This week is proving to be monumental for the Zip Co Ltd (ASX: ZIP) share price. The S&P/ASX 200 Index (ASX: XJO) buy now, pay later (BNPL) favourite is racing towards the finish line in a blur of green.

At the time of writing, the Zip share price is 90.5 cents. That’s 17% higher than its previous close and 59% higher than it was at the end of last week.

For context, the ASX 200 has fallen 0.04% today and is currently 2.8% higher than it was at last Friday’s close.

Let’s take a closer look at what’s been going on with the ASX BNPL share this week.

Why has the Zip share price rocketed 59% this week?

The Zip share price is leaping higher on Friday, topping off an incredible week’s trade. There has only been one announcement from the BNPL stock this week, and boy did it get the market in a spin.

Zip released its results for the final quarter of financial year 2022 yesterday, detailing a 27% jump in quarterly revenue compared to the prior corresponding period.

The company’s quarterly transaction numbers also lifted 37% year-on-year, while its bad debts in Australia and New Zealand increased 42 basis points quarter-on-quarter.

Interestingly, Zip co-founder and CEO Larry Diamond said the company’s decision to scrap its planned merger with Sezzle Inc (ASX: SZL) earlier this month will see it reach profitability earlier.

The Zip share price gained 13% amid anticipation of the results on Wednesday and launched 17% following their release on Thursday. Thus, today’s gains might be yet another reaction to the company’s quarterly results.

The post Up 59% this week: Why is the Zip share price surging another 17% today? appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Brickworks higher, IAG drops on prelim results, Zip rockets
• Why Kelsian, Link, Liontown, and Zip shares are racing higher
• ASX 200 midday update: ANZ’s capital raising, Link jumps, Zip’s Q4 update
• Zip share price up 5% following Q4 update
• 5 things to watch on the ASX 200 on Thursday

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 ZIPCOLTD FPO. 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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Today marks a bittersweet farewell to Uniti Group Ltd (ASX: UWL) shares and their inclusion in the S&P/ASX 200 Index (ASX: XJO). Likewise, shares in the telecommunications company have been suspended from quotation.

For those keeping tabs, the closing of Uniti’s chapter as an ASX-listed company comes four months and seven days from confirming exclusive discussions with Morrison & Co.

The official sayonara follows the Federal Court’s approval of the scheme of arrangement.

What does it all mean?

After hovering between $4.90 and $4.99 per share on the ASX, Uniti has finally ticked the last box to be acquired by MBC BidCo Pty Ltd.

The consortium comprising Morrison & Co, Commonwealth Superannuation Corporation, and BIF IV One Holdings (a Brookfield entity), will be cheering today as the deal to acquire Uniti becomes legally effective.

According to the release, Uniti shareholders will be entitled to a total cash consideration of $5.00 per share on Thursday 28 July 2022. Importantly, this will be comprised of two parts: one is a cash payment of $4.895 per Uniti share, the other being a 10.5 cents per share dividend.

Furthermore, the scheme record date will take place on 28 July, shortly followed by the implementation date on 4 August. This second date marks the time in which shareholders can expect to receive their two-part payment.

Uniti shares’ successful ASX stint

While Uniti might be saying goodbye to the ASX, it leaves behind a short history of immense value creation.

Notably, since commencing its listed life 3 and a half years ago, the Uniti share price has ascended 2,672%. That represents a remarkable compound annual growth rate (CAGR) of 163%.

This clinical demonstration of shareholder value creation was defined by a series of highly successful acquisitions. During its short listed-life, Uniti Group acquired several earnings accretive telecommunications companies, including:

• Pivit Pty Ltd – April 2019
• Fone Dynamics – May 2019
• Call Dynamics – May 2019
• LBNCo Pty Ltd – August 2019
• OPENetworks – October 2019
• 1300 Australia – December 2019
• OptiComm – June 2020
• Harbour ISP – November 2020
• Telstra Velocity – December 2020

In turn, Uniti grew its 12-month trailing revenue from $5.48 million to $214.77 million between 2018 and today. Similarly, profits evolved from $9.92 million in losses to $54.59 million in positive earnings over the same time.

Finally, Uniti shares are up 44% compared to where they were a year ago.

The post ASX 200 officially says goodbye to Uniti shares appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Brickworks higher, IAG drops on prelim results, Zip rockets
• Coronado share price tumbles 8% despite record quarterly revenue
• Did Elon Musk’s comments support or hurt meme tokens?
• What’s going on with the Pure Hydrogen share price on Friday?
• What’s the outlook for Immutep shares in FY23?

