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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.

Tesla (NASDAQ: TSLA) reported better-than-expected earnings in the first quarter thanks in part to a $101 million “positive impact” from the sale of Bitcoin (CRYPTO: BTC), the electric vehicle maker has said.

On Monday after markets closed, Tesla reported a $438 million profit. It earned $0.93 per share, well ahead of the $0.79 estimate.

Tesla’s quarterly results as usual include both automotive sales and the sale of environmental regulatory credits. But the first-quarter results also included a $101 million gain on the sale of Bitcoin. In its update to shareholders, the company reported a purchase of $1.5 billion of “digital assets” in the quarter, as well as $272 million in proceeds from such sales.

The sales serve as a fresh reminder that for all of Tesla’s growth, its automotive division is still lagging in terms of profitability. Absent the crypto sales and $518 million in sales of regulatory credits, the company would have reported a $181 million loss — and not a profit — despite record deliveries.

The company’s auto business has been impacted by the pandemic, and a shift in preference toward newer, lower-margin models as its higher-priced Models S and X age. Tesla expects to update those models, as well as introduce new products, in the quarters to come.

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

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Bitcoin and Tesla. 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.

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The American Pacific Borates Ltd (ASX: ABR) share price is sinking today. The boron and lithium miner’s price drop comes after its CEO and managing director resigns.

At the time of writing, shares in the company are trading for $2.24 – down 5.08%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is 0.04% higher.

Let’s take closer look at today’s news and what it means for the business.

American Pacific CEO resigns

In a statement to the ASX, American Pacific said its CEO and managing director Michael Schlumpberger has resigned. The exact date of Schlumpberger’s exit was not specified, nor was the reason. The company did state, however, he would “continue with the Company for a transitional period working with the US Advisory Board to ensure a smooth handover.”

Schlumpberger joined the organisation in June 2017 and, according to the statement, “has been integral to the development of the Company and the Fort Cady Borate Mine.”

The company listed on the IPO a month after Schlumpberger’s appointment and in that time the American Pacific share price has increased 878%. The majority of this gain occurred over the last year, where it appreciated 581%.

Lithium and boron background

While investors appear to believe Schlumpberger’s leadership was crucial to the company’s success, judging by the American Pacific share price drop, the rising demand for boron, and lithium in particular should not be undercounted.

Lithium is currently trading on the commodities market for around US $13,900 a tonne. Its price has increased 103%. The website Trading Economics expects its price to continue to rise as demand for electric vehicles and ‘green’ technology increases. Lithium is an essential element in the manufacture of electric vehicle batteries. Many ASX lithium stocks are seeing monumental growth for this reason.

Boron, found mostly in the Mojave Desert in the US, is used for space travel and fibreglass manufacturing. American Pacific’s For Cady Project is the largest borate mine not owned by Rio Tinto Limited (ASX: RIO).

American Pacific share price snapshot

As stated, the American Pacific share price has been growing exceptionally well since its IPO. Before today’s dramatic drop, the company hit its all-time high during intraday trading yesterday.

American Pacific has a market capitalisation of $863.6 million.

More reading

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• Up 12% in April – what’s driving the Rio Tinto (ASX:RIO) share price?
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Motley Fool contributor Marc Sidarous 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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5G Networks Ltd (ASX: 5GN) shares are having a positive day on Wednesday after the company posted upbeat third-quarter results. At the time of writing, the 5G Networks share price is trading 7.34% higher at $1.17.

Let’s take a look at how the telco has been performing.

Quarterly update 

The 5G Networks share price opened just 0.9% higher this morning but increasing optimism has boosted it further in midday trade.   

5G Networks today reported achieving revenues of $26.5 million in the third quarter, with a $14.1 million contribution from its 44.6% ownership of Webcentral Group Ltd (ASX: WCG). By comparison, the telco reported $13 million in cash receipts for the March quarter last year.

The company’s performance reflects strong growth across all three core products and increasing demand for its Voice Bridge One Microsoft Teams product. 

