What matters this week
A quick look at some stocks making news this week
Woolworths, one of the former darlings of the ASX, announced on Monday a further $1 billion of 'impairments', taking the total this year to over $4.2 billion. Some $3.25 billion of these are related to the disastrous investment in the Masters' home improvements chain, with the balance being related to Woolworths' traditional grocery stores.
Woolworths' experience is a salutary investment lesson - the term 'blue chip' is meaningless.
But the market liked the news, and has pushed up Woolworths' share price by over 11% this week.
Dick Smith, the electronics retailer, was placed into liquidation, as questions arose as to when it became insolvent.
Apple, a US technology company, and the largest company in world, announced another quarter of profit decline. Sales of its iPhone in China fell 33% from 12 months ago. It's overall net profit declined 27% to $7.8 billion. But that figure was ahead of what was expected, so its share price went up.
Amazon, a US e-commerce company announced increased profit, that exceeded forecasts. The share rice bounced almost 5%.