At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is out of form and tumbling lower. The benchmark index is currently down 0.6% to 6,843.7 points.
Here's what is happening on the market today:
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Cochlear half year results impress
The Cochlear Limited (ASX: COH) share price is surging higher today after the release of a surprisingly strong half year result. For the six months ended 31 December, Cochlear posted an underlying net profit of $125.3 million. This was only a 4% constant currency decline on its record first half profit in the prior corresponding (and COVID-free) period. Looking ahead, it has provided full year underlying net profit guidance of $225 million to $245 million. This represents a 46% to 59% increase on FY 2020's profits.
Pro Medicus founders sell shares
The Pro Medicus Limited (ASX: PME) share price is climbing today despite announcing that its founders are selling one million shares each. The two commanded a price of just under $46.00 per share, which represents a total consideration of $46 million each. However, this was less than 4% of their individual holdings and was undertaken following board encouragement. The sales are expected to boost liquidity.
Goodman upgrades guidance
The Goodman Group (ASX: GMG) share price is pushing higher after investors responded positively to its half year results. The global integrated property company reported a 16% increase in operating profit to $614.9 million for the half. This was driven by new developments, strong demand, and like-for-like net property income growth of 3%. Also going down well with investors was management's guidance for the full year. It now expects operating profit growth of 12% in FY 2021. This compares to previous guidance of 9% growth.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Cochlear share price with a 7% gain. This follows its half year results release. The worst performer has been the Treasury Wine Estates Ltd (ASX: TWE) share price with a 5% decline. This may be due to profit taking after a very strong gain yesterday.
