Why Appen, Breville, Credit Corp, and ResMed shares are storming higher today

These shares are not letting the market weakness hold them back today.

| More on:
Two smiling work colleagues discuss an investment or business plan at their office.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) has run out of steam and dropped into the red. In afternoon trade, the benchmark index is down a disappointing 0.9% to 7,915.3 points.

Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:

Appen Ltd (ASX: APX)

The Appen share price is up 23% to 53 cents. This follows the release of a quarterly update from the struggling artificial intelligence data services company this morning. Appen revealed that its revenue was down 16% on the prior corresponding period. However, this was due to the loss of Google as a customer. If you exclude Google, Appen's revenue would have been up 16% for the period. Management also reported improvements in its profitability and continues to target positive cash EBITDA during the second half of FY 2024.

Breville Group Ltd (ASX: BRG)

The Breville Group share price is up 3.5% to $29.19. This is despite there being no news out of the appliance manufacturer on Tuesday. However, it is worth noting that analysts at Goldman Sachs reiterated their buy rating and $30.00 price target on Breville's shares yesterday. The broker commented: "We see 2H24 sales +9.3% YoY (+3% vs Factset) on first-time US sell-in to Target, improving HSD EMEA sales and -1% APAC from sluggish ANZ though strong S. Korea."

Credit Corp Group Limited (ASX: CCP)

The Credit Corp share price is up almost 7% to $16.22. Investors have been buying the debt collection company's shares today following the release of its FY 2024 results. Although Credit Corp posted a sizeable profit decline and slashed its dividend, the market appears to be focusing more on its guidance for FY 2025. The midpoint of its net profit after tax guidance range represents an increase of 17% on what was achieved in FY 2024.

ResMed Inc. (ASX: RMD)

The ResMed share price is up almost 3% to $31.44. This follows a strong night of trade for the sleep disorder treatment company's shares on Wall Street. Investors were snapping up ResMed's shares on the belief that a selloff on Friday was an overreaction. As we covered here, the company's shares dropped after a medical device company with a similar customer base downgraded its revenue guidance. This sparked fears that weight loss drugs were having an impact. However, it seems that this downgrade was due to company specific issues and not because of Ozempic et all.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Alphabet, Appen, Goldman Sachs Group, and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended Alphabet. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a spectacular end to the trading week for the ASX today.

Read more »

Three people jumping cheerfully in clear sunny weather.
Share Gainers

These 3 ASX 200 stocks are shooting the lights out this week. Own any?

These ASX 200 shares have soared 11% to almost 23% this week. But why?

Read more »

Two smiling work colleagues discuss an investment or business plan at their office.
Share Gainers

Why GQG, Imugene, Mirvac, and Temple & Webster shares are pushing higher

These shares are ending the week on a positive note. But why?

Read more »

Happy shareholders clap and smile as they listen to a company earnings report.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a momentous day for ASX shares, with the index hitting another record...

Read more »

Cropped shot of an attractive young female scientist working on her computer in the laboratory.
Healthcare Shares

Up 135% in a year, why this ASX 200 healthcare stock is 'on track to become a truly great Australian success'

A leading fund manager expects more strong performance from this surging ASX 200 healthcare stock.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why ASX, Domain, Ora Banda, and Temple & Webster's shares are storming higher today

These shares are catching the eye with strong gains on Thursday. Let's see what is happening.

Read more »

Man pointing at a blue rising share price graph.
Earnings Results

2 ASX 300 shares rocketing 6% today

Investors love what these two stocks just reported.

Read more »

Ten smiling business people wave to the camera after receiving some winning company news.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a wonderful Wednesday session for investors today...

Read more »