WAG – Walgreen Company – Shares in Walgreen have been on a tear this month, up 14.5% since the end of August to reach an all-time high of $55.23 today. The stock is currently up 2.5% on the session at $54.82 as of 12:05 p.m. ET.
Options traders positioning for shares in the drug retailer to extend gains this week appear to have purchased September expiry calls on the stock this morning. The Sep $54 and $54.5 strike calls each traded upwards of 1,000 times in the early going versus open interest of 745 and 150 contracts each, respectively. Time and sales data suggests around 600 of the $54 strike calls were purchased for an average premium of $0.73 each, while roughly 900 of the $54.5 strike calls traded to the middle of the market. Finally, around 900 of the Sep $55 calls have changed hands today, fewer than the 1,081 contracts in open interest at that strike. Traders appear to have purchased around 350 of the $55 strike calls at an average premium of $0.55 per contract. Buyers of the $55 calls may profit at expiration this week if shares in WAG top the average breakeven price of $55.55.
EXPR - Express, Inc. – Shares in clothing and accessories retailer, Express, Inc., are soaring on Tuesday, popping more than 21% to $17.03 during the first half of the session, after the company raised its forecast for fourth-quarter and full-year 2012 earnings and sales. Options on Express are more active than usual today, with volume approaching 13,000 contracts as of 10:55 a.m. ET versus the stock’s average daily options volume of around 3,800 contracts. Trading traffic is more heavily concentrated in near-term call options. Bullish players positioning for shares in Express to extend gains snapped up around 500 calls at the Jan. $17.5 strike for an average premium of $0.22 apiece in the early going. Traders long the calls stand ready to profit at expiration this week should shares in the retailer rally another 4% over today’s high of $17.03 to top the average breakeven price of $17.72. Like-minded strategists picked up roughly 575 calls out at the Feb. $17.5 strike for an average premium of $0.59 per contract, and may profit at expiration next month if EXPR shares settle above $18.09, the highest price since July 2012. Options traders long upside calls on Express ahead of the sharp move in the price of the underlying today are seeing strong gains in the value of some of those contracts. Call open interest on the retailer is greatest at the Jan. $15 strike, with 17,609 open contracts as of today. Time and sales data from December 31, 2012, through the end of trading yesterday on the Jan. $15 strike call options suggests most of the contracts were purchased for an average premium of $0.44 apiece. The sharp rally in Express shares today now finds premium on the $15 strike calls has more than quadrupled versus the average premium paid for the contracts during the prior 10 trading sessions. Express, Inc. is expected to report fourth-quarter earnings in March.
MS - Morgan Stanley – Shares in the financial services firm, up better than 60% during the past six months, rose 1.4% to…
WAG - Walgreen Co. – Less than one week remains before Walgreen’s first-quarter earnings report, and a large options trade initiated on the stock this morning prepares one strategist to potentially enjoy big profits should the drugstore chain’s performance send shares skyward. Walgreen Co.’s shares today are up 1.0% at $33.94 in afternoon trade. It looks like the bullish player established a sizable call spread, buying at least 9,200 calls at the Jan. 2012 $35 strike and selling the same number of calls up at the Jan. 2012 $39 strike, all for a net premium outlay of $1.20 per contract. The investor may profit at expiration day next month as long as WAG’s shares rally another 6.7% to surpass the effective breakeven price of $36.20. Maximum possible profits of $2.80 per contract are available to the trader in the event that Walgreen’s shares soar 14.9% to exceed $39.00 at expiration in January.
