Stocks to watch at the open
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Financials and Industrials
The news flow out of the US suggests investors will be avoiding risk today, putting financials and industrials in the firing line.
Concerns about the future strength of the global credit market could weigh on investor favourites, the banks today. Financials lead the Dow Jones lower overnight, losing 1.0%.
Fear over the global growth outlook following on the from the US debt drama will likely have industrials back in investor sights. The sector has been the best performing on the ASX in the past five days, gaining 3.33%, presenting investors with an opportunity to realise any profits.
Overall the direction of trade could be reversed quickly on any indication that the US has resolved its stand-off over the debt ceiling as this would be viewed favourably by the market.
Annual general meetings
The annual general meetings over the past week have doubled as a confession opportunity for some companies. If the trend continues, investors could be in for a nasty surprise.
Popular stocks CSL (CSL), M2 Telecommunications (MTU) and The Reject Shop (TRS) are holding their annual general meetings – there is the possibility that forecasts or outlooks for this financial year won’t be in line with investor expectations (see John Abernethy's Three overvalued quality stocks).
Worleyparsons (WOR) and Cochlear (COH) had disappointing forecasts and investors were quick to punish these stocks.
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