This helped it achieve earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $4.7 million for the quarter, with $3.2 million of this coming from Webcentral. The company achieved an EBITDA target of 20% of revenue for the month of March. Looking ahead, 5G Networks expects continued margin growth as cloud, data centre and network services continue to be consolidated within its infrastructure. 

The company is eyeing a number of initiatives to act as growth drivers. These include the launch of a wholesale automated service fulfilment portal in early May, new data centre fibre builds and integration synergies from previous acquisitions. 

5G Networks has traditionally put its foot on the pedal for strategic acquisitions to drive scale and growth. This includes its acquisition of ColoAU back in July 2020, ex-Pipe Networks Data Centre in Fortitude Valley in November 2020 and acquiring 100% of leading dedicated cloud provider Intergrid Group in March 2021.

Today’s quarterly report hinted that a number of strategic acquisitions are currently being reviewed. 

5G Networks share price performance 

The 5G Networks share price has struggled to make headway after topping out at $2.44 in late August 2020. Even with today’s boost, the company’s shares remain almost 19% lower year to date. Over the past 12 months, however, 5G shares have gained 30%.

More reading

• This ASX tech share will get a massive boost in July

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends 5G NETWORK FPO and owns shares of and recommends Microsoft. The Motley Fool Australia has no position in any of the stocks mentioned. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. 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 Orthocell Ltd (ASX: OCC) share price is rising today following news of a successful pilot animal study. The company states that as a result of the study, it’s seeking to fast-track US approval for its CelGro product.

The Orthocell share price is currently trading at 54 cents, up 4.85% from yesterday’s closing price.

Let’s take a closer look at the latest news released by the regenerative medicine company. 

Positive study results

Orthocell released the news today that the results of its pilot animal study indicate that CelGro facilitates nerve regeneration in a superior manner compared to current market-leading nerve repair devices. It was found to effectively regenerate nerves. In particular, it is able to restore an injured sciatic nerve to its former state.

As a result, Orthocell is looking to speed up the product’s approval in the US. Additionally, it seeks to establish a plan to receive the highest reimbursement value.

According to independent principal investigator, Dr Zoran Pletikosa at the University of Western Sydney, using CelGro to repair nerves resulted in no inflammation, scar tissue formation, or fibro-adhesions. After 4 weeks, the repaired nerve looked as though it had not been injured at all.

Further, it was stated that CelGro is easier to use in surgery than the current market-leading equivalent.

The company said the results from the animal study suggested that by restoring the damaged nerve, a patients’ return of upper arm and hand function is faster and more predictable.

Orthocell also expects to announce more data from its CelGro nerve regeneration human clinical study in the second quarter of 2021, focusing on the return of arm and hand function at 12 months post-treatment.

This data will guide the company’s approach to seeking regulatory approval from the Food and Drug Administration (FDA), US Medicare, Medicaid, private payers, and the Veteran’s Administration.

Commentary from management

Orthocell’s managing director Paul Anderson commented on the study’s results, saying:  

We are excited by the opportunity to provide patients access to this life changing treatment. Importantly, this evaluation of regulatory and reimbursement pathways position the Company towards a more attractive reimbursement value increasing the market opportunity.

Orthocell share price snapshot

The Orthocell share price is having a fantastic 2021 on the ASX, with today’s news bringing its latest boost.

Currently, the Orthocell share price is up 13% year to date. It’s also up 73% over the last 12 months.

The company has a market capitalisation of around $97 million, with approximately 189 million shares outstanding.  

More reading

• Why the Appen (ASX:APX) share price is racing 5% higher today
• GameStop, soon to be debt-free, adds $551 million to coffers
• St Barbara (ASX:SBM) share price craters 8% on production fall
• Why the Minbos Resources (ASX:MNB) share is rocketing 7% higher
• ASX 200 up 0.5%: Coles Q3 update, Westpac settles class action, JB Hi-Fi loses its CEO

Motley Fool contributor Brooke Cooper 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 Appen Ltd (ASX: APX) share price has been a particularly positive performer on Wednesday.

