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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.95% to 7,451.6 points.

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

Iron ore miners storm higher

A key driver of the ASX 200’s gains today has been rallying mining shares. Among the best performers are BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares, which have risen 3% and 4.5%, respectively, following a rebound in iron ore prices overnight.

Zip completes acquisition

The Zip Co Ltd (ASX: Z1P) share price is pushing higher today after announcing the completion of its acquisition of European BNPL provider Twisto Payments for $115.8 million in shares. Management notes that the acquisition provides Zip with a gateway to one of the world’s largest ecommerce markets and access to all 27 member states of the European Union. Some of Twisto’s flagship merchants include KFC, Pizza Hut, Secret Escapes, Gap, New Balance, Delivery Hero, Takeaway, Yves Rocher and Under Armour.

Link receives offer for BCM business

The Link Administration Holdings Ltd (ASX: LNK) share price is rising today after revealing that it has received an offer for its Banking and Credit Management (BCM) business. A syndicate led by Pepper European Servicing has tabled a conditional, non-binding indicative proposal to acquire BCM for up to 55 million euros (A$86.5 million).

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Champion Iron Ltd (ASX: CIA) share price with a 5.5% gain following a rise in iron ore prices. The worst performer on the index has been the Eagers Automotive Ltd (ASX: APE) share price with a 3% decline on no news.

The post ASX 200 (ASX:XJO) midday update: BHP & Fortescue rise, Zip completes acquisition appeared first on The Motley Fool Australia.

More reading

• Fortescue (ASX:FMG) share price climbs 5% as iron ore rebounds
• Why the Zip (ASX:Z1P) share price is storming higher today
• Woodside (ASX:WPL) share price rises amid hydrogen plant land approval
• BHP (ASX:BHP) will reap US$1.35 billion from its coal asset sales. Where might the cash go?
• The Zip (ASX:Z1P) share price sank below $6 for the first time since January. What’s happening?

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. owns shares of and has recommended Link Administration Holdings Ltd and ZIPCOLTD FPO. 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 Bruce Jackson.

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The BARD1 Life Sciences Ltd (ASX: BD1) share price is rocketing on Friday morning. This comes after the medical diagnostics company announced it has secured a new patent.

At the time of writing, BARD1 shares are shooting 16.16% higher to $1.15 apiece. In context, the All Ordinaries Index (ASX: XAO) is up 0.94% to 7,751.5 points.

BARD1 furthers patent protection

Investors are pushing BARD1 shares higher after digesting the company’s positive update.

In its release, BARD1 advised that it has been granted a patent to add to its growing portfolio. Approved by the United States Patent and Trademark Office, the latest addition will seek to further protect BARD1’s intellectual property.

Titled, ‘Lung Cancer Diagnosis’, the new patent explains the methods towards detecting antibodies to BARD1 peptides. This is for diagnosing lung cancer and developing an autoantibody test kit in the world’s biggest health care market.

The new patent is set to expire on 5 February 2035.

BARD1 CEO, Dr Leearne Hinch commented:

This patent family enforces intellectual property protection in the US for a potential BARD1-Lung cancer test that detects autoantibodies associated with lung cancer.

Quick take on BARD1

Founded in 2016, BARD1 is an Australian-based medical diagnostics company that is focused on developing and commercialising non-invasive diagnostic tests for early detection of cancer.

The company’s proprietary technology platform is based on novel tumour markers with potential diagnostic and therapeutic applications across multiple cancers. The pipeline includes two development-stage BARD1 autoantibody tests for early detection of lung and ovarian cancers.

BARD1 is headquartered in Perth, Australia, and has contract research laboratories at University of Geneva, Switzerland.

BARD1 share price summary

In the past 12 months, BARD1 shares have accelerated 60%. However, year-to-date performance has further jumped to post a gain of 69%.

Based on valuation metrics, BARD1 presides a market capitalisation of roughly $105.72 million, with approximately 91.93 million shares outstanding.

The post BARD1 Life Sciences (ASX:BD1) share price leaps 15% on US patent news appeared first on The Motley Fool Australia.

More reading

• Lendlease (ASX:LLC) share price slides as market responds to AGM
• Oil Search (ASX:OSH) shares undervalued in Santos merger: expert
• Is another billion dollar pay day looming for Telstra (ASX:TLS) shareholders?
• Rivian Automotive share price zooms again amid EV mania
• Fortescue (ASX:FMG) share price climbs 5% as iron ore rebounds

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 Bruce Jackson.

