At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of global markets and dropped deep into the red. The benchmark index is currently down 2.6% to 7,019.4 points.
Here’s what is happening on the ASX 200 today:
Rio Tinto falls on full year results
The Rio Tinto Limited (ASX: RIO) share price is falling on Thursday despite the mining giant releasing a record-breaking full year result. Rio Tinto reported underlying EBITDA of US$37,720 million, which is up 58% over the prior corresponding period. However, this was a touch lower than the Visible Alpha consensus estimate of US$38.5 billion. This slight miss and broad market weakness may be weighing on its shares today.
Appen share price crushed
The Appen Ltd (ASX: APX) share price has crashed lower today. Investors have been selling off the artificial intelligence data services company’s shares following the release of its full year results. In FY 2021, Appen reported a 3% increase in underlying EBITDA to US$77.7 million. This fell short of its revised guidance. Management also revealed no short term guidance but five-year growth targets. However, it warned that its pursuit of these targets could impact its near term earnings and dividends.
Flight Centre posts huge loss
The Flight Centre Travel Group Ltd (ASX: FLT) share price is sliding today after the travel agent giant reported a $188 million first half loss. Positively, though, management has reaffirmed its profitability targets. The corporate business is targeting a return profit in March-April, whereas the global leisure business is expected to return to profit later in the second half.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the CIMIC Group Ltd (ASX: CIM) share price with a 33% gain. This follows the receipt of a takeover approach. The worst performer has been the Life360 Inc (ASX: 360) share price with a 30% decline. Its full year results revealed that its losses doubled in FY 2021. It also notes privacy concerns in the tracking tech category.
The post ASX 200 (ASX:XJO) midday update: Appen and Life360 crushed, Flight Centre posts $188m loss appeared first on The Motley Fool Australia.
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More reading
- Cimic (ASX:CIM) share price explodes 33% higher following takeover approach
- Flight Centre (ASX:FLT) share price tumbles after posting $188m half year loss
- Life360 (ASX:360) share price plunges 26% after bleeding money in 2021
- Appen (ASX:APX) share price crashes 17% after FY21 guidance miss
- Will 2022 be the year of the cash or the crash for ASX shares?
Motley Fool contributor James Mickleboro owns Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd and Life360, Inc. The Motley Fool Australia owns and has recommended Appen Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. 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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