fourth class summer 2009c

8/14/2019 Fourth Class Summer 2009c

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Writing with numbersWriting with numbers

Adding accuracy, evidenceAdding accuracy, evidence

and context with prices,and context with prices,ratios, forecasts andratios, forecasts andpercentagespercentages


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Number one rules onNumber one rules onnumbersnumbers

Use numbers that convey the theme.Use numbers that convey the theme.

Avoid numbers in first sentenceAvoid numbers in first sentence

Make sure every number pulls theMake sure every number pulls thereader toward the context andreader toward the context andthrough the story.through the story.

Use numbers that matterUse numbers that matterLook past the first numbers in aLook past the first numbers in a

press releasepress release


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Getting Numbers RightGetting Numbers Right

Time and moneyTime and money

Percentage and percentagePercentage and percentage

pointspointsNumbers that add meaningNumbers that add meaning

SourcingSourcingForecastsForecasts


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Key Ratios for StocksKey Ratios for Stocks

Price movement in contextPrice movement in context

Price earnings ratioPrice earnings ratio

Dividend yieldDividend yieldEarnings per shareEarnings per share


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Currencies numbersCurrencies numbers

All major currencies are statedAll major currencies are statedagainst the dollar, except the Britishagainst the dollar, except the Britishpound, the Euro, the Australian dollarpound, the Euro, the Australian dollarand New Zealand dollar.and New Zealand dollar.

Be careful with rises/fallsBe careful with rises/falls

Weakening = depreciationWeakening = depreciation

Strengthening = appreciationStrengthening = appreciation


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Yielding to Bond NumbersYielding to Bond Numbers

Yields move inversely to pricesYields move inversely to prices

Yields are expressed in percentageYields are expressed in percentage

points; changes in yields arepoints; changes in yields areexpressed in basis points.expressed in basis points.

Bond prices are relevant only inBond prices are relevant only instories about bond trading;stories about bond trading;otherwise, just the yield is fine.otherwise, just the yield is fine.


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On AverageOn Average

MeanMean

MedianMedian

ModeMode


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Key Numbers for CompaniesKey Numbers for Companies

Net profitNet profit

Operating profitOperating profit

RevenueRevenue

Long-term interest bearingLong-term interest bearing

debtdebtForecastsForecasts


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ReinsuranceReinsurance

This procedure is used byThis procedure is used by insurance companiesinsurance companies totoreduce the risks associated with underwrittenreduce the risks associated with underwrittenpolicies by spreading risks across alternativepolicies by spreading risks across alternativeinstitutions. It's like portioning out pieces of ainstitutions. It's like portioning out pieces of a

larger potential obligation in exchange for somelarger potential obligation in exchange for someof the money the original insurer received toof the money the original insurer received toaccept the obligation.accept the obligation.

The party that diversifies its insurance portfolio isThe party that diversifies its insurance portfolio is

known as the ceding party. The party thatknown as the ceding party. The party thataccepts a portion of the potential obligation inaccepts a portion of the potential obligation inexchange for a share of the insurance premium isexchange for a share of the insurance premium isknown as the reinsurer.known as the reinsurer.
http://www.investorwords.com/3880/profits.htmlhttp://www.investorwords.com/3880/profits.htmlhttp://www.investorwords.com/3880/profits.htmlhttp://www.investorwords.com/3880/profits.html


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ActuaryActuary

A professional statistician working forA professional statistician working foranan insurance companyinsurance company. They. Theyevaluate your application andevaluate your application and

medical records to project how longmedical records to project how longyou will liveyou will live
http://www.investorwords.com/4389/savings_and_loan.htmlhttp://www.investorwords.com/4389/savings_and_loan.htmlhttp://www.investorwords.com/4389/savings_and_loan.htmlhttp://www.investorwords.com/4389/savings_and_loan.html


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PremiumPremium

The specified amount of paymentThe specified amount of paymentrequired periodically by an insurer torequired periodically by an insurer toprovide coverage under a givenprovide coverage under a given

insurance plan for a defined period ofinsurance plan for a defined period oftime. The premium is paid by thetime. The premium is paid by theinsured party to the insurer, andinsured party to the insurer, and

primarily compensates the insurerprimarily compensates the insurerfor bearing the risk of a payout.for bearing the risk of a payout.


