In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. At the time of writing the benchmark index is up 0.9% to 6,088.8 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:

The Adbri Ltd (ASX: ABC) share price has crashed 25% lower to $2.38. Investors have been selling the building materials company’s shares after Alcoa of Australia decided not to renew its current lime supply contract when it expires at the end of June 2021. Although this contract currently constitutes approximately $70 million or 4.6% of annual revenue, investors appear concerned that others may follow. Alcoa is switching to cheaper imported products and will bring to an end a supply relationship that has been ongoing for almost 50 years.

The BlueScope Steel Limited (ASX: BSL) share price is down 3.5% to $11.02. The catalyst for this appears to be a broker note out of Morgan Stanley this morning. Its analysts have downgraded the steel producer’s shares to an underweight rating and cut the price target on them to $10.00. It made the move after reducing its earnings estimates for the near term.

The Netwealth Group Ltd (ASX: NWL) share price has fallen 2.5% to $9.24. This decline also appears to be due to a broker note. Credit Suisse has downgraded the investment platform provider’s shares to an underperform rating with an $8.30 price target. It expects Netwealth’s revenue margin to soften and its earnings growth to slow. As a result, it feels the market is currently expecting too much from it at present.

The Rio Tinto Limited (ASX: RIO) share price is down 0.5% to $97.37. This follows an update on its Oyu Tolgoi mine in Mongolia. An updated feasibility study has incorporated a new mine design for Panel 0 of the Hugo Dummett North underground mine. However, the new study includes an increase of US$1.3 billion to US$1.8 billion from the original US$5.3 billion development capital.

More reading

• Why the Adbri share price is crashing 26% lower today
• Rio Tinto share price on watch after Oyu Tolgoi update
• Fund managers have been snapping up Sonic and these ASX 200 stocks
• ASX 200 stocks to watch for FY2021
• 2 shares to buy before earnings season

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Netwealth. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Adbri Ltd (ASX: ABC) share price is on course to end the week in a very disappointing fashion.

In morning trade the building materials company’s shares have crashed as much as 26% lower to $2.32.

Why did the Adbri share price crash lower?

This morning Adbri, formerly known as Adelaide Brighton, released an announcement relating to its lime supply contract with Alcoa of Australia.

According to the release, Adbri’s subsidiary, Cockburn Cement, has been informed by Alcoa of Australia that it has decided against renewing its current lime supply contract when it expires on 30 June 2021.

This is a bit of a blow for Adbri, given that the contract currently constitutes approximately $70 million in annual revenue.

For the 12 months ended 31 December 2019, Adbri’s revenue from continuing operations came in at $1,517 million. This means this contract represents 4.6% of its total revenue.

Management notes that this non-renewal is not expected to materially impact its revenue until post June 2021. In the meantime, it will quickly evaluate and take necessary mitigating actions.

As a result, at this stage it has warned that it is not possible to quantify the full financial impact of the non-renewal.

The company’s CEO, Nick Miller, was disappointed with the non-renewal but remained upbeat on the future.

The chief executive commented: “We are disappointed with Alcoa’s decision to displace locally manufactured product with imports from multiple sources, particularly considering our almost 50-year uninterrupted supply relationship. We will work quickly to mitigate the impact on local jobs supporting our lime business and we remain committed to supplying our WA resources sector customers.”

Foolish Takeaway.

This non-renewal is certainly a blow for Adbri given its long-standing relationship with Alcoa.

And while the loss of 4.6% of total revenue may not appear to be worth a 26% decline in the Adbri share price, I suspect investors are concerned that other customers may ultimately switch to cheaper imports in the future.

This could mean the company will have to reduce prices, at the expense of its margins, in order to remain competitive in the coming years.

More reading

• Next phase of bull market could see ANZ Bank outperform Afterpay
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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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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In morning trade the PointsBet Holdings Ltd (ASX: PBH) share price is pushing higher.

At the time of writing the sports betting company’s shares are up 5% to $6.00

Why is the PointsBet share price zooming higher?

