Tag: Motley Fool

Dogecoin (CRYPTO: DOGE), which features a Shiba Inu dog on its logo, started life as somewhat of a joke.

But with a current market cap of US$17.5 billion, ranking it as the number 12 crypto in virtual circulation, this crypto is worth more than many ASX blue-chips.

Here’s what happened with the token in April

Headwinds and tailwinds for Dogecoin

The biggest headwind hitting Dogecoin, and indeed most every crypto, in April was investors’ expectations of significant interest rate rises.

This saw investors shift out of risk assets like crypto and tech shares. And it saw the tech-heavy Nasdaq close down 14% in April while Bitcoin (CRYPTO: BTC) lost 17% over the month.

Dogecoin fared a good bit better, supported in part by Tesla Motors (NASDAQ: TSLA) boss Elon Musk’s foray into Twitter (NYSE: TWTR).

The token traded more than 9% higher on 6 April following news that Musk had taken a large stake in Twitter.

Musk, as you may know, is a big supporter of Dogecoin. And the crypto leapt another 7% on 11 April when Musk said people should be able to use Dogecoin to pay for their Twitter Blue premium subscription services.

For the moment, as CoinMarketCap notes, Dogecoin can be “used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content”.

At the end of the month…

At the end of the month, the headwinds and tailwinds essentially cancelled themselves out, with Dogecoin finishing April right where it started, at 13.5 US cents.

Not that there weren’t plenty of opportunities to make or lose money. The token traded for as high as 17.8 US cents in April and hit lows of 12.4 US cents.

Dogecoin hit all time highs of 73.8 US cents almost 1-year ago, on 8 May 2021. It’s down 82% since that high watermark.

The post Here’s what happened with Dogecoin in April appeared first on The Motley Fool Australia.

More reading

• Why Shiba Inu, Ethereum, and Dogecoin are sinking today
• Why Dogecoin is rising today
• Why Bitcoin, Ethereum, Dogecoin, and Shiba Inu dropped today
• Why Ethereum and Dogecoin are down today
• Why Dogecoin is soaring today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin, Tesla, and Twitter. The Motley Fool Australia owns 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.

from The Motley Fool Australia https://ift.tt/w8mXbtk

The Endeavour Group Ltd (ASX: EDV) share price is edging lower on Tuesday. This comes as the company announced the departure of its managing director from its Dan Murphy’s business.

At the time of writing, Endeavour shares are trading 1.30% lower to $7.62.

Endeavour losses key personnel

Investors are selling off Endeavour shares following the latest announcement by the company along with the overall market weakness.

The S&P/ASX 200 Index (ASX: XJO) spent late morning in the green, but its gains faded away as the day went on. Currently, the benchmark index is down 0.12% to 7,338 points. This means that in the past month, the ASX 200 has lost 2.08%.

In addition, Endeavour advised that the managing director of Dan Murphy’s, Alex Freudmann has stepped down from his role.

The company noted that Mr Freudmann will remain with the company for the next six months. His decision to leave the business is so he can return home to the United Kingdom.

Endeavour group managing director and CEO, Steve Donohue highlighted Mr Freudmann’s contribution. He said:

Since joining Dan Murphy’s, Alex has not only helped to successfully navigate the business through an incredibly disruptive two years during the COVID pandemic, he has been instrumental in driving the innovation and modernisation now synonymous with the Dan Murphy’s brand.

Under Alex’s leadership, the Dan Murphy’s team has regained its position as trend leader in the industry. Alex has supported the creation of new store formats, and together with the endeavourX team, he has overseen Dan Murphy’s digital platforms become the ‘front door’ for customers.

I sincerely thank Alex for his tremendous contribution. While we are disappointed at losing someone of his calibre, we understand Alex’s desire to return to the United Kingdom to be closer to family, particularly given the significant challenges of working abroad over recent years.

Endeavour is currently undergoing a recruitment process to find a suitable replacement for Mr Freudmann.

About the Endeavour share price

Since debuting on the ASX in June 2021, the Endeavour share price has risen 26% over the 11-month period. Its shares reached a record high of $7.92 earlier this month, and are about 3.8% off from current levels.

At today’s price, Endeavour has a market capitalisation of roughly $13.61 billion, with almost 1.8 billion shares on its registry.

