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The Lake Resources NL (ASX: LKE) share price sunk today amid a broader lithium market selloff.

The company’s shares fell 12.9% to $1.35 each. In contrast, the S&P/ASX 200 Materials Index (ASX: XMJ) dropped just 0.32% today.

Let’s take a look at why the Lake Resources share price struggled today.

ASX lithium shares tumble

Lake Resources may have fallen but it wasn’t the only ASX lithium share to slide today.

The Core Lithium Ltd (ASX: CXO) share price descended a whopping 20.43%, while Allkem Ltd (ASX: AKE) fell 15.39%. Meanwhile, Pilbara Minerals Ltd (ASX: PLS) shed a mammoth 22%.

This followed a similar trend in US markets on Tuesday. The Lithium Americas (NYSE: LAC) share price fell nearly 13% on the New York Stock Exchange on Tuesday following a note out of Goldman Sachs.

Goldman predicted a sharp correction in lithium prices from around $60,000 per tonne to $54,000 in 2022 and $16,000 per tonne in 2023. Analysts declared “we see the battery metals bull market as over for now”.

Lake Resources is targeting lithium carbonate production from the Kachi Lithium Brine Project in Argentina in 2024.

Meanwhile, researchers at the University of Houston have reportedly discovered a potential substitute to lithium-based battery technology.

Scientists have developed sodium glassy electrodes that can support “long-duration, grid-scale energy storage”, Science Daily reported in the US overnight. The research has been published in Nature Communications. A researcher at the University of Houston, Ye Zhang, said:

The new structural and compositional design strategies presented in this work provide a new paradigm in the development of safe, low-cost, energy-dense, and long-lifetime solid-state sodium batteries.

Further, Argentina announced it would set a reference price for lithium carbonate exports of US$53 per kilogram, as my Foolish colleague Bernd reported this morning. This aims to “avoid maneuvering that impacts tax revenues and dollar sales”.

Share price snapshot

The Lake Resources share price has surged 419% in the past year while it has gained nearly 34% year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has climbed about 1% in a year.

Lake Resources has a market capitalisation of about $1.8 billion based on its current share price.

The post Why did the Lake Resources share price tumble today? appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• The Lake Resources share price has plummeted 30% in a month. What’s going on?
• Lake Resources share price tumbles again: Broker now sees almost 100% upside
• Lake Resources share price drops 9%: Is this a buying opportunity?
• Low charge: Is the party over for ASX lithium stocks?

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 Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price plummeted 7.5% in May.

The Australian banking giant provided the market with two important updates during the month, which impacted the ANZ share price.

We take a look at the announcement and how the company’s shares reacted.

What happened to ANZ in May?

Early last month, ANZ delivered its half-year results to the market, which came ahead of shareholder expectations.

Subsequently, the bank’s shares rose 0.44% to $27.38 on the day.

However, the following six consecutive days did not bode well for ANZ shares, falling a total of 8.3%.

Broader market weakness and volatility hit the S&P/ASX 200 Index, which shed more than 5% over the same timeframe.

In addition, ANZ capped it off with a 2.83% loss yesterday after investors digested the news regarding the Australian Securities and Investments Commission (ASIC) proceedings.

The ASX regulator announced it has commenced a civil penalty proceeding on the charging of credit card cash advance fees in some circumstances.

The claim relates to a situation where “funds are deposited to put a credit card account into a credit balance, and a cash advance is subsequently made on the account drawing down on the credit balance before the deposit is processed”.

Although ANZ did not provide further comment, the matter is being taken to the court.

About the ANZ share price

Over the past 12 months ANZ shares have shed around 10%.

The company’s share price reached a 52-week low of $24.65 in March before rebounding higher momentarily and then falling again.

On valuation grounds, ANZ presides a market capitalisation of roughly $69.96 billion.

At the close of trade on Wednesday, the bank’s shares finished up 1.04% at $25.30.

The post May wasn’t kind to the ANZ share price. Here’s what happened appeared first on The Motley Fool Australia.

More reading

• ANZ share price largely unfazed by ASIC law suit
• The corporate cop is suing ANZ: share price on watch
• The ANZ share price is ‘trading at its largest discount to its peers in 15 years’: Is this justified?
• Own ANZ shares? The bank is amping up competition between its big four peers
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?

Motley Fool contributor Aaron Teboneras 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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Today, the S&P/ASX 200 Index (ASX: XJO) behaved in a jittery manner as investors flip-flopped between bullish and bearish. At the end of the session, the benchmark index finished 0.08% higher at 7,217 points.

