At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and more. The benchmark index is currently down 0.25% to 7,001.3 points.
Here's what is happening on the market today:
Kogan update disappoints
The Kogan.com Ltd (ASX: KGN) share price is crashing lower again on Friday following the release of an update. The ecommerce company advised that its adjusted EBITDA was going to fall short of consensus estimates in FY 2021 at $58 million to $63 million. This compares to first half adjusted EBITDA of $51.7 million. Inventory issues, promotional activities, and cost inflation have been weighing on its margins. Management expects its inventory levels and marketing spend to return to normal levels in the coming months.
EML rebound continues
The EML Payments Ltd (ASX: EML) share price is continuing to rebound on Friday. The payments company's shares were given another boost today from a leading broker. This morning analysts at UBS retained their buy rating but slashed their price target down to $5.30. This compares to its current share price of $3.29. EML Payments' shares were sold off earlier this week amid Anti-Money Laundering and Counter-Terrorism Financing compliance concerns for its European operations.
A2 Milk shares jump on broker note
The A2 Milk Company Ltd (ASX: A2M) share price is charging higher today in response to a broker note out of UBS. According to the note, the broker believes there are signs that its turnaround is working without any brand damage. It has put a buy rating and NZ$13.50 (A$12.50) price target on its shares. This is more than double the current A2 Milk share price.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Friday has been the EML Payments share price with a 16% gain. Bargain hunters appear to be swooping in again today. The worst performer has been the Kogan share price with a 13% decline following its trading update.
