The market is down 74. The SFE Futures were down 61 this morning.

The Dow Jones closed down 178 overnight and was down as much as 223 and dipped below 11,000 for the 1st time in a month. Metals belted. Lead, Nickel, Zinc and Copper prices all down 5%-7.9%. Eurozone debt issues resurfacing. Gold fell $30 to $1338. Oil was down $2.52. The A$ continue to slip, now at 97.60c.

Today’s main points.

  • Telstra hit another record low of 256c yesterday — independent MPs supported legislation to effect structural separation (to split company in two). TLS is currently trading on a FY11 PE of 8.89x and yielding 10.85%. Earnings are expected to fall by 16.6% next year. TLS down 0.4%.
  • BHP Billiton (BHP) vowed at its AGM yesterday to continue pursuing major acquisitions of Tier-1 assets and says it doesn’t regret chasing Potash Corp. BHP down 2.1%. Merrill Lynch has resumed coverage on BHP Billiton with a Buy recommendation and $51 target price. According to its figures it is trading on a PE of 10x 2011 earnings, 9x 2012 earnings “due to our bullish metal price forecasts”.
  • Some broker upgrades for Brambles after its acquisition of German-listed reusable plastic container provider IFCO Systems. BXB down 1.3%.
  • Ausenco (AAX) confirmed that it will return to growth in the 2nd H of 2010 on the back of stronger revenue than previously expected. AAX is trading on a FY11 PE of 21.6x with earnings expected to fall by 53.9% next year. AAX up 3.6%.
  • MacArthur Coal (MCC) predicts 1st half profit may triple in 2011 on the back of demand growth and a tightening market. Expects 1st H NPAT to be in the range of $115m-$125m, based on 2.5m to 2.7m tonnes of sales. MCC up 1.75%.
  • Citi says the copper price might have peaked. They have downgraded Oz Minerals (OZL) and PanAust (PNA). OZL down 2.3%, PNA down 5.9%.
  • The leading economic index shows the economy grew at an annualized rate of 4.6% in Sept, compared to growth of 5.8% in August.
  • Lloyds Banking Group has launched an Australian branch and will trade under the name Lloyds TSB Corporate Markets.
  • WA News (WAN) has results this afternoon.
  • QR National IPO being priced tomorrow and Friday.

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