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-- 239.270 AU Morning Wrap: ASX Falls; Webjet Shares Rise Over 3%
G'day, mooers! Check out the latest news on today's stock market!
• US stocks fall as investors watch debt ceiling talks
• ASX falls, weighed down by a sell-off on Wall Street
• Stocks to watch: Harvey Norman, Webjet, Bubs Australia
- Moomoo News AU
Wall Street Summary
Stocks wobbled for much of Tuesday before sliding deeper into the red, as Wall Street followed last-minute talks to stave off a U.S. default that some investors fear would upend financial markets.
Losses across major indexes accelerated throughout the afternoon as the White House and congressional Republicans offered few hints of additional progress. The $S&P 500 Index (.SPX.US)$ slipped by 1.1%, with losses spanning every sector except energy, while the $Nasdaq Composite Index (.IXIC.US)$ slid by 1.3%. The $Dow Jones Industrial Average (.DJI.US)$ lost 0.7%, or 231 points.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ fell 0.4 per cent, by 30.3 points to 7229.5 at market open, weighed down by a sell-off on Wall Street amid the US debt deal impasse.
Consumer discretionary was one of the worst performing sectors. It comes as $Harvey Norman Holdings Ltd (HVN.AU)$ shares dropped 2.8 per cent.
Travel booking company Webjet was the best performing stock, up 3.2 per cent after it reported a 164 per cent boost to its revenue in FY23.
Baby formula manufacturer $BUBS Australia Ltd (BUB.AU)$ shares were down 2.5 per cent after its chief financial officer Iris Ren tendered her resignation for "domestic reasons".
Stocks to Watch
$Tabcorp Holdings Ltd (TAH.AU)$: Racing and Sports Technology has signed a six-year contract with gambling company Tabcorp.
The racing specialist media outlet said under the agreement, the company will provide Tabcorp with its analytics, predictive models, and content.
It will receive $5.4 million plus indexation over the initial three-year term, with an additional $5.4 million plus indexation upon the activation of an optional three-year extension. The total potential contract value is estimated to be $10 million over tsix years.
$Web Travel Group Ltd (WEB.AU)$: Travel booking company Webjet has reported an increase to its revenue, up 164 per cent to $364.4 million in FY23.
Webjet's EBITDA was recorded at $134.8 million.
Bookings jumped 115 per cent to $7.36 million when compared to the previous financial year.
$Universal Store Holdings Ltd (UNI.AU)$: Clothing retailer Universal Store has upgraded its guidance on group sales to be in the range of $258 million to $261 million for FY23.
The company previously reported $208 million in group sales in FY22.
It said its underlying EBIT is expected to be in the range of $39 million to $41 million, which compares to $32.6 million in FY22.
$Plenti Group Ltd (PLT.AU)$: Lending platform Plenti has reported a jump to its revenue, up 62 per cent to $143 million in its full-year results.
The company reported a cash net profit after tax of $4.5 million, up $4 million on the prior year.
"Growing cash NPAT to $4.5 million in a year when funding costs increased materially is testament to the strength of our technology-led business model and our talented team," said chief executive Daniel Foggo.
Dividends Paid: None
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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