The Melbourne-based whitegoods group is one retailer which missed the stimulus boom. The company is facing a 2009 loss with the dividend to be skipped.
Hastings Diversified Utilities Fund remains in a trading halt after deciding against selling assets to raise cash in favour of a $250 million capital raising. It will be the first new capital raising of 2009-10 financial year after some $40 billion was raised in the 2009 year.
All the papers seem delighted. "Locked up for Life!" says one of today's headlines. The judge "threw the book at him," says another. His victims wanted him to get no mercy. The judge gave him none, imposing the maximum sentence.
China has stopped stockpiling metals, according to reports in the Chinese media. Will this put the cap on the recent strength in base metals prices? Now that metals prices have rebounded, though, will the stockpiling continue, even at high prices? Or was it a case of bargain shopping at everyday low prices?
Most of the market sees good value in the stock at current levels even allowing for the disappointment of the company having to abandon its takeover bid for US group Talecris. Morgan Stanley offers some reasons why earnings could fall short of expectations.
The Chinese steel market has shown signs of strength in recent weeks but Standard Chartered sees scope for oversupply to put some short-term pressure on prices.
Charlie Aitken's Overnight Report
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