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Term life insuranceTerm life insurance

A policy with a set duration limit onA policy with a set duration limit onthe coverage period. This type ofthe coverage period. This type ofinsurance policy contrasts withinsurance policy contrasts with

permanent life insurance, inpermanent life insurance, inwhich duration extends until thewhich duration extends until thepolicy owner reaches 100 years ofpolicy owner reaches 100 years of

age.age.


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Whole life insuranceWhole life insurance

AA life insurancelife insurance contract with levelcontract with levelpremiums that has both an insurancepremiums that has both an insuranceand an investment component. Theand an investment component. The

insurance component pays a statedinsurance component pays a statedamount upon death of theamount upon death of theinsured. The investment componentinsured. The investment component

accumulates a cash value that theaccumulates a cash value that thepolicyholder can withdraw or borrowpolicyholder can withdraw or borrowagainst.against.
http://www.investorwords.com/832/chartered.htmlhttp://www.investorwords.com/832/chartered.htmlhttp://www.investorwords.com/832/chartered.html


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Liability insuranceLiability insurance

Any type of insurance policy that protectsAny type of insurance policy that protectsan individual or business from the risk thatan individual or business from the risk thatthey may be sued and held legally liablethey may be sued and held legally liable

for something such as malpractice, injuryfor something such as malpractice, injuryor negligence. Liabilityor negligence. Liability insuranceinsurance policiespoliciescover both legal costs and any legalcover both legal costs and any legalpayouts for which the insured would bepayouts for which the insured would be

responsible if found legally liable.responsible if found legally liable.Intentional damage and contractualIntentional damage and contractualliabilities are typically not covered in theseliabilities are typically not covered in thesetypes of policies.types of policies.
http://www.investorwords.com/3178/mutual_savings_banks.htmlhttp://www.investorwords.com/3178/mutual_savings_banks.htmlhttp://www.investorwords.com/3178/mutual_savings_banks.html


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Mutual companyMutual company

A company whoseA company whose profitsprofits arearedistributed in proportion to thedistributed in proportion to theamount of business each participantamount of business each participant

does with the company. Examplesdoes with the company. Examplesinclude federalinclude federal savings and loansavings and loanassociations, state-associations, state-charteredchartered

mutual savings banksmutual savings banks, and mutual, and mutualinsurance companies.insurance companies.
http://www.investorwords.com/3880/profits.htmlhttp://www.investorwords.com/3880/profits.htmlhttp://www.investorwords.com/4389/savings_and_loan.htmlhttp://www.investorwords.com/4389/savings_and_loan.htmlhttp://www.investorwords.com/832/chartered.htmlhttp://www.investorwords.com/832/chartered.htmlhttp://www.investorwords.com/3178/mutual_savings_banks.htmlhttp://www.investorwords.com/3178/mutual_savings_banks.htmlhttp://www.investorwords.com/3178/mutual_savings_banks.htmlhttp://www.investorwords.com/832/chartered.htmlhttp://www.investorwords.com/4389/savings_and_loan.htmlhttp://www.investorwords.com/3880/profits.html


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Stock insurance companyStock insurance company

AA life insurancelife insurance company owned bycompany owned byshareholdersshareholders who share in itswho share in itsearningsearnings, as opposed to a mutual, as opposed to a mutual

company, which is owned bycompany, which is owned bypolicyholderspolicyholders..
http://www.investorwords.com/2807/life_insurance.htmlhttp://www.investorwords.com/2807/life_insurance.htmlhttp://www.investorwords.com/4527/shareholders.htmlhttp://www.investorwords.com/4527/shareholders.htmlhttp://www.investorwords.com/1618/earnings.htmlhttp://www.investorwords.com/1618/earnings.htmlhttp://www.investorwords.com/3729/policyholders.htmlhttp://www.investorwords.com/3729/policyholders.htmlhttp://www.investorwords.com/3729/policyholders.htmlhttp://www.investorwords.com/1618/earnings.htmlhttp://www.investorwords.com/4527/shareholders.htmlhttp://www.investorwords.com/2807/life_insurance.html