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The Lendlease Group (ASX: LLC) share price is falling this morning, down 1.73% to $10.48. The property and infrastructure giant’s shares are in focus as the market responds to the company’s AGM, although it is not a price-sensitive announcement.

Here are the key takeouts from the company’s annual summary and what has the market talking today.

What did Lendlease announce in its AGM?

The company advised that its operating income is likely to be tilted towards the second half of FY22. Return expectations outlined in its FY21 results remain unchanged. The Lendlease share price slumped on the back of these results, announced in August.

Lendlease acknowledges that FY22 will likely be another challenging year for the property and construction markets, as the effects of COVID-19 roll into the back end of 2021.

Despite this, activity across Lendlease’s Northern Hemisphere gateway sites is recovering strongly. This comes as Covid-19 restrictions have mostly peeled back there – especially in the residential sector.

Lendlease now expects a more “broad-based” recovery in those regions coming into the next calendar year.

Additionally, the company is consolidating its management structure and operating platforms and re-sizing its cost base for what it calls “near-term” challenges. Lendlease is confident it can achieve an annualised savings target of more than $160 million from these moves.

The group reflects its “end-to-end capability and real estate and a proven track record” in its $114 billion development pipeline. This is expected to support “the acceleration of production to more than $8 billion per annum by FY24”.

On a positive note, the company reckons it is well-positioned to capitalise on better operating conditions. It expects to reach its return on equity target range by FY24, alongside the $8 billion production target in the same year.

Beyond this, the company expects its production to surpass $8 billion consistently. It anticipates having more than $70 billion in funds under management by FY26.

However, this positive news has done little for the Lendlease share price today.

What’s next for Lendlease?

Aside from its production targets listed above, the company is optimistic about the prospects over the next periods.

It does expect the impacts of Covid-19 to remain in situ for a while. But it is positive on the strengths in its Northern Hemisphere operations and what this entails for Australia opening up post-pandemic.

As such it reckons “the underlying strength of [its] business will become apparent as global cities recover further”.

Lendlease also acknowledged the material impact that a restructuring charge of $130 million to $170 million and impairment expenses of $230million to $290 million will have on its statutory profit.

It also expects to upscale its investments platform via the launch of new funds and mandates, on the road to hitting its return on equity targets by FY23–24.

Lendlease share price snapshot

The last 12 months haven’t been kind to the Lendlease share price. It is in the red by 27% in that time and has lost 20% this year to date.

That’s well behind the benchmark S&P/ASX 200 index (ASX: XJO)’s climb of around 14% in the past year.

The post Lendlease (ASX:LLC) share price slides as market responds to AGM appeared first on The Motley Fool Australia.

More reading

• Real estate shares are leading the ASX 200 on Tuesday

The author Zach Bristow has no positions 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 Bruce Jackson.

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The Oil Search Ltd (ASX: OSH) share price is gaining today amid reports surrounding an independent expert’s determination that the company deserves a bigger stake in its $23 billion merger with Santos Ltd (ASX: STO).

Reports have emerged this morning claiming Oil Search fronted Santos following the expert’s advice, intending to increase its stake in the company born from the transaction. However, Santos reportedly shot down the assertion.

At the time of writing, the Oil Search share price is $4.235, 0.83% higher than its previous closing price.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.93% right now.

Let’s take a look at why Oil Search is in the headlines this morning.

Expert finds Oil Search to bring more than it takes

The Oil Search share price is gaining today amid reports the company attempted to push Santos to implement independent expert Grant Samuel & Associates’ recommendations.

Yesterday, the merger of Santos and Oil Search received the initial go ahead from the National Court of Papua New Guinea. Following the court’s determination, Oil Search released an update on its planned merger with Santos.

Within the update was a report by Grant Samuel. It stated that the merger is in the best interests of Oil Search shareholders, but isn’t reflective of the company’s underlying value:

“Oil Search shareholders are contributing around 43-44% of the aggregate estimated underlying value of the merged group compared to the 38.5% of the merged group that they will receive,” it said.

