Market Highlights and 5 ASX Small Caps to watch on Wednesday
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All three US benchmarks fell overnight, but the focus of the market was on earnings reported after hours.
Nasdaq was down by 1.21%, while the S&P 500 and Dow Jones also fell by 0.47% and 0.24% respectively.
Apple fell by 1.5% during the regular session, but reported a record quarter revenue for June of US$81 billion, up 36% year-on-year.
Alphabet Inc (Google) also fell by 1.6% during the regular trading session, before reporting after hours that its Q2 earnings revenue of $US61.9 had blown past estimates.
Meanwhile, Microsoft’s Q4 profit rose 57% to US%16.5bn, and Tesla had a record net income of $1.1 billion for Q2. Both stocks fell in regular hours.
To cryptos, where Bitcoin continues to rise and trade at US$38,3000 level at 8am AEST, from the US$37,250 level on Tuesday.
Cryptos have pared back some of yesterday’s gains after Amazon denied it had specific plans to accept Bitcoin as a payment method by the end of the year, but have since risen again.
The ASX 200 looks set to open modestly lower at the open this morning, with futures markets (September contracts) pointing down by 0.06% at 8:30am AEST.
Yesterday, the benchmark index touched intraday record highs, but could not hold on and closed the day just shy of its all time high.
In large cap news this morning, BHP (ASX:BHP) has made a 100% takeover offer for Canadian-listed nickel miner, Noront Resources, for C$0.55. The bid trumped Wyloo Metals (owned by Andrew Forrrest)’s bid in May for C$0.315.
Chimeric has obtained the exclusive license to a novel CAR T for solid tumors from the University of Pennsylvania, which will bring the novel CDH17 CAR T cell therapy to more patients. The novel therapy targets gastrointestinal tumors including colorectal cancer, pancreatic cancer and gastric cancer.
The medicinal cannabis company reported a significant increase in its quarterly revenue to $623k, up from $183k in the previous quarter. Medicinal cannabis sales are now forecasted to reach $2m by the end of CY21.
The social media app company had its best quarter ever, with total revenue up 67% to US$2.54 million. It also recorded its best full year ever, with FY21 revenues now up 108% to US$8.2 million.
The company confirmed that its JV project, Telmen Resource, was awarded the Gurvantes XXXV coal bed methane Production Sharing Agreement in Mongolia. With the agreement in place, the company says it will now push ahead to finalise this year’s exploration program, and formalise agreements with drilling contractors and other service providers.
The company reported promising results from analysis of four samples from its kaolin project in the Eyre Peninsula, SA. The samples confirm the presence of a blanket of fine carbonate soil and calcrete which obscures the underlying geology. They also showed the presence of kaolin in a surface sample.