At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 0.65% to 6,814.4 points.

Here’s what has been happening on the market today:

Zip update impresses

The Zip Co Ltd (ASX: Z1P) share price is rocketing higher today in response to the release of its second quarter update. The buy now pay later provider delivered a 103% increase in transaction volume to a record $1.6 billion for the quarter. While both the ANZ and US businesses performed positively, the latter was arguably the star of the show. Zip’s US-based QuadPay business recorded a 217% increase in transaction volume to $673.1 million. It also reported a 180% lift in customer numbers to 3.2 million and a 655% jump in merchants to 8,400 in the key market.

Netwealth growing strongly

The Netwealth Group Ltd (ASX: NWL) share price is also surging higher following the release of its second quarter update. As with Zip, the investment platform provider’s strong form has continued during the quarter. It reported a 14% or $4.8 billion quarter on quarter increase in its funds under administration (FUA) to $38.8 billion. In light of this strong form, management has upgraded its FY 2021 FUA inflow guidance to be in the range of $8.5 billion to $9 billion. This compares to its previous guidance of $8 billion.

Cleanaway CEO steps down

The Cleanaway Waste Management Ltd (ASX: CWY) share price is sinking lower today after it announced the exit of its CEO, Vik Bansal. According to the release, the board and Mr Bansal mutually agreed that it was the right time for Cleanaway to move forward under new leadership. Mr Bansal came under pressure last year amid allegations of misconduct in the workplace.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Zip share price with an 11% gain following its update. The Netwealth share price is close behind with a 10.5% gain following its release. The worst performer with a 7% decline has been the Cleanaway share price. This follows the aforementioned resignation of its CEO.

More reading

• Why the Cleanaway (ASX:CWY) share price is plummeting today
• Why Megaport, Netwealth, PointsBet, & Zip shares are racing higher
• Why the Netwealth (ASX:NWL) share price zoomed 10% higher today
• Zip (ASX:Z1P) share price surges 8% higher on explosive Q2 growth
• 5 things to watch on the ASX 200 on Thursday

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 Netwealth and ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by 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.

What happened

In a late-breaking development, GeekWire just reported that Amazon.com Inc (NASDAQ: AMZN) has delivered a letter to new US President Joe Biden offering “to assist you in reaching your goal of vaccinating 100 million Americans in the first 100 days of your administration.”  

By 3 p.m. EST, Amazon.com stock had jumped 4.9% in response.

So what

In the letter, Amazon Worldwide Consumer CEO Dave Clark reminded the president that Amazon.com is “the nation’s second largest employer” with “over 800,000 employees in the United States, most of whom are essential workers.”

Clark advised that Amazon has already hired a licensed third-party healthcare provider to administer vaccines on-site at Amazon facilities, and is “prepared to move quickly” to immunize the employees “once vaccines are available.” Amazon also says, though, that it is “prepared to leverage our operations, information technology, and communications capabilities and expertise to assist your administration’s vaccination efforts.”

Now what

Clark did not specifically state in his letter that he wants to use Amazon’s facilities, its workforce, or its relationship with the unnamed healthcare provider to administer vaccines to the populace in general, or to help distribute the vaccine to other locales — although this seems to be implied, and may be something he would offer if the president follows up on his invitation.

At the very least, Amazon seems to be promising to help the new administration get off to a good first start with as many as 800,000 willing vaccine recipients. In so doing, Amazon could lower its own worker safety costs by reducing the incidence of COVID-19 at its stores and warehouses, where more than 19,000 workers have already tested positive over the course of the pandemic.

And if the president takes Amazon up on its implied promise to take an active role in rolling out vaccines across the nation? That could mean contracts and government money for Amazon, which would be an even bigger boon for the stock.

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

More reading

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Rich Smith has no position in any of the stocks mentioned. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Amazon and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool Australia has recommended Amazon. 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.

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The Cleanaway Waste Management Ltd (ASX: CWY) share price is plummeting today following an announced change in the leadership team.

During late morning trade, the waste management’s shares are down a sizeable 7.88% to $2.40.

What’s driving the Cleanaway share price lower?

According to its release, Cleanaway advised that its CEO and Managing Director, Mr Vik Bansal, will step down.

The company revealed that the departure of Mr. Bansal comes as no surprise as management had been previously discussing succession plans for a while. Cleanaway stated Mr. Bansal took the holiday period to reflect on his priorities and brought his resignation forward upon his return.