There were a few gemstones in amongst the mud on the ASX today. Notably, the communication services sector stood boldly above the rest as telcos enjoyed a spirited bid. Likewise, industrials and banks were in favour, all rising more than 1%.

Unfortunately, where there was green there was also red. Most noteworthy of the fallers were utilities, with Origin Energy Ltd (ASX: ORG) succumbing to a 14% collapse after reducing its FY2022 guidance amid energy market volatility.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Telstra Corporation Ltd (ASX: TLS) was the biggest gainer today. Shares in Australia’s largest network provider appreciated by 3.09% as Optus criticised its proposed partnership with TPG Telecom Ltd (ASX: TPG). Find out more about Telstra Corporation here.

The next best performing ASX share across the market today was TPG Telecom. As you might expect, the 2.87% gain in the company’s share price is likely linked to the warm reception received by Telstra. Uncover the latest TPG Telecom details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Telstra Corporation Ltd (ASX: TLS)	$4.00	3.09%
TPG Telecom Ltd (ASX: TPG)	$5.915	2.87%
Fortescue Metals Group Ltd (ASX: FMG)	$20.67	2.79%
Auckland International Airport Ltd (ASX: AIA)	$6.90	2.68%
Nufarm Ltd (ASX: NUF)	$5.40	2.08%
Reliance Worldwide Corporation Ltd (ASX: RWC)	$4.00	2.04%
Chorus Ltd (ASX: CNU)	$6.61	2.01%
Commonwealth Bank of Australia Ltd (ASX: CBA)	$106.40	1.96%
Transurban Group (ASX: TCL)	$14.65	1.95%
BHP Group Ltd (ASX: BHP)	$45.41	1.79%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 shares smashing the market today
• Why Bailador, Fortescue, Nufarm, and Telstra shares are rising
• What’s dragging the Lynas share price 6% lower today?
• UBS warns of more downgrades for ASX 200 shares… but not all
• Here are 3 highly profitable shares I’ll be buying this month

Motley Fool contributor Mitchell Lawler has positions in Commonwealth Bank of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Reliance Worldwide Corporation Limited. The Motley Fool Australia has positions in and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Reliance Worldwide Corporation Limited and TPG Telecom 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 Bitcoin (CRYPTO: BTC) price has been marching higher this week.

When most Aussies were greeting the day on Monday morning, the world’s top token by market cap was trading for US$29,100.

At the time of writing, the Bitcoin price stands at US$31,591, up 8.5% so far this week.

What’s going on?

Cryptos catching up from last week’s decoupling

2022 has seen cryptos move in almost lockstep to risk assets.

When the tech-heavy Nasdaq has posted losses, so too have most cryptos. And when risk assets have rebounded, the Bitcoin price has followed suit.

But last week that relationship broke down, with cryptos decoupling from share markets for the first time this year.

In last week’s trading, the Nasdaq gained 6.7% as investors took heart that interest rates might not rise as quickly or far as the US Fed had earlier indicated. The Bitcoin price, on the other hand, fell 5.5% last week, its eighth consecutive week of losses.

Commenting on this week’s broader crypto rally, chief investment officer at LedgerPrime Shiliang Tang said (as quoted by Bloomberg), “I expect this gap to close a bit in the short term with crypto catching up.”

Meantime, the CEO of social media trading platform Alpha Impact, Hayden Hughes, added:

Markets are long overdue for a relief rally. Bitcoin just went through eight consecutive weeks in red territory and got technically oversold to levels we traditionally only see at the bottom of bear markets.

On Alpha Impact, we’re seeing heavy buying of Ether and several altcoins, and these patterns mirror what we saw in the July 2021 bear market bottom and the January 2022 local bottom.

Bitcoin price to the moon? Not so fast!

Don’t bet the farm on the Bitcoin price continuing to charge higher just yet, though. In fact, don’t invest any more than you can comfortably afford to lose.

A strategist at crypto exchange LMAX Digital, Joel Kruger, sounded a note of caution.

Noting that markets were closed in the United States on Monday for the Memorial Day holiday, he said the Bitcoin price gains were “happening in very thin trading conditions over a weekend and into a US holiday…  So price action needs to be taken with a grain of salt.”

The post Why is the Bitcoin price bouncing back this week? appeared first on The Motley Fool Australia.

