At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of US markets and is having a subdued day. The benchmark index is currently flat at 7,092.5 points.

Here’s what is happening on the market today:

Costa crashes

The Costa Group Holdings Ltd (ASX: CGC) share price is crashing lower today following the release of its annual general meeting update. At the meeting, the horticulture company provided investors with an update on its expectations for the first half of FY 2021. Due to weakness in its domestic operations and currency headwinds, Costa’s first half performance is expected to be marginally ahead of the previous comparable period in 2020. This was well short of expectations.

Mixed reaction to Ramsay’s $1.8 billion acquisition

The Ramsay Health Care Limited (ASX: RHC) share price is trading lower on Thursday after announcing plans to acquire Spire Healthcare for approximately 1 billion pounds (A$1,822 million). Spire is an independent hospital group in the United Kingdom with a focus on the private patient market. It is also a leading provider of high-acuity care. Management believes the acquisition will be transformational for Ramsay’s UK business. Credit Suisse responded by retaining its neutral rating and $70.00 price target.

Fisher & Paykel Healthcare results

The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is sinking following the release of its full year results. The medical device company reported a 56% increase in operating revenue to NZ$1.97 billion and an 82% jump in net profit after tax to NZ$524 million. While this was significantly ahead of the guidance given with its half year results, management’s uncertain FY 2022 outlook appears to have spooked investors.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the EML Payments Ltd (ASX: EML) share price with a 4.5% gain. This is despite there being no news out of the payments company. The worst performer has been the Fisher & Paykel Healthcare share price with a 20% decline following its AGM update.

More reading

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• Fisher & Paykel Healthcare (ASX:FPH) share price on watch after reporting huge profit growth
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• Ramsay Health Care (ASX:RHC) share price on watch after announcing major UK acquisition

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The Douugh Ltd (ASX: DOU) share price has taken off this morning after the fintech company announced a partnership agreement.

At the time of writing, Douugh shares are exchanging hands for 11 cents, up 15.79%.

What’s driving the Douugh share price higher?

Investors are keen to get hold of Douugh shares as the company expands its reach into the United States.

In a statement to the ASX, Douugh advised it has teamed up with NASDAQ-listed Fiserv Inc (NASDAQ: FISV) for access to its MoneyPass platform.

This will allow Douugh customers to withdraw cash from more than 37,000 ATMs across the US without being charged a transaction fee.

Founded in 1984, Fiserv is a leading global provider of financial technology and services. The company enables money movement for thousands of financial institutions and millions of people and businesses.

Fiserv has 1.4 billion accounts on file, with 100 million digital banking users. More than 12,000 financial transactions per second are made using Fiserv’s services.

Douugh said in today’s release that MoneyPass was recognised as one of the largest surcharge-free networks in the US.

According to a Mercator Advisory group survey released in 2018, 77% of consumers in the US said they would avoid ATM fees where possible.

Under the agreement, Douugh will pay a tiered transaction fee for its customers to use MoneyPass ATMs. The cost of the usage will be offset by the subscription fee Douugh customers pay.

The partnership will run for an initial period of 5 years, starting immediately.

What did management say?

Douugh founder and CEO Andy Taylor welcomed the collaboration, saying:

We are delighted to be partnering with Fiserv to offer this service to Douugh customers. We are constantly looking at ways to improve the overall value of the Douugh banking service and customer experience, as we seek to convince customers to make Douugh their primary checking account.

Fiserv senior vice president of networks, card services, Carol Specogna, added:

ATMs remain a critical customer touch-point and the customer demand for surcharge-free access to their cash is strong and growing. Douugh is providing its account holders with the ability to conduct surcharge-free transactions wherever they travel, while saving them money at the ATM.

The Douugh share price has accelerated by more than 600% since listing on the ASX boards in October last year.

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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.

The stock market was generally strong on Wednesday, with a decided preference for more aggressive small companies over their larger counterparts. That was plainly obvious in how the Dow Jones Industrial Average (DJINDICES: ^DJI) and S&P 500 (SNPINDEX: ^GSPC) settled for small moves, while small-cap benchmarks were up nearly 2% on the day. The Nasdaq Composite (NASDAQINDEX: ^IXIC) saw the largest benefit from the trends favoring smaller stocks.

