Weebit Nano Ltd (ASX: WBT) shares have had an extraordinary run lately.

The stock has risen by an astounding 94.5% in the year to date. But that incredible tear may have come to an end this week.

Over the past two days, the ASX tech share has fallen by 17.14%. Weebit Nano shares closed the week at $6.77, down 6.1% for the day on Friday.

Let’s see what’s happened over the past two days.

What’s put the brakes on Weebit Nano shares?

There has been no news from the semiconductor technology company since Monday, when it released its US roadshow presentation.

In the week before, the company released its half-year results. It reported no revenue and a $22.3 million loss due to ongoing research and development costs, up 3.5% on the prior corresponding period.

Weebit management said the company had “achieved several key technical and commercial milestones” during the half, and it expected to bring in its first revenue later this year.

Looking at the broader tech sector’s performance over the past two days for insights, the S&P/ASX 200 Information Technology Index (ASX: XIJ) has fallen slightly by 0.93%.

The S&P/ASX All Ordinaries Index (ASX: XAO) has gone up by 0.22%.

So, in all likelihood, the pullback in Weebit Nano shares is likely due to some investors taking profits.

The post Down 17% in 2 days, has the dream run for Weebit Nano shares finally ended? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Zip Co Ltd (ASX: ZIP) share price closed higher today as the buy now, pay later (BNPL) company prepares to exit more international markets and sell off the associated assets.

In 1H FY23, Zip decided to abandon its ambitious plans to create a global payments empire amid significant pressure from stakeholders following a gut-wrenching decline in the share price.

Over the past two years, the Zip share price has declined by more than 95%.

It has fallen from a peak of $13.05 in February 2021 to a trough of 43.5 cents in June 2022.

Today, the Zip share price closed the session in the green, up 0.38% to 53 cents.

Let’s delve into Zip’s plans for divestment.

Asset sales will ‘neutralise cash burn’

The company is preparing to exit more regions in its ‘rest-of-market’ network after previously announcing the closure of operations in Singapore, the United Kingdom, Mexico, and the Middle East.

Last week at its 1H FY23 results presentation, Zip announced it was exiting more markets. It will soon sell or end operations in India, the Philippines, Turkey, the Czech Republic, South Africa, and Poland.

That means the company will exit 10 out of 14 regions, so it can solely focus on Australia, New Zealand, the United States, and Canada.

This is part of a broader plan previously announced by the BNPL operator to achieve positive cash flow by the 1H FY24.

In its 1H FY23 statement released last week, Zip said:

The Company will take actions to divest, restructure or wind down these businesses, which is expected to neutralise cash burn and deliver additional cash inflows during 2H23, contributing directly to the group’s available cash and liquidity.

Zip CEO Larry Diamond said:

[The asset sales will] deliver cash inflows during the second half of FY23 and neutralise the cash burn in these markets. With these proceeds and the improvements we are seeing in the core business, we have sufficient cash and liquidity to deliver on our target of group positive cash EBTDA during HY24.

According to Bloomberg, Zip is working with advisory firms to arrange the asset sales.

In a video interview in New York, Diamond said the asset sales should be completed by the end of FY23.

Diamond said:

We expect significant inflows from those regional sales. We are well progressed.

It’s been a tough six to 12 months to reach that conclusion [to close operations in six more regions].

But we are also pragmatic and realistic about our position; those markets would’ve taken three to four years to achieve profitability.

The post Zip share price gains amid global asset sale appeared first on The Motley Fool Australia.

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More reading

• Why did the Zip share price crash 26% in February?
• Why is Choice gunning for ASX BNPL companies like Zip?
• Are Zip shares finally cheap enough to buy following last week’s 12% dive?
• Here are the 10 most shorted ASX shares this week
• Is Block one-upping Zip shares with its double-digit growth?

Motley Fool contributor Bronwyn Allen has positions in Zip Co. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Zip Co. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) ended the week on a high, gaining 0.39% to close at 7,283.6 points. That sees it having recovered all but 0.29% of Monday’s losses.

Helping it along on Friday was the S&P/ASX 200 Communications Index (ASX: XTJ). It rose 0.9%.

Bank stocks also had a good run into the weekend, with the S&P/ASX 200 Financials Index (ASX: XFJ) lifting 0.5%.

Meanwhile, mining giants helped drive the S&P/ASX 200 Materials Index (ASX: XMJ) 0.5% higher.

On the other hand, the S&P/ASX 200 Real Estate Index (ASX: XRE) was the worst performer, falling 0.3%.