The post Endeavour share price struggles amid Dan Murphy’s leadership resignation appeared first on The Motley Fool Australia.

More reading

• Why is the Endeavour share price escaping unscathed on Tuesday?
• Top brokers name 3 ASX shares to sell next week
• Here are the top 10 ASX shares today
• Brokers name 3 ASX shares to buy today
• Why Bellevue Gold, CSL, Endeavour, and Serko shares are pushing higher today

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.

from The Motley Fool Australia https://ift.tt/SejInCA

Later this week all eyes will be on the National Australia Bank Ltd (ASX: NAB) share price when the banking giant releases its half-year results.

Ahead of the release on Thursday 5 May, let’s take a look to see what the market is expecting from NAB.

What is the market expecting from NAB’s half year results?

According to a note out of Goldman Sachs, its analysts expect NAB to report first half cash earnings before one-offs of $3,545 million. This will be a 6% increase on the prior corresponding period.

The broker expects this to allow the NAB board to declare a fully franked interim dividend of 72 cents per share, which will be a sizeable 20% increase on the same period last year.

What else should you look out for?

One key area of focus will be NAB’s margins. Goldman is forecasting further weakness in the bank’s net interest margin (NIM) to 1.61%. It explained:

“At the 1Q22 trading update NIMs declined 5 bp to 1.64% and we note this included a modest negative impact from Markets and Treasury as well as higher liquids. Excluding these impacts, NIM declined 2 bp due to i) competitive pressures and ii) housing lending mix, partly offset by iii) lower funding and deposit costs. We remind investors that NAB at its FY21 result noted that while a flat FY22E NIM would be difficult to achieve, it did not expect it to be unusually weak.

Accordingly, we forecast 1H22E NIM of 1.61% which is down 8bp vs. 2H21 and will be keen to get an update on NAB’s leverage to higher cash rates.”

Another area of interest will be NAB’s expenses, which the broker expects to be well-contained.

“NAB’s 1Q22 expenses increased 2% and was driven by: i) mainly higher salaries and leave costs, combined with ii) investment to support growth, partly offset by iii) productivity benefits. Despite this, NAB reiterated it would continue to target broadly flat expenses in FY22, and we remind investors at its FY21, NAB also highlighted FY22 investment spend expected to be broadly flat and will overall continue to target FY23-25 costs to be lower than $7.7bn.

We are forecasting 1H22E expense growth of +1.5% pcp and will be interested to get an update on how NAB’s cost management initiatives have played out since the FY21 results, as well has how its investment spend mix has changed (NAB targeting 50% on growth and customer experience by FY22 vs 39% in FY21).”

Are NAB shares good value?

The team at Goldman Sachs still see a bit of value in NAB shares at the current level.

This morning the broker retained its conviction buy rating and $34.03 price target on the bank’s shares.

Including dividends, this implies a total potential return of approximately 9% for investors over the next 12 months.

The post Own NAB shares? Here’s what to expect with the bank’s half-year result appeared first on The Motley Fool Australia.

More reading

• The ASX 200 shares that fund managers are buying and dumping
• Can ASX 200 banks live up to the $11 billion ‘big expectation’ when they report this month?
• ASX 200 midday update: NAB’s AUSTRAC update, AGL downgrades guidance, Qantas takes off
• NAB share price drops amid AUSTRAC update
• Here’s how the NAB share price stacked up in April

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.

from The Motley Fool Australia https://ift.tt/pRAQUhk

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.

When Netflix (NASDAQ: NFLX) reported 2022 first-quarter financial results on April 19, what captured the market’s attention was a loss of 200,000 subscribers during the period. Making matters worse was management’s expectation of losing another 2 million customers in the current quarter. Unsurprisingly, the stock immediately crashed 35% following the announcement. 

For a business that was growing rapidly over the past decade, adding tens of millions of new members every year and increasing revenue at a brisk rate, the dramatic slowdown is raising questions about the streaming company‘s prospects. And investors have a lot to think about. 

Arguably, topping the list of what shareholders should start to question is Netflix’s pricing power. Let’s take a closer look. 

Netflix’s weakening moat 

Netflix has historically been able to raise prices in the U.S. with seemingly no impact on its customer growth. It hiked prices in April 2014 (the first of six price hikes), and since then, the membership count has increased from 48 million to 221.6 million today. But it’s starting to look like the party could be over. 

