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Market highlights and 5 ASX small caps on Wednesday at a glance

Record profits in US tech

All three US benchmarks fell overnight, but the focus of the market was on earnings reported by the hour.

The Nasdaq was down 1.21% while the S&P 500 and Dow Jones were also down 0.47% and 0.24%, respectively.

Apple was down 1.5% during the regular session, but reported a record quarterly revenue of $ 81 billion in June, up 36% year over year.

Alphabet Inc (Google) also fell 1.6% during its regular trading session before reporting after close of business that its second-quarter profit of $ 61.9 had beat estimates.

Meanwhile, Microsoft’s fourth-quarter earnings rose 57% to $ 16.5 billion, and Tesla posted record net earnings of $ 1.1 billion in the second quarter. Both stocks fell in regular hours.

To cryptos, where Bitcoin continues to rise, trading at the $ 38,3000 level at 8 a.m. AEST, down from $ 37,250 on Tuesday.

Cryptos rolled back some of yesterday’s profits after Amazon denied it had specific plans to accept Bitcoin as a payment method through the end of the year, but have since grown again.

ASX 200 will open lower on Wednesday

The ASX 200 is likely to open modestly lower on opening this morning with futures (September contracts) pointing 0.06% lower at 8:30 am AEST.

The benchmark index hit intraday record highs yesterday but failed to hold and closed the day just below its all-time high.

On the large cap news this morning BHP (ASX: BHP) has made a 100 percent takeover bid for Canadian listed nickel mining company Noront Resources for C $ 0.55. The offer trumped Wyloo Metals (owned by Andrew Forrrest) in May for $ 0.315.

5 ASX Small Caps You Should See Today

Chimeric Therapeutics (ASX: CHM)

Chimeric has obtained an exclusive license from the University of Pennsylvania for a novel CAR-T for solid tumors that will bring the novel CDH17-CAR-T cell therapy to even more patients. The novel therapy targets gastrointestinal tumors such as colon cancer, pancreatic cancer and stomach cancer.

ECS Botany (ASX: ECS)

The medical cannabis company reported a significant increase in quarterly sales to $ 623,000 from $ 183,000 in the previous quarter. Medical cannabis sales are now expected to reach $ 2 million by the end of year 21.

Small beans (ASX: TNY)

The social media app company had its best-ever quarter with total revenue up 67% to $ 2.54 million. It also had its best full year ever, with FY21 revenue now up 108% to $ 8.2 million.

Talon Energy (ASX: TPD)

The company confirmed that its Telmen Resource JV project has been awarded the Gurvantes XXXV coal seam methane production sharing arrangement in Mongolia. With the concluded agreement, the company now intends to drive the completion of this year’s exploration program and formalize agreements with drilling companies and other service providers.

PepinNini minerals (ASX: PNN)

The company reported encouraging results from the analysis of four samples from its kaolin project on the Eyre Peninsula, SA. The samples confirm the presence of a blanket of fine carbonate soil and sand-lime brick that obscures the geology below. They also showed the presence of kaolin in a surface sample.


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