Oil Search also commented in the update. It noted, while the expert found that the company’s shareholders are contributing more to the merged entity than they will receive, the merger comes with “significant strategic, commercial, and funding benefits”.

Indeed, Grant Samuel’s report stated:

The options to maximise the value realised for Pikka and, over time, to optimise the development of its PNG interests are significant benefits of the merger that are not available to Oil Search [by itself]… [and] Oil Search faces real challenges in funding its growth opportunities on a standalone basis.

However, according to reporting by The Australian, Oil Search put the expert’s report to Santos in an attempt to boost its holding in the merged entity. Santos reportedly refused to bargain on the merger terms.

Additionally, the publication states that some of the company’s shareholders are wary of the deal. Thus, the expert’s comments might fan existing fears.

Allan Gray is said to be one such cautious shareholder. The investment group reportedly holds nearly 5% of Oil Search’s stock.

To get the merger across the line, at least 75% of Oil Search’s shareholders need to vote in favour.

Oil Search share price snapshot

When the merger was first put on the table, it valued Oil Search’s shares at around $4.06 a piece.

That’s an 11% premium on Oil Search’s stock’s closing price the day before the announcement of the merger.

Since then, the Oil Search share price has gained 15%. It’s also 14% higher than it was at the start of 2021.

The post Oil Search (ASX:OSH) shares undervalued in Santos merger: expert appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• Oil Search (ASX:OSH) and Santos (ASX:STO) move closer to completing $23bn merger
• Here’s why the Santos (ASX:STO) share price is falling again on Thursday
• 5 things to watch on the ASX 200 on Thursday
• Santos (ASX:STO) share price slips as Oil Search merger delayed again

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 Bruce Jackson.

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The Telstra Corporation Ltd (ASX: TLS) share price is pushing higher on Friday morning.

At the time of writing, the telco giant’s shares are up 1% to $3.99.

This leaves the Telstra share price trading within sight of its 52-week high of $4.05.

Why is the Telstra share price pushing higher?

Investors have been bidding the Telstra share price higher this year amid its greatly improved outlook.

This has been driven by the successful execution of its T22 strategy, the unveiling of its upcoming T25 strategy, and acquisitions and divestments.

The latter involved the sale of a 49% stake in the Telstra InfraCo Towers business to a consortium comprising the Future Fund, Commonwealth Superannuation Corporation, and Sunsuper.

That deal valued Telstra InfraCo Towers at $5.9 billion, which led to Telstra generating net cash proceeds after transaction costs of $2.8 billion.

From this, the company decided to return $1.35 billion to shareholders via an on-market share buyback.

What’s next?

Potentially boosting the Telstra share price today are reports that the InfraCo Fixed business could be catching the eye of infrastructure investors.

According to the AFR, a source close to the Telstra InfraCo Towers deal has said that the InfraCo Fixed business “will be the big monster.”

In fact, Telstra’s CEO, Andy Penn, notes that InfraCo Fixed is six times larger than the InfraCo Towers business on an earnings basis. This appears to indicate that he believes Telstra could command a significantly higher price for these assets.

He commented: “The Amplitel [InfraCo Towers] sale price and multiple together with the speed at which the sale closed is indicative of the quality of the InfraCo assets. InfraCo Fixed is over six times larger than Amplitel on an income and EBITDAaL basis, while it is more complex in nature, InfraCo Fixed is a very strategic portfolio.”

The team at Goldman Sachs certainly believe the business is worth a lot more than the towers business. The broker’s sum of the parts valuation gives the total fixed business a $13.5 billion enterprise value on a 7x estimated FY 2023 EBITDA multiple. It is worth noting that the InfraCo Towers business was sold on a 28x EBITDA multiple.

All in all, if a deal were made and management decides to return a portion of these proceeds to shareholders, it could mean another billion-dollar (plus) payday. That could be via special dividends or another share buyback.

In light of this, it will definitely be worth keeping a close eye on the Telstra share price in 2022.

The post Is another billion dollar pay day looming for Telstra (ASX:TLS) shareholders? appeared first on The Motley Fool Australia.

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• These 3 ASX 200 shares are topping the volume charts this Thursday
• Why the Telstra (ASX:TLS) share price has beaten the ASX 200 in the last 3 months
• Is the Telstra (ASX:TLS) share price the best blue-chip bet for 2022?
• These 3 ASX 200 shares are topping the volume charts on Wednesday
• Here’s why the Telstra (ASX:TLS) share price is up 33% so far in 2021

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 owns shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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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.

