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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a gain. In afternoon trade, the benchmark index is up 0.35% to 6,552 points.

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

Beach Energy Ltd (ASX: BPT)

The Beach share price is down 3% to $1.58. This appears to have been driven by a pullback in oil prices overnight. It isn’t just Beach that is slipping today. At the time of writing, the S&P/ASX 200 Energy index is down 1.9%.

Cooper Energy Ltd (ASX: COE)

The Cooper Energy share price is down 4% to 23.5 cents. Investors have been selling this energy company’s shares this week following the completion of its institutional entitlement offer and placement. Cooper Energy raised $183 million at a 22% discount of 24.5 cents per new share. The proceeds will be used to fund the acquisition of the Orbost Gas Processing Plant.

Leo Lithium (ASX: LLL)

The Leo Lithium share price has continued its slide and is down a further 1.5% to 51.2 cents. This is despite the rest of the lithium industry rebounding strongly. Today’s decline means that this newly listed lithium developer’s shares have lost 27% of their value since listing at 70 cents on Thursday.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is down 3.5% to $4.44. A number of miners are trading lower today amid concerns over a potential global recession. This has put pressure on commodity prices this week. In addition, news of coal royalty increases in Queensland have hit the miners hard. Royalties are due to increase to upwards of 40% for prices above $300 per tonne.

The post Why Beach, Cooper Energy, Leo Lithium, and Whitehaven Coal are dropping appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• What’s going on with the Beach Energy share price on Thursday?
• Why Cooper Energy, Lake Resources, Leo Lithium, and Zip shares are sinking
• Leo Lithium share price fails to roar and sinks 26% following demerger
• Down 40% Tuesday, up 21% today, what’s going on with this ASX coal share?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has 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 Scott Phillips.

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The Woodside Energy Group Ltd (ASX: WDS) share price has seen a solid performance over the first six months of 2022, rising by 37%.

As a very large oil and gas business, it has benefited from the stronger oil price since the beginning of the Russian invasion of Ukraine.

Resource businesses like oil shares are often able to pay large dividends to investors when their relevant commodity price jumps higher, as it mostly just adds to profit because the costs of producing that resource are essentially the same (aside from government payments like tax) whether the price is a bit higher or lower.

The oil price is currently at an elevated price, though it’s down double-digits in percentage terms from two weeks ago amid concerns that a global recession could lead to less oil demand.

With the oil price currently above US$100 per barrel, does this mean that Woodside is a good business to consider buying for income?

Dividend expectations

The broker Ord Minnett thinks that at the current Woodside share price, it’s going to pay a grossed-up dividend yield of 13.6% in FY22 and then 8.6% in FY23.

Macquarie believes that Woodside could provide a grossed-up dividend yield of 15.3% in FY22 and 8.1% in FY23.

One of the biggest estimates of all comes from Morgan Stanley – it’s predicting that Woodside will pay a grossed-up dividend yield of 18% in FY22 and 16.4% in FY22.

By most accounts, those yields are big.

However, there is more to consider with an investment than just the dividend yield. If investors received a 15% dividend yield but then the share price fell 15%, then it’s back to square one.

Is the Woodside share price a buy?

Both Ord Minnett and Morgan Stanley believe that Woodside shares are worth buying. They have recently focused on the Woodside acquisition of BHP Group Ltd’s (ASX: BHP) oil and gas business.

Ord Minnett’s price target on Woodside is $37, implying a possible rise of around 20%. It likes the bigger scale created by the merger.

Morgan Stanley’s price target for Woodside is $40, suggesting a possible rise over the next year of around 30%. This broker also likes the benefits of the merger, while also suggesting that even after the Russian invasion ends, the price of energy will remain higher as Europe looks for alternate sources to buy energy from. The broker thinks that gas is very important for Woodside’s longer term.

However, Macquarie is less optimistic about the company. It’s neutral on the business with a price target of $29, implying a mid-single-digit drop. The broker believes that oil prices will fall in the longer term.

The business is also working on advancing its plans to invest in lower-carbon sources of energy that customers are seeking, such as hydrogen and ammonia.

It is making progress with its proposed hydrogen projects and has launched studies of large-scale energy and carbon capture and storage in Western Australia. It’s targeting $5 billion of investment in new energy products and lower-carbon services by 2030.

The post Is the Woodside share price a buy for its 13% dividend yield? appeared first on The Motley Fool Australia.

