AU Morning Wrap: ASX drops with major banks skid; Life360 rallies 6%

The $S&P 500 Index (.SPX.US)$ faded to a loss of 29 points or 0.8 per cent. The $Dow Jones Industrial Average (.DJI.US)$ finished 90 points or 0.3 per cent in the red after being up as much as 300 points. The $Nasdaq Composite Index (.IXIC.US)$ lost 66 points or 0.61 per cent.

AU Market Watch
$S&P/ASX 200 (.XJO.AU)$ dropped 0.46 per cent in broad losses minutes after they started to trade, following a weak Wall Street session.

Ten of the 11 sectors of the index fell with financials and industrials leading losses. The major banks shed more than 1 per cent.

Stocks to Watch
$Whitehaven Coal Ltd (WHC.AU)$: Whitehaven Coal has completed its initial 10 per cent share buy-back. It purchased a total of 103.3 million shares at an average price of $5.69 per share for a total cost of$587.9 million.

$AMP Ltd (AMP.AU)$: Assets of AMP's Australian Wealth Management fell to $121.1 billion in third quarter of 2022, from $125.1 billion in Q2, due to lower investment markets as well as net cash outflows.

$Allkem Ltd (AKE.AU)$: Allkem earned $298 million in revenues for the quarter with a gross cash margin of 82 per cent, equivalent to $244 million. The company said to be entering a period of significant growth with Naraha to begin production later this year, Olaroz Stage 2 first production in the first half of next year, Sal de Vida scheduled to start production in late 2023 and James Bay in mid-2024.

$Life360 Inc (360.AU)$: Life360 revised guidance, saying incremental revenue previously anticipated from the Tile bundled launch will be delayed until Q1 2023. It also announced increased prices for some of its US-based premium products.

$Worley Ltd (WOR.AU)$ Worley chairman John Grill reaffirmed the company's outlook for FY2023 as countries seek energy independence and security of supply.

Worley's EBITA margin grew 6 per cent in FY2022, from 5.3 per cent a year ago and paid a dividend of 50¢ per share.

Ex-dividend: $Sandon Capital Investments Ltd (SNC.AU)$

Dividends paid: $ARB Corp Ltd (ARB.AU)$, $Capitol Health Ltd(Delisted) (CAJ.AU)$, $COG Financial Services Ltd (COG.AU)$, $Charter Hall Social Infrastructure REIT (CQE.AU)$, $Apiam Animal Health Ltd (AHX.AU)$, $Eildon Capital Group (EDC.AU)$

Commodities
• Iron ore futures rose 0.2% to US$94.2 a tonne.