Good Morning,
Before we talk markets, let’s talk football…
The decision to delist Harvey, Petrie, Firrito and Dal Santo a week before finals is a “nightmare” for the North Melbourne Football Club…
Why would the coach and president do that before they “go into final’s battle”?
Leadership is essential in any business and just like the stock market, management need to think “twice” before making poor decisions.
We have also seen this in the current reporting season………..
Some Australians CEOs are getting paid too much and simply aren’t creating any shareholder value.
This is evident and we feel that remuneration and executive decisions should 100% be tied to creating value … whether on the football field or for us, as shareholders…
Ok….
Enough “rambling”… let’s talk markets….
Another busy for us is in store with AWE, FLT, HGG, ILU, PPT, RHC and WOW reporting their FY results……
WOW is the big one………. With analysts expecting a $1,000,000,000 (yes, $1Billion) loss…..
Any number “better” and a positive “outlook”, will see the stock “soar”……………..
We will wait and see….
Last night, the S&P 500 index SPX, -0.52% lost 11.46 points, or 0.5%, to end at 2,175.44. Following Mylan’s lead, the health-care sector was off 1.6%, representing the sharpest loss among the index’s 10 sectors.
Earlier, a reading of existing home sales didn’t do much to inspire buying, with stocks continuing to trade in a tight range on seasonally light summer volume.
July sales of previously owned homes fell 3.2% to a seasonally adjusted annual rate of 5.39 million, the National Association of Realtors said Wednesday. That was lower than the 5.48 million pace that economists polled by MarketWatch had forecast and 1.6% lower than a year ago.
The SPI is down 16 points this morning
Niv Dagan is an Executive Director of Melbourne based boutique funds management and corporate advisory firm, Peak Asset Management (www.peakassetmanagement.com.au). He is also a regular financial commentator on Sky Business
By Niv Dagan
