Daily FNArena News - Australia

News Corporation has delivered a slightly better than expected quarterly profit result and with earnings risk seen as to the upside brokers are almost overwhelmingly positive on the stock.

David Jones has delivered a solid first quarter sales result but broker opinion is divided as to whether or not the current momentum can be maintained for the full year.

Emeco Holdings has followed in the footsteps of Downer EDI as another mining service company to revise earnings lower and brokers have cut forecasts accordingly.

Intersuisse rates mining services company Austin Engineering as Accumulate given the company’s strong forward earnings book and growth options.

Economists don’t expect the RBA has finished hiking rates after this morning the central bank increased official interest rates by 0.25%.

As was expected, domestic inflation put paid to any caution over the global credit situation.

Hardly a shock.

Leighton and Macmahon have announced a tie-up to bid for new projects and brokers see minor benefits for both sides but little impact in terms of earnings.

Most brokers suggest taking the Nufarm bid while Credit Suisse suggests there’s a lot more upside yet in fertiliser prices.

The ASX has deliver another month of strong trading and brokers have edged up earnings forecasts but are struggling to find value in the stock given comparables will become more difficult.