The Polynovo Ltd (ASX: PNV) share price is catching a break today after sliding as much as 26.95% in July.

At the time of writing, shares in the medical devices company are up 2.67% to $2.11.

Polynovo stumbles to a 10-month low

2021 is shaping up to be a miserable year for Polynovo shareholders, with the company’s shares down 46% year-to-date.

The Polynovo share price began struggling in January when the company’s shares tumbled 32% following a disappointing half-year trading update.

The update looked good at face value, highlighting a 31% increase in 1H21 sales against the prior corresponding period.

However, back in November 2020, management said that “we continue to harness this [FY20] momentum to double our revenues again in FY21”.

With an underpromise and overdeliver narrative taking place, brokers were also quick to flag disappointing results that were “well below our forecasts, consensus and management expectations”.

Last Tuesday, Polynovo released a fourth quarter and FY21 market update.

The initial market reaction was positive, with the Polynovo share price rallying 4.62% to $2.49 on the day.

However, over the next three sessions, Polynovo shares would slide 17.27% to a close of $2.06 last Friday.

Bell Potter was quick to criticise Polynovo’s fourth quarter and FY21 update, saying: “Today’s announcement came as a 13% miss vs our expectations – we expected COVID recovery tailwinds would make an impact on sales in the 2H.”

Broader healthcare gains lift the Polynovo share price on Monday

Despite a sea of red for the S&P/ASX 200 Index (ASX: XJO), the healthcare sector is picking up the slack with gains across the board.

There has been broad buying across the healthcare sector, with names including CSL Ltd (ASX: CSL), Sonic Healthcare Ltd (ASX: SHL) and Resmed CDI (ASX: RMD) rallying 2.34%, 1.61% and 2.64% respectively.

While the Polynovo share price has joined in on the rally today, it has a lot of catching up to do.

The post Polynovo (ASX:PNV) share price bounces off 10-month lows, up 3% today appeared first on The Motley Fool Australia.

More reading

• These ASX 200 healthcare shares are holding up in today’s sea of red
• Why is the Temple & Webster (ASX:TPW) share price up over 3% today?
• Why CSL, Humm, IntelliHR, & Vulcan shares are pushing higher
• Why the Sonic Healthcare (ASX:SHL) share price hit an all-time high today
• ASX 200 midday update: Altium sinks, Oil Search CEO resigns

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. owns shares of and has recommended CSL Ltd. and POLYNOVO FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. and Sonic Healthcare 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 Afterpay Ltd (ASX: APT) share price is in the green today, amid a sea of red.

Right now, shares in Afterpay are up 1.25%, trading for $104.50 a piece.

That gain is particularly impressive given the broader market’s struggles today.

The S&P/ASX 200 Index (ASX: XJO) and the All Ordinaries Index (ASX: XAO) are currently down 0.83% and 0.90% respectively.

Afterpay’s shareholders will be particularly relieved the company’s share price is in the green after its disastrous stint last week.

Let’s take a look at what’s been up with Afterpay lately.

On the road to recovery?

The Afterpay share price dropped 12.2% last week as news of its potentially increasing competition hit headlines.

The ASX buy now, pay later (BNPL) giant faced an incredibly grim day on Wednesday after news of BNPL services from Apple Inc (NASDAQ: AAPL) and PayPal Holdings Inc (NASDAQ: PYPL) started swirling.

First off the bat was Apple.

The technology monolith didn’t officially announce anything on Wednesday. However, reports were published in the media detailing a BNPL offering being planned by Apple.

Apple is reportedly working on a new service that would allow Apple Pay users to pay for their purchases in instalments. It’s said that Goldman Sachs (NYSE: GS) will fund the service.

Next, PayPal threw the Afterpay share price a curveball.

PayPal announced its BNPL service won’t charge Australian users late fees.

Unlike Paypal, Afterpay charges its users $10 for missing a payment and another $7 if that payment isn’t made within a week of its due date.

The Afterpay share price fell a massive 9.7% on Wednesday. It then fell another 2% and 1.3% on Thursday and Friday respectively.

Afterpay’s biggest ASX-listed competitor Zip Co Ltd (ASX: Z1P) was also hit hard. It fell 14.1% over the course of the week.