More reading

• Down 17%, what went so wrong for the Bitcoin price in May?
• Bitcoin price decouples from tech shares, but not as hoped
• Why Bitcoin, Dogecoin, and Shiba Inu are falling today
• This is the top performing crypto in 2022 so far, and it sure isn’t Bitcoin
• What do NFTs mean for the gaming industry?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia has positions in and has recommended Bitcoin. 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Altium Limited (ASX: ALU)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating but cut their price target on this electronic design software company’s shares to $35.00. Morgan Stanley believes that Altium could be benefiting from global supply chain difficulties and chip shortages. This is because it suspects that its software is experiencing high demand from designers repurposing chips and its Octopart search engine is being used to source parts. The Altium share price is trading at $28.55 on Wednesday.

BHP Group Ltd (ASX: BHP)

A note out of Citi reveals that its analysts have retained their buy rating and lifted their price target on this mining giant’s shares to $50.00. Citi has been looking over BHP following the demerger of its petroleum business. It feels there could be opportunities to unlock further value with another demerger. This would see BHP split into Bulks and Metals (inc. potash). The BHP share price is fetching $45.65 today.

Wesfarmers Ltd (ASX: WES)

Analysts have retained their buy rating and $56.00 price target on this conglomerate’s shares. According to the note, the broker has been impressed with the company’s new $80 million Bunnings Pymble store. It believes this store’s unique design should be able to capitalise on the trade segment and extend its addressable market. And while changing purchasing patterns takes time, it feels that a larger presence in an attractive demographic is a good start. The Wesfarmers share price is trading at $47.58 on Wednesday afternoon.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• UBS warns of more downgrades for ASX 200 shares… but not all
• Can the Altium share price cash in on the global chip shortage?
• The BHP special dividend is being paid today. Here’s the lowdown
• What went wrong for the Wesfarmers share price in May?
• 5 things to watch on the ASX 200 on Wednesday

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 Altium. The Motley Fool Australia has positions in and has recommended Wesfarmers 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 Mineral Resources Ltd (ASX: MIN) share price finished well in the red on Wednesday.

The explorer’s shares closed 8.07% lower at $58.70 apiece. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) closed 0.32% lower

So what was hurting the Mineral Resources share price today?

Lithium price concerns

Broader market sentiment on lithium prices appeared to impact the Mineral Resources share price today.

Mineral Resources explores and produces both lithium and iron ore in Western Australia.

In the third quarter of FY22, the company produced 104,000 dry metric tonnes of spodumene concentrate from its Mt Marion Lithium Project, a 6% increase on the previous quarter.

Mineral Resources was not alone in its plunge today, however. Other ASX lithium shares that tumbled include Core Lithium Ltd (ASX: CXO), down 20.43%, and Pilbara Minerals Ltd (ASX: PLS) which closed 22.03% lower.

Allkem Ltd (ASX: AKE) shares finished down 15.83% while the Liontown Resources Limited (ASX: LTR) share price ended the session 19.08% in the red.

In the US, the Lithium Americas Corp (NYSE: LAC) share price also plummeted nearly 13% on the New York Stock Exchange on Tuesday.

A note out of Goldman Sachs forecasting the battery metals bull market is over seemed to impact lithium shares in both Australia and the United States.

Goldman said prices for battery metals are on a downward trajectory and predicted a “sharp correction in lithium”. Analysts added:

With climate change top of mind, investors are fully aware that battery metals will play a crucial role in the 21st century global economy, just as bulk and base metals did before them.

Yet despite this exponential demand profile, we see the battery metals bull market as over for now.

Analysts went as far as predicting the lithium price could fall from its current level of about US$60,350 per tonne to $16,372 per tonne by 2023. This would be a nearly 73% crash in lithium prices.

Share price snapshot

The Mineral Resources share price has jumped 26% in the past year, while it is up 5% year to date.

For perspective, the S&P/ASX 200 Materials Index has leapt nearly 4% in the past 12 months and 6% since the start of the year.

Mineral Resources has a market capitalisation of about $11.2 billion.

The post Why did the Mineral Resources share price slide today? appeared first on The Motley Fool Australia.

More reading

• These were the best performing ASX 200 shares in May
• Why ASX lithium shares have ‘absolutely more room to run’ in 2022: expert
• Analysts name 2 of the best ASX lithium stocks to buy now
• Why are ASX 200 lithium shares kicking goals today?
• The Mineral Resources share price leapt 10% this week. Too late to buy?

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 S&P/ASX 200 Index (ASX: XJO) is experiencing a lukewarm reception on Wednesday.

Investors are being cautious today amid strong wage data that suggests the Reserve Bank of Australia (RBA) may be inclined to raise the cash rate by 40 basis points. This would bring the country’s cash rate to 0.75% — making debt more expensive.

