ASX 200 (ASX:XJO) midday update: ResMed and PointsBet disappoint

Here’s what is happening on the ASX 200 on Friday…

| More on:
Two male ASX 200 analysts stand in an office looking at various computer screens showing share prices

Image source: Getty Images

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a much-needed positive note. The benchmark index is currently up 1% to 6,903.7 points.

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

ResMed’s Q2 update misses expectations

The ResMed Inc. (ASX: RMD) share price is edging lower today after its second quarter update fell a touch short of expectations. The sleep treatment company reported a 12% increase in revenue to US$894.9 million and a 12% lift in net income to US$201.8 million. Goldman Sachs commented: “2Q22 revenue came in -3% below consensus (Visible Alpha Consensus Data), driven primarily by -4-7% misses in devices (largely a reflection of limited component availability and broader supply chain challenges).”

Newcrest shares fall

The Newcrest Mining Ltd (ASX: NCM) share price is falling today following a decline in the gold price and the release of its second quarter update. In respect to the latter, for the three months ended 31 December, Newcrest delivered gold production of 436koz and copper production of 26kt. This was an increase of 10% and 7.7%, respectively, quarter on quarter. This led to half year gold production of 832.3koz. Investors appear to be doubting whether Newcrest will have what it takes to achieve its FY 2022 guidance of 1,800koz to 2,000koz.

PointsBet sink following Q2 update

The PointsBet Holdings Ltd (ASX: PBH) share price is sinking today following the release of its second quarter update. The sports betting company reported an 11% increase in group turnover to $1,326 million and net win growth of 61% to $71.9 million. However, also growing were its losses. PointsBet’s operating loss widened to $51.8 million.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Champion Iron Ltd (ASX: CIA) share price with a 6% gain. This morning Citi retained its buy rating and lifted its price target on the iron ore miner’s shares to $6.50. Going the other way, the worst performer has been the PointsBet share price with a 6.5% decline following its update.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

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. owns and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Top 10 ASX 200 shares today
Share Market News

Here are the top 10 ASX shares today

Here are your top 10 biggest gainers in the ASX 200 on Monday.

Read more »

blue arrows representing a rising share price ASX 200
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Monday

We take a look at the most traded ASX 200 shares by volume today.

Read more »

Model bear in front of falling line graph, cheap stocks, cheap ASX shares
Share Market News

These are the 10 most shorted ASX shares

Short sellers are currently targeting these ASX shares...

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Cryptocurrencies

Can regulators prevent another US$45 billion crypto stablecoin meltdown?

Terra's LUNA token, meant to help its UST token remain pegged to the US dollar, has lost 99.99% of its…

Read more »

A male sharemarket analyst sits at his desk looking intently at his laptop with two other monitors next to him showing stock price movements
Share Market News

ASX 200 midday update: Brambles rockets, Goodman upgrades guidance

The ASX 200 is having a decent start to the week...

Read more »

Smiling man with phone in wheelchair watching stocks and trends on computer
Share Market News

5 things to watch on the ASX 200 on Monday

Here's what to expect on the ASX 200 on Monday...

Read more »

Family of four celebrating inside a grocery store or supermarket
Share Market News

4 ASX shares of the most trusted brands in Australia

Which companies are best placed to attract the hearts, minds and wallets of consumers as interest rates rise?

Read more »

Coal-fired power station generic.
Energy Shares

How dependant on coal closure is the AGL share price?

Climate activists disagree with AGL's decision to hold onto coal, saying its depleting shareholder value.

Read more »