Motley Fool contributor Mitchell Lawler 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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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) has bounced back from a poor start and is trading broadly flat. The benchmark index is currently trading at 6,793.2 points.

Here’s what is happening on the ASX 200 today:

Brickworks record property earnings

The Brickworks Limited (ASX: BKW) share price is pushing higher today. This morning the building products company announced the launch of the Brickworks Manufacturing Trust and provided a trading update. The latter revealed that it expects to report record Property earnings and strong earnings growth from its Building Products operations in both Australia and North America.

IAG update disappoints

The Insurance Australia Group Ltd (ASX: IAG) share price is falling on Friday after the insurance giant’s preliminary full-year results disappointed. IAG revealed that it expects to deliver a reported insurance profit of $586 million. This reflects an insurance profit margin of 7.4%, which is down 6.1 percentage points year on year and short of its 10% to 12% guidance. Management blamed this largely on its net natural peril costs of $1,119 million, which were $354 million above the original allowance of $765 million.

Travel shares tumble

One area of the market that is well and truly out of form on Friday is the travel sector. The shares of Corporate Travel Management Ltd (ASX: CTD) and Webjet Limited (ASX: WEB) are falling particularly heavily today along with other travel shares. This follows a poor night of trade for travel stocks on Wall Street after disappointing results from two major airlines.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Zip Co Ltd (ASX: ZIP) share price with a 17% gain. This morning Ord Minnett put an accumulate rating and 90 cents price target on its shares. Going the other way, the worst performer has been the Coronado Global Resources Inc (ASX: CRN) share price with a 7% decline. This follows the coal miner’s quarterly update.

The post ASX 200 midday update: Brickworks higher, IAG drops on prelim results, Zip rockets appeared first on The Motley Fool Australia.

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More reading

• Coronado share price tumbles 8% despite record quarterly revenue
• Brickworks share price higher on record earnings, Goodman deal
• IAG share price on watch following FY22 profit of $347m
• Food, money and travel: 3 ASX shares experts rate as buys right now
• 5 things to watch on the ASX 200 on Friday

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 positions in and has recommended Brickworks and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Brickworks and Insurance Australia Group Limited. The Motley Fool Australia has recommended Corporate Travel Management 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 Coronado Global Resources Inc (ASX: CRN) share price is plummeting on Friday after the company posted record revenue for the June quarter despite sliding coal sales.

The coal producer’s shares are currently swapping hands for $1.48, 7.5% lower than their previous close.

Coronado share price plummets alongside sales and production

Here are the key takeaways from the coal producer’s June quarter:

• Record revenue of around US$1 billion – 9% higher than that of the March quarter
• Revenue for the first half came to around US$2 billion – a 147% increase on the first half of 2021
• Record realised meteorological coal price of US$321.20 per tonne – a 20.5% quarter-on-quarter increase
• Run of mine production slipped 18% last quarter to 5.5 million tonnes
• Saleable production fell 22.5% quarter-on-quarter to 3.3 million tonnes
• Sale volumes slipped 9.9% quarter-on-quarter to 3.9 million tonnes

The quarter saw Coronado post record quarterly and half-year revenue despite falling production and sales volumes.

Its average mining costs for the first half came to US$85.20 per tonne sold. That was driven higher by inflation and wet weather.

The company held US$171 million of net cash as of 30 June.

What else happened in the quarter?

The June quarter was a mixed one for the Coronado share price. It slumped 17% over the three months despite hitting a multi-year high of $2.49 in April.

Last quarter saw the company added to the S&P/ASX 200 Index (ASX: XJO) following the removal of Crown Resorts Ltd (ASX: CWN).

Coronado was also hit by a Queensland Government decision to increase coal royalties in late June. The company said it was “disappointed” by the state’s move.

It estimates the royalty rate for its Curragh mine, assuming a realised coal price of US$250 per tonne, would be around 20% under the new structure. Previously, it would have been around 12%.

What did management say?

Coronado CEO Gerry Spindler commented on the results, saying:

Coronado completed the first half of 2022, achieving a number of significant milestones.

These considerable achievements were produced despite headwinds in the form of significant wet weather events in Queensland and growing global inflationary cost pressures.

