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

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

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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.

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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. 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.

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