Core Viewpoint - The S&P/ASX 200 index closed lower on February 13, 2026, despite logging its best week since late April last year, driven by strong company earnings, particularly from banks, which propelled the benchmark towards record territory last touched in October 2025 [1][7]. Market Performance - The S&P/ASX 200 dropped 125.90 points, or 1.39%, to 8,917.60 after reaching a new 50-day high, but gained 2.4% over the week [1][7]. - The index ended Thursday at 9,105 points, just 10 points below its record high of 9,115.20 [1][7]. - The index is currently 2.17% off its 52-week high [2][7]. Top Gainers and Losers - The top five gainers included AMP Limited (up 8.984%), GQG Partners Inc. (up 7.764%), Origin Energy Limited (up 5.043%), NextDC Limited (up 3.698%), and Arena REIT (up 3.170%) [3][7]. - The bottom performers were AUSTAL LIMITED (down 22.82%) and NICK SCALI LIMITED (down 22.32%) [2][7]. Sector Performance - The Utilities sector was the best-performing, gaining 3.38% on the day and 9.38% over the past five days [5][8]. - Financials fell 0.8% on the day but recorded their best week since mid-March 2022, climbing 5.4% [5][8]. - Miners weighed on the index, falling 2.2% on the day, but the sub-index was up 5.1% for the week [6][8]. - Healthcare stocks slid 4% to their lowest level in nearly seven years, with Cochlear Limited dropping 19.2% after reporting weaker-than-expected first-half earnings [6][8]. Notable Company Updates - Westpac shares finished 1.2% lower after reaching a record high earlier in the day, following better-than-expected first-quarter profit [5][8]. - National Australia Bank closed 1.1% lower, while CBA was down 1.4%, and ANZ advanced 1.3% [6][8]. - The healthcare sub-index tumbled 12.6% for the week, marking its worst performance since mid-March 2020, primarily due to CSL's disappointing results and the departure of its CEO [7][8].

Core Viewpoint - The article discusses the performance of ASX companies, highlighting significant movements in stock prices and investor interest, particularly focusing on CSL Ltd, Pro Medicus, and BMG Resources as key players in the market this week [2][3]. Company Summaries CSL Ltd - CSL Ltd has experienced a significant decline, with a -15.9% drop in value for the week, contributing to a -40% year-to-date performance [3]. - The company's current market value is approximately $74 billion, with shares trading around $152.53, down from a previous high of over $300 per share [4]. Pro Medicus - Pro Medicus has also faced challenges, with shares dropping nearly -30% during the week, currently priced at $123 per share [5]. - The company has signed over A$280 million in new contracts, leading to a five-year contracted revenue of around A$1.1 billion, although there are concerns about execution in the second half of the year [7]. BMG Resources - BMG Resources, a gold and lithium exploration company, has initiated a major 10,000-meter diamond drilling campaign at its Abercromby project, aiming to increase its existing resource of 518Koz [8]. - The company has reported a +116% year-to-date increase in share price, currently trading at 3.5 cents [9].

Group 1 - The core point of the article is the unexpected resignation of CSL's CEO Paul McKenzie, with Gordon Neller appointed as interim CEO just before the release of the company's half-year earnings for FY2026, leading to a significant drop in stock price and raising concerns about the company's strategic direction and acquisition valuations [1][2]. - CSL's stock price has been in a downward trend since August of the previous year, primarily due to the announcement of the Seqirus spin-off plan and subsequent downsizing of the R&D team, which led to doubts about the company's decision-making capabilities [2]. - The company is also burdened by a costly acquisition of Vifor for $11.7 billion in 2022, which has faced scrutiny regarding its return on investment and has contributed to operational challenges [2]. Group 2 - Gordon Neller, the new interim CEO, has extensive experience within CSL, having worked for 33 years in various roles, including CFO and president of Seqirus, and is well-acquainted with the company's core business areas [3]. - Neller has been granted full authority by the board to implement necessary reforms, emphasizing that his interim position does not imply a lack of action [3]. - Neller's compensation as interim CEO includes an annual fixed salary of approximately $2 million and a one-time stock award of $4 million, although he will not receive short-term or long-term incentives due to the lack of a fixed term for his position [3].

Core Viewpoint - CSL Limited experienced a significant drop in share price, falling over 12% due to weaker half-year earnings and a sudden CEO exit, marking a shift in investor sentiment towards the company [1][5]. Financial Performance - CSL reported total revenue of US$8.3 billion for the half, a 4% decline in constant currency terms [2]. - Underlying NPATA was US$1.9 billion, reflecting a 7% decrease compared to the prior period [2]. - Reported net profit (NPAT) plummeted 81% to US$401 million, impacted by one-off restructuring costs and asset impairments totaling approximately US$1.1 billion [2]. Dividends and Cash Flow - The interim dividend remained unchanged at US$1.30 per share [3]. - Cash flow from operations increased by 3% to US$1.3 billion [3]. - Management expanded the share buyback program from US$500 million to US$750 million [3]. Business Challenges - The earnings results were negatively affected by government policy changes, restructuring costs, and impairments, particularly related to CSL Vifor and Seqirus [4]. - While some business segments are stabilizing, core areas continue to face pressure, indicating a deeper reset rather than a simple cyclical slowdown [4]. Market Reaction - The sharp market reaction was driven not only by the 7% profit decline but also by the unexpected leadership change and falling revenue, which led investors to reassess growth expectations for CSL [5]. - The market is seeking clearer evidence of operational momentum and improved margins, as well as leadership stability following recent turbulence [9]. Long-term Outlook - Despite current challenges, CSL remains a global biotechnology leader with strong intellectual property and a robust plasma infrastructure, suggesting that long-term demand drivers are still intact [7].