As the business enters the second half of 2022, I remain extremely confident in our ability to weather these headwinds.

What’s next?

Coronado also updated its guidance for the second half, a move that’s also likely dragging on its share price.

It increased its expected full-year average mining costs by US$10 to between US$79 and $89 per tonne. However, it forecasts its mining costs will drop in the second half.

It also expects its full-year saleable production to come in at the lower end of its guidance range of between 18 million and 19 million tonnes.

Finally, the company believes Queensland’s newly changed royalty arrangement will dint its post-tax earnings by around US$50 million, based on current spot prices.

It has a far more positive outlook for coal prices, however. While meteorological coal prices have dampened on improving supply, lessening demand, inflationary expectations, and COVID-19 lockdowns in China, the company believes they’ll stay above historical averages for the rest of 2022. It also expects strong price realisations in the September quarter.  

Coronado share price snapshot

Today’s fall included, the Coronado share price is 15% higher than at the start of 2022.

It has also gained 48% since this time last year.

The post Coronado share price tumbles 8% despite record quarterly revenue appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Brickworks higher, IAG drops on prelim results, Zip rockets
• Here are the top 10 ASX shares today
• Here are the top 10 ASX shares today
• Here are the top 10 ASX shares today
• ASX 200 midday update: Energy shares drop, PointsBet jumps

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 Scott Phillips.

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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.

What happened

Today, cryptocurrency investors are seeing some consolidation following a rally this week that brought the crypto sector above the important $1 trillion valuation mark. With the overall market down 5.5% over the past 24 hours as of this morning’s session, it’s clear some profit taking is in order after a rather rosy start to this week.

However, for meme token investors, today’s decline has been much more steep. Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE), two of the most prominent meme tokens, dropped 10.1% and 8.5%, respectively, over the past 24 hours as of 10:45 a.m. ET. Other meme tokens that have gained in popularity with investors of late, such as ApeCoin (CRYPTO: APE) and STEPN (CRYPTO: GMT), also saw double-digit declines over the same time frame. 

Accordingly, many investors may be asking, “What gives?”

Well, today’s decline actually began yesterday afternoon, following a rather interesting Tesla (NASDAQ: TSLA) earnings call. CEO Elon Musk noted he sold 75% of his Bitcoin (CRYPTO: BTC) holdings over the past quarter, in a bid to boost the company’s liquidity in the face of supply chain issues and other macro factors. While Musk also reiterated his support for Bitcoin over the long term on the call, suggesting he may add to his position in the future, the electric vehicle maker did previously retract the ability for the token to be used as payment for Tesla vehicles following a short-lived experiment.

Musk also stated that Tesla hasn’t sold any of the Dogecoin it holds. How much is held, and whether this token will be used for anything other than merchandise sales in the future, remains uncertain.

So what

Musk’s massive Bitcoin divestiture sent a pretty strong signal to the market that Tesla’s view of Bitcoin as a long-term investment has shifted. In a tweet he sent in May of last year, he noted, “Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.” As with anything Musk says, investors who didn’t take these comments with a (big) grain of salt have been disappointed.

That said, his apparent support for Dogecoin (relative to Bitcoin) is notable. In previous interviews, Musk has indicated that his support for meme coins has been driven by a feeling that he’s helping out smaller investors by remaining bullish. Whether that’s an indication this bullish stance will hold forever or — like his views on Bitcoin — is a moving target remains to be seen. 

Today’s price action among most cryptocurrencies, and especially meme tokens, suggests the market isn’t buying any of it.

Now what

The fact that a single man can have such an impact on a $1 trillion sector is rather incredible. Investors considering any of these highly volatile digital tokens ought to consider that reality before jumping in. Indeed, Musk’s unpredictable nature adds to the potential volatility these tokens could see moving forward. 

Given where we’re at in the market cycle, and the macro headwinds that remain, today’s sell-off appears to be warranted. I’m sure meme token investors will be watching how Musk pivots from here. If one thing is certain, it’s that nothing is a sure thing in the world of memes. 

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

The post Did Elon Musk’s comments support or hurt meme tokens? appeared first on The Motley Fool Australia.

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More reading

• Why Bitcoin, Ethereum, and Dogecoin are falling today
• Does this crypto rally have legs?
• Here’s why the Bitcoin and Dogecoin prices are rocketing
• Shiba Inu, Dogecoin, Solana surge higher: Where are meme coins headed from here?
• What’s going on with the Dogecoin price?

