ASX 200 (ASX:XJO) midday update: Crown jumps, WiseTech tumbles

Here’s what’s happening on Friday…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. The benchmark index is currently up 0.1% to 7,384.4 points.

Here’s what is happening on the ASX 200 today:

Crown jumps on takeover approach

The Crown Resorts Ltd (ASX: CWN) share price surging higher after it received a takeover approach from private equity firm, Blackstone. According to the release, Blackstone has made an unsolicited and non-binding proposal to acquire all of the shares in Crown by way of a scheme of arrangement at a price of $12.50 cash per share. This will be reduced by the value of any dividends or distributions declared or paid by Crown.

WiseTech falls on AGM update

The WiseTech Global Ltd (ASX: WTC) share price is ending the week deep in the red. This follows the release of the logistics solutions platform provider’s annual general meeting presentation. In the presentation, management reaffirmed its guidance for FY 2022. It continues to expect revenue of $600 million to $635 million (18% to 25% growth) and EBITDA of $260 million to $285 million (26% to 38% growth). It appears as though the market was expecting a guidance upgrade.

Lithium miners fall

It hasn’t been a good day for lithium shares. A number of ASX lithium shares are falling on Friday and are weighing on the index. Orocobre Limited (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS) are both down around 3% at the time of writing. This may be due to profit taking from some investors after strong gains this year.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday by some distance is the Crown share price with a 16% gain following its takeover approach. The worst performer has been the ALS Ltd (ASX: ALQ) share price with a 4.5% decline. This is despite there being no news out of the testing services company.

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Motley Fool contributor James Mickleboro owns shares of Orocobre Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended WiseTech Global. The Motley Fool Australia owns shares of and has recommended WiseTech Global. 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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