CS - Credit Suisse Group – Call options on Credit Suisse are more active than usual today on news the financial services provider plans to merge operations of its investment banking and private banking units to lower costs. Shares in the second-largest Swiss bank rallied as much as 3.85% to $23.45 in the first half of the trading session. Fresh prints in Jan. 2012 contract call options indicate some investors are positioning for Credit Suisse Group’s shares to rise as the New Year gets underway. Traders exchanged more than 11,000 calls at the Jan. 2012 $25 strike against open interest of just 79 contracts. It looks like one trader generated much of the volume, buying 5,200 of the call options for an average premium of $0.90 a-pop. The investor stands prepared to profit should the Swiss bank’s shares surge 10.4% to top $25.90 at expiration next…
WAG - Walgreen Co. – Shares in the largest U.S. drugstore chain may rally sharply heading into the New Year, according to one options player dabbling in Jan. 2012 contract call options this morning. The buyer of a sizable bull call spread may be using the position to prepare for Walgreen’s shares to pop after the company reports first-quarter earnings ahead of the opening bell on December 21. The stock currently trades flat on the session at $34.01 as of 11:45 AM in New York. It looks like the trader purchased a roughly-3,000 lot Jan. 2012 $35/$39 call spread for an average net premium of $1.06 per contract. The investor stands ready to profit at expiration next year as long as shares in Walgreen Co. increase 6.0% to exceed the average breakeven price of $36.06. Maximum potential profits of $ are available to the call-spreader if the drug retailer’s shares soar 14.7% to trade above $39.00 at expiration in January. Walgreen’s shares last traded above $39.00 at the beginning of August.
IO - ION Geophysical Corp. – The provider of seismic solutions and equipment to the global energy industry rallied in sympathy with shares in Mitcham Industries (MIND), which jumped to a new 52-week high today after reporting better-than-expected third-quarter earnings after the close on Tuesday. ION’s shares are up 1.8% to stand at $6.82 as of 12:20 PM in New York. At least one options trader is taking advantage of the positive day for ION’s shares by picking up bearish put options on the cheap. It looks like the investor purchased more than 3,000 puts at the Dec. $6.0 strike for a premium of $0.10 each. These same options would have cost the trader $0.50 each less than one week ago. The bearish position may yield profits…
PEP - PepsiCo, Inc. – Options traders flocked to PepsiCo to initiate bearish stances on the global food, snack and beverage company today, with shares in the Purchase, NY-based Company sliding as much as 5.4% to a session low of $64.79. Shares in the world’s largest snack-food maker fell after the company said profit growth this year will be lower than previously estimated. PepsiCo reported second-quarter earnings of $1.21 a share ahead of the bell this morning, which met average analyst expectations for the quarter. The full-year revision from the company spurred seemingly outright bearish players to its options. Investors appear to be selling calls in the front month, as well as in the September contract, to pocket available premium in the expectation that shares are unlikely to recover in the near term. More than 4,700 now in-the-money calls changed hands at the August $65 strike against paltry previously existing open interest of just 398 contracts. Investors sold the bulk of the options to pocket an average premium of $1.18 a-pop. Call sellers keep the full amount of premium as long as PEP’s shares slip beneath $65.00 by expiration day next month. Bearish sentiment spread to the August $67.5 strike where another 2,000 calls sold for an average premium of $0.38 per contract. Traders also sold the majority of calls exchanged at the September $65 and $67.5 strikes today. PepsiCo put options are on the move, as well. Investors selling some 1,500 of the August $62.5 strike puts at an average premium of $0.30 each appear to expect shares to maintain above that level through August expiration. Implied volatility on PepsiCo is down 6.8% to stand at 13.88% post-earnings.
F - Ford Motor Co. – The automaker’s shares edged 2.45% lower this afternoon to $15.80, but investors expecting to see Ford rebound and rally in the next few months initiated bullish plays using put and call options expiring in February 2011. It looks like one trader purchased a bull call spread, while another investor put on a bullish risk reversal. The call spreader picked up 5,000 contracts at the February 2011 $16 strike for a premium of $1.24 each, and sold the same number of calls at the higher February 2011 $20 strike for a premium of $0.20 apiece. Net premium paid to establish the spread amounts to $1.04 per contract. Thus, the responsible party is prepared to make money should shares in Ford Motor Co. surge 7.85% over the current price of $15.80 to surpass the effective breakeven point at $17.04 by February expiration. The call-spreader could end up walking away with maximum potential profits of $2.96 per contract if Ford’s shares jump 26.6% to trade above $20.00 by expiration day next year. The other bullish play in the February 2011 contract appears to be the work of an investor selling 1,990 February 2011 $15 strike puts at a premium of $0.69 each in order to purchase the same number of February 2011 $18 strike calls for a premium of $0.50 a-pop. The transaction results in a net credit of $0.19 per contract, which the investor keeps as long as shares in Ford exceed $15.00 through expiration. Additional profits start to accrue for the trader should shares rally 13.9% to trade above $18.00 before the contracts expire. The net credit received by the investor provides limited downside protection should shares continue to head south. The investor will face losses, however, if Ford’s shares trade below the effective breakeven price of $14.81 in the next few months to expiration.…
MON - Monsanto Co. – Shares of the maker of genetically modified seeds seemed to be recovering at the start of the current session following Tuesday’s horrendous performance wherein the stock fell as much as 9.80% from an intraday high of $52.64 to a low of $47.50. MON’s shares managed to rebound 4.50% off Tuesday’s low of $47.50 to briefly touch an intraday high of $49.62, although the rally proved to be short-lived and shares are down 1.00% at $48.25 as of 3:15 pm ET. Though MON was unable to keep hold of earlier gains, one contrarian player is optimistic that Monsanto’s shares will reverse course and head back up by November expiration. The investor purchased a call spread, buying 5,000 calls at the November $55 strike at a premium of $0.85 each, and selling the same number of calls at the higher November $60 strike for a premium of $0.27 apiece. Net premium paid to establish the transaction amounts to $0.58 per contract. Thus, the investor is ready to make money should Monsanto’s shares surge 15.20% over the current price of $48.25 to surpass the effective breakeven point on the spread at $55.58 by November expiration. Maximum potential profits of $4.42 per contract are available to the bullish player if MON’s shares jump 24.35% to trade above $60.00 by expiration day.
