AU Morning Wrap: Tabcorp Plunges Over 10%; Redbubble Soars 22%

Moomoo News AU joined discussion · Oct 11, 2023 18:27

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 extends gains
• ASX rises; Liontown drops
• Stocks to watch: Tabcorp, Redbubble, Liontown
- Moomoo News AU

AU Morning Wrap: Tabcorp Plunges Over 10%; Redbubble Soars 22%

Wall Street Summary

U.S. stocks edged higher Wednesday, extending their winning streak to four consecutive trading sessions.

The $S&P/ASX 200(.XJO.AU)$ gained 0.4%. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ rose 0.7%, and the $Dow Jones Industrial Average(.DJI.US)$ added 0.2%.

Stocks have rebounded in recent sessions as bond yields pulled back, reversing a swift run-up in yields that had weighed on equities. Top Federal Reserve officials have signaled recently that the central bank could be done raising interest rates if long-term yields remain near highs and inflation continues to cool.

AU Market Watch

The Australian sharemarket opened higher on Thursday, tracking a late rally on Wall Street.

The benchmark $S&P/ASX 200(.XJO.AU)$ rose 0.2 per cent, or 12.6 points to 7101 at market open, buoyed by eight out of the 11 industry sectors. The local currency was trading around US64.12¢ after briefly falling below US64¢.

West Texas Intermediate dropped below $US84 a barrel after The New York Times reported that US intelligence showed Iran was surprised by Hamas' attack on Israel.

Stocks to Watch

$Tabcorp Holdings Ltd(TAH.AU)$: Tabcorp shares tumbled over 10 per cent after it announced that its revenue dropped 6.1 per cent in the first quarter of financial 2024. Gaming services revenue declined 12.7 per cent, due to the sale of eBet and lower contracted electronic gambling machines.

$Liontown Resources Ltd(LTR.AU)$: Takeover target Liontown shed 2 per cent. Its given a seven-day extension to US company Albemarle for its due diligence period. Albemarle's $3-a-share cash offer won over the Liontown board led by Tim Goyder on September 4.

$Redbubble Ltd(RBL.AU)$: Redbubble rallied 21.7 per cent after returned to positive underlying cash flow, according to the company's latest quarterly trading update. It recorded an underlying cash flow of $700,000, up $16.9 million on the prior corresponding period.