Why HT&E, JB Hi-Fi, Reece, and ResMed shares are charging higher

These ASX shares are ending the week strongly…

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A graphic image of three upward pointing arrows with smoke coming from their bottoms, indicating the arrows are taking off just like the Althea share price today

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The S&P/ASX 200 Index (ASX: XJO) is out of form and tumbling notably lower. In afternoon trade, the benchmark index is down 0.7% to 7,378.9 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why these ASX shares are charging higher:

HT&E Ltd (ASX: HT1)

The HT&E share price has surged 32% higher to $1.94. This morning the advertising and media company announced that it has reached a binding heads of agreement to settle the taxation dispute with the ATO for the sum of $71 million.

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price is up over 4% to $50.48. Investors have been buying this retail giant’s shares after it was upgraded by a leading broker. According to a note out of Macquarie Group Ltd (ASX: MQG), its analysts have upgraded JB Hi-Fi’s shares to an outperform rating with a $52.50 price target. The broker notes that consumer electronic purchases have rebounded strongly across its Macquarie Credit Card dataset.

Reece Ltd (ASX: REH)

The Reece share price is up 6% to $19.93. Investors have been buying the plumbing parts company’s shares following the release of its first quarter update. That update revealed sales growth of 13.2% for the three months ended 30 September. In light of this, management is guiding to first half EBITDA growth of 8% to 11%.

ResMed (ASX: RMD)

The ResMed share price is up 5% to $37.36. This follows the release of a first quarter result ahead of the market’s expectations. The sleep treatment focused medical device company reported a 20% increase in revenue to US$904 million and GAAP earnings per share of US$1.39. This compares to consensus estimates of US$860 million and US$1.24 per share, respectively.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. 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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