EWZ - iShares MSCI Brazil Index ETF – Investors are placing near-term bearish bets on the Brazil fund this afternoon by selling calls to finance the purchase of put spreads in the October contract. The large pessimistic plays could be the work of traders hedging long positions or the mark of outright bearish bettors expecting the price of the underlying fund to slip lower ahead of expiration next month. Shares of the EWZ, an exchange-traded fund designed to replicate the price and yield performance of publicly traded securities in the aggregate in the Brazilian market – as measured by the MSCI Brazil Index, rallied…
CVS - CVS Caremark Corp. – The better-than-expected fourth-quarter earnings report from Walgreen Co. this morning helped CVS’s shares higher during the trading session. Shares rallied as much as 3.365% to rein in an intraday high of $31.64. The increase in the price of the underlying stock inspired one options player to extend bullish sentiment on the stock by initiating a calendar roll. It looks like the investor purchased 10,000 calls at the November $30 strike at a premium of $1.11 each back on September 17, 2010, when shares were trading around $29.72 each. The surge in shares since the purchase bumped up premium on those now in-the-money calls, which the investor sold today for a premium of $2.09 apiece. Net profits on the sale amount to $0.98 per contract. Next the investor renewed optimism on CVS by purchasing a fresh batch of 10,000 calls at the higher January 2011 $32 strike at a premium of $1.64 a-pop. Profits on the new position are available to the trader if CVS’s shares jump 6.3% to surpass the effective breakeven price of $33.64 by expiration day in January.
DRIV - Digital River, Inc. – It looks like an investor expecting Digital River’s shares to remain range-bound through November expiration sold a strangle in the second half of the trading session. Shares of the provider of a variety of marketing solutions and services increased more than 5.50% this afternoon to touch an intraday high of $33.34. The strangle-strategist appears to have sold 2,500 calls at the November $35 strike for a premium of $1.35 each, and sold the same number of puts at the lower November $28 strike at a premium of $0.525 apiece. Gross premium pocketed on the transaction amounts to $1.875 per contract. The trader keeps the full amount of premium received on the strangle play if DRIV’s shares trade within the boundaries of the strike prices described through expiration day. The short positions in both call…
Just when you thought it was safe to go back in the water, Japan and China are at it again. We discussed the "fishing’ incident last week and Japan has released the Chinese captain who rammed one of their Coast Guard vessels. Now shippers in several Chinese cities said customs officers have stepped up spot inspections of goods being loaded onto ships bound for Japan and being imported from the country. Traders said officers in some cases were taking the highly unusual step of looking at every item in a container instead of following normal practice of examining a small sample. The heavy searches, which can add costly delays to shipments. For it’s part, Tokyo wants China to pay restitution and now China’s navy is moving into disputed waters.
China is fighting a trade war on two fronts as they are threatening to retaliate against US businesses operating in China if Congress passes legislation intended to force a revaluation of the Yuan. The House of Representatives is set to consider legislation this week that would let companies petition for higher duties on imports from China to compensate for the effects of a weak yuan. Forcing China to raise the value of its currency may create 500,000 jobs in the U.S., most in manufacturing at above-average wages, according to C. Fred Bergsten, director of the Peterson Institute for International Economics in Washington. China’s currency, which is undervalued by as much as 25 percent, is the most important trade issue facing the U.S., he said in testimony last week.
