Tag: Motley Fool

Today, the S&P/ASX 200 Index (ASX: XJO) flailed around before settling close to its previous close. The benchmark index finished down 0.03% to 7,462.3 points. A mix of different mining companies weighed on the Aussie index, while utilities and consumer staples put on a good showing.

However, as always, the question is: which shares from the top 200 delivered the most green on the ASX today? Here are the ten stocks that delivered gains while the broader market was red:

Top 10 ASX 200 shares countdown today

Looking at the top 200 listed companies, Treasury Wine Estates Ltd (ASX: TWE) was the biggest gainer today. Shares in the winemaker increased 5.60% despite no announcements. Find out more about Treasury Wine Estates here.

The next best performing ASX share out of the top 200 today was Origin Energy Ltd (ASX: ORG). The energy company’s shares climbed 3.34% to $4.33 despite no announcements. Uncover the latest Origin Energy information here.

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

Our top 10 ASX shares 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 200 shares today appeared first on The Motley Fool Australia.

More reading

• Which ASX companies are ending the week as the biggest movers today?
• Why Adairs, Redbubble, Treasury Wine, & Western Areas are storming higher
• ASX 200 midday update: Cochlear & TPG sink, Inghams jumps
• The Treasury Wines (ASX:TWE) dividend bumped up by 60%
• The Origin (ASX:ORG) dividend has dropped 20%

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 owns shares of and has recommended Amcor Limited and Treasury Wine Estates 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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The A2 Milk Company Ltd (ASX: A2M) share price has climbed into the green this week.

Whereas the S&P/ASX 200 Index (ASX: XJO) has posted a loss of 1.66% over the past week, A2 Milk shares are up 11%.

Let’s investigate further.

What’s happening with A2 Milk?

The big news earlier in the week was regarding A2’s potential acquisition targeting from global foods powerhouse Nestle.

Recall that A2 has faced headwinds this year. The Chinese infant nutrition markets posed particularly challenging dynamics for the company.

Moreover, the company advised that recent actions taken to address headwinds in its cross-border e-commerce channels “would not result in sufficient improvement” on Q3 pricing and sales.

As such, Nestle purportedly is targeting the milk company, albeit choosing to wait for its FY21 results before making a decision.

However, in an interesting turn of events, A2 Milk is currently engaged in a trademark battle with Nestle.

The company is appealing a decision that Nestle would be allowed to keep its own infant formula range, that contains the A2 protein.

A2’s original challenge was rejected on grounds the company failed to establish a case for opposition.

Given there is no market-sensitive information today, it stands to reason that investors are pushing the A2 Milk share price higher this week on the back of this major event.

A2 Milk share price snapshot

The A2 Milk share price has had a choppy year to date, posting a loss of 43%. Over the past 12 months, the company’s shares have also fallen by around 64%.

As a result, these returns have lagged the broad index’s return of around 25% over the past year.

A2 Milk shares closed on Friday at $6.52, down 1.21% on the day.

The post Here’s why the A2 Milk (ASX:A2M) share price is up 11% this week appeared first on The Motley Fool Australia.

More reading

• A2 Milk (ASX:A2M) share price lifts amid trademark stoush
• Why the A2 Milk (ASX:A2M) share price has underperformed the ASX 200 in the last year
• Here are 3 ASX 200 share investors can’t leave alone today
• Here are the top 10 ASX shares today
• Who’s starting the week off as the biggest mover on the ASX 300 today?

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 recommended A2 Milk. 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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Facebook Inc (NASDAQ: FB) is taking a step into the metaverse with its latest virtual reality (VR) application. The announcement has brought heightened attention to the Facebook share price. Shares in the social media giant have already climbed 32% since the start of 2021.

In a press release today, Facebook unveiled its answer to Zoom, known as ‘Horizon Workroom’, or more simply as ‘Workrooms’ — the VR experience aims to be a more immersive environment for people who work together to communicate and collaborate.

Remote working of the future

While COVID-19 has resulted in a massive influx of remote working out of necessity, some people still argue that real collaboration can’t occur outside of the workplace. Video teleconferencing company, Zoom Video Communications Inc (NASDAQ: ZM), would argue otherwise.