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Credit default swapCredit default swap

A tradeable contract in which a partyA tradeable contract in which a partyagrees to pay an annual interest rateagrees to pay an annual interest ratein exchange for the promise to payin exchange for the promise to pay

the face value of a bond or loanthe face value of a bond or loanshould the issuer fail to fulfill itsshould the issuer fail to fulfill itspayment obligations, i.e. default.payment obligations, i.e. default.


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Apple Concludes Best Quarter & Best Year inApple Concludes Best Quarter & Best Year inCompany HistoryCompany History

CUPERTINO, Calif., Oct. 11 /PRNewswire-FirstCall/ --CUPERTINO, Calif., Oct. 11 /PRNewswire-FirstCall/ --Apple(R) today announced financial results for its fiscalApple(R) today announced financial results for its fiscal

2005 fourth quarter ended September 24, 2005, reporting2005 fourth quarter ended September 24, 2005, reportingthe highest revenue and earnings in the Company's history.the highest revenue and earnings in the Company's history.

Apple posted revenue of $3.68 billion and a net quarterlyApple posted revenue of $3.68 billion and a net quarterlyprofit of $430 million, or $.50 per diluted share. Theseprofit of $430 million, or $.50 per diluted share. Theseresults compare to revenue of $2.35 billion and a net profitresults compare to revenue of $2.35 billion and a net profitof $106 million, or $.13 per diluted share, in the year-agoof $106 million, or $.13 per diluted share, in the year-agoquarter. Gross margin was 28.1 percent, up from 27.0quarter. Gross margin was 28.1 percent, up from 27.0percent in the year-ago quarter. International salespercent in the year-ago quarter. International salesaccounted for 40 percent of the quarter's revenue.accounted for 40 percent of the quarter's revenue.

Earnings per share benefited by $.12 from several taxEarnings per share benefited by $.12 from several taxitems related to net deferred tax assets, tax reserves, and aitems related to net deferred tax assets, tax reserves, and arevision to the full year tax rate estimated in prior quarters.revision to the full year tax rate estimated in prior quarters.

Apple shipped 1,236,000 Macintosh(R) units andApple shipped 1,236,000 Macintosh(R) units and6,451,000 iPods during the quarter, representing 486,451,000 iPods during the quarter, representing 48percent growth in Macs and 220 percent growth in iPodspercent growth in Macs and 220 percent growth in iPodsover the year-ago quarter.over the year-ago quarter.


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For fiscal 2005, the Company generatedFor fiscal 2005, the Company generatedrevenue of $13.93 billion and a net profit ofrevenue of $13.93 billion and a net profit of$1.335 billion, reflecting annual growth of 68$1.335 billion, reflecting annual growth of 68percent and 384 percent, respectively, andpercent and 384 percent, respectively, andrepresenting the highest annual revenue andrepresenting the highest annual revenue andnet profit in the Company's history.net profit in the Company's history.

"We're very pleased to report 48 percent"We're very pleased to report 48 percent

year-over-year growth in Mac shipments inyear-over-year growth in Mac shipments inQ4, as well as our 10th consecutive quarter ofQ4, as well as our 10th consecutive quarter ofrecord iPod sales," said Peter Oppenheimer,record iPod sales," said Peter Oppenheimer,Apple's CFO.Apple's CFO.

"Looking ahead to the first quarter of fiscal"Looking ahead to the first quarter of fiscal

2006 which will span 14 weeks, we expect2006 which will span 14 weeks, we expectrevenue of about $4.7 billion. We expectrevenue of about $4.7 billion. We expectGAAP earnings per diluted share of aboutGAAP earnings per diluted share of about$.46, translating to non-GAAP EPS of about$.46, translating to non-GAAP EPS of about$.49."$.49."