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More reading

• What’s going on with the Woodside Energy share price today?
• 5 things to watch on the ASX 200 on Friday
• Why we just bought these 3 ASX shares: fund
• 5 things to watch on the ASX 200 on Thursday
• Woodside share price lifts despite $17b ‘climate bomb’ court action

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

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The Temple & Webster Group Ltd (ASX: TPW) share price is rocketing 10.79% higher to $3.80 in afternoon trade on Friday.

Investors have pushed the share higher despite no news from the online furniture retailer.

Meanwhile, the S&P/ASX 300 Retailing Index (AXRTKD) is 0.6% down after posting gains this week.

What’s up with the Temple and Webster share price?

The Temple and Webster share price has leapt higher this week after coming off a down period, and is now up more than 19% since last Friday’s close.

Zooming out, and investors have been selling their positions since 31 August year.

Since then, the company’s shares have tumbled from a high of $14.71 to hit 52-week lows last week.

However, the ASX retail share found buyers at this level, which has seen it jump to its current price.

In broad sector moves, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) has also turned course this week and is lifting another 1% today. It has now gained more than 4% since last Friday’s close.

Investors look to have bought in at the sector’s lows, possibly chasing some cheap stocks with fundamental strength.

However, the Temple and Webster share price has a way to go to return to its former highs. It’s down more than 64% this year to date, and has slid more than 12% over the past month.

In the last 12 months, it has lost 63% of its value, bringing it back to January 2020 levels. This is best seen on a five-year chart, below.

The post Why is the Temple and Webster share price surging 11% higher today? appeared first on The Motley Fool Australia.

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More reading

• Why is the Temple & Webster share price surging 11% on Monday?
• Why the Adore Beauty share price is jumping but Kogan is falling
• Experts think these 2 ASX shares have more than 100% upside after the plunge
• Waiting to start investing in ASX shares? Today could be a brilliant time to do it
• Analysts are tipping these ASX growth shares as buys

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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 afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a mildly positive note. At the time of writing, the benchmark index is up 0.25% to 6,544.4 points.

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

Betmakers Technology Group Ltd (ASX: BET)

The Betmakers share price has jumped 22% to 36.5 cents. This morning this heavily shorted betting technology company announced that it would undertake a share buyback. Betmakers notes that improved cash flows and market dynamics are allowing it to maximise shareholder value through the buyback.

Block Inc (ASX: SQ2)

The Block share price is up 11% to $98.48. This follows a strong gain by its NYSE listed shares overnight and a rebound in the tech sector. The former was driven by news that Cathie Wood’s Ark Innovation fund has been picking up the payments company’s shares this week.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price has rebounded 16% to 81 cents. As well as getting a boost from a recovery in the lithium industry, a market update has given this lithium developer’s shares a lift. That update stressed that nothing has changed for Lake Resources despite the sudden exit of its CEO this week.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price has rocketed almost 30% higher to $6.43. This follows news that the lithium developer has received an investment from a major automaker at a massive 32% premium to its last close price. Stellantis has paid a total of $76 million or $6.62 per share for 11.45 million shares, becoming Vulcan’s second largest shareholder. Stellantis is the name behind car brands such as Chrysler, Citroën, Fiat, Maserati, and Peugeot.

The post Why Betmakers, Block, Lake Resources, and Vulcan shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• ‘Nothing has changed’: Why the Lake Resources share price is rocketing 19% today
• The Zip share price is rocketing 14% today. What’s going on?
• Why ASX 200 tech shares are outperforming the market on Friday
• ASX 200 midday update: Qantas’ market update, lithium shares rebound
• Block share price jumps 9% following Cathie Wood investment

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Betmakers Technology Group Ltd and Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended Betmakers Technology Group Ltd. 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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It’s been a fairly positive day for the S&P/ASX 200 Index (ASX: XJO) and ASX shares so far this Friday. At the time of writing, the ASX 200 is up 0.22% at 6,543 points. But it’s been an even better day for the Novonix Ltd (ASX: NVX) share price.

Novonix shares are presently enjoying a 10.7% bounce to $2.38 each. It was only yesterday that this ASX battery technology share was recording a new 52-week low of $2.07 a share. That price was more than 82% off the all-time high of $12.47 a share that we saw back in December last year.

But Novonix shares are seemingly putting all of that behind them today.

So what’s going on here?

Why are Novonix shares jumping on an 11% rocket?

Well, it’s nothing out from the company itself, given Novonix has not released any news or announcements since 14 June.

However, we are seeing a bit of a trend forming on the ASX boards today. ASX battery and lithium shares are on fire this Friday.