The artificial intelligence data services company’s shares are up a sizeable 5% to $15.92 at the time of writing.

Why is the Appen share price racing higher?

Investors have been buying Appen’s shares following the release of a broker note out of Macquarie Group Ltd (ASX: MQG) this morning.

According to the note, the broker has upgraded its shares from an underperform rating to neutral. Macquarie has, however, held firm with its price target of $16.00.

Its analysts made the move following a sharp decline in the Appen share price since they downgraded it to underperform in the middle of February.

Macquarie notes that the Appen share price had lost approximately a third of its value since that point, prior to today.

What else did Macquarie say?

Although Macquarie has upgraded its shares on valuation grounds, it has warned investors not to get too excited.

While it acknowledges that Appen has a strong position in the market, which gives it some pricing power, it does have concerns that price competition could potentially lead to larger than expected earnings downgrades in the future.

The broker has warned that this may not be fully priced into current valuations.

Bullish broker

Macquarie may not be overly bullish, but one broker appears to be.

A note out of Citi from earlier this month reveals that its analysts have retained their buy rating and $30.90 price target on the company’s shares.

Based on the current Appen share price, this implies ~94% upside over the next 12 months.

It has been looking at industry developments and believes they are pointing to solid growth in the artificial intelligence training data industry.

Though, it does acknowledge that with many of its competitors raising funds, Appen may need to increase its investment in product development to stay ahead of the pack.

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

The post Why the Appen (ASX:APX) share price is racing 5% higher today appeared first on The Motley Fool Australia.

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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.

GameStop (NYSE: GME) is clearing the decks in preparation for its transformation into an online-oriented video game supercenter.

Having recently announced it will retire all of its outstanding debt at the end of the month, it now says it added $551 million to its bank account by selling 3.5 million shares through an at-the-market (ATM) equity offering.

Coupled with the half-billion dollars it said it ended the first quarter with last month, that should give GameStop all the financial wherewithal it needs to achieve its plan for future growth.

Earlier this month, GameStop increased the size of its ATM offering in preparation for the sale, and apparently found eager buyers for the stock. The amount of the gross proceeds reported suggests an average purchase price of around $157.43 per share.

Almost all top executives of the company, including CEO George Sherman, who will be leaving at the end of July, have either resigned or been ousted. Also, almost the entire board of directors announced it wouldn’t stand for reelection at the company’s annual shareholder’s meeting.

That gives activist investor Ryan Cohen, who was recently appointed board chairman, complete control of the company and where it heads in the future.

Cohen has said he wants GameStop to keep only its most profitable retail locations as it becomes a consumer-focused e-commerce company that is the Amazon of video games. With no debt on its balance sheet and around $1 billion in cash, any failure by GameStop to transform itself won’t be because of any financial roadblocks.

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

More reading

• Aussie investors snapped up Coinbase (NASDAQ:COIN) shares last week
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• GameStop looks to become debt-free with early debt retirement plan
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• Better buy: Amazon vs. GameStop

Rich Duprey 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.

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St Barbara Ltd (ASX: SBM) shares have lost their shine today after the gold miner released its third-quarter report to the market.

At the time of writing, the St Barbara share price is down 8.13% to $1.865. So, what was in the report that has sent investors scrambling?

What’s impacting the St Barbara share price?

Unfortunately for St Barbara shareholders, the finance side of things was the complete opposite of what investors hope to see. Typically, the desire is for production to increase and costs to fall – which means profits grow.

But the St Barbara share price is suffering today after the company showed a fall in production. Specifically, gold production drifted 8.2% lower to 82,303 ounces compared to the previous quarter. Adding to the margin compression, all-in sustaining costs (AISC) climbed 8.7% to $1,649 per ounce.

