Month: September 2022
IRE -17.3%: finance software and administration company IRESS downgraded guidance today, sending the stock to 2-year lows. The company said slowing conversion of sales, as well as higher costs and negative FX movements, would weigh on segment profit, reducing guidance by 6.5% to $166-170m for the calendar year-end.
TLX -15.4%: the oncology company announced that they have pulled an application to market into Europe. The Danish Medicines Agency requested further testing numbers for their manufacturing practices to confirm the safety of Telix’s Illuccix product.
My Bloomberg terminal is filled with bears, Blackrock says we should shun most stocks as the market is simply not pricing in a recession and a ‘hard landing’ sort of scenario while Goldman Sachs has downgraded equities to underweight in their asset allocation matrix, a similar move made by Shaw’s Chief Investment Officer a few days ago, saying that evidence that inflation is becoming persistent means higher interest rates, tightening financial conditions and slower world growth.
LKE -16.54%: the lithium hopeful tumbled today after getting caught in a tussle with the operations company they’ve employed at their Kachi site following a disagreement about milestone cut-offs. Lilac will earn a stake of up to 25% of the project if they complete 1,000 hours of operations and 2,500kg of lithium carbonate. Lake believes these milestones need to be met by 30 September, while Lilac believes they have until the end of November with the dispute now going to mediation.
LNK -20.09%: a UK court has thrown a spanner on the Dye & Durham takeover of Link, announcing around $500m may need to be put aside for any issues relating to Link’s administration of the failed Woodbridge fund. The amount reflects potential redress payments to investors in the fund, and the UK court would block the takeover if Dye & Durham fails to accept the requirement.
MAF -21.76%: the asset management company traded down to nearly 2-year lows today on news the Australian Government was looking at changes to the Special Investment Visa (SIV) process. Under the current system, migrants can effectively skip the queue before investing $5m in approved investment schemes, of which MA Financial run a number of products for.
360 +16.36%: while the rally in tech stocks helped, Life360 was also boosted by strong guidance into the 2H. The digital safety company presented at a technology conference today and painted a rosy picture for the rest of the year and beyond.
MFG -2.01%: the fund manager reported their FUM flows for August showing the slide continues. A total of $1.3b in outflows were recorded in the month alone, coupled with an additional $1.3b fall from performance and FX movements.
