AU Morning Wrap: Webjet jumps 9% on half-year result; Seek, Altium confirm guidance
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 slumps, Target earnings send retail stocks tumbling
• ASX 200 lifts 0.11%; energy, miners fall
• Stocks to watch: Webjet, Pilbara Minerals, ASX
- Moomoo News AU
• S&P 500 slumps, Target earnings send retail stocks tumbling
• ASX 200 lifts 0.11%; energy, miners fall
• Stocks to watch: Webjet, Pilbara Minerals, ASX
- Moomoo News AU
Wall Street Summary
US stocks fell as downbeat updates from Target and Micron undermined confidence in the near-term outlook for earnings, while unexpectedly strong retail sales data kept the pressure on the Federal Reserve to raise interest rates.
US stocks fell as downbeat updates from Target and Micron undermined confidence in the near-term outlook for earnings, while unexpectedly strong retail sales data kept the pressure on the Federal Reserve to raise interest rates.
The $S&P 500 Index(.SPX.US$ fell 33 points or 0.83 per cent. The $Nasdaq Composite Index(.IXIC.US$ shed 175 points or 1.54 per cent. The $Dow Jones Industrial Average(.DJI.US$ dipped 39 points or 0.12 per cent.
Hopes for a strong Christmas for retailers were dented by a gloomy outlook from Target. Shares in the big-box retailer tumbled 13.12 per cent after it warned "dramatic changes" in consumer spending pointed to a decline in holiday spending.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ is up 0.11 per cent in early trade, with gains among the banks and tech sector, offset by falls in the energy and materials space.
Shares in the ASX are down 2.1 per cent after it issued a mea culpa over its failed CHESS replacement project and flagged that it might abandon the project altogether.
Lithium miner Pilbara Minerals is up 2.2 per cent after it reported strong lithium spodumene prices overnight.
Travel operator Webjet has jumped 9 per cent on its half-year result.
Stocks to Watch
$Pilbara Minerals Ltd(PLS.AU$: Pilbara Minerals said it achieved a price of $US7805 a dry metric tonne for spodumene concentrate cargo auctioned on its digital platform on Wednesday afternoon.
It said the price was equal to $US8575 a tonne inclusive of freight costs.
$Webjet Ltd(WEB.AU$: Travel agent Webjet says total bookings equalled 101 per cent of pre-pandemic levels over the six months to September 30.
$Webjet Ltd(WEB.AU$: Travel agent Webjet says total bookings equalled 101 per cent of pre-pandemic levels over the six months to September 30.
For the period it swung to a net profit of $4 million on revenue up 216 per cent to $175.8 million. It said total transaction value increased 223 per cent on the prior corresponding half to $2.1 billion.
It had $228.4 million of total borrowings as at the period end, versus cash on hand of $504 million.
Shares in the producer have more than doubled in the past 12 months and last closed at $4.92.
$Emeco Holdings Ltd(EHL.AU$: Emeco CEO Ian Testrow forecast full-year earnings between $245 million to $260 million at its annual general meeting. The group predicted earnings growth in 2023 in its rental and workshops divisions, weighted towards the second half.
$Altium Ltd(ALU.AU$: Software player Altium has told its annual general meeting that it's on track to meet financial 2022 guidance for revenue growth of 15 per cent to 20 per cent to between $US255 million and $US265 million.
It said it expects to report an EBITDA margin between 35 per cent and 37 per cent in financial 2022.
$Seek Ltd(SEK.AU$: Jobs marketplace SEEK has told its annual general meeting it's on track to meet guidance (excluding significant items) for EBITDA between $560 million and $590 million on sales between $1.25 billion and $1.3 billion.
Adjusted net profit is expected to finish between $250 million and $270 million.
$Sonic Healthcare Ltd(SHL.AU$: Sonic Healthcare earned total revenue of $2.73 billon for the four months to the end of October, a year-on-year decline of 11.7 per cent due to a collapse in highly profitable COVID-19-related turnover.
Group EBITDA fell 37.3 per cent to $621 million, and the EBITDA margin contracted to 22.8 per cent from 32.1 per cent. It declined to issue full-year guidance.
$ASX Ltd(ASX.AU$: ASX has announced the decision to pause the CHESS replacement project will result in its FY23 capex guidance dropping by $15 million to between $100-$110 million.
ASX is forecasting the decision to pause the CHESS replacement project will have no material impact on its opex range of 10-12 per cent.
It earlier today announced it will write off $245 million to $255 million pre-tax in costs associated with the decision to pause the CHESS replacement project, which has dragged on for seven years.
Ex-dividend: $WAM Leaders Ltd(WLE.AU$, $SSR Mining Inc(SSR.AU$, $Westpac Banking Corp(WBC.AU$
Dividends Paid: $EVT Ltd(EVT.AU$, $Jupiter Mines Ltd(JMS.AU$
Commodities
• Iron ore futures fell 0.4% to US$93.05 a tonne.
China's crude steel output fell at a slower pace, down 2.2% on year to 860.6m tonnes over Jan-Oct compared to a 3.4% decline for the first nine months of the year, according to the country's National Bureau of Statistics.
• Oil prices eased after NATO said the missile that hit Poland wasn't a Russian attack and likely to have come from Ukraine defences.
• Oil prices eased after NATO said the missile that hit Poland wasn't a Russian attack and likely to have come from Ukraine defences.
The US Energy Information Energy reported an inventory decline of 5.4m barrels for the week ended 11 November compared to a 5.6m barrel build a week ago.
"Yesterday's bullish triggers for oil prices were quickly undone today. Oil prices declined after flows from the Druzhba pipeline resumed and preliminary analysis of the missile that killed two in Poland was likely an errant missile fired by Ukraine's defence system." - Oanda senior market analyst, Ed Moya
• Gold prices are beginning to stall after a massive rally in the last eight sessions.
• Gold prices are beginning to stall after a massive rally in the last eight sessions.
"Gold will eventually act like a safe-haven, but right now its primary catalyst is the Fed's rate hike path …Today's hawkish round of Fed speak put some pressure on bullion as policymakers push back on traders who are making calls for a pivot." - Moya
Source: Dow Jones Newswires, AFR
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
Australian stock market news that is available at your fingertips
3960Followers
6Following
113KVisitors
Follow