- Qantas Airways (QAN) -- Is expected to value its loyalty business at around $3.1-3.3 billion which comes in well above the top end of analyst valuations, if it wanted to float it.
- Cochlear (COH) -- Deutsche Bank has a put a Sell recommendation with a target price of 5425c. The rating comes after COH posted a 73% fall in first half profit on the back of a patent dispute. Reported NPAT was well below their expectations. But they say the company is on track to meeting full year guidance.
- FlexiGroup (FXL) -- Deutsche Bank has a Buy recommendation with a target price of 490c. It says the company reported ‘solid underlying performance and continues a strong record of growth.’
- Telstra (TLS) -- Is due to report its results today. It is tipped to cut another 1000 jobs and could outsource positions to the Philippines and India following a review by two management consulting firms.
- Forge Group (FGE) -- Is in voluntary administration and has announced the retrenchment of 1,300 staff. FGE last traded at 91.5c.
- NAB -- Rumours are that NAB is considering a $3.7 billion float of its troubled British operation taking advantage of a recent improvement in the British economy. British media said the Clydesdale and Yorkshire banks were under serious examination and could take place at the end of this year.
Morning Market Report
A skittish day on the markets amid disappointing results releases.