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

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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Source: Finance News Network