Communicating with colleagues is critical in just about every occupation. Thanks to the modern internet, much of the population has been able to continue to interact with others while being homebound. However, as Facebook points out — working remotely can feel isolating, and creative collaborating can feel stifled — queue Workrooms.

Facebook’s Workrooms utilises the company’s Oculus Quest 2 VR headset to bring colleagues together virtually. According to the company, Workrooms is “designed to improve your team’s ability to collaborate, communicate, and connect remotely, through the power of VR”.

In stark contrast to Zoom’s 2D interaction, Workrooms allows users to enter a completely virtual space with multiple people. From there, people can share documents on a virtual screen, take notes on a virtual keyboard, and wave their virtual hands in the air — pretty cool huh.

Apparently, Facebook employees have been using their own creation for months to conduct their own virtual meetings.

Commenting on the innovation, CEO and Founder Mark Zuckerberg said:

These kinds of experiences, where you can actually feel present with other people, are I think a much richer way to interact than the types of social apps we’ve been able to build on phones or computers.

The product announcement follows discussions of how Facebook wants to push into the next frontier of the internet… the metaverse. Perhaps Workrooms is the first public piece of that ambitious puzzle.

Facebook share price compared to Zoom

Surprisingly, despite a continuation of lockdowns and restrictions across some geographies, the Zoom share price has underperformed even the S&P/ASX 200 Index (ASX: XJO). Specifically, the video conferencing company’s shares have gained 14.3% in the past year.

In comparison, the Facebook share price has outperformed the Aussie benchmark index. Even more impressively, the social media company has inched out an outperformance of the S&P 500, which returned 30.1% over the past year.

The post Facebook (NASDAQ:FB) share price in focus as it reveals its answer to Zoom appeared first on The Motley Fool Australia.

More reading

• Why Facebook stock slipped on Tuesday
• Will Snap be worth more than Facebook by 2030?
• Amazon investors are getting its e-commerce business for free
• Why Facebook’s outlook for rest of 2021 doesn’t scare me
• Why Facebook stock moved higher on Wednesday

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Motley Fool contributor Mitchell Lawler owns shares of Facebook. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Facebook and Zoom Video Communications. The Motley Fool Australia has recommended Facebook and Zoom Video Communications. 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 Cochlear Limited (ASX: COH) share price has been the worst performer on the S&P/ASX 200 Index (ASX: XJO) on Friday.

In late afternoon trade, the hearing solutions company’s shares are down 7% to $237.81.

Why is the Cochlear share price under pressure?

Investors have been selling down the Cochlear share price on Friday following the release of its full year results.

Although the company delivered a profit result in line with its guidance, it fell short of the market’s expectations.

Unfortunately for the Cochlear share price, this was the case for its guidance for FY 2022 as well. This has left analysts scrambling to adjust their estimates and recommendations today.

How did Cochlear’s result compare to expectations?

Goldman Sachs has been running the rule over the Cochlear result. It notes that the company’s revenue was in line with expectations, but its earnings fell short.

The broker commented: “FY21 revenue in-line, earnings (2)% below. Revenue of $1,489m was in-line with consensus, with YoY growth of +19% representing a +1% CAGR from FY19. Gross margins fell 200bps from 75% to 73% (half driven by FX), whilst opex grew +5%, contributing to a (2)% earnings miss, albeit still comfortably within the middle of guided range ($237m vs. $225-245m).”

While that was disappointing, the biggest impact on the Cochlear share price appears to have been its guidance.

Goldman explained: “COH targets earnings of $265-285m in FY22, representing growth of +12-20% on a heavily Covid-impacted comparator, approximately (12)-(5)% below current consensus.”

“Developed markets are expected to grow in FY22 but COH highlights that surgery rates remain highly variable and that, whilst guidance factors some continuing Covid impact, it does not consider a more material disruption that significantly impacts sales.”

Goldman added: “It is worth highlighting that FY22 earnings guidance implies a +0-2% 3-year CAGR from FY19, suggesting the recovery will likely still take longer than for many other stocks in the sector.”

Are its shares in the buy zone?

