price analysis of cac40's stocks during the period of earning results

147
INSIGHT By observing the variation of stock prices of a company from Day-2 to Day-1 (closing prices), we either take a buy position (if the variation is positive) or a short position (if the variation is negative). At Day 0, the results are published either in the morning before the Paris Stock Exchange opens, or after 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 of companies part of the CAC40 index in January 2012, we discovered that we could forecast the direction of stocks with a 56,66% chance! In 2011, we could forecast the direction of stocks with a 52,28% chance when the CAC had a negative year. In 2012, when the CAC had a positive year, we could predict the results with a 61,22% chance. Note that the sums of the forecasts’ results in 2011 and 2012 are positive. NEXT STEP This 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 detail inside 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

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Page 1: price analysis of CAC40's stocks during the period of earning results

INSIGHT

By observing the variation of stock prices of a company from Day-2 to Day-1 (closing prices), we either take a buy position (if the variation is positive) or a short position (if the variation is negative). At Day 0, the results are published either in the morning before the Paris Stock Exchange opens, or after 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 of companies part of the CAC40 index in January 2012, we discovered that we could forecast the direction of stocks with a 56,66% chance! In 2011, we could forecast the direction of stocks with a 52,28% chance when the CAC had a negative year. In 2012, when the CAC had a positive year, we could predict the results with a 61,22% chance.

Note that the sums of the forecasts’ results in 2011 and 2012 are positive.

NEXT STEP

This 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 detail inside 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.

METHODOLOGY

The source of stock prices is Google Finance. We have searched for press releases on the quarterly/half year/annual results on the website of the CAC40 companies. Some have not been found. 6 variations between D-2 and D-1 are equal to 0. They were not considered for the final results.

The dates of publications for the following results were not found on the internet website:

- Publicis 2011, 1er quarter- Publicis 2011, 3ème quarter- Publicis 2012, 1er quarter- Publicis 2012, 3ème quarter- GDF Suez 2011, 1er quarter

Page 2: price analysis of CAC40's stocks during the period of earning results

- GDF Suez 2012, 3ème quarter

The publication dates for the following results happened on a weekend and so were not taken into account for the final results:

- Air Liquide Annual Results 01/10/2011- Pernod Annual Results 01/10/2011

We hope not to have forgotten anything else.

