The market is down 37. The SFE Futures were up 13 this morning. Earnings results dominating the headlines.

Wall St. closed up 71. Dow up 85 at best and down 11 at worst. Low volumes again. Metals were mixed and the oil price put on a little bit. Gold price fell $3.30 and the Aussie dollar was up to 83.15c versus 82.99c yesterday morning. Bernanke talks in the US tonight and there is Options expiration in the US tonight.

Results today:

  • Billabong (BBG) — in line — but smashed 6.2% today on outlook comments for a flat year against (bit like Wesfarmers yesterday).
  • APN News & Media (APN) — bit below previous company guidance. Price down 5.3%.
  • Macquarie Airports (MAP) — Looked in line but hard to know what number to look at. MAP up 1c to 234c.
  • Macquarie Countrywide (MCW) — Slightly above expectations.
  • IAG (IAG) — Messy result — below expectations but very wide range of expectations. IAG just triggered a sell on MACD. Down 5.7%.
  • RIO results were out yesterday afternoon — Bit below expectations but lots of positives — fixed up balance sheet with a rights issue and the Alcan sale to Amcor. Bit wary on the short term outlook for commodity prices.

Other news…

  • Westpac Trading update. Price down 2.2%. No nasty surprise. See below
  • Arrow Energy (AOE) has taken a 21% stake in Apollo Gas paying $4.5m.
  • ConnectEast (CEU) said it will writedown the value of its EastLink Tollroad Concession by 12% to $2.9bn after a review of traffic.
  • Telstra down 11c or 3% as the Future fund sell 684m shares at a 5% discount (347c). It goes ex dividend 14c on Monday. Today is the last day you can buy it and be entitled to the dividend. If the price falls today it will be seen as a good opportunity to buy for the dividend.
  • Last day to apply for shares in the NAB share purchase plan.
  • Significant upgrades in Downer EDI target prices this morning.
  • Technology stocks triggering sell signals including OKN and DWS.
  • United Group (UGL) presentation released post results two days ago. It had its target price upped by five different brokers yesterday.
  • Bank of Queensland (BOQ) down 4.2% after coming out of its capital raising — $230m raised at $10 a share. Retail offer (share purchase plan) to come — expected to raise $110m

The Dow Futures are down 18 at midday.

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

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