The Macquarie Group Ltd (ASX: MQG) share price will be one to watch later this week.

On Thursday morning, the investment bank is holding its annual general meeting and, traditionally, it releases its first quarter update ahead of the event.

What is expected from Macquarie during the first quarter?

According to a note out of Citi, its analysts are expecting another strong quarter from the investment bank. Its analysts are forecasting a first quarter net profit of approximately $1 billion.

However, Citi has warned investors that the following quarters may not be as positive given the very strong comparable periods that they will be cycling and potential headwinds. Citi explained:

MQG is due to present a quarterly update at its upcoming AGM, which we forecast at NPAT of ~$1bn. While we see little risk around upcoming quarters, we do however see greater uncertainty emerging regarding quarters thereafter.

MQG needs to cycle record quarters in 3Q23 and 4Q23. Volatility is likely to remain elevated, but commodities remains overleveraged to a number of ‘crises’ while volatility and accelerating rates will start to weigh on deal flow (asset gains and M&A advisory revenues).

In light of this, the broker has retained its neutral rating with a $187.00 price target. Its analysts added:

While there is much talk of a ‘cycle’ in the market, MQG forward earnings forecasts appear extremely resilient to a tightening of financial conditions and see record earnings plateauing out to FY25. With record tightening underway and a vastly more cyclical business than 5 years ago, we see potential downside risk emerging through the year. We stay Neutral given mid-cycle value, but see risk of consensus revisions.

The post Own Macquarie shares? Here’s what to expect from its Q1 update appeared first on The Motley Fool Australia.

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• 5 ASX 300 shares this fundie has been buying at bargain prices
• What’s the outlook for the Macquarie share price in FY23?
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• Top ASX dividend shares to buy in July 2022

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Uniswap (CRYPTO: UNI) is one of the best-known pioneers in decentralized finance (DeFi) and has always had a passionate following in the crypto space. It is now the number 18 crypto in the world by market capitalization, but the primary allure of Uniswap has always been for die-hard crypto enthusiasts, not for mainstream investors. In fact, if you’re not into DeFi, you may not have ever heard of Uniswap. 

That’s why the recent announcement by Robinhood Markets (NASDAQ: HOOD) that it was adding Uniswap to the crypto trading menu on its popular app is so exciting. There are only 13 cryptos on the menu today, so the move could help Uniswap find more mainstream acceptance, especially among young millennials. Anyone opening up the Robinhood app on their phone can now find Uniswap right next to fan favorites like Bitcoin (CRYPTO: BTC) or Ethereum (CRYPTO: ETH). Perhaps not surprisingly, Uniswap has already started to rally.

Behold the DeFi unicorn

Since its launch in November 2018, Uniswap has been a leader in the DeFi space. With backing from a number of high-profile venture capital firms (including Union Square Ventures and Andreessen Horowitz), Uniswap popularized the concept of the decentralized exchange (DEX). This focus makes it very different from Coinbase (NASDAQ: COIN), which is a centralized exchange (CEX). Uniswap also pioneered the concept of the automated market maker (AMM), which describes how liquidity is provided to the market. Those might seem like obscure or arcane terms if you’ve never worked on Wall Street, but they are actually key underpinnings of decentralized finance.

Of course, there are plenty of other decentralized exchanges out there — all of them with funny names like SushiSwap (CRYPTO: SUSHI) or PancakeSwap (CRYPTO: CAKE). However, Uniswap is generally acknowledged to be the biggest and the best because it specializes in crypto tokens that trade on the Ethereum blockchain. In addition, Uniswap just passed a major milestone (more than $1 trillion traded over its lifetime) in May. Controversial new research from Kaiko now suggests that daily trading volume on Uniswap may soon be close to matching that of Coinbase. 

Back in the summer of 2020 (also known to crypto enthusiasts as “DeFi summer”), Uniswap was getting so much love that even level-headed mainstream publications like Bloomberg were swooning over it. The market cap for Uniswap is now over $5 billion (five times the amount of a traditional Silicon Valley unicorn), and the logo for Uniswap is a pink-and-white unicorn. So, by investing in Uniswap, you are investing in a real DeFi unicorn. 

Uniswap and NFTs

Another catalyst for Uniswap this summer could be its strategic transition into the nonfungible token (NFT) market. In June, Uniswap announced that it had acquired Genie, a new type of NFT marketplace. Unlike a traditional NFT marketplace like OpenSea, Genie is an aggregator marketplace. This means that it pulls in NFT listings from various other marketplaces to provide users with a more comprehensive set of listings. (In much the same way, a news aggregator pulls in content from a variety of different news sources to one main dashboard.)

