The S&P/ASX 200 Index (ASX: XJO) is out of form and dropping into the red on Tuesday. At the time of writing, the benchmark index is down 0.5% to 8,228.4 points.
Four ASX shares that are not letting this hold them back are listed below. Here's why they are rising:
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Appen Ltd (ASX: APX)
The Appen share price is up 7.5% to $2.11. Investors have been buying the artificial intelligence data services company's shares despite there being no news out of it. Not that this is anything new. There hasn't been any news out of Appen since the end of August. Despite this, its shares have now doubled in value since this time last month. Investors appear to believe that the company has turned a corner following a much-improved performance during the first half of FY 2024.
Life360 Inc (ASX: 360)
The Life360 share price is up 1.5% to $19.25 This appears to have been driven by a broker note out of Goldman Sachs this morning. It has reaffirmed its buy rating on the location technology company's shares with an improved price target of $21.85. This implies potential upside of over 13% from current levels. The broker said: "Life360's ability to manage costs while driving strong revenue growth has surprised to the upside since pivoting to profitable growth in early 2023, and we sit well ahead of Visible Alpha Consensus Data EBITDA expectations (7-10%) across FY24-26E."
REA Group Ltd (ASX: REA)
The REA Group share price is up almost 5% to $210.67. Investors have been fighting to get hold of the property listings company's shares after it withdrew its proposed takeover offer for Rightmove (LSE: RMV). REA Group's CEO, Owen Wilson, said: "We approached Rightmove's Board because we strongly believed in the opportunity to create a globally diversified leader in the digital property sector that would benefit both REA and Rightmove shareholders. We were disappointed with the limited engagement from Rightmove that impeded our ability to make a firm offer within the timetable available. They had nothing to lose by engaging with us." The market was never keen on the deal so appear happy that talks are now over.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma share price is up 14% to $1.64. This follows news that the pharmacy operator and wholesaler has offered to make court-enforceable undertakings to help satisfy competition concerns over its proposed merger with Chemist Warehouse. ACCC Chair, Gina Cass-Gottlieb, responded: "We are now seeking feedback from stakeholders on whether the draft undertaking offered by Sigma may be capable of addressing the competition concerns arising from its proposed acquisition of Chemist Warehouse."