What happened

Shares of new initial public offering (IPO) electric car upstart, and purported Tesla-killer Rivian Automotive (NASDAQ: RIVN) tore up the track yesterday, racing out of the gate on IPO Day to score a 29% gain.

Do you think a gain of that size might have caught a few investors’ attention, and enticed them to try to join in the momentum trade? It did. Today as of 10:45 a.m. EST, Rivian stock is up another 10%.

So what

But seriously, that’s all that’s happening today. There is literally no new news to justify today’s rise in stock price. No news to explain why Rivian is now — as Barron’s puts it — “the most valuable U.S. auto maker after Tesla.”

Now what

With a market capitalisation rapidly approaching $114 billion, Rivian stock is now more expensive than either General Motors ($89 billion) or Ford Motor Company ($79 billion). Yet over the past year, GM sold more than $130 billion worth of cars and trucks worldwide, Ford sold nearly $135 billion, and Rivian sold… zero.

Now, maybe that makes sense. Maybe Rivian will surprise us and use its order from Amazon for 100,000 electric delivery vans as a springboard to tens and hundreds of billions of dollars of sales in the future. Or — and bear with me here for just a minute — this brand new automaker might encounter hiccups as it begins production, and fail to fully live up to the hype.

I’m not saying it will happen. But I am saying it would be prudent to prepare yourself for the possibility that Rivian stock will go back down. 

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

The post Rivian Automotive share price zooms again amid EV mania appeared first on The Motley Fool Australia.

More reading

• Fortescue (ASX:FMG) share price climbs 5% as iron ore rebounds
• Why the Zip (ASX:Z1P) share price is storming higher today
• Woodside (ASX:WPL) share price rises amid hydrogen plant land approval
• Elon Musk is unloading billions of dollars of Tesla stock
• Broker sees 14% upside for the Suncorp (ASX:SUN) share price

Rich Smith has no position in any of the stocks mentioned. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. 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 Amazon. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

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The Fortescue Metals Group Limited (ASX: FMG) share price is back in investor sights on Friday. This renewed attention comes after iron ore prices rebounded above US$90 per tonne overnight. Specifically, the steelmaking commodity’s futures increased by more than 5%.

At the time of writing, shares in the iron ore producer are up 4.79% to $16.19. Yet, the Fortescue share price is still nearly 40% below its 52-week high of $26.58.

The reason behind the rally has been attributed to articles published by the media in China outlining ways to manage the Evergrande saga. As a result, sentiment is now more positive that China will do what it can to avoid a collapse of the local real estate development sector.

What’s moving the Fortescue share price on Friday?

Markets have been surprisingly robust throughout the tedious timeline of China Evergrande Group and its debt payments. With around US$308 billion in total liabilities, the property developer has been in a pickle to pay interest on its borrowings. In turn, the potential unraveling of one of China’s largest companies has put pressure on some industries.

Due to its use in construction, iron ore is susceptible to any knock-on effects if Evergrande were to collapse. Because of this, the commodity weakened yesterday as reports flowed in that Deutsche Markt Screening Agentur (DMSA) had not received Evergrande’s interest payment which had come due.

However, more recent reports indicate the company has managed to avoid defaulting by making overdue payments before the end of an extended grace period. That’s a relief for iron ore companies such as Fortescue Metals and its share price.

Additionally, the Chinese government now plans to slowly and carefully dismantle the property giant. This will involve separating its assets and selling them off to other Chinese companies. In taking this approach, the government hopes it will limit repercussions to home buyers and smaller businesses.

The controlled descent could mean less of an impact on the global economy and construction. This would be a major positive for iron ore demand, as opposed to a complete collapse.

As such, ASX-listed iron ore producers are some of the best performers on the Aussie market today. At the time of writing, shares in BHP Group Ltd (ASX: BHP) and Mineral Resources Limited (ASX: MIN) are up more than 3%. Although, the Fortescue share price is performing the strongest out of the big miners this morning.

The post Fortescue (ASX:FMG) share price climbs 5% as iron ore rebounds appeared first on The Motley Fool Australia.