2011 : % of correct forecasts=

72∗153

2153

=52.28%

2012 : % of correct forecasts=

332

∗147

2147

=61.22%

Average : % of correct forecasts=

402

∗300

2300

=56.66%

Results

Forecasts Balance Correct/Wrong 2011 7,00Number of Forecasts 2011 153

Forecasts Balance Correct/Wrong 2012 33,00Number of Forecasts 2012 147

Sum of Forecasts Balance Correct/Wrong 40,00Sum forecasts Correct/Wrong 300

Company Name Date Position Volatility Correct Forecast

Position %

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

Page 3: price analysis of CAC40's stocks during the period of earning results

Crédit Agricole 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

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 7,43

Alcatel 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 -3,66

Danone 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 -3,34

Carrefour 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 1,50

Axa 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 -1,33

Vinci 27/01/2011 short -1,16 1,00 -1 1,16

Page 4: price analysis of CAC40's stocks during the period of earning results

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

31/07/2012 buy -4,74 -1,00 1 -4,74

25/10/2012 buy 0,15 1,00 1 0,15

EADS 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 -3,34

EDF 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 5,97

Essilor 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 0,32

Bouygues 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 -0,89

Total 11/02/2011 buy -0,41 -1,00 1 -0,41

Page 5: price analysis of CAC40's stocks during the period of earning results

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

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 0,33

France 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 5,26

Société Générale 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 0,12

Safran 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 -0,63

Lafarge 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 0,31

Michelin 11/02/2011 buy 3,43 1,00 1 3,43

21/04/2011 buy 5,18 1,00 1 5,18

Page 6: price analysis of CAC40's stocks during the period of earning results

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

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 1,85

L'Oréal 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 2,60

PPR 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 3,74

Renault 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 2,69

Suez Environ-nement

09/02/2011 short 3,98 -1,00 -1 -3,98

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 -4,04

Saint 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

Page 7: price analysis of CAC40's stocks during the period of earning results

25/10/2011 buy -2,86 -1,00 1 -2,86

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 1,68

Peugeot 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 7,89

Veolia 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 -9,44

Cap 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 4,10

STMicroelectronics

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 -5,70

Schneider 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

Page 8: price analysis of CAC40's stocks during the period of earning results

25/10/2012 buy -0,76 -1,00 1 -0,76

Technip 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 -1,35

Unibail 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 1,39

Vivendi 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 -6,01

Vallourec 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 4,24

ArcelorMittal 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

LVMH 04/02/2011 buy -0,43 -1,00 1 -0,43

Page 9: price analysis of CAC40's stocks during the period of earning results

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 -4,40

Sanofi 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 3,40

BNP 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 2,38

Alstom 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 3,95

Pernod 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 0,75

Air 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

30/07/2012 short -0,79 1,00 -1 0,79

25/10/2012 buy 1,06 1,00 1 1,06

Page 10: price analysis of CAC40's stocks during the period of earning results

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 Selection

Company Name Date Position Volatility Correct Forecast

Position %

Crédit Agricole 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 1,00

Forecast Balance 2011

2,00

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 7,43

Alcatel 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 -1,00

Forecast Balance 2011

2,00

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

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 -1,00

Forecast Balance 2,00

Page 11: price analysis of CAC40's stocks during the period of earning results

201115/02/2012 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 -3,34

Vinci 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 1,00

Forecast Balance 2011

4,00

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 0,15

EADS 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 -1,00

Forecast Balance 2011

0,00

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 -3,34

Bouygues 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 -1,00

Forecast Balance 2011

2,00

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

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 -1,00

Forecast Balance 2011

0,00

Page 12: price analysis of CAC40's stocks during the period of earning results

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 0,33

France 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 1,00

Forecast Balance 2011

0,00

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 5,26

Société Générale 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 -1,00

Forecast Balance 2011

2,00

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 0,12

Lafarge 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 -1,00

Forecast Balance 2011

0,00

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

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 -1,00

Forecast Balance 2011

2,00

10/02/2012 buy -2,69 -1,00 1 -2,69

Page 13: price analysis of CAC40's stocks during the period of earning results

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 1,85

L'Oréal 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 -1,00

Forecast Balance 2011

0,00

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 2,60

PPR 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 -1,00

Forecast Balance 2011

0,00

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 3,74

Renault 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 1,00

Forecast Balance 2011

2,00

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

Suez Environnement

09/02/2011 short 3,98 -1,00

28/04/2011 buy 4,29 1,00

03/08/2011 short -3,82 1,00

26/10/2011 short -1,86 1,00

Forecast Balance 2011

2,00

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

Page 14: price analysis of CAC40's stocks during the period of earning results

25/10/2012 short 4,04 -1,00 -1 -4,04

Saint 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 -1,00

Forecast Balance 2011

0,00

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 1,68

Peugeot 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 1,00

Forecast Balance 2011

2,00

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 7,89

Veolia 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 -1,00

Forecast Balance 2011

0,00

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

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 1,00

Forecast Balance 2011

2,00

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 4,10

Page 15: price analysis of CAC40's stocks during the period of earning results

STMicroelectronics 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 -1,00

Forecast Balance 2011

0,00

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 -5,70

Schneider 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 1,00

Forecast Balance 2011

2,00

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 -0,76

Unibail 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 -1,00

Forecast Balance 2011

2,00

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 1,39

Vallourec 23/02/2011 short -7,23 1,00

12/05/2011 short 5,86 -1,00

27/07/2011 short -18,66 1,00

09/11/2011 buy -0,26 -1,00

Forecast Balance 2011

0,00

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 4,24

ArcelorMittal 08/02/2011 buy 0,92 1,00

11/05/2011 buy -3,52 -1,00

Page 16: price analysis of CAC40's stocks during the period of earning results

27/07/2011 short -0,90 1,00

03/11/2011 buy 1,73 1,00

Forecast Balance 2011

2,00

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

LVMH 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 1,00

Forecast Balance 2011

0,00

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 -4,40

BNP 17/02/2011 buy -1,24 -1,00

04/05/2011 buy 0,99 1,00

03/11/2011 buy 4,04 1,00

Forecast Balance 2011

1,00

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 2,38

Alstom 04/05/2011 buy -3,39 -1,00

20/07/2011 buy 1,64 1,00

03/11/2011 buy 4,35 1,00

Forecast Balance 2011

1,00

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 2011

1,00

09/02/2012 short -8,30 1,00 -1 8,30

23/04/2012 buy -2,25 -1,00 1 -2,25

Page 17: price analysis of CAC40's stocks during the period of earning results

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 2011

0,00

20/04/2012 short -1,87 1,00 -1 1,87

03/08/2012 buy 2,37 1,00 1 2,37

Raw Data

Accor

2010 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

-7,10

2011 - 1st Quarter

Date Close Variation

26/04/2011 30,04 -0,53%

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

-1,50

2011 - 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

Page 18: price analysis of CAC40's stocks during the period of earning results

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

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

5,36

2012 - 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%

Page 19: price analysis of CAC40's stocks during the period of earning results

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

Crédit Agricole

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%

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

-1,35

2011 - Half-Year Results

Date Close Variation

Page 20: price analysis of CAC40's stocks during the period of earning results

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%

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

-6,57

2012 - Half-Year Results

Page 21: price analysis of CAC40's stocks during the period of earning 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

