Why Adore Beauty, Appen, HUB24, & News Corp shares are charging higher

Appen Ltd (ASX:APX) and News Corp (ASX:NWS) shares are two of four charging notably higher on Friday. Here’s why…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is currently up 0.3% to 7,082.5 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Adore Beauty Group Ltd (ASX: ABY)

The Adore Beauty share price is up over 8% to $4.02. Investors have been buying the online beauty retailer’s shares following the release of clarification on its active customer numbers. The Adore Beauty share price crashed lower on Thursday after it revealed that active customers were 687,000. This was down from 777,000 at the end of the first half. However, it turns out that this number is reflective of a 9-month period, rather than a 12-month period. Therefore, there was actually a 69% increase when compared to the 9 months to 31 March 2020.

Appen Ltd (ASX: APX)

The Appen share price has bounced back from yesterday’s selloff with a gain of 5% to $12.23. Mixed messages from a presentation on Thursday led to the Appen share price crashing 21% lower. This morning Bell Potter retained its hold rating but slashed its price target by 32% to $13.25. While this is a huge cut, it is still higher than where its shares trade today.

Hub24 Ltd (ASX: HUB)

The HUB24 share price is up 5% to $23.94. The wealth management platform provider’s shares came under pressure on Thursday amid concerns over AMP Limited (ASX: AMP) cutting the price of its platform. However, its shares are bouncing back today after Citi suggested that the action will not result in a price war. It also believes HUB24 will not lose market share to AMP due to the quality of its platform.

News Corp (ASX: NWS)

The News Corp share price is charging 4% higher to $32.02. This follows the release of a strong third quarter result this morning. According to the release, the media company has continued its impressive recovery during the quarter. For the three months ended 31 March, News Corp reported revenue growth of 3% and EBITDA growth of 23%. On the bottom line, the company posted a third quarter profit of $96 million. This compares to a loss of $1 billion a year earlier.

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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 Appen Ltd and Hub24 Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Adore Beauty Group Limited. The Motley Fool Australia has recommended Hub24 Ltd. 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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