The S&P/ASX 200 Index (ASX: XJO) has kicked off this Tuesday on the wrong foot. The ASX 200 is currently down 0.14% at the time of writing to 7,518 points. But one ASX 200 blue chip share is faring far worse today.

That would be BHP Group Ltd (ASX: BHP). BHP shares are presently sitting at $41.78 a share, down 0.97% for the day so far.

But this is only the latest chapter in what has been a very tough few weeks for BHP shareholders. It was only a month or so ago that BHP shares were at their new all-time high of $54.55 a share.

On today’s pricing, the miner is now down more than 23% from those highs. It’s also down around 8% over the past trading week alone.

Now, much of these losses can be attributed to BHP going ex-dividend for its final dividend payment last Thursday. Back in earnings season, BHP announced the largest single dividend in its history – a final, fully franked, dividend of US$2 per share. Taking this out of the BHP share price is obviously going to cause a dent, which we duly saw last week.

But today’s slump has nothing to do with this.

So what’s behind the weakness on BHP shares this Tuesday?

Iron ore pricing slump whacks BHP share price

Well, it’s important to note that it’s not just BHP feeling the market blues today. Fellow iron digger Rio Tinto Limited (ASX: RIO) has also taken a hit. Rio shares are currently down 1.08% to $109.50. Spare a thought for shareholders of Fortescue Metals Group Limited (ASX: FMG) today too. Fortescue shares are down a far nastier 3.07% so far today to $18.00 a share.

So what’s going on with BHP and the others here? Well, a sector-wide sell off like this usually indicates some sector-wide problem. And, as my Fool colleague James outlined this morning, we certainly just saw one. The iron ore price  slumped a nasty 9.3% overnight.

It’s currently sitting at just US$134 a tonne, well below the prices of US$200-plus that we saw only a month or two ago. As we reported on earlier, this seems to be related to the decision from the Chinese Communist Party taking a “stricter stance against steelmakers on steel production curbs and the start of sintering restrictions”.

Now that prices are falling and miners like BHP have gone ex-dividend from their most recent record payouts, it seems many investors are hightailing it out of this corner of the market. This is probably why we are seeing significant selling pressure for BHP and other iron ore miners today on the ASX boards.

At the current BHP share price, the Big Australian has a market capitalisation of $124.47 billion, a price-to-earnings (P/E) ratio of 13.8 and a trailing dividend yield of 9.8%.

The post Why the BHP (ASX:BHP) share price is slumping 1% today appeared first on The Motley Fool Australia.

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• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• Transurban (ASX:TCL) share price could get boost from WestConnex rumour
• Why BHP, Fortescue, & Rio Tinto shares could tumble today
• How does the BHP (ASX:BHP) dividend compare to its sector?
• 5 things to watch on the ASX 200 on Tuesday

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has bounced back from its intraday lows but is still in the red. At the time of writing, the benchmark index is down 0.15% to 7,517 points.

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

Appen Ltd (ASX: APX)

The Appen share price has fallen almost 4.5% to $10.53. This decline appears to have been driven by profit taking after a strong gain in recent sessions. Prior to today, this artificial intelligence data services company’s shares were up almost 10% since the start of September.

BlueScope Steel Limited (ASX: BSL)

The BlueScope share price is down 1.5% to $23.46. The catalyst for this decline has been the steel producer’s shares trading ex-dividend this morning for its 44 cents per share final dividend. Eligible shareholders can now look forward to receiving this dividend in just over a month on 13 October.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price has dropped 3% to $18.00. This follows a sizeable decline in the iron ore price overnight. According to Metal Bulletin, the benchmark iron ore price fell 9.3% to US$131.50 a tonne. This was in response to Chinese authorities taking a stricter stance against steelmakers on steel production curbs and the start of sintering restrictions.

Marley Spoon AG (ASX: MMM)

The Marley Spoon share price is down 9% to $1.84. Investors have been selling the meal kit delivery company’s shares after Woolworths Group Ltd (ASX: WOW) revealed that it has sold its stake in the company. According to the release, the retail conglomerate has sold 28,026,000 Chess Depository Interests (CDIs) via an underwritten block trade. This represents a 9.87% stake in the company. Woolworths agreed to sell its interest for $1.91 per CDI, which equates to a discount of 5.9%.