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

Page 22: price analysis of CAC40's stocks during the period of earning results

buy

1,86

2011 - 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

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

Page 23: price analysis of CAC40's stocks during the period of earning results

buy

-18,37

2012 - 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%

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

1,94

2011 - 1st Quarter

Date Close Variation

29/04/2011 120,75 -0,04%

Page 24: price analysis of CAC40's stocks during the period of earning results

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

2,24

2011 - 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

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

4,95

2011 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

-3,21

2012 - 1st Quarter

Date Close Variation

Page 25: price analysis of CAC40's stocks during the period of earning results

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

8,14

2012 - 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

buy

11,24

2012 - 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 Variation17/02/201

145,56 0,13%

16/02/2011

45,5 0,18%

15/02/2011

45,42 3,34%

Page 26: price analysis of CAC40's stocks during the period of earning results

14/02/2011

43,95 0,85%

11/02/2011

43,58

buy3,53

2011 - 1st Quarter

Date Close Variation18/04/201

148,03 -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

buy3,76

2011 - Half-Year Results

Date Close Variation01/08/201

149,16 -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-1,72

2011 - 3rd Quarter

Date Close Variation20/10/201

146,66 -0,09%

19/10/2011

46,7 0,65%

18/10/201 46,4 2,20%

Page 27: price analysis of CAC40's stocks during the period of earning results

117/10/201

145,4 -1,94%

14/10/2011

46,3

short2,86

2011 Annual ResultsDate Close Variation

17/02/2012

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

buy2,06

2012 - 1st Quarter

Date Close Variation19/04/201

254,36 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

buy4,46

2012 - Half-Year Results

Date Close Variation31/07/201

249,48 -1,34%

30/07/2012

50,15 1,62%

Page 28: price analysis of CAC40's stocks during the period of earning results

27/07/2012

49,35 3,81%

26/07/2012

47,54 1,24%

25/07/2012

46,96

buy5,49

2012 - 3rd QuarterDate Close Variation

19/10/2012

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

Carrefour

2010 Annual ResultsDate Close Variation

17/01/2011

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

buy1,13

2011 - 1st Quarter

Page 29: price analysis of CAC40's stocks during the period of earning results

Date Close Variation18/04/201

129,94 -2,16%

15/04/2011

30,6 -1,42%

14/04/2011

31,04 -1,27%

13/04/2011

31,44 1,42%

12/04/2011

31

buy-2,67

2011 - Half-Year Results

Date Close Variation02/09/201

117,66 -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-2,47

2011 - 3rd Quarter

Date Close Variation17/10/201

117,04 -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-3,69

Page 30: price analysis of CAC40's stocks during the period of earning results

2011 Annual ResultsDate Close Variation

23/01/2012

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

2012 - 1st Quarter

Date Close Variation13/04/201

215,54 -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-0,80

2012 - Half-Year ResultsDate Close Variation

16/07/2012

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

Page 31: price analysis of CAC40's stocks during the period of earning results

10,15

2012 - 3rd QuarterDate Close Variation

15/10/2012

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

buy1,50

Axa

2010 Annual Results

Date Close Variation21/02/201

114,96 -3,61%

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-2,51

2011 - 1st Quarter

Date Close Variation09/05/201

114,66 -3,49%

06/05/2011

15,19 1,13%

Page 32: price analysis of CAC40's stocks during the period of earning results

05/05/2011

15,02 0,13%

04/05/2011

15 -1,45%

03/05/2011

15,22

short1,27

2011 - Half-Year Results

Date Close Variation08/08/201

110,99 -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-3,91

2011 - 3rd Quarter

Date Close Variation31/10/201

111,77 -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

short11,95

2011 Annual ResultsDate Close Variation

20/02/0212

12,52 1,79%

17/02/201 12,3 1,99%

Page 33: price analysis of CAC40's stocks during the period of earning results

216/02/201

212,06 -1,31%

15/02/2012

12,22 0,41%

14/02/2012

12,17

buy0,65

2012 - 1st Quarter

Date Close Variation15/05/201

29,3 -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-4,04

2012 - Half-Year Results

Date Close Variation07/08/201

210,88 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

short8,04

2012 - 3rd QuarterDate Close Variation

29/10/2012

12,08 -1,15%

Page 34: price analysis of CAC40's stocks during the period of earning results

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

short1,33

Vinci

2010 Annual ResultsDate Close Variation

31/01/2011

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-1,16

2011 - 1st Quarter

Date Close Variation02/05/201

144,86 -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

buy2,13

Page 35: price analysis of CAC40's stocks during the period of earning results

2011 - Half-Year Results

Date Close Variation01/09/201

136,18 -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

buy2,80

2011 - 3rd Quarter

Date Close Variation07/11/201

133,86 -1,51%

04/11/2011

34,38 -2,22%

03/11/2011

35,16 2,75%

02/11/2011

34,22 1,63%

01/11/2011

33,67

buy0,47

2011 Annual ResultsDate Close Variation

09/02/2012

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

Page 36: price analysis of CAC40's stocks during the period of earning results

2,22

2012 - 1st Quarter

Date Close Variation30/04/201

235 -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

buy3,73

2012 - Half-Year Results

Date Close Variation02/08/201

232,04 -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-4,74

2012 - 3rd QuarterDate Close Variation

29/10/2012

34 -0,96%

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

Page 37: price analysis of CAC40's stocks during the period of earning results

0,15

EADS

2010 Annual ResultsDate Close Variation

11/03/2011

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-0,30

2011 - 1st Quarter

Date Close Variation17/05/201

122,05 -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

buy3,57

2011 - Half-Year Results

Date Close Variation02/08/201

123,54 -1,75%

01/08/2011

23,96 -0,99%

29/07/2011

24,2 -0,41%

28/07/201 24,3 -0,12%

Page 38: price analysis of CAC40's stocks during the period of earning results

127/07/201

124,33

short-1,40

2011 - 3rd Quarter

Date Close Variation14/11/201

122,05 -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

short11,52

2011 Annual ResultsDate Close Variation

12/03/2012

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

buy12,00

2012 - 1st Quarter

Date Close Variation18/05/201

227,81 -3,30%

17/05/2012

28,76 -2,11%

16/05/2012

29,38 1,21%

Page 39: price analysis of CAC40's stocks during the period of earning results

15/05/2012

29,03 1,08%

14/05/2012

28,72

buy-0,93

2012 - Half-Year Results

Date Close Variation31/07/201

229,26 -1,55%

30/07/2012

29,72 -0,27%

27/07/2012

29,8 5,64%

26/07/2012

28,21 1,11%

25/07/2012

27,9

buy5,35

2012 - 3rd QuarterDate Close Variation

12/11/2012

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

EDF

2010 Annual Results

Page 40: price analysis of CAC40's stocks during the period of earning results

Date Close Variation17/02/201

132,62 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

buy0,51

2011 - 1st Quarter

Date Close Variation16/05/201

128,88 -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

buy2,20

2011 - Half-Year Results

Date Close Variation02/08/201

125,15 -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-5,48

2011 - 3rd Quarter

Page 41: price analysis of CAC40's stocks during the period of earning results

Date Close Variation14/11/201

120,92 -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

short3,84

2011 Annual ResultsDate Close Variation

20/02/2012

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

buy1,12

2012 - 1st Quarter

Date Close Variation14/05/201

215,9 -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

buy2,14

Page 42: price analysis of CAC40's stocks during the period of earning results

2012 - Half-Year Results

Date Close Variation02/08/201

216,12 -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

buy0,84

2012 - 3rd QuarterDate Close Variation

15/11/2012

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 Variation04/03/201

151,94 0,29%

03/03/2011

51,79 1,39%

02/03/2011

51,08 -2,98%

Page 43: price analysis of CAC40's stocks during the period of earning results

01/03/2011

52,65 1,74%

28/02/2011

51,75

buy-1,63

2011 - 1st Quarter

Date Close Variation21/04/201

155,51 -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

short1,97

2011 - Half-Year Results

Date Close Variation29/08/201

152,61 -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-1,43

2011 - 3rd Quarter

Date Close Variation25/10/201

152,45 -0,08%

24/10/2011

52,49 0,02%

Page 44: price analysis of CAC40's stocks during the period of earning results

21/10/2011

52,48 3,00%

20/10/2011

50,95 -0,82%

19/10/2011

51,37

short3,02

2011 Annual ResultsDate Close Variation

05/03/2012

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

buy1,72

2012 - 1st Quarter

Date Close Variation26/04/201

266,75 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

short4,51

2012 - Half-Year Results

Date Close Variation04/09/201

269,69 -1,25%

03/09/201 70,57 1,70%

Page 45: price analysis of CAC40's stocks during the period of earning results

231/08/201

269,39 -1,70%

30/08/2012

70,59 2,53%

29/08/2012

68,85

buy-0,03

2012 - 3rd QuarterDate Close Variation

29/10/2012

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

buy0,32

Bouygues

2010 Annual Results

Date Close Variation03/03/201

134,28 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

Page 46: price analysis of CAC40's stocks during the period of earning results

buy2,12

2011 - 1st Quarter

Date Close Variation18/05/201

132,56 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-4,28

2011 - Half-Year Results

Date Close Variation02/09/201

125,61 -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

buy13,39

2011 - 3rd Quarter

Date Close Variation17/11/201

123,54 -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

Page 47: price analysis of CAC40's stocks during the period of earning results

buy-2,43

2011 Annual ResultsDate Close Variation

01/03/2012

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-2,25

2012 - 1st Quarter

Date Close Variation17/05/201

220,09 -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-1,13

2012 - Half-Year Results

Date Close Variation30/08/201

219,32 -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

Page 48: price analysis of CAC40's stocks during the period of earning results

buy-11,49

2012 - 3rd QuarterDate Close Variation

16/11/2012

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%

12/11/2012

17,9

buy-0,89

Total

2010 Annual ResultsDate 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-0,41

2011 - 1st Quarter

Date Close Variation03/05/2011 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

buy0,09

Page 49: price analysis of CAC40's stocks during the period of earning results

2011 – 2ème trimestreDate 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

2011 - 3rd Quarter

Date Close Variation01/11/2011 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-3,32

2011 Annual ResultsDate 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-0,24

2012 - 1st Quarter

Date Close Variation02/05/2012 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

Page 50: price analysis of CAC40's stocks during the period of earning results

-1,21

2012 - Half-Year Results

Date Close Variation31/07/2012 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

