Stocks making the biggest moves at noon: Appen, ResMed, energy stocks and more

These are the ASX stocks and sectors making headlines in afternoon trade.

Appen (ASX: APX) – Shares in the AI training data provider rallied another 23%, now up 61% in the last two sessions after delivering a strong fourth quarter result on Thursday. The company reported revenue growth of 10% year-on-year to $73.4 million and an underlying EBITDA jump 182% to $13.3 million. Managing Director Ryan Kolln said Appen China exited the quarter with an annualised revenue run-rate growing to over $135 million, marking a strong finish to the year for both its China and Global businesses.

Analyst upgrades and downgrades – A few analyst notes are driving sharp share price moves, including:

• Iluka Resources (+3.5%) upgraded to Outperform by Macquarie, though target price has been lowered to $6.50

• ALS (+3.8%) rallied to fresh all-time highs on a Goldman Sachs upgrade

• Whitehaven (-4.3%) downgraded to Neutral from Outperform by Macquarie, also downgraded to Hold from Accumulate by Morgans, though most brokers raised target prices off the back of Thursday's better-than-expected quarterly update

• Perpetual (-6.5%) tumbled after facing multiple target price cuts from UBS, Bell Potter and JPMorgan

ResMed (ASX: RMD) – Shares in the sleep and respiratory care device maker rose 4% after posting a clean December quarter result.

• Revenue up 11% to $1.42bn vs $1.40bn ests (1.4% beat)

• Operating income up 19% to $517.2m vs $503.9m ests (2.7% beat)

• EPS ex-itemsup 16% to $2.81 vs $2.74 ests (2.6% beat)

• Non-GAAP gross margin of 62.3% vs. 61.9% (40 bp beat)

Nine Entertainment (ASX: NEC) – Shares in the media company moved 3.6% higher following its announcement to acquire outdoor advertising business QMS for $850 million and sell its broadcast radio assets for $56 million. The QMS acquisition is expected to be marginally EPS accretive in FY26 pre-synergies and deliver low-double digit EPS accretion including cost synergies, with total cash outlay of around $780 million partially offset by $178 million in cash tax losses.

Energy stocks are trading mostly higher after oil prices rallied more than 3% overnight following Trump's military threat against Iran.

Source: Market Index

Origin Energy (ASX: ORG) – Shares in the energy retailer traded flat after delivering steady APLNG production in the December quarter. APLNG production dipped 0.5% quarter-on-quarter to 169.0 petajoules with revenue down 1% to $2.10 billion, while Energy Markets saw electricity sales fall 7% and gas sales decline 24%. The company slightly lifted its FY26 APLNG production guidance to 645-680 petajoules from 635-680 petajoules previously.

Atlas Arteria (ASX: ALX) – Shares in the toll road operator moved slipped 0.7% after reporting strong fourth quarter toll revenue growth of 9.5% to $4.91 billion. Traffic growth was led by a 7.5% increase at A79 and a 4.8% gain at Dulles Greenway, with full-year revenue up 9.4% supported by France traffic growth, toll increases and favourable foreign exchange movements.

Pilbara Minerals (ASX: PLS) – Shares in the lithium producer traded 1.5% higher after posting a December quarter that saw revenue jump 49% to $373 million, well above estimates of $266.5 million, driven by stronger realised prices of $1,161 per tonne. Spodumene shipments rose 8% to 232,000 tonnes, though production fell 7% to 208,000 tonnes. The company reaffirmed FY26 guidance and noted strong inbound interest for offtake volumes.

Three small caps completed capital raisings, including:

• Ioneer (-19% to $0.17) raised $72 million at 18 cents

• Alpha HPA (-11% to $0.74) raiesd $225 million at 75 cent

• Energy Transition Minerals (-20.5% to $0.135) raised $24.7 million at 13 cents