Why Brainchip, De Grey Mining, Nufarm, & Pointsbet shares are storming higher

Brainchip Holdings Ltd (ASX:BRN) and Pointsbet Holdings Ltd (ASX:PBH) shares are two of four storming notably higher on the ASX today…

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to record a strong gain. At the time of writing the benchmark index is up a sizeable 1.6% to 6,047.6 points.

Four shares that are climbing more than most today are listed below. Here's why they are storming higher:

The Brainchip Holdings Ltd (ASX: BRN) share price has surged 25% higher to 38.7 cents. Investors have been buying the artificial intelligence technology company's shares after it announced a collaboration with VORAGO Technologies. This collaboration is intended to support a Phase 1 NASA program for a neuromorphic processor that meets spaceflight requirements.

The De Grey Mining Limited (ASX: DEG) share price has jumped 16% to $1.28. The catalyst for this was the announcement of yet another major gold discovery by the mineral exploration company. Management commented: "The discovery of the Falcon intrusion demonstrates the potential to significantly grow the gold endowment at Hemi as we expand our drilling footprint."

The Nufarm Limited (ASX: NUF) share price is up over 3.5% to $4.06. This morning the agricultural chemicals company announced its expectations for FY 2020. After accounting for non-cash impairments of $215 million for its European business, the company expects to report earnings before interest, tax, depreciation and amortisation (EBITDA) in the range of $290 million to $300 million in FY 2020. This appears to be better than the market was expecting from Nufarm.

The Pointsbet Holdings Ltd (ASX: PBH) share price has bounced back from a heavy decline and is up 4.5% to $13.79. This morning analysts at Ord Minnett downgraded the sports betting company's shares from a buy rating to a hold rating. However, they lifted their price target by more than 100% to $13.60. It suspects its deal with NBC Universal could create material brand awareness in key markets.

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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings 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.

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