What makes this strategic move so interesting is that Uniswap could apply the same market-making technology used to trade crypto tokens in order to trade NFTs. The way people trade NFTs now is not entirely efficient because it is sometimes difficult to match up a buyer and a seller and then agree on a final sale price for an NFT. Using its proprietary technology, Uniswap could theoretically make this process much more efficient and provide more overall liquidity to the NFT marketplace.

A second chance to buy Uniswap

By investing in Uniswap now, you are potentially gaining access to a crypto with a strong following and enormous growth potential based on its position in the DeFi world. Best of all, Uniswap is trading for less than $10 right now. At its all-time high, Uniswap traded for just under $45, so there is definitely some upside here. You may have missed buying Uniswap back in 2020, but you have a second chance now — and at a bargain price. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Is it finally time to buy this crypto unicorn? appeared first on The Motley Fool Australia.

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More reading

• Why Flight Centre, Iress, Nitro, and Perseus shares are dropping today
• Does the HACK ETF pay dividends?
• Why Macquarie warns consensus earnings growth for ASX 300 shares in FY23 is ‘optimistic’
• Why has the Arafura share price jumped 25% so far in July?
• Why Myer, South32, Vulcan, and Zip shares are racing higher

Dominic Basulto has positions in Bitcoin and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin, Coinbase Global, Inc., and Ethereum. The Motley Fool Australia owns and has recommended Bitcoin, Ethereum and SushiSwap. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.3% to 6,808.5 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down almost 4% to $16.97. This morning the team at Credit Suisse responded to the travel agent’s latest update by putting an underperform rating and $14.00 price target on its shares. Elsewhere, Morgans has warned that Flight Centre’s earnings may not recover to pre-COVID levels until FY 2025.

Iress Ltd (ASX: IRE)

The Iress share price is down 9% to $10.71. Investors have been selling this financial technology company’s shares after it announced that its CEO is leaving. Iress’ CEO, Andrew Walsh, is retiring at the start of October after 21 years with the company and 13 years as its leader. Walsh will remain with Iress as a consultant until the end of January 2023. He will be replaced by Marcus Price.

Nitro Software Ltd (ASX: NTO)

The Nitro share price has crashed 26% to $1.20. This follows the release of the document productivity software company’s quarterly update. Although Nitro delivered strong growth during the first half, it has cut its guidance for the full year. This is because management has decided to balance its pursuit of annual recurring revenue growth while accelerating its cash flow breakeven goals.

Perseus Mining Limited (ASX: PRU)

The Perseus Mining share price is down 3.5% to $1.63. This morning this gold miner released its fourth quarter update. Although Perseus delivered production and costs in line with its guidance in FY 2022, investors appear disappointed with the company’s FY 2023 half-year guidance. Management is expecting its all-in sustaining cost (ASIC) to increase 5% to 15% during the first half.

The post Why Flight Centre, Iress, Nitro, and Perseus shares are dropping today appeared first on The Motley Fool Australia.

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• ASX 200 midday update: Iress sinks on CEO exit, Flight Centre shares descend
• Iress share price drops 9% on news of CEO departure
• Why is the Nitro share price crashing 29% on Tuesday?
• 5 things to watch on the ASX 200 on Tuesday
• Here are the top 10 ASX 200 shares 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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Nitro Software Limited. 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 BetaShares Global Cybersecurity ETF (ASX: HACK) is not among the most popular exchange traded funds (ETFs) on the ASX. But it has certainly drawn some eyeballs in recent years, thanks in part to some impressive performance metrics.

This ETF, which, as its name implies, covers a basket of cybersecurity companies from around the world, has been impressive, no way around it. As of 30 June, the HACK ETF has averaged an annual average return of 16.38% over the past five years. That’s despite it taking a 19.08% haircut over the first six months of 2022.

HACK has been able to achieve these kinds of turns by holding companies that have proven to be winners over the past few years. These include US cybersecurity companies like CrowdStrike Holdings Inc, Zscaler Inc, Okta Inc, and Palo Alto Networks Inc. But HACK also holds companies hailing from countries as diverse as Israel, France, India, and South Korea.

So we know that the HACK ETF has been able to give investors some impressive capital gains over recent years. But what of dividend income? Does the BetaSahres Global Cybersecurity ETF pay dividend distributions?

Does the BetaShares Global Cybersecurity ETF pay dividend income?

