The market is down 3. The SFE Futures were down 33 this morning.

Wall St. fell 92 overnight. Up 78 at best and down 96 at worst. Nine of the ten S&P 500 sectors finished lower. The US market reversed in the last hour, apparently on a high profile analyst’s change in recommendation on major home lending bank Wells Fargo to a SELL. He highlighted the increase in loan losses. Wells Fargo was down 5.1% having been up 2.2% initially. Metals had a good night in London and the Oil price continued its good run putting on $2.28 to $81.37. Gold up another $5.90 to $1064. The Aussie dollar was also stronger at 92.89c compared to 92.41c yesterday morning.

In the news today…

  • Santos (STO) has released its 3Q Production Report which seems to be in line with expectations. It produced 13.9m barrels on oil equivalent in the 3Q, up 5% on last year. STO up 22c to 1597c.
  • Newcrest (NCM) — 1Q Production Numbers — It announced a 5% fall in 1Q gold production to 377,084 ounces due to lower ore grades at Gosowong and commissioning issues at Hidden Valley. NCM down 48c to 3562c.
  • ROC Oil (ROC) down 1c to 67c after announcing it produced 872,279 barrels of oil equivalent in the 3Q, down 7% on the 2Q due to planned maintenance shutdowns. ROC last traded at 68c.
  • Nido Petroleum (NDO) in a Trading Halt. Last traded at 13.5c.
  • Asciano Group (AIO) have released their Investor Briefing and say they are yet to see signs of a sustainable recovery. 1Q results will be in line with expectations. AIO up 2c to 167c.
  • Austar (AUN) — 3Q Profit Result in line — 3Q EBITDA increased 12% to $59.5m on the back of a 6% rise in revenue to $169.4m, representing a profit margin of 35%. AUN down 0.5c to 136c.
  • One broker upped their Chinese GDP forecasts for 2010 to 10-10.5% against growth of 7.9% in the June Q.
  • Beach Petroleum (BPT) and Sundance Alliance (SEA) have created an alliance to pursue unconventional oil and gas assets. BPT will invest $2.4m in Sundance via a private placement. SEA up 21.7% to 14c and BPT up 0.5c to 80.5c.
  • Analysts expect the ANZ Bank (ANZ) to report a FY cash profit of $3.173bn when it releases its result next Thursday.
  • Amcor (AMC) says trading in the 1Q was consistent with expectations and FY earnings will depend of currency movements. The Alcan acquisition will also influence the bottom line number. AMC up 6c to 570c.
  • Stocks hitting a fresh yearly high include: Aquila Resources (AQA), BHP Billiton (BHP), DWS Advanced (DWS), Mount Gibson (MGX) and Virgin Blue (VBA).

The Dow Futures were up 1 at midday.

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

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