Index	Percentage Change	Point Change
Dow	+0.03%	+10
S&P 500	+0.19%	+8
Nasdaq Composite	+0.59%	+81

Data source: Yahoo! Finance.

The electric vehicle (EV) industry is turning out to be a battleground between well-established automakers with long histories of innovation and newer entrants with an eye toward disrupting the auto industry. Interestingly, shares of both Ford Motor (NYSE: F) and Tesla (NASDAQ: TSLA) were higher on Wednesday. Despite the two companies being apparent rivals in the EV space, some investors are starting to think that there might be a place for both auto giants in the shift away from vehicles that burn fossil fuels. Below, we’ll look more closely at both Ford and Tesla.

Ford has a plan for EVs

Shares of Ford Motor vaulted higher by nearly 9% on Wednesday. The Michigan-based giant revealed more of its strategy to take advantage of the electric vehicle shift, and investors generally liked what they saw from Ford.

The new Ford+ strategy will involve a massive financial commitment from the automaker. Ford expects to spend more than $30 billion on EV-related development and technology within the next four years, which is $8 billion more than it had previously committed to investing. The automaker has set an ambitious goal of having 40% of its global-vehicle volume consist of all-electric vehicles by 2030, driven by electrifying key brands like the F-150 Lightning and the Mustang Mach-E.

Yet Ford+ goes beyond EV. Ford will also establish its Ford Pro commercial vehicle services and distribution business, with an emphasis on corporate and government customers. Fleets will incorporate both electric and internal combustion vehicles but bundled with key services of greatest value to commercial users.

In addition, Ford anticipates providing a far greater array of connected services, including over-the-air system updates, digital tools and technology developed both in-house and from third-party providers, and advances in driver-assistance technology. Ford even called out Tesla by name in its press release, hoping to serve a wider audience than its rival within the next several years.

Tesla gets a rebound

Some investors might have feared that what’s good for Ford would be bad for Tesla, but that wasn’t the case. Tesla shares picked up more than 2% on Wednesday.

The move higher came even as Tesla made a move that would actually detract from its driver-assist functionality. The automaker said that it would no longer provide radar equipment as part of its Autopilot system for Model 3 and Model Y vehicles built for the North American market. Instead, these vehicles will rely solely on camera vision and neural net processing.

Tesla’s approach is interesting, given the rest of the industry’s increasing reliance on radar and lidar systems. Nevertheless, CEO Elon Musk has long been skeptical of the need to go beyond visual information, hoping that the Tesla Vision platform will be able to scale up quickly.

Plenty of room for everyone

Although the narrative for many in the auto industry has been one of Tesla displacing legacy automakers like Ford and eventually rendering them obsolete, the reality is more likely to reflect the various advantages and consumer preferences of each brand. There’s more than enough room in this growth market for both Ford and Tesla to thrive, and it’ll be interesting to watch how they and others jockey for position in this innovative, fast-growing market.

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

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The Catapult Group International Ltd (ASX: CAT) share price is up by 5.47% today after the company released its FY21 results. Investors appear to be reacting positively to the numbers, sending the Catapult share price to $2.12 at the time of writing.

Catapult develops and sells wearable tracking solutions and analytics. The business supplies 3,000 of the world’s elite sporting teams with GPS-based performance tracking technology and data analytics software.

How did Catapult perform in FY21?

Catapult’s FY 21 results bore the brunt of COVID-19 as competition sports globally were cancelled and athletes were sent home to train. The company then transitioned beyond its wearable tech hardware origins to become a software-as-a-service (SaaS) company.  

As a result, Catapult reported revenue of $67.3 million, a decline of 7.4%. As mentioned in the report, “revenue was lower due to the planned switch from capital sales to SaaS deals and the severe impact from COVID delaying new business.”

However, the company grew globally at a 35% annualised rate during the second half of FY21 against a full-year growth rate of 16.5%.

Momentum building in SaaS metrics

There was growth momentum in Catapult’s SaaS metrics. Subscription revenue growth accelerated to 12.5% in the fourth quarter versus 3.3% for FY21. Subscription revenue made up 79% of total revenue in FY21, up from 71% a year ago. 

Notably, subscription revenue in the performance and health business, the company’s largest vertical by revenue, grew by 15.8% with modest gains in the tactics and coaching business of 1.6%.

Catapult also reported its multi-solution customers business grew at 41% annualised for the second half of FY21.