The post Why Appen, BlueScope, Fortescue, & Marley Spoon shares are dropping appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• The Lynas Rare Earths (ASX:LYC) share price is soaring 4% on Tuesday
• Fortescue’s big fall, job ad numbers disappoint and rates in focus. Scott Phillips on Nine’s Late News
• Marley Spoon (ASX:MMM) share price sinks 8% after Woolworths sells its stake
• Why BHP, Fortescue, & Rio Tinto shares could tumble today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Appen Ltd and Marley Spoon AG. The Motley Fool Australia owns shares of and has recommended Appen Ltd and Marley Spoon AG. 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 Identitii Ltd (ASX: ID8) share price has been a major performer on the Australian broad indices over the last few weeks.

Whereas the S&P/ASX 200 Index (ASX: XJO) has slipped 0.6% into the red over the last month, Identitii shares have soared 182%.

Let’s investigate further.

Quick refresher on Identitii

Identitii is in the business of developing and licensing enterprise software for regulated companies. It derives the bulk of its revenue from the US but has a footprint in Australasia.

Its flagship product – the Overlay+ platform – helps to reduce regulatory risk without major upgrades to technology systems.

At the time of writing, Identitii has a market capitalisation of approximately $33.5 million.

What tailwinds are behind the Identitii share price?

The Idenditii share price has made its major move upwards from the end of August. Prior to this, it was actually trading down and had dropped 13% since the beginning of July.

However, Identitii shares have been on the move since the company made two major announcements.

Identitii share price: major uptick since the end of August

Source: The Motley Fool

First was an announcement that the company had been granted a patent on its intellectual property (IP) in the US.

The patent was actually granted in April 2021. However, the company only confirmed the news at the end of August. Identitii also filed “additional claims” regarding its IP in the US in August, as per the release.

Next was the company’s FY21 earnings release which came a day after the patent announcement.

In its report, the company recognised a 45% year on year increase in revenue to $1.4 million. Folding “grant revenue” into the equation, Identitii increased turnover to $2.7 million.

Operating costs for the year also came in 6% lower than FY20 at $8.6 million. As a result, the net loss for the year improved by 18% to $5.8 million.

The company also advised that it intends to launch its new Software as a Service (SaaS) platform in FY22. Idenditii has also signed additional licences for AUSTRAC reporting with payments service Novatti Group Ltd (ASX: NOV) that will take effect in FY22.

Finally, the company reported that investment banking giant Citibank signed a letter of intent with the company to potentially licence its Overlay+ platform for AUSTRAC reporting standards.

The Identitii share price has soared near its 52-week high since these announcements. From 20 August to date, Identitii shares have climbed 350%. That means the majority of the gains Identitii shareholders have enjoyed over the last month have arisen in the last 2-3 weeks.

Identitii share price snapshot

Identiti shares are now exchanging hands at 22 cents apiece, a 4.35% drop from the opening of trade on Tuesday. Earlier in the day, the share price reached 26.5 cents.

The Identitii share price has posted a year to date return of 37%. Despite this strength, Identitii shares have remained relatively flat over the past 12 months.

As such, the Identiti share price has lagged the broad index’s return of around 25% over the past year.

The post Why the Identitii (ASX:ID8) share price has surged 180% in a month appeared first on The Motley Fool Australia.

More reading

• Whitehaven Coal (ASX:WHC) share price hits 52-week highs. Here’s why
• Why AnteoTech, BlueBet, Flight Centre, & Mosaic Brands are racing higher
• Apple’s making a big change to the App Store; Here’s what investors need to know
• Which ASX 300 shares are making the biggest moves on Tuesday?
• Medical Developments (ASX:MVP) share price hits new 52 week low

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

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The Whitehaven Coal Ltd (ASX: WHC) share price is up 3.5% at the time of writing. That puts the coal miner’s shares at 52-week highs.

In fact, you’d need to go back to 29 November 2019 to find the Whitehaven share price above the current $2.97.

