Then the stock went from $50 to $145 and we moved on. Yesterday it closed in New York at $112.40 up $1.43 and I'm wondering, what with President Obama's clean/green talk at his second inaugural, if it's worth another look.
From the WSJ Europe's The Source blog:
Top executives at Siemens SIE.XE -0.67%, Germany’s flagship industrial group, faced harsh criticism of the group’s strategy from investors at Wednesday’s annual general meeting in Munich after reporting a fall in net profit in the three months to Dec. 31.
Institutional investors singled out over-ambitious revenue targets in the past and poor execution of major projects as reasons for their disquiet over the performance of Chief Executive Peter Loescher and his top managers.
“It doesn’t look like the board has intimate knowledge of what’s going on in the operational units,” said Ingo Speich, portfolio manager at Union Investment fund, Siemens’ eighth largest single investor with a holding of roughly 1% of outstanding shares.
Mr. Speich cited the delay in delivering new high speed trains to German railways as an example. “Mr. Loescher, what makes you so confident, that execution of projects will improve in future?” Mr. Speich asked Siemens’ chief executive, according to prepared remarks for the annual meeting.
The fund manager blamed Siemens’ target to reach annual sales of 100 billion euros for exploding costs and eroding margins. In the fiscal year to end-September 2012, the group’s net profit fell 27% to €4.46 billion despite a 6.9% rise in revenue to €78.3 billion....MORE