Investors have been buying PointsBet’s shares this morning after its U.S. business entered into a new multi-year deal to become a gaming partner of the Detroit Tigers Major League Baseball (MLB) team.

This deal is the first sports betting partnership for a professional sports team within Michigan and follows the state’s legalisation of sports betting in 2019. It is also the first such partnership for any MLB franchise.

According to the release, the agreement between PointsBet and the Detroit Tigers will begin for the upcoming 2020 Tigers season.

What does the agreement include?

As part of the multi-year deal, PointsBet will have television broadcast-visible branding at Comerica Park and be featured on the Detroit Tigers Radio Network.

PointsBet will also have a sponsored presence on the Tigers’ digital platforms and be regularly featured on The Word on Woodward. This is a twice-weekly live streaming show that airs on the club’s channel. The company’s platform will also be integrated into The District Detroit app and the MLB Ballpark app.

Johnny Aitken, CEO of PointsBet USA, commented: “The PointsBet team is excited to announce our ground breaking deal with the Detroit Tigers and Major League Baseball, becoming the first legal sports betting operator to partner with an MLB franchise.”

“PointsBet operates in rare space within the industry by owning our technology environment from end to end, which allows us to be extremely nimble on product innovation and personalized offerings to complement our app’s market-leading speed. We are excited to inject a unique and robust betting proposition into the great state of Michigan,” he added.

This sentiment was echoed by Chris Granger, Group President, Sports & Entertainment of Detroit Tigers owner, Ilitch Holdings.

He said: “We are thrilled to welcome PointsBet as a gaming partner of the Detroit Tigers. As we usher in legal and responsible sports betting, we look forward to the fan-friendly enhancements that it will make to the game-day experience in and around Comerica Park.”

More reading

• 2 red hot ASX growth shares
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• The Sezzle and Pointsbet share prices have hit new, all time highs. Time to invest?

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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Cochlear Limited (ASX: COH) share price is pushing higher on Friday after the release of a positive update.

At the time of writing the implantable hearing solutions company’s shares are up 2% to $196.28.

What did Cochlear announce?

This morning Cochlear announced that it has obtained US FDA approval for four new hearing technology solutions products.

These include the Nucleus Kanso 2 Sound Processor, Nucleus 7 Sound Processor for Nucleus 22 implant recipients, Custom Sound Pro fitting software, and the Nucleus SmartNav system.

Management notes that these products reflect its ongoing commitment to innovation in hearing technology. The four new systems will be commercially released in the United States and Western Europe in the coming months. This is subject to local approvals.

Nucleus Kanso 2 Sound Processor.

The Nucleus Kanso 2 Sound Processor is the world’s smallest off-the-ear cochlear implant sound processor with proven hearing performance technologies.

It is the first and only off-the-ear cochlear implant sound processor to offer direct streaming from compatible Apple or Android devices. It is also compatible with the Nucleus Smart App, enabling control of device settings, functions, and information.

Nucleus 7 Sound Processor for Nucleus 22 implant recipients.

The Cochlear Nucleus 7 Sound Processor is now compatible for cochlear implant recipients with a Nucleus 22 implant.

This means that current Nucleus 22 implant recipients can now upgrade to its latest behind-the-ear sound processor. They will also, for the first time, be able to access direct smartphone connectivity and streaming from compatible Apple or Android devices.

Custom Sound Pro fitting software.

The Custom Sound Pro supports clinicians in fitting Cochlear’s sound processors. Management advised that the software harnesses almost 40 years of experience and input from thousands of clinicians worldwide.

The fitting software keeps the patient at the centre of care. This is thanks to its new dashboard and Patient Goals feature, promoting patient engagement, and facilitating more effective tracking of progress between appointments.

Nucleus SmartNav system.

Finally, the Nucleus SmartNav system is a new tool that has been designed to support surgeons in optimising electrode placement during cochlear implant surgery.

It delivers wireless, actionable intraoperative insights to support electrode insertion with real-time navigation. This provides surgeons with added assurance of a successful surgical outcome for their patients.