Clearly, ASX investors aren’t concerned about the United Nation’s latest proposal to phase out all Australian coal production within 10 years.

What’s driving the run to 52-week highs?

The Whitehaven Coal share price has enjoyed a healthy tailwind over the past calendar year from rising coal prices.

Premium hard coking coal prices in China, the world’s biggest coal consumer, surged again this month, up US$9.18 per tonne to reach US$431.03 per tonne.

The ASX coal producer also received a big boost in May, when it won a legal battle against Environment Minister Susan Ley. Ley had been attempting to block approval for Whitehaven’s Vickery Extension Project, which will expand the company’s Vickery Coal Project.

That project has the potential to produce some 10 million tonnes of mostly coking coal per year. The high-quality coal produces lower levels of CO2 emissions than lower thermal varieties.

The Whitehaven Coal share price also kept charging higher following the release of some mixed results for FY21. Shares are up 27% since the company released those results on 26 August.

Despite revenue and profits falling year-on-year, investors picked up on the one-off asset impairment related $650 million of significant expenses dragging on the overall numbers.

Whitehaven’s CEO Paul Flynn also offered this positive outlook with the release of the company’s FY21 results:

Today, the outlook is better than we have seen for some time, with the strong price environment putting us on an accelerated timeline to de-leveraging the balance sheet and returning cash to shareholders.

Whitehaven Coal share price snapshot

Now at 52-week highs, Whitehaven shares are up 248% since this time last year. By comparison, the S&P/ASX 200 Index (ASX: XJO) is up 26% over 12 months.

Whitehaven Coal pays a 0.8% dividend yield, unfranked.

The post Whitehaven Coal (ASX:WHC) share price hits 52-week highs. Here’s why appeared first on The Motley Fool Australia.

More reading

• ASX 200 energy shares in firing line of United Nations’ climate action
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• 2 ASX shares you missed that had cracking results
• These were the best performing ASX 200 shares last week
• Here are the 3 most traded ASX 200 shares on Thursday

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

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.4% to 7,500.6 points.

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

AnteoTech Ltd (ASX: ADO)

The Anteotech share price is up a further 22% to 22 cents. Investors have been buying this surface chemistry company’s shares this week after it announced the signing of a distribution agreement in Turkey with Pera Medikal Anonim Sirketi. This deal is for the distribution of the EuGeni Reader platform and SARS-CoV-2 Antigen Rapid Diagnostic Test (RDT) in the country.

BlueBet Holdings Ltd (ASX: BBT)

The BlueBet share price has rebounded and is up 11% to $2.15. Investors have been buying the sports betting company’s shares after analysts Morgans held firm with their add rating despite BlueBet missing out of a sports betting licence in the US state of Virginia. According to the note, the broker has retained its add rating with a reduced price target of $2.57. While disappointing, the broker remains positive on its prospects in US.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up over 5% to $18.43. This follows news that the travel agent’s shares have been upgraded by analysts at Credit Suisse this morning. According to the note, the broker has upgraded the company’s shares to an outperform rating with an improved price target of $19.00. Credit Suisse made the move partly in response to the positive progress being made with the vaccine rollout.

Mosaic Brands Ltd (ASX: MOZ)

The Mosaic Brands share price has jumped 14% to 62 cents. This morning the retailer revealed an underwritten $32 million capital raising that will secure its future. Mosaic Brands notes that this will provide the business with additional balance sheet support until COVID-19 related lockdown measures are eased and stores re-open for trade.

The post Why AnteoTech, BlueBet, Flight Centre, & Mosaic Brands are racing higher appeared first on The Motley Fool Australia.

More reading

• Which ASX 300 shares are making the biggest moves on Tuesday?
• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• Flight Centre (ASX:FLT) share price storms 6% higher on broker upgrade
• Why the Mosaic Brands (ASX:MOZ) share price is shooting 16% higher
• These are the 10 most shorted ASX shares

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 BlueBet Holdings Ltd and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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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.

Apple‘s (NASDAQ: AAPL) App Store has been under pressure to make some changes around payments, and it’s finally giving some apps a break. Starting next year, Apple will allow what it calls “reader” apps like Netflix and Spotify to bypass Apple’s payment system and direct users to their own websites for payment.

