Stocks of the Hour: Macquarie Group, News Corp & Goodman GroupCraig Foley
Macquarie Group (ASX:MQG)'s net earnings exceed forecasts by $170m.
Investment bank Macquarie Group (ASX:MQG) revealed that the business achieved a 10 per cent increase year on year in net earnings to $3.02 billion for the fiscal year, exceeding forecasts by $170 million. Shares in Macquarie Group (ASX:MQG) are trading 0.52 per cent higher at $159.83
News Corp (ASX:NWS) projected to be at its most profitable in 8 years.
Media tycoon Rupert Murdoc’s News Corp (ASX:NWS) is projected to record the highest level of earnings in 8 years, having reported a 23 per cent hike in profitability in the March quarter of FY21. The media conglomerate has linked the profit growth to the expansion of its property and book publishing divisions, as News Corp streamed more capital investment into these areas. The content powerhouse also orchestrated a transformation campaign to accelerate the digitisation of its Foxtel brands. The ramp-up in online streaming capabilities substantially contributed to reducing operational expenses and optimised resources. Shares in News Corp (ASX:NWS) are trading 3.13 per cent higher at $31.66
Goodman Group (ASX:GMG) pivots towards inner-city warehousing
Commercial property company Goodman Group (ASX:GMG) has released data indicating the real estate player is on track to meet profit guidance for the financial year, reporting a 3 per cent increase in net property income. The industrial heavyweight highlights the encouraging data as vindication of its pivot towards inner-city warehousing. Shares in Goodman Group (ASX:GMG) are trading 0.73 per cent higher at $19.32
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