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Oct. 11 (Bloomberg) -- Apple Computer Inc. said fourth-Oct. 11 (Bloomberg) -- Apple Computer Inc. said fourth- quarter profit rose on sales of iPod music players and back-to-quarter profit rose on sales of iPod music players and back-to- school demand for Macintosh computers. The shares tumbled as muchschool demand for Macintosh computers. The shares tumbled as much as 11 percent after revenue missed analysts' estimates.as 11 percent after revenue missed analysts' estimates. Net income rose to $430 million, or 50 cents a share, fromNet income rose to $430 million, or 50 cents a share, from

$106 million, or 13 cents, a year earlier, Cupertino, California-$106 million, or 13 cents, a year earlier, Cupertino, California- based Apple said today in a statement. Sales increased 57 percentbased Apple said today in a statement. Sales increased 57 percent to $3.68 billion, compared with estimates of $3.74 billion.to $3.68 billion, compared with estimates of $3.74 billion. IPod demand also fell short. Shipments of the music playersIPod demand also fell short. Shipments of the music players climbed to 6.45 million units, missing analyst predictions thatclimbed to 6.45 million units, missing analyst predictions that ranged as high as 8.5 million. Analysts had predicted that theranged as high as 8.5 million. Analysts had predicted that the new pencil-thin Nano, introduced by Chief Executive Officer Stevenew pencil-thin Nano, introduced by Chief Executive Officer Steve Jobs last month, would fuel sales. Instead, Apple said today itJobs last month, would fuel sales. Instead, Apple said today it couldn't make the Nanos fast enough to meet demand.couldn't make the Nanos fast enough to meet demand. ``They missed the top-line estimates on revenue and they``They missed the top-line estimates on revenue and they missed the overly optimistic estimates on iPod shipments,'' saidmissed the overly optimistic estimates on iPod shipments,'' said Jim Grossman, who helps manage $63 billion and owns Apple sharesJim Grossman, who helps manage $63 billion and owns Apple shares at Thrivent Financial in Appleton, Wisconsin.at Thrivent Financial in Appleton, Wisconsin. Shares of Apple, which have risen 60 percent this year, fellShares of Apple, which have risen 60 percent this year, fell $5.54 to $46.05 in extended trading. They earlier rose $1.22 to$5.54 to $46.05 in extended trading. They earlier rose $1.22 to $51.59 at 4 p.m. in Nasdaq Stock Market composite trading. The$51.59 at 4 p.m. in Nasdaq Stock Market composite trading. The stock more than tripled last year.stock more than tripled last year. Net income included a tax benefit of 12 cents a share, AppleNet income included a tax benefit of 12 cents a share, Apple said. Profit this quarter will be about 49 cents on revenue ofsaid. Profit this quarter will be about 49 cents on revenue of $4.7 billion, Apple said in the statement. Analysts were$4.7 billion, Apple said in the statement. Analysts were expecting profit of 48 cents on sales of $4.53 billion.expecting profit of 48 cents on sales of $4.53 billion.


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Oct. 11 (Bloomberg) -- Daimaru Inc (8234 JP) reported half-yearconsolidated earnings results for the period ended Aug. 31. Figuresother

than EPS are in millions of yen.

Operating Current Net EarningsRevenue Profit Profit Income Per Share

Half-Year Results 396,852 12,250 11,768 6,321 23.79

Year Earlier 393,992 10,339 10,109 5,009 18.73Versus Results 0.7% 18.5% 16.4% 26.2%Company Forecast 394,700 11,300 11,000 5,700Versus Results 0.5% 8.4% 7.0% 10.9%

Toyo Keizai Est. 394,700 11,300 11,000 5,700 21.00Versus Results 0.5% 8.4% 7.0% 10.9%

Full Year Forecast 816,400 29,500 28,300 15,600 59.19Previous Full Year 809,275 26,136 25,387 14,499 53.99Versus Forecast 0.9% 12.9% 11.5% 7.6%Old Forecast 814,400 28,500 27,500 5,000 56.28


