The market is up 32. SFE Futures were up 30 this morning.

Dow Jones up 95. The Dow was up 109 at best and down 3 at worst. The Dow locked in its best intraday performance in over a month on the back of mixed economic data (good retail sales numbers) and some strong 3Q earnings numbers from the financial sector. Citigroup +5.5% beat its earnings expectations. The earnings report included a strong performance by their fixed interest trading unit. Citigroup management noted that while market volumes were still down slightly on last year, market conditions had improved with many clients stepping back up to the plate. Bank of America, Goldman Sachs and Morgan Stanley also outperformed their sector and were up between 2.5% and 3.6%. Goldman Sachs reports their third quarter earnings tonight before the open in the US. American Express and Wells Fargo were down 0.5% and 1.0%.

US retail sales came in better then expected at +1.1% for September and the Empire State manufacturing index improved from minus 10.41 to minus 6.16 in October. Wal-Mart up 1.8%, Lowe’s up 3.3% and Macy’s up 1.3%.

Best sectors — Health Care (+1.4%), Financials (+1.2%), Consumer Services (+0.9%) and Basic Materials (+0.8%).

Worst sectors — Telecoms (-0.6%).

Metals mixed — Copper down 0.45%, Nickel up 0.06%, Aluminium down 1.69% and Zinc was down 1.15%. The spot iron ore price down $1.50 to $113.00.

Telstra (TLS) — AGM — Will maintain their 28c dividend this financial year and have reiterated earnings guidance for “low single digits”. Cash flow is expected to be between $4.75 billion to $5.25 billion in the year. Telstra’s chairman Catherine Livingstone said “I can confirm it is the board’s intention to pay a fully-franked dividend of 28 cents per share in fiscal 2013, subject to the normal approval process and there being no unexpected material events.” TLS is up 2c to 396c.

Lend Lease (LLC) says discrepancies in the Abigroup’s accounts were a one-off and will not affect their financial results guidance. Senior management at Lend Lease found discrepancies in Abigroup’s numbers for the year to June 30 which related to road projects in QLD and Victoria. LLC is up 3.79% to 850c.  

Cochlear (COH) — AGM — The Board has defended their decision to award share options to CEO Chris Roberts after the company’s net profit dropped to $56.8 million from $180.1 million in the last 12 months due to a product recall. The Australian Shareholder’s Association voted against the awarding of share options at their AGM today. COH is up 1.52% to 7195c.

Macquarie Group (MQG) and Orix Corp are the lead candidates to buy Rabobank’s Robeco division. Robeco is expected to be sold for more than $2.59 billion. MQG is up 1.34% to 2946c.

NRW Holdings (NWH) has been awarded a $90 million earthworks contract for Rio Tinto’s Yandi sustaining project in the Pilbara WA. NWH is up 4.09% to 191c.

For a 5 day FREE TRIAL of the MARCUS TODAY newsletter 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 recommendations and ideas from Marcus and his Team.
  • Our Portfolio recommendations which is actively managed on behalf of subscribers.…no “set & forget”. Everything you need to effortlessly managed your own long term investment portfolio.        
  • Daily Technical Trading ideas and data, including daily scans of the ASX 300 for stocks changing trend.
  • Stock Database – all the numbers with comments on the top 300 stocks and more.
  • Educational section – Marcus’s Educational and Entertaining articles.

Subscribe to MARCUS TODAY.  We are sure you will enjoy and profit from what we offer…we have one of the highest re subscription rates in the financial newsletter industry. 

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