Stocks of the Hour: Crown Resorts, Nuix, Archer Materials, Sequoia

Company News

by Michael Luu

US investment firm Oaktree has escalated the bidding war with The Star and Blackstone for beleaguered casino giant Crown Resorts (ASX:CWN), with a revised funding offer of $3.1 billion. The proposal promises to assist the $8.3 billion entertainment company in buying back Consolidated Press Holdings’ 36.8 per cent interest in Crown.

Shares in Crown Resorts (ASX:CWN) are trading 0.6 per cent lower at $12.14.

Troubled data analyst Nuix (ASX:NXL) has announced two new executive-level departures, in the wake of a problematic IPO followed by two consecutive guidance downgrades. The Macquarie-backed firm will farewell its Chief Financial Officer Stephen Doyle and Chief Executive Rod Vawdrey under mutual agreements.

Shares in Nuix (ASX:NXL) are trading 4.2 per cent higher at $2.76.

The Australian Department of Defence has assigned NIOA’s subsidiary, the Australian Missile Corporation, to develop a guided missile programme for the nation, named the Sovereign Guided Weapons Enterprise (SGWE). Semiconductor manufacturer Archer Materials (ASX:AXE) has on Monday confirmed a deal with NIOA to design and supply semiconductor technologies to the guided missile system.

Shares in Archer Materials (ASX:AXE) are trading 3.4 per cent higher at $0.76.

Integrated financial services provider Sequoia (ASX:SEQ) has made a second upgrade within two months to its guidance for FY21 underlying profit or EBITDA. The owner of this masthead has revised its forecast for EBITDA in the financial year from a range between $8.5 million and $9 million to approximately $11 million, representing an upgrade of between 22 and 29 per cent.

Shares in Sequoia Financial Group (ASX:SEQ) are trading 6 per cent higher at $0.53.

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