While Goldman Sachs hasn’t updated its recommendation yet, it previously had a sell rating and $189.00 price target.

Given the above, it seems highly unlikely that the broker’s opinion will change on the Cochlear share price once it has fully digested the result.

The post Cochlear (ASX:COH) share price sinks: How did its result compare to expectations? appeared first on The Motley Fool Australia.

More reading

• The ASX reporting wrap-up: Cochlear, Sydney Airport, TPG
• Why Cochlear, Santos, St Barbara, & TPG shares are dropping
• The Cochlear (ASX:COH) share price tumbles 7% despite dividend boost
• ASX 200 midday update: Cochlear & TPG sink, Inghams jumps
• Cochlear (ASX:COH) share price on watch after hitting FY21 earnings guidance

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 Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. 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 MyState Limited (ASX: MYS) share price is higher today after the company released its earnings report for financial year 2021 (FY21).

Right now, the MyState share price is 3.89% higher than it was at yesterday’s close. Shares in the bank and funds management company are currently swapping hands for $5.34 apiece.

MyState share price jumps on $36.3 million NPAT

Here’s how MyState performed in FY21:

• Net profit after tax increased by 20.9% to $36.3 million
• $138.5 million of income, up by 7.5%
• Customer deposits for the period equaled $4.5 billion, 13.2% more than during FY20
• Return on equity increased by 116bps to 10.3%
• Increase of 10bps in net interest margin (NIM) to 1.96%
• 13-cent final dividend

MyState’s increased NIM was underpinned by more customer deposits, lower funding costs, and favourable deposit interest rates.

Net interest income for the period grew by 12.5% to $112 million. This was mainly driven by growth in lending and lower funding costs.

The bank saw 3.4% more funds under management for FY21. They were worth $1.105 billion as of 30 June 2021.

However, MyState’s operating income dropped 12.9% due to lower management fee income. Its operating costs also increased by $3.9 million, or 4.9%, in FY21.

Additionally, mortgage lending fees were down $200,000 on lighter TPT Wealth lending volumes, while trustee services income was down $920,000 due to lower capital and income commissions.

What happened in FY21 for MyState?

FY21 was a busy time for MyState and its share price.

The bank’s loan book grew by $320 million – or 6% – during FY21. The market for owner-occupied home loans remained competitive, but MyState’s home loan book still grew by $349 million.

Home-loan growth for FY21 was 6.8%, equivalent to 1.3-times system growth. Home-loan applications also increased by 13.3% and settlements were up by 20.9%.

Additionally, MyState didn’t see a major shift in its portfolio or underlying credit quality due to COVID-19.

As of 30 June 2021, around 35 of MyState’s customers were on COVID-19 assistance. That represents just 0.2% of MyState’s home loan portfolio.

Notably, six of the bank’s branches closed in FY21. Two of the now-closed branches were in Tasmania and four were in Queensland. Seven branches remain in Tasmania to support the local customer base.

As the bank reported in its first-half results in February, the restructure of its TPT Wealth business and the branches’ closure led to a $2.6 million restructuring charge.

MyState stopped providing personal loans in May after the growth of monoline personal loans, and consumer preferences shifted to buy now, pay later services.

MyState saw its customers’ deposits grow by 13.2% in FY21.

What did management say?

MyState’s managing director and CEO Melos Sulicich commented on the results driving the bank’s share price higher. They said:

Notwithstanding the frequent outbreaks of the coronavirus, the Australian economy is in very good condition, underpinned by comparatively high levels of business and consumer confidence. However, with ongoing lockdowns there is some uncertainty, and this will continue to impact the pace and shape of recovery over the coming year.

The banking sector has been in a lower growth, lower rate environment for a period of time now and is experiencing a significant increase in regulation as well as seeing the introduction of the Consumer Data Right (open banking).

The key to succeeding in this environment is ensuring you are a trusted brand, being customer-centric and agile enough to service changing customer needs, being digitally enabled to scale appropriately, having simple products and simple easy processes and having a strong balance sheet to manage it all. MyState has been actively working on all of these aspects for many years and as a consequence is very well positioned for the future.

What’s next for MyState?