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11Microsoft to buy bio software operationMicrosoft to buy bio software operation

SEATTLE (Reuters) - Microsoft Corp (SEATTLE (Reuters) - Microsoft Corp (MSFT.OMSFT.O) said on Monday it) said on Monday it

would buy some of the assets of Rosetta Biosoftware, partwould buy some of the assets of Rosetta Biosoftware, partof a Merck & Co Inc (of a Merck & Co Inc (MRK.NMRK.N) unit which makes data) unit which makes datamanagement software for medical researchers, furtheringmanagement software for medical researchers, furtheringMicrosoft's push into the expanding healthcare technologyMicrosoft's push into the expanding healthcare technologybusiness.business.

As a result of the deal, whose value neither companyAs a result of the deal, whose value neither company

disclosed, Microsoft said it would be able to add a numberdisclosed, Microsoft said it would be able to add a numberof new capabilities to its Amalga Life Sciences softwareof new capabilities to its Amalga Life Sciences softwareplatform for medical researchers, including theplatform for medical researchers, including themanagement of genetic, genomic, metabolomic and othermanagement of genetic, genomic, metabolomic and othertypes of complex data.types of complex data.

Under the agreement, Merck will become a customer of theUnder the agreement, Merck will become a customer of thecurrent version of Amalga Life Sciences for use in itscurrent version of Amalga Life Sciences for use in itsresearch activities.research activities.

2.2.
http://www.reuters.com/finance/stocks/overview?symbol=MSFT.Ohttp://www.reuters.com/finance/stocks/overview?symbol=MSFT.Ohttp://www.reuters.com/finance/stocks/overview?symbol=MRK.Nhttp://www.reuters.com/finance/stocks/overview?symbol=MRK.Nhttp://www.reuters.com/finance/stocks/overview?symbol=MRK.Nhttp://www.reuters.com/finance/stocks/overview?symbol=MSFT.O


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Magna Aims to Complete Purchase of GMs Opel Unit byMagna Aims to Complete Purchase of GMs Opel Unit bySeptemberSeptember

June 3 (Bloomberg) --June 3 (Bloomberg) -- Magna International IncMagna International Inc., Canada., Canadass

biggest auto-parts maker, said it aims to complete thebiggest auto-parts maker, said it aims to complete thepurchase ofpurchase ofGeneral Motors Corp.General Motors Corp.s European operations bys European operations bySeptember, once antitrust regulators approve theSeptember, once antitrust regulators approve theacquisition.acquisition.

The timeframe is very tight,The timeframe is very tight, Magna Co-Chief ExecutiveMagna Co-Chief Executive

OfficerOfficer SiegfriedSiegfried WolfWolftold reporters today at thetold reporters today at theRuesselsheim, Germany, headquarters of GMRuesselsheim, Germany, headquarters of GMs Adam Opels Adam OpelGmbH division.GmbH division. We dont have a second to lose.We dont have a second to lose.

Wolf and Opel labor leaders met today for the first time sinceWolf and Opel labor leaders met today for the first time since

Magna and Russian partnerMagna and Russian partner OAOOAO SberbankSberbank reached anreached an

agreement with GM on May 30 to buy the unit. Wolf said heagreement with GM on May 30 to buy the unit. Wolf said hewants to sign a purchase contract with the Detroit-basedwants to sign a purchase contract with the Detroit-basedcarmaker after a five-week review of Opel and its Vauxhallcarmaker after a five-week review of Opel and its Vauxhallsister brand in the U.K.sister brand in the U.K.