Leadership Transition - CSL is undergoing a leadership transition, which is a significant moment for the company [1] - The call is focused on providing context and clarity regarding this leadership change [2] Financial Performance - Financial results will not be discussed in this session; a separate call is scheduled for the following day to address financial performance [2]

CSL said CEO Paul McKenzie is stepping down, effective immediately, a day before the company reports earnings https://t.co/ll0d6WzJ1W ...

Market Overview - Australian shares continue to rise, with a +0.4% advance in futures following a +1.9% increase the previous day, supported by a rebound in Wall Street technology stocks [1][3] - The Nasdaq index is up +0.9%, while the S&P 500 and Dow Jones both increased by +0.5%, indicating a recovery in market sentiment after a previous decline [3] Company News - Electro Optic Systems (ASX:EOS) is under scrutiny as it prepares to respond to a short sell report from Grizzly Research, with the market expecting the release before market open [4] - Elevra Lithium (ASX:ELV) has signed a Memorandum of Understanding (MOU) to supply Mangrove Lithium with spodumene concentrate, with expectations to supply up to 144,000 tonnes per year [4] - PLS Group (ASX:PLS) has secured a multi-year offtake agreement with Canmax for 150,000 tonnes of spodumene at a price of US$1,000 per tonne [5] - Eastern Gas Corp (ASX:EGA) is set to debut on the ASX, focusing on oil and gas exploration in the Cooper and Surat Basin, with an initial market capitalization of $5.5 million [5] - Compushare (ASX:CPU) and Amotiv (ASX:AOV) are also expected to report earnings, with CSL (ASX:CSL) leading a series of quarterly reports [5][6] Commodity Prices - The Australian dollar is trading at US 70.9 cents [7] - Iron ore prices have increased by nearly +1%, currently at $99.80 per tonne [7] - Brent crude oil has risen by +1.5%, now priced at $69.06 per barrel [7] - Gold is trading at $5,095 per ounce, while US natural gas futures have decreased by -8% to $3.14 per gigajoule [7]

Core Insights - Memo Therapeutics AG has entered into a strategic collaboration and exclusive licensing option agreement with CSL for the MTx recombinant polyclonal IgG technology [1][4] - The total value of the agreement can reach up to 265 million Swiss Francs (approximately 328 million USD) [2][5] Group 1: Collaboration Details - MTx will utilize its proprietary DROPZYLLA® technology platform to develop recombinant polyclonal IgG products, which is designed for cloning human antibody libraries and expressing polyclonal antibodies [2][5] - CSL will receive exclusive licensing rights to MTx's technology, which allows for the large-scale capture and replication of natural human antibody libraries, enabling stable and controllable expression of diverse antibody populations [2][5] Group 2: Statements from Executives - MTx's CEO Erik van den Berg emphasized that IgG immunotherapy is used for treating various diseases, including congenital or acquired immunodeficiencies and autoimmune diseases, and that the collaboration validates their DROPZYLLA® technology platform [3][7] - CSL's Senior Vice President of Global Research, Dr. Michael Wilson, noted that the collaboration combines CSL's global leadership in immunoglobulin and recombinant protein expertise with Memo Therapeutics' technology to explore new treatment options for patients with rare and severe diseases [3][7]

Market Overview - Bitcoin has dropped to $60,000 from a record high of $124,000, indicating a downward trend in market froth [1] - Share markets, including the ASX 200 index, have seen significant declines, with a 2% drop on Friday [2] - A local market wipeout of nearly $65 billion occurred, marking the largest fall since April of the previous year, with all sectors closing lower [3] Sector Performance - The ASX technology sector fell by 12.6% for the week, driven by concerns over AI investments and their potential returns [6] - Major tech companies like Amazon saw an 11% drop in shares due to high capital expenditure plans, impacting technology stocks in Australia [7] - Real estate stocks weakened, with Goodman Group falling 6.1% and REA Group down 7.8% after disappointing profit results [11] Commodity and Mining Sector - Gold and silver prices have weakened, with silver experiencing a 2% increase after an 18% fall in the previous session [8] - Major mining companies like BHP, South32, and Newmont saw declines in their share prices, with BHP down 3.1% [9] - Rio Tinto shares remained flat after ending merger talks with Glencore [10] Upcoming Economic Indicators - The focus will shift to household spending data expected to show some weakening, while new home loan data is anticipated to increase by around 6% [14] - US jobs figures are expected to show an addition of around 50,000 jobs, with the unemployment rate steady at 4.4% [15]

Core Viewpoint - Investors are evaluating CSL Limited Sponsored ADR (CSLLY) and Techne (TECH) to determine which stock offers better value for investment at the current time [1] Group 1: Zacks Rank and Earnings Outlook - CSLLY has a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while TECH has a Zacks Rank of 4 (Sell), suggesting a less favorable outlook [3] - The improving earnings outlook for CSLLY positions it as a more attractive option for value investors [7] Group 2: Valuation Metrics - CSLLY has a forward P/E ratio of 18.08, significantly lower than TECH's forward P/E of 32.34, indicating that CSLLY may be undervalued [5] - The PEG ratio for CSLLY is 1.77, while TECH's PEG ratio is 3.72, further suggesting that CSLLY offers better value considering expected earnings growth [5] - CSLLY's P/B ratio is 2.88 compared to TECH's P/B of 5.07, reinforcing the notion that CSLLY is more attractively priced relative to its book value [6] - Based on these valuation metrics, CSLLY holds a Value grade of B, while TECH has a Value grade of D, indicating a stronger value proposition for CSLLY [6]