Category: Stock Market

Shares in Australia and New Zealand Banking Group Ltd (ASX: ANZ) are trading lower on Wednesday, down 0.68% to $27.72.

Headlining today’s challenges for the ANZ share price and the broader S&P/ASX 200 Index (ASX: XJO) is likely to be the Sydney lockdown, extended for another four weeks to 28 August.

Lockdowns weigh on the ANZ share price

According to an ABC news report today, the economics teams from the Commonwealth Bank of Australia (ASX: CBA) and ANZ are forecasting major contractions in the Australian economy for the September quarter.

The report said the ANZ predicted a 1.3 per cent slide for the economy over the June quarter.

“CBA is also more pessimistic about the economic impact of the lockdown within the September quarter, predicting a 2.7 per cent slump in activity.”

This comes hard on the heels of upbeat commentary from the RBA July monetary policy meeting, where it said:

… the Australian economy was transitioning from recovery to expansion. GDP had increased by a stronger-than-expected 1.8 per cent in the March quarter to be almost 1 per cent above its pre-pandemic level. The solid momentum in growth had continued into the early part of the June quarter.

Hopeful rebound on the horizon

Both ANZ and CBA are optimistic about an economic rebound in the last three months of the calendar year, according to the ABC report.

“CBA is forecast a 1.9 per cent lift, which would not completely erase the fall in the current quarter, although ANZ’s economists believe Australia’s economy will play catch up with stronger growth (from a lower base) in 2022.”

This is in line with observations from the RBA’s July meeting, where board members said:

… as observed following earlier lockdowns, spending was expected to rebound when containment measures were eased, supported by highly accommodative policy settings, the strengthened balance sheets of many households and firms, and an increase in the pace of vaccinations.

A range bound ANZ share price

The ANZ share price is up an impressive 20% year-to-date. But most of the headway was made between January and early March.

The ANZ share price has since struggled to break above $29.50 but has been bouncing strongly off lows of $27.00.

With the Australian economy now expected to take a turn for worse, ANZ investors might have to brace for more volatility leading into the August reporting season.

The post ANZ (ASX:ANZ) share price dips as bank flags cost of Sydney lockdowns appeared first on The Motley Fool Australia.

More reading

• What to expect from the ASX 200 during earnings season
• Own ANZ (ASX:ANZ) shares? Here’s what to look for during reporting season
• ASX 200 Weekly Wrap: Just like that… ASX back to record highs
• Can the ANZ (ASX:ANZ) share price keep rising?
• Top brokers name 3 ASX shares to buy today

Motley Fool contributor Kerry Sun 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 Bruce Jackson.

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Most weeks, Commonwealth Bank of Australia (ASX: CBA)’s share trading house CommSec tells us the most traded US shares that its ASX investors have been buying and selling the previous week.

Since CommSec is one of the most popular brokers in Australia, this information can give us a very interesting idea of the US shares that ASX investors are looking at today.

My Fool colleague James already looked at some of the most popular ASX shares yesterday. So here are the top 10 US shares that CommSec users were trading last week. This week’s data covers 19-23 July.

ASX investors checking out some new shares

1. Tesla Inc (NASDAQ: TSLA) – representing 3% of total trades with a 64%/36% buy-to-sell ratio.
2. Apple Inc (NASDAQ: AAPL) – representing 2.9% of total trades with a 60%/40% buy-to-sell ratio.
3. GameStop Corp. (NYSE: GME) – representing 2.4% of total trades with a 93%/7% buy-to-sell ratio.
4. AMC Entertainment Holdings Inc (NYSE: AMC) – representing 2.2% of total trades with a 75%/25% buy-to-sell ratio.
5. NVIDIA Corporation (NASDAQ: NVDA) – representing 2.1% of total trades with a 92%/8% buy-to-sell ratio.
6. Microsoft Corporation (NASDAQ: MSFT)
7. Moderna Inc (NASDAQ: MRNA)
8. DiDi Global Inc (NASDAQ: DIDI)
9. Alibaba Group Holding Ltd (NYSE: BABA)
10. Alphabet Inc Class C (NASDAQ: GOOG)

What can we learn from these trades?