Management blamed elevated churn as the reason for the first-quarter subscriber miss and weak second-quarter forecast. Furthermore, it specifically said that the most recent U.S. price increase in January was not the reason for higher churn. Instead, the leadership team called out the war in Ukraine, macro issues in Latin America, seasonality, and heightened competition for the attrition. 

However, some could be sceptical of this argument. The U.S. and Canada region (UCAN) lost 640,000 members last quarter, the biggest decline in at least the past decade. And this was during the three-month period that Netflix raised prices in the U.S. and in a period when Bridgerton 2, its most popular English-language TV show, was released. Top-notch content wasn’t enough for consumers to want to pay more, a key part of the company’s strategy that has worked so well in the past. 

It’s only going to get harder to bring these fallen-off customers back onto the platform. Including accounts that share passwords, Netflix estimates that there are 105 million households in the UCAN region that watch Netflix. Market saturation is real. Additionally, there are an unlimited number of entertainment options today. Is Netflix still superior enough to rival services to warrant its premium pricing? I’m not so sure. 

Excluding the impact of Russia, Netflix would’ve added 500,000 customers in the first quarter. That still would’ve substantially missed management’s previous guidance of 2.5 million adds. So there were an unexpected 2 million accounts that chose to cancel their subscriptions. Losing members is problematic because it not only affects sales in the current quarter, but in future periods as well. 

The leadership team’s long-term pricing strategy, however, hasn’t changed. The objective is still to continue finding ways to add greater entertainment value, while asking its customers to pay more over time. But the company’s latest struggles call into question a key part of Netflix’s thesis: its pricing power. 

Warren Buffett once said that pricing power is the most important determinant of a company’s quality. Is Netflix now a worse business than it was before? 

What now? 

With the stock down 68% since the start of the year, Netflix’s current price-to-earnings (P/E) ratio of 17 makes shares appear cheap right now. It’s still the top streaming service by number of subscribers, and this scale is a huge advantage when it comes to producing content. But the U.S. market is starting to look saturated. At the same time, competition for consumers’ attention has never been higher. 

Regardless of the seemingly attractive stock price, whether this is a temporary blip on the company’s radar or not remains to be seen.  

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

The post Should investors start to question Netflix’s pricing power? appeared first on The Motley Fool Australia.

More reading

• Have ASX tech shares finally reached the bottom?
• Why Netflix stock was falling again today
• 3 reasons to buy Netflix, and 1 reason to sell
• Better buy: Netflix vs. Twitter
• Netflix looks to 100 million existing viewers to boost revenue

Neil Patel 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 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.

from The Motley Fool Australia https://ift.tt/c35AFMY

The Bapcor Ltd (ASX: BAP) share price is tumbling lower amid confirmation of the company’s guidance for financial year 2022.

The company restated its outlook in its latest Macquarie Group Ltd (ASX: MQG) Investor Conference presentation, published in a non-price sensitive update this morning.

At the time of writing, the Bapcor share price is $6.43, 4.46% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is also in the red today, having slumped 0.1%.

Let’s take a closer look at the vehicle parts, accessories, and services provider’s performance for the financial year so far.

Bapcor reports increased revenue for FY22 so far

The Bapcor share price is sliding amid the company’s latest trading and guidance update.

Bapcor has told the Macquarie Investor Conference its performance for financial year 2022 so far has been “strong” given the challenges it faced in the first half. It continued:

[The] fundamental drivers of the automotive aftermarket remain strong and are expected to continue to do so.

The company’s revenue for the first three quarters of financial year 2022 is 3% higher than it was at the same point of financial year 2021.

The boost has been driven by the company’s specialist wholesale segment. Its revenue has increased 8% this financial year. Meanwhile, Bapcor’s trade segment has seen its revenue rise 4% and its New Zealand segment’s revenue has grown 1%.

Those increases have counteracted a 4% revenue slip from Bapcor’s retail segment.

The company also provided a window into its performance for the quarter ended 31 March.

Over that period, Bapcor’s retail/online division outperformed, with its revenue increasing 39.7% compared to that of the third quarter of financial year 2021. Additionally, its trade/Burson segment and its specialist wholesale division’s revenue increased by 5.2% and 10.1% respectively.