So we are pressuring China to strengthen their currency, which would make our currency relatively weaker. One would think the dollar couldn’t get much weaker than it is now (see Dave Fry’s chart). We’ve been shorting GLD (buying GLL) and TLT, expecting a dollar bounce off these levels but if we fail here – we’re going to have one very ugly chart.
Of course a 10% drop on the dollar could be just the ticket for the markets – since our stocks are priced in dollars. That makes them look pretty good compared to cash that’s sitting on the sidelines (or tied up in notes) that’s lost over 10% of it’s buying power since June.
Let's face it, before HotelTonight and chums came along the big boys of online travel had probably never even considered carving out a niche for last-minute hotel bookings.
But it's now five years since HotelTonight CEO Sam Shank created the company out of his existing DealBase business, and much of the industry has caught up.
Yet it's only now that Priceline has made a big, indeed Priceline-esque, effort to seize on the idea that countless travellers are willing to wait until the last minute to book their accommodation, or suddenly find themselves without somewhere to sleep.
The company unveiled a significant upgrade and marketing push for its existing Tonight-Only search service last week for mobile devices.
Alongside the obvious hullabaloo associated with a big launch, Priceline has circulated the results of a study it did with travellers to understand more about the late booking marketplace.
How far in advance do you typically plan your vacations (thinking about where you want to go, how you will travel and what you will do at the destination, etc)?
How often, if ever, do you book your hotel accommodations using a mobile travel app (through an app on your smartphone, tablet or other mobile device)?
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There has been a raging debate - Leica vs Contax - since they both went head to head in the early 1930's. I (and many people) am of the opinion that pre-war Contax beat the paints off of Leica. Quite simply pre-war Leica lens went from just OK to terrible (indeed except for the very late ones the case can be made that most Leitz screw mount lenses were just so so). The Zeiss Sonnar lenses in particular were faster yet used fewer air spaces that resulted in better images before lens coating - just look at the pictures with these uncoated lenses posted on this forum. The advent of coating (invented by Zeiss) closed the gap between Contax and Leica.
When Leica came out with the M3 they simply blew everyone out of the water. Contax never could match the M3 body. Nevertheless the Contax rangefinder is superb and the build quality first rate and classic. Is an M3 and 1950s era Letiz lenses worth today many times the price of the Contax - only because more people will pay more; the images will be as good or better with the Contax. Would you choose a knob wind camera and Contax viewfinder over the M3 rapid advance lever and Leica viewfinder if you were earning a living today with a rangefinder; no but it didn't seem to hurt Capa or other great photographers who used the Contax (even HCB sometimes used Sonnars on his Leica). Contax is a great bargain but may never be the collectable investment the Leica is - or was who knows what the future holds since the company is going down the tubes and its reputation is taking a blow.
i think the best solution is KEEP the lenses and ditch the body. Get a Cosina Voigtlander Bessa R2 body to use these Zeiss Ikon lenses,
<rant-on>"Minty" -- what exactly does that mean? It has a fresh scent? It's mint-like? Although it pre-exists eBay, it's become associated with the site -- much derided here because of its misuse and the fact that it is applied widely by sellers to anything that doesn't have too many dents or visible rust (i.e., "I don't know nuttin' about cameras ...").<rant-off>
Leica has been firmly a collectible for some time -- if you ever visit Japan, you can see displays that are simply put obsessive. They're museum pieces that never get used, which is a real shame. Look at the Leica forum here, and there are many discussions about 2nd, 3rd and 4th generation lenses with claimed differences between them that are missed by the average hack like me.
The Contax II had many advantages over the screw-mount Leicas (unified viewfinder, better lenses, easier loading, no need to trim the leader, longer rangefinder baselength, no worries about burning holes in the shutter curtain to name a few). However, the Leica is more refined. Sit a Contax II side by side with a Leica IIIf, and you'll be impressed by the fit and finish of the Leica. The small body and its collapsible Elmar or Summitar tucks neatly into the pocket of a jacket, and you can really feel the difference compared with the Contax II, which now feels big and somewhat clunky.