The system consists of an innovative iPad-based solution and a surgical sound processor that presents an intuitive workflow to support surgery. This gives surgeons additional feedback for in-theatre decision making.

More reading

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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 Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Supermarket stocks are getting a second wind since the outbreak of a dreaded second wave of COVID-19 cases, but Goldman Sachs is warning that risks are increasing.

The sombre forecast from the broker comes at a time when the Woolworths Group Ltd (ASX: WOW) share price is outperforming.

Shares in our largest supermarket chain rose around 3% since the start of calendar 2020 when the S&P/ASX 200 Index (Index:^AXJO) slumped 11%.

Woolies peers are doing even better. The Coles Group Ltd (ASX: COL) share price and Metcash Limited (ASX: MTS) share price rallied 14% and 10%, respectively, over the period.

Why FY21 won’t be as good for supermarkets

The sector may get a second tailwind as large parts of Victoria goes back into lockdown, triggering a new wave of panic grocery buying.

But Goldman doesn’t think the good times will last even. While FY20 proved to be an unexpected strong year for the sector, the broker believes growth in the current financial year will be constrained to 2.4%. This is well below the 10-year average of 3.8%.

“Prior to COVID-19, we forecast the supermarket sector to grow at 4.25% in FY20 and +4.5% beyond that, inclusive of ~1.5% space growth,” said Goldman.

“However, since then the industry outlook has drastically changed.”

Supermarket sales headwinds

The slowdown is driven by a few factors. Slower population growth due to the drop in net migration is one big factor. While international borders remain largely shut, migration won’t recover in any meaningful way until the second half of 2021.

While the first shutdown in March of the Australian economy provided a big boost to grocery sales, the trend is now reversing as restaurants in most states have reopened.

Notwithstanding the extra one-month lockdown of hot spot Victorian suburbs, supermarkets are unlikely to enjoy the same revenue boost as the first country-wide lockdown.

There are also growing doubts about food inflation. As things are starting to normalise, we might find that Australia has an oversupply of certain produce as exports aren’t recovering at the same pace.

Are ASX supermarket stocks worth buying?

The good news is that the outlook for supermarkets is still much better than many other sectors despite these revenue headwinds. But what it means is that management performance is shaping up to be a critical value driver for shareholders.

Another positive is that there’s scope to increase earnings before interest and tax (EBIT) margins, particularly for Metcash according to Goldman.

Margin expansion

“Despite the topline constraint, we expect the incumbents and MTS to be able to expand EBIT margins for the food and liquor segment in FY21 as FY20 included significant cost increases which is largely temporary,” said the broker.

 “The two-year EBIT margin expansion forecasts for both WOW (+20bps) and COL (+35bps) between FY19 and FY21 look reasonable given the circumstances.

“While risks are increasing for the sector, Staples retailing remains our preferred exposure.”

The broker is recommending Coles and Metcash as “buy” but Woolworths as “neutral”.

More reading

• 5 things to watch on the ASX 200 on Friday
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Motley Fool contributor Brendon Lau owns shares of Woolworths Limited. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Woolworths Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Afterpay Ltd (ASX: APT) share price has been ripping ahead in the past few months. The company’s shares broke through all-time highs yesterday, surging more than 9% to hit a record high of $68.62 before closing out the day slightly lower at $68.16. 

So, what is fuelling the Afterpay share price and can it break the momentous $100 mark in 2020?    

What is fuelling the Afterpay share price?

Although Afterpay did not release any market sensitive news yesterday, the buy now, pay later (BNPL) giant did see some momentum on the back of another big-name brand going live on its platform. Afterpay’s United States Instagram page announced that the ASOS clothing brand is now up and running with the BNPL platform in the US.

In addition, the company received some positive momentum from analysts, with well-regarded broker Citi increasing its price target for Afterpay from $27.10 to $64.25. Analysts cited the broad and accelerated shift of consumers using e-commerce and Afterpay’s launch in the US and Canada as contributing factors.

