Sentiment weighing on my portfolio.

Rolls-Royce @ 890.50p
General Electric @ $21.13
Apple @ $520.30
National Grid @687p
Aviva @ 380.10p
BG @ 1053.50p
Vodafone @ 165.20p
Morrison's @ 252.50p

Disappointing week for my portfolio which doesn't look like changing particularly quickly
Brokers seem to be flooding the market with downgrades and doubts so it will be interesting to see where the year goes from here particularly if the same brokers are predicting a rise in markets for 2013.

Seems broker doubts, doubtful strategies and poor performance are affecting a chunk of my portfolio so it is a case of reaching for that tin hat and putting the ear muffs and blinds on.

- Rolls-Royce is entering its own scandal over "possible" payment irregularities to agents, and despite good production and deliveries of the Boeing 787, recent problems with the same aircraft, and the called or inspections, might well be affecting sentiment.
The same 787 issues might also impact the supplier of the alternative engine option, General Electric, which also sits in my portfolio
- Apple, where next for Apple? which seems to be under-fire from all sides. It does feel a little like everyone is queuing up to drag the company down but rumours over supply shortages aren't helping when reflected against Samsung's recent success. Its not even a case of arguing Android's success really, just Samsung's.
- National Grid also seems to be stuttering following broker doubts over utilities (Deutsche, I think), along with regulator recommendations that the Long Island network is brought under public ownership.
- Aviva is also stuttering after a relatively strong bounce in recent weeks. The company has made good progress with its divestment and refocus program but with various brokers now predicting a cut in the dividend, a retreat has started. 
Seems a little overdone depending on which view you take of the dividend. A 15% cut, as suggested by Barclays equates to 3.9p off the 26p dividend per share consensus but the shares have come back a lot more than that?
- BG continues to wallow after its Halloween trading statement which highlighted delays in production project.
- Vodafone continues to stutter as its European business stagnates and emerging markets have not yet shown sustained profit growth. 
Most recently i.e last week, news that a potential buy-out of its Verizon Wireless stake might be in the offing and that the Indian Government might yet be prepared to negotiate on retrospective tax liabilities has thrown a better light on the company.
- Morrisons, well much as expected the recent trading statement reflected a much worse performance than rivals with various analysts suggesting that Morrison's lack of online presence and minimal convenience store presence is affecting things. Not sure I agree on that as you wonder what cross section of Morrison's customers want an online offering enough to look elsewhere and whilst it can be argued that the convenience store format has higher margins it also has higher cost.
The economic environment is tougher but I have wider concerns over the strategy as well!
It will be interesting to see how long recovery takes. After all it took Sainsbury's years to build up any momentum again with its outdated stock and replenishment systems. Tesco (given yesterday's trading update), might just be turning things around again after 12-15 months.
The supermarket sectors seems to be stuck with 2 measures: like for like sales excl. fuel; and margins, with LFL sales seeming to take priority and margins coming under scrutiny if analysts still feel down on a company after it has delivered on LFL sales. When you are down on a stock you are down on it. Sentiment again, eh.


So not much good news at present although, I should receive a dividend from National Grid next week (December 2012: Portfolio Update (2012 Year-end).). 
I'm also hoping that the forthcoming update from Apple can at least allow the shares to consolidate but might even open the door to some upside (Apple shares: For a Few Dollars More!).

Roll on better times.


Related posts:
- December 2012: Portfolio Update (2012 Year-end).
- (Apple shares: For a Few Dollars More!
- Information overload on Apple!