Having served as CEO since August 2015, Mr. Bansal will use the next few months to commence the leadership transition. It is expected that the process will be concluded sometime within the first half of the 2021 calendar year.

Cleanaway Executive Chair, Mr. Mark Chellew, will take up on extra duties for the period until a new permanent CEO is found.

In addition, Chief Financial Officer (CFO), Mr. Brendan Gill, will delay his retirement plans to take on the role of Chief Operating Officer. From there, Mr. Gill will assist Mr. Chellew with interim CEO responsibilities as well as support Mr. Paul Binfield as the new incoming CFO.

Management commentary

Cleanaway Chair, Mr. Mark Chellew, recognised Mr. Bansal for his contribution to the company, saying:

We thank Vik for his contribution in achieving a significant turnaround of Cleanaway over his period as Chief Executive Officer. Vik has led Cleanaway’s transformation and growth with enormous dedication, and it shows in the company’s financial results. We thank him for his service and wish him all the very best for the future.

Adding to Mr. Chellew’s comments, Mr. Bansal, went on to say:

I am extremely proud of the transformation of Cleanaway into Australia’s leading waste management business. We have created significant value for shareholders through refocusing the business, consolidating under one brand, successfully integrating the ToxFree acquisition, and targeted investment in the best-in-class infrastructure, facilities, and extending our participation in the waste value chain.

It is pleasing to leave Cleanaway extremely well positioned, with a good management team for further growth and success. I do believe, considering the point in the journey and exciting strategic choices in front of us, now is the right time to hand the baton across to a new leader.

More reading

• ASX 200 rises 0.7% on Friday

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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In morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning streak. At the time of writing, the benchmark index is up 0.6% to 6,810.6 points.

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

Megaport Ltd (ASX: MP1)

The Megaport share price is up 3.5% to $12.52. Investors have been buying the global elastic interconnection services provider’s shares after Goldman Sachs upgraded them to a buy rating with a $15.00 price target. The broker expects Megaport to benefit from growing demand for public cloud infrastructure and the broadening of its product suite. Goldman also has increased confidence on its path to generating positive free cash flow.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price has jumped 10.5% to $17.54. The catalyst for this was the release of its second quarter update this morning. That update revealed that the investment platform provider’s strong form has continued, with funds under administration (FUA) increasing $4.8 billion or 14% quarter on quarter to $38.8 billion. This led to management upgrading its FY 2021 FUA guidance to $8.5 billion to $9 billion. This is an increase on its previous guidance of $8 billion.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price has stormed 4% higher to $15.33. This follows an announcement by the sports betting company which revealed that it has been given approval to operate within the state of Michigan. The Michigan Gaming Control Board has granted approval for PointsBet to begin online sports betting operations effective tomorrow.

Zip Co Ltd (ASX: Z1P)

The Zip share price has surged 11% higher to $6.65 following its second quarter update. The buy now pay later provider had a very stronger quarter. Zip delivered a 103% increase in transaction volume during the second quarter to a record of $1.6 billion. The key driver of this was the US-based QuadPay business, which recorded a 217% increase in transaction volume to $673.1 million. Another positive was that its ANZ business reported a sizeable reduction in its net bad debts.

More reading

• Why the Netwealth (ASX:NWL) share price zoomed 10% higher today
• Zip (ASX:Z1P) share price surges 8% higher on explosive Q2 growth
• Here’s why the PointsBet (ASX:PBH) share price will be on watch today
• 5 things to watch on the ASX 200 on Thursday
• Top brokers name 3 ASX shares to buy today

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 recommends MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Netwealth, Pointsbet Holdings Ltd, and ZIPCOLTD FPO. The Motley Fool Australia has recommended MEGAPORT FPO and Pointsbet 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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The Novonix Ltd (ASX: NVX) share price has been on fire again on Thursday.

In morning trade the shares of the integrated developer and supplier of high-performance materials, equipment, and services for the lithium-ion battery industry surged a further 36% to a record high of $2.84.

This latest gain means the Novonix share price has rocketed 78% in the space of just five days.

Why is the Novonix share price surging higher today?

Just two days since its last announcement, this morning Novonix announced another positive development.

According to the release, the company’s wholly owned U.S.-based subsidiary, PUREgraphite, has been selected to receive a ~US$5.6 million grant by the U.S. Department of Energy (DOE) for new technology development.

