ASX 200 lunch time report

On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its strong morning gains and is flat at lunch.

Here’s what has been happening on the ASX 200 so far on Tuesday:

Appen shares storm higher.

Many of Australia’s leading tech shares have pushed higher on Tuesday after strong gains were made on Wall Street’s Nasdaq index overnight. The best performer in the WAAAX group has been the Appen Ltd (ASX: APX) share price. It is up 7% at lunch after being given an additional boost by a broker note out of UBS. The broker has upgraded its shares to a buy rating with a $16.00 price target.

Annual general meetings.

Tuesday sees three ASX 200 shares holding their annual general meetings. This includes SEEK Limited (ASX: SEK), which has held firm with its guidance, Harvey Norman Holdings Limited (ASX: HVN), which provided a positive sales update, and Brickworks Limited (ASX: BKW), which saw its share price charge higher after providing positive full year guidance.

Coles shares edge lower on broker sell rating.

The Coles Group Limited (ASX: COL) share price is down 1% at lunch after the supermarket giant was the subject of a bearish broker note. According to a note out of UBS, it has initiated coverage on Coles with a sell rating and $11.90 price target. Although UBS thinks Coles is a good business, it believes it is facing headwinds in the short term.

Best and worst performers on the ASX 200.

The best performer on the ASX 200 at lunch is Appen share price with a gain of almost 7%. Not far behind with a gain of close to 6.5% is the CYBG Plc (ASX: CYB) share price. The UK-listed shares of the bank rebounded a massive 10.5% higher overnight. They are still down significantly month-to-date. The worst performer on the ASX 200 at lunch is the Blackmores Limited (ASX: BKL) share price which is down almost 3% despite there being no news out of the health supplements company.

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Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Brickworks and SEEK Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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