Afterpay share price snapshot

Last week’s disruptions did a number to Afterpay.

It’s currently 11.8% lower than it was at the start of 2021. However, it’s 50.8% higher than it was this time last year.

The post Finally, some good news for the Afterpay (ASX:APT) share price appeared first on The Motley Fool Australia.

More reading

• Why is the Temple & Webster (ASX:TPW) share price up over 3% today?
• Here’s why Apple stock has room to run higher
• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher
• These were the worst performing ASX 200 shares last week
• How has the Afterpay (ASX:APT) share price responded to competition in the past?

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. owns shares of and has recommended AFTERPAY T FPO, Apple, PayPal Holdings, and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $75 calls on PayPal Holdings, long March 2023 $120 calls on Apple, and short March 2023 $130 calls on Apple. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Apple and PayPal Holdings. 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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At the start of each week I like to look at ASIC’s short position report to find out which shares are being targeted by short sellers.

This is because I believe it is well worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Webjet Limited (ASX: WEB) has seen its short interest rise to 11.3%, making it the most shorted ASX share. Concerns over extended lockdowns and border restrictions have been weighing heavily on this online travel agent’s shares.
• Kogan.com Ltd (ASX: KGN) has short interest of 10.9%, which is down slightly week on week. Short sellers don’t appear to believe recent lockdowns will boost sales enough to help Kogan recover meaningfully quicker from its inventory issues.
• Flight Centre Travel Group Ltd (ASX: FLT) has seen its short interest rebound to 9.6%. As with Webjet, the recent lockdowns in Australia are delaying the travel market recovery and pushing back Flight Centre reaching profitability.
• Inghams Group Ltd (ASX: ING) has 8.8% of its shares held short, which is flat week on week once again. The poultry company has a major contract renewal with a supermarket giant due in August.
• Zip Co Ltd (ASX: Z1P) has short interest of 8.45%, which is up week on week. Apple’s potential entry into the BNPL market and PayPal’s removal of late fees has investors worried.
• Tassal Group Limited (ASX: TGR) has short interest of 8.2%, which is up week on week. Short sellers are not giving up on this one despite salmon prices being tipped to improve.
• Electro Optic Systems Hldg Ltd (ASX: EOS) has 8% of its shares held short, which is down slightly week on week. Supply chain and cash flow concerns appear to be weighing on investor sentiment.
• Temple & Webster Group Ltd (ASX: TPW) has seen its short interest ease to 7.5%. Short sellers have been going after this ecommerce company since it announced plans to sacrifice margins to grow market share.
• A2 Milk Company Ltd (ASX: A2M) has seen its short interest rise to 7.3%. Short sellers have been increasing their positions in recent weeks. This appears to be due to the belief that the worst is not yet over for the embattled infant formula company.
• Metcash Limited (ASX: MTS) is back in the top ten with 6.4% of its shares held short. Although the wholesale distributor has been in fine form recently, short sellers don’t appear to believe this will continue. This could be due to the belief the consumer behaviour will revert back to less favourable trends in the near future.

The post These are the 10 most shorted ASX shares appeared first on The Motley Fool Australia.

More reading

• Why is the Temple & Webster (ASX:TPW) share price up over 3% today?
• Fund manager sees Webjet (ASX:WEB) share price as ‘golden’ opportunity
• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher
• 3 ASX shares growing at a rapid rate
• The A2 Milk (ASX:A2M) share price is up 17% in the last month, here’s why

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 Electro Optic Systems Holdings Limited, Kogan.com ltd, Temple & Webster Group Ltd, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Electro Optic Systems Holdings Limited, Kogan.com ltd, and Webjet Ltd. The Motley Fool Australia has recommended A2 Milk, Flight Centre Travel Group 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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Almost every S&P/ASX 200 Index (ASX: XJO) sector opened in red on Monday.

Commodities are logging the heaviest losses, with the S&P/ASX Energy (INDEXASX: XEJ) and S&P/ASX Materials (INDEXASX: XMJ) down 2.12% and 2.36% respectively.