Novonix advised that the grant funding will support the development of a new, continuous high efficiency furnace technology for lithium-ion battery synthetic graphite material. PUREgraphite is partnering with Harper International and Phillips 66 for this funding opportunity.

The total project cost will be US$11.5 million, including PUREgraphite’s contribution of US$5.9 million which will be funded from existing reserves.

Novonix’s Chief Executive, Dr. Chris Burns, was very pleased to receive this funding.

He said: “We are excited to receive this show of support from the U.S. Government and to be working with Harper International and Phillips 66 on this project. This award demonstrates the commitment by the Government to support the establishment of a domestic supply of high-performance battery materials. It also highlights the expertise, progress, partners and technology we have assembled at PUREgraphite.”

“The new furnace technology to be developed under this award will be industry leading and state of the art in energy efficiency, environmental impact, and capital cost. This is all part of our roadmap for continued innovation to make the highest performance material at globally competitive costs, all based in the United States”, Dr. Burns added.

More reading

• Here’s why the Novonix (ASX:NVX) share price is surging 17% higher
• These 3 ASX shares all posted massive gains today

Motley Fool contributor James Mickleboro 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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Shares in ASX specialty baby goods retailer, Baby Bunting Group Limited (ASX:BBN), surged to a new all time high price of $5.37 last week.

Despite the market upheaval caused by COVID-19, shares in Baby Bunting have climbed over 45% higher over the last 12 months.

They are now up an astonishing 250% since bottoming out at a 52-week low of just $1.51 at the height of the COVID-19 panic selling back in March 2020.

What does Baby Bunting do?

Baby Bunting is Australia’s largest retailer of specialty baby care, maternity, and nursery products. The brand caters specifically to children under three years of age. The company operates more than 50 stores across the country and also has a strong online presence.

What has driven the gains?

With no substantive news out of the company in recent months, it’s difficult to determine the cause for the rise in its share price. The most recent market update was released back in early October, providing a snapshot of the company’s financial performance for the first quarter of FY21.

The news was mostly positive, with comparable store sales growth of 17% versus first quarter FY20. Excluding metropolitan Melbourne, which was suffering through its most restrictive lockdowns during the September quarter, comparable store sales growth was still over 28%.

The company also saw a huge surge in online sales, including click and collect services. Sales through these channels surged by 126% versus the prior comparative period. Even excluding Victoria, online and click and collect sales were still up 92%.

Commenting on the results, Baby Bunting’s CEO and Managing Director, Matt Spencer, stated that the company’s strong performance reflected the “less discretionary nature of the maternity and baby goods category”.

In effect, babies and young infants have quite specific product needs, and new parents will still need to purchase these items even in an economic downturn – or a pandemic!

What is the outlook for FY21?

Citing market uncertainty surrounding the continued effects of COVID-19, Matt Spencer declined to provide earnings guidance for FY21. However, he did indicate that Baby Bunting would continue to expand its retail footprint, with plans to open a further 4 to 6 stores during this financial year.

In his AGM address, Company Chair Ian Cornell did give some insight into the growth pillars that Baby Bunting would be pursuing.

The first is to increase investment in the company’s digital presence to further grow online sales. The transition to digital sales is a key theme to emerge out of the COVID-19 pandemic and may permanently change the way many consumers choose to shop.

Beyond that, the company is seeking to expand its core business market share, while also seeking opportunities to enter new markets. And finally, it will look at ways to increase its profit margin.

More reading

• Top brokers name 3 ASX shares to buy today
• 2 ASX retail shares delivering stellar growth in FY 2021
• Why these ASX shares just stormed to 52-week highs or better

Motley Fool contributor Rhys Brock owns shares of Baby Bunting. 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 Netwealth Group Ltd (ASX: NWL) share price has been a strong performer on Thursday.

In morning trade, the investment platform provider’s shares are up 10% to $17.43.

Why is the Netwealth share price storming higher?

Investors have been buying Netwealth shares this morning following the release of another strong quarterly update.

According to the release, at the end of December Netwealth’s funds under administration (FUA) increased $4.8 billion or 14% quarter on quarter to $38.8 billion.

This was driven by favourable market movements of $2.2 billion and net FUA inflows of $2.6 billion. The latter was an increase of $0.6 billion or 33.7% on its first quarter net inflows.