Finally, Bapcor reiterated its previously given financial year 2022 guidance. It’s still aiming for its pro forma earnings to be at least in line with those of financial year 2021.

The company has stuck with that guidance since it released its most recent full year results in August.

Last financial year saw the company reporting pro forma earnings before interest, tax, depreciation, and amortisation (EBITDA) of $279.5 million and pro forma net profit after tax (NPAT) of $130.1 million.

Bapcor share price snapshot

This year so far has been tough on the Bapcor share price.

Today’s fall included, the company’s stock has slumped 9% year to date. It is also 15% lower than it was this time last year.

The post Why is the Bapcor share price sinking on Tuesday? appeared first on The Motley Fool Australia.

More reading

• 3 reasons the Bapcor share price could be an ASX 200 winner
• Brokers: 2 ASX dividend shares expected to pay juicy yields

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 recommended Bapcor and Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/hTq3oi4

The Northern Star Resources Ltd (ASX: NST) share price is on a bit of a rollercoaster today.

Down 2% in the early minutes of trade to $9.33 per share, the Northern Star share price rebounded to trade almost even before sliding again at the time of writing to be down 0.7%.

For some context, the S&P/ASX 200 Index (ASX: XJO) is down 0.1% at this same time. And the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has slipped 1.7% amid another retrace in gold prices, now down 6% over the past 2 weeks.

What else is impacting the Northern Star share price?

The Northern Star share price could also be experiencing some additional volatility after the ASX 200 gold miner released its annual Mineral Resource and Ore Reserve update.

Despite mining depletion and the reduction of 2.4 million ounces after divesting its Kundana assets, the company’s mineral resource remained stable at 56.4 million ounces. It credited the stability to successful exploration activities over the year, which added 4.3 million ounces to its mineral resource.

Northern Star’s Ore Reserve also remained stable at 20.7 million ounces. It said that exceptional growth and higher-grade gold levels at several of its project underpin the potential for mine life extensions alongside additional organic growth.

Commenting on the update, Northern Star managing director Stuart Tonkin said:

Our substantial Mineral Resource base in world-class jurisdictions is what enables Northern Star to stand out in the marketplace. We will continue to explore aggressively and effectively to unlock the enormous potential within, around and below our existing operations. This further supports the replacement of Ore Reserves in coming years.

Our conservative gold price assumptions combined with our underground mining portfolio provide optionality in a supportive gold price environment to optimise cash flow and shareholder returns as well as ensure downside protection.

How has the ASX 200 gold miner been performing?

The Northern Star share price has seen its fair share of ups and downs this year. With today’s intraday moves factored in, shares in the ASX 200 gold miner are up 1.2% in 2022. That compares to a year to date loss of 3.2% posted by the ASX 200.

Northern Star pays a 2% trailing dividend yield, fully franked.

The post What’s happening with the Northern Star share price on Tuesday? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• Can the gold price surge above US$2,000 again this year?
• Why Appen, Block, Life360, and Northern Star shares are dropping
• Why aren’t ASX gold shares performing better in these uncertain times?
• ASX 200 midday update: Coronado has record quarter, Life360 and Northern Star sink

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.

from The Motley Fool Australia https://ift.tt/LF9RAT5

The S&P/ASX 200 Index (ASX: XJO) can’t seem to decide what it wants to do so far today. At the time of writing, the ASX 200 is down by 0.14%. That comes after a big drop after open was partly mitigated by a mid-morning rally. But one company that seems to have a better idea of what it wants to do today is the Magellan Financial Group Ltd (ASX: MFG) share price.

Magellan shares are well in the green today. The company has risen by an impressive 7.43% at the time of writing to $17.50. That’s looking a lot better than the $16.29 the fund manager closed at yesterday.

So what’s behind Magellan’s stellar outperformance today? Well, it’s not entirely clear. There hasn’t been any official news out from the company itself. However, there have been some media reports out today that might have something to do with this decisive move upwards.

According to reporting in the Australian Financial Review (AFR), Magellan has decided to move on from the era of its co-founder and long-term chief investment officer (CIO) Hamish Douglass. Mr Douglass helmed Magellan for over a decade as CIO. He was also the public face of the company. However, a series of unfortunate events over the past 12 months culminated in Mr Douglass taking a leave of absence from his duties at Magellan. These included what turned into a chronic period of underperformance for Magellan’s investment funds. As well as the abrupt resignation of Magellan’s CEO Brett Cairns. There was also the revelation of Mr Douglass’ divorce.