In addition to Novonix’s move, we have Pilbara Minerals Ltd (ASX: PLS) up 6.8%, Core Lithium Ltd (ASX: CXO) up 7.7%, and Liontown Resources Limited (ASX: LTR) rising 11.1%.

This comes after a bullish prediction regarding lithium was aired yesterday.

As we covered at the time, broker Macquarie has upgraded its forecast for lithium prices. It “now expects spodumene prices to peak at US$4,900 a tonne in the September quarter”. As a result, Macquarie “has upgraded its short-term and medium-term forecasts by 8% to 13% per tonne”.

So perhaps it is this bullish prediction that has investors all riled up over lithium and battery shares today. Or perhaps investors just decided that the share prices of Novonix and others we were seeing yesterday were too cheap, and have bought back in today.

Whatever the reason, it’s certainly been a pleasing day for Novonix shareholders thus far on Friday.

At the current Novonix share price, this ASX battery share has a market capitalisation of $1.17 billion.

The post Wow! Novonix share price rebounds off a 52-week low to surge 11% appeared first on The Motley Fool Australia.

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More reading

• Why is the Novonix share price plunging 6% on Wednesday?
• Why is the Novonix share price charging 7% higher today?
• These were the worst performing ASX 200 shares last week
• Novonix share price loses 20% in dire week for ASX 200 tech stocks
• The Novonix share price is the worst of the ASX 200 losers today. What’s going on?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. 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 Lake Resources N.L. (ASX: LKE) share price is surging upwards on Friday amid the release of a market update.

The company has reassured the market that ambitions for its Argentinian projects remain the same following its pivot towards the North American market.

At the time of writing, the Lake Resources share price is 83 cents, 18.57% higher than its previous close.

Unfortunately, today’s gain hasn’t been enough to see the stock recovering this week’s tumble. It’s still trading 41% lower than it was at last Friday’s close.

For context, the broader market is also in the green today. The S&P/ASX 200 Index (ASX: XJO) is currently up 0.25% while the All Ordinaries Index (ASX: XAO) has gained 0.48%.

Let’s take a closer look at today’s release from the ASX 200 lithium explorer.

Lake Resources share price surges on Friday

The Lake Resources share price has suffered this week amid news of its planned transition towards North American and Asian lithium supply chains, its addition to the ASX 200, and a broader lithium sell-off.

The company announced North America managing director Steve Promnitz was stepping down after establishing Lake Resource’s dominant position in Argentina on Monday.

It also announced that its chair Stu Crow has been appointed executive chair for six months to oversee the establishment of the company’s North American presence. Crow will direct the appointment of a new CEO, board members, and the creation of US offices.

The company addressed potential concerns regarding the change in a non-price sensitive release today, saying:

Nothing has changed in respect of [Lake Resource’s] desire to progress development of the Kachi and other projects in Argentina to meet rising demand in the US and other western markets.

It also noted that Promnitz’ decision to step down was “of his own volition” and stated he didn’t provide a reason for his departure. Key negotiations and happenings will continue despite Promnitz’ departure.

Finally, the company told the market:

There is an urgency in the US to secure battery metal supply chains … Crow is currently in the US with a view to progressing the outlined strategy.

What’s going on with ASX lithium shares this week?

Prior to today, the Lake Resources share price had tumbled nearly 54% this week amid a broader lithium sell-off.

It was joined in the red by shares in its fellow ASX lithium favourites.

Those in Core Lithium Ltd (ASX: CXO), Liontown Resources Limited (ASX: LTR), and Sayona Mining Ltd (ASX: SYA) fell 27%, 14%, and 14% respectively between the end of last week and Thursday’s close. They’re all also in the green today.

As my Foolish colleague James reported, this week’s sell-off might have had something to with the news that Germany may refuse to ban fossil fuel-powered cars by 2035.

Lake Resources share price snapshot

Today’s gains included, the Lake Resources share price is nearly 24% lower than it was at the start of 2022. Though, it has gained 151% since this time last year.

The post ‘Nothing has changed’: Why the Lake Resources share price is rocketing 19% today appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Qantas’ market update, lithium shares rebound
• Could ASX lithium shares be set for a boost?
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why Cooper Energy, Lake Resources, Leo Lithium, and Zip shares are sinking
• The Lake Resources share price has crashed 50% since joining the ASX 200 on Monday. What’s going on?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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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.

Netflix (NASDAQ: NFLX) stock has been experiencing a miserable run over the past six months. The streaming pioneer thrived in the early stages of the pandemic when folks were staying at home more often and demand for entertainment was surging. Meanwhile, the COVID-19 restrictions meant that the entire industry paused content creation, saving billions in cash for Netflix. 