The M is a great camera, and if you've ever held one, you can tell that it's quality through and through. It continues the precision of the screw-mount cameras with the tradeoff of a larger body.
There's much debate about the Contax IIa -- whether it's an improvement over the II. It's a smaller camera, that's for sure, but you do lose some of the rangefinder baselength, and of course it won't take the prewar Biogon. The rangefinder is said to be less bulletproof than the II, although I haven't found that to be the case. That is, mine has been very reliable through heavy (not hard) use.
The IIa chrome certainly is much better than the II, and the use of a nylon cord gives a lot fewer problems than the rayon (?) straps. Classic camera author Ivor Mantanle said the Contax shutter works best with constant use, and I agree with him.
The postwar lenses are excellent, improving on the prewar lenses, which if in good condition (not scratched) are still world class. Carl Zeiss hasn't been the type of company to publicize minor changes to lenses. There are several versions of the Sonnar, but by and large we all lump them into four categories: prewar and postwar Jena, Zeiss-Opton and Carl Zeiss. That's about it, and even then there's not been much debate whether the Zeiss-Opton lenses out- or underperform the Carl Zeiss lenses. Some claim the East German Jena lenses are optically superior to the West German lenses.
Zeiss Ikon chose not to respond to the M, instead focusing its efforts on the Contarex. Did Zeiss Ikon kill off the Contax because of the M? It probably played a role, but Zeiss Ikon's problems were many.
By the way, the value in a Contax is using it and seeing the results of the excellent line of lenses. Really. (Same applies to a Leica ... and others).
Easy answer: Zeiss Ikon stopped making Contaces in 1961. The pre-WWII Contax was better than the thread mount Leicas, but to sum up, per Michael Schub's post, the M3 put Leica on top of the RF market for good & deservedly so, given Zeiss Ikon's reluctance to upgrading the Contax line. Of course, it was a bit of a Pyrrhic victory for Leica as (Nikon, etc.) SLRs soon came to rule the pro/serious amateur 35mm scene. Leica has hung on long enough to dominate what's left of the pro/serious amateur RF market, which has sustained interest in the M series & its predecessors (Nikon & Canon stopped making RFs, but they @ least are still in business). AFAIK, the Carl Zeiss Foundation's resurrection of the Zeiss Ikon marque is a belated revival of the old Zeiss Ikon/Leitz rivalry.
The story of the Contax IIa is an interesting one. The fact that this camera saw the light of day was quite a feat, considering the fact that a great part of Zeiss Ikon 35mm camera development was destroyed during the WWII bombing of Dresden. Leica, on the other hand, wasn't firebombed, which of course gave it an advantage when hostilities ended.
Couple that with the fact that Zeiss Ikon's Jena plant and personnel were packed up and sent to the Ukraine to produce the Kiev.
The Contax IIa wasn't introduced until 1951 -- six years after the war. Although it shares the Contax name, it's completely different -- from a mechanical standpoint -- from the Contax II. The two cameras share no parts. That is, you can't take any part from a II and put it into a IIa.
In many ways, the Contax IIa (and Zeiss Ikon) could be seen as the underdog, and maybe that explains why I rather like this camera. Also, it just feels right. I like the smaller body, and I've tuned up all of my "a" models so that focusing is silky smooth.
It would always be my "deserted island" camera (if you were on an island, and you could only have one camera ... that question).
"The fact that this camera saw the light of day was quite a feat, considering the fact that a great part of Zeiss Ikon 35mm camera development was destroyed during the WWII bombing of Dresden."
I'm not sure that's at all true. My understanding is that the Zeiss factories were very lightly damaged by bombing. However, as Dresden was clearly going to be in the Russian zone the Zeiss directors and other big wigs scrambled to get out (as rats so often do) leaving their staff to face the consequences of the Nazi adventure. The Dresden facilities were confiscated as war reparations and sent eastwards to the Ukraine as Mike said.
In some ways, this was a stroke of luck for Dresden. With the old assembly lines and machinery out of the way, the remaining management cast around for a new product and out popped the Contax S, the world's first pentaprism SLR. This lead eventually to the creation of Pentacon VEB and a business which, while not as illustrious as Zeiss Ikon, was certainly highly profitable.
