At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has fought back from early weakness and is trading broadly flat. The benchmark index is currently down 1.5 points to 6,986.6 points.
Here’s what is happening on the ASX 200 today:
Ansell shares crushed
The Ansell Limited (ASX: ANN) share price is crashing lower today after it downgraded its earnings guidance. The health and safety products company revealed that it expects its earnings per share to be between 125 US cents to 145 US cents in FY 2022. This is down materially from its previous guidance of 175 US cents to 195 US cents. Management blamed this on softening demand and COVID-related operational challenges.
Pilbara Minerals’ mixed quarterly update
The Pilbara Minerals Ltd (ASX: PLS) share price is pushing higher today following the release of a mixed second quarter update. Although the lithium miner fell short of its downgraded production guidance, which was given as late in the quarter as 21 December, and hinted that a downgrade to its guidance could be coming, investors have been buying its shares. This appears to be due to its expectations for the already sky high lithium prices to keep rising in the third quarter.
ResMed rises on broker upgrade
The ResMed Inc (ASX: RMD) share price is pushing higher today in response to a bullish broker note out of Goldman Sachs. According to the note, the broker has upgraded the sleep treatment company’s shares to a buy rating with a $35.80 price target. Goldman notes that near-term challenges have created a long-term opportunity for ResMed.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Monday has been the Zip Co Ltd (ASX: Z1P) share price with a 7% gain on no news. The worst performer by some distance has been the Ansell share price with a 17% decline. This follows the release of its trading update and guidance downgrade.
The post ASX 200 (ASX:XJO) midday update: Ansell crushed, ResMed upgraded appeared first on The Motley Fool Australia.
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More reading
- Here’s why BHP shares are in the spotlight today
- Ansell (ASX:ANN) share price crashes 20% as guidance slashed
- Pilbara Minerals (ASX:PLS) share price races higher after strong lithium prices offset potential guidance downgrade
- Broker upgrade sends ResMed (ASX:RMD) share price charging higher
- 5 things to watch on the ASX 200 on Monday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended ZIPCOLTD FPO. The Motley Fool Australia has recommended Ansell Ltd. and ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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