Woolworths – Solid Hold – but not a buy

Stock Takes

Full year results were in line with expectations if not 2% or 3% better than some forecasts. The food division did better-than-expected with increased margins (up 76bp). Described as solid growth. Some brokers upped their target price ($38.50 to $41.30) most simply left among changed. Some brokers upgraded earnings (3%), others downgraded  (2%). They didn’t…

Marcus Take – Nvidia rally didn’t last long

Box 1

SUMMARY The Nvidia rally ended – better to travel than arrive. Glad I didn’t buy FANG. The Resources bounce now looks like a blip. Annoying. Chinese property woes simmer. Bond yield yields take over the narrative again. Yawn. Jackson Hole tonight seems more likely to be Hawkish than positive. A Stock Take on Woolworths today.…

BHP Stock Take – Waiting for the Next Trade

Stock Takes

BHP’s full year results confirmed that BHP is a long-duration trading stock, not a quality, reliable, and especially not a "hold forever" income stock as some people imagine. Despite the brand name there is nothing the company can do when iron ore prices fall 18% in six months, copper prices fall 12% and coal prices…