The market is down 31. The SFE Futures were up 12 this morning.

Wall St. closed up 40 overnight. Dow was up 51 at best and down 7 at worst. Dow up on positive economic comments, the FOMC Minutes and a fading Greek issue. Financials led the rally again. Commodities left behind by a rising US dollar. Metals fell in London, Gold dropped 30c to $1120 and oil fell 7c to $77.59. The Aussie dollar fell to 89.93c compared to 90.21c yesterday.

Results out today…

  • Qantas Airways (QAN) — below expectations and no interim dividend — 1H net profit came in at $58m, consensus was for a number of $68m with a range of expectations between $49m and $97.3m.
  • AMP Ltd (AMP) — results a bit below expectations —  They announced a 27% rise in FY profit to $739m, below the $845.2m analysts expected, with estimates ranging from $813m and $896m.
  • Santos (STO) — slightly ahead of expectations — Underlying profit (excluding one off items such as asset sales) fell 53% to $257m, slightly ahead of the $254m analysts expectations.
  • ASX Ltd (ASX) — slightly better than expected — 1H net profit (including extraordinary items) of $168m, down 2.3%.
  • Adelaide Brighton (ABC) — much better than expected but gave guidance for a modest decline in profit for 2010 as a result of an expectation of lower cement demand – FY net profit comes in at $123.1m, up 1.9% on the last year. Patersons expected $111m.
  • WorleyParsons (WOR) — better than expected — Says net profit for the half fell 30.1% to $138m and reiterated their FY profit forecast of $280m-$320m, with it downgraded in January from $320m-$350m.
  • PMP Ltd (PMP) records a $13.7m profit for the half. EBIT (before significant items) came in at $29.1m on revenue of $645.1m.
  • Macquarie Office Trust (MOF) announced a $30.9m 1H loss, down from the $1.09bn loss recorded last year.

In other news…

  • Warrnambool Cheese & Butter Factory (WCB) in a trading halt — will respond to a revised bid from Murray Goulburn Cooperative. Last traded at 404c.
  • NuPower Resources (NUP) up a big 62% to 12c after issuing a second batch of high-grade assays from exploration drilling at Eva project, Northern Territory.
  • Stocks hitting fresh yearly highs include: The Reject Shop (TRS), Seek (SEK) and Reece Australia (REH).

The Dow Futures were down 1 at midday.

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