5 ASX shares that defined the week

With reporting season kicking off, there were a lot of big ASX share movers in the past week's trading.

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It was another big week for ASX shares.

And with reporting season kicking off, there were a lot more than five companies that helped define the past week's trading.

But, as that would exceed the scope of this article, here are the five ASX shares that really grabbed my attention since the opening bell sounded on Monday.

Three ASX shares facing headwinds this week

First up, and in no particular order, we have Rio Tinto Ltd (ASX: RIO).

The S&P/ASX 200 Index (ASX: XJO) mining giant reported its half-year results after market close on Wednesday.

The ASX share closed down 2.5% on Thursday as investors digested a drop in earnings.

Rio Tinto reported that lower commodity prices offset the production growth it achieved over the six months. The miner's performance was also impacted by higher costs.

Among the key metrics, revenue of US$26.7 billion was down 10% year on year. And net profit after tax declined by 43% to US$5.1 billion. This saw management slash the fully franked interim dividend by 33% to US$1.77 per share.

Another large-cap ASX share making the list this week is Macquarie Group Ltd (ASX: MQG).

The ASX 200 financial stock released a first-quarter update on Thursday ahead of its annual general meeting.

The Macquarie share price ended the day down 4.4% after the company reported on weaker trading conditions over the quarter. This saw the net profit contributions from its operating groups "substantially down" year on year.

The third ASX share facing headwinds this week was Bubs Australia Ltd (ASX: BUB).

The Bubs share price closed down a precipitous 13% on Thursday after the infant formula company reported on the results of proxy voting ahead of its extraordinary general meeting.

Ongoing ructions among dissident shareholders and the sitting board saw shareholders voting on whether to remove directors and appoint their own. Some 62% of the proxy votes were against seven proposed resolutions from dissident shareholders.

As for the big daily drop that ensued for this ASX share, Motley Fool analyst James Mickleboro said, "It wouldn't be surprising if these shareholders or their supporters have been selling their shares today, putting pressure on the Bubs share price."

Which brings us to…

Two stocks flying higher

There was plenty of green flashing for ASX shares over the week as well.

Among them, ASX 200 tech stock, Megaport Ltd (ASX: MP1).

The Megaport share price closed up 14% on Thursday on the back of a strong quarterly update.

Among the highlights, the tech company reported on revenue growth and a strong net cash flow over the period.

The ASX share achieved normalised earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $11.8 million over the quarter. On the heels of reporting its first net cash positive quarter, Megaport said it now expects to be net cash positive for FY24.

Rounding off the list of ASX shares that defined the week is a much smaller tech stock, Pointerra Ltd (ASX: 3DP).

The 3D geospatial data technology company finished off the week with a bang after announcing a major contract win. Shares gained as much as 119% in intraday trading on Friday before closing the day up 114%.

Investors were scrambling to get their hands on the ASX share reporting that its existing customer, Entergy Corp (NYSE: ETR), had chosen Pointerra's US Engineer, Procure & Construct (EPC) partners for its 10-year, US$15 billion grid resilience CAPEX Program.

That contract could be worth US$80 million to US$160 million over its life.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group, Megaport, and Pointerra. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Megaport. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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