The move was prompted by a ruling from the Japan Fair Trade Commission, but it’ll apply worldwide. It also follows a new South Korean law passed in August requiring Apple to offer alternative payment options in the App Store.

Here’s how the change will impact Apple investors.

Small source of revenue, big profits

The App Store generated less than $20 billion in net revenue for Apple in 2020. The company takes a maximum 30% commission on App Store purchases, which totaled $64 billion worldwide last year.

In total, App Store sales account for less than 7% of Apple’s total revenue. However, the operating profit margin on the business is extraordinarily high. It was 78% in 2019, and that number’s only expanding as the business scales, according to testimony and documents provided in Epic Games’ lawsuit against Apple. For comparison, Apple’s overall operating profit margin in 2020 was 24%.

While the App Store counts for a single-digit percentage of revenue, it may account for over 20% of Apple’s total operating income. So, investors need to pay close attention to how any changes to its policies will impact the business.

What exactly is changing

Starting in early 2022, Apple will allow “reader” apps to direct users to their own website to sign up for a subscription instead of requiring users to subscribe in-app. Apple defines reader apps as those that “provide previously purchased content or content subscriptions for digital magazines, newspapers, books, audio, music, and video.”

What’s notable is that subscriptions have become a growing business within the App Store. As of the end of the third quarter, Apple counted more than 700 million paid subscriptions across all of its services, which also includes Apple’s first-party services like Apple Music and iCloud. That’s up 150 million from the same time last year, CFO Luca Maestri said on Apple’s third-quarter earnings call.

But, it’s unlikely anything is going to happen to those subscriptions. Apple will continue to collect a monthly commission on existing subscriptions.

Furthermore, the impact on subscription revenue going forward could be muted as well. The biggest subscription services, like Netflix and Spotify, currently don’t allow users to sign up directly in their iOS apps. Now, at least, they’ll be able to direct new users who approach them through their iOS apps to sign up on their websites.

While subscriptions account for a significant portion of App Store sales, the change probably won’t have a drastic impact on revenue growth.

So, what’s the big deal?

Apple’s decision to extend the Japanese Commission’s ruling globally is something of a pre-emptive strike. Apple is under increasing regulatory pressure in the U.S. with regard to its App Store policies. By making a move in favor of developers without having a big impact on its growth, Apple may be able to ease some of that pressure.

In other words, Apple would rather decide on the concessions it makes to developers instead of letting lawmakers and regulators decide, as they have in Japan and South Korea. If Apple can appease governments and courts, it can minimize the negative impact on its business.

In that light, Apple’s decision to let reader apps bypass its in-app payment system is a positive move for the shareholders of the FAANG stock, even if it means Apple forgoing a little bit of revenue. 

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

The post Apple’s making a big change to the App Store; Here’s what investors need to know appeared first on The Motley Fool Australia.

More reading

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• Why Apple stock jumped to a new all-time high on Monday
• Commonwealth (ASX:CBA) share price lifts despite Apple crying foul
• Here are Warren Buffett’s biggest stock picks
• Why CBA (ASX:CBA) is backing the RBA in push for payment reforms

Adam Levy owns shares of Apple and Netflix. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Apple, Netflix, and Spotify Technology. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Apple and Netflix. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

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The S&P/ASX 300 Index (ASX: XKO) is in reverse in afternoon trade today. At the time of writing, the ASX 300 is down 0.32% to 7,508 points.

Let’s take a look at which ASX companies are leading the charge today.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price accelerated 6% to a 5-month high of $18.55 in morning trade. At the time of writing it has fallen slightly to $18.40, still a gain of 5.14%.

The rise comes despite no news out of the travel agent since its positive market release last week.

A possible catalyst for the strong rise in the company’s shares could be Australia’s accelerated vaccination program.

Current estimates indicate that in a little over two months, Australia will have 70% of its citizens fully vaccinated. This will allow state governments to relax harsh restrictions, and reopen the economy.