The Praktica range of cameras sold in enormous numbers and if they weren't of Zeiss quality they certainly pleased the general public in Europe. Of course, it didn't harm that living costs in the DDR were considerably lower than in Japan, allowing the East Germans to compete viciously on price. This was just as well given the quality of some Prakticas, particularly the Nova models.
In the meantime, the rats, excuse me, Zeiss directors, reformed the company in West Germany and came out with cleaned up versions of the Contax: the IIa and IIIa. When it became obvious that no amount of legal finangling would get them the rights to the Contax S they also started development of what would become the Contaflex and Contarex ranges. The Contaflex was pretty successful until Japanese imports blew it away but the awsome Contarex was far too expensive to be anything but a niche product and sold in relatively small numbers.
I have never handled a Contax IIa or IIIa "in the flesh" and didn't realise until I read this thread that there is a size difference compared to the pre-war II, III and the Kiev.
Could someone please post a picture of the two side-by-side? How significant is the difference? How does the weight compare?
I had a contax IIIa and have a Kiev 4. I see no significant size/weight difference. They also handle quite in the same way, except the prewar contax i.e. the kiev has the rf window in a less handy far right position. What a serious difference is in my oppinion, is the shutter. The one in the "a" series is imo much better overall.
Zeiss management and scientists were deported from Jena to Heidenheim by the U.S. Army just before the town was handed over to the Soviets. Later they established a new Zeiss plant at nearby Oberkochen. This is well documented. There was no scrambling to get out at all. Some of them even went back to Jena.
If you are comparing against the LTM cameras, they aren't that much more expensive and the Contax (pre or postwar) is the superior machine. I think the IIa/IIIa would have had a better chance if they hit the shelves in '46 like the Leica IIIc. I think any difference in price is likely due to the collectable factor. Prices on Contax gear have been going up quite sharply, so hang onto that stuff.
No doubt the M3 is a more advanced camera. Zeiss Ikon decided to go the SLR route and didn't bother continuing with the Contax rangefinder line. They saw the writing on the wall for the rangefinder long ago. Didn't seem to help them from going bankrupt though!
A IIIA colour dial in true mint condition will fetch in excess of $500. Most go for $200-350 with or without a 50mm Sonnar. The meterless IIA cameras seem to fetch a little more.
Harvey, the Zeiss Ikon camera body factory in Dresden was massively bombed in the famous Dresden raids and resulting firestorm. The lensworks in Jena made it through relatively unscathed.
Zeiss did not invent the concept and function of lens coating as the Contax website history wording would lead you believe. H. Dennis Taylor in 1896
After W.W.II, the Allies brought the heads of the Carl Zeiss foundation, as well as key Zeiss foundation personnel from Dresden to West Germany, because they recognized the value of the optical knowledge and research that Carl Zeiss had, as well as the cold war desire for the technology not to fall into Communist hands. The Carl Zeiss foundation was moved to Western Germany (legal paper work here, not equipment) from Dresden as well. This was important because later, it allowed the Carl Zeiss Foundation to successfully press claim to various trademarked names, such as Zeiss, Carl Zeiss, and Contax. The Schott glassworks was slit into Jena Lenswork, in Russian hands, and Schott in Oberkochen.
The greatest photographers that used Leica dued a very good propaganda of this camera in early days. Before that the Leica mystical qualities overspread in the mind of the people. Today Leica is more a peace of jewelry than a camera, without offense to Leica people.
What is the best? Both Contax and Leica are top cameras because this lens, it's a taste matter, like Fuji x Kodak...
Lest ye forget, the Contax line was put out of business by NIKON. Their lenses, mostly copied from Zeiss, were just as good and a lot cheaper, and the camera bodies had substituted Leica's less expensive to build simple cloth shutter for Contax's complicated metal one. But the thing that really killed Contax was MARKETING, and Nikon's listening to working photographers, starting with Horace Bristol during the Korean Conflict. DDD was widly promoted as having switched to Nikkor lenses for his Leicas. A comparison test between lenses in a major American photomagazine found Nikkor lenses better than Leica or Zeiss, and it took 6 months before it became generally recognized that the tests had been rigged (see the retraction on page 128, just below the hearnia ads.)
Today the market of rf cameras is very expensive and almost killed because this cameras are more pieces of jewlry than cameras.