Yes, it does. Like many ASX ETFs, the HACK ETF tends to pay out a dividend distribution every 12 months. Thus, investors have only received one distribution over the past year. That was the 68.075 cents per unit payment that investors received on 18 July.

This distribution was a lot weightier than the 29.481 cents per unit payment investors enjoyed back in July 2021.

On the current HACK unit price of $8.33 (at the time of writing), this latest payment gives this ETF a rather hefty trailing dividend distribution yield of 8.17%.

So all in all, investors have enjoyed both capital gains and dividend income from the HACK ETF in recent years. No doubt investors will hope these kinds of returns keep flowing in the years ahead. But we shall have to wait and see what happens.

The BetaShares Global Cybersecurity ETF charges a management fee of 0.67% per annum.

The post Does the HACK ETF pay dividends? appeared first on The Motley Fool Australia.

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• 3 high quality ETFs for ASX investors to buy today
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• 2 beaten down ETFs for ASX investors to buy
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• 3 excellent ETFs for ASX investors to buy in July

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 positions in and has recommended BETA CYBER ETF UNITS and CrowdStrike Holdings, Inc. The Motley Fool Australia has positions in and has recommended BETA CYBER ETF UNITS. The Motley Fool Australia has recommended CrowdStrike Holdings, Inc. 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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Top broker Macquarie says the consensus for 10% earnings per share (EPS) growth for S&P/ASX 300 Index (ASX: XKO) shares “looks optimistic”.

Not only that, but a 10% fall seems more likely based on the past three recessions in the United States.

According to reporting in The Australian today, Macquarie’s Australian equity strategist, Matthew Brooks says the 2H FY22 results in the upcoming earnings season may surpass expectations.

He says this is based on US results beating expectations so far, as well as Australian companies reporting good overall conditions.

But he reckons there is risk in the next financial year due to macroeconomic issues like rising interest rates. Therefore, he questions whether the ASX 300 earnings consensus estimate is possible.

FY22 is fine but the risks lie in FY23

Brooks foresees the US Federal Reserve and Reserve Bank of Australia continuing to raise interest rates to slow demand and bring inflation under control.

Meanwhile, disruptions caused by COVID-19 continue to bring down productivity around the world.

Brooks said he expects to see free cash flow pressured by rising costs, higher interest expenses, and higher working capital.

ASX 300 companies might get conservative with guidance

In such circumstances, Brooks reckons companies are more likely to be conservative with their guidance.

With the earnings season almost upon us, Brooks says some companies “may limit their forward looking comments until we get into AGM season.”

Brooks said: “While negative EPS revisions picked up in June – to minus 27% – and July (to minus 25%), this is still half the EPS downgrades seen near a trough.”

A “sustainable low” in the market “requires a trough in the cycle or a shift to easing by central banks”.

The post Why Macquarie warns consensus earnings growth for ASX 300 shares in FY23 is ‘optimistic’ appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has positions in Macquarie Group Limited. 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 recommended Macquarie Group Limited. 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 Arafura Resources Ltd (ASX: ARU) share price is pushing higher in afternoon trade on Tuesday.

At the time of writing, the rare earths share is swapping hands at 36 cents apiece on no news, a 4.35% jump on the day.

This brings Arafura’s gains to around 25% in the new financial year, capping off a solid performance in July.

What’s up with the Arafura share price?

It’s been a quiet month for the company. That was until it released its quarterly activities report yesterday.

In the report, Arafura outlined that NdPr [neodymium and praseodymium] pricing continued to realise strong performance at US$139/kg to close the quarter.

It also highlighted a memorandum of understanding (MoU) with Hyundai Motor Company.

The terms would be for an offtake agreement of 1,000-1,500 tonnes per annum of NdPr Oxide over a seven-year term. It would commence in 2025 if it goes ahead.

The Arafura share price is also rated as a buy from analysts at Bell Potter. The broker is attracted to the company’s Nolans rare earth project.

It also noted the MoU with Hyundai Motor Company in its notes, suggesting the company could potentially provide up to 8% of global supply into the permanent magnet market.

In addition, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) has risen in July despite weakening substantially at the back end of June.

Both Arafura’s and the index’s returns for the year to date are seen below. It’s also worth noting that in the last 12 months, the Arafura share price has gained more than 173%.

The post Why has the Arafura share price jumped 25% so far in July? appeared first on The Motley Fool Australia.

