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Why Fisher & Paykel Healthcare, Praemium, Santos, & Splitit stormed higher

In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is on course to start the week on a positive note. At the time of writing the benchmark index is up 0.65% to 6,650.5 points.

Four shares that have climbed more than most today are listed below. Here’s why they have stormed higher:

The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is up 7% to $17.08. The sleep treatment focused medical device company’s shares have raced higher today after it upgraded its full year guidance. The company made the positive revision after its received regulatory clearance to sell its F&P Vitera mask in the United States sooner than expected.

The Praemium Ltd (ASX: PPS) share price has jumped almost 17% to 52.5 cents following the release of its first quarter update. According to the release, the funds administration platform provider achieved record quarterly net inflows of $558 million on gross inflows of $1 billion. This lifted its funds under administration (FUA) to $20 billion.

The Santos Ltd (ASX: STO) share price is up 5.5% to $7.84. Investors have been buying its shares today after it announced a major acquisition. The energy producer will acquire ConocoPhillips’ northern Australia business for US$1.39 billion. This includes operating interests in Darwin LNG, Bayu-Undan, Barossa and Poseidon. Management expects the deal to be highly accretive to earnings per share and boost its production by up to 25%.

The Splitit Ltd (ASX: SPT) share price has zoomed almost 17% higher to 70 cents. The catalyst for this gain was news that the BNPL provider has signed an agreement with eCommerce platform Shopify. This agreement will see Splitit make its BNPL solution available to Shopify’s network of more than 800,000 merchants. Whilst this is a positive, I don’t believe it is overly material at this stage. Especially given how Afterpay Touch Group Ltd (ASX: APT), Klarna, and Zip Co Ltd (ASX: Z1P) are already available to Shopify users.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO, Praemium Limited, and ZIPCOLTD FPO. The Motley Fool Australia has recommended Praemium 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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