So, with most of the market trading in the green on Friday, which ASX 200 share posted the biggest gains? Let’s take a look.

Top 10 ASX 200 shares countdown

Taking out the index’s top spot today was the Liontown Resources Ltd (ASX: LTR) share price.

It roared 13% higher to close at $1.63 on Friday. And that could be just the beginning if Bell Potter is to be believed. The broker recently tipped the lithium hopeful’s stock to soar to $2.81, my Fool colleague James reports.

These shares made today’s biggest gains:

ASX-listed company	Share price	Price change
Liontown Resources Ltd (ASX: LTR)	$1.63	13.19%
Ramelius Resources Ltd (ASX: RMS)	$1.04	5.58%
Newell Brands Inc (ASX: NWL)	$13.56	4.95%
Block Inc (ASX: SQ2)	$114.24	2.92%
Pilbara Minerals Ltd (ASX: PLS)	$4.18	2.45%
Allkem Ltd (ASX: AKE)	$12.36	2.15%
Chalice Mining Ltd (ASX: CHN)	$6.65	1.99%
Domain Holdings Australia Ltd (ASX: DHG)	$3.10	1.97%
Perseus Mining Limited (ASX: PRU)	$2.18	1.87%
Smartgroup Corporation Ltd (ASX: SIQ)	$6.60	1.85%

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Why is the Liontown share price roaring 12% higher today?
• Passive income watch: Here are the ASX 200 shares that delivered some of the biggest dividend boosts this earnings season
• Here are the 3 most heavily traded ASX 200 shares on Friday
• What’s happening with ASX 200 lithium stocks this week?
• Why Block, Liontown, MMA, and Norwest Energy shares are charging higher today

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block and Netwealth Group. The Motley Fool Australia has positions in and has recommended Block, Netwealth Group, and Smartgroup. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s been a very positive day indeed for ASX shares and the S&P/ASX 200 Index (ASX: XJO) this Friday. As we barrel towards the weekend, the ASX 200 has put on a healthy 0.42% at the time of writing, placing the index at just under 7,290 points. But that’s nothing compared to the bonanza currently being enjoyed by the Liotnown Resources Ltd (ASX: LTR) share price. 

Liontown shares are on fire today, no other way to put it. This ASX 200 lithium stock closed at $1.44 a share yesterday and opened at $1.42 this morning. But as it presently stands, Liontown has rocketed by a whopping 12.15% up to $1.62 a share.

So what’s going on with Liontown that might have elicited such a dramatic jump in valuation?

Well, it’s not entirely clear, unfortunately. There hasn’t been much in the way of news or announcements out of Liontown itself today. Or indeed, this month so far.

Looking at other ASX 200 lithium shares, we do see some gains. For example, Pilbara Minerals Ltd (ASX: PLS) shares are up a decent 2.33% so far to $4.18 each. Core Lithium Ltd (ASX: CXO )is up by 2.12% at 97 cents a share. And the Allkem Ltd (ASX: AKE) share price has risen by 1.94% to $12.34.

So some healthy moves, but none on Liontown’s level.

What’s with the Liontown share price spike then?

It’s possible that Liontown shares’ sharp rise can be explained by a recent broker recommendation on Liontown. As we covered just yesterday, ASX broker Bell Potter has come out with a speculative buy rating on Liontown shares.

The broker gives the Liontown share price a 12-month target of $2.81. If realised, this would result in an upside of more than 75% from where the shares are right now (after today’s monster move higher).

That would obviously be a very alluring prospect for investors and could explain why we are seeing such a noticeable rush into the Liontown share rice this Friday.

Liontown has already had a great start to 2023. Over the year to date, the Liontown share price has now risen by a pleasing 30.9%:

Even so, the company remains down more than 26% from its most recent 52-week high of $2.22 a share. So no doubt investors will be encouraged by what they’ve seen today. But we’ll have to wait and see if Liontown indeed does make it to $281 a share over the next 12 months.

The post Why is the Liontown share price roaring 12% higher today? appeared first on The Motley Fool Australia.

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More reading

• Passive income watch: Here are the ASX 200 shares that delivered some of the biggest dividend boosts this earnings season
• Here are the 3 most heavily traded ASX 200 shares on Friday
• What’s happening with ASX 200 lithium stocks this week?
• Why Block, Liontown, MMA, and Norwest Energy shares are charging higher today
• 5 high-profile ASX 200 shares that will trade ex-dividend on Monday

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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