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• Broker names 2 ASX mining shares to buy in FY23
• Mineral Monday: What you need to know about rare earths and which ASX shares are cashing in on them

Motley Fool contributor Zach Bristow 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a gain. At the time of writing, the benchmark index is up 0.3% to 6,808.5 points.

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

Myer Holdings Ltd (ASX: MYR)

The Myer share price is up 21% to 40 cents. Investors have been buying this department store operator’s shares following the release of a strong trading update. Myer has been performing very positively during the second half. So much so, it expects to report a net profit of between $55 million and $60 million in FY 2022. This will be up 86% to 103% on FY 2021’s result.

South32 Ltd (ASX: S32)

The South32 share price is up 4% to $3.71. Investors have been buying this mining giant’s shares after brokers responded positively its latest quarterly update. One of those brokers was Goldman Sachs, which has reiterated its conviction buy rating with a $4.90 price target. Elsewhere, the team at Citi has retained its buy rating with a $4.90 price target and Macquarie has held firm with its outperform rating with a $5.90 price target.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 5% to $7.45. This morning the lithium developer released an announcement relating to its Zero Carbon Lithium Project. Vulcan revealed that it has received approval to carry out a 3D seismic survey from eight local councils across its license area in the German state of Rhineland-Palatinate. In addition, Vulcan has been granted a new exploration license that increases its license area in the Upper Rhine Valley Brine Field by a sizeable 277km2.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 19% to $1.02. This is despite there being no news out of the buy now pay later (BNPL) provider on Tuesday. Though, it is worth noting that a number of BNPL shares are charging notably higher this afternoon.

The post Why Myer, South32, Vulcan, and Zip shares are racing higher appeared first on The Motley Fool Australia.

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• Myer share price rockets 23% as 2022 profit expected to double
• ASX 200 midday update: Iress sinks on CEO exit, Flight Centre shares descend
• Why is the Vulcan share price charging higher today?

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The S&P/ASX 300 Index (ASX: XKO) has slipped in line with the more often quoted S&P/ASX 200 Index (ASX: XJO) so far this year.

Both indexes have slumped close to 11% since the start of 2022, and they’ve dragged some of the market’s favourite shares down with them.

But such a selloff has presented a buying opportunity for Perennial Partners.

Let’s take a look at the ASX 300 shares the fundie has snapped up following notable tumbles.

5 embattled ASX 300 shares in this fundie’s cart

The Perennial Value Australian Shares Trust bought into these big-name ASX shares last month following significant price tumbles:

BHP Group Ltd (ASX: BHP)

Shares in the mining giant are down 10% year to date amid volatile commodity prices and the divestment of the company’s petroleum business. They’ve also fallen 28% from their April peak.

But BHP’s future looks to be brighter. The fund believes demand for commodities will stay strong in the second half amid Chinese stimulus measures.

Macquarie Group Ltd (ASX: MQG)

The share price of this financials’ favourite has slipped 18% in 2022 and is currently trading 19% lower than its January peak.

The stock has been battered amid rising inflation, interest rate hikes, and a $400 million capital raise.

James Hardie Industries plc (ASX: JHX)        

Stock in the building products producer has tumbled 39% from its peak in early January.

James Hardie has likely also been hampered by rising inflation, which could spell bad news for the housing market. However, Perennial isn’t the only fund seemingly bullish on James Hardie.

MA Financial Group Ltd (ASX: MAF)

The ASX 300 financial services group’s share price has fallen 38% in 2022 and is currently 42% lower than its January peak.

Perennial noted it sees notable upside (possibly between 50% and 100%) in many of its small-cap holdings, including MA Financial, over the medium term.

QBE Insurance Group Ltd (ASX: QBE)

Finally, the insurer’s stock has slipped 10% from its February peak.

The fund believes QBE is a defensive stock, tipping its earnings to perform well despite rising interest rates and a slower growth environment.

And another thing …

Perrenial also swapped some of its holdings in the Lottery Corporation Ltd (ASX: TLC) for Tabcorp Holdings Limited (ASX: TAH) as it sees more upside in the parent company.

The fund has performed relatively in line with the ASX 300 over the three months ended June. Looking to the longer term, however, it’s significantly outperformed the market. It has slipped just 3% compared to the index’s near-7% tumble over the prior 12 months.

The post 5 ASX 300 shares this fundie has been buying at bargain prices appeared first on The Motley Fool Australia.

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• Expert prediction: 3 ASX 200 shares that can ‘do well’ in volatile times
• Here’s why I think the BHP share price is a buy right now
• How might China’s $6b Mineral Resources Group impact the iron ore price?
• What’s the outlook for the Macquarie share price in FY23?
• ‘We remain cautious’: Could the BHP share price be heading south?

