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.

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

Peter Fray

Get your first 12 weeks of Crikey for $12.

Without subscribers, Crikey can’t do what it does. Fortunately, our support base is growing.

Every day, Crikey aims to bring new and challenging insights into politics, business, national affairs, media and society. We lift up the rocks that other news media largely ignore. Without your support, more of those rocks – and the secrets beneath them — will remain lodged in the dirt.

Join today and get your first 12 weeks of Crikey for just $12.

 

Peter Fray
Editor-in-chief of Crikey

JOIN NOW