The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1917 ET - There's no rush to pick up NIB shares even though the stock looks inexpensive, Citi analyst Nigel Pittaway says. He tells clients in a note that he expects the stock to trade at current levels for some time as the market waits for reassurance on the impact of the health insurer's change of CEO. Investors also want evidence that NIB has claims inflation under control, he adds. Citi lowers its target price 1.5% to A$6.45 and keeps a neutral rating on the stock. Shares are down 3.7% at A$5.74. ([email protected])

1917 ET - Japanese stocks are lower, dragged by falls in pharmaceutical and auto stocks, as concerns about borrowing costs continue. Daiichi Sankyo is down 2.9% and Honda Motor is 1.6% lower. Meanwhile, SoftBank Group is up 2.0% after second-quarter net profit beat analysts' estimates. The 10-year Japanese government bond yield is up 2.5 basis points at 1.030%. USD/JPY is at 154.80, compared with 153.61 as of Tuesday's Tokyo stock market close. Earnings are in focus, with Eneos Holdings set to announce its results later in the day. The Nikkei Stock Average is down 0.2% at 39302.93. ([email protected]; @kosakunarioka)

1845 ET - Japanese stocks may fall as concerns about borrowing costs continue. Nikkei futures are down 0.6% at 39175 on the SGX. USD/JPY rises to 154.60 from 153.61 as of Tuesday's Tokyo stock market close, as U.S. Treasury yields climbed overnight. Investors will be focusing on the yen moves as well as corporate earnings. Eneos Holdings is set to announce its results later in the day. The Nikkei Stock Average fell 0.4% to 39376.09 on Tuesday. ([email protected])

1824 ET - Macquarie is downbeat about New Zealand-based retailer Warehouse's near-term prospects. While the past three months represent one of the toughest quarters for retailers in recent memory, Warehouse has "consistently compounded macro headwinds with internal missteps and poor execution," Macquarie says. In New Zealand, household budgets are under pressure. That means trading is increasingly confined to essential and deeply discounted promotional items, Macquarie says. "With this trend expected to continue in the key December quarter, we see downside risk to 2Q revenues and margins," the bank adds. It retains a neutral call on Warehouse. ([email protected]; @dwinningWSJ)

1818 ET - Aurizon Holdings's upsized share buyback surprises Macquarie. Aurizon yesterday said it would extend its A$150 million buyback by another A$100 million, noting the decision was supported by solid free cashflow in FY 2025 so far. That cashflow includes net proceeds from the settlement of a lawsuit. As a result, Macquarie considers the additional buyback, while positive, to be a one off. It retains a neutral call on Aurizon's stock. ([email protected]; @dwinningWSJ)

1815 ET - Health insurer NIB Holdings loses a bull in Jefferies after its latest update pointed to recent challenges in New Zealand. Jefferies downgrades NIB to hold, from buy, because the expected impact of claims inflation in FY 2025 is worse than its prior estimates. NIB yesterday said it now expects an operating loss of some A$10 million in 1H in its New Zealand business, although it remains confident of making a profit by the year end. "Resident claims inflation has been expected following pandemic lows," analyst Vanessa Thomson says "Yet the worsening New Zealand experience and the guided decline in underlying operating profit for FY 2025 are more negative than we expected." ([email protected]; @dwinningWSJ)

1811 ET - Brian Bernasek, co-head of Americas corporate private equity at buyout firm Carlyle Group, says corporate carve-outs next year will thrive despite a recovering M&A market for standalone private businesses. While conditions are improving, the ability to do deals deemed complex remains an advantage, he said. In 2021, "there was a deal a week in the market... Today it's a much more bespoke process," he added. Tough economic conditions since the first half of 2022 led many companies to aggressively sell off lagging business units and peripheral operations to raise capital. For private-equity firms, carve-outs offered a way to deploy funds at a time when few businesses were for sale. Bernasek spoke about the trends during a private-markets investment conference in New York. ([email protected])

1803 ET - Aristocrat Leisure's annual result shows big progress by its gaming operations, Jefferies says. "7,100 net leased unit installation additions is the key to the results, in our view," analyst Kai Erman says. That's because it indicates significant momentum into 1H of FY 2025 in gaming, which is supported by industry data. "Aristocrat is clearly gaining significant share in Gaming Operations, with 3,900 2H units versus Light & Wonder's 1,600 in the same period," Jefferies says. It retains a buy call on Aristocrat's stock. ([email protected]; @dwinningWSJ)

1801 ET - James Hardie's updated annual guidance buoys UBS somewhat. The building materials supplier now expects FY 2025 adjusted net income of at least $635 million, compared to an earlier target of $630 million-$700 million. James Hardie also anticipates volumes of at least 2.95 billion standard feet in its key North America business. In a note, analyst Lee Power says James Hardie's decision to remove the top end of its profit guidance wasn't surprising. UBS also says it is a "significant positive" that James Hardie held to the lower end of its target for volumes and marginally lifted the bottom end of its U.S. Ebit margin goal to more than 29.3%, from 29-31% before. UBS has a buy call on James Hardie's stock. ([email protected]; @dwinningWSJ)

1741 ET - Aurizon Holdings needs a strong 2H if it's going to achieve annual guidance, reckons Citi. Aurizon continues to expect Ebitda of A$1.66 billion-A$1.74 billion in FY 2025, with consensus expectations roughly in the middle of that range. However, analyst Samuel Seow notes that Aurizon's 1H Ebitda is likely to be lower than a year earlier. Citi now expects earnings from Aurizon's Bulk business to decline year over year, although Grain railing should improve from here. "There may also be possibility of new business wins, implied into the strong 2H given the step up," Citi says. "However, given the heavy skew required, we remain Neutral." ([email protected]; @dwinningWSJ)

1709 ET - Some companies and investors want the Financial Accounting Standards Board to write rules on how to better distinguish liabilities from equity and account more broadly for hedging activities, Chair Rich Jones said at a press briefing. The U.S. accounting standard setter has said it's planning to launch an agenda consultation by year-end, seeking the public's views on what its priorities should be. The FASB has talked with some stakeholder groups to hear their initial thoughts, Jones said. "I would say those are two of the leading items we're hearing so far," Jones said. After the public gives feedback, the board would then decide whether to add new projects to its agenda. The FASB in September issued a proposal for minor changes to its hedge accounting rules. A broader project would likely go further, Jones said. ([email protected]; @markgmaurer)

2204 ET - Australia's S&P/ASX 200 is on track to slip at the open after U.S. equities paused their post-election ascent. ASX futures are down by 1.0% ahead of the open, suggesting that the benchmark index is on course for a third consecutive decline. Ahead of the open, Australia's largest bank, Commonwealth, reported a flat first-quarter profit and a 4.5% on-year jump in mortgage lending. Building-materials supplier James Hardie revised annual volume and earnings guidance for its North American business to the lower end of its previous outlook. In the U.S., the DJIA fell 0.9%, the S&P 500 lost 0.3% and the Nasdaq Composite slipped 0.1%. ([email protected])

(END) Dow Jones Newswires