Akili Interactive’s video game “EndeavorRX” is a digital therapeutic treatment designed for children with ADHD. After 7 years of clinical trials, studying 600 children, the FDA cleared the video game as medicinal therapy.
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The S&P/ASX 200 Index (ASX: XJO) fell by 0.9% today to 5,937 points.
Today’s economic news was supplied by the Australian Bureau of Statistics (ABS). The data organisation said that total employment decreased by 227,700 people to 12.15 million people. Full-time employment decreased by 89,100 people whilst part-time employment decreased by 138,600 people.
The unemployment rate increased by 0.7 percentage points to 7.1% and the participation rate decreased by 0.7 percentage points to 62.9%. Monthly hours worked in all jobs decreased by 12.1 million hours to 1,604.7 million hours.
Prime Minister Scott Morrison warned today that it would take around two years to get back to pre-coronavirus employment levels.
Despite that negative news, some ASX shares managed to hit new heights:
Electronic donation business Pushpay held its annual general meeting (AGM) today. The share price rose by 10% after providing an update. It’ll be headed for the ASX 200 soon enough if it keeps rising like this.
The company reminded investors of its strong performance during FY20. This included a 32% increase of total revenue to US$129.8 million. The gross margin rose from 60% to 65% and the earnings before interest, tax, depreciation, amortisation and foreign currency (EBITDAF) increased by 1,506% to US$25.1 million.
The company is seeing an increase in demand for Pushpay’s services.
The big cause for the Pushpay share price growth today was because the company increased its guidance for the year ending 31 March 2021. Management were previously guiding that EBITDAF would be between US$48 million to US$52 million for FY21. That guidance was increased to between US$50 million to US$54 million.
The ASX 200 buy now, pay later business almost hit a share price of $60 in the morning, it finished up by 0.2%.
My colleague James Mickleboro covered two potential reasons why the Afterpay share price may have jumped.
The first was a broker note from Ord Minnett that said the share price could reach $64.70 over the next 12 months.
The other possible reason was that Afterpay emailed its customers today about the integration with Apple Pay.
The Splitit share price ended the day up 108.3% to finish at $1.38. What caused this massive increase in the valuation of Splitit? An agreement with Mastercard.
The buy now, pay later business announced that it has signed a multi-year agreement with Mastercard to accelerate the adoption of its instalment system around the world.
Splitit will be integrated into Mastercard’s suite of technology as a network partner for merchants both in store and online.
However, Splitit warned that at this point in time it isn’t able to determine how economically material the partnership will be due to the “contingent nature” of results that may be generated.
Mastercard executive vice president of global merchant solutions and partnerships Zahir Khoja sounded positive about the deal, “This partnership with Splitit will help to drive higher transaction volumes for businesses and deliver budgeting solutions in the moment consumers are seeking them.”
It was a mixed day in the ASX 200.
At the green end: the Perenti Global Ltd (ASX: PRN) share price went up 4.3%, the Austal Limited (ASX: ASB) share price went up 3.7%, the QBE Insurance Group Ltd (ASX: QBE) share price climbed 3.6%, the SKYCITY Entertainment Group Limited (ASX: SKC) share price rose 3.1% and the Appen Ltd (ASX: APX) share price gained 3%.
However, there were also some negative movements. The Vocus Group Ltd (ASX: VOC) share price dropped 6.25%, the CSR Limited (ASX: CSR) share price fell 5.4%, the Polynovo Ltd (ASX: PNV) share price declined 5.3%, the Southern Cross Media Group Ltd (ASX: SXL) share price went down 5% and the AP Eagers Ltd (ASX: APE) share price fell by just under 5%.
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Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia owns shares of AFTERPAY T FPO and Appen Ltd. The Motley Fool Australia has recommended Sky City Entertainment Group 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 has undergone a significant market correction since late February.
The medical device company’s share price fell from $251.55 on 19 February to $159.41 in late March. Since then it has regained some of its losses and is now trading at $194.55. However, its share price recovery over the past few months has been weak compared to other companies listed on the S&P/ASX 200 Index (ASX: XJO).
Cochlear has been significantly impacted by the coronavirus pandemic. This was caused by the sharp reduction in elective surgeries, but the situation is now improving in some markets.
With its share price down by 23% since the COVID-19 pandemic began, is the Cochlear share price now in the buy zone?
Cochlear has witnessed a significant disruption to its business due to the coronavirus crisis. Elective surgeries, including those used for Cochlear implants, have been deferred across a number of its operating countries.
In response, Cochlear successfully raised $880 million from an institutional placement in late March. This has significantly strengthened its balance sheet and places it well to weather any COVID-19 headwinds.
In a May market update, Cochlear revealed that the company had suffered a significant decline in Cochlear implant surgeries in the US and Western Europe. Sales across its business divisions in April fell by around 60% on the prior corresponding period. As most elective surgeries had been postponed, Cochlear implant unit sales declined by 80% across developed markets.
On a more positive note, implant surgeries are restarting in some major developed markets including the US, Germany and Australia.
Elective surgeries have continued in South Korea and Japan, despite a slowdown in Japan in late April. The Chinese market is also bouncing back.
With Cochlear’s share price still well below it’s February price pre-COVID-19, I think the market currently offers investors a reasonably good buy. However, there could be further market volatility. So I would only advise purchasing shares with a long-term investment lense.
As the proportion of the global population over 65 continues to grow, the demand for quality hearing products and solutions will grow over the coming decades. Cochlear has an entrenched market position due to its strong brand and market-leading position. It also operates in an industry with high barriers to entry.
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Phil Harpur owns shares of Cochlear Ltd. 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.
The post Is the Cochlear share price in the buy zone now that it’s down 23%? appeared first on Motley Fool Australia.
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