1 00:00:04,160 --> 00:00:06,920 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,000 --> 00:00:09,920 Speaker 1: for Friday, the thirteenth of February twenty twenty six. I'm 3 00:00:09,960 --> 00:00:12,520 Speaker 1: Michael Thompson, and every afternoon we've got the five stories 4 00:00:12,520 --> 00:00:14,760 Speaker 1: that happened today that you need to know about. Let's 5 00:00:14,760 --> 00:00:18,360 Speaker 1: go we story number one. The SMPAX two hundred fell 6 00:00:18,640 --> 00:00:21,760 Speaker 1: one point four percent to day to eighty nine hundred 7 00:00:21,760 --> 00:00:24,520 Speaker 1: and eighteen points nine of the eleven sectors were in 8 00:00:24,560 --> 00:00:27,920 Speaker 1: the red. Tech stocs led the way down. The sell 9 00:00:27,960 --> 00:00:31,080 Speaker 1: off that started last week really over fears that AI 10 00:00:31,240 --> 00:00:34,519 Speaker 1: could eat the software company's lunch seems to be building 11 00:00:34,520 --> 00:00:37,000 Speaker 1: a bit of pace now after taking a breather earlier 12 00:00:37,000 --> 00:00:40,239 Speaker 1: in the week. Today, Wise Tech Global fell more than 13 00:00:40,280 --> 00:00:43,400 Speaker 1: ten percent, Technology one was off more than seven percent. 14 00:00:43,880 --> 00:00:47,040 Speaker 1: Zero was down four and a half percent. The Financial 15 00:00:47,120 --> 00:00:49,640 Speaker 1: Review reports that the tech sector on the ASEX has 16 00:00:49,640 --> 00:00:52,760 Speaker 1: now lost twenty three percent of its value over the 17 00:00:52,800 --> 00:00:56,120 Speaker 1: past month. Meanwhile, the banks lost a little ground today 18 00:00:56,160 --> 00:00:58,600 Speaker 1: after a couple of stellar sessions. Commonwealth Bank was off 19 00:00:58,640 --> 00:01:01,680 Speaker 1: one point four percent, nabbed down one point one percent. 20 00:01:02,120 --> 00:01:05,600 Speaker 1: Westpac reported a profit of one point nine billion dollars 21 00:01:05,600 --> 00:01:08,720 Speaker 1: for the quarter, but its share price dipped one point 22 00:01:08,760 --> 00:01:11,440 Speaker 1: two percent. A and Z climbed a bit more after 23 00:01:11,480 --> 00:01:14,760 Speaker 1: its an incredible day yesterday, while AMP recovered some ground. 24 00:01:15,560 --> 00:01:18,520 Speaker 1: It was up nine percent today after falling around twenty 25 00:01:18,560 --> 00:01:21,320 Speaker 1: six percent yesterday on the back of its results. Got 26 00:01:21,360 --> 00:01:24,559 Speaker 1: more big moves in share prices today for companies reporting 27 00:01:24,600 --> 00:01:27,040 Speaker 1: their results, but we'll get to those in a moment. 28 00:01:27,640 --> 00:01:30,800 Speaker 1: Story number two. Angus Taylor is the new leader of 29 00:01:30,840 --> 00:01:34,080 Speaker 1: the Liberal Party, toppling Susan Lee in a party room 30 00:01:34,200 --> 00:01:37,080 Speaker 1: spill shortly after nine am today. He won the leadership 31 00:01:37,120 --> 00:01:40,520 Speaker 1: by a considerable margin. It was thirty four votes to 32 00:01:40,560 --> 00:01:44,759 Speaker 1: seventeen in the end, with Victorian senator Jane Hume elected 33 00:01:44,840 --> 00:01:48,920 Speaker 1: deputy leader, defeating Ted O'Brien thirty votes to twenty. In 34 00:01:48,960 --> 00:01:52,880 Speaker 1: his first press conference as leader, Taylor flagged immigration policy 35 00:01:52,960 --> 00:01:56,400 Speaker 1: and lower taxes as key issues for the Liberal Party, 36 00:01:56,720 --> 00:01:59,920 Speaker 1: and he actually included a direct pitch to Liberal votes 37 00:02:00,160 --> 00:02:03,520 Speaker 1: who were considering a switch to one Nation, hoping to 38 00:02:03,600 --> 00:02:07,960 Speaker 1: convince them to remain with the Libs. After losing the leadership, 39 00:02:08,040 --> 00:02:10,720 Speaker 1: Lee announced that she would be resigning from politics. That 40 00:02:10,760 --> 00:02:13,320 Speaker 1: will trigger a by election in her seat of Parah, 41 00:02:13,360 --> 00:02:15,560 Speaker 1: which is held since two thousand and nine. I think 42 00:02:15,560 --> 00:02:17,639 Speaker 1: it is as she said that she's looking forward to 43 00:02:17,680 --> 00:02:20,320 Speaker 1: stepping away from public life to spend time with family 44 00:02:20,760 --> 00:02:24,400 Speaker 1: and to reconnect it with her passion for aviation. Story 45 00:02:24,480 --> 00:02:27,080 Speaker 1: number three. Plenty of companies, as I mentioned before, reporting 46 00:02:27,120 --> 00:02:29,760 Speaker 1: results today and plenty of big swings in share prices 47 00:02:29,760 --> 00:02:34,000 Speaker 1: as a result. Hearing implant company Cocklear tumbled nearly nineteen 48 00:02:34,040 --> 00:02:37,079 Speaker 1: percent today after reporting a twenty one percent drop in 49 00:02:37,160 --> 