German ChancellorGerman Chancellor Angela MerkelAngela Merkels government approveds government approvedMagnasMagnas purchase of the GM Europe division under a plan topurchase of the GM Europe division under a plan to

provide 1.5 billion euros ($2.1 billion) in loans to keep theprovide 1.5 billion euros ($2.1 billion) in loans to keep theunit afloat. As many as 11,000 jobs may be eliminatedunit afloat. As many as 11,000 jobs may be eliminated
http://www.bloomberg.com/apps/quote?ticker=MG%2FA%3ACNhttp://www.bloomberg.com/apps/quote?ticker=MG%2FA%3ACNhttp://www.bloomberg.com/apps/quote?ticker=GM%3AUShttp://www.bloomberg.com/apps/quote?ticker=GM%3AUShttp://search.bloomberg.com/search?q=Siegfried+Wolf&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1http://search.bloomberg.com/search?q=Siegfried+Wolf&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1http://search.bloomberg.com/search?q=Siegfried+Wolf&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1http://search.bloomberg.com/search?q=Siegfried+Wolf&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1http://www.bloomberg.com/apps/quote?ticker=SBER%3ARUhttp://www.bloomberg.com/apps/quote?ticker=SBER%3ARUhttp://www.bloomberg.com/apps/quote?ticker=SBER%3ARUhttp://www.bloomberg.com/apps/quote?ticker=SBER%3ARUhttp://search.bloomberg.com/search?q=Angela+Merkel&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1http://search.bloomberg.com/search?q=Angela+Merkel&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1http://www.bloomberg.com/apps/quote?ticker=MG%5CA%3ACNhttp://www.bloomberg.com/apps/quote?ticker=MG%5CA%3ACNhttp://www.bloomberg.com/apps/quote?ticker=MG%5CA%3ACNhttp://search.bloomberg.com/search?q=Angela+Merkel&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1http://www.bloomberg.com/apps/quote?ticker=SBER%3ARUhttp://www.bloomberg.com/apps/quote?ticker=SBER%3ARUhttp://search.bloomberg.com/search?q=Siegfried+Wolf&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1http://search.bloomberg.com/search?q=Siegfried+Wolf&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1http://www.bloomberg.com/apps/quote?ticker=GM%3AUShttp://www.bloomberg.com/apps/quote?ticker=MG%2FA%3ACN


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Cisco knocks GM out of Dow JonesCisco knocks GM out of Dow Jonesindexindex

CitigroupCitigroup andand General MotorsGeneral Motors, once two of the biggest, once two of the biggestflag-bearers of US business, were on Monday dumped fromflag-bearers of US business, were on Monday dumped fromthe Dow Jones Industrial Average, the most high-profile USthe Dow Jones Industrial Average, the most high-profile USstock market barometer.stock market barometer.

They were replaced byThey were replaced by TravelersTravelers, the insurance company, the insurance companyformerly owned by Citigroup, andformerly owned by Citigroup, and Cisco SystemsCisco Systems, the, themaker of networking equipment.maker of networking equipment.

GM, which on Monday filed for bankruptcy, and Citigroup, theGM, which on Monday filed for bankruptcy, and Citigroup, therecipient of $45bn of US taxpayer aid, are the firstrecipient of $45bn of US taxpayer aid, are the first

companies to leave the Dow since AIG was removed incompanies to leave the Dow since AIG was removed inSeptember. Their shares have lost more than 90 per centSeptember. Their shares have lost more than 90 per cent

since the start of 2007.since the start of 2007.
http://markets.ft.com/tearsheets/performance.asp?s=us:Chttp://markets.ft.com/tearsheets/performance.asp?s=us:Chttp://markets.ft.com/tearsheets/performance.asp?s=us:GMhttp://markets.ft.com/tearsheets/performance.asp?s=us:GMhttp://markets.ft.com/tearsheets/performance.asp?s=us:TRVhttp://markets.ft.com/tearsheets/performance.asp?s=us:TRVhttp://markets.ft.com/tearsheets/performance.asp?s=us:CSCOhttp://markets.ft.com/tearsheets/performance.asp?s=us:CSCOhttp://markets.ft.com/tearsheets/performance.asp?s=us:CSCOhttp://markets.ft.com/tearsheets/performance.asp?s=us:TRVhttp://markets.ft.com/tearsheets/performance.asp?s=us:GMhttp://markets.ft.com/tearsheets/performance.asp?s=us:C


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fourth class summer 2009c

Documents