buy3,68

2012 - 3rd QuarterDate 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

buy0,33

France Telecom

2010 Annual Results

Date Close Variation28/02/201

116,03 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-1,11

Page 51: price analysis of CAC40's stocks during the period of earning results

2011 - 1st Quarter

Date Close Variation05/05/201

115,6 -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-0,95

2011 - Half-Year Results

Date Close Variation01/08/201

114,13 -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

short1,48

2011 - 3rd Quarter

Date Close Variation31/10/201

113,04 -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

buy2,29

Page 52: price analysis of CAC40's stocks during the period of earning results

2011 Annual ResultsDate Close Variation

24/02/2012

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

short1,40

2012 - 1st Quarter

Date Close Variation07/05/201

210,59 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

short1,56

2012 - Half-Year Results

Date Close Variation30/07/201

211,06 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

buy7,80

Page 53: price analysis of CAC40's stocks during the period of earning results

2012 - 3rd QuarterDate Close Variation

29/10/2012

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

Société Générale

2010 Annual Results

Date Close Variation18/02/201

151,93 -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

buy6,51

2011 - 1st Quarter

Date Close Variation09/05/201

142,18 -2,63%

06/05/2011

43,32 0,14%

05/05/2011

43,26 -4,96%

Page 54: price analysis of CAC40's stocks during the period of earning results

04/05/2011

45,52 -0,11%

03/05/2011

45,57

short-4,83

2011 - Half-Year Results

Date Close Variation05/08/201

127,44 -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-14,77

2011 - 3rd Quarter

Date Close Variation10/11/201

118,1 -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

short4,00

2011 Annual ResultsDate Close Variation

20/02/2012

24,16 0,58%

17/02/2012

24,02 6,47%

16/02/201 22,56 0,80%

Page 55: price analysis of CAC40's stocks during the period of earning results

215/02/201

222,38 2,19%

14/02/2012

21,9

buy7,33

2012 - 1st Quarter

Date Close Variation07/05/201

217,99 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-4,05

2012 - Half-Year Results

Date Close Variation03/08/201

218,52 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-6,72

2012 - 3rd QuarterDate Close Variation

12/11/2012

24,9 1,14%

09/11/2012

24,62 -1,52%

08/11/201 25 1,67%

Page 56: price analysis of CAC40's stocks during the period of earning results

207/11/201

224,59 -2,92%

06/11/2012

25,33

buy0,12

Lafarge

2010 Annual Results

Date Close Variation22/02/201

145,52 -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

short1,20

2011 - 1st Quarter

Date Close Variation09/05/201

145,07 -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-0,02

2011 - Half-Year Results

Page 57: price analysis of CAC40's stocks during the period of earning results

Date Close Variation01/08/201

135,68 -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-5,82

2011 - 3rd Quarter

Date Close Variation08/11/201

128,88 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-2,52

2011 Annual ResultsDate Close Variation

21/02/2012

35,04 -1,24%

20/02/2012

35,48 2,96%

17/02/2012

34,46 8,26%

16/02/2012

31,83 0,44%

15/02/2012

31,69

buy11,47

Page 58: price analysis of CAC40's stocks during the period of earning results

2012 - 1st Quarter

Date Close Variation08/05/201

229,72 -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

buy1,73

2012 - Half-Year Results

Date Close Variation31/07/201

237,43 -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

buy6,33

2012 - 3rd QuarterDate Close Variation

13/11/2012

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

Page 59: price analysis of CAC40's stocks during the period of earning results

Michelin

2010 Annual Results

Date Close Variation15/02/201

160,34 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

buy3,43

2011 - 1st Quarter

Date Close Variation27/04/201

166,4 -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

buy5,18

2011 - Half-Year Results

Date Close Variation02/08/201

155,01 -2,07%

01/08/1900

56,17 -4,24%

29/07/2011

58,66 -4,18%

28/07/201 61,22 -1,05%

Page 60: price analysis of CAC40's stocks during the period of earning results

127/07/201

161,87

short-8,25

2011 - 3rd Quarter

Date Close Variation28/10/201

155,71 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

short5,61

2011 Annual ResultsDate Close Variation

14/02/2012

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-2,69

2012 - 1st Quarter

Date Close Variation25/04/201

255,86 3,93%

24/04/2012

53,75 6,12%

23/04/2012

50,65 -2,58%

Page 61: price analysis of CAC40's stocks during the period of earning results

20/04/2012

51,99 -0,31%

19/04/2012

52,15

short3,39

2012 - Half-Year Results

Date Close Variation31/07/201

255,42 -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

buy11,39

2012 - 3rd QuarterDate Close Variation

24/10/2012

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%

18/10/2012

62,66

buy1,85

L’Oreal

2010 Annual Results

Page 62: price analysis of CAC40's stocks during the period of earning results

Date Close Variation14/02/201

184,87 -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-2,99

2011 - 1st Quarter

Date Close Variation21/04/201

185,68 -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

short5,03

2011 - Half-Year Results

Date Close Variation14/07/201

184,78 -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

2011 - 3rd Quarter

Page 63: price analysis of CAC40's stocks during the period of earning results

Date Close Variation09/11/201

177,43 -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

short0,27

2011 Annual ResultsDate Close Variation

15/02/2012

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

short4,12

2012 - 1st Quarter

Date Close Variation16/04/201

292,72 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

buy1,90

Page 64: price analysis of CAC40's stocks during the period of earning results

2012 - Half-Year Results

Date Close Variation30/07/201

298,9 -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

short6,77

2012 - 3rd QuarterDate Close Variation

08/11/2012

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 Variation14/02/201

145,95 -1,39%

11/02/2011

46,6 -1,38%

10/02/2011

47,25 -2,74%

09/02/201 48,58 -1,64%

Page 65: price analysis of CAC40's stocks during the period of earning results

108/02/201

149,39

short-4,08

2011 - 1st Quarter

Date Close Variation28/04/201

140,68 -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

buy6,56

2011 - Half-Year Results

Date Close Variation01/08/201

137,08 -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

short4,08

2011 - 3rd Quarter

Date Close Variation31/10/201

130,44 -3,85%

28/10/2011

31,66 4,45%

27/10/2011

30,31 5,61%

Page 66: price analysis of CAC40's stocks during the period of earning results

26/10/2011

28,7 1,81%

25/10/2011

28,19

buy10,31

2011 Annual ResultsDate Close Variation

20/02/2012

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

buy9,94

2012 - 1st Quarter

Date Close Variation27/04/201

235,68 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

buy0,06

2012 - Half-Year Results

Date Close Variation31/07/201

235,59 -1,30%

30/07/2012

36,06 0,33%

27/07/201 35,94 6,33%

Page 67: price analysis of CAC40's stocks during the period of earning results

226/07/201

233,8 2,42%

25/07/2012

33

buy6,69

2012 - 3rd QuarterDate Close Variation

29/10/2012

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 Variation11/02/201

115,75 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

