Shares of Australia’s Magellan Financial (ASX:MFG) fell 8.8% to A$8.03.

The fund manager reported a A$4 billion drop in funds under management as of the end of September.

It posted total funds under management of A$35 billion for the end of September, comparing to A$39 billion at the end of August.

Stock for Magellan Financial (ASX:MFG) had risen 1.4% this year, as of the last close.

Magellan Financial is a fund management company based in Australia.

Analysts at Macquarie have reduced their price target on the Australian technology giant, Megaport (ASX:MP1), a drop of 22% rendering the new price to A$14.10 per share.

Early trade saw a minor dip in MP1 stock value, down 1%.

The brokerage anticipates a decrease in long-term earnings for the company and it has further reduced earnings estimates for fiscal 2024 by 25%.

Despite this recent development, the company’s stock had seen a dramatic increase prior, with an 80.7% rise recorded this year.

Megaport is a major tech firm based in Australia and specializes in connecting companies, data centres and cloud services.

Analysts from the financial service giant, Citi, have lowered the price target for the Australian company, James Hardie Industries (ASX:JHX), to A$50.50, a drop from its previous A$55.10.

The analysts believe there may be an increase in cancellations for the fiber cements manufacturer due to the current hike in mortgage prices.

However, they are still maintaining a cautiously optimistic outlook with regards to James Hardie Industries (ASX:JHX).

The opening of the market saw shares fall by 0.8%.

The stock had experienced a significant rise of 50% this year, recorded until the last closing.

James Hardie Industries (ASX:JHX) is a manufacturing company that extensively deals with fiber cement products.

Morningstar has updated its forecast for real estate group Growthpoint Properties Australia (ASX:GOZ), following a previous report which displayed out-of-date forecasts pertaining to April 2023 that were not updated for fiscal 2023 results.

The newly revised forecasts incorporate a quicker surge in interest costs and exclude some development income, due to persistently high interest rates and heightened construction costs, according to the brokerage.

A lower likelihood of profitable new projects on Growthpoint’s balance sheet is now predicted by Morningstar.

Despite these changes, the brokerage maintains a fair value estimate of A$3.80 per share.

In terms of stock ratings, four out of six analysts rate the stock as ‘buy’ or higher, with two rating it as ‘hold’, while the median price target is A$3.32, according to LSEG data.

Growthpoint’s stock has fallen 27.9% this year, as of its most recent close.

Growthpoint Properties Australia (ASX:GOZ) is a group established in the real estate sector.

Citi’s analysts perceive the move into revenue management systems (RMS) as a sensible extension for Australian hotel commerce platform, Siteminder (ASX:SDR).

This move is seen as a natural part of SDR’s evolution from a singular product package towards a comprehensive hotel technology platform.

The price target for Siteminder has been boosted to A$5.50 from A$5.20, primarily reflecting potential earnings upgrades over the medium term, and maintaining a ‘buy’ recommendation.

Citi suggests the RMS sphere to represent a relatively untapped opportunity that leverages SDR’s strengths.

The shift into RMS is expected to positively impact SDR’s unit economics, as the average revenue per user (ARPU) is traditionally higher.

Out of 15 analysts, 11 give the stock a ‘buy’ or higher rating, three rate it a ‘hold’ and one rates it as ‘sell’; their median price target stands at A$5.10, according to LSEG data.

SDR’s stock has surged 49.3% year to date (YTD), as of the recent close.

Siteminder (ASX:SDR) is an Australian based hotel commerce platform.

Iris Energy (ASX:IREN) has released its monthly investor update for September 2023.

Among the highlights of the update, it divulged data on Bitcoin mining in September.

According to the energy company, the number of Bitcoin mined was 390.

Iris Energy is a company involved in harnessing electricity to mine digital currency, primarily Bitcoin.

Commonwealth Bank (ASX:CBA) is retracting its presence in the mortgage market resulting in a decrease in its book, according to a recent analysis by Citi research.

This move is anticipated to have positive implications for its competitors.

Westpac, in particular, has stepped in to fill the vacuum left by Commonwealth Bank, becoming a key driving force in the growth of banking system’s lending.

The analysts have also pointed to potential shifts in the market due to variations in timing differences between cashbacks.

Despite this development, the analysts suspect funding constraints and dropped demand momentum, remaining for the year, will not bring about a major competitive breakout.

The intuitive impact is that the change in the mortgage market will ease off, but the analysts do not foresee a significant competitive shift from Commonwealth Bank.

As per the last closing figures, shares of Commonwealth Bank have witnessed a decline of 4.4% YTD.

Commonwealth Bank is one of Australia’s leading banking institutions with primary operations in retail and institutional banking.

Shares of the Australian base and precious metals explorer, Rumble Resources (ASX:RTR), experienced a surge as high as 7.14% to A$0.1125 today, reflecting its greatest intraday percent gain since September 20th.

The company announced it has discovered high-grade zinc-lead mineralisation at the Mato prospect of the Earaheedy project in Western Australia.

Rumble Resources is awaiting heritage clearance to drill holes up to the surface and strike potential, where multiple drilling issues have been identified.

Furthermore, Rumble has planned a ground gravity survey in October to focus on new high-grade mineralisation.

Despite today’s gains, the company’s shares are down by 52.3% YTD, as of the most recent closing.

Rumble Resources is an Australian company involved in the exploration of base and precious metals.

Shares of Great Western Exploration (ASX:GTE) saw an increase of as much as 22.5% to A$0.049, setting up for its best day since July 28, if the gains hold steady.

The stock value reached its highest level since September 5.

The mineral exploration company reported the discovery of substantial and potentionally transformational copper-gold intrusive related escapes, named Oval and Oval South at its Yerrida North Project, located in Western Australia.

The company also mentioned they are in the process of finalizing access approvals for drilling these compelling targets.

As of its last closure, the stock was down by 16.7% for the year.

Great Western Exploration is a mineral exploration company focused on discovering copper-gold related targets.

Lindian Resources (ASX:LIN), a mineral explorer based in Australia, experienced a 5% increase in shares to A$0.21.

The surge is reported to be a response to a higher exploration target for the Kangankunde Rare Earths Project in Malawi.

The company revealed the central carbonatite used for rock fertilizers lies between 400 million tonnes to 800 million tonnes of grading.

Despite the positive development, Lindian Resources is reportedly poised to face its fifth consecutive week of losses, with a 2% drop in value to date.

On a year-to-date basis, the company’s stock has