So, it might not come as a surprise to hear that the tech sector is the worst-performing today. Tracking closely behind is the materials corner of the market. Specifically, lithium shares are feeling the sting of Goldman Sachs’ negative outlook on the battery commodity.

However, there are a few ASX 200 shares that are performing far better than the index today.

These ASX 200 shares are green all over

More than half of the companies inside the ASX 200 are in the red on Wednesday afternoon. Under these circumstances, it can be insightful to get a sense of which shares investors are remaining confident in.

One of the three holding its own today is iron ore miner, Fortescue Metals Group Limited (ASX: FMG). Shares in the ASX 200 constituent are swapping hands at $20.73, up a tidy 3.1% from their previous close.

For context, the benchmark index is only up 0.15% this afternoon. With no announcements out, it appears the strength stems from an improvement in iron ore prices overnight.

Another company showering in gains today is TPG Telecom Ltd (ASX: TPG), one of Australia’s largest telecos. As the closing bell approaches, the company’s shares are ~3% above where they were at the end of yesterday’s session at $5.92.

While it’s hard to say, the solid showing might be attributable to news that Optus is not happy with plans for TPG and Telstra Corporation Ltd (ASX: TLS) to buddy up. A deal is on the table for the two to share access to each other’s respective networks — a move that could hurt Optus’ edge.

Speak of the devil… Telstra is our final ASX 200 share going above and beyond the benchmark this afternoon. The largest network provider in Australia is trading 2.84% higher at $3.99 per share. As mentioned above, this might be due to Optus’ nervousness.

The post 3 ASX 200 shares smashing the market today appeared first on The Motley Fool Australia.

More reading

• Why Bailador, Fortescue, Nufarm, and Telstra shares are rising
• Why is the Telstra share price dialling higher today?
• Why did the Telstra share price backtrack in May?
• Investing in ASX hydrogen shares? Here’s what you should know
• Iron ore price to fall 27% by end of 2022: CBA

Motley Fool contributor Mitchell Lawler 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 positions in and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended TPG Telecom 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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It’s a rough day on the market for most ASX uranium shares despite seemingly good news for the industry. In fact, there’s no clear reason behind uranium stocks’ underperformance today.

The price of the nuclear-necessity seems to be on a slight upwards trend – though it’s still significantly lower than it was five weeks ago. Additionally, a major South Australian uranium project was finally given the green light after being put on the back burner years ago.

Let’s take a closer look at what might be weighing on ASX uranium shares.

What’s weighing ASX uranium shares down?

ASX uranium shares are having a rough trot today alongside many of their peers.

In fact, the S&P/ASX 200 Materials Index (ASX: XMJ) is currently down 0.64%, with lithium miners among its worst performers. At the same time, the S&P/ASX 200 Energy Index (ASX: XEJ) has slumped 0.14%. For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.1%.

Meanwhile, the share prices of uranium producers Paladin Energy Ltd (ASX: PDN), Deep Yellow Limited (ASX: DYL), and Bannerman Energy Ltd (ASX: BMN) are down 8.18%, 5.96%, and 8.7%, respectively.

Interestingly, Boss Energy Ltd (ASX: BOE) is also 5.7% lower, despite good news out of its Honeymoon uranium project.

The company announced work at the project will restart this morning after being put on ice in 2013 amid untenable uranium prices.

Speaking of uranium prices, after a multi-year lull, the spot price of uranium started to gain traction in 2021 but, since reaching a notable high in April, the commodity’s value has slumped around 20%. Though, it has gained around 4% since this time last week.

Thus, ASX uranium shares could be slipping in response to the commodity’s strung-out tumble.

Additionally, the world’s largest physical uranium fund, the Sprott Physical Uranium Trust, has fallen 9% over the last 30 days.

It’s worth noting that, today’s falls included, all mentioned ASX uranium shares except for Deep Yellow have fallen relatively in line with the trust over that time.

They’ve each slipped between 8% and 10% over the last month. Meanwhile, Deep Yellow’s stock has dumped 19%.

The post What’s going wrong for ASX uranium shares on Wednesday? appeared first on The Motley Fool Australia.

More reading

• Paladin Energy share price down 9%
• Boss Energy share price slides 5% despite project milestone
• TGIF: Here’s why ASX 200 energy shares are outperforming today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Here are the 3 most heavily traded ASX 200 shares on Friday

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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The Zip Co Ltd (ASX: ZIP) share price is taking a big fall today, down 9.29% in afternoon trade.

Zip shares opened this morning at 92 cents and are currently trading for 83 cents.

