The ASX 200 (Index: ^AXJO) (ASX: XJO) was eventful again this week. Here are four big stories you may have missed that affected the ASX 200 index:
James Packer packing up?
Billionaire James Packer of Crown Resorts Ltd (ASX: CWN) has announced his investment business is selling approximately 20% of Crown’s shares to Melco Resorts and Entertainment for around $1.8 billion, at $13 per share. But, he’ll still own a substantial amount of shares.
He has been trying to sell his Crown stake for a while and now he’s managed to sell some of his shares. Mr Packer will be looking to diversify his investments, there’s a chance he will invest some of his money with Magellan Financial Group Ltd (ASX: MFG).
What happened at Appen Ltd (ASX: APX)?
The machine learning business provided some profit guidance for this year. Appen told investors that earnings before interest, tax, depreciation and amortisation (EBITDA) will be between $85 million to $90 million for the year.
With such large expectations built into the share price, you can understand why investors sent the share price down 6.6% on Friday.
Costa Group Holdings Ltd (ASX: CGC) share price turns sour
The Costa share price dropped over 20% over the week as the fresh food business disappointed shareholders again by revealing more issues, particularly with its citrus fruit and raspberry segments.
Crumbly raspberries and fruit flies were two hated elements this week.
RBA interest rates to head much lower?
Many economists now seem to think that the RBA is going to cut rates three times, or by 0.75%, over the next year. Westpac Banking Corp (ASX: WBC) was one of the organisations predicting that there could be more interest rates than expected.
Obviously it’s not a good thing that interest rates are going down, but it could boost asset prices.
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Motley Fool contributor Tristan Harrison owns shares of COSTA GRP FPO. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO and Crown Resorts Limited. The Motley Fool Australia owns shares of Appen Ltd. 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.