Improved retention rates  

Catapult’s report focused on what it calls “world class retention rates”. During the pandemic, its annual actual cash value churn rate of 5.5% improved 14.1% on the FY20 rate of 6.4%.

The company highlighted this demonstrates how its solutions are embedded in its customers’ daily workflows.

Free cash flow remained positive

Despite the pandemic headwinds in new sales, Catapult delivered 69% growth in free cash flow to $4.9 million. This represents a second consecutive year of positive free cash flow. 

According to the report, the company is well-positioned financially with US$22.2 million cash at bank as of 31 March 2021.

Management commentary

Catapult CEO Will Lopes said:

I am proud of the results and progress Catapult made in our key SaaS metrics. We finished the year with an annualized ACV growth rate of 35% and world-class customer retention, demonstrating the value our SaaS solutions provide our customers daily. We stayed focused on customers during the pandemic and the business is benefitting as the pandemic impact lessens.

Catapult share price snapshot

The Catapult share price is up by 7% in 2021 so far, and more than 42% in the past 12 months.

On current prices, Catapult has a market capitalisation of $424 million.

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The Commonwealth Bank of Australia (ASX: CBA) share price is pushing higher on Thursday after providing the market with an update on its digital banking initiatives.

At the time of writing, the banking giant’s shares are up 0.5% to $99.99.

What did Commonwealth Bank announce?

This morning Commonwealth Bank updated the market on its strategy and investments to reimagine products and services and build the best digital banking experiences.

Commonwealth Bank’s CEO, Matt Comyn, commented: “The shift to digital banking is accelerating and we are investing to remain at the forefront of innovation. We aim to be the most trusted partner at the centre of our customers’ financial lives by saving them money, giving them more control over their finances, and by making banking simpler and easier.”

“We are integrating new services into our platform to customise and personalise the digital experience in ways that will increase engagement and bring greater value to our customers.”

What are the new initiatives?

According to the release, Commonwealth Bank has launched a pilot under the new Consumer Data Right (CDR). This will see it become the first major Australian bank to allow customers to view account balances from other eligible financial institutions directly in the CommBank app.

It has also announced partnerships, which include minority investments of $50 million, in Little Birdie and Amber.

Little Birdie

The bank revealed that it has acquired a 23% shareholding in Little Birdie. It is an online shopping start-up that helps customers find special deals when shopping online.

Mr Comyn commented: “Little Birdie will bring customers the best shopping deals from across the internet and will help to connect our 7.5m digitally active customers with our 700k business customers. Combined with our 50:50 partnership with Klarna in Australia and StepPay, CBA’s recently announced buy now, pay later card, we have a highly differentiated platform to help business customers grow and retail customers save money. Deals and offers, integrated with CBA’s goal savings products, will help customers save for a special purchase in a completely different way.”

Amber

Commonwealth Bank has acquired a 25% shareholding in Amber. It provides subscription based access to wholesale electricity prices.

The CEO said: “Purchasing a home is a time when customers look for ways to save money, and electricity is a large expense in a household budget. Our partnership with Amber will help to differentiate our home buying proposition, with Amber providing direct access to wholesale prices and bringing additional discounts for CBA customers.”

Better digital experiences

Mr Comyn concluded: “CBA’s technology enables us to redefine what customers can expect from a bank, moving beyond customer service to delivering deeper, trusted relationships, a better digital experience and better deals on everything from conveyancing when buying a home, to paying for utilities or shopping for homewares.

“We will continue to pursue a strategy of providing a differentiated banking experience for retail and business customers, and leveraging our technology assets to build distinct propositions to better serve our customers.”

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The Vulcan Energy Resources Ltd (ASX: VUL) share price is shooting up today after the company provided an update for its pilot lithium extraction plant.

The Vulcan share price is up 5.59% trading at $7.55 at the time of writing.

What’s driving the Vulcan share price today?

The company announced that its pilot plant team has achieved target specification for direct lithium extraction (DLE) feed into its pilot plant. This process diverts brine flow and extracts lithium, with lithium chloride sent to its lithium refining plant while water is recycled with no toxic wastes or gases emitted.

The team was able to achieve a target recovery of greater than 90% for lithium chloride from Upper Rhine Valley brine. In addition, it demonstrated that post-treated DLE brine to be materially the same composition, within analytical error, as production brine, excluding extracted lithium and silica. This result is in line with Vulcan’s strict environmental focus.