Some interesting numbers to go through this week. So, the top three usual US shares are all here again this week in Tesla, Apple and GameStop.

However, Tesla is back on top after coming in at number 3 last week. Likewise, GameStop is back to number 3 after topping out last week’s list.

What’s particularly striking about these 3 companies is their buy-/sell ratios. Investors seem equally divided on both Tesla and Apple, with rough 60/40 ratios respectively for buy and sell trades.

However, the GameStop ship is listing heavily towards the buys, with an astonishing 93% of all trades on the buy side. GameStop shares appreciated roughly 15% between 15 and 20 July so perhaps this is what’s sparking this activity.

Other than those regulars, we have some new shares that haven’t turned up on this list for a while. This includes COVID vaccine developer Moderna, as well as China ride-hailing share DiDi and Google parent company Alphabet.

Finally, it’s worth noting chipmaker NVIDIA’s presence. NVIDIA was on last week’s list at number 6 but makes the top 5 cut this week with another uber-bullish buy-sell ratio of 92/8.

NVIDIA shares went through something of a correction earlier this month, falling more than 12% between 6-16 July leading up to a 4-for-1 stock split on 20 July.

It seems this dip really caught ASX investors’ attention. NVIDIA shares are up a mind-blowing 1,245% over the past 5 years alone.

The post Here are the US shares ASX investors were buying last week appeared first on The Motley Fool Australia.

More reading

• Why Tesla stock fell on Tuesday
• Apple (NASDAQ:AAPL) share price slips despite smashing estimates
• Tesla (NASDAQ:TSLA) share price climbs on record revenue and profits
• Commonwealth Bank (ASX:CBA) has beef with Apple. Here’s why
• Why Tesla stock bounced ahead of earnings

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen owns shares of Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Alibaba Group Holding Ltd., Alphabet (A shares), Alphabet (C shares), Apple, Microsoft, Nvidia, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Apple, and Nvidia. 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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The S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and tumbled lower today. In afternoon trade, the benchmark index is down 0.7% to 7,377.9 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

Afterpay Ltd (ASX: APT)

The Afterpay share price is down 3.5% to $99.12. This decline appears to have been driven by weakness in the tech sector today. This follows a pullback on the Nasdaq index overnight and the expectation for further declines tonight. The S&P/ASX All Technology Index is down a very disappointing 1.85% in afternoon trade.

Nickel Mines Ltd (ASX: NIC)

The Nickel Mines share price has crashed 9.5% lower to $1.06. Investors have been selling this nickel producer’s shares following the release of a disappointing second quarter update. Although Nickel Mines delivered solid quarter on quarter sales growth, a jump in costs meant its operating earnings were largely flat over the three months. Management blamed the weaker margins on a jump in energy costs relating to rising coal prices.

Nitro Software Ltd (ASX: NTO)

The Nitro Software share price is down 5% to $3.28. This follows the release of the document productivity software company’s second quarter update. Investors have been selling the company’s shares despite it reaffirming its annualised recurring revenue guidance and lowering its operating loss guidance. Weakness in the tech sector could be outweighing the positives from the result.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down 2.5% to $1.73. This morning the gold miner released its fourth quarter update and revealed a 24% reduction in quarterly production to 82,698 ounces. This led to full year gold production coming in at 327,662 ounces with an AISC of $1,616 per ounce. Looking ahead, management is guiding to FY 2022 production of 305,000 to 355,000 ounces with a higher AISC of $1,710 to $1,860 per ounce.

The post Why Afterpay, Nickel Mines, Nitro, & St Barbara shares are sinking appeared first on The Motley Fool Australia.

More reading

• The Afterpay (ASX:APT) share price is down 16% in a month. Here’s why
• Why the Nickel Mines (ASX:NIC) share price is the worst performer on the ASX 200 today
• ASX 200 midday update: Spark takeover, Virgin Money update
• St Barbara (ASX:SBM) share price slides 5% after quarterly results
• Nitro (ASX:NTO) share price pushes higher following strong Q2 update

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 shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Nitro Software 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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The BHP Group Ltd (ASX: BHP) share price has edged lower today, as the resources giant faces new challenges regarding the Samarco dam disaster that occurred in 2015.

