два года фсфр: успехии провалы
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ÔappleÓ¯ÎÓ„Ó „Ó‰‡. é‰Ì‡ÍÓ, Òӄ·ÒÌÓ ÔÓÒΉ-<br />
ÌÂÏÛ ˝ÍÓÌÓÏ˘ÂÒÍÓÏÛ Ó·ÁÓappleÛ îêë ëòÄ,<br />
˝ÍÓÌÓÏË͇ ˝ÚÓÈ ÒÚapple‡Ì˚ ‰ÂÏÓÌÒÚappleËappleÛÂÚ<br />
ÛÏÂappleÂÌÌ˚È Ë ÒÚ‡·ËθÌ˚È appleÓÒÚ, ‰‡Ê ÌÂ-<br />
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ÔappleÓ¯ÎÓÈ Ì‰ÂÎË ‚˚‚· ‡ÏÂappleË͇ÌÒÍËÂ<br />
·ËappleÊ‚˚ ÔÓ͇Á‡ÚÂÎË Í Ëı χÍÒËχθÌ˚Ï<br />
5-ÎÂÚÌËÏ Á̇˜ÂÌËflÏ. ç‡ ˝ÚÓÏ ÙÓÌ ‰‡Î¸-<br />
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apple˚ÌÍ ‡ÍˆËÈ ·Û‰ÂÚ Ì ‚ÔÓÎÌ Îӄ˘Ì˚Ï<br />
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Ò‡ êíë ·Û‰ÂÚ Ì‡ıÓ‰ËÚ¸Òfl ‚ Ôapple‰Â·ı<br />
1370–1410 ÔÛÌÍÚÓ‚.<br />
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àä «èappleÓÒÔÂÍÚ»:<br />
– ç‡ Ôappleӯ‰¯ÂÈ Ì‰ÂÎÂ<br />
Ë̉ÂÍÒ êíë Ì ÒÏÓ„ ÔappleÂ-<br />
Ó‰ÓÎÂÚ¸ ÔÓ‰‰ÂappleÊÍÛ ˜Â-<br />
Ú˚appleÂıÏÂÒfl˜ÌÓ„Ó ‚ÓÒıÓ‰fl˘Â„Ó ÚappleẨ‡, Ó‰-<br />
̇ÍÓ ‚ÒÂ Â˘Â Ì‡ıÓ‰ËÎÒfl ÔÓ‰ ÔÒËıÓÎӄ˘Â-<br />
ÒÍËÏ ‰‡‚ÎÂÌËÂÏ Ôapple‰˚‰Û˘Â„Ó Ô‡‰ÂÌËfl<br />
Ë ÌÂËÁ‚ÂÒÚÌÓÒÚË ÓÚÌÓÒËÚÂθÌÓ ‡ÏÂappleË͇Ì-<br />
ÒÍÓ„Ó ‰ÂÙÓÎÚ‡. ÑÂÙÓÎÚ ëòÄ ‚ ˝ÚÓÚ apple‡Á<br />
‚applefl‰ ÎË ÒÓÒÚÓËÚÒfl, Ë ˝ÚÓÚ Ù‡ÍÚ ‰ÓÎÊÂÌ ‰Ó-<br />
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ÎÂ Ë Ì‡ appleÓÒÒËÈÒÍÓÏ apple˚ÌÍÂ. é‰Ì‡ÍÓ ËÌÂapple-<br />
ˆËfl ÒÌËÊÂÌËfl ‚Ò ¢ ÒËθ̇, Ë ÌËÒıÓ‰fl-<br />
˘ËÈ ÚappleẨ, ÒÙÓappleÏËappleÓ‚‡ÌÌ˚È ‚ ̇˜‡ÎÂ<br />
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ÎÂ. Ç ˆÂÎÓÏ Ê Ï˚ ÛÏÂappleÂÌÌÓ ÔÓÁËÚË‚ÌÓ<br />
ÒÏÓÚappleËÏ Ì‡ Íapple‡ÚÍÓÒappleÓ˜Ì˚ ÔÂappleÒÔÂÍÚË‚˚<br />
apple˚Ì͇ ‡ÍˆËÈ – Ë̉ÂÍÒ êíë ‚applefl‰ ÎË ÓÔÛÒ-<br />