Here’s what might drive the MyState share price in FY22:

MyState is currently investing in its distribution capacity and is expecting further growth in FY22. Additionally, its FY21 performance and recent capital raising will let it begin its 2025 growth strategy.

The strategy will build on its financial position, capability, and leading customer Net Promoter Score to grow through a digital and distribution offering.

Sulicich commented on MyState’s growth strategy, saying:

[Our] growth strategies across both banking and wealth management enhances our evolution as a digital bank and funds management business. Our ability to undertake this digital transformation means that our growing customer base across the Eastern seaboard finds we are easier, more trustworthy and intuitive to deal with…

Just as importantly, it allows us to scale more efficiently as the competition for home lending intensifies. We are better able to refine our products and services to ensure they continue to suit our customer’s evolving needs, and harness resulting business opportunities to ensure they provide maximum benefit to shareholders.

Additionally, MyState will work on providing artificial intelligence-enabled capability. It will also replace its internet and mobile banking platform in 2022.

MyState share price snapshot

The MyState share price has gained 10% year to date. It is also 41% higher than it was this time last year.

The post MyState (ASX:MYS) share price gains on 21% NPAT increase appeared first on The Motley Fool Australia.

More reading

• Brokers name 2 mid cap ASX shares as buys
• Here are 3 buy-rated ASX growth shares
• 3 popular ETFs that could be top options for ASX investors
• The ASX reporting wrap-up: Cochlear, Sydney Airport, TPG
• BCI Minerals (ASX:BCI) share price advances following 108% increase on revenue

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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It’s been just over a week now since Commonwealth Bank of Australia (ASX: CBA) released its results for the full 2021 financial year. Results that included a whopping $6 billion share buyback.

While the CBA share price gained 1.5% on that day, Wednesday 11 August, it slipped lower for the rest of the week.

CBA’s share price continued to struggle this week. It closed 1.4% lower on Monday and dropped a sizeable 3.5% on Tuesday. That saw CommBank fall back to $99 per share, the first time since July that it’s traded below the psychological $100 mark.

While a 3.5% fall is dramatic, it’s worth noting that was also the ex-dividend day for the banks $2 per share final FY21 dividend payout. When stocks trade ex-dividend, it’s common for the share price to fall by a similar amount to the payout.

Wednesday’s 0.8% lift was a welcome break from the retracing trend. Though it failed to bring the CBA share price back into 3-figure range, with shares closing at $99.77, and then edging lower to close at $99.22 on Thursday.

At time of writing, CommBank is trading for $99.78 per share, up 0.5% in late afternoon trading.

Legal headaches and BNPL expansion

On Monday, The Motely Fool reported that the Federal Court had ordered CommBank to “publish notices on its own website and newsroom that it had misled customers“.

Under investigation by the Australian Securities and Investments Commission (ASIC), the court found that CBA had illegally overcharged interest for business overdraft clients 12,119 times. Customers were charged 34% annual interest rates rather than the 16% stipulated in documents.

CBA’s share price looks to have gotten a lift on Wednesday after it announced the launch of its highly anticipated StepPay.

The buy now, pay later (BNPL) platform can be accessed by some 4 million CommBank customers, allowing them to pay for purchases in 4 instalments at any merchants that accept MasterCard.

Unlike most current BNPL offerings, CommBank will not charge merchants any extra BNPL fees beyond its standard card service fees.

CBA share price snapshot

Over the past 12 months the CBA share price is up $42. Over that same time the S&P/ASX 200 Index (ASX: XJO) is up 22%.

Year-to-date, CBA’s share price has continued to outperform, up 19% in 2021.

The post What’s moving the CBA (ASX:CBA) share price this week appeared first on The Motley Fool Australia.

More reading

• These ASX 200 bank experts are forecasting a bumpy ride for our economy
• The Macquarie Group (ASX:MQG) share price just hit an all-time high!
• CBA (ASX:CBA) share price higher on StepPay BNPL launch
• Why Breville, CBA, Magellan, & Sezzle shares are tumbling lower today
• Why is the Commonwealth Bank (ASX:CBA) share price down 3% 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 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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It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Airtasker Ltd (ASX: ART)

According to a note out of Morgans, its analysts have retained their add rating and lifted their price target on this small jobs marketplace company’s shares to $1.30. Morgans was pleased with Airtasker’s full year results, which came in ahead of expectations for operating earnings and takerate. Morgans was also pleased to see the company reaffirm its guidance for GMV of over $200 million in FY 2022 despite lockdowns. The Airtasker share price is fetching $1.00 today.