But amidst the sea of red, the S&P/ASX Health Care (INDEXASX: XHJ) is standing tall, up 2.06%.

Encouragingly, the resilient healthcare index is experiencing broad buying across the board, from heavyweight CSL Ltd (ASX: CSL) to Ansell Ltd (ASX: ANN).

Top performing ASX 200 healthcare shares today

CSL

The CSL share price has emerged as one of the best performing ASX 200 healthcare shares on Monday, lifting 2.49% to $284.63.

Unfortunately, CSL shares have struggled in the past month, losing 9% before today’s rally.

Adding further insult to injury could be this broker downgrade, with Credit Suisse flagging potential margin weakness due to challenging plasma collection conditions.

Sonic Healthcare Ltd (ASX: SHL)

The Sonic Healthcare share price is another ASX 200 healthcare winner on Monday.

Shares in the medical diagnostic services company are rallying towards record territory, currently 1.37% higher to $39.62.

Sonic Healthcare has played an active role in the nation’s COVID-19 testing, performing more than 18 million tests across 60 Sonic laboratories globally, according to its half-year results.

Resmed CDI (ASX: RMD)

The Resmed share price has gone from strength to strength after a stellar performance in June.

Resmed surged in mid-June following news that a competitor had to issue a major product recall for a number of its ventilator devices.

Resmed shares have added another 2.36% on Monday to $34.49, possibly looking at another record close.

The company announced the release of its fourth quarter results will be on Thursday, 5 August.

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

Fisher & Paykel is another player in the respiratory device space that’s pushing higher today.

At the time of writing, Fisher & Paykel shares are up 1.57% to $29.17.

Despite a small win today, Fisher & Paykel shares have struggled to find headway in 2021, down 5.53% year-to-date.

Alongside its underperformance, a broker note out of UBS flagged the company’s earnings could be under pressure as a result of reduced COVID-19 hospitalisation rates.

The post These ASX 200 healthcare shares are holding up in today’s sea of red appeared first on The Motley Fool Australia.

More reading

• Why is the Temple & Webster (ASX:TPW) share price up over 3% today?
• Why CSL, Humm, IntelliHR, & Vulcan shares are pushing higher
• Brokers using the lockdown to upgrade earnings forecasts on these ASX 200 shares
• The CSL (ASX:CSL) share price is down 9% in a month, here’s why
• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher

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. owns shares of and has recommended CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. and Sonic Healthcare 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 Douugh Ltd (ASX: DOU) share price is on fire today. At the time of writing, Douugh shares are up a very healthy 5.26% to 10 cents a share. That comes as the broader ASX share market is experiencing a pretty nasty sell off, with the S&P/ASX 200 Index (ASX: XJO) currently down 0.85% to 7,286 points.

So why are Douugh shares bucking this trend? Well, it might have something to do with the ASX announcement the company made to the markets this morning.

Douugh rising

This announcement revealed that Douugh is launching its finance app for US residents who use the Android platform. The company tells us that this move will expand its market footprint to “an additional 46% of mobile users”. That’s based on research Douugh included that found Android now accounts for 45.99% of all mobile operating systems in the USA.

It has also been revealed that Douugh’s app has undergone “an extensive refresh and simplification of the architecture and user interface to improve overall usability and increase customer engagement”.

Further, Douugh also tells us that it “is now weeks away” from the launch of its robo-advisor wealth management product. This will reportedly be launched alongside the recently-announced MoneyPass ATM network. This will be “monetised” through a monthly “financial fitness membership fee”. Douugh tells us that “this will be the point in which [Douugh]  accelerates its customer acquisition run rate”.

Here’s some of what Douugh founder and CEO Andy Taylor had to say on all of these developments:

Following extensive market testing with our foundational user base, we are delighted to announce the launch of our Android app. We are now in a position to retarget the mass market and optimise our media channels to increase acquisition, and further reduce our CAC [Customer Acquisition Cost]…

We remain on track to aggressively turn up customer acquisition once this occurs… This has meant we have been able to significantly reduce the cash burn rate in the short term.

The Douugh Wealth offering will allow us to fully to deliver on our brand promise… and validate the revenue opportunity with the introduction of a monthly financial fitness membership fee which will underpin our international expansion.