short3,98

2011 - 1st Quarter

Page 68: price analysis of CAC40's stocks during the period of earning results

Date Close Variation02/05/201

115,55 -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

buy4,29

2011 - Half-Year Results

Date Close Variation05/08/201

112,27 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-3,82

2011 - 3rd Quarter

Date Close Variation28/10/201

111,6 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-1,86

Page 69: price analysis of CAC40's stocks during the period of earning results

2011 Annual ResultsDate Close Variation

10/02/2012

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

short6,93

2012 - 1st Quarter

Date Close Variation24/04/201

210,27 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-2,13

2012 - Half-Year Results

Date Close Variation03/08/201

28,89 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-4,47

Page 70: price analysis of CAC40's stocks during the period of earning results

2012 - 3rd QuarterDate Close Variation

29/10/2012

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

short4,04

Saint Gobain

2010 Annual Results

Date Close Variation28/02/201

143,32 0,70%

25/02/2011

43,02 5,49%

24/02/2011

40,78 0,34%

23/02/2011

40,64 -1,55%

22/02/2011

41,28

short5,86

2011 - 1st Quarter

Date Close Variation02/05/201

146,68 0,09%

29/04/2011

46,64 -1,10%

28/04/2011

47,16 0,34%

27/04/2011

47 -0,19%

26/04/201 47,09

Page 71: price analysis of CAC40's stocks during the period of earning results

1

short-0,77

2011 - Half-Year Results

Date Close Variation01/08/201

138,9 -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-0,22

2011 - 3rd Quarter

Date Close Variation27/10/201

135,1 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-2,86

2011 Annual ResultsDate Close Variation

20/02/2012

37,2 1,36%

17/02/2012

36,7 5,10%

16/02/2012

34,92 0,52%

15/02/2012

34,74 -1,28%

Page 72: price analysis of CAC40's stocks during the period of earning results

14/02/2012

35,19

short5,64

2012 - 1st Quarter

Date Close Variation07/05/201

232,64 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-0,69

2012 - Half-Year Results

Date Close Variation30/07/201

225,07 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-6,69

2012 - 3rd QuarterDate Close Variation

29/10/2012

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%

Page 73: price analysis of CAC40's stocks during the period of earning results

23/10/2012

26,74

buy1,68

Peugeot

2010 Annual Results

Date Close Variation11/02/201

130,14 -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-2,88

2011 - 1st Quarter

Date Close Variation26/04/201

130,34 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

buy7,40

2011 - Half-Year Results

Date Close Variation29/07/201 26,54 -1,81%

Page 74: price analysis of CAC40's stocks during the period of earning results

128/07/201

127,03 -0,84%

27/07/2011

27,26 -7,59%

26/07/2011

29,5 -3,22%

25/07/2011

30,48

short-8,37

2011 - 3rd Quarter

Date Close Variation28/10/201

116,63 -1,60%

27/10/2011

16,9 -0,12%

26/10/2011

16,92 -0,82%

25/10/2011

17,06 -2,40%

24/10/2011

17,48

short-0,94

2011 Annual ResultsDate Close Variation

17/02/2012

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-8,13

2012 - 1st Quarter

Date Close Variation

Page 75: price analysis of CAC40's stocks during the period of earning results

27/04/2012

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

buy1,46

2012 - Half-Year Results

Date Close Variation27/07/201

26,01 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-4,49

2012 - 3rd QuarterDate Close Variation

26/10/2012

5,28 -1,68%

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

Page 76: price analysis of CAC40's stocks during the period of earning results

Veolia

2010 Annual Results

Date Close Variation08/03/201

122,36 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-3,57

2011 - 1st Quarter

Date Close Variation09/05/201

122,21 -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

short1,94

2011 - Half-Year Results

Date Close Variation08/08/201

110,26 -7,98%

05/08/2011

11,15 -3,88%

04/08/2011

11,6 -18,88%

03/08/2011

14,3 -2,72%

Page 77: price analysis of CAC40's stocks during the period of earning results

02/08/2011

14,7

short-22,03

2011 - 3rd Quarter

Date Close Variation23/11/201

18,16 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-7,18

2011 Annual ResultsDate Close Variation

05/03/2012

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

buy20,37

2012 - 1st Quarter

Date Close Variation08/05/201

210,47 -1,87%

07/05/2012

10,67 1,81%

04/05/2012

10,48 0,48%

03/05/201 10,43 -1,42%

Page 78: price analysis of CAC40's stocks during the period of earning results

202/05/201

210,58

short2,30

2012 - Half-Year Results

Date Close Variation06/08/201

28,29 -0,72%

03/08/2012

8,35 2,45%

02/08/2012

8,15 -11,61%

01/08/2012

9,22 0,44%

31/07/2012

9,18

buy-9,44

2012 - 3rd QuarterDate Close Variation

09/11/2012

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

neutral5,91

Cap Gemini

2010 Annual

Page 79: price analysis of CAC40's stocks during the period of earning results

ResultsDate Close Variation

21/02/2011

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

buy7,25

2011 - 1st Quarter

Date Close Variation09/05/201

141,4 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

short1,43

2011 - Half-Year Results

Date Close Variation01/08/201

133,72 -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-11,30

Page 80: price analysis of CAC40's stocks during the period of earning results

2011 - 3rd Quarter

Date Close Variation10/11/201

127,62 -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

buy4,38

2012 - 1st Quarter

Date Close Variation14/05/201

228,4 -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

buy1,49

2012 - Half-Year Results

Date Close Variation30/07/201

230 1,01%

27/07/2012

29,7 2,27%

26/07/2012

29,04 7,08%

25/07/2012

27,12 1,65%

24/07/2012

26,68

buy9,51

Page 81: price analysis of CAC40's stocks during the period of earning results

2012 - 3rd QuarterDate Close Variation

12/11/2012

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 Variation26/01/201

18,52 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-5,10

2011 - 1st Quarter

Date Close Variation06/04/201

18,87 -1,44%

05/04/2011

9 2,51%

04/04/2011

8,78 -0,57%

01/04/2011

8,83 1,03%

Page 82: price analysis of CAC40's stocks during the period of earning results

31/03/2011

8,74

buy1,93

2011 - Half-Year Results

Date Close Variation22/07/201

16,46 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

buy0,79

2011 - 3rd Quarter

Date Close Variation21/10/201

15,32 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-3,95

2011 Annual ResultsDate Close Variation

25/01/2012

5,17 -2,45%

24/01/2012

5,3 -5,86%

23/01/2012

5,63 0,72%

20/01/201 5,59 -0,71%

Page 83: price analysis of CAC40's stocks during the period of earning results

219/01/201

25,63

short-5,19

2012 - 1st Quarter

Date Close Variation25/04/201

24,47 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

short-12,20

2012 - Half-Year Results

Date Close Variation19/07/201

24,17 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

short5,70

2012 - 3rd QuarterDate Close Variation

25/10/2012

4,7 -2,49%

24/10/2012

4,82 3,66%

23/10/2012

4,65 -2,72%

22/10/201 4,78 0,00%

Page 84: price analysis of CAC40's stocks during the period of earning results

219/10/201

24,78

neutral0,84

Schneider

2010 Annual Results

Date Close Variation21/02/201

158,2 -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

buy3,58

2011 - 1st Quarter

Date Close Variation26/04/201

158,6 -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