Chris MacDonald 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 Bitcoin and Tesla. The Motley Fool Australia o0wns and has recommended Bitcoin. 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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The Pure Hydrogen Corporation (ASX: PH2) share price is out of form on Friday.

In morning trade, the clean energy company’s shares are down 9% to 28 cents.

What’s going on with the Pure Hydrogen share price?

Investors have been selling down the Pure Hydrogen share price today despite the company’s capital reorganisation taking shape.

At the end of last month, the company ceased to be a foreign registered company and became an Australian registered company.

In light of this, a capital reorganisation was undertaken, which saw the company’s chess depository interests (CDIs) cancelled on Thursday night. The fully paid ordinary class shares that were underlying these CDIs have now been distributed on a 1:1 basis.

However, with the process ongoing, Pure Hydrogen’s shares will be trading on a deferred settlement basis for a period of time. This is why you may see the PH2DD ticker code trading today.

Normal trading under the PH2 ticker code is expected to commence on 8 August. After which, on 10 August, the settlement of on market trades that were conducted on a deferred settlement basis will finally take place.

What is Pure Hydrogen?

Pure Hydrogen is a clean energy company with a collection of hydrogen, gas and mobility businesses and a strategic interest in H2X Global.

The Company has five hydrogen projects under development and three gas projects. These include Windorah Gas Project in the Cooper Basin, Australia’s most prolific onshore producing petroleum basin, Project Venus CSG in the Surat Basin in Queensland, and the Serowe Project CSG in Botswana.

It also owns a 19.99% stake in the recently listed Botala Energy Ltd (ASX: BTE), which is a coal bed methane explorer.

The post What’s going on with the Pure Hydrogen share price on Friday? appeared first on The Motley Fool Australia.

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• Pure Hydrogen shares run-up 24% after addressing ASX questions
• ASX hydrogen shares announced some big news last month, so why did so many end June in the red?
• Down 60% in 2022, what’s happening to the Pure Hydrogen share price?

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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Immutep Ltd (ASX: IMM) shares underperformed in FY22 as markets took a turn for the worse. Most of the previous year’s gains were erased.

However, the biotech company has caught a bid in July, as healthcare shares continue to strengthen in the new financial year.

The Immutep share price is flat today at 32.5 cents but it has gained 10% since the start of the month. Similarly, the S&P/ASX 200 Health Care Index (ASX: XHJ) is up 9% over the same period.

That is in stark contrast to June, when Immutep shares slumped by around 30%. They are now down 35% since this time last year.

What’s next for Immutep shares?

Immutep describes itself as a “biotechnology company developing novel immunotherapy treatments for cancer and autoimmune diseases”.

After bouncing from lows of 29 cents on 30 June, Immutep shares have traded sideways and now rest at 32.5 cents apiece.

Earlier this month, the company announced it was granted a new patent (7074341) titled “AntiLAG-3 Antibodies” by the Japanese Patent Office.

The patent concerns the company’s drug candidate, IMP761. It covers all pharmaceutical formulas using IMP761 and “the use of the compositions in the treatment of T-cell mediated inflammatory and autoimmune diseases”.

“Immutep is well placed to make important contributions to this rapidly emerging field of immunotherapy — in both cancer and autoimmune diseases,” CEO Mark Voigt said.

The company also advised that its phase II TACTI-002 trial showed favourable results at readouts last month.

The study looked at combining Immutep’s lead drug candidate, efti, in combination with MSD’s pembrolizumab.

The trial met its primary objective, showing favourable anti-tumour activity. This data is now set to be presented at the 2022 IASLC 2022 World Conference on Lung Cancer, held on 6–9 August in Austria.

Meanwhile, Immutep shares are rated as a buy from 100% of the analysts covering the company, according to Refinitiv Eikon data.

From this list, the consensus price target is $1.18 per share, suggesting a mammoth 269% upside potential if these brokers are correct.

The post What’s the outlook for Immutep shares in FY23? appeared first on The Motley Fool Australia.

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• What’s the outlook for ASX biotech shares in FY23?
• Why did the Immutep share price plummet 31% last month?
• Here’s how ASX healthcare shares performed in FY22
• Here’s how ASX 200 healthcare shares performed in June
• Own Immutep shares? Here are 3 takeaways from the company’s investor update

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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It has been a volatile year for some of the ASX’s leading growth shares. Since the start of 2022, many names known for quickly growing revenue have seen share price declines.

