The $S&P/ASX 200 (.XJO.AU)$ has run out of steam and dropped into the red. In afternoon trade, the benchmark index is down a disappointing 0.5% to 7,953.2 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
$Appen Ltd (APX.AU)$
The Appen share price is up 23% to 53 cents. This follows the release of a quarterly update from the struggling artificial intelligence data services company this morning. Appen revealed that its revenue was down 16% on the prior corresponding period. However, this was due to the loss of Google as a customer. If you exclude Google, Appen's revenue would have been up 16% for the period. Management also reported improvements in its profitability and continues to target positive cash EBITDA during the second half of FY 2024.
$Breville Group Ltd (BRG.AU)$
The Breville Group share price is up 3.5% to $29.19. This is despite there being no news out of the appliance manufacturer on Tuesday. However, it is worth noting that analysts at Goldman Sachs reiterated their buy rating and $30.00 price target on Breville's shares yesterday. The broker commented: "We see 2H24 sales +9.3% YoY (+3% vs Factset) on first-time US sell-in to Target, improving HSD EMEA sales and -1% APAC from sluggish ANZ though strong S. Korea."
$Credit Corp Group Ltd (CCP.AU)$
The Credit Corp share price is up almost 7% to $16.22. Investors have been buying the debt collection company's shares today following the release of its FY 2024 results. Although Credit Corp posted a sizeable profit decline and slashed its dividend, the market appears to be focusing more on its guidance for FY 2025. The midpoint of its net profit after tax guidance range represents an increase of 17% on what was achieved in FY 2024.
$ResMed Inc (RMD.AU)$
The ResMed share price is up almost 3% to $31.44. This follows a strong night of trade for the sleep disorder treatment company's shares on Wall Street. Investors were snapping up ResMed's shares on the belief that a selloff on Friday was an overreaction. As we covered here, the company's shares dropped after a medical device company with a similar customer base downgraded its revenue guidance. This sparked fears that weight loss drugs were having an impact. However, it seems that this downgrade was due to company specific issues and not because of Ozempic et all.