CSL Limited (ASX: CSL)

Another note out of Morgans reveals that its analysts have retained their add rating and lifted their price target on this biotherapeutics company’s shares to $324.40. This follows the release of a solid full year result that beat on both the top and bottom lines. Morgans notes that this was driven largely by a standout performance by its Seqirus business thanks to stronger than expected influenza vaccine demand. The CSL share price is trading at $305.72 on Friday.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

Analysts at Citi have retained their buy rating and lifted their price target on this pizza chain operator’s shares to $159.05. According to the note, Domino’s outperformed its profit expectations in FY 2021. Positively, Citi believes there’s still plenty more growth to come. The broker also sees opportunities for the company to accelerate its growth through acquisitions in new territories. All in all, Citi believes this warrants its shares trading on elevated earnings multiples. The Domino’s share price is fetching $141.71 today.

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

More reading

• These recent ASX IPOs have just reported for the first time. How did they go?
• CSL (ASX:CSL) share price lifts despite UniSuper divestment threat
• 2 top ASX growth shares that could be buys
• CSL (ASX:CSL) share price charges higher on bullish broker note
• Top brokers name 3 ASX shares to sell today

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 CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia has recommended Dominos Pizza Enterprises 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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The Neuroscientific Biopharmaceuticals Ltd (ASX: NSB) share price has jumped into the green during afternoon trade on Friday.

Neuroscientific shares are on the move as the company released an announcement on its EmtinB label.

Let’s investigate further.

What did Neuroscientific announce?

After recommencing trade after Thursday’s trading pause, Neuroscientific provided additional colour on its announcement from 19 August.

Recall that Neuro’ announced on Thursday that its EmtinB label indicated “strong therapeutic potential” in “preventing severe immune responses from Covid-19”.

It achieved this by reducing “important biomarkers” associated with “severe Covid-19…by more than 50%”.

As such, Neuro’ advised the “serves as clarification” on these results. Consequently, the aim was to provide further clarity “regarding the specifics of the studies”.

The explicit clarification as it were, is in reference to EmtinB’s mechanism of action in the trials.

To illustrate, on Thursday the company gave a high-level overview of this, whereas, on Friday, Neuro’ went into greater depths over just how EmtinB “does what it says on the tin” in this instance.

For instance, the company explained that EmtinB can “dramatically reduce” these biomarkers, which have been identified in “Covid-19 clinical studies as indicators of severe disease and poor prognosis”.

Consequently, Neuroscientific reasons that by decreasing these “immune biomarkers”, this indicates that EmtinB “may decrease” an inflammatory response that is significantly elevated due to Covid-19.

What did management say?

Speaking on the announcement, Neuroscientific managing director Matt Liddelow said:

These results demonstrate the significant therapeutic utility of EmtinBTM and its potential modulation of
inflammatory processes outside of the central nervous system. For the first time, our team
have demonstrated an EmtinBTM -mediated effect on adaptive immune responses as
evidenced by regulation of these inflammatory biomarkers.

Neuroscientific share price snapshot

The Neuroscientific Biopharmaceuticals share price has posted a year to date return of 34%, extending the previous 12 month’s gain of 42.5%.

These results have outpaced the S&P/ASX 200 Index (ASX: XJO)’s return of around 25% over the past year.

The post Neuroscientific Biopharmaceuticals (ASX:NSB) share price leaps 11% on study update appeared first on The Motley Fool Australia.

More reading

• Neuroscientific Biopharmaceuticals (ASX:NSB) share price jumps 9% before trading halt

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 WhiteHawk Ltd (ASX: WHK) share price is continuing its strong run from yesterday, with a combined gain of 23%. This comes after the online cybersecurity company announced one of its contracts has been renewed.