I wouldn’t say that every single thing that has fallen is an opportunity, but there are some that I believe have very promising futures, and the lower prices represent good buying.

Quite a few ASX growth shares have rebounded strongly over the past month. For example, the Zip Co Ltd (ASX: ZIP) share price is up 65% over the last month at the time of writing. But I’m not talking about Zip in this article.

I think the two ASX growth shares below have a promising and profitable future. Here’s why.

Temple & Webster Group Ltd (ASX: TPW)

Temple & Webster is a leading e-commerce business that sells a wide array of homewares and furniture.

It offers for sale more than 200,000 products from hundreds of suppliers. Those products are sent directly to customers by suppliers, which reduces the need to hold inventory, allowing for a more extensive product range.

Temple & Webster also has its own product range and recently launched The Build, a website to sell home improvement products.

The Temple & Webster share price is currently down by 64% in 2022, which I believe makes it attractively priced. It’s up 17% in the last month.

This ASX growth share grew revenue by 23% between 1 January 2022 to 30 April 2022, compared to the prior corresponding period. Revenue was up 116% compared to 2020.

The company is using its rapidly-growing revenue to invest in areas building ‘key strategic moats’ around the business. This includes data, personalisation, artificial intelligence, augmented reality and logistics.

It’s also pursuing further organic growth opportunities, such as its private label offering, and keeping an eye out for acquisitions.

Volpara Health Technologies Ltd (ASX: VHT)

Volpara describes itself as a global leader in the research and development of artificial intelligence for the early detection of breast cancer.

Its software provides clinicians feedback on breast density, compression, dose and quality, enabling them to offer patients personalised breast care and enhanced risk assessment.

The Volpara share price has fallen 38% since the start of 2022, but it’s up 46% in the last month.

Its FY22 result displayed a number of attractive statistics. Total revenue rose 32% to NZ$26.1 million and the gross profit margin was 91%. The market share continues to grow – in FY22, 35.5% of US women had a group product applied to their images and data (up from 32% in the prior year).

The ASX growth share has also signed important deals in the last few weeks. It has announced a new research and development collaboration with Microsoft to accelerate the creation of a product that uses mammograms to identify potential cardiovascular issues. Volpara said that breast arterial calcifications were shown to be associated with cardiovascular disease outcomes.

It has also signed a deal with RadNet Inc, which includes Volpara Analytics software and Volpara Risk Pathways software. Risk Pathways will be embedded into eRAD, RadNet’s electronic medical record system. The contract incorporates a volume-based model with potential upside.

I think ongoing revenue growth will help as the company benefits from operating leverage, and grows from the deals it has signed.

The post Why I think these 2 ASX growth shares could keep marching upwards appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ordinaries shares going great guns on Thursday
• Why is the Temple and Webster share price up 7% today?
• Temple & Webster share price jumps 11% after hitting recent lows
• Does the FY23 outlook make ASX retail shares look like bargains?
• Why are these 2 ASX ecommerce shares hitting two-year lows?

Motley Fool contributor Tristan Harrison 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 Microsoft, Temple & Webster Group Ltd, VOLPARA FPO NZ, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended VOLPARA FPO NZ. The Motley Fool Australia has recommended Temple & Webster Group 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 Brickworks Limited (ASX: BKW) share price is having a positive finish to the week.

At one stage today, the building products company’s shares were up 4% to $21.00.

The Brickworks share price has since pulled back but remains up 1% to $20.30 at the time of writing.

Why is the Brickworks share price rising?

Investors have been bidding the Brickworks share price higher today after the company announced the launch of the Brickworks Manufacturing Trust.

According to the release, it is a new 50.1% owned joint venture manufacturing property trust with Goodman Group (ASX: GMG) that will initially house a portfolio of 15 manufacturing plants with an asset value of $416 million.

These will be tenanted by the company’s Australian Building Products businesses, such as Austral Bricks, Bristile Roofing, Austral Masonry and Austral Precast, on long leases. In fact, the weighted average lease expiry (WALE) will initially be 16 years.

Brickworks will retain 50.1% ownership of the new trust, with the remaining 49.9% interest sold to Goodman.

Trading update

In addition to the Brickworks Manufacturing Trust announcement, the company provided an update on its performance in FY 2022.