How has Afterpay performed during the coronavirus pandemic?

Afterpay has been a poster child of the recovery in financial markets, following the heavy selling seen at the peak of the pandemic. After hitting a low of around $8 in mid-March, the company’s share price has surged more than 750% to its current all-time highs.

The BNPL provider has been red-hot since Chinese technology powerhouse, Tencent, took a 5% stake in Afterpay for $300 million. In addition to this strategic partnership, Afterpay has also reported strong growth overseas, especially in the US and United Kingdom. The rapid shift to e-commerce during the coronavirus lockdown period has also helped fuel the frenzy surrounding Afterpay shares.

Can the Afterpay share price hit $100 in 2020?

I believe there’s no doubt the Afterpay share price can hit the $100 mark. However, whether this can be achieved in 2020 after we’ve already seen such dramatic growth is another question. There are numerous tailwinds that could continue fueling the company’s share price growth. These include changing consumer behaviour, the company’s resilient revenue growth and its potential for further expansion.

Is it too late to buy shares in Afterpay?

To put it bluntly, I think so! In my opinion, the possibility of the Afterpay share price continuing along its current growth trajectory is unlikely. Whilst I’m confident Afterpay has the potential to crack the $100 mark, I personally wouldn’t advocate buying shares in the company after the phenomenal rally it has had this year.  

It’s important to note that, whilst analysts from Citi upgraded their outlook on Afterpay, the company’s lofty share price remains way above Bloomberg’s consensus share price target of $42.59. I think a prudent strategy would be to wait for a substantial pullback before buying shares in Afterpay.  

More reading

• Why Afterpay and this ASX share just hit record highs
• Afterpay share price hits $67! Are BNPL shares in a bubble?
• Why the Afterpay share price zoomed to a new record high today
• Why Afterpay, Bigtincan, Dicker Data, & NIB shares are racing higher
• ASX 200 up 0.9%: Citi lifts Afterpay price target, Webjet boosts liquidity

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Rio Tinto Limited (ASX: RIO) share price could come under pressure on Friday after a mixed update on its Oyu Tolgoi mine in Mongolia.

What did Rio Tinto announce?

This morning Rio Tinto revealed that it has completed an updated feasibility study at Oyu Tolgoi and is in the process of submitting this to the Government of Mongolia.

Oyu Tolgoi is one of the largest known copper and gold deposits in the world. It is also regarded as one of the most modern, safe, and sustainable operations in the world.

According to the release, the updated study incorporates a new mine design for Panel 0 of the Hugo Dummett North underground mine. This new design also confirms that the caving method of mining remains valid and that the underground schedule and costs remain within the ranges previously disclosed

However, these ranges include a delay of 21 to 29 months for the first sustainable production, compared to the original feasibility study guidance in 2016. It also includes an increase of US$1.3 billion to US$1.8 billion from the original US$5.3 billion development capital.

Nevertheless, management remains very positive on the mine development.

The company’s Chief Executive of Copper & Diamonds, Arnaud Soirat, commented: “This amended mine design is another positive step in the development of the underground mine which will unlock the most valuable part of Oyu Tolgoi. We remain focused on delivering the underground project safely and within the guidance ranges we have announced on both cost and schedule.”

What now for Rio Tinto?

The company advised that detailed study, design, engineering, and optimisation work is ongoing to support the definitive estimate of Panel 0 for the development of the world-class orebody. This remains due in the second half of 2020.

Though, these estimates are subject to any additional scheduling delays or increases in capital costs arising from the impacts of the ongoing COVID-19 pandemic.

More reading

• Fund managers have been snapping up Sonic and these ASX 200 stocks
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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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Dorsavi Ltd (ASX: DVL) share price shot 276.92% higher on Thursday following the announcement of a strategic partnership with QBE Insurance Group Ltd (ASX: QBE).

About Dorsavi

Dorsavi is a biotechnology company that develops innovative technologies that offer human body motion analysis for use in clinical applications, elite sports, and occupational health and safety.

Why the Dorsavi share price shoot higher?

