|Day's Range||3.70 - 3.80|
|52 Week Range||3.55 - 5.58|
|PE Ratio (TTM)||10.05|
|Earnings Date||Aug 29, 2017 - Sep 4, 2017|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||4.36|
Monday 21:00 BST What you need to know ? S&P 500 and Dow reach record closing peaks ? Sterling inches lower as formal Brexit talks begin? Dollar regains momentum against major rivals? French stocks higher ...
Australian conglomerate Wesfarmers (WES.AU) is down more than 3% this morning after Morgan Stanley downgraded the stock to underweight from equalweight and warned it would be hurt by the arrival of Amazon (AMZN). Morgan Stanley said Wesfarmers - which owns some of Australia's biggest retailers including Coles supermarkets, Bunnings, Target, Kmart and Officeworks - would suffer a $400 million hit to its earnings before interest and tax by 2026 due to the arrival of Amazon, prompting the broker to lower its valuations for businesses like Kmart, Target and Bunnings.
Australia's Wesfarmers Ltd cancelled a potential $1.1 billion IPO of its office supplies unit, underscoring uncertainty in a retail sector hit by weak spending and the slated arrival of online shopping giant Amazon.com Inc. The scrapping of Officeworks' listing disrupts a plan by Wesfarmers, Australia's biggest company by sales, to carve off non-core assets and focus on its biggest revenue spinner, supermarket chain Coles, itself facing fresh competition from cut-price entrants like ALDI Inc.