Join our daily newsletter At The Bell to receive exclusive market insights
Good afternoon and welcome to HotCopper Highlights for Week 7 of the year, I’m Jon Davidson, and in this regular weekly segment, we go through the stocks and company announcements you were watching and discussing most this week on Australia’s #1 finance website. Let’s get into it.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
Once again, Electro Optic (ASX:EOS) has been at the top of the boards after this time issuing a response to the short-selling firm Grizzly Research, which helped tank the share price last week; Electro Optic confirmed the previously unnamed Korean company it inked an $80M contract with was an outfit called Goldrone.
Electro also confirmed the short seller’s claim that Korean company hasn’t got the money to pay the contract yet. And yet, EOS still wants to sue. I smell a settlement coming.
Elsewhere, the Commonwealth Bank’s (ASX:CBA) earnings report generated much interest after that company’s surprise profit beat helped push the entire ASX200 to a new record high midweek, though, that’s to be expected when one of our Mag2 stocks brings Christmas early.
Finally, Austal (ASX:ASB) generated views lateweek after the company revealed it mightn’t be too good at counting. The government-backed shipbuilder, tied into Australia’s defence force, admitted that it had counted a contract twice, meaning its guidance was dependent in part on an incoming $24M that doesn’t exist. That went about as well as you’d expect. Shares fell -25% on Friday.
And what about the most discussed? Woodside (ASX:WDS) was generating chatter midweek as the price of oil brushed up against US$70/bbl for the first time in recent memory; though that’s being driven by an irrational and outdated thesis that tensions between the U.S. and Iran would do anything to the oil market. Maybe true in 1970, not today, which I think shows the boomers are still alive and well.
Elsewhere, still-travelling former energy darling TMK Energy (ASX:TMK) is back on the cards as it continues to plug away at its development of a fracking project in Mongolia’s Gobi Desert. TMK ran hot back when Elixir (ASX:EXR) was all the rage; quieter on the Mongolian front these days, but a gas-to-power study had some taking another look.
Finally, a basket of Aussie rare earths stocks, including the likes of Lynas Rare Earths (ASX:YLC) have been generating some chatter as the price of neodymium this week hit COVID-era highs, not all-time highs, but still highs, which hasn’t necessarily translated to boosted stock prices as one might expect.
That’s HotCopper Highlights for Week 7. I’m Jon Davidson. Have a great weekend.
Join the discussion: See what’s trending right now on HotCopper, Australia’s largest stock forum, and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