BHP shares have dipped 2.3% into the red today after reports surfaced that an English court has overturned a prior ruling regarding the $9 billion class action lawsuit on the fiasco.

Here we cover all of the moving parts in this development for BHP.

Prior judgement overturned

Recall that in 2015, the Fundao iron-ore tailings dam collapsed in Brazil, which ended up killing 19 people, left hundreds homeless, and caused widespread environmental destruction.

As part of the original resolution, BHP and partner Vale were forced to pay AUD$5.2 billion to set up the “Renova Foundation” for the purpose to compensate individuals and fix the damage caused.

However, according to a report from today’s Australian Financial Review, the Brazilian claimants “won the Court of Appeal’s approval for a fresh hearing” on Tuesday.

Although the case was seemingly “buried in March” by a High Court judge, the appeal was filed by a syndicate of Brazilian constituents, including “businesses, churches, municipalities, utility companies and individuals”.

The development comes after an English judge ruled back in November that the “case should not be heard, because it would be too complex and costly”, amongst other issues. The decision was then upheld by an appeals judge in March.

However, law firm PGMBM, which is representing the syndicate, was able to “invoke an exceptional appeals procedure” on Tuesday.

Such an appeal is granted when the court recognises there is a “risk of real injustice”.

This saw the appeals court recognise the importance of a redress on the case, on the grounds that the “appeal has a real prospect of success”.

It’s important to note that this outcome does not stipulate a change in the overall outcome of the case, instead it will only determine if the case can be successfully heard in England.

BHP argues that “the proceedings do not belong in the UK”, and that “issues brought by the claimants are already covered” under the Renova Foundation procurement.

Foolish takeaway

This fiasco is unlikely to go away anytime soon for BHP, particularly as litigation is still ongoing in Brazil itself.

Tuesday’s outcome will provide further colour on whether the full case can be heard in the UK.

In any sense, BHP continues to rigorously fight the matter at hand, advocating to keep litigation out of the UK.

The news comes as the BHP share price hit its all-time high on Tuesday, given outperformance from its exposure to a soaring commodities market.

The post BHP (ASX:BHP) share price slides as $9b class action resurfaces appeared first on The Motley Fool Australia.

More reading

• BHP (ASX:BHP) share price on watch after announcing Ring of Fire acquisition
• 5 ASX 200 shares hitting record highs. What do they have in common?
• 2 ASX shares to hold onto for the next 5 years
• 2 highly rated ASX 200 dividend shares that could be buys
• Fortescue (ASX:FMG) share price within arms’ reach of all-time highs

The author Zach Bristow has no positions 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 Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and sinking lower. At the time of writing, the benchmark index is down 0.7% to 7,377.9 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

Eagers Automotive Ltd (ASX: APE)

The Eagers Automotive share price is up 2% to $15.99. Investors have been buying the auto retailer’s shares following the release of its half year update. For the six months ended 30 June, Eagers Automotive expects to record an underlying operating profit before tax from continuing operations of approximately $218.6 million. This will be up 442% on the prior corresponding period.

Life360 Inc (ASX: 360)

The Life360 share price is up 2% to $8.09 following the release of the app maker’s second quarter update. That update revealed that Life360 has seen its global monthly active user (MAU) base increase by 4.2 million over the quarter to reach 32.3 million users. This underpinned a 28% increase in underlying revenue to US$25 million (A$33.8 million) and a 36% jump in annualised monthly revenue (AMR) to US$105.9 million.

Spark Infrastructure Group (ASX: SKI)

The Spark Infrastructure share price has risen 6% to $2.75. This follows news that the electricity distribution company has received another takeover offer. Spark advised that the Ontario Teachers’ Pension Plan Board and KKR have increased their offer to $2.95 per share. This follows two previous offers that were rejected. On this occasion, the Spark Board has granted the suitors due diligence.

Virgin Money UK CDI (ASX: VUK)

The Virgin Money UK share price is up 3% to $3.75. Investors have been buying the UK bank’s shares following its third quarter update. Among the highlights, Virgin Money UK reported a 0.7% increase in mortgages to 58.7 billion pounds and a 2.5% lift in personal lending to 5.2 billion pounds. Another positive was its net interest margin, which increased to 168bps.