More reading

• Woodside (ASX:WPL) share price rises amid hydrogen plant land approval
• Fortescue (ASX:FMG) share price surges 9% to shrug off falling iron ore price
• These 3 ASX 200 shares are topping the volume charts this Thursday
• Why Chalice, De Grey, Estia Health, and Fortescue shares are racing higher
• Why the Rio Tinto (ASX:RIO) share price underperformed the materials sector over the last 3 months

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 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 Bruce Jackson.

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The Zip Co Ltd (ASX: Z1P) share price is heading in the right direction at last on Friday.

In early trade, the buy now pay later (BNPL) provider’s shares are up 5% to $5.98.

Despite this gain, the Zip share price is still down 10% since this time last month.

Why is the Zip share price rising today?

There have been a couple of catalysts for the rise in the Zip share price today.

The first is a rebound in the tech sector today following a positive night of trade on the Nasdaq index.

At the time of writing, the S&P/ASX All Technology Index is up 1.1%. This compares favourably to the S&P/ASX 200 Index (ASX: XJO), which is up 0.65% currently.

What else is driving its shares higher?

Also potentially giving the Zip share price a lift today is the release of an announcement this morning.

According to the release, the company has completed the acquisition of European BNPL provider Twisto Payments for $115.8 million in shares. Management notes that the acquisition provides Zip with a gateway to one of the world’s largest ecommerce markets and access to all 27 member states of the European Union (EU).

Twisto was founded in 2013 and has served almost one million customers across 22,000 merchants and is a leading BNPL platform in Central Europe. The release highlights that it has developed a unique omnichannel payments platform, giving customers full control and the freedom to pay for their everyday purchases over short and longer-term instalments.

Some of Twisto’s flagship merchants include KFC, Pizza Hut, Secret Escapes, Gap, New Balance, Delivery Hero, Takeaway, Yves Rocher and Under Armour.

Zip’s Co-founder and Chief Executive Officer, Larry Diamond, has previously spoken very positively about the acquisition of Twisto.

In May, he commented: “The acquisition of Twisto shows our commitment to global growth and follows our ‘Coalition of Founders’ model, where we back strong founders with a shared vision and deep cultural alignment in our quest for global payments coverage.”

“We are very much looking forward to adding this strategic geography to our growing footprint and fulfilling global merchant demand. We have been impressed by the Twisto team, their deep customer focus and product set and look forward to working closely with them to deliver on the opportunities we jointly have in front of us,” he concluded.

The post Why the Zip (ASX:Z1P) share price is storming higher today appeared first on The Motley Fool Australia.

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• The Zip (ASX:Z1P) share price sank below $6 for the first time since January. What’s happening?
• Is the Zip (ASX:Z1P) share price a buy now, or wait for later?
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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. owns shares of and has recommended ZIPCOLTD FPO. 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 Bruce Jackson.

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The Woodside Petroleum Limited (ASX: WPL) share price is edging higher in early trading today, up 0.77% to $22.18.

It comes after the oil and gas giant issued a media release advising it had secured land for its proposed H2TAS hydrogen plant in Tasmania.

The H2TAS plant is a phased development that has the potential to support up to 1.7 gigawatts (GW) of electrolysis for hydrogen and ammonia production, says Woodside.

It will use a combination of hydropower and wind power to create a “100% renewable ammonia product for export as well as renewable hydrogen for domestic use”.

Here are the details out of Woodside’s camp today.

Proposed hydrogen and ammonia plant

For a quick background, in January 2021, Woodside signed a memorandum of understanding with the Tasmanian government, which outlined its support for the company’s H2TAS project.

Following this, Woodside announced in May it had formed a project consortium with two Japanese corporations to examine the feasibility of exporting ammonia to Japan from the Bell Bay port.

The feasibility studies concluded it was economically and technically viable to export ammonia from Tasmania to Japan.

Being that H2TAS is a phased development, the initial phase would have a capacity of up to 300 megawatts (MW) and target production of 200,000 tonnes per annum of ammonia.

This production figure, as Woodside states in the release, is matched to customer demand.

And demand is currently high, given the big pivot of industrialised nations towards renewable and green forms of energy. Hydrogen fits the bill here, as it produces zero carbon emissions when used as a fuel.

As such, Woodside is also trying its hand in the hydrogen game in WA. It recently revealed plans to build a $1 billion facility akin to the H2TAS site in Kwinana, south of Perth.