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 recommended Macquarie Group Limited. 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 Qantas Airways Ltd (ASX: QAN) share price is in the red on Tuesday.

Qantas shares are down 1.85% at the time of writing, currently trading at $4.505 apiece. In contrast, the S&P/ASX 200 Index (ASX: XJO) is 0.19% higher.

Let’s take a look at what is going on at Qantas.

What’s going on at Qantas?

Qantas shares are falling today, but they are not alone in the travel space. The Webjet Ltd (ASX: WEB) share price is down 2.16% today, while Flight Centre Travel Group Ltd (ASX: FLT) shares are 4.43% lower.

In today’s news, it has emerged a baggage handling company used by Qantas and other airlines has warned of “quite a few incidents” that have resulted in “aircraft damage” and “serious damage” to ground support equipment, news.com.au reported. Ground workers for Dnata are reportedly considering strike action and have been warned to “politely but firmly dismiss” any “pressure from airline reps” to cut corners.

However, a Qantas spokesperson told the publication the airline will work with Dnata to reduce any strike disruption.

Meanwhile, Monash University professor Greg Bamber has described Qantas’ current woes as “a debacle”, according to an ABC report. He added:

Some would say we’re getting close to the tipping point.

On the one hand Qantas advertises itself as being a full-service airline that gives premier service to its loyal and long-term frequent flyers. On the other, Qantas is giving priority to a different set of stakeholders – trying to maximise profits and prioritise the interests of shareholders and executives at the expense of its staff and its customers.

Bamber said “airlines are struggling around the world” and the “aviation industry is in chaos”, highlighting rising fuel prices due to the Ukraine war. He said:

This is more of a perfect storm [than previous difficulties that have faced Qantas] because we’ve got things happening at the same time.

Qantas share price snapshot

The Qantas share price has slipped nearly 2% in the past year, while it has lost 10% year to date.

For perspective, the ASX 200 has fallen more than 8% in the last 12 months.

Qantas has a market capitalisation of about $8.5 billion based on the current share price.

The post ‘At tipping point’: Qantas share price slides as chaos continues appeared first on The Motley Fool Australia.

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• Why are ASX 200 travel shares having such a stellar session?
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Motley Fool contributor Monica O’Shea 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 recommended Flight Centre Travel Group Limited and Webjet Ltd. 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 Rio Tinto Limited (ASX: RIO) share price is pushing higher on the eve of its half-year results release.

At the time of writing, the mining giant’s shares are up over 2% to $99.20.

Judging by its strong showing, investors appear optimistic that Rio Tinto is going to impress with its half-year update tomorrow.

What is the market expecting from Rio Tinto’s half-year results?

While the market is expecting a strong result from Rio Tinto, it won’t be as strong as this time last year.

According to a note out of Goldman Sachs, both its analysts and the market are expecting the miner to report a reduction in earnings year on year. Here’s a summary of what the market is expecting

• Revenue
  • Goldman Sachs: US$29,655 million
  • Consensus: US$30,785 million
• Underlying EBITDA
  • GS: US$15,671 million
  • Consensus: US$16,813 million
• Dividends per share
  • GS: US$3.18 per share
  • Consensus: US$3.30 per share
• Special dividends per share
  • GS: US$0.50 per share
  • Consensus: US$0.67 per share

What will the drivers of the result be?

Goldman Sachs is forecasting underlying EBITDA of US$15,671 million, which would be down 25.5% over the prior corresponding period.

This is expected to be driven largely by softer earnings from the key iron ore segment. The broker has pencilled in iron ore EBITDA of US$10,176 million and underlying iron ore earnings of US$6,273 million. This will be a 37% and 39% decline, respectively, over the prior corresponding period.

Offsetting some of this will be the miner’s aluminium business. Goldman is expecting a 51% increase in aluminium EBITDA to US$2,912 million and an 85% increase in underlying earnings to US$1,706 million for the period.

Is the Rio Tinto share price good value?

While buying before a results release can be very risky, Goldman Sachs certainly sees plenty of value in Rio Tinto’s shares at the current level.

Despite forecasting earnings below consensus estimates, the broker has a buy rating and $124.10 price target on the miner’s shares. This implies a potential return of 25% for investors over the next 12 months before dividends.

The post Rio Tinto share price climbs ahead of tomorrow’s earnings update. Here’s what to watch appeared first on The Motley Fool Australia.

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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. 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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