buy5,01

2011 - Half-Year Results

Date Close Variation02/08/201 47,96 -4,12%

Page 85: price analysis of CAC40's stocks during the period of earning results

201/08/201

250,02 -1,11%

29/07/2011

50,58 -1,50%

28/07/2011

51,35 0,20%

27/07/2011

51,25

buy-2,59

2011 - 3rd Quarter

Date Close Variation24/10/201

143,59 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-5,51

2011 Annual ResultsDate Close Variation

24/02/2012

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

short5,54

2012 - 1st Quarter

Page 86: price analysis of CAC40's stocks during the period of earning results

Date Close Variation24/04/201

246,44 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-4,89

2012 - Half-Year Results

Date Close Variation03/08/201

249,88 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

short1,02

2012 - 3rd QuarterDate Close Variation

29/10/2012

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

Page 87: price analysis of CAC40's stocks during the period of earning results

Technip

2010 Annual Results

Date Close Variation21/02/201

170,64 -2,07%

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-1,06

2011 - 1st Quarter

Date Close Variation02/05/201

175,2 -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-0,90

2011 - Half-Year Results

Date Close Variation01/08/201

176,33 -0,04%

29/07/2011

76,36 1,21%

28/07/2011

75,45 2,19%

27/07/2011

73,83 -2,80%

Page 88: price analysis of CAC40's stocks during the period of earning results

26/07/2011

75,96

short3,43

2011 - 3rd Quarter

Date Close Variation31/10/201

168,72 -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

short5,59

2011 Annual ResultsDate Close Variation

20/02/2012

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

buy1,46

2012 - 1st Quarter

Date Close Variation30/04/201

285,43 -1,23%

27/04/2012

86,49 -2,45%

26/04/2012

88,66 -0,62%

25/04/201 89,21 2,92%

Page 89: price analysis of CAC40's stocks during the period of earning results

224/04/201

286,68

buy-3,05

2012 - Half-Year Results

Date Close Variation30/07/201

287,35 -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

buy3,45

2012 - 3rd QuarterDate Close Variation

29/10/2012

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

Unibail

2010 Annual Results

Date Close Variation

Page 90: price analysis of CAC40's stocks during the period of earning results

11/02/2011

144,45 0,59%

10/02/2011

143,6 1,20%

09/02/2011

141,9 1,00%

08/02/2011

140,5 0,54%

07/02/2011

139,75

buy2,21

2011 - 1st Quarter

Date Close Variation28/04/201

1156,3 0,84%

27/04/2011

155 0,10%

26/04/2011

154,85 0,58%

21/04/2011

153,95 1,15%

20/04/2011

152,2

buy0,68

2011 - Half-Year Results

Date Close Variation22/07/201

1157,65 1,32%

21/07/2011

155,6 2,30%

20/07/2011

152,1 0,90%

19/07/2011

150,75 0,63%

18/07/2011

149,8

buy3,22

2011 - 3rd Quarter

Page 91: price analysis of CAC40's stocks during the period of earning results

Date Close Variation01/11/201

1138,8 -3,94%

31/10/2011

144,5 -1,10%

28/10/2011

146,1 -0,27%

27/10/2011

146,5 5,02%

26/10/2011

139,5

buy-1,37

2011 Annual ResultsDate Close Variation

03/02/2012

143,8 -1,78%

02/02/2012

146,4 -2,92%

01/02/2012

150,8 2,72%

31/01/2012

146,8 -0,14%

30/01/2012

147

short-0,27

2012 - 1st Quarter

Date Close Variation30/04/201

2141,2 -2,45%

27/04/2012

144,75 1,05%

26/04/2012

143,25 -0,73%

25/04/2012

144,3 0,00%

24/04/2012

144,3

neutral0,31

Page 92: price analysis of CAC40's stocks during the period of earning results

2012 - Half-Year Results

Date Close Variation25/07/201

2152,55 2,01%

24/07/2012

149,55 1,56%

23/07/2012

147,25 -2,03%

20/07/2012

150,3 -0,79%

19/07/2012

151,5

buy-0,50

2012 - 3rd QuarterDate Close Variation

30/10/2012

173,15 0,82%

29/10/2012

171,75 0,76%

26/10/2012

170,45 0,62%

25/10/2012

169,4 0,95%

24/10/2012

167,8

buy1,39

Vivendi

2010 Annual Results

Date Close Variation03/03/201

119,98 -0,30%

02/03/2011

20,04 -1,72%

01/03/2011

20,39 -1,31%

28/02/2011

20,66 0,58%

25/02/201 20,54

Page 93: price analysis of CAC40's stocks during the period of earning results

1

buy-3,00

2011 - 1st Quarter

Date Close Variation16/05/201

119,24 -0,82%

13/05/2011

19,4 1,52%

12/05/2011

19,11 -1,55%

11/05/2011

19,41 1,30%

10/05/2011

19,16

buy-0,05

2011 - Half-Year Results

Date Close Variation02/09/201

116,75 -3,07%

01/09/2011

17,28 1,89%

31/08/2011

16,96 4,82%

30/08/2011

16,18 0,81%

29/08/2011

16,05

buy6,80

2011 - 3rd Quarter

Date Close Variation18/11/201

116,26 2,39%

17/11/2011

15,88 -2,82%

16/11/2011

16,34 5,56%

15/11/2011

15,48 -2,52%

Page 94: price analysis of CAC40's stocks during the period of earning results

14/11/2011

15,88

short2,58

2011 Annual ResultsDate Close Variation

05/03/2012

14,14 -1,53%

02/03/2012

14,36 -0,97%

01/03/2012

14,5 -10,05%

29/02/2012

16,12 -1,23%

28/02/2012

16,32

short-10,92

2012 - 1st Quarter

Date Close Variation16/05/201

213 2,52%

15/05/2012

12,68 2,01%

14/05/2012

12,43 -2,74%

11/05/2012

12,78 -1,99%

10/05/2012

13,04

short-0,78

2012 - Half-Year Results

Date Close Variation03/09/201

215,72 0,83%

31/08/2012

15,59 -0,06%

30/08/2012

15,6 3,24%

29/08/201 15,11 -2,52%

Page 95: price analysis of CAC40's stocks during the period of earning results

228/08/201

215,5

short3,18

2012 - 3rd QuarterDate Close Variation

15/11/2012

15,96 1,72%

14/11/2012

15,69 4,67%

13/11/2012

14,99 1,28%

12/11/2012

14,8 -1,33%

09/11/2012

15

short6,01

Vallourec

2010 Annual Results

Date Close Variation25/02/201

174,15 2,21%

24/02/2011

72,55 -6,57%

23/02/2011

77,65 -0,70%

22/02/2011

78,2 -1,08%

21/02/2011

79,05

short-7,23

2011 - 1st Quarter

Date Close Variation

Page 96: price analysis of CAC40's stocks during the period of earning results

16/05/2011

88,61 -0,64%

13/05/2011

89,18 6,09%

12/05/2011

84,06 -0,21%

11/05/2011

84,24 -0,54%

10/05/2011

84,7

short5,86

2011 - Half-Year Results

Date Close Variation29/07/201

171,12 1,61%

28/07/2011

69,99 -16,85%

27/07/2011

84,17 -2,18%

26/07/2011

86,05 -0,54%

25/07/2011

86,52

short-18,66

2011 - 3rd Quarter

Date Close Variation11/11/201

147,95 4,33%

10/11/2011

45,96 0,52%

09/11/2011

45,72 -0,78%

08/11/2011

46,08 1,41%

07/11/2011

45,44

buy-0,26

2011 Annual Results

Page 97: price analysis of CAC40's stocks during the period of earning results

Date Close Variation24/02/201

253,61 1,25%

23/02/2012

52,95 -6,38%

22/02/2012

56,56 0,87%

21/02/2012

56,07 -3,41%

20/02/2012

58,05

short-5,56

2012 - 1st Quarter

Date Close Variation14/05/201

234,56 0,76%

11/05/2012

34,3 -19,97%

10/05/2012

42,86 1,44%

09/05/2012

42,25 1,64%

08/05/2012

41,57

buy-18,82

2012 - Half-Year Results

Date Close Variation30/07/201

233,84 2,67%

27/07/2012

32,96 -7,47%

26/07/2012

35,62 4,21%

25/07/2012

34,18 -0,29%

24/07/2012

34,28

short-3,57

2012 - 3rd Quarter

Page 98: price analysis of CAC40's stocks during the period of earning results

Date Close Variation09/11/201

234,19 3,67%

08/11/2012

32,98 4,43%

07/11/2012

31,58 -0,19%

06/11/2012

31,64 0,96%

05/11/2012

31,34

buy4,24

ArcelorMittal

2010 Annual Results

Date Close Variation10/02/201

127,98 1,75%

09/02/2011

27,5 -1,86%

08/02/2011

28,02 2,83%

07/02/2011

27,25 2,25%

04/02/2011

26,65

buy0,92

2011 - 1st Quarter

Date Close Variation13/05/201

123,92 -1,97%

12/05/2011

24,4 -0,33%

11/05/2011

24,48 -3,20%

10/05/2011

25,29 2,60%

Page 99: price analysis of CAC40's stocks during the period of earning results

09/05/2011

24,65

buy-3,52

2011 - Half-Year Results

Date Close Variation29/07/201

121,8 -0,82%

28/11/2011

21,98 -1,61%

27/07/2011

22,34 0,72%

26/07/2011

22,18 -2,80%

25/07/2011

22,82

short-0,90

2011 - 3rd Quarter

Date Close Variation07/11/201