The post Why Eagers Automotive, Life360, Spark, & Virgin Money UK are pushing higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Spark takeover, Virgin Money update
• Why the Spark Infrastructure (ASX:SKI) share price hit a new 52-week high
• Why the Life360 (ASX:360) share price is marching higher today
• Eagers Automotive (ASX:APE) share price races higher after 440% profit jump
• Why the Virgin Money UK (ASX:VUK) share price will be on watch today

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 shares of and has recommended Life360, Inc. 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 Bruce Jackson.

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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

SEEK Limited (ASX: SEK)

According to a note out of UBS, its analysts have retained their buy rating and lifted their price target on this job listings giant’s shares to $35.00. The broker is feeling confident about SEEK’s long term aspirations and is expecting its ANZ revenues to grow strongly over the next five years. In the meantime, the broker sees upside from ad yield increases. The SEEK share price is fetching $29.71 this afternoon.

Temple & Webster Group Ltd (ASX: TPW)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted their price target on this online furniture and homewares retailer’s shares to $14.62. This follows the release of its full year results for FY 2021. Credit Suisse was pleased with the company’s execution in FY 2021 and the strong start it has made to FY 2022. Looking longer term, the broker believes the company is well-placed to benefit from increasing online penetration and market share gains. Particularly given its investment in marketing and advertising to grow brand awareness. The Temple & Webster share price is trading at $12.27 today.

Xero Limited (ASX: XRO)

Another note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted their price target on this accounting platform provider’s shares to $160.00. Credit Suisse notes that Xero is its top pick in the tech sector and believes the company is well-placed for growth. Particularly give its positive subscriber growth outlook and its expectation for increases in its average revenue per user metric. The Xero share price is fetching $138.51 on Wednesday.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• What this top broker thinks of the Temple & Webster (ASX:TPW) share price
• Why the Temple & Webster (ASX:TPW) share price could be a buy after the FY21 result
• Why the Temple & Webster (ASX:TPW) share price zoomed 15% higher
• ASX 200 rises, Temple & Webster surges, Japara soars
• World’s largest fund manager says ASX volatility a great buying opportunity

Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Temple & Webster Group Ltd and Xero. The Motley Fool Australia owns shares of and has recommended Xero. The Motley Fool Australia has recommended SEEK Limited and Temple & Webster Group Ltd. 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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The Qantas Airways Limited (ASX: QAN) share price is struggling to get in the green today.  

There are many factors that could be weighing down shares in the nation’s largest airliner.

However, a recent news article could be another reason the Qantas share price is struggling to take off.

Qantas share price feeling heat of possible legal action

According to a recent article published in The Australian, Qantas could be facing legal action from a rival.

The article reports that airline competitor Regional Express Holdings Ltd (ASX: REX), trading as Rex Airlines, is seeking advice on legal action against Qantas.

The news comes after Rex recently approached the Australian Competition and Consumer Commission (ACCC).

According to the article, the airline operator has accused Qantas of anti-competitive behaviour.

Rex alleges Qantas is engaged in predatory practices and “capacity dumping” in the domestic market.

In airline terms, capacity dumping refers to the practice of larger airlines opening up more capacity on certain routes to try to drive smaller competitors out of business.

Rex claims after its expansion into domestic routes in June last year, Qantas has tried to intimidate its competition by launching services into nine regional routes.

Rex has also accused Qantas of dropping 80% of extra capacity on Sydney-Melbourne routes in March when the smaller airline began its service.

The article noted the ACCC has not found any evidence of anti-competitive behaviour by Qantas to date.

A spokesperson from Qantas also denied the accusation. In responding to claims of capacity dumping, Qantas stated that flights increased in response to increased demand.

More on Qantas

The last 3 months have not been kind to Qantas.

Shares in the airline have struggled following a plethora of COVID-19 induced travel restrictions and lockdowns.

Most recently, the cancellation of the trans-Tasman travel bubble has caused further uncertainty for the company.

Qantas chief executive Alan Joyce also warned the company’s staff of the potential of renewed stand-downs.