About the Douugh share price

The Douugh share price has been an interesting one to watch since its IPO last year.

The company has had a shaky 2021 so far, and remains down more than 41% year to date, even after today’s move. It’s also down around 80% from its 52-week high of 49 cents a share. However, it is also still up almost 43% since its ASX debut back in October 2020.

On the current share price, Douugh has a market capitalisation of $34.87 million.

The post Why is the Douugh (ASX:DOU) share price up 5% on Monday? appeared first on The Motley Fool Australia.

More reading

• 5 US shares investors will be watching on earnings this week
• Oil Search (ASX:OSH) share price slides on shock leadership change
• Leading brokers name 3 ASX shares to buy today
• The Chalice Mining (ASX:CHN) share price is falling 8% today
• Altium (ASX:ALU) share price bounces back after responding to media speculation

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

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On Monday the S&P/ASX 200 Index (ASX: XJO) is showing some weakness. The question is, will it be red or green for these five US shares as they release their earnings to the market this week?

Will these US-listed shares be able to deliver the goods? Here’s a quick look.

US shares reporting earnings this week

International Business Machines Corp (NYSE: IBM)

International Business Machines Corp (IBM) is set to report its second quarter earnings after market close on Monday (American time).

The company is a global technology company that provides hardware, software, cloud-based services, and quantum computing. IBM has been on an acquisition spree, buying companies like BoxBoat Technologies and Red Hat Inc to expand its business.

Analysts are forecasting the company to report revenue of $18.3 billion. This would represent an increase of 3% on the prior corresponding period. Shares in the US company have gained 12.1% year-to-date (YTD) – currently at US$138.90.

Netflix Inc (NASDAQ: NFLX)

Video streaming giant Netflix will report its earnings after the US share market closes on Tuesday.

Investors are especially interested to see if Netflix can continue to grow as it faces competition from streaming services like Disney Plus, Hulu, Amazon Prime Video, HBO Now, and others. With so many options for entertainment at our fingertips these days, investors want to know if Netflix has what it takes to remain a leader in the industry.

Last quarter, the company remained adamant that weakness in user growth was the fault of temporary challenges and not competition. Shares in this US stock are trading 1.4% higher YTD.

Johnson & Johnson (NYSE: JNJ)

Next on the list is American health care and pharmaceutical manufacturer Johnson & Johnson. The 135-year-old company is slated to report its quarterly results before the US share market opens on Wednesday.

Analysts at Wells Fargo are forecasting $22.7 billion in total sales for the quarter. On the other hand, the consensus estimate is at $22.5 billion. It will be interesting to see if the company’s COVID-19 vaccine rollout has had any impact – with Johnson & Johnson intending to sell its vaccines at cost.

At the time of writing, shares in the US multinational giant are 7.4% higher YTD – fetching US$168.1.

Snap Inc (NYSE: SNAP)

The parent company of social media app Snapchat is set to release earnings after market close on Thursday. Shareholders will be waiting with bated breath for the company’s performance.

The messenger app has continued to enjoy a rise in popularity over the past year. Furthermore, the last quarter saw daily active users increase 22% from the prior year to 280 million. According to Yahoo Finance, the average estimate for revenue for this quarter is US$845 million. This would represent an increase of 92.5% on the prior corresponding period.

Shares in the US messenger company have surged 19.6% YTD. As a result, Snap has outperformed the S&P 500 index by ~2.7%.

Twitter Inc (NYSE: TWTR)

Finally, Twitter is expected to release its quarterly earnings after the US share market close on Thursday. Shareholders will be looking to see how engagement has tracked on the social platform as the world adapts to the ‘new normal’.

After revealing plans to nearly double revenue to US$7.5 billion by 2023, this quarter’s result could make or break investors’ belief in such a target. Additionally, the company has been struggling to effectively monetise its platform, resulting in substantial losses on the bottom line over the last 2 years.

Despite the uncertainty, shares in this US social networking company are up 21.8% YTD. At the time of writing, Twitter shares are going for US$66.41 apiece.

The post 5 US shares investors will be watching on earnings this week appeared first on The Motley Fool Australia.