114,67 0,00%

04/11/2011

14,67 -0,20%

03/11/2011

14,7 1,94%

02/11/2011

14,42 1,98%

01/11/2011

14,14

buy1,73

2011 Annual ResultsDate Close Variation

09/02/2012

17,52 0,69%

08/02/2012

17,4 4,25%

07/02/2012

16,69 3,28%

06/02/201 16,16 -2,36%

Page 100: price analysis of CAC40's stocks during the period of earning results

203/02/201

216,55

short7,67

2012 - 1st Quarter

Date Close Variation14/05/201

212,06 -3,98%

11/05/2012

12,56 -1,10%

10/05/2012

12,7 2,42%

09/05/2012

12,4 0,40%

08/05/2012

12,35

buy1,29

2012 - Half-Year Results

Date Close Variation27/07/201

212,56 4,23%

26/07/2012

12,05 1,77%

25/07/2012

11,84 0,85%

24/07/2012

11,74 0,00%

23/07/2012

11,74

neutral2,64

2012 - 3rd QuarterDate Close Variation

02/11/2012

11,91 1,28%

01/11/2012

11,76 2,89%

31/10/2012

11,43 -6,46%

30/10/201 12,22 3,21%

Page 101: price analysis of CAC40's stocks during the period of earning results

229/10/201

211,84

short-3,76

LVMH

2010 Annual Results

Date Close Variation08/02/201

1119,6 2,75%

07/02/2011

116,4 2,06%

04/02/2011

114,05 -2,44%

03/02/2011

116,9 0,60%

02/02/2011

116,2

buy-0,43

2011 - 1st Quarter

Date Close Variation21/04/201

1119,3 1,36%

20/04/2011

117,7 2,17%

19/04/2011

115,2 4,97%

18/04/2011

109,75 -2,01%

15/04/2011

112

buy7,24

2011 - Half-Year Results

Date Close Variation28/07/201 128,8 -0,77%

Page 102: price analysis of CAC40's stocks during the period of earning results

127/07/201

1129,8 -0,15%

26/07/2011

130 -0,42%

25/07/2011

130,55 1,01%

22/07/2011

129,25

buy-0,57

2011 - 3rd Quarter

Date Close Variation20/10/201

1112,15 -0,75%

19/10/2011

113 -0,88%

18/10/2011

114 0,40%

17/10/2011

113,55 -0,74%

14/10/2011

114,4

short-0,48

2011 Annual ResultsDate Close Variation

06/02/2012

128,65 -0,50%

03/02/2012

129,3 2,29%

02/02/2012

126,4 -0,32%

01/02/2012

126,8 2,59%

31/01/2012

123,6

buy1,97

2012 - 1st Quarter

Date Close Variation

Page 103: price analysis of CAC40's stocks during the period of earning results

20/04/2012

123,4 0,24%

19/04/2012

123,1 -2,46%

18/04/2012

126,2 -3,30%

17/04/2012

130,5 0,15%

16/04/2012

130,3

buy-5,67

2012 - Half-Year Results

Date Close Variation30/07/201

2124,45 0,04%

27/07/2012

124,4 -0,40%

26/07/2012

124,9 3,61%

25/07/2012

120,55 1,30%

24/07/2012

119

buy3,19

2012 - 3rd QuarterDate Close Variation

17/10/2012

128,9 0,51%

16/10/2012

128,25 3,59%

15/10/2012

123,8 0,77%

12/10/2012

122,85 -0,08%

11/10/2012

122,95

short4,40

Page 104: price analysis of CAC40's stocks during the period of earning results

Sanofi

2010 Annual Results

Date Close Variation11/02/201

149,65 -1,47%

10/02/2011

50,39 0,10%

09/02/2011

50,34 -1,56%

08/02/2011

51,14 0,69%

07/02/2011

50,79

buy-1,47

2011 - 1st Quarter

Date Close Variation02/05/201

153,88 0,90%

29/04/2011

53,4 0,19%

28/04/2011

53,3 0,08%

27/04/2011

53,26 0,17%

26/04/2011

53,17

buy0,26

2011 - Half-Year Results

Date Close Variation01/08/201

152,9 -2,56%

29/07/2011

54,29 -0,75%

28/07/2011

54,7 1,67%

27/07/2011

53,8 -1,86%

26/07/2011

54,82

Page 105: price analysis of CAC40's stocks during the period of earning results

short0,91

2011 - 3rd Quarter

Date Close Variation07/11/201

148,93 -0,83%

04/11/2011

49,34 -2,68%

03/11/2011

50,7 1,66%

02/11/2011

49,87 0,50%

01/11/2011

49,62

buy-1,06

2011 Annual ResultsDate Close Variation

10/02/2012

56,31 0,36%

09/02/2012

56,11 0,97%

08/02/2012

55,57 -1,70%

07/02/2012

56,53 1,31%

06/02/2012

55,8

buy-0,74

2012 - 1st Quarter

Date Close Variation02/05/201

258,22 0,97%

30/04/2012

57,66 -0,94%

27/04/2012

58,21 2,52%

26/04/2012

56,78 -0,30%

25/04/201 56,95

Page 106: price analysis of CAC40's stocks during the period of earning results

2

short1,55

2012 - Half-Year Results

Date Close Variation30/07/201

265,6 0,61%

27/07/2012

65,2 2,27%

26/07/2012

63,75 3,39%

25/07/2012

61,66 0,92%

24/07/2012

61,1

buy5,74

2012 - 3rd QuarterDate Close Variation

29/10/2012

67,65 -1,02%

26/10/2012

68,35 1,95%

25/10/2012

67,04 1,42%

24/10/2012

66,1 0,05%

23/10/2012

66,07

buy3,40

BNP

2010 Annual Results

Date Close Variation21/02/201

157,15 -1,87%

18/02/201 58,24 -0,90%

Page 107: price analysis of CAC40's stocks during the period of earning results

117/02/201

158,77 -0,34%

16/02/2011

58,97 2,93%

15/02/2011

57,29

buy-1,24

2011 - 1st Quarter

Date Close Variation06/05/201

154,43 0,83%

05/05/2011

53,98 -0,13%

04/05/2011

54,05 1,12%

03/05/2011

53,45 0,11%

02/05/2011

53,39

buy0,99

2011 - 3rd Quarter

Date Close Variation07/11/201

130,77 -0,36%

04/11/2011

30,88 -3,26%

03/11/2011

31,92 7,55%

02/11/2011

29,68 3,92%

01/11/2011

28,56

buy4,04

Solde 2011 3,80

2011 Annual Results

Page 108: price analysis of CAC40's stocks during the period of earning results

Date Close Variation17/02/201

236,88 2,84%

16/02/2012

35,86 2,81%

15/02/2012

34,88 4,06%

14/02/2012

33,52 -2,33%

13/02/2012

34,32

short6,98

2012 - 1st Quarter

Date Close Variation08/05/201

229,06 -3,81%

07/05/2012

30,21 4,21%

04/05/2012

28,99 -0,38%

03/05/2012

29,1 -3,13%

02/05/2012

30,04

short3,81

2012 - Half-Year Results

Date Close Variation06/08/201

233,2 3,75%

03/08/2012

32 8,66%

02/08/2012

29,45 -4,07%

01/08/2012

30,7 1,76%

31/07/2012

30,17

buy4,23

2012 - 3rd Quarter

Page 109: price analysis of CAC40's stocks during the period of earning results

Date Close Variation09/11/201

239,46 -1,47%

08/11/2012

40,05 1,29%

07/11/2012

39,54 1,07%

06/11/2012

39,12 1,24%

05/11/2012

38,64

buy2,38

Alstom

2010 Annual ResultsDate Close Variation

06/05/2011 42,41 1,05%05/05/2011 42,24 0,28%04/05/2011 42,62 1,35%03/05/2011 43,72 0,92%02/05/2011 44,23

buy-3,39

2011 - 1st Quarter

Date Close Variation22/07/2011 39,49 1,05%21/07/2011 39,08 0,28%20/07/2011 38,97 1,35%19/07/2011 38,45 0,92%18/07/2011 38,1

buy1,64

2011 - Half-Year Results

Date Close Variation07/11/2011 27,06 -0,18%04/11/2011 27,11 -1,42%03/11/2011 27,5 5,85%

Page 110: price analysis of CAC40's stocks during the period of earning results

02/11/2011 25,98 1,44%01/11/2011 25,61

buy4,35

2011 - 3rd Quarter

Date Close Variation23/01/2012 29,64 5,07%20/01/2012 28,21 0,21%19/01/2012 28,15 13,69%18/01/2012 24,76 0,32%17/01/2012 24,68

buy13,93

2012 - 1st Quarter

Date Close Variation23/07/2012 24,82 -4,50%20/07/2012 25,99 -2,73%19/07/2012 26,72 3,17%29/07/2012 25,9 3,56%17/07/2012 25,01

buy0,35

2012 - Half-Year Results

Date Close Variation09/11/2012 28,26 -1,50%08/11/2012 28,69 2,54%07/11/2012 27,98 1,38%06/11/2012 27,6 1,92%05/11/2012 27,08

buy3,95

Pernod

Page 111: price analysis of CAC40's stocks during the period of earning results

2011 - Half-Year Results

Date Close Variation21/02/201

167,35 0,51%

18/02/2011

67,01 -0,89%

17/02/2011

67,61 -4,28%

16/02/2011

70,63 0,60%

15/02/2011

70,21

buy-5,13

2011 - 3rd Quarter

Date Close Variation09/05/201

168,67 -0,48%

06/05/2011

69 1,05%

05/05/2011

68,28 1,94%

04/05/2011

66,98 -1,60%

03/05/2011

68,07

buy3,02

2012 - 1st Quarter

Date Close Variation24/10/201

167,38 -0,46%

21/10/2011

67,69 2,55%

20/10/2011

66,01 2,18%

19/10/2011

64,6 2,39%

18/10/2011

63,09

buy

Page 112: price analysis of CAC40's stocks during the period of earning results

4,78

2012 - Half-Year Results

Date Close Variation20/02/201

275,26 0,93%

17/02/2012

74,57 -0,51%

16/02/2012

74,95 -3,64%

15/02/2012

77,78 1,47%

14/02/2012

76,65

buy-4,13

2012 - 3rd QuarterDate Close Variation

30/04/2012

78,41 -2,54%

27/04/2012

80,45 0,12%

26/04/2012

80,35 0,63%

25/04/2012

79,85 1,24%

24/04/2012

78,87

buy0,75

Air Liquide

2010 Annual ResultsDate Close Variation

17/02/2011 85,39 -0,06%16/02/2011 85,44 -1,50%15/02/2011 86,74 -0,57%14/02/2011 87,24 2,42%11/02/2011 85,18

