The extract below from yesterday's Refinitiv report has been overtaken by today's drop in the SP in early trade, perhaps due to profit taking, but the article makes some interesting, debatable points:
"...I think what we have seen today is a classic case of under-promising and then over-delivering, and the share price of Myer reacted accordingly by shooting higher," Tim Waterer, chief market analyst at KCM Trade, said. Myer, which has been looking for a new company chief as boss John King plans to exit in June, said that the firm had to fight inflationary pressures and store closures which had an impact on profits. The firm however flagged that consumers are expected to remain cautious in the second half of fiscal 2024 as the country's interest rates peak and customers dial back on luxury spending. The A$1.83-billion sales forecast for the first half reflects a minor drop from previous year, but is about 14% above pre-COVID levels, Myer highlighted in a trading update on Tuesday. "Investors were not holding particularly great hopes ahead of the trading update, so it was a pleasant surprise in terms of the sales figures, all things considered," KCM Trade's Waterer said..."
MYR Price at posting:
69.5¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)