Imugene Limited (ASX: IMU)

The Imugene share price is surging by 5.50% to 42 cents despite no news coming from the clinical-stage immuno-oncology company.

It appears investors are taking advantage of Imugene shares, following the inclusion to the ASX Index. This is set to occur officially prior to the market open on September 20.

Chalice Mining Ltd (ASX: CHN)

Another big mover on the ASX 300 is the Chalice share price, up 5.48% to $7.32.

The gold explorer has been on the move this week due to the rising spot price of gold. Demand for the yellow metal has soared since 2 September to hit US$1,826 per ounce.

And the biggest fallers for the day?

Johns Lyng Group Ltd (ASX: JLG)

The worst performer on the ASX 300 today is the Johns Lyng share price, down 5.53% to $5.81.

After the building services group’s shares gained almost 12% since 27 August, some investors have taken profit off the table.

Over the past 12 months, Johns Lyng shares are up more than 120%, and more than 80% year to date.

Centuria Office REIT (ASX: COF)

Lastly, the Centuria Office REIT share price is also heading lower on Tuesday, declining 5.21% to $2.455.

The property company announced the successful completion of its institutional entitlement offer, raising $129 million.

A further $72 million is expected to be raised in a retail entitlement offer, opening next Monday to eligible shareholders.

The post Which ASX 300 shares are making the biggest moves on Tuesday? appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• Flight Centre (ASX:FLT) share price storms 6% higher on broker upgrade
• These are the 10 most shorted ASX shares
• Which ASX shares are leading the way on the ASX 300?
• Which ASX shares are set to finish the week as the top movers on the ASX 300?

Motley Fool contributor Aaron Teboneras 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. 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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There are a group of ASX shares that brokers really like. The fact that so many analysts like these stocks could mean they are an opportunity.

These businesses are supposedly at good value and may be able to produce good returns over the next 12 months according to multiple brokers.

However, there is a chance that all of the brokers are wrong at the same time.

Here are two of those ideas:

Alliance Aviation Services Ltd (ASX: AQZ)

Alliance describes itself as Australasia’s leading provider of contract, charter and allied aviation and maintenance services.

Its clients come from industries like mining, energy, tourism and government sectors. The business is planning to have more capacity in the coming years. It has 25 additional E190s scheduled to be added to the fleet by the middle of 2022. The expansionary capital expenditure is $176 million which will result in an increase of up to three times annualised flight hours by the end of FY22.

Total flying hours for the year were stable at 37,913 hours and revenue increased 3% to $308.7 million. However, profitability increased over the year. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 15% to $90.5 million and underlying profit before tax increased 25% to $51 million.

The ASX share’s management said that it has a positive outlook for FY22 with organic growth opportunities geographically and across the majority of revenue streams. Resource and energy sector services are expected to increase organically across the network during the year and will benefit from the capacity that five additional Fokker aircraft will bring.

It also said that it will continue to focus on cost management during the year, ensuring profit margins are maintained or increased where possible.

It’s currently rated as a buy by at least three brokers, including Morgans which has a price target of Alliance of $5.10.

IOOF Holdings Limited (ASX: IFL)

IOOF is another ASX share that’s well liked. Currently there are at least four brokers that like it, including Credit Suisse which has a price target on the business of $5.20.

The broker is attracted to the fact that IOOF is now a lot bigger with its acquisitions, including MLC from National Australia Bank Ltd (ASX: NAB). Synergies from these acquisitions could help with earnings growth over the next couple of years.

IOOF generated $147.8 million of underlying net profit after tax from continuing operations in FY21. This was an increase of 19%.

The board decided to pay a FY21 annual dividend of $0.23 per share, which included 5.5 cents per share of special dividends. The ordinary dividend of 17.5 cents per share translates to a trailing grossed-up dividend yield of 5.4%.

In FY22, IOOF is expecting to deliver annualised run-rate synergies of between $80 million to $100 million. It’s also expecting substantial improvement in financial performance of the advice business by leveraging technology and capabilities across the advice business and increasing revenue and cost efficiencies.

In the longer-term, the ASX share’s management said that it “continues to see significant opportunities through expanding its addressable market and changing demographics”. The business is aiming for growth of earnings and dividends.