Page 113: price analysis of CAC40's stocks during the period of earning results

buy-2,06

2011 - 1st Quarter

Date Close Variation28/04/2011 89,85 -0,07%27/04/2011 89,91 0,75%26/04/2011 89,24 0,50%21/04/2011 88,8 1,16%20/04/2011 87,78

buy1,25

2011 - Half-Year Results

Date Close Variation03/08/2011 85,07 -0,22%02/08/2011 85,26 -1,07%01/08/2011 86,18 -0,98%29/07/2011 87,03 1,23%28/07/2011 85,97

buy-2,03

2011 - 3rd Quarter

Date Close Variation28/10/2011 86 -0,70%27/10/2011 86,61 4,20%26/10/2011 83,12 -0,51%25/10/2011 83,55 -1,38%24/10/2011 84,72

short3,66

2012 - 1st Quarter

Date Close Variation27/04/2012 89,77 1,50%

Page 114: price analysis of CAC40's stocks during the period of earning results

26/04/2012 88,44 -0,58%25/04/2012 88,96 2,48%24/04/2012 86,81 1,22%23/04/2012 85,76

buy1,88

2012 - Half-Year Results

Date Close Variation01/08/2012 91,86 0,97%31/08/2012 90,98 -0,57%30/07/2012 91,5 -0,22%27/07/2012 91,7 0,72%26/07/2012 91,04

short-0,79

2012 - 3rd QuarterDate Close Variation

29/10/2012 91,34 -0,24%26/10/2012 91,56 0,48%25/10/2012 91,12 0,57%24/10/2012 90,6 0,78%23/10/2012 89,9

buy1,06

GDF Suez

2010 Annual Results

Date Close Variation07/03/201

127,57 -1,25%

04/03/2011

27,92 -2,34%

03/03/2011

28,59 1,35%

Page 115: price analysis of CAC40's stocks during the period of earning results

02/03/2011

28,21 -1,88%

01/03/2011

28,75

short-1,03

2011 - Half-Year Results

Date Close Variation12/08/201

120,76 5,81%

11/08/2011

19,62 2,29%

10/08/2011

19,18 -4,20%

09/08/2011

20,02 1,01%

08/08/2011

19,82

buy-2,00

2011 - 3rd Quarter

Date Close Variation31/10/201

120,52 -5,70%

28/10/2011

21,76 -2,68%

27/10/2011

22,36 6,99%

26/10/2011

20,9 -0,85%

25/10/2011

21,08

buy4,11

2011 Annual ResultsDate Close Variation

13/02/2012

19,44 -0,56%

10/02/201 19,55 -3,69%

Page 116: price analysis of CAC40's stocks during the period of earning results

209/02/201

220,3 -4,78%

08/02/2012

21,32 -0,14%

07/02/2012

21,35

short-8,30

2012 - 1st Quarter

Date Close Variation25/04/201

217,77 -2,68%

24/04/2012

18,26 0,44%

23/04/2012

18,18 -2,68%

20/04/2012

18,68 0,76%

19/04/2012

18,54

buy-2,25

2012 - Half-Year Results

Date Close Variation06/08/201

219,4 1,52%

03/08/2012

19,11 4,94%

02/08/2012

18,21 -0,44%

01/08/2012

18,29 0,61%

31/07/2012

18,18

buy4,48

Publicis

2010

Page 117: price analysis of CAC40's stocks during the period of earning results

Annual Results

Date Close Variation20/04/201

138,89 3,49%

19/04/2011

37,58 -0,16%

18/04/2011

37,64 -0,84%

15/04/2011

37,96 0,50%

14/04/2011

37,77

buy-1,00

2011 - Half-Year Results

Date Close Variation05/08/201

132,54 -0,18%

04/08/2011

32,6 -4,12%

03/08/2011

34 -1,31%

02/08/2011

34,45 -2,46%

01/08/2011

35,32

short-5,37

2011 Annual ResultsDate Close Variation

24/04/2012

38,08 0,85%

23/04/2012

37,76 -1,10%

20/04/2012

38,18 -0,78%

19/04/2012

38,48 -4,09%

18/04/2012

40,12

Page 118: price analysis of CAC40's stocks during the period of earning results

short-1,87

2012 - Half-Year Results

Date Close Variation07/08/201

241,24 0,51%

06/08/2012

41,03 0,81%

03/08/2012

40,7 1,55%

02/08/2012

40,08 -0,60%

01/08/2012

40,32

buy2,37

Safran

2010 Annual Results

Date Close Variation28/02/201

125,78 2,71%

25/02/2011

25,1 0,00%

24/02/2011

25,1 0,80%

23/02/2011

24,9 -1,35%

22/02/2011

25,24

short0,80

2011 - 1st Quarter

Date Close Variation02/05/201

126,22 0,08%

28/04/2011

26,2 2,50%

Page 119: price analysis of CAC40's stocks during the period of earning results

28/04/2011

25,56 6,15%

27/04/2011

24,08 -1,71%

26/04/2011

24,5

short8,80

2011 - Half-Year Results

Date Close Variation01/09/201

128,5 -1,83%

29/07/2011

29,03 -3,23%

28/07/2011

30 6,99%

27/07/2011

28,04 -2,30%

26/07/2011

28,7

short3,53

2011 - 3rd Quarter

Date Close Variation26/10/201

122,5 -2,17%

25/10/2011

23 2,36%

24/10/2011

22,47 1,22%

21/10/2011

22,2 -8,00%

20/10/2011

24,13

short3,60

2011 Annual ResultsDate Close Variation

27/02/2012

24,36 0,58%

24/02/201 24,22 -2,14%

Page 120: price analysis of CAC40's stocks during the period of earning results

223/02/201

224,75 -2,64%

22/02/2012

25,42 -0,04%

21/02/2012

25,43

short-4,72

2012 - 1st Quarter

Date Close Variation30/04/201

228 -1,82%

27/04/2012

28,52 1,86%

26/04/2012

28 4,95%

25/04/2012

26,68 2,97%

24/04/2012

25,91

buy6,90

2012 - Half-Year Results

Date Close Variation02/08/201

226,97 -3,40%

01/08/2012

27,92 1,16%

31/07/2012

27,6 -2,13%

30/07/2012

28,2 1,62%

27/07/2012

27,75

buy-0,99

2012 - 3rd QuarterDate Close Variation

29/10/2012

30,2 0,13%

26/10/201 30,16 -0,79%

Page 121: price analysis of CAC40's stocks during the period of earning results

225/10/201

230,4 0,16%

24/10/2012

30,35 1,17%

23/10/2012

30

buy-0,63