I'm not like this because this cameras have all conditions to compete with srl and have a lower price. Unfortunately some people like to buy a camera for $3.000, $5.000, $10.000 (body only) in a camera that is a lot more cheap than a srl in construct costs view.
Here's the competition -- Contax IIa and Leica IIIf/ST. As you can see, although the Contax looks and feels much larger, they are actually almost exactly the same size, except the Contax knobs extend from the body while the Leica's are recessed.
Their weights are also very close -- Leica with Summicron = 22.5 oz, Contax with f:2.0 Sonnar = 23oz.
To those who think that the Contax was intrinsequely inferior : no it wasn't, and keep in mind that the Zeiss Ikon factory was fully destroyed by the Allied bombing over Dresden on February, 8th 1945. Hadn't it been, which company (Zeiss Ikon vs Leitz Wetzlar) would have won the commercial strike after the war ? Who can say that ? So, the facts just tell us that the IIa and IIIa are miracle cameras - the West German Zeiss Ikon (gathered in the small Stuttgart plant) successfully used Hubert Nerwin blueprints to release these cameras in the fifties. Yes indeed the M3 blew off the competition - but Leitz didn't release any RF camera with a unified RF/VF eyepiece till 1954, while the 1935 Contax II had one already... Leitz was more lucky than its great rival, and crossed the wartime better. Look at the attached picture on which you can see two Magnum foundators, two different brand cameras, two great photographers. On the Left, Robert Capa with a Contax II ; on the right, George Rodger with a Leica IIIb. Italy at war, summer of 1943.
One reason the Contaxes are cheaper is that they are trickier to service well. The Leica screwmount design is a lot simpler.
Harvey Platter : "My understanding is that the Zeiss factories were very lightly damaged by bombing". I've always read that the Zeiss factories in Dresden were totally destroyed by the February 13th 1945 (not the 8th I previously wrote by mistake) bombing - even the Contax II/III blueprints which were stocked on the 2nd underground level of the factory. That Allied bombing over Dresden, although not of a nuclear type, caused 135,000 dead people which is more than the US nuclear bombing over Hiroshima did. It lasted for more than 14 hours and the planes dropped "sophisticated" phosphore bombs which set the fire to the whole city, blocking the population in the cellars, where the people finally died suffering from terrible pains. The strategic importance of Dresden as a major German (thus, Nazi then) industrial plant can't be discussed but what can be discussed are the reasons the Allied had to destroy the whole city, to kill its whole civilian population, as the end of the war was very close in an otherwise already beaten Nazi Germany. Some new bombs stocks to use and experiment, probably, was the main reason the Allied had to destroy one of the most beautiful European historic cities, which had nothing to do with the Nazis when it was built up during the barocco XVIIIth century. Also, it might have been an Allied attempt to mask the fact that they had done nothing regarding the camps, although some bombings over Treblynka or Auschwitz (and the railroads that linked the camps to the rest of the Europe) could have been planned to stop the "final solution" machinery. Harvey, how can you seriously think that the Zeiss Ikon factories had been "lightly damaged" on February, 13th 1945 regarding what happened to Dresden that day, and the target the Zeiss Ikon factory was for the Allied planes ? Sorry this is OT - but let us keep the things correctly linked to the actual events regarding the two main German cameras companies of that time.
Nicholas, thanks for the advice about my orange RF filters. I didn't know which to put it on so I tried both, and this seemed to work better. I think that on it's next trip to DAG it will have a new RF mirror, as it's getting pretty dim (is there a word for un-contrasty?).
Also adding to this thread much later.. I think if Zeiss Ikon AG was able to release the IIa in 1946 or directly after the war as the Zeiss East did the SLR, this tour de force would be a tough reckoning for Leica. Leica was able to continue with marginal improvements to their great camera and the boys in Stuttgart started from scratch. In full knowledge that the Russians were (eating their lunch) producing and selling their predecessor, they probably got a little myopic and over-engineered the whole product. I agree the M3 was the right goods at the right time and Zeiss was there with their knob-wind
looking and stupid and losing market share then came the Nikon (eating their lunch too) and it was quickly all over for them.
Let's not excuse them completely, I think there was a lot of hubris and resistance to innovate and market effectively but this is part of longer story! The post-war Contaxes are great and still have a great following and just look a t the prices for these lenses ..oh je ! IF you have one and want a Biogon ..you might was well sell your house!