The S&P/ASX 200 Index (ASX: XJO) is struggling to find its feet on Thursday.
At the time of writing, the benchmark index has slumped 0.3% to 6,981 points.
But despite this weakness, some ASX 200 shares are bucking the trend and racing higher. Let's take a look.
Image source: Getty Images
Origin Energy Ltd (ASX: ORG)
Today's biggest ASX news story is Origin's takeover bid from Brookfield Asset Management. If that name sounds familiar, it's likely because Brookfield made a widely-publicised play for AGL Energy Limited (ASX: AGL) that ultimately fell through.
Today's move has seen the Origin share price catapult 36.3% higher to currently sit at $7.92.
Brookfield has tabled an indicative non-binding proposal to acquire Origin for $9 cash per share. This indicative proposal values Origin at an enterprise value of $18.4 billion.
What's more, Origin revealed today that this isn't the first offer from Brookfield. On 8 August, the consortium made an indicative proposal at an offer price of $7.95 cash per share.
Then, on 18 September, the consortium made a further proposal at an indicative price of between $8.70 to $8.90.
This time, Origin has entered into a confidentiality and exclusivity agreement with the consortium.
The company notes that following due diligence, if the consortium makes a binding offer at $9 cash per share, the board intends to unanimously recommend shareholders vote in favour of the proposal.
With Origin shares last changing hands at $7.92 apiece, there is currently 13.6% upside on the table if the deal goes through.
It's worth noting that if the scheme of arrangement is implemented after 15 May 2023, the takeover price will decrease by $0.03 per month.
News Corporation (ASX: NWS)
The News Corp share price is also having a day in the sun. The dual-listed media and publishing company released its first-quarter results yesterday, which was met with disappointment from the market. The News Corp share price finished the day 10.9% lower.
But there appears to be a change in sentiment today, with News Corp shares rebounding by 9.29% at the time of writing to sit at $25.18.
In the first quarter of FY23, News Corp delivered sales of US$2.48 billion, down 1% year on year.
The group noted that a strong US dollar, which reduces the value of its international revenue, and lower book sales dragged on the top line.
The result was dire on the bottom line, with net income tumbling by 75% to US$66 million.
During yesterday's earnings call, CFO Susan Panuccio painted a cautious outlook for the coming quarter:
We continue to expect higher costs due to supply chain and inflationary pressures. Advertising conditions and mix and visibility remains limited across the businesses.
Computershare Limited (ASX: CPU)
Computershare is another ASX 200 share racing higher today. The Computershare share price gained as much as 9% in early morning trade. But shares have since taken a breather. At the time of writing, Computershare shares have climbed 4.81% to $27.25.
This upward swing has been driven by a guidance upgrade at the company's annual general meeting (AGM) today.
Computershare revealed that in the first four months of FY23, global interest rate rises have been faster and larger than expected.
Computershare is a beneficiary of rising interest rates because it generates margin income on the cash balances it holds on behalf of clients.
The company is now expecting to generate US$800 million of margin income in FY23; up from the US$520 million figure that was guided in August.
As a result, the company has also upgraded its FY23 guidance for management earnings per share (EPS). Back in August, the company expected management EPS to grow by around 55% in FY23. It's now expecting growth to be around 90%.
In FY22, Computershare delivered management EPS of 57.95 US cents. So, a 90% increase would result in management EPS of roughly US$1.10. This would see Computershare generating normalised profit of around US$660 million in FY23.