This brought its calendar year net inflows to a total of $9.2 billion, which is an increase of $2.4 billion or 36.1% on 2019’s net inflows.

Also growing strongly were its funds under management (FUM). At 31 December, its FUM stood at $9.3 billion. This was an increase of $1.3 billion or 15.5% for the quarter. This comprises net inflows of $0.7 billion and market movements of $0.5 billion.

Finally, Netwealth’s Managed Account balance reached $7.6 billion at the end of the quarter. This was an increase of $3.2 billion or 74.1% increase on the prior corresponding period. Managed Account net flows of $3.2 billion were recorded for the 2020 calendar year, an increase of $1.2 billion or 63.9% over 2019.

Outlook

Pleasingly, management appears confident that its growth can continue thanks to ongoing industry consolidation and change. It also notes that its pipeline of new business and transitions remains strong.

And while it has warned that the impacts of COVID-19 continue to adversely impact the stability of global markets, this hasn’t stopped it from increasing its FY 2021 guidance.

Management now expects its FY 2021 FUA net inflows to be in the range of $8.5 billion to $9 billion. This is an increase on its previous guidance of FUA net inflows of $8 billion.

Following today’s gain, the Netwealth share price is now up a massive 118% since this time last year.

More reading

• The 5 best performing ASX 200 shares of 2020
• Why Mesoblast, Monash IVF, Netwealth, & Reece shares are dropping lower
• ASX 200 up 0.5%: BHP Samarco update, A2 Milk’s acquisition, Credit Corp rockets

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 Netwealth. 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 Zip Co Ltd (ASX: Z1P) share price has been among the best performer this morning. This follows the release of its second quarter update.

In early trade the buy now pay later provider’s shares are up 8% to $6.47.

How did Zip perform in the second quarter?

As the Zip share price gain would indicate, the company was a very strong performer again during the second quarter. This was particularly the case in the United States. In fact, management notes that it is one of the fastest growing buy now pay later players in the massive market.

According to the release, Zip delivered a 103% increase in transaction volume during the second quarter to a record of $1.6 billion. From this, the company generated a 88% increase in quarterly revenue to $102 million.

This followed a very strong performance in December, which saw Zip achieve monthly transaction volume of $628.4 million. This was a 104% increase over the same period last year and annualises to transaction value of over $7.5 billion.

What were the drivers of Zip’s growth?

The main driver of Zip’s growth during the quarter was its US operations. The QuadPay business recorded a 217% increase in transaction volume to $673.1 million. This was thanks largely to a 180% lift in customer numbers to 3.2 million and a 655% jump in merchants to 8,400.

This was supported by a 60% increase in transaction value in the ANZ market to $908.7 million. ANZ customer numbers grew 39% over the prior corresponding period to 2.5 million and merchants lifted 43% to 30,100.

Pleasingly, Zip reported a reduction in its net bad debts in the ANZ market. Its net bad debts decreased from 2.43% to 1.93% over the three months. This was in line with management’s expectations. Monthly arrears in the ANZ market remain steady at 0.95%.

However, no figures were provided for the USA business or the company overall.

Management commentary

Zip’s Managing Director and CEO, Larry Diamond, commented: “We are extremely pleased to deliver another exceptional set of numbers with the quarter really delivering a significant step change for the Company, confirming our position as one of the fastest growing players in the sector.”

“A number of strategic initiatives were delivered during the quarter, in line with our mission to become the first payment choice everywhere, every day, and we are extremely well placed to continue this momentum into 2021 as the global shift away from the broken credit card model continues. Particularly exciting were the results achieved in the US with Quadpay rapidly accelerating in the largest addressable market for BNPL,” he concluded.

More reading

• Top brokers name 3 ASX shares to buy today
• Why Data#3, JB Hi-Fi, Ramsay, & Zip shares are charging higher
• 2 exciting ASX growth shares to buy for your portfolio
• What’s in store for the ASX tech sector in 2021?
• ASX 200 rises 0.4%

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

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In morning trade the Whispir Ltd (ASX: WSP) share price is storming higher.

At the time of writing, the communications workflow platform provider’s shares are up 4% to $4.10.

Why is the Whispir share price storming higher?

Investors have been buying Whispir shares this morning following the release of its second quarter update.

