Crikey

The market is down 23. The SFE Futures suggested a 21 point fall in the market this morning. The ASX is holding up well in light of the 1.2% fall in the US overnight. US Financials putting on a bit after-hours has helped. Resources down 1.5% after their stellar run yesterday  — BHP down 2.2%. Rio relatively unchanged. Banks mostly up  — NAB up 1.4%.

The Dow was down 102. Up 65 at best. Down 154 at worst. Volumes highest in a month. Financials down 3.5% during the session but up strongly after hours. The government’s stress-testing results for the banks was released after hours. 10 banks require a combines $75bn in capital. AIG pared losses in the 1Q. The government’s $14bn bond issuance was a fizzer. Tech stocks and retailers down. Consumer staples, utilities and healthcare stocks up. BHP and RIO both down 1.3% in ADR form overnight. Metals mostly down. Oil up and gold up. Bonds down. A$ up.

New Telstra CEO —  Telstra said Senior Executive David Thodey will replace Sol Trujillo as CEO. The board voted in favour of Thodey instead of 40-year TLS veteran John Stanhope. Thodey is 54 years old, is described as urbane and articulate and is said to be popular with the government  — always a good thing. (Plenty of bridges to re-construct after Trujillo’s reign) It’s an internal appointment as speculated. TLS up 1c early this morning to 325c.

• Stockland Group (SGP) said it will participate in GPT Group’s (GPT) capital raising to maintain its interest in the company  — currently has a 12.7% stake.
• Resmed (RMD) up 6.3% on posting an overall record strong 3Q09 result driven by a surge in US sales.
• WorleyParsons (WOR) up another 2.8% early after their 7.7% jump yesterday despite Weres cutting WOR to HOLD from Buy.
• News Corp (NWS) down after their 3Q result yesterday  — brokers positive about Rupert Murdoch’s business plan and positive outlook  —  three brokers say BUY this morning.
• Toll Holdings (TOL) down 4% this morning after yesterday’s 12.9% rise.
• GPT Group(GPT) successfully raised $1.7bn last night  — more than the $1.2+bn announced yesterday. They have $1.9bn in refinancing due next year.

Other…

• Citi cut Sims Metal (SGM) to SELL and boost price target to 1700c from 1200c to reflect a rise in FY10 EPS estimates.
• Credit Suisse move Incitec Pivot (IPL) to OUTPERFORM and cut target to 280c from 310c after reducing their profit expectations.
• Merrill Lynch up Oz Minerals (OZL) to BUY and boost their target from 75c to 85c.
• The press says CBA is expected to announce a dividend cut next week at its trading update.

The Dow Futures suggest a 50 point rise on Wall Street.

MARCUS PADLEY is the Author of the MARCUS TODAY Daily Stockmarket Newsletter.

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