Stocks making the biggest moves at noon: Bendigo Bank, Audinate, Chalice Mining and more

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

Audinate (ASX: AD8) –Shares soared 28.5% after the company reported earnings slightly above expectations, driven by software sales and cost savings. Audinate reported a 91% year-on-year fall in underlying EBITDA to $0.8 million, which was far better than UBS expectations of a $3.5 million loss. The company says gross profits in the second quarter exceeded the first, and a moderate strengthening is expected in the second half of FY25. Management reaffirmed that FY25 will be a transitional year as customers work through inventory backlogs.

Chalice Mining (ASX: CHN) – Shares soared 33% after the company reported a "major metallurgical breakthrough" for its Gonneville Project. The testwork results mean the project will no longer require a hydrometallurgical process for the nickel concentrate, reducing capex by approximately $500 million and life-of-mine operating costs by $990 million (compared to the company's prior PFS study). Chalice remains one of the more heavily shorted stocks on the market, with 6.25% short interest as at 11 February 2025.

A2 Milk (ASX: A2M) – Shares rallied 16% after the company reported revenue and earnings that slightly beat market expectations, and upgraded its full-year outlook. The key highlights include:

• Group revenue up 10.1% to $893.8 million (vs. $871.9m consensus or 2.5% beat)

• EBITDA up 5.0% to $118.9 million (vs. $115.5m consensus or 3.0% beat)

• Net profit after tax up 7.6% to $91.7 million (vs. $81.8m consensus or 0.1% miss)

• FY25 revenue growth upgraded to low-to-mid double digit growth vs. consensus expectations of 7.7% growth

• FY25 EBITDA margin expected to be slightly up vs. prior guidance of broadly in-line

Bluescope Steel (ASX: BSL) – Shares rallied 7.5% on better-than-expected first-half earnings and guidance. The key numbers include:

• Revenue down 7% to $7.9 billion (6% beat vs. RBC Capital estimates)

• Operating EBITDA down 3% (6% beat vs. RBC ests)

• Underlying NPAT down 63% to $176 million (16% beat vs. RBC ests)

• Interim dividend up 20% to 30 cents per share (in-line)

• 2H25 EBIT guidance is slightly below expectations but implies an in-line full-year result

Tyro Payments (ASX: TYR) – Shares rallied 4.9% after the Financial Review said the company is "making it clear" it is willing to discuss opportunities with potential suitors. The article notes that the share price has halved since Potentia Capital's potential takeover bid two years ago.

Cochlear (ASX: COH) –Shares bounced 2.9% after a sharp 13.7% selloff last Friday, following weaker-than-expected 1H25 results. The stock has received numerous upgrades this morning, including:

• Cochlear upgraded to Neutral from Underperform; target remains $270 (BofA)

• Cochlear upgraded to Buy from Hold; target up to $308 from $305 (JEF)

• Cochlear upgraded to Overweight from Neutral; target up to $311 from $300 (JPM)

• Cochlear downgraded to Sector perform from Outperform; target cut to $312 from $340 (RBC)

• Cochlear upgraded to Neutral from Sell; target up to $285 from $270 (UBS)

Winsome Resources (ASX: WR1) – Shares dipped 22% after the lithium explorer successfully raised $7.8 million at 3.6 cents per new share. This represents a 15% discount to the last closing price.

Bendigo Bank (ASX: BEN) – Shares tumbled 16.8% after the regional bank reported weaker-than-expected numbers for 1H25. The key highlights include:

• Cash earnings after tax down 1.1% to $265.2 million vs. $284.5 million consensus (6.7% miss)

• Net income was impacted by higher funding costs, including both deposits and wholesale funding

• Net interest margin up 5 bps to 1.88% vs. 1.94% consensus

• Interim dividend of 30 cents per share

Insurance stocks are under pressure after opposition leader Peter Dutton threatened to break up insurers. In an interview with Sky News, Mr Dutton said, "As we've done with the supermarkets — where we have threatened divestment — if consumers are being ripped off, we will similarly intervene in the insurance market."

Gold miners are under pressure after prices pulled back sharply from record highs of US$2,942 on Friday. Gold finished the session down 1.5% to a four day low. Stocks leading the decline today include Pantoro (-8.6%), Spartan Resources (-3.8%), Catalyst Metals (-3.8%), Northern Star Resources (-3.6%) and Genesis Minerals (-3.6%).