The market is down 14. The SFE Futures suggested a 19 point rise in the market this morning. The All Ords failed to push through resistance at 3728 — dropping off this morning. Most sectors down after starting slightly positive. Resources down 0.1% – BHP down 0.7% and RIO up 1.2%. The bounce in uranium stocks has been capped by Paladin’s negative operating result yesterday and broker comments this morning. Industrials and consumer staples down after their solid run yesterday on the back of Kirin’s tilt for Lion Nathan.

The Dow was up 70. Up 92 at best. Down 82 at worst. Financials up 4.5% — diversified banks up 8.4%. Apple, eBay and ConocoPhillips up on positive results. American Express posted a better-than-expected loss. Microsoft posts a revenue loss for the first time. Nucor and UPS down on results. Initial jobless claims in-line. Existing home sales worse-than-expected. BHP and RIO both up in ADR form overnight — 3.05% and 7.58% respectively. Metals down. Oil price up $1.05. Gold up $14.10. Bonds down. A$/US$ up.

Woodside Petroleum (WPL) posted generally weaker-than-expected 1Q production of 20.6m boe which were up 20% on year — thanks to new project contributions. 1Q revenue also weaker-than-expected, down 1% on-year due to the lower oil price. Revenue down about 34% on last quarter and production was down 11% on the 4Q08. WPL maintain production guidance for FY09 at 81-86m boe. Also noted Pluto LNG Train 1 is 55% complete. Additional debt facilities are under consideration for 2009. Undrawn debt facilities at US$1.6bn and indicative FY09 capex at A$1.64bn-$6.7bn.

  • Origin Energy’s (ORG) up 2.8% on its 51.4% owned NZ Contact Energy releasing 3Q operating statistics broadly in-line with expectations.
  • Macquarie Airports (MAP) posted solid EBITDA up 2.3% on-year at it’s 73% owned Sydney Airport.
  • Seek (SEK) out of a trading halt successfully completing a $65m share placement at 260c per share.
  • James Hardie (JHX) are considering their position after ASIC proceedings and may comment further after Penalties and costs of ruling.
  • UXC Limited (UXC) to supply $28.7m in renewable energy certificates.
  • Macmahon Holdings (MAH) in a trading halt pending an outlook statement.
  • GUD Holdings (GUD) announced pretax earnings in the three quarters to March were down 4% on-year (in-line with some broker’s forecasts).
  • Coca-Cola Amatil (CCL) in a US roadshow presentation said they’ve had a strong start to the year.

Other…

  • Macquarie Group keep a NEUTRAL on Newcrest (NCM) with a price target of 3500c after their production results — say NCM is the benchmark Australian gold play. Patersons maintain BUY. Goldman Sachs JB Were upgraded to BUY.
  • Merrill Lynch have Seek (SEK) at UNDERPERFORM but upped target to 225c from 220c. Like the counter-cyclical qualities of the learning businesses.
  • Street Talk reports Rio Tinto chairman Jan du Plessis was due to meet with BHP Billiton chairman Don Argus only hours after RIO’s AGM on Monday — speculation persists regarding a possible alternative to the Chinalco deal.

The Dow Futures suggest a 25 point fall on Wall Street.

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

For a free 21 day obligation free trial of the MARCUS TODAY newsletter (and no we won’t ask for a credit card number) please START A FREE TRIAL — you will receive two daily emails about the stockmarket, our MORNING EMAIL with all the stuff you need to know ahead of the trading day ahead and a DAILY EMAIL with all the midday events, news, comments and Ideas from Marcus and his Team. You will also be given a password to the MARCUS TODAY website including access to all the emails as well as Educational, Entertaining and Researched Articles from Marcus and his Team and an archive where you can catch up on a whole week or month in just a few minutes. Or Browse at length. We are sure you will enjoy and profit from what we offer. Find out now. GET STARTED and hopefully one day we will Welcome you onto the Membership List. We have one of the highest re-subscription rates in the financial newsletter industry. Thousands of subscribers enjoy and profit from our services every day. Join us

MARCUS TODAY – Inform, Explain, Educate, Entertain

It’s time to book your next dose of Crikey.

Through the week, news comes at you fast. Every day there’s a new disaster, depressing numbers or a scandal to doom-scroll to. It’s exhausting, and not good for your health.

Book your next dose of Crikey to get on top of it all. Subscribe now and get your first 12 weeks for $12. And you’ll help us too, because every dollar we get helps us dig even deeper.

Peter Fray
Peter Fray
Editor-in-chief of Crikey
12 weeks for just $12.