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Reporting Season: AMP slammed, MFG flying, ASX & TWE recover early losses

Proactive Investors Wednesday, 13 February 2019
S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) was down nearly 20 points in the first 10 minutes but went on to be up 30 points at 11.00am before trending back towards flat at lunch. 1.15pm: AMP slammed, MFG flying, ASX & TWE recover early losses Embattled financial services firm AMP Limited continues to lick its wounds from the Royal Commission being down 7% at $2.26 while fund manager Magellan is up 9% to $31.90. Treasury Wines and ASX Limited however proved opening traders wrong and have been able to get back their early share price losses. Treasury opened down nearly 5% and swung to be up 4% just before midday but has since come back to trading flat. Investors crucified Treasury early for cash flow metrics being less than expected however the company has been able to calm fears seemingly, possibly through the 11.00am conference call. ASX Limited opened down over 3% at around $66.20 but over the day has grined back to be up nearly 1% at $69.00. [VIDEO] Mid Session: It has been a choppy start to Thursday trade with the ASX 200 edging higher by 8 points to 6071 towards lunch. It has been a big day on the reporting front with a host of companies announcing half or full year results. https://t.co/WD0PJEercE #ausbiz — CommSec (@CommSec) February 14, 2019 Pre-market: Reporting Season: busy day ahead AMP, ASX, MFG, SUN, TLS, WPL Results from some of the ASX's biggest companies (including the ASX itself) have been released and investors and analysts are busy crunching numbers to decide if they have met expectations. Earnings growth of 20% will see a share price slammed if the market expected 25%, but the opposite applies if expectations are surpassed. Nominal numbers mean nearly nothing in earnings season in comparison to expectations. Some of the larger companies to be judged today on their December results include financial services company AMP Limited (ASX:AMP), ASX Limited (ASX:ASX), winemaker Treasury Wine Estates Ltd (ASX:TWE), bank and insurer Suncorp Group Ltd (ASX:SUN), Telstra Ltd (ASX:TLS), listed fund manager Magellan Financial Group Ltd (ASX:MFG), and Woodside Petroleum Ltd (ASX:WPL).   Morning Report 14 Feb 19 : US stocks advance on trade optimism pic.twitter.com/nn3nGjihYl — CommSec (@CommSec) February 13, 2019    
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