00:02:42,120 Speaker 1: net profit, missing expectations. Shipbuilder Ostel dropped twenty three percent 50 00:02:42,200 --> 00:02:45,359 Speaker 1: after cutting its earnings guidance. This is largely due to 51 00:02:45,400 --> 00:02:50,360 Speaker 1: an accounting error. It's US subsidiary double counted twenty four 52 00:02:50,480 --> 00:02:53,680 Speaker 1: million dollars worth of incentives that were received during the 53 00:02:53,720 --> 00:02:57,400 Speaker 1: manufacture of ships for the US Navy. That's got a hurt. 54 00:02:57,800 --> 00:03:01,040 Speaker 1: Webjet was off twenty five percent of reducing its full 55 00:03:01,160 --> 00:03:04,560 Speaker 1: year guidance and also ending takeover talks with Hollowworld and 56 00:03:04,600 --> 00:03:09,239 Speaker 1: BGH Capital after failing to receive a binding offer. And 57 00:03:09,800 --> 00:03:13,560 Speaker 1: furniture retailer nick Scaly fell twenty two percent with local 58 00:03:13,600 --> 00:03:16,200 Speaker 1: sales lower than expected despite a pretty strong result from 59 00:03:16,200 --> 00:03:19,919 Speaker 1: its UK outlets. And one more. Investment management company GQG 60 00:03:20,040 --> 00:03:22,960 Speaker 1: Partners jumped more than seven percent on higher revenue in 61 00:03:23,000 --> 00:03:26,520 Speaker 1: twenty twenty five. Story number four one from the US, 62 00:03:26,880 --> 00:03:29,840 Speaker 1: where the Trump administration says it is ending its large 63 00:03:29,880 --> 00:03:34,400 Speaker 1: scale immigration crackdown in Minnesota, drawing down thousands of federal 64 00:03:34,400 --> 00:03:37,680 Speaker 1: agents after more than two months of pretty tense standoffs 65 00:03:37,680 --> 00:03:41,920 Speaker 1: with local officials and residents. The operations saw around three 66 00:03:41,920 --> 00:03:44,800 Speaker 1: thousand agents deployed to the state, with more than four 67 00:03:44,840 --> 00:03:49,840 Speaker 1: thousand undocumented immigrants arrested and two US citizens who were 68 00:03:49,920 --> 00:03:54,080 Speaker 1: killed during clashes with agents. The New York Times reports 69 00:03:54,080 --> 00:03:58,520 Speaker 1: Minnesota Governor Tim Walls said he is cautiously optimistic but 70 00:03:58,720 --> 00:04:02,880 Speaker 1: is urging residents to main vigilant. Local leaders have described 71 00:04:02,880 --> 00:04:06,440 Speaker 1: the operation as damaging to families and businesses, while federal 72 00:04:06,480 --> 00:04:09,000 Speaker 1: officials say it made the state quote less of a 73 00:04:09,040 --> 00:04:13,320 Speaker 1: sanctuary for criminals. And last one, story number five, Let's 74 00:04:13,320 --> 00:04:16,120 Speaker 1: finish on some good news to end the week. Australia 75 00:04:16,160 --> 00:04:20,000 Speaker 1: was celebrating its first gold medal of the Milano Cortina 76 00:04:20,120 --> 00:04:24,000 Speaker 1: Winter Olympics after Cooper Woods stunned the field to win 77 00:04:24,200 --> 00:04:26,920 Speaker 1: the men's moguls. This is incredible. If you haven't seen it, 78 00:04:27,200 --> 00:04:29,600 Speaker 1: you need to watch it. The twenty five year old 79 00:04:29,800 --> 00:04:32,839 Speaker 1: from the new South Wales South Coast was ranked twentieth 80 00:04:32,960 --> 00:04:36,000 Speaker 1: in the world, considered a pretty long shot, but he 81 00:04:36,120 --> 00:04:40,120 Speaker 1: delivered a near perfect final run to finish tied on 82 00:04:40,240 --> 00:04:45,200 Speaker 1: points with a former gold medalist from Canada. Woods was 83 00:04:45,240 --> 00:04:48,039 Speaker 1: awarded gold on accountback thanks to a higher score for 84 00:04:48,080 --> 00:04:51,400 Speaker 1: his turns as an upset. It's actually drawing comparisons to 85 00:04:51,440 --> 00:04:54,840 Speaker 1: Stephen Bradbury's shock win back in two thousand and two, 86 00:04:54,960 --> 00:04:57,680 Speaker 1: and is even more remarkable when you consider that Woods 87 00:04:57,680 --> 00:05:01,320 Speaker 1: tore a ptel attendant last season underwent surgery to return 88 00:05:01,360 --> 00:05:04,400 Speaker 1: in time for the Games. His celebration plan is very 89 00:05:04,440 --> 00:05:06,800 Speaker 1: simple and you got to say very Australian and I 90 00:05:06,920 --> 00:05:09,800 Speaker 1: quote he said, let's go to the pub for beers. 91 00:05:10,440 --> 00:05:12,839 Speaker 1: There you go. That's it for the afternoon Report for Friday, 92 00:05:12,880 --> 00:05:15,919 Speaker 1: the thirteenth of February. Make sure you're following the podcast 93 00:05:16,000 --> 00:05:18,480 Speaker 1: and head along to Fearangreed dot com dot au to 94 00:05:18,520 --> 00:05:21,279 Speaker 1: sign up for our free daily newsletter. I'm Michael Thompson. 95 00:05:21,480 --> 00:05:22,200 Speaker 1: Enjoy your evening.