The company said its next steps include the ramp-up of DLE pilot plant to a 24/7 operation and conversion of lithium chloride solution to lithium hydroxide. It will also provide samples to potential customers/off-takers and conduct further work on post-treatment of brine.

According to Vulcan’s Zero Carbon Lithium Corporate presentation, project milestones including piloting, offtake agreements and feasibility studies are expected to be completed by mid-2022.

By that time, the company will seek to finance the project to begin drilling and construction for Phase 1 by the third quarter of 2022. The market is clearly excited about Vulcan shares and its near-term prospects of emerging as a zero-carbon producer of critical materials.

Management commentary

Vulcan managing director Dr Francis Wedin commented on the results, saying:

The latest update from our laboratory and pilot plant lithium extraction teams in Germany shows good progress has been achieved in a very short space of time. We will aim to continue this momentum and to continue to rapidly de-risk and scale-up our lithium extraction process in the months to come, as we execute on our strategy to deliver our Zero Carbon Lithium Project into production for the European battery electric vehicle market.

Dr Wedin also responded to comments made by the International Energy Agency (IEA). He said:

With the International Energy Agency last week declaring the need for annual battery production of 6,600 GWh by 2030, implying an annual lithium chemicals requirement of 22 times current total global production, Vulcan is leading the charge to reduce large carbon emissions currently embodied in the traditional production of lithium.

The team at Vulcan is highly motivated to ensure that the global transition to renewables, energy storage and electric mobility is conducted in a sustainable, net-zero manner, and we are channeling this motivation into systematically executing on our Zero Carbon Lithium Project.

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The Swoop Holdings Limited (ASX: SWP) share price is having an incredibly positive first day on the ASX boards.

In morning trade, the telecommunications company’s shares have more than doubled in value after the successful completion of its initial public offering (IPO).

At the time of writing, the Swoop share price is fetching $1.15, which is up 130% from its listing price of 50 cents.

What is Swoop?

Swoop is a telecommunications company formed by the merger of Cirrus Communications and NodeOne Telecommunications.

It is a national provider of fixed wireless internet services to wholesale, business, and residential customers. The company notes that the Swoop network is designed and scaled to deliver ultra-reliable, high throughput, flexible telecom network services.

The Swoop IPO

In conjunction with the acquisitions of Cirrus and NodeOne, Swoop successfully completed a fully underwritten offer which raised gross proceeds of $20 million.

Demand for its IPO was exceptionally strong, with the company revealing that it was more than 15x oversubscribed.

Directors Tony Grist and James Spenceley, along with major shareholder Tatterang, showed strong support for the listing. They collectively subscribed for $4 million of the capital raise. Mr Spenceley is the founder of fellow telco Vocus Group Ltd (ASX: VOC).

The company intends to use the offer proceeds for organic expansion of its fixed wireless network and customer base, as well as the potential acquisition of complementary businesses.

The latter could happen sooner than you might think. According to its prospectus, the company is already in discussions with a number of smaller telcos.

Upon listing, Swoop has approximately 169.6 million ordinary shares on issue. Based on the current Swoop share price, this implies a market capitalisation of approximately $195 million.

Trading update

Positively, the combined business continues to perform well. Management advised that its operational and financial performance for FY 2021 is in line with the company’s expectations.

This news appears to have gone down well with investors, judging by the performance of the Swoop share price today.

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The Tyro Payments Ltd (ASX: TYR) share price is edging lower on Thursday.

In morning trade, the payments company’s shares are down 1% to $3.80.

Why is the Tyro share price dropping?

The catalyst for the softness in the Tyro share price today appears to have been driven by an update on its terminal outages earlier this year.

Following the outages, Tyro’s focus was to return all impacted merchants to normal operation as rapidly as possible. After which, the company established a remediation framework to provide financially impacted merchants a fast and straightforward channel to claim for financial losses caused by the incident.

This included the company actively engaging with all impacted merchants (via its usual merchant communications portal, email, SMS, and direct mail) inviting them to register with Tyro if they claimed to have suffered financial loss.

Today’s update reveals that, to date, a total of 3,656 merchants have registered with Tyro.

What now?