Today’s selling won’t come as good news to Zip shareholders. Nor will it be the first time they’ve watched the ASX buy-now, pay-later (BNPL) company slide lower.

Having soared a remarkable 872% in the 11 months following the post-pandemic selloff lows on 20 March 2020, it’s been mostly downhill for Zip shares since.

Since the 19 February 2021 highs, the Zip share price is down a gut-wrenching 93%. In 2022 alone, shares are down 81%.

But for ASX investors hoping the worst was over, the former chair of diversified financial services group Humm Group Ltd (ASX: HUM) and a major Humm shareholder, Andrew Abercrombie, has some unsettling news.

What unsettling issues are ASX BNPL shares facing?

The former chair of Humm, which has offered consumers the option to pay off loans in instalments for more than 10 years, said most BNPL companies are going to see an increase in bad debts. That’s because they’ve been offering instalment payments to customers for very small figures, without ensuring these customers can make those repayments.

According to Abercrombie (quoted by The Age):

Nothing can change the fundamental flaw with this ultra-small ticket buy now, pay later. You’ve got to do these things super quickly, and super accurately. And that is where everyone has done it super quickly, but no one has done it super accurately, and that is what is killing every single one of these guys, is losses.

Indeed, Zip shares have come under pressure due to the company’s worsening credit losses.

Following Zip’s recent third-quarter update, the Motley Fool reported, “Management revealed that due to a combination of both internal and external factors, credit losses increased outside the company’s target range during the quarter.”

What’s the outlook for Zip shares?

The new environment of rising interest rates isn’t likely to help Zip shares in the year ahead. With more consumers coming under pressure amid higher mortgage and car loan repayments, bad debts could creep higher.

“No question. Interest rates affect everybody including us,” Abercrombie said. “But we know we have a profitable model because over the 15 years we’ve been in the game we’ve had interest rates well in excess of 10%.”

The post Is this a ‘fundamental flaw’ with ASX BNPL shares like Zip appeared first on The Motley Fool Australia.

More reading

• Why Allkem, Origin, PointsBet, and Zip shares are sinking today
• Why Bubs, PolyNovo, Suncorp, and Zip shares are dropping
• ASX 200 midday update: Beach, Santos rise but EML, Zip tumble
• May was another shocker of a month for the Zip share price. Here’s why
• ASX 200 midday update: AGL demerger scrapped, A2 Milk jumps

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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In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up a few points to 7,215.1 points.

Four ASX shares that are weighing on the index today are listed below. Here’s why they are dropping:

Allkem Ltd (ASX: AKE)

The Allkem share price is down 14% to $11.83. There have been a few catalysts for this. This includes a broker downgrade by Credit Suisse, Argentina setting a lithium reference price of US$53 per kilo, and Goldman Sachs reiterating its view that lithium prices will fall heavily in the coming years. This seems to have undone investor optimism that prices will remain higher for longer following the recent Pilbara Minerals Ltd (ASX: PLS) digital auction.

Origin Energy Ltd (ASX: ORG)

The Origin share price is down 14% to $5.87. Investors have been selling this energy giant’s shares after it withdrew its earnings guidance. Due largely to coal supply challenges, Origin now expects its energy markets earnings to be well short of previous guidance. And with management appearing unsure how long these tough trading conditions will last, it has withdrawn its FY 2023 guidance.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is down 12% to $2.61. This is despite the release of an update on its global leadership team which revealed some key appointments. Though, it is worth highlighting that rival DraftKings saw its shares tumble 8% on Wall Street overnight. That was driven by a broker note out of Citi, which revealed that its analysts have slashed their Draftkings valuation by 20%.

Zip Co Ltd (ASX: ZIP)

The Zip share price is down 8.5% to 83.5 cents. This decline comes amid broad weakness in the tech sector today. That weakness has seen the S&P ASX All Technology index trade over 1% lower this afternoon. Today’s decline means that Zip’s shares are now trading within half a cent of a multi-year low.

The post Why Allkem, Origin, PointsBet, and Zip shares are sinking today appeared first on The Motley Fool Australia.

More reading

• Is this a ‘fundamental flaw’ with ASX BNPL shares like Zip
• What’s dragging the Lynas share price 6% lower today?
• Why is the Pilbara Minerals share price cratering 17% today?
• Why are ASX lithium shares tanking on Wednesday?
• ASX 200 midday update: NAB completes acquisition, lithium miners sink, Origin tumbles

Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pointsbet Holdings Ltd and ZIPCOLTD FPO. The Motley Fool Australia has recommended Pointsbet Holdings 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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