ASX 200 up 0.4%: Altium disappoints, ARB impresses, Mesoblast charges higher

Altium Limited (ASX:ALU) and Mesoblast limited (ASX:MSB) shares are on the move on the ASX 200 on Tuesday…

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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is defying the declines on Wall Street and pushing higher. The benchmark index is currently up 0.4% to 6,722.6 points.

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

Altium guidance disappoints.

The Altium Limited (ASX: ALU) share price has come under pressure on Tuesday after the release of an update on its expectations for the first half of FY 2021. The electronic design software provider revealed that COVID-19 has impacted its sales in the United States and Europe during the half. As a result, it is expecting to deliver revenue of around US$89.6 million for the six months. This will be down 3% on the prior corresponding period.

ARB update impresses

The ARB Corporation Limited (ASX: ARB) share price is racing higher today following the release of its guidance for the first half. The 4×4 accessories company expects to report a 21.6% increase in sales to $284 million and profit before tax of $70 million to $72 million. The latter includes $9.8 million of non-recurring government assistance. Though, even if you exclude this, the company's profit before tax is more than 75% higher than the prior corresponding period.

Mesoblast share price pushes higher.

The Mesoblast limited (ASX: MSB) share price climbing higher again on Tuesday after recording a strong gain yesterday. Investors have been buying the biotech company's shares after its run of disappointing updates came to an end. On Monday Mesoblast announced that its rexlemestrocel-L drug provides a reduction in heart attacks, strokes, and cardiac death in patients with chronic heart failure.

Best and worst ASX 200 performers.

The best performer on the ASX 200 today with a 5% gain has been the ARB share price. This follows its aforementioned guidance update for the first half of FY 2021. The worst performer has been the PolyNovo Ltd (ASX: PNV) share price with a 12% decline. Investors have been selling the medical device company's shares after the release of an underwhelming trading update.

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 and recommends Altium. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. The Motley Fool Australia has recommended ARB Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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