Lunchtime ASX small cap wrap: Which fuzzballs aren’t laughing it up today :(
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The man who made the greatest muppet ever come alive on film, Peter Mayhew, died last night, aged 74. At 2.21m tall, he started his film career as a minotaur, and only got the Chewie role after David Prowse turned it down so he could be Darth Vader.
Chewie never did get that medal for saving the galaxy, but had all the most memorable lines. Rest well, you big fuzzball.
Vegan beef and sausage maker Beyond Meat just had the biggest US IPO of 2019.
It soared as much as 192 per cent from its IPO price of $US25 a share, before finishing its debut day up 163 per cent to $US65.75. This gives it a market cap of about $US3.8 billion.
Tesla was up 4.3 per cent after the company unveiled a plan to raise up to US$2 billion. Or it could be that Tesla reckons its self-driving systems, currently in development, will transform the $42 billion company into a $500 billion behemoth.
The ASX Small Ords Index softened in morning trade, down 2.6 points to 2852.7, but it could be just a matter of time before we breach August 2018 highs of ~2915.
Here’s your small cap winner and losers for this Friday morning:
Ultracharge (ASX:UTR) slumped 20 per cent yesterday after announcing it was selling a key piece of IP. This morning the stock recovered its losses, bouncing back by 25 per cent.
And talent-packed explorer S2 Resources (ASX:S2R), which has just discovered a big gold anomaly in Finland, was up another 20 per cent in morning trade.
Other big winners include Carnavale Resources (ASX:CAV), Norwest Energy (ASX:NWE), and Venture Minerals (ASX:VMS).
Here are the best performing ASX small cap stocks at 12pm on Friday, May 3:
Not a lot of significance to report, apart from some movement on National Tyre and Wheel (ASX: NTD), which yesterday reported lower than expected Q3 sales volumes and revenue, “despite an array of promotional activities”. It’s lost 14 per cent since then, and has now dropped to 39c from a high of close to $1 six months ago.
Here are the worst performing ASX small cap stocks at 12pm on Friday, May 3: