At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. The benchmark index is currently up 0.3% to 6,620.5 points.
Here's what is happening on the ASX 200 on Tuesday:
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Zip cancels merger with Sezzle
The Zip Co Ltd (ASX: ZIP) share price is heading in the right direction at last. This follows a positive reaction to the buy now pay later (BNPL) provider's decision to scrap its merger with rival Sezzle Ltd (ASX: SZL). While the decision is mutual, Zip will pay Sezzle a break fee of US$11 million. Sezzle shares have crashed 34% on the news, leaving it with a market capitalisation of approximately $52 million. The market appears to believe its days are numbered.
Lake Resources halts shares after J Capital attack
The Lake Resources N.L. (ASX: LKE) share price has been halted on Tuesday. This is so the embattled lithium developer can respond to a short seller report from J Capital. The research firm commented: "Lake is one of several lithium explorers planning to use an unproven direct lithium extraction (DLE) technology to remove lithium from brine.[…] We believe, however, DLE will still use large amounts of water and produce toxic waste. Lake has failed to get an operational pilot plant on site three years after promising it would."
AP Eagers' update
The Eagers Automotive Ltd (ASX: APE) share price is pushing higher today after the auto retailer released a half-year trading update. Eagers revealed that it expects to report a statutory net profit before tax from continuing operations of $246 million. This is ahead of its guidance range of $225 million to $240 million.
Best and worst ASX 200 performers
The best performer on the ASX 200 index has been the New Hope Corporation Limited (ASX: NHC) share price with a 5% gain. This follows a positive night of trade for coal prices. Going the other way, the Core Lithium Ltd (ASX: CXO) share price is the worst performer with a 6% decline. Weakness in the lithium industry has offset the release of a mineral resource update.
