Vale (VALE) shares were down almost 4% in Wednesday trading after Morgan Stanley downgraded the stock to equal weight from overweight and cut its price target to $16.50 from $19.50.
Trading volume stood at over 33.3 million shares, compared with a daily average of nearly 24.2 million.
Price: $14.13, Change: $-0.57, Percent Change: -3.85%
BHP Group (ASX:BHP) workers at its Port Hedland operations in Western Australia will go on an eight-hour strike on July 16 after failing to reach a labor agreement with the company, according to multiple Wednesday media reports.The move, which The Australian described as the local iron ore industry's "most significant strike action" in decades, will include 236 of the roughly 450 employees at Port Hedland.The Australian Workers Union, the Electrical Trades Union, and the Australian Manufacturing Workers Union have given the company a required five-day notice period for the strike, ABC News reported.BHP Group previously cautioned that a Port Hedland shutdown could cost the company north of AU$120 million in daily revenue, according to the reports.The company did not immediately respond to a request for comment from.Its shares fell past 3% in recent Wednesday trade.
Qube Holdings (ASX:QUB) said Rubik Australia's acquisition of the company is now legally effective following the lodging of court approval orders with the Australian Securities and Investments Commission, according to a Wednesday filing with the Australian bourse.The company expects its shares to be suspended from the ASX at the close of Wednesday trading, and anticipates the deal's implementation to occur on Aug. 14.Additionally, Qube declared a fully franked special cash dividend of AU$0.3465 per share, payable July 23 to shareholders of record as of July 14.
(Updates to add stock movement in the headline and the last paragraph)Adairs (ASX:ADH) expects fiscal 2026 group underlying earnings before interest and tax (EBIT) in the range of AU$53.5 million to AU$55.5 million, down 1.3% at the midpoint on fiscal 2025, according to a Wednesday Australian bourse filing.The company anticipates group sales in the range of AU$640 million to AU$641.5 million, up 3.7% at the midpoint.The company said it expects to recognize a non-cash impairment of the Focus on Furniture goodwill and brand intangible in the range of AU$62 million to AU$68 million, or AU$56 million to AU$60 million after tax, to be excluded from underlying earnings.After the impairment and other significant items, the company expects to report a statutory net loss after tax of about AU$43 million for fiscal 2026, per the filing.The company's shares fell around 4% in recent Wednesday trade.