The S&P/ASX 200 index has failed to follow the lead of U.S. markets and is tumbling lower on Monday. At the time of writing the benchmark index is down over 0.5% to 6,757.5 points.
Four shares that have not let that hold them back are listed below. Here’s why they are starting the week on a high:
The Appen Ltd (ASX: APX) share price has rocketed 11.5% higher to $25.98 after upgrading its profit guidance for FY 2019. Appen had previously guided to underlying EBITDA in the range of $85 million to $90 million this year. However, thanks to stronger than expected demand, it now expects full year underlying EBITDA to be in the range of $96 million to $99 million. This will be a year on year increase of 34.6% to 38.8%.
The Adairs Ltd (ASX: ADH) share price is up over 2% to $1.83. This morning the homewares retailer released a presentation ahead of its appearance at the UBS conference. It once again reaffirmed its guidance for FY 2020 and is expecting sales of $360 million to $375 million and EBIT of $43 million to $46 million.
The Coca-Cola Amatil Ltd (ASX: CCL) share price has climbed over 4% higher to $11.37. The catalyst for this gain appears to have been a broker note out of the Macquarie equities desk. According to the note, the broker upgraded its shares to a neutral rating and lifted its price target to $11.20. It was pleased to see management reiterate its guidance for FY 2020.
The Qantas Airways Limited (ASX: QAN) share price has risen 3% to $6.98. This solid gain also appears to have been driven by another positive broker note out of Macquarie. According to a note, its analysts have upgraded the airline operator’s shares to an outperform rating and lifted the price target on them to $7.90. It believes Qantas is cheap in comparison to its global peers.
The post Why Appen, Adairs, Coca-Cola Amatil, & Qantas shares are racing higher appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019