More reading

• 3 great reasons to buy Netflix
• Worried about another crash? Buy Netflix
• Will Johnson & Johnson be a trillion-dollar stock by 2030?
• FANG+ ETF (ASX:FANG) tumbles 10% on ex-dividend day
• Netflix subscriber growth will pick up in the second half

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. owns shares of and has recommended Netflix and Twitter. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Johnson & Johnson. The Motley Fool Australia has recommended Netflix. 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 Oil Search Ltd (ASX: OSH) share price is heading south today following the immediate departure of the company’s managing director.

At the time of writing, the energy producer’s shares are down 4.39% to $3.70.

What happened?

Investors are heading for the hills, selling Oil Search shares after the company released its latest statement to the ASX.

According to the announcement, Oil Search advised that its managing director, Dr Keiran Wulff has resigned with immediate effect. The sudden departure comes as Dr Wulff has reportedly been suffering from a long-term health condition, which has recently deteriorated.

However, the most concerning aspect of the release appeared to be that there were concerns about Dr Wulff’s behaviour. Apparently, the company’s managing director behaved in a manner that was not consistent with the standards expected by the board. In particular, this is in relation to Dr Wulff’s management style as reported by management.

Having served as managing director since February 2020, Dr Wulff will be replaced by chief financial officer Peter Fredricson. A veteran energy sector resource executive, Mr Fredricson will assume the acting CEO role effective immediately.

The company will begin a search for a permanent managing director/CEO in the near future, considering both internal and external candidates.

Oil Search chair, Rick Lee said that he “looked forward to working with Mr Fredricson to ensure that production projects in Papua New Guinea and development initiatives in both PNG and Alaska remained on track and on budget.”

The company is currently planning to expand liquefied natural gas (LNG) operations in Papua New Guinea. In addition, Oil Search is hoping to sell a slice of its US$3 billion oil project in Alaska.

Mr Lee also commented on the company’s headwinds, and recovery efforts, adding:

This period has been marked by extreme challenges including global lockdowns associated with the COVID-19 pandemic, a plunge in oil prices, crisis measures to protect the Company’s financial position and developing a clear strategy to steer a path to a sustainable future through the energy transition.

It is a tribute to all staff that Oil Search is now in a solid position with record levels of production in PNG, a strengthened balance sheet and our Alaskan development plans meeting milestone targets.

About the Oil Search share price

Over the past year, Oil Search shares have gained more than 20%, reflecting overall positive investor sentiment within the industry. The energy sector is up around 8% since this time last year.

Oil Search shares command a market capitalisation of roughly $7.7 billion, with approximately 2 billion shares on its books.

The post Oil Search (ASX:OSH) share price slides on shock leadership change appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Altium sinks, Oil Search CEO resigns
• ASX energy shares in focus as OPEC+ strikes deal to lift oil production
• 5 things to watch on the ASX 200 on Thursday
• How new US oil forecasts could impact ASX energy shares
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Aaron Teboneras 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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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

BlueBet Holdings Ltd (ASX: BBT)

According to a note out of Ord Minnett, its analysts have initiated coverage on this sports betting company’s shares with a buy rating and $2.08 price target. The broker believes that BlueBet is well-positioned for growth thanks to the shift online for sports betting and its expansion into the massive United States market. The BlueBet share price is trading at $1.90 on Monday afternoon.

Link Administration Holdings Ltd (ASX: LNK)

A note out of Morgans reveals that its analysts have upgraded this administration services company’s shares to an add rating with a $5.53 price target. This follows a review of its ratings in the financials sector. The broker upgraded Link’s shares on the belief that it is well-placed for earnings growth thanks to the global economic recovery. So much so, it believes FY 2021 is the bottom of the cycle for its earnings. In addition to this, it notes that its balance sheet is stronger following the PEXA IPO. The Link share price is fetching $4.79 today.