The result is a reflection of further deterioration in the COVID-19 situation in Papua New Guinea. Sadly, a significant increase in community transmissions occurred during the quarter. St Barbara stated that this affected a number of employees and community members.

Furthermore, gold sales fell 28.3% to 71,329 ounces compared to the December quarter. Although, on a positive note, the average realised gold price increased 5.7% to $2,247 per ounce.

Looking ahead

To alleviate future production issues, St Barbara continues to progress with its “Building Brilliance Program”. The program aims to improve operations and deliver brownfield expansion projects.

As part of ‘Uplift 1’ of the program, the company has been focusing on debottlenecking operations to achieve improved production at a reduced cost – exactly what shareholders would be looking for, given today’s results.

Additionally, ‘Uplift 2’ entails St Barbara pursuing increased production from its Leonora Province site.

CEO offers glimmers of hope

St Barbara managing director and CEO Mr Craig Jetson commented on the results, saying:

The business performance during the month of March, across all three operations, reflects this positive improvement. Since Building Brilliance was launched in September 2020, it has delivered significant operational efficiencies and cost reductions. Of the targeted A$30 to A$40 million annualised cash contribution benefit for FY21, A$18 million has been achieved as at the end of March 2021. Many of the production related improvements were realised in the latter part of the March quarter, including a record milling month and improved gold recovery at Atlantic, and ‘filling the mill’ at Leonora.

Importantly, St Barbara is not alone in its share price selloff today. Other gold miners including Northern Star Resources Ltd (ASX: NST) and Evolution Mining Ltd (ASX: EVN) are also tumbling lower. These moves come following a fall in the spot gold price overnight. 

More reading

• What’s with the St Barbara (ASX:SBM) share price today?
• 5 things to watch on the ASX 200 on Friday
• ASX 200 shares thrown in the bargain bin: Here’s 3 ideas
• 5 things to watch on the ASX 200 on Friday
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Mitchell Lawler 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 Minbos Resources Ltd (ASX: MNB) share price has been on fire on Wednesday. Shares in the Aussie phosphate miner rocketed higher in early trade and remain up more than 10% at the time of writing.

Why is the Minbos Resources share price surging?

The big news this morning was Minbos releasing its latest quarterly cash flow and activities reports to the market. Minbos reported net operating cash outflows of $483,000 but positive quarterly net cash flow thanks to $6.6 million in net equity raise proceeds.

March quarter highlights included:

• Execution of the Mineral Investment Contract (MIC) for exploration and feasibility studies to produce phosphate rock by Minbos within the Cabinda Phosphate Project area;
• Adoption of global standards for Environmental, Social and Governance (ESG) reporting;
• Recommencement of field trials in Angola and greenhouse experiments in the USA; and
• A $7.3 million placement to fund its Definitive Feasibility Study and accelerate the Cabinda Phosphate Project initiatives.

The Minbos Resources share price has shot higher on the back of this morning’s update. The execution of the MIC is a big step forward for Aussie mining which formalises the company’s engagement with Government Ministries and the Province of Cabinda in Angola.

Angola’s Ministry of Mineral Resources, Petroleum and Gas approved Minbos’ Mining Licence in March 2021. That licence is renewable for up to 35 years for phosphate mining from the Cacata Deposit.

Minbos has engaged impact monitoring technology platform Socialsuite to help measure outcomes against its new ESG framework and reporting process.

The coronavirus pandemic has impacted Minbos alongside many global miners. However, the company said it is still in the process of gaining exemptions to ongoing Angola restrictions which may impact previous development timelines.

The $7.3 million placement was completed in mid-February and was oversubscribed. The Minbos Resources share price jumped higher following that placement which issued 91.25 million fully paid ordinary shares.

Foolish takeaway

The Minbos Resources share price has shot more than 10% higher today after this morning’s quarterly update. Progress with government licences, ESG compliance and a strong financial position have helped propel the company’s shares higher.