At the time of writing, WhiteHawk shares are up 8.82% to 18.5 cents. In comparison, the All Ordinaries Index (ASX: XAO) is down 0.16% at 7,723 points.

United States government commits to contract renewal

Investors are buying up WhiteHawk shares following the latest positive news out of the company.

WhiteHawk announced that the Cyber Risk Radar contract has been renewed by the United States Federal Government Chief Information Security Officer (CISO).

This will see the first year of 4 option years exercised for US$608,000 (A$852,000), with an option for an additional US$550,000 (A$771.000).

The annual software-as-a-service (SaaS) subscription monitors, identifies, and prioritises both cyber and business risks. This is particularly handy for assessing United States Government IT teams’ supply chain vendors.

WhiteHawk Cyber Risk scorecards will be provided annually for more than 150 vendors, via an integrated risk management dashboard.

The 3 remaining option years can potentially generate revenues of US$2 million (A$2.8 million) and up to US$1.75 million (A$2.45 million) for WhiteHawk.

The company noted there is strong demand for cyber risk solutions globally. Supply chain vendors continue to remain at high levels of risk as technology evolves.

About the WhiteHawk share price

Founded in 2015, WhiteHawk is a United States-based online cybersecurity company that provides cyber risk products, services, and solutions.

WhiteHawk developed the first online cybersecurity exchange which allows small and medium-sized businesses to prevent cybercrime, fraud, and disruption.

Over the last 12 months, WhiteHawk shares have jumped almost 20% higher, but are down close to 40% year-to-date. The company’s share price is within the lower end of its 52-week range of 12 cents to 46.5 cents.

Based on valuation metrics, WhiteHawk commands a market capitalisation of roughly $42 million, with approximately 227 million shares outstanding.

The post Why the WhiteHawk (ASX:WHK) share price is rocketing 8% today appeared first on The Motley Fool Australia.

More reading

• Brokers name 2 mid cap ASX shares as buys
• Here are 3 buy-rated ASX growth shares
• 3 popular ETFs that could be top options for ASX investors
• The ASX reporting wrap-up: Cochlear, Sydney Airport, TPG
• BCI Minerals (ASX:BCI) share price advances following 108% increase on revenue

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up slightly to 7,466.6 points.

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

Cochlear Limited (ASX: COH)

The Cochlear share price is down 6.5% to $239.27. Investors have been selling the hearing solutions company’s shares following the release of its full year results. Although Cochlear’s 54% increase in underlying net profit to $236.7 million was in line with its guidance of $225 million to $245 million, it fell short of the market’s expectations. The consensus estimate was for a net profit of $245.5 million.

Santos Ltd (ASX: STO)

The Santos share price is down 2% to $5.89. This decline has been driven by a combination of weaker oil prices and the energy producer’s shares going ex-dividend this morning. In respect to the latter, eligible shareholders can now look forward to receiving its 7.5 cents per share fully franked dividend next month on 21 September.

St Barbara Ltd (ASX: SBM)

The St Barbara share price has fallen 4% to $1.53. Investors have been selling this gold miner’s shares after it revealed a non-cash impairment of its Atlantic operations. According to the release, the company expects to incur an impairment of A$250 million to A$300 million in FY 2021. This is to reduce the carrying value of the operations to align with current market consensus estimates.

TPG Telecom Ltd (ASX: TPG)

The TPG share price is down over 1.5% to $6.50. This follows the release of the telco’s first half year results since its merger with Vodafone Australia. TPG reported a 71% increase in revenue to $2,630 million but an 8% decline in net profit after tax to $76 million. According to a note out of Goldman Sachs, this fell short of its estimates by 2% and 37%, respectively.

The post Why Cochlear, Santos, St Barbara, & TPG shares are dropping appeared first on The Motley Fool Australia.

More reading

• The ASX reporting wrap-up: Cochlear, Sydney Airport, TPG
• Cochlear (ASX:COH) share price sinks: How did its result compare to expectations?
• Here’s why the Santos (ASX:STO) share price is down 8% in a week
• How does the TPG (ASX:TPG) earnings result compare to Telstra?
• The Cochlear (ASX:COH) share price tumbles 7% despite dividend boost

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 Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and TPG Telecom 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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