ÚËÚÒfl ÌËÊ 1370 ÔÛÌÍÚÓ‚, Ӊ̇ÍÓ ÔÓÚÓÎÍÓÏ<br />
Â„Ó appleÓÒÚ‡ ̇ ÍÓ̈ ̉ÂÎË ÒÚ‡ÌÛÚ Á̇˜ÂÌËfl<br />
‚ apple‡ÈÓÌ 1405 ÔÛÌÍÚÓ‚. èappleÓapple˚‚ Ê ӉÌÓ„Ó<br />
ËÁ ÚappleẨӂ – ‚ÓÒıÓ‰fl˘Â„Ó ËÎË ÌËÒıÓ‰fl˘Â-<br />
„Ó – ÓÔapple‰ÂÎËÚ ‰‚ËÊÂÌË ·ËappleÊ‚˚ı ÔÓ͇-<br />
Á‡ÚÂÎÂÈ Ì‡ ·ÎËʇȯËÈ ÏÂÒflˆ.<br />
Ääñàà<br />
êíë<br />
DOW JONES<br />
NASDAQ<br />
DAX<br />
FTSE<br />
NIKKEI<br />
«Финанс.» 20–26 марта 2006 № 11 (148)<br />
àÑÖà Ñãü àçÇÖëíéêÄ<br />
«çÓ‚‡Ú˝Í». ïÓappleӯˠÁ‡Ô‡Ò˚. äÓÏÔ‡ÌËfl<br />
«çÓ‚‡Ú˝Í» ÒÓÓ·˘Ë·, ˜ÚÓ Â ‰Ó͇Á‡ÌÌ˚Â<br />
Ë ‚ÂappleÓflÚÌ˚ Á‡Ô‡Ò˚ ۄ΂ӉÓappleÓ‰Ó‚ ÔÓ Í·Ò-<br />
ÒËÙË͇ˆËË SPE Û‚Â΢ËÎËÒ¸ ‚ 2005 „Ó‰Û Ì‡<br />
7,6% Ë ÒÓÒÚ‡‚ËÎË 7,3 ÏÎapple‰ ·‡appleappleÂÎÂÈ ÌÂÙÚfl-<br />
ÌÓ„Ó ˝Í‚Ë‚‡ÎÂÌÚ‡ (·Ì˝). ÑÓ͇Á‡ÌÌ˚ Á‡Ô‡-<br />
Ò˚, ÔÓ Òڇ̉‡appleÚ‡Ï SEC, Û˜ËÚ˚‚‡˛˘ÂÈ ‚Ó-<br />
ÁÓ·ÌÓ‚ËÏ˚ Á‡Ô‡Ò˚ ÚÓθÍÓ ‰Ó ËÒÚ˜ÂÌËfl<br />
ÒappleÓ͇ ÎˈÂÌÁËË ÍÓÏÔ‡ÌËË Ì‡ apple‡Áapple‡·ÓÚÍÛ<br />
ÏÂÒÚÓappleÓʉÂÌËÈ, Û‚Â΢ËÎËÒ¸ ̇ 9,5% Ë ÒÓ-<br />
ÒÚ‡‚ËÎË 4,6 ÏÎapple‰ ·Ì˝. éÒÌÓ‚Ì˚Ï Ù‡ÍÚÓappleÓÏ<br />
ÒÚÓθ Á̇˜ËÚÂθÌÓ„Ó Û‚Â΢ÂÌËfl appleÂÁÂapple‚Ó‚<br />
ÒڇΠappleÓÒÚ Á‡Ô‡ÒÓ‚ „‡Á‡ (̇ 8,8% ÔÓ SPE Ë Ì‡<br />
9,4% ÔÓ SEC). èÓ ÓˆÂÌÍ‡Ï ‡Ì‡ÎËÚËÍÓ‚<br />
åÑå-·‡Ì͇, ˝ÚË ÌÓ‚ÓÒÚË Ó˜Â̸ ÔÓÁËÚË‚Ì˚<br />
‰Îfl «çÓ‚‡Ú˝Í‡», Ú‡Í Í‡Í ÍÓ˝ÙÙˈËÂÌÚ Á‡-<br />
Ï¢ÂÌËfl ‰Ó͇Á‡ÌÌ˚ı Á‡Ô‡ÒÓ‚ ÔÓ SEC ÒÓÒÚ‡-<br />
‚ËÎ 311% ÌÂÒÏÓÚapplefl ̇ ‚˚·˚ÚË ÓÔÂapple‡ˆËÓÌ-<br />
Ì˚ı ‡ÍÚË‚Ó‚. ÑÎfl Òapple‡‚ÌÂÌËfl: «É‡ÁÔappleÓÏ»<br />
ÒÏÓ„ Û‚Â΢ËÚ¸ Á‡Ï¢ÂÌË ҂ÓËı appleÂÁÂapple‚Ó‚<br />
‰Ó ÌÂÏÌÓ„ËÏ ·ÓΠ100% ‰Ó·˚˜Ë, ıÓÚfl ˝ÚÓÚ<br />
ÔÓ͇Á‡ÚÂθ ÔÓ͇ Ì ÔÓ‰Ú‚ÂappleʉÂÌ ‡Û‰ËÚÓÏ<br />
Á‡Ô‡ÒÓ‚, ÓÚϘ‡˛Ú ‡Ì‡ÎËÚËÍË ·‡Ì͇.<br />
«ãÛÍÓÈλ. éÊˉ‡ÌË ԇ‰ÂÌËfl free-float (‰Ó-<br />