Those ideal conditions have quickly vanished while headwinds are gaining momentum. Netflix went from adding millions of subscribers every quarter to now reporting losses. The stock is down 75% off its highs as a consequence. However, Netflix could be at a tipping point where investors may want to take notice.

Investors fear subscriber losses will continue 

In its most recent quarter, which ended on March 31, Netflix noted that it lost 200,000 subscribers from the quarter before. That was its first such quarterly decline in over 10 years. But what made matters worse was that Netflix forecast another loss in the second quarter of 10 times that magnitude. If it comes to fruition, the expected 2 million subscriber loss in Q2 will now make it a trend of subscriber losses rather than a one-off event. That is understandably spooking investors uncertain about how long or deep it will be.

A meaningful part of the stock’s decline is due to those fears. Therefore, if Netflix, in its next quarterly update, informs investors that it expects subscriber losses to subside and issues a forecast for millions of new customers in Q3, it could cause the stock to reverse higher. While the current quarter may not hold significant catalysts to boost subscriber growth, the next may be different. Inflation is biting into consumer budgets, forcing them to make the tough decisions on where to save money because they are paying more for necessities like food and gas. 

US Consumer Price Index YoY data by YCharts

At less than $20 per month, Netflix is arguably an affordable entertainment option for families worldwide. In contrast, a visit to the movie theater could cost five times as much for a family of four (including concessions). And a concert, theme park, or sporting event could be multiples higher than even that amount. Of course, there are cheaper streaming service options, but Netflix has announced its own lower-priced, ad-supported tier that could be available this year. 

Macroeconomic conditions have been a significant headwind for Netflix in 2022; those look like they are at their nadir. The turnaround might be a tipping point that could send Netflix’s stock higher. 

Netflix’s cheap valuation could propel it higher

NFLX PE Ratio data by YCharts

Netflix is trading at a price-to-earnings of 15.9, its lowest in the last five years. The cheap valuation suggests that once investors observe the turnaround in subscriber losses, the stock could jump in response. The longer-run trend is on Netflix’s side with consumers canceling traditional cable subscriptions and streaming their content instead.

The short-term headwinds are bound to subside; it appears a question of “when not if.” Rather than trying to time the bottom, investors may want to start adding a position in Netflix stock now.

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

The post Is Netflix stock at a tipping point? appeared first on The Motley Fool Australia.

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More reading

• Why is everyone talking about Netflix stock?
• Can Stranger Things stop Netflix’s subscriber bleed?

Parkev Tatevosian has positions in Netflix. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Netflix. The Motley Fool Australia has recommended Netflix. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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

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ASX travel shares are back in the spotlight now that COVID-19 has stepped back into the shadows.

The industry got a vote of confidence today after Regional Express Holdings Ltd (ASX: REX) announced a 10-year agreement with Flight Centre Travel Group Ltd (ASX: FLT).

Additionally, Rex revealed it has also signed agreements with ASX travel shares Helloworld Travel Ltd (ASX: HLO), Webjet Limited (ASX: WEB), and Corporate Travel Management Ltd (ASX: CTD), plus Consolidated Travel.

ASX travel shares team up

Revealing its “multiple agreements with major travel agency groups”, Rex picked out one deal for special mention.

“In particular, Rex has signed a landmark 10-year agreement with Flight Centre which ensures that Rex will be Flight Centre’s partner of choice over the next decade,” it said.

Rex said all the agreements will be in effect at the start of the new financial year beginning July 2023.

The ASX travel share expects the deals to result in a “more than doubling of Rex’s annual domestic jet revenues in FY2023 compared to its current annualised domestic jet revenues with no increase in fleet size”.

It also expects its regional revenue to be improved.

Speaking on the announcement, Rex’s general manager of sales Ann Elliott said the new partnerships were “critical to success”.

“These new partnerships are a testament to our growing reputation as a safe, reliable and affordable full-service airline which is enjoying ever-increasing passenger support,” she added.

Share price snapshot

At the time of writing, the Rex share price is up 0.99% at $1.02. It is down almost 28% this year to date and 18% over the past year.

The Flight Centre share price is currently down 1.15% today at $17.24. It has fallen 7% since the start of the year but is up 15% over the past 12 months.

The post These 2 ASX travel shares are tying the knot for the next 10 years appeared first on The Motley Fool Australia.