National Australia Bank Ltd (ASX: NAB)

Analysts at Credit Suisse have retained their outperform rating and $27.50 price target on this banking giant’s shares. According to the note, the broker suspects that recent lockdowns may mean the big four banks postpone capital management plans. Nevertheless, the broker believes NAB and its peers are well-placed to accommodate a deterioration in asset quality. In light of this, it is sticking with its outperform rating. It is also forecasting dividends per share of $1.26 in FY 2021 and then $1.33 in FY 2022. The NAB share price is trading at $25.63 on Monday.

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

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• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher
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• NAB (ASX:NAB) share price slides as potential Forum fraud deepens
• How has the Afterpay (ASX:APT) share price responded to competition in the past?

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 Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration Holdings 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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Shares in Chalice Mining Ltd (ASX: CHN) are falling today, despite the company releasing no news. The Chalice Mining share price is currently 8.18% lower than its previous close. Shares in the company are swapping hands for $6.85.

Today’s fall comes one week after the former gold miner turned nickel, copper, and platinum group minerals producer announced it was demerging its gold assets.

Let’s take a look at Chalice Mining’s most recent announcement.

The latest from Chalice Mining

Last Monday, Chalice Mining announced it will be demerging its gold assets into a new ASX-listed company.

The soon-to-be company will own Chalice Mining’s Pyramid Hill Gold Project and its 70% interest in the Viking Project.

Chalice Mining also announced assay results from Pyramid Hill, potentially exciting market watchers who were already planning to get in on Chalice’s spin off’s Initial Public Offering (IPO).

While the Chalice Mining share price flopped during intraday trade last Monday, it recovered to end the session 1.09% higher than the previous session.

However, for no obvious reason, it fell 2.49% on Friday and has plummeted again today.

The demerger is conditional upon shareholder and regulatory approval.

Chalice Mining share price snapshot

Despite slipping the last few days, the Chalice Mining share price is well and truly in the green.

Right now, it has gained 75% since the start of 2021. It has also gained a mammoth 549% since this time last year.

The company has a market capitalisation of around $2.3 billion, with approximately 346 million shares outstanding.

The post The Chalice Mining (ASX:CHN) share price is falling 8% today appeared first on The Motley Fool Australia.

More reading

• The 5 best ASX shares of FY21 revealed
• Chalice Mining (ASX:CHN) share price flops on demerger of gold assets
• Why a2 Milk, Chalice Mining, IDP Education, & Imugene are charging higher
• Here are the 5 best performing ASX All Ords shares from FY21
• Chalice (ASX:CHN) share price gaining on high-grade assay results

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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The Altium Limited (ASX: ALU) share price has certainly had an eventful day on Monday.

After being down as much as 14% to $31.47 at one stage this morning, the electronic design software provider’s shares have recovered almost completely.

In afternoon trade, the Altium share price is down just 1.5% to $35.96.

Why is the Altium share price so volatile today?

Investors were selling down the Altium share price this morning amid media reports claiming that the company had rejected a second takeover approach from Autodesk.

The reports claimed that the US software giant returned with an improved offer of $40.00 per share, which was promptly rejected. This compares to Autodesk’s June offer of $38.50 per share, which was rejected by the Altium board on the belief that it significantly undervalued the company’s prospects.

One of the reports suggested that the second rejection could be the final straw for the US based software and that it would be withdrawing its interest. This is what sparked the sizeable decline in the Altium share price this morning.

The rebound

However, these reports turned out to be incorrect, leading to a sharp rebound in the Altium share price after it returned from a paused in trading late this morning.

Altium responded to the speculation, stating that Autodesk had not returned with a better offer.

The company released a statement saying: “In response to media speculation today, Altium Limited advises that it has not received any further offer from Autodesk. All details relating to the Autodesk offer have been disclosed by the Company in its ASX announcement released to the market on 7 June 2021.”

Judging by the rebound in Altium’s shares, some investors appear to believe this means there is still a chance that Autodesk could return with a greater offer in the future.

Though, given that the Altium board previously said that Autodesk’s $38.50 per share offer “significantly” undervalued its prospects, it may need to be higher than the one speculated today.

The post Altium (ASX:ALU) share price bounces back after responding to media speculation appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Altium sinks, Oil Search CEO resigns
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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. owns shares of and has recommended Altium. The Motley Fool Australia owns shares of and has recommended Altium. 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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