According to the release, Whispir had a strong second quarter with annual recurring revenue (ARR) increasing 29.2% over the prior corresponding period to $47.4 million. This was also an 8.5% increase on its first quarter ARR.

Management advised that this was driven by ongoing demand for communications software to automate processes and improve stakeholder engagement.

This was predominantly from existing customers, which are increasing their platform usage to solve communications challenges. Though, the addition of 42 net new customers during the quarter also boosted its ARR. Whispir now has a total of 707 customers, which is currently ahead of FY 2021 expectations.

Another positive was that the combination of revenue growth and optimal management of working capital delivered Whispir’s first operating cashflow positive quarter. Operating cash flow came in at $0.4 million for the three months.

At the end of the period, Whispir had a cash and equivalents balance of $10.9 million.

Whispir’s CEO, Jeromy Wells, commented: “Whispir is benefitting from existing customers continuing to increase their usage of the platform to improve internal and external communications and digitise their operational processes. Many organisations are evolving processes to cater to new operating environments, which require more integrated communications with internal and external stakeholders.”

“Strong revenue growth from our install base reflects the long-term nature of our customers, now supported by a larger customer success team. We’re seeing more organisations looking to implement our versatile and easy-to-use technology platform that can be used by multiple departments for a broad range of communication solutions,” he added.

Outlook

Management advised that it continues to expand its footprint across its three key regions and remains on track to achieve its FY 2021 guidance.

Furthermore, it notes that its ANZ and Asia operations continue to perform well, and the recently released North American strategy is preparing the company for long-term growth in the region.

Whispir is targeting ARR of $51.1 million to $55.3 million in FY 2021. This represents ARR growth of 21% to 30% year on year.

More reading

• The Whispir (ASX:WSP) share price is 30% lower than its 52-week high
• These small cap ASX shares have huge growth opportunities
• How to invest in ASX shares in a post-COVID world 
• 2 exciting small cap ASX shares growing fast
• 3 small cap ASX shares that could have a big 2021

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 recommends Whispir Ltd. The Motley Fool Australia has recommended Whispir 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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The Northern Star Resources Ltd (ASX: NST) share price is charging higher today following the release of its quarterly update.

At the time of writing the Northern Star share price is up 2.5% to $13.75.

How is Northern Star performing?

Northern Star had a strong three months in what could be its last full quarter as a standalone company ahead of its proposed merger with Saracen Mineral Holdings Limited (ASX: SAR).

According to the release, the company reported an 11% increase in gold sold to 252,899 ounces during the second quarter. This was at the high end of its guidance range of 226,000 ounces to 254,000 ounces.

Underpinning this was its strong operational performance. Its Australian operations (including its 50% KCGM) sold 198,701 ounces at an all-in sustaining cost (AISC) of A$1,526 per ounce (US$1,115 per ounce). Whereas its Pogo operations sold 54,198 ounces at an AISC of US$1,365 per ounce.

This brought its first half gold sold to a total of 480,431 ounces, which is comfortably in line with its FY 2021 guidance of 940,000 ounces to 1.06 million ounces.

What about costs?

Northern Star’s all-in costs were A$1,825 per ounce (US$1,333 per ounce) including the A$63 million (which equates to approximately A$250 per ounce of gold sold) invested in growth capital and exploration during the period.

This expenditure saw the amount of material moved at KCGM increase by 22% from the previous quarter and included significant progress on Pogo’s mill expansion to 1.3 million tonnes per annum, including the Jameson cell installation which helped increase gold recoveries to 91%.

Despite these investments, Northern Star’s free underlying cashflow still totalled A$93 million and its unaudited net profit after tax came in at A$100 million for the period.

Management commentary

Northern Star’s Executive Chair, Bill Beament, commented: “It was a very robust performance with strong production and margins generating significant cashflow and enabling us to invest in further growth while strengthening our balance sheet in the process.”

“Our Australian operations, including KCGM, performed very well. The results at the Yandal Operations were again exceptional and further progress was made in our push to increase production and lower costs at our Kalgoorlie Operations.”

Mr Beament also spoke about its merger with Saracen.

He said: “I am very confident that the combined group is on track to meet the production and financial targets we have outlined. The potential productivity gains and growth opportunities are immense and are particularly valuable to investors given the lack of growth in so much of the global gold industry.”

More reading

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• Think you saw growth in 2020? Just wait for 2021: fundie
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor James Mickleboro 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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