The revived warnings follow a drastic reduction in the airline’s domestic capacity, with more than 9000 flights cancelled in June.

Snapshot of the Qantas share price

In addition to lockdowns and reduced capacity, the Qantas share price has also attracted negative feedback from brokers and analysts.

At the time of writing, the Qantas share price is trading slightly lower for the day, down 0.43% to $4.67.

Overall, shares in the national carrier are down around 3.5% since the start of the year.

The post Is this why the Qantas (ASX:QAN) share price is struggling today? appeared first on The Motley Fool Australia.

More reading

• 3 long-term trends ASX share investors can buy into
• What is the outlook for the Qantas (ASX:QAN) share price?
• The Qantas (ASX:QAN) share price gained 3% on Tuesday morning
• ASX 200 travel shares face new headwinds as Kiwi bubble policy tightens
• 6 ASX shares to rocket when COVID Delta passes

Motley Fool contributor Nikhil Gangaram 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 Bruce Jackson.

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The Coles Group Ltd (ASX: COL) share price is having a rather flat day today. At the time of writing, Coles shares are down 0.2% to $17.66 a share.

That’s a little better than what the S&P/ASX 200 Index (ASX: XJO) is managing today though. The ASX 200 is currently down 0.79% to 7,373 points after making a new all-time high yesterday.

But the Coles share price is also having a rather measly year in 2021 so far as well. Coles shares are down more than 4% year to date, and have fallen 0.7% over the past 12 months. That’s vastly underperforming the ASX 200, which is currently up 10.3% year to date, and 22.5% over the past 12 months.

But since the supermarket giant is well-known for being an ASX dividend share heavyweight, could this be good news for income investors? Lower share prices do mean higher starting dividend yields after all. So let’s check out what the Coles dividend has on offer today and find out.

What are Coles shares paying as dividends these days?

So, Coles certainly wins points for dividend consistency. Since its 2018 demerger from old parent company Wesfarmers Ltd (ASX: WES), Coles has been slowly but steadily jacking up its shareholder payments. 2019 saw Coles pay a final dividend of 24 cents a share, which was hiked to 27.5 cents in 2020 (yes, the year of the pandemic).

2020 saw Coles’ first interim dividend, a payment of 30 cents per share. This was also hiked to 33 cents a share for Coles’ 2021 interim payment.

Those last two dividends equate to an annual 60.5 cents per share dividend for the grocery giant. This gives the Coles share price a trailing dividend yield of 3.42% on the current share price of $17.67. Including Coles’ typical full franking, this grosses-up to 4.89%.

That’s not a bad yield objectively, especially considering the current near-zero interest rate environment. But what about the future?

A dividend buy today?

One broker who is bullish on Coles shares and its dividend is investment bank, Goldman Sachs. As of last month, Goldman rates the Coles share price as a ‘buy’, with a 12-month share price target of $19.40 a share, implying a potential upside of 9.8%.

Additionally, Goldman is estimating that Coles will continue to raise its dividend in the years ahead. It sees a potential dividend payout of 73 cents per share by the 2023 financial year. That would give Coles shares a forward yield of 4.12% on today’s prices.

At the current Cole share price, the company has a market capitalisation of $23.62 billion and a price-to-earnings (P/E) ratio of 22.53.

The post How much is the Coles (ASX:COL) dividend worth today? appeared first on The Motley Fool Australia.

More reading

• Why has the Brickworks share price rocketed up 50% in the last year?
• 2 excellent ASX 200 blue chip shares named as buys
• ASX 200 Weekly Wrap: Just like that… ASX back to record highs
• The other side of lockdown – ASX supermarket shares are flying
• Which ASX 200 shares are winning from latest retail trade figures?

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 owns shares of and has recommended COLESGROUP DEF SET and Wesfarmers 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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The Endeavour Group Ltd (ASX: EDV) share price is popping off like a bottle of champagne. At the time of writing, shares in the alcohol retailer are selling for $6.70 – up 1.82%. Earlier today they reached a new all-time high of $6.70 per share. That’s despite the S&P/ASX 200 Index (ASX: XJO) being down 0.73%.

While there haven’t been any market sensitive announcements by the company, there is a range of other factors that may be sending it to new heights.

