Seek is under Algo Engine sell conditions and we remain on the short-side of the trade.
Two negatives we focus on;
1}Surprise need to raise money in the bond market; and
2} Announcing they were dumping the final dividend in a bid to preserve capital, blaming the “uncertain environment” for the decision.
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Disclaimer: The above charts illustrate the simulated historical time-weighted rate of return, (TWRR), of applying our algorithm-based investment model over ASX ETFs, ASX100 & US S&P100 listed securities. Past performance is no guarantee of future returns.
NYS:BIIB is under Algo Engine buy conditions and is a current holding in our US model portfolio.
Biogen is an NYSE listed biotech company specializing in the discovery, development, and delivery of therapies for the treatment of neurological disease to patients worldwide.
The stock rallied 11% overnight after the FDA accepted an application for Biogen’s experimental Alzheimer’s drug.
Pro Medicus is under Algo Engine buy conditions. We highlight the buying support which is now building near the $22 – $23 level.
Pro Medicus will announce full-year result on Thursday 20 August 2020.
ASX is under Algo Engine buy conditions and is a current holding in our ASX 100 model portfolio.
July trading volumes show cash market: 32.5m, (lower than the 12-month average of 38.4m) and total value traded in July rose to $140.5bn, (July 2019’s $126.8bn).
Derivatives total of 8.6m contracts, down 22% on a year ago and much lower than the past 12-month average.
Volumes are expected to remain below the elevated levels of the past few months.
ASX is a quality business and we look to add to the position at lower price levels.
REA Group reported FY20 revenue of $820m versus $879m and net profit of $112m.
ResMed is under Algo Engine buy conditions and is a current holding in our ASX top 100 model portfolio.
RMD announced 4Q20 earnings, which were better-than-expected, underpinned by robust COVID-19 ventilator demand. However, modest revenue growth is expected in the near-term, implying limited near-term growth.
The 40x PE multiple looks too rich for the current earnings outlook. The forward dividend yield is 1%.
We suggest waiting for the next Algo buy signal to re-enter RMD on a pullback. Our new entry target is $22.
The company is currently authorised to purchase up to 32,372,676
shares under the buy-back. The remaining shares that may still be
bought under the buy-back would be up to 25,659,911.
Support at $20 is now building and the short-term indicators have turned positive.
Orica is under Algo Engine buy conditions. We expect to see the share price continue to move higher.
ORI goes ex-div on 12 November 2020 $0.33.
AbbVie is now under Algo Engine buy conditions. We’re looking for buying support to build within the $85 – $95 range.
AbbVie reported Second-Quarter 2020 earnings with worldwide net revenues $10bn, an increase of 26% on a reported basis, or a decrease of 5% on a comparable operational basis, due to the COVID-19 pandemic.
AbbVie announced it completed its acquisition of Allergan, which was acquired on the 8th May, 2020.
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