The market is down 23. The SFE Futures were down 17 this morning.

Wall Street closed down 30 having been down 110 at worst and up 87 at best. Initial jobless claims fell less than expected and company results rather flopped. The metal prices were up, Gold up $8 and the oil price up. The A$ at 90.07c is holding as the US$ hits a two months low against the Euro and falls 8.7% from the June high. Chinese officials declare inflation is under control. US 2nd Q GDP numbers tonight offer more fear than hope.

In other news…

  • Macquarie Group have had another profit warning. The second profits “caution” in a month. They say results from Macquarie Capital, Macquarie Securities and the Fixed Income, Currencies and Commodities (FICC) divisions are expected to fall in 2011 unless market conditions improve. Price down 3.83% or 146c to 3692c.
  • Graincorp (GNC) and AWB have announced a $2bn merger which is effectively a takeover of AWB by Graincorp at a small (10%) premium to the AWB price. For 5.75 AWB shares AWB shareholders get 1 GNC share. AWB have also announced a profits warning which perhaps explains the lack of a premium bid price. AWB is up 1.5c to 97c. GNC is down 10c to 592c.
  • Mitchell Communications (MCU) has received a takeover offer from the UK’s Aegis Group via a scheme of arrangements valuing MCU at around $363m or 120c a share. MCU shareholders can take 120c a-share cash or receive Aegis shares. The offer represents a 15.4% premium to MCU’s last closing price of 104c. Harold Mitchell (owns 30%) is taking shares. MCU up 18.3% or 19c to 123c this morning.
  • Programmed Maintenance Group (PRG) have announced a profit warning and have fallen 22%. The market is taking no prisoners on disappointment. A timely reminder ahead of the results season starting next week.
  • Energy Resources Australia (ERA) down 4.6% on some weak results. They talk about the uranium market being well supplied in the short term.
  • RIO and JV partner Chinalco have officially signed a deal on the joint development of the Simandou project. Chinalco will pay RIO $1.35bn over the next 2 to 3 years and will eventually own 44.65%, while RIO’s take will be 50.35%, down from 95%.
  • In the private sector ASIC have banned the IPO of MyATM on concerns over their accounts disclosure and REDGROUP Retail (own Borders and Angus & Robertson) say they may breach debt covenants. They were expected to list sometime this year (owned by private equity).
  • Stock hitting fresh yearly highs today include: Mitchell Communications (MCU) Reckon (RKN). New yearly lows include: Aristocrat Leisure (ALL, Fisher & Paykel (FPA), Programmed Maintenance (PRG), Tanami Gold (TAM).

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