Douglass was replaced as CIO by another Magellan co-founder Chris Mackay earlier this year.

Magellan shares rise amid reports company is moving on from Douglass

The AFR reports that, after several months of absence, “it’s understood the remainder of Magellan’s directors has come to accept that Douglass will not rejoin the board nor return as the fund manager’s chief investment officer”.

Mr Douglass reportedly won’t be leaving the company though. Instead, “the board is now working with Douglass to create for him a new role providing macroeconomic and geopolitical counsel to the investment team and directly to key Magellan clients”. However, the report is firm that “he [Douglass] would no longer pick stocks or face the market” under the arrangement.

Nikki Thomas is reportedly set to replace Douglass as permanent CIO, taking back over from Mackay. Thomas was a former fund manager at Magellan who was brought back into the fold when Douglass stepped back.

So it’s perhaps this certainty about Magellan’s future that is helping to lift the company’s shares today. After all, markets hate uncertainty. And, if this report is to be believed, Magellan is about to remove several ‘uncertainties’ about who is running the show.

But one thing is for sure. If investors want a Magellan back to its glory days, there is still a long way to go.

At the current Magellan share price, this ASX 200 fund manager has a market capitalisation of $3.25 billion, with a trailing dividend yield of 12.81%.

The post Why is the Magellan share price soaring 7% today? appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Woolworths’ Q3 update, AGL falls on Cannon-Brookes raid
• These were the worst performing ASX 200 shares in April
• If you’d bought $10,000 of Bendigo Bank shares 10 years ago, guess how much you’d have now
• 5 things to watch on the ASX 200 on Tuesday
• The CBA share price was the worst performer of the ASX 200 big banks in April. What happened?

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 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.

from The Motley Fool Australia https://ift.tt/vVbp5sx

The Corporate Travel Management Ltd (ASX: CTD) share price is in the red today despite the company providing an update on its post-COVID recovery.

This ASX travel share is currently trading at $25.15, a 2.52% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is sliding by just 0.05% today.

Let’s take a look at what Corporate Travel reported.

Corporate Travel predicts revenue will improve

Corporate Travel predicted monthly revenue could top calendar year 19 (CY19) levels by the fourth quarter of this year. The company is aiming for an EBITDA of $265 million when the travel industry fully recovers from COVID-19.

In a presentation to the Macquarie conference in Sydney, the company noted it has made “transformational acquisitions” during COVID-19 and has zero debt.

Corporate Travel said the third quarter had a slow start due to the COVID-19 Omicron variant, however March revenue has been a record. Since March 2021, the company has recorded underlying EBITDA profits.

Corporate Travel said the Australian and New Zealand business has experienced a slow international recovery amid supply constraints. This is despite high demand for travel. State Government accounts are less than average due to people working from home. However, a return to work is underway.

Meanwhile, in North America, the top 25 accounts are trading below average but recovering in April. In the European region, a return to work is underway but UK BAU Government accounts are less than 50% recovered.

One expert has recently predicted that corporate travel could grow its earnings post-COVID. As my Foolish colleague Tony reported, Sage Capital portfolio manager Kelli Meagher said that the company raised money to make “some pretty clever acquisitions”, setting them up for post-COVID growth.

We like Corporate Travel over the longer term just because it is now in a much stronger position to gain market share.

We don’t even have to see a full rebound of corporate travel back to [pre-COVID] levels… for Corporate Travel to grow its earnings, because it’s a market share and margin game.

In early April, Corporate Travel completed the acquisition of Helloworld Travel Ltd (ASX: HLO)’s corporate and entertainment travel business.

Corporate Travel share price summary

The Corporate Travel share price has ascended nearly 40% in the past year and more than 14% year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned around 4% over the past year.

Corporate Travel has a market capitalisation of roughly $3.7 billion based on today’s share price.

The post Why is the Corporate Travel share price lagging the ASX 200 today? appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Woolworths’ Q3 update, AGL falls on Cannon-Brookes raid
• Travel’s back! 3 ASX shares this expert loves right now
• Why are ASX 200 travel shares having a first-class end to the week?
• Here are the 5 best performing ASX travel shares of 2022 so far
• What went so wrong for ASX travel shares today?