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More reading

• Flight Centre share price stumbles amid ‘big blow’ from new tax
• ASX 200 travel shares take off again on Tuesday. Here’s why
• Why are ASX 200 travel shares lifting off on Monday?
• These are the 10 most shorted ASX shares
• Flight Centre share price climbs amid $30m investment in staff

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Helloworld Limited. The Motley Fool Australia has positions in and has recommended Helloworld Limited. The Motley Fool Australia has recommended Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Webjet Ltd. 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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It’s certainly been a tough time for the Challenger Ltd (ASX: CGF) share price of late. Challenger shares are today down a painful 1.05% at $6.57 a share. That’s in stark contrast to the S&P/ASX 200 Index (ASX: XJO), which is currently in the green, having recorded a 0.31% gain so far today.

But Challenger’s woes go further back than today. This annuities provider has now slid by a nasty 13.3% over the past month alone. It was only last month that we saw Challenger at a 52-week high of $7.72 a share.

The past month’s dreary performance comes despite there being a total lack of news or announcements out of the company. So does this mean we could be looking at a buying opportunity for Challenger shares here?

Is the Challenger share price a buy today after a 12% slide?

Well, one expert who thinks it might be is TMS Capital portfolio manager Ben Clark. Last month, we covered how Clark chose Challenger as his pick for a higher interest rate world. Here’s some of what he said:

[Challenger is] effectively Salesforce Inc (NYSE: CRM), with financial planners pushing their products, particularly bank-employed financial planners. But it was also impacted by the move in cash rates to zero. Annuities don’t sound particularly attractive when you’re locking in a 1% rate for the rest of your life…

[It’s now] much more closely aligned to institutional solutions for annuities, particularly things like inflation linked to annuities and more boutique solutions to problems in big LICs… there’s earnings momentum coming back.

But Clark is not the only one bullish on Challenger. Last month, we also covered ASX broker UBS’s take on the company. In May, UBS rerated challenger shares as a buy and upped its price target for the company as well. UBS also reckons the company will benefit from higher interest rates and is “on the cusp of a material rebound in life profitability”.

So given the Challenger share price has slid meaningfully since these bullish opinions were aired, it’s likely that UBS and TMS Captial are both still bullish on Challenger shares in June.

At the current Challenger share price, this ASX 200 financials share has a market capitalisation of $4.46 billion, with a dividend yield of 3.37%.

The post Is the Challenger share price cheap after sliding 13% in a month? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Salesforce, Inc. The Motley Fool Australia has recommended Challenger Limited and Salesforce, Inc. 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 Zip Co Ltd (ASX: ZIP) share price is soaring today, up 13.6% in early afternoon trading.

Zip shares closed yesterday trading for 44 cents and are currently swapping hands for 50 cents.

Certainly, that’s welcome news for Zip shareholders, who’ve watched the stock crash since hitting all-time highs in February last year.

ASX BNPL shares lifting off

It’s not just the Zip share price surging today. The wider ASX buy now, pay later (BNPL) sector is enjoying a strong showing.

The Sezzle Inc (ASX: SZL) share price is up 11.3% at the time of writing. And industry giant Block Inc (ASX: SQ2), which acquired Afterpay in January, is up 10.4%.

This as the All Ordinaries Index (ASX: XAO) is up a more modest 0.7%.

As the best performing of the BNPL shares today, the Zip share price could be getting a boost from its release earlier this week reporting that the company is “well placed to respond to and offset” rising interest rates.

The company also reported on its relatively strong financial position, with CEO Larry Diamond adding, “We have been clear that in response to current market conditions our strategic priorities are to focus on our core business, both products and regions, and accelerate the group’s path to profitability.”

Another factor that’s lifting the Zip share price and the wider ASX BNPL sector is the strong performance of the dual-listed Block on US markets yesterday (overnight Aussie time). Block closed up 10.9% on the NYSE.

The catalyst for that lift looks to be news breaking that Cathie Wood’s ARK Innovation fund acquired some 82,000 Block shares this week for almost $5 million.

Zip share price snapshot

Despite today’s big lift, the Zip share price remains down 88% in 2022. That compares to a year-to-date loss of 15% posted by the All Ordinaries.

Zip shares are also down 94% since this time last year and 43% over the past month.

The post The Zip share price is rocketing 14% today. What’s going on? appeared first on The Motley Fool Australia.

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More reading

• Why ASX 200 tech shares are outperforming the market on Friday
• ASX 200 midday update: Qantas’ market update, lithium shares rebound
• Block share price jumps 9% following Cathie Wood investment
• Why Cooper Energy, Lake Resources, Leo Lithium, and Zip shares are sinking
• Why ANZ, Block, Bubs, and PayGroup shares are pushing higher

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. 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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