The post 2 ASX shares rated as strong buys by brokers appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Tuesday
• IOOF (ASX:IFL) share price jumps as profit surges 19%
• Move over Qantas (ASX:QAN). This ASX airline share is profiting during COVID

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 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 Medical Developments International Ltd (ASX: MVP) share price has fallen to a new 52-week low today.

The company hasn’t released any news for nearly a fortnight. However, the last time the market heard from Medical Developments, it shared dire news.

Right now, the Medical Developments share price is $3.25, 2.99% lower than its previous close. It marks a new 12-month record low.

Additionally, Medical Developments was dropped from the S&P/ASX 300 Index (ASX: XKO) on Monday night.

Let’s take a closer look at the latest from the specialised healthcare company.

Medical Developments struggles on the ASX

The last 2 weeks have been tough for the Medical Developments share price.

First off, the company released its earnings for financial year 2021 (FY21), sending its stock plummeting.

Medical Developments reported it had ended FY21 with a $12.6 million loss. For comparison, it reported a net profit after tax of $379,000 for FY20.

However, the company’s revenue increased by 12.1% to 25.6 million in FY21.

Medical Developments also provided a promising outlook for FY22, stating it’s looking forward to seeing strong sales growth for the year ending 30 June 2022.

Since the company released its FY21 results, Medical Development’s shares have fallen 18.6%.

More recently, the company was dropped from S&P Dow Jones Indices’ S&P/ASX 300 Index after Monday’s close.

Following the company’s removal from the index, Medical Developments’ stock fell by 3% on Tuesday.

Medical Developments share price snapshot

Today’s fall included, the Medical Developments share price has dropped more than half its value in 2021.

It is currently 51% lower than it was at the start of this year. It is also 41% lower than it was this time last year.

The company has a market capitalisation of around $233 million.

The post Medical Developments (ASX:MVP) share price hits new 52 week low appeared first on The Motley Fool Australia.

More reading

• Medical Developments (ASX:MVP) share price falls on $13 million loss

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 Medical Developments International Limited. The Motley Fool Australia owns shares of and has recommended Medical Developments International 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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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.45% to 7,493.5 points.

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

Iron ore price tumbles

BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) shares are under pressure on Tuesday and weighing heavily on the ASX 200. This has been driven by a sizeable decline in the iron ore price overnight. According to Metal Bulletin, the benchmark iron ore price fell US$13.55 a tonne or 9.3% to US$131.50 a tonne. This follows Chinese authorities taking a stricter stance against steelmakers on steel production curbs and the start of sintering restrictions.

Flight Centre shares storm higher

The Flight Centre Travel Group Ltd (ASX: FLT) share price is storming higher today after being upgraded by analysts at Credit Suisse this morning. According to the note, the broker has upgraded the company’s shares to an outperform rating with an improved price target of $19.00. It made the move partly in response to the positive progress being made with the vaccine rollout.

Telstra rated as a buy

The Telstra Corporation Ltd (ASX: TLS) share price is trading lower today despite being the subject of a bullish broker note. According to the note out of Ord Minnett, its analysts have retained their buy rating and $4.50 price target on the telco giant’s shares. It believes the company is reaching an inflection point now that its mobile average revenue per user metric is rising and the NBN rollout is reaching an end.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Flight Centre share price with a 6% gain. This follows the aforementioned broker note out of Credit Suisse. Going the other way, the worst performer on the ASX 200 has been the Appen Ltd (ASX: APX) share price with a 4% decline. This appears to have been driven by profit taking after a strong gain in recent sessions.

The post ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher appeared first on The Motley Fool Australia.

More reading

• The Lynas Rare Earths (ASX:LYC) share price is soaring 4% on Tuesday
• Flight Centre (ASX:FLT) share price storms 6% higher on broker upgrade
• Telstra (ASX:TLS) share price struggles amid possible union action
• Fortescue’s big fall, job ad numbers disappoint and rates in focus. Scott Phillips on Nine’s Late News
• Transurban (ASX:TCL) share price could get boost from WestConnex rumour

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 Appen Ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd and Telstra Corporation Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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