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 Corporate Travel Management Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/Kl3R6Da

At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has fought back from early weakness to be trading broadly flat at 7,346.1 points.

Here’s what is happening on the ASX 200 today:

Woolworths sales update

The Woolworths Group Ltd (ASX: WOW) share price is pushing higher after investors responded positively to the retail giant’s sales update. For the 12 weeks ended 3 April, Woolworths reported sales growth of 9.7% over the prior corresponding period to $15,123 million. This compares favourably to Goldman Sachs’ estimate for total sales growth of 6.4% to $14.7 billion.

AGL shares lower

The AGL Energy Limited (ASX: AGL) share price is falling on Tuesday. This follows news that Mike Cannon-Brookes has snapped up an 11.28% stake in the energy company. Mr Cannon-Brookes made the move in an attempt to block AGL’s demerger. However, management remains committed to progressing the proposed demerger and believes it is in the best interests of AGL shareholders.

Corporate Travel Management update

The Corporate Travel Management Ltd (ASX: CTD) share price is under pressure today following the release of an update out of the corporate travel specialist. That update revealed that the Omicron variant impacted its recovery during the third quarter. Nevertheless, management expects a big fourth quarter and for momentum to carry over into FY 2023.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Magellan Financial Group Ltd (ASX: MFG) share price with a 7.5% gain on no news. Going the other way, the Cleanaway Waste Management Ltd (ASX: CWY) share price is the worst performer with a 4.5% decline. This morning the waste management company revealed that its EBITDA would be $15 million to $20 million lower than expected in FY 2022 due to higher fuel and labour costs and one-off operational disruptions.

The post ASX 200 midday update: Woolworths’ Q3 update, AGL falls on Cannon-Brookes raid appeared first on The Motley Fool Australia.

More reading

• Own AGL shares? Here’s why the company’s demerger could be dead in the water
• The ASX 200 shares that fund managers are buying and dumping
• These were the worst performing ASX 200 shares in April
• AGL share price in focus amid Cannon-Brookes raid
• Woolworths share price on watch amid strong Q3 sales growth

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 recommended Corporate Travel Management Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/NlGXhV0

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

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

What happened

Shares of Shiba Inu (CRYPTO: SHIB) continued to trend lower today as one report showed that trading activity in the meme coin had hit a 12-month low, a sign that the meme-fueled boom that sent the cryptocurrency skyrocketing last year was fading. At the same time, the fallout from Robinhood’s (NASDAQ: HOOD) layoff announcement last week also seemed to weigh on Shiba Inu as Robinhood had just started allowing users to trade SHIB, and many see the trading platform as synonymous with meme investing.

As of 5:31 p.m. ET, the cryptocurrency was down 3.2% over the last 24 hours.

So what

Shiba Inu joined Robinhood in April, but even that was only enough to generate a short-lived pop in its price and trading activity. Recorded transactions in the crypto fell 70% in the first quarter from the previous quarter, and in April 2022, SHIB transactions fell to 216,260 from 329,893 in March, according to Finbold.

That tracks with a broader decline in the value of SHIB, which is down more than 75% from its peak last October, as well as fading interest in cryptocurrency more generally.

Robinhood’s first-quarter report, which came out last Thursday, also underscored that trading activity among the millennials that helped drive the crypto boom is drying up as the company’s overall revenue fell 43% to $299 million, and crypto revenue declined 39% to $54 million.

Now what

There was some good news out for Shiba Inu as well, as 22 billion SHIB tokens were burned over the last week. With 549 trillion coins in circulation, trillions of them will need to be burned for the asset to have a chance at getting to $1, as bulls hope it will.

For now, though, headwinds seem to be mounting against SHIB, with both Robinhood and SHIB trading activity declining. The coin’s days as a meme star could be over.

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

The post Why Shiba Inu was falling today appeared first on The Motley Fool Australia.

More reading

• Why Shiba Inu, Ethereum, and Dogecoin are sinking today
• Why Bitcoin, Ethereum, Dogecoin, and Shiba Inu dropped today
• 3 reasons Robinhood’s addition of Shiba Inu doesn’t matter
• Why Solana is rising today
• Why Shiba Inu is soaring today

Jeremy Bowman 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.

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

from The Motley Fool Australia https://ift.tt/ratAfEu