69. 69. short 1,432011 - Half-Year Results Date Close Variation01/08/2011 33,72 -1,92%29/08/2011 34,38 -2,33%28/07/2011 35,2 -9,18%27/07/2011 38,76 -0,26%26/07/2011 38,86 short -11,302011 - 3rd Quarter Date Close Variation10/11/2011 27,62 -0,07%09/11/2011 27,64 -0,29%08/11/2011 27,72 4,68%07/11/2011 26,48 -1,93%04/11/2011 27 buy 4,382012 - 1st Quarter Date Close Variation14/05/2012 28,4 -3,34%11/05/2012 29,38 1,31%10/05/2012 29 0,17%09/05/2012 28,95 1,29%08/05/2012 28,58 buy 1,492012 - Half-Year Results Date Close Variation30/07/2012 30 1,01%27/07/2012 29,7 2,27%26/07/2012 29,04 7,08%
  70. 70. 25/07/2012 27,12 1,65%24/07/2012 26,68 buy 9,512012 - 3rd Quarter Date Close Variation12/11/2012 30,74 -1,98%09/11/2012 31,36 0,51%08/11/2012 31,2 -4,59%07/11/2012 32,7 -0,91%06/11/2012 33 short -4,10 STMicroelectronics 2010 Annual Results Date Close Variation26/01/2011 8,52 4,16%25/01/2011 8,18 -4,44%24/01/2011 8,56 -0,70%21/01/2011 8,62 1,29%20/01/2011 8,51 buy -5,102011 - 1st Quarter Date Close Variation06/04/2011 8,87 -1,44%05/04/2011 9 2,51%04/04/2011 8,78 -0,57%01/04/2011 8,83 1,03%31/03/2011 8,74 buy 1,93
  71. 71. 2011 - Half-Year Results Date Close Variation22/07/2011 6,46 0,94%21/07/2011 6,4 1,11%20/07/2011 6,33 -0,31%19/07/2011 6,35 3,42%18/07/2011 6,14 buy 0,792011 - 3rd Quarter Date Close Variation21/10/2011 5,32 4,31%20/10/2011 5,1 -1,35%19/10/2011 5,17 -2,64%18/10/2011 5,31 1,14%17/10/2011 5,25 buy -3,952011 Annual Results Date Close Variation25/01/2012 5,17 -2,45%24/01/2012 5,3 -5,86%23/01/2012 5,63 0,72%20/01/2012 5,59 -0,71%19/01/2012 5,63 short -5,192012 - 1st Quarter Date Close Variation25/04/2012 4,47 1,82%24/04/2012 4,39 1,86%23/04/2012 4,31 -13,80%20/04/2012 5 -1,38%19/04/2012 5,07
  72. 72. short -12,202012 - Half-Year Results Date Close Variation19/07/2012 4,17 2,21%18/07/2012 4,08 7,37%17/07/2012 3,8 -1,55%16/07/2012 3,86 -0,26%13/07/2012 3,87 short 5,702012 - 3rd Quarter Date Close Variation25/10/2012 4,7 -2,49%24/10/2012 4,82 3,66%23/10/2012 4,65 -2,72%22/10/2012 4,78 0,00%19/10/2012 4,78 neutral 0,84 Schneider 2010 Annual Results Date Close Variation21/02/2011 58,2 -2,32%18/02/2011 59,58 1,02%17/02/2011 58,98 2,54%16/02/2011 57,52 0,07%15/02/2011 57,48 buy 3,582011 - 1st Quarter
  73. 73. Date Close Variation26/04/2011 58,6 -0,09%21/04/2011 58,65 2,68%20/04/2011 57,12 2,27%19/04/2011 55,85 2,82%18/04/2011 54,32 buy 5,012011 - Half-Year Results Date Close Variation02/08/2012 47,96 -4,12%01/08/2012 50,02 -1,11%29/07/2011 50,58 -1,50%28/07/2011 51,35 0,20%27/07/2011 51,25 buy -2,592011 - 3rd Quarter Date Close Variation24/10/2011 43,59 3,39%21/10/2011 42,16 2,28%20/10/2011 41,22 -7,62%19/10/2011 44,62 -0,60%18/10/2011 44,89 short -5,512011 Annual Results Date Close Variation24/02/2012 51,05 1,11%23/02/2012 50,49 -0,41%22/02/2012 50,7 5,98%21/02/2012 47,84 -3,20%20/02/2012 49,42 short 5,54
  74. 74. 2012 - 1st Quarter Date Close Variation24/04/2012 46,44 2,97%23/04/2012 45,1 -4,81%20/04/2012 47,38 -0,08%19/04/2012 47,42 -0,36%18/04/2012 47,59 short -4,892012 - Half-Year Results Date Close Variation03/08/2012 49,88 7,27%02/08/2012 46,5 -3,49%01/08/2012 48,18 4,67%31/07/2012 46,03 -2,73%30/07/2012 47,32 short 1,022012 - 3rd Quarter Date Close Variation29/10/2012 47,62 -1,08%26/10/2012 48,14 0,42%25/10/2012 47,94 -1,18%24/10/2012 48,51 1,36%23/10/2012 47,86 buy -0,76 Technip 2010 Annual Results Date Close Variation21/02/2011 70,64 -2,07%
  75. 75. 18/02/2011 72,13 -2,92%17/02/2011 74,3 1,92%16/02/2011 72,9 -1,25%15/02/2011 73,82 short -1,062011 - 1st Quarter Date Close Variation02/05/2011 75,2 -1,26%29/05/2011 76,16 1,60%28/04/2011 74,96 -2,46%27/04/2011 76,85 0,07%26/04/2011 76,8 buy -0,902011 - Half-Year Results Date Close Variation01/08/2011 76,33 -0,04%29/07/2011 76,36 1,21%28/07/2011 75,45 2,19%27/07/2011 73,83 -2,80%26/07/2011 75,96 short 3,432011 - 3rd Quarter Date Close Variation31/10/2011 68,72 -4,26%28/10/2011 71,78 0,15%27/10/2011 71,67 5,43%26/10/2011 67,98 -1,16%25/10/2011 68,78 short 5,592011 Annual Results
  76. 76. Date Close Variation20/02/2012 81,17 2,22%17/02/2012 79,41 -0,49%16/02/2012 79,8 1,95%15/02/2012 78,27 3,26%14/02/2012 75,8 buy 1,462012 - 1st Quarter Date Close Variation30/04/2012 85,43 -1,23%27/04/2012 86,49 -2,45%26/04/2012 88,66 -0,62%25/04/2012 89,21 2,92%24/04/2012 86,68 buy -3,052012 - Half-Year Results Date Close Variation30/07/2012 87,35 -0,94%27/07/2012 88,18 0,49%26/07/2012 87,75 2,94%25/07/2012 85,24 0,78%24/07/2012 84,58 buy 3,452012 - 3rd Quarter Date Close Variation29/10/2012 86,89 -0,23%26/10/2012 87,09 -1,82%25/10/2012 88,7 0,48%24/10/2012 88,28 -0,20%23/10/2012 88,46 buy -1,35

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