The impacted merchants have been given two options:

Accelerated Path Assessment – which provides a simple remediation solution via a merchant service fee rebate over a designated period if loss is assessed. This rebate is designed to offset the financial loss suffered.

Case Managed Path Assessment – which provides a more tailored remediation solution under which an impacted merchant provides specified claim information about their particular circumstances and the loss they claim to have suffered.

Tyro advised that it has received 973 responses from merchants wishing to pursue the accelerated path option and 76 responses from merchants wishing to pursue the case managed option.

To date, of the 3,656 merchants who have registered as having claimed to have suffered a financial loss, 888 have had their claims settled.

However, no details have been provided in respect to the amount the company has remediated affected customers. As a result, this uncertainty could be weighing a little on the Tyro share price this morning.

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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.

Tesla Inc (NASDAQ: TSLA) is dumping radar for driver assistance in its lower-priced vehicles, instead putting all of its focus on camera-based technologies to power Autopilot features including lane control and adaptive cruise control.

The electric vehicle (EV) manufacturer said in a Tuesday blog post that beginning this month, Model 3 sedans and Model Y SUVs built for the North American market will no longer be equipped with radar. CEO Elon Musk telegraphed the change in a March 12 tweet, saying the company is moving toward a “pure vision” approach for Autopilot. 

Tesla has long been at odds with much of the auto industry over the need for radar and related lidar systems. The technology, which provides measurements of distance to help guide automated driving, is relatively expensive and requires sophisticated processing power on vehicles to manage the data in real time. Musk in the past has called lidar “a crutch.”

But Tesla is not abandoning radar entirely. All new Model S and Model X vehicles, which tend to be higher priced, and vehicles built for markets outside of North America will continue to come equipped with radar and will have radar-supported Autopilot functions.

The company said that for now, it is focused on its “higher volume vehicles” but intends to transition all models to the new system, which it calls Tesla Vision, over time. “Transitioning them to Tesla Vision first allows us to analyze a large volume of real-world data in a short amount of time, which ultimately speeds up the rollout of features based on Tesla Vision,” the company said.

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

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The Volpara Health Technologies Ltd (ASX: VHT) share price is pushing higher on Thursday.

At the time of writing, the healthcare technology company’s shares are up 1% to $1.26.

Why is the Volpara share price pushing higher?

Investors have been buying the company’s shares following the release of its full year results for FY 2021.

For the 12 months ending 31 March, Volpara reported record revenue from customer contracts of NZ$19.7 million. This was a 57% increase on the prior corresponding period and driven by a 99% lift in subscription revenue to NZ$18.1 million.

This was driven by further market share gains. Approximately 32% of US women now have a Volpara product applied on their images and data. This compares to 27% at the end of the prior corresponding period.

Another positive was the company’s gross margin, which expanded from 86% to 91%. This was driven by several factors, including a focus on cost reductions and scalability of Microsoft Azure, which is its largest cost-of-revenue expense item. Management expects its gross margins to remain within 90% to 92% in FY 2022.

The company’s operating costs increased by just 8% during the year to NZ$39 million. Management advised that costs would have been flat excluding the first full year of MRS costs and two months of CRA costs.

This ultimately led to the company reporting a 14% improvement in its net loss to NZ$17.5 million for the year. Pleasingly, Volpara has the balance sheet strength to withstand this loss. At the end of the period, the company’s cash balance stood at NZ$32.2 million.

Management commentary

Volpara’s CEO and Chief Scientist, Dr Ralph Highnam, said: “FY2021 was an excellent year for Volpara. We successfully conducted our second acquisition, of Boston-based breast cancer risk company CRA Health, LLC, but we’ve also done a huge amount of work behind the scenes to make the company more scalable: digital marketing through to smarter use of our cloud services through to easier-to-deploy software systems into clinics.”

“It’s great to see that work start to come through in the numbers as we see Gross Margin moving upwards and the net loss coming down, even as we continue to grow at a strong pace. We look forward with relish to now Accelerating Out of COVID-19 and reporting on those results during FY2022,” he added.

Outlook

Management expects its growth to continue in FY 2022. It has provided revenue guidance of approximately NZ$25 million to NZ$26 million. This represents year on year growth of 27% to 32%.

And, as mentioned above, the company is expecting its gross margins to be in the range of 90% to 92% in FY 2022.

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