Let’s take a closer look.

I’ll drink to that!

Lockdowns across Australia, especially Sydney, to curb the spread of the delta variant of COVID, have been a boon for consumer staples – including bottle shops. With consumers stuck at home and shopping options limited, grocers, big box retailers, and even liquor retailers have been living the high life.

While Endeavour does own and operate a number of hospitality venues – the revenues they generate are dwarfed by those earned through its Dan Murphy’s and BWS brand stores.

In the Woolworths Group Ltd (ASX: WOW) last half-yearly report, Endeavour Drinks generated $419 million compared to $122 million from hotels. Endeavour’s revenue was up 24% on the prior corresponding period while hotels were down 45%.

Investors may feel the financial benefit Endeavour experienced last year will return with these new lockdowns. This could be one reason why the Endeavour share price is up.

Conversely, it may also be the easing of restrictions in Victoria which are seeing investors treat Endeavour shares like they are on the top shelf of the bar.

Any downturn in Endeavour’s hospitality venues in New South Wales may be offset by an uptick in Victoria. A potential unlocking of pent-up demand as citizens leave their homes may see earnings rise greater than they otherwise would have.

The consumer price index (CPI) rose by 0.8% in the June quarter. The Australian Bureau of Statistics (ABS) says “COVID-19 related price changes” played a “significant” factor in this price rise.

Endeavour share price snapshot

The Endeavour share price is up 9.5% since its initial public offering (IPO).

If a savvy investor bought Endeavour shares when they troughed at $5.77 each, they would be sitting on a tidy 16.1% return on investment (ROI).

Endeavour Group has a market capitalisation of approximately $11.8 billion.

The post Why the Endeavour (ASX:EDV) share price just hit a new all-time high appeared first on The Motley Fool Australia.

More reading

• Endeavour (ASX:EDV) share price falls amid reports of ACCC’s concerns
• July has been a great month for the Woolworths (ASX:WOW) share price
• ASX 200 Weekly Wrap: Just like that… ASX back to record highs
• How the Woolworths (ASX:WOW) share price has performed since Endeavour’s demerger
• The other side of lockdown – ASX supermarket shares are flying

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 Bruce Jackson.

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The Woodside Petroleum Limited (ASX: WPL) share price is slipping today amid reports the oil and gas giant is preparing to slash jobs.

The company is reportedly attempting an extreme cost-cutting initiative that could see it wave goodbye to workers in its offices and operations.

Right now, the Woodside share price is $22.12 – 1.5% lower than its closing price yesterday.

Let’s take a closer look at today’s news on Woodside.

Woodside reportedly gearing up to axe jobs

The Woodside Petroleum share price is in the red as news swirls the company will soon let staff go.

According to reporting by The Australian, acting CEO Meg O’Neill has executed a company-wide review into cost-cutting measures. Reportedly the review is going to suggest job cuts and a redesigned workforce.

In its 2020 annual report, released in February 2021, Woodside stated it had 3,670 employees.

While there’s no word as to how many jobs might be on the line, the publication claims the company is aiming to reduce its costs by 30%.

Woodside didn’t respond to The Motley Fool’s request for comment in time for publication. However, The Australian quoted a company spokesperson as saying:

Managing our costs and workforce are a normal part of Woodside’s business and operations…

We remain focused on safe operations and the continued safe execution of our Sangomar project in Senegal and achieving our targeted final investment decision on the Scarborough and Pluto Train 2 developments in Western Australia.

Woodside share price snapshot

2021 hasn’t been a great year so far for the Woodside share price.

Right now, Woodside’s shares are trading for 2.73% lower than they were at the start of the year. However, they are currently 7.74% higher than they were this time last year.

The company is the largest oil and gas producer on the ASX, with a market capitalisation of around $21.3 billion, with approximately 963 million shares outstanding.  

The post Woodside (ASX:WPL) share price slipping amid rumoured job cuts appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday
• Own Woodside Petroleum (ASX:WPL) shares? Here’s what to look for during reporting season
• 5 things to watch on the ASX 200 on Monday
• Woodside (ASX:WPL) share price struggles following rig dumping proposal

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 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 Bruce Jackson.

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