At lunch on Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week on a positive note. At the time of writing the benchmark index is up 0.45% to 5,892.1 points.
Here’s what has been happening on the ASX 200 today:
Tech shares higher.
Australian tech shares including Afterpay Touch Group Ltd (ASX: APT) and Appen Ltd (ASX: APX) have followed the lead of their U.S. counterparts and pushed higher today. Afterpay Touch is leading the way with a 3.5% gain at lunch, helping propel the S&P/ASX 200 Info Tech index 1% higher.
ResMed result disappoints.
The ResMed Inc (ASX: RMD) share price is down 11% at lunch after the medical device company’s second quarter result came in below expectations. Although it delivered a solid 8% increase in revenue to US$651.1 million and GAAP diluted earnings per share of 86 U.S. cents, the market was looking for 93 U.S. cents per share on quarterly revenue of US$666.98 million.
AMP slashes its dividend.
The AMP Limited (ASX: AMP) share price is down 6% at lunch after the embattled financial services company slashed its dividend. According to the release, the AMP board intends to declare a final dividend of 4 cents per share, down over 72% from 14.5 cents per share in the prior corresponding period.
Qantas shares downgraded.
The Qantas Airways Limited (ASX: QAN) share price has fallen around 2.5% after the airline operator was downgraded by Credit Suisse. The broker has downgraded its shares to a neutral rating and trimmed the price target on them to $6.70 amid concerns that weak consumer sentiment and geopolitical uncertainty could weigh on demand.
Best and worst performers.
The best performer on the ASX 200 at lunch is the Iluka Resources Limited (ASX: ILU) share price which is up 7% following the release of its quarterly review. Not far behind is the Nine Entertainment Co Holdings Ltd (ASX: NEC) share price which has climbed 5% after Bruce Gordan increased his stake in the media company once again. Going the other way is the ResMed share price, followed by the Australian Pharmaceutical Industries Ltd (ASX: API) share price which is 6% lower. On Friday Credit Suisse retained its sell rating and cut the price target on its shares to $1.42 following its AGM update.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. 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.