Company Interview / Market Update | REA Group, News Corp, Beach Energy, Pexa, Magellan, Amcor, BWP

Local markets are off to a strong start, bolstered by an overnight climb in US markets. The S&P services PMI drops from 56.8 in December to 52.9 in January. News Corp reports a 5% increase in Q2 revenue to $2.24B thanks to Australian residential revenues at REA Group.

News Corp CEO Robert Thompson describes the quarter as fruitful, addressing AI's role in news delivery. Shares of News Corp rise by 4.5%. Owen Wilson, CEO of REA Group, plans to retire. REA posts a 20% increase in first-half revenue to $873M and an interim dividend up by 26%.

Beach Energy sees a 5% rise in H1 sales revenue to $990M but narrows its full-year guidance. Pexa increases its impairment forecast while Magellan Financial reports funds under management at $39.1B. Broker moves: Macquarie increases Amcor's price target to $18.20, Goldman Sachs rates Pilbara minerals neutral, and Citi upgrades BWP Trust to neutral.