The market is up 5. The SFE Futures were up 24 this morning.

The Dow Jones closed up 129 overnight. It rebounded well from yesterday’s 165 point fall. Company results dominated the news with most reporting better than expected results. Morgan Stanley was the exception with an unexpected $91m quarterly loss. The UK outlined plans for £81bn in cuts to government spending with “unavoidable” job losses. Gold was up $8.20 to $1344.20 and the oil price rose $2.28 to $81.77. The Australian dollar climbed back up to 98.71c.

Today’s main points…

  • Ten Network (TEN) releases their FY result today. Lots of press this morning regarding Packer’s intentions — seems like he is going to overhaul the board. He has now lifted his stake to over 17%. TEN up 2.6%.
  • Wesfarmers (WES) up 2.85% on better-than-expected sales numbers. Sales were up 4.3% to $11.221bn, up from $10.761bn. MD Richard Goyder said he was “generally pleased with the results”.
  • Tabcorp Holdings (TAH) up 4.5% after coming out of a trading halt this morning. It announced demerger plans earlier in the week and has completed its $430m capital raising.
  • Santos (STO) reported a 4% fall in 3rd Q revenue on the year after output was affected by wet weather in central Australia. STO down 0.16%.
  • Fortescue Metals Group (FMG) has revealed to its bondholders a $US2bn capital cost blowout at its Solomon project but it is yet to advise shareholders. FMG are in a trading halt pending an announcement.
  • Perpetual (PPT) say it will not be pressured into making a decision about KKR’s $1.75bn “opportunistic” takeover offer in time for its AGM next week. PPT down 0.83%.
  • Iluka Resources (ILU) — Production Numbers — Sept Q revenue after currency hedging was in at $209.4m. ILU up 1.8%.
  • ASIC has rejected an application by Leighton’s (LEI) largest shareholder, Hochtief, to force Spanish company ACS to bid for Leighton Holdings.
  • Newcrest Mining (NCM) has reported a sharp jump in quarterly production following its takeover of Lihir Gold with September Q gold production up 79% on the pcp and up 28% in the quarter. NCM up 1.33%.
  • AGL Energy (AGK) held its AGM where it said it expected FY11 underlying profit of $450-$480m. Says it will only bid for NSW electricity assets if it is accretive to shareholders. AGK down 1.63%.

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