ÎË ‡ÍˆËÈ ‚ Ò‚Ó·Ó‰ÌÓÏ Ó·apple‡˘ÂÌËË). èÓ ÒÎÓ-<br />
‚‡Ï „·‚˚ ConocoPhillips ÑÊÂÈÏÒ‡ å‡Î‚˚,<br />
‡ÏÂappleË͇ÌÒ͇fl ÌÂÙÚfl̇fl ÍÓÏÔ‡ÌËfl ÒÂȘ‡Ò<br />
ÍÓÌÚappleÓÎËappleÛÂÚ ÓÍÓÎÓ 17% ‡ÍˆËÈ «ãÛÍÓÈ·»<br />
Ë ‰Ó ÍÓ̈‡ „Ó‰‡ ̇ÏÂappleÂ̇ ‰Ó‚ÂÒÚË Ô‡ÍÂÚ ‰Ó<br />
20%. é‰ÌÓ‚appleÂÏÂÌÌÓ „·‚‡ appleÓÒÒËÈÒÍÓÈ ÍÓÏ-<br />
Ô‡ÌËË Ç‡„ËÚ ÄÎÂÍÔÂappleÓ‚ ÒÓÓ·˘ËÎ Ó Ì‡ÏÂappleÂ-<br />
ÌËË ÏẨÊÏÂÌÚ‡ ‚˚ÍÛÔËÚ¸ Ò apple˚Ì͇ ‰Ó 2%<br />
‡ÍˆËÈ. Ä̇ÎËÚËÍË Å‡Ì͇ åÓÒÍ‚˚ ÔÓ·„‡˛Ú,<br />
˜ÚÓ Ó·‡ ÒÓ·˚ÚËfl ‰ÓÎÊÌ˚ ÔÓÁËÚË‚ÌÓ ÓÚapple‡-<br />
ÁËÚ¸Òfl ̇ ÍÓÚËappleӂ͇ı ‡ÍˆËÈ ÍÓÏÔ‡ÌËË – Ù‡Í-<br />
Ú˘ÂÒÍË ‰Ó ÍÓ̈‡ „Ó‰‡ free-float ÍappleÛÔÌÂȯ„Ó<br />
ÌÂÙÚflÌÓ„Ó ıÓΉËÌ„‡ ÛÏÂ̸¯ËÚÒfl ̇ 5%, ÍÓ-<br />
ÚÓapple˚È Ì‡ ‰‡ÌÌ˚È ÏÓÏÂÌÚ, ÔÓ ÓˆÂÌÍ‡Ï ‡Ì‡-<br />
ÎËÚËÍÓ‚ ·‡Ì͇, ÒÓÒÚ‡‚ÎflÂÚ ÓÍÓÎÓ 44%.<br />
åíë. ÅÓapple¸·‡ Á‡ „ËÔÂÚÒÍËÈ apple˚ÌÓÍ. åíë ÔÓ-<br />
‰‡Î‡ Á‡fl‚ÍÛ Ì‡ ÔÓÎÛ˜ÂÌË 3-È ‚ Ö„ËÔÚ ÎË-<br />
ˆÂÌÁËË ÒÓÚÓ‚ÓÈ Ò‚flÁË (ËÏË ÛÊ ӷ·‰‡˛Ú<br />
Mobinil Ë Vodafone). íẨÂapple ·Û‰ÂÚ Ôappleӂ‰ÂÌ<br />
‚ ˲ÌÂ, ÒÚ‡appleÚÓ‚‡fl ˆÂ̇ – $430 ÏÎÌ. èÓ ÏÌÂ-<br />
Ì˲ ‡Ì‡ÎËÚËÍÓ‚ Äθه-·‡Ì͇, ˝ÚÓ apple¯ÂÌËÂ<br />
ÔÓÁËÚË‚ÌÓ ‰Îfl åíë, ÔÓÒÍÓθÍÛ Û Â„ËÔÂÚÒÍÓ-<br />
„Ó apple˚Ì͇ Á̇˜ËÚÂθÌ˚È ÔÓÚÂ̈ˇΠappleÓÒÚ‡<br />
(75 ÏÎÌ ˜ÂÎÓ‚ÂÍ, ‡ ÛappleÓ‚Â̸ ÔappleÓÌËÍÌÓ‚ÂÌËfl<br />
̇ ÍÓ̈ 2005 „Ó‰‡ – 17%). èÓ ÏÌÂÌ˲ ‡Ì‡-<br />
ÎËÚËÍÓ‚, Û appleÓÒÒËÈÒÍÓÈ ÍÓÏÔ‡ÌËË ÂÒÚ¸ ÌÂ-<br />
ÔÎÓıË ¯‡ÌÒ˚ ÔÓÎÛ˜ËÚ¸ ˝ÚÛ ÎˈÂÌÁ˲, ÚÂÏ<br />
·ÓΠ˜ÚÓ Ó̇ ÏÓÊÂÚ ‚˚ÒÚÛÔËÚ¸ ‚ Ô‡appleÂ<br />
Ò ÍÂÏ-ÚÓ ËÁ ÏÂÒÚÌ˚ı ÓÔÂapple‡ÚÓappleÓ‚, ˜ÚÓ Ó·˚˜-<br />
ÌÓ ÒÔÓÒÓ·ÒÚ‚ÛÂÚ ÛÒÔÂıÛ Ì‡ apple‡Á‚Ë‚‡˛˘ËıÒfl<br />
apple˚Ì͇ı, Í ÍÓÚÓapple˚Ï ÓÚÌÓÒËÚÒfl Ö„ËÔÂÚ.<br />
79
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