The market is up 7. The SFE Futures were down 12 this morning.
The Dow Jones closed down 60 overnight. The S&P 500 fell 0.8%, the most in 3 weeks. The US dollar rose for the third day. The CRB Commodities Index gained 1.22% to a new two-year high and has now rallied for 11 straight weeks. The Aussie dollar fell to US100.48 cents. The Gold price gained $6.90 and hit a record $1422.10. Oil price down 34c to $86.72.
Today’s main points…
- Computershare (CPU) has maintained its rather cautious FY11 outlook at its AGM today. It expects EPS to fall 5%-10%. CPU down 1.73%.
- The AFR says QR National meetings with US fund managers have been well attended thanks to recent rail deals involving Warren Buffett’s Berkshire Hathaway and Burlington Northern Santa. The IPO closes Friday for retail investors.
- The old “James Packer buying Tabcorp’s (TAH) casinos” rumour has re-emerged after Packer was seen at Tabcorp’s Star City casino. TAH down 0.14%.
- Programmed Maintenance Services (PRG) has cut its 1st half earnings outlook after poor performances in two of its divisions. They had a profit warning in July as well. PRG down 17.34%.
- WA Premier Colin Barnett says he wants Woodside Petroleum (WPL) to remain independent and would fight any takeover from a foreign company. Shell sold a 10% stake yesterday. WPL down 0.02%.
- SP AusNet (SPN) — profit up 22.6% in 6 months to Sept 30. Cites higher demand from cooler weather, better revenue from incentive payments and improvements in network reliability. Net profit for the six months to September 30 was $166m. Announced an interim dividend of 4c per share, 39.8% franked. SPN up 4.92%.
- Lynas Corp (LYC) has told the Hong Kong Rare Earths Conference that it is on track for rare earths production in the 3rd Q of 2011 and its Mount Weld concentration plant is due to be commissioned in February. LYC up 11.9%.
- AWB released its FY result. Reported a FY unaudited net loss of $54.9m. Didn’t declare a dividend but may pay a special dividend subject to a tax office ruling. AWB up 0.34%.
- Qantas (QAN) fined EUR8.8m ($12m) for being part of a global cartel involved in fixing air-freight tariffs. Their NPAT this year is expected to be $604m. QAN up 1.45%.
- We have Chinese economic data out today (trade balance, PPI, CPI, industrial production) and tomorrow (retail sales).
For a free 5 day obligation free trial of the MARCUS TODAY newsletter (and no we won’t ask for a credit card number) please Click Here – you will receive our renowned and popular Daily email about the stockmarket with all the stuff you need to know ahead of the trading day including overnight developments, news, comments, rumours, broker stuff and Ideas from Marcus and his Team. You will also be given a password to the MARCUS TODAY website including access to our Recommended Portfolio which is actively managed on behalf of subscribers.…no “set & forget”. Everything you need to effortlessly managed your own long term investment portfolio.
It includes an Income Portfolio. And for the traders we monitor short and medium term trades on top of the portfolio. Members also get access to our Database – all the numbers with comments on the ASX 200 stocks and more. Members also get access to our Educational section which includes an archive of Marcus’s Educational and Entertaining articles. We are sure you will enjoy and profit from what we offer. Thousands of subscribers enjoy and profit from our services every day. We have one of the highest re-subscription rates in the financial newsletter industry.
For your FREE TRIAL — Click here
To Subscribe to MARCUS TODAY — Click Here