Dorsavi announced yesterday that is has entered an agreement with QBE Australia to provide its wearable technology to QBE customers. The goal is to provide data insights that could help in reducing movement risk, injury claims and workers’ compensation premiums. 

QBE will allocate $250,000 over 12 months to allow new and existing customers to access Dorsavi’s equipment. QBE customers will be able to access both ViSafe and myVisafe technologies.

QBE Australia General Manager People Risk, Rob Kosova, stated; “safe work Australia estimates that workplace injury and disease costs around 4% of GDP.” Additionally, he stated that over one third of these cases are due to body stressing or manual handling. The executive also stated that “partnering with Dorsavi is one way we can assist more customers prevent these injuries from happening.”

The technology to be provided by Dorsavi will include on body sensors that will be used in real time and real work environments. These sensors will measure movement and muscle activity, quantify movement risk and guide decision making on risk mitigating strategies. 

CEO of Dorsavi, Dr Andrew Rochi, said;

“We are very excited to be working with QBE Australia to provide their customers with access to cutting edge technology and to profile risk more accurately. One of the goals for insurers is to be able to pro-actively manage risk and have remote visibility on where their potential risks are, allowing insurers and corporate groups to mitigate these risks and prove solutions before they are implemented. We look forward to adding value to the QBE Australia business and to their clients’ businesses.”

About the Dorsavi share price

Dorsavi released a business update and cash flow report in April for the March quarter. The company’s cash balance was down to $1.92 million compared to $2.56 million at 31 December 2019. Net cash flow from operations was $870,000, however, the negative reduction in cashflow was 41% lower than the prior corresponding period. For the first 3 quarters of the 2020 financial year, recurring revenue was $1.16 million. This was a 22% increase on the prior corresponding period.

The business anticipated a challenging period as a result of the coronavirus with many clients of Dorsavi’s technology requesting a pause in their subscriptions. All staff agreed to a pay cut of approximately 30% until the end of May 2020 and the company slashed operating expenses by 20% in order to optimise cash reserves.

The Dorsavi share price is up 512.5% from its 52 week low and is currently up 63.3% since the beginning of the year. The Dorsavi share price is down 2% since this time last year.

More reading

• Fund managers have been snapping up Sonic and these ASX 200 stocks
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Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Lovisa Holdings Ltd (ASX: LOV) share price will be one to watch on Friday after the release of a business update.

What did Lovisa announce?

According to the release, the fashion jewellery retailer’s performance in the fourth quarter was unsurprisingly below expectations because the closure of stores during the pandemic.

And despite an impressive 256% increase in online sales during the quarter, it wasn’t enough to stop its full year sales declining in comparison to FY 2019. Sales revenue (excluding franchise revenue) for the full year ended 28 June 2020 came in at $237 million. This represents a 4.8% decline on FY 2019’s sales revenue of $249 million.

Same store sales declines.

In addition to the above, the company revealed that comparable store sales for the period since stores have re-opened, based on the actual days each store traded, were down 32.5% on last year.

Looking ahead, management warned that forecasting trading conditions remains challenging and no guidance will be provided at this stage.

Spain exit.

After previously putting its store rollout on hold in Spain, Lovisa has made the decision to exit this market.

Management explained that it was disappointed with the lack of support from its landlords in the country.

As a result of this exit, Lovisa expects to recognise an impairment charge of $3.3 million in its FY 2020 results.

Balance sheet remains strong.

One positive is Lovisa’s balance sheet strength. Thanks to decisive action taken on costs and cash management since the outbreak of the pandemic, its balance sheet position remains strong and its inventory levels are well managed.

At the end of the financial year, Lovisa had a net cash balance of $21 million. This is $10 million more than this time last year.

Management notes that this cash balance, combined with undrawn financing facilities of $44 million, leaves it well placed to invest in future growth opportunities as the global economy emerges from the current situation.

More reading

• A great ASX small-cap share for your watchlist
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• Why the Lovisa share price is at risk of falling further over the coming weeks

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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