ASX 200 lunch time report: CBA, South32, & Wesfarmers lower

Commonwealth Bank of Australia (ASX:CBA), Crown Resorts Ltd (ASX:CWN), and Wesfarmers Ltd (ASX:WES) shares have been making waves on the ASX 200 on Tuesday. Here's what you need to know…

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At lunch on Tuesday the S&P/ASX 200 Index is having a mixed day of trade and is currently flat at 6,219.3 points.

Here's what has been happening on the market today:

Bank shares sink lower again.

Australian bank shares have tumbled lower once again and are acting as a drag on the benchmark index. All big four banks are in the red, with Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) shares leading the way with declines of around 1%.

Crown receives takeover approach.

The Crown Resorts Ltd (ASX: CWN) share price has rocketed 20% higher at lunch after the casino and resorts operator confirmed that it has received a A$14.75 per share preliminary, confidential, non-binding and indicative takeover proposal from Wynn Resorts. The Crown board has not yet considered the proposal.

South32 shares tumble lower.

The South32 Ltd (ASX: S32) share price is down 3% to $3.77 after being downgraded by analysts at Goldman Sachs. The broker believes the mining giant's shares are overvalued and has slapped a sell rating and $3.20 price target on them.

Wesfarmers provides Lynas update.

Both the Lynas Corporation Ltd (ASX: LYC) share price and the Wesfarmers Ltd (ASX: WES) share price are lower at lunch following the release of a takeover update by the latter. The conglomerate advised that it was pleased with recent developments which it sees "as positive progress towards satisfactory licence certainty." As a result, Wesfarmers remains open to engage with the Lynas board, with a view to progressing a less conditional proposal.

Best and worst performers.

The best performer on the ASX 200 at lunch has been the Crown share price with its 20% gain. Some way behind, the next best performer is the Star Entertainment Group Ltd (ASX: SGR) share price which has risen 5% on the back of the Crown takeover approach. Going the other way is the South32 share price with a 3% decline following Goldman's downgrade. Not far behind is the Flight Centre Travel Group Ltd (ASX: FLT) share price which has fallen almost 3% despite there being no news out of the travel agent.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited, Flight Centre Travel Group Limited, and Wesfarmers 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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