What does the competition think?

Investors appear to have welcomed the news, judging by the rise in the Woodside share price today. However, not all future vendors of the potential carbon-free energy solution are happy about the moves.

Competitor and green energy forerunner Fortescue Future Industries, subsidiary of Fortescue Metals Group Limited (ASX: FMG), voiced its concerns over the plant’s go-ahead.

It claims Woodside’s approach cannot be considered green as it will use more gas in the production of hydrogen – around 66% according to Fortescue – rather than depressing its gas use, like most ammonia producers.

Nonetheless, Woodside explained today that H2TAS is “already garnering interest from existing and prospective Woodside customers in Asia and Europe”.

Woodside is targeting a final investment decision on the site in 2023. Although, construction and commissioning are expected to take only around 24 months.

What is management saying?

Woodside CEO Meg O’Neill said the proposed site is in unison with the company’s focus on new, greener energy projects. She said:

Combined with our landmark H2Perth project announced last month, H2TAS will help to position Australia as a global leader in this emerging industry. Importantly, this project would also create local construction and operational jobs and new opportunities for Tasmanian businesses.

Woodside share price snapshot

The Woodside share price is in the red this year, posting a loss of 3% since January 1.

In the past 12 months it has managed to climb 6% but that’s still over halfway behind the benchmark S&P/ASX 200 index (ASX: XJO)’s gain of around 14% in that time.

The post Woodside (ASX:WPL) share price rises amid hydrogen plant land approval appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• Fortescue (ASX:FMG) share price surges 9% to shrug off falling iron ore price
• These 3 ASX 200 shares are topping the volume charts this Thursday
• Why Chalice, De Grey, Estia Health, and Fortescue shares are racing higher
• Why the Rio Tinto (ASX:RIO) share price underperformed the materials sector over the last 3 months

The author Zach Bristow has no positions 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 Bruce Jackson.

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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.

Just like that, Tesla (NASDAQ: TSLA) founder and CEO Elon Musk has started unloading the billions of dollars worth of stock he left up to a recent Twitter poll. In order to satisfy an upcoming tax bill and to ensure he doesn’t look like he’s trying to avoid taxes with unrealized gains, the CEO recently asked Twitter users whether they think he should sell 10% of his stake in the electric-car company. With well over half of the respondents voting yes, Musk didn’t waste any time to get started.

Here’s how many shares of the growth stock Musk has sold already — and what it means for Tesla investors.

Musk’s $5 billion stock sale

A series of Form 4 filings with the United States Securities and Exchange Commission (SEC) this week revealed Musk has sold a total of over 4.5 million shares in three days. Musk’s sales of Tesla Stock on Monday were made under a preset trading plan. Sales on Tuesday and Wednesday, however, were not. These sales are valued at around $5 billion and represent only 2.6% of his stake in the company following the exercising of options on Monday. 

About 3.6 million of the shares he sold during the week will be taxed at long-term capital gains rates, adding to the massive future tax bill Musk is planning for.

Wedbush analyst Daniel Ives, who has an outperform rating and a $1,100 price target on Tesla shares, says the CEO is now likely on pace to complete the sale of 10% of his stake over the next few days. Additionally, Ives seemed to indicate that the sale could ultimately be good for the stock going forward, as it removes the overhang of investors wondering how the CEO would satisfy a tax bill related to exercising stock options.

A bearish or bullish signal?

Of course, Tesla bulls should note that by Musk selling just 10% of his stake in the company, he’s currently committing to holding onto 90% of it. That’s quite an aggressive stance to hold onto 90% of his stake, considering that this is his first sale since 2016 and that most of his net worth is tied up in the company.

With his approximate $300 billion net worth mostly tied to Tesla stock (he is also the largest shareholder of SpaceX), it’s impressive the CEO has maintained about a 20% stake in the $1.1 trillion company since its initial public offering back in 2010. Musk clearly could have cashed out with riches a long time ago but has instead kept his skin in the game. And based on his public declaration to sell just 10% of his stake, he obviously wants to maintain some serious investment in Tesla for now. 

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

The post Elon Musk is unloading billions of dollars of Tesla stock appeared first on The Motley Fool Australia.

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Daniel Sparks 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 Bruce Jackson.

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/3FcycAD