More reading

• ASX 200 up 0.5%: Coles Q3 update, Westpac settles class action, JB Hi-Fi loses its CEO
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Motley Fool contributor Ken Hall 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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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is back on form and storming higher. The benchmark index is currently up 0.5% to 7,072.3 points.

Here’s what is happening on the market today:

Westpac settles class action

The Westpac Banking Corp (ASX: WBC) share price is pushing higher today after releasing an update on a class action. According to the release, Westpac has settled a class action relating to premiums paid for certain insurance policies taken out with Westpac Life Insurance Services between 2011 and 2017. The banking giant advised that the settlement is capped at $30 million and remains subject to approval by the Federal Court of Australia. It stressed that it has resolved the matter without any admission of liability.

Coles third quarter update

The Coles Group Ltd (ASX: COL) share price is rising today following the release of its third quarter update. For the three months ended 31 March, Coles recorded total sales of $8,758 million. While this was down 5.1% from the prior corresponding period, it was up 7.2% from the same period in FY 2019. Panic buying in the prior corresponding period boosted its sales materially. Positively, supermarket sales are up 4% during the first four weeks of the fourth quarter.

Premier Investments poaches JB Hi-Fi CEO

The Premier Investments Limited (ASX: PMV) share price is charging higher after announcing the appointment of its new Premier Retail CEO. According to the release, the company has poached Richard Murray from retail giant JB Hi-Fi Limited (ASX: JBH). Mr Murray is currently Group CEO of JB Hi-Fi and has over 25 years’ experience in retail and finance.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Downer EDI Limited (ASX: DOW) share price with a 5.5% gain. This follows the announcement of a major share buyback plan. The worst performer has been the De Grey Mining Limited (ASX: DEG) share price with a 7% decline. This is despite there being no news out of the gold explorer.

More reading

• Top brokers name 3 ASX shares to buy today
• Premier Investments (ASX:PMV) share price higher on CEO appointment
• Record high iron ore price puts these ASX shares in the spotlight this morning
• Here’s why the JB Hi-Fi (ASX:JBH) share price will be in the spotlight today
• Coles (ASX:COL) share price in focus after Q3 sales update

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia owns shares of COLESGROUP DEF SET. 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

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

Temple & Webster Group Ltd (ASX: TPW)

According to a note out of Credit Suisse, its analysts have initiated coverage on this online furniture and homewares retailer’s shares with an outperform rating and $12.54 price target. The broker believes the company is well-positioned in a large and growing furniture and homewares market which is shifting online. Credit Suisse sees scope for 13% of industry sales to be made online by FY 2025. This puts Temple & Webster in a position to grow its sales at a rapid rate over the coming years. The Temple & Webster share price is fetching $10.71 this morning.

Universal Store Holdings Ltd (ASX: UNI)

A note out of Morgans reveals that its analysts have retained their add rating and $8.37 price target on this fashion retailer’s shares. This follows the release of its third quarter update. Morgans was happy with Universal Store’s sales growth, which came in almost 40% higher than the prior corresponding period. As a result of this update, the broker continues to believe the company is well-placed to grow at a strong rate over the coming years. The Universal Store share price is trading at $7.80 on Wednesday.

Westpac Banking Corp (ASX: WBC)

Another note out of Morgans reveals that its analysts have retained their add rating and $28.50 price target on this banking giant’s shares. This follows Westpac’s announcement of notable items that will be included in its first half results next month. While Morgans has downgraded its earnings forecasts for FY 2021 slightly to reflect this, it remains positive on the bank due to improving trading conditions in the sector. It also notes the positive outlook for asset quality, dividends and capital management. The Westpac share price is fetching $25.18 on Wednesday morning.

More reading

• Brokers name 3 ASX shares to buy now
• ASX bank shares best placed to ride the $1bn+ provisioning profit boost this reporting season
• Why the Universal Store (ASX:UNI) share price is up 8% to a record high
• 3 exciting small cap ASX shares for your watchlist
• 3 reasons why the Temple & Webster (ASX:TPW) share price could be a buy

James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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