Brickworks advised that it expects to report record Property earnings in FY 2022, with Property EBIT likely to be in excess of $620 million. This compares to Property EBIT of $253 million in FY 2021.

The company’s CEO, Lindsay Partridge, explained that this was driven by major developments and changes to account policies.

During the second half of the financial year, we have made strong progress on a number of major developments within the Industrial JV Trust. At Oakdale West, new facilities for Coles, Woolworths, Australia Post and Telstra are all approaching practical completion. In a change of accounting policy, and consistent with our JV partner Goodman, we now recognise developments within the Trust at fair market value, if they are approaching practical completion, at the end of each period.

In addition, management revealed that its Building Products EBIT operations in both Australia and North America are expected to be higher in FY 2022 compared to the prior year. Partridge said:

EBIT from our Australian Building Products business is expected to be in excess of 20% higher than the prior year, not including the additional profit from the sale of properties into the new Brickworks Manufacturing Trust.

[In] North America, we expect EBIT in financial year 2022 to be more than double the prior year, including the impact of a number of quarry sites sold during the second half.

The post Brickworks share price higher on record earnings, Goodman deal appeared first on The Motley Fool Australia.

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More reading

• Why has the Brickworks share price leapt 10% in a month?
• 2 excellent ASX 200 shares to buy right now according to experts
• Down 28% so far this year, could the Goodman share price be ready to take off?
• Why cheap hamburgers could give beginner ASX share investors food for thought
• 2 ASX shares in a sector ready for a massive comeback

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 positions in and has recommended Brickworks. The Motley Fool Australia has positions in and has recommended Brickworks. 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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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.

What happened 

A strong bull run that’s lasted all week came to a screeching halt on Thursday as crypto values fell and pulled Coinbase Global (NASDAQ: COIN) down with them. Some of the move was simply trading volatility, while some was because of very real concerns about the health of the market. 

Shares of Coinbase dropped as much as 6.6% today and were down 2.9% at 3 p.m. ET. Solana (CRYPTO: SOL) fell as much as 10.1% in the past 24 hours and is currently down 1.8%, while Cardano (CRYPTO: ADA) fell as much as 7.3% and is currently down 4.1%. 

So what 

The biggest news out of crypto was Blockchain.com announcing it will cut staff by 25%. The company said it will close an office in Argentina, cancel expansion plans in other countries, and cut back institutional lending.

It hasn’t been widely reported, but Blockchain.com had lent $270 million to Three Arrows Capital, and when the company filed for bankruptcy, it exacerbated an already down market. 

Funds Blockchain.com raised earlier this year are expected to keep the company solvent for the foreseeable future, but there was a need to cut back expenses dramatically. With customers’ funds being frozen at some exchanges, it wouldn’t be surprising if the company also loses customers as a result. 

Another big story was an insider at Coinbase and two related people being charged with insider trading in relation to trades made ahead of tokens being listed on Coinbase. The U.S. Department of Justice made the announcement this morning, and Coinbase has been cooperating for months on the investigation. At the very least, this is a black eye for the company.

The broader crypto sell-off seems to be simply taking a breather from a relatively hot week of trading. Some cryptocurrencies are up over 50% in just a few weeks, and naturally there can be a pullback when that happens. 

Now what 

As fast as the crypto industry moves, we continue to see fallout from the Three Arrows Capital collapse, and Blockchain.com is the latest victim. This may ultimately be good news as companies eventually take fewer risks and focus on their core businesses. Coinbase said earlier this week that it wasn’t impacted significantly by recent bankruptcy filings and hasn’t taken any losses on loans. 

I would expect more volatility for tokens and crypto stocks, but the companies that survive are well positioned to generate tremendous value for shareholders. Coinbase is currently proving that a conservative business model with a long-term vision is better than taking risks no one in crypto fully understood. 

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

The post Why crypto and Coinbase dropped on Thursday appeared first on The Motley Fool Australia.

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More reading

• Solana Foundation slapped with class action lawsuit alleging SOL is a security
• Does this crypto rally have legs?
• Shiba Inu, Dogecoin, Solana surge higher: Where are meme coins headed from here?
• Why Bitcoin, Ethereum, and Cardano are rocketing higher today
• What Coinbase is building during the crypto winter

Motley Foll contributor Travis Hoium has positions in Coinbase Global, Inc. and Solana. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Coinbase Global, Inc. and Solana. The Motley Fool Australia has positions in and has recommended Solana. 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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