At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to have a subdued finish to the week. The benchmark index is currently down 0.1% to 7,046 points.
Here’s what is happening on the market today:
Kogan update disappoints
The Kogan.com Ltd (ASX: KGN) share price has been sold off today after the release of a disappointing third quarter update. Although the ecommerce company reported a 47% increase in gross sales and a 54% jump in gross profit, its operating earnings actually declined by 24%. The damage was done primarily in the core Kogan business, which reported a 42% decline in adjusted operating earnings. This was driven by a significant increase in operating costs.
AMP announces demerger plans
The AMP Ltd (ASX: AMP) share price is pushing higher today after announcing demerger plans. According to the release, the company intends to pursue a demerger of AMP Capital’s Private Markets business. Management believes the demerger will create two focused businesses, better equipped to pursue and allocate capital to distinct growth opportunities and realise efficiencies.
Telstra buys more 5G spectrum
The Telstra Corporation Ltd (ASX: TLS) share price is trading largely flat today after announcing a $277 million investment in the 26 GHz spectrum auction. According to the release, the telco giant has secured 1000 MHz of additional spectrum. It expects this to further extend its leadership in 5G now and into the future. Telstra advised that it secured the spectrum in all major capital cities and regional areas where it was sold.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the Nuix Ltd (ASX: NXL) share price. It is up a decent 6.5% at lunch. This morning Morgan Stanley retained its overweight rating but trimmed its price target to $7.50. The worst performer has been the Kogan share price with an 11% decline following its third quarter update.