Stocks of the Hour: API, Magellan, Pinnacle Investment

Company News

by Melissa Darmawan

The tussle continues for Priceline owner API (ASX:API) after Woolworths (ASX:WOW) scrapped its offer after completing its due diligence. The retail giant couldn’t justify API's financials to their capital framework after offering a deal of $1.75 a share. However, Wesfarmers (ASX:WES) is still in the picture. After the API board rejected a number of their offers, the current deal of $1.55 per share still remains, with eyes this coming quarter on an outcome. Shares in Woolworths (ASX:WOW) are edging 0.8 per cent higher, Wesfarmers (ASX:WES) jumped 1.5 per cent, while shares in Australian Pharmaceutical Industries (ASX:API) have taken a nose dive, trading almost 12 per cent lower at $1.53.

Meanwhile, a few investment managers have unveiled some results. Magellan Financial Group (ASX:MFG) capped off 2021 with $95.5 billion in funds under management after losing its biggest mandate. They posted a 15 per cent fall in FUM from the September quarter after St James' Place pulled $23 billion, along with outflows from retail and institutional investors. Shares are trading 1.5 per cent lower at $20.10.

Elsewhere, Pinnacle Investment (ASX:PNI) reported $18 million in performance fees for the second half of last year. The company expects $2 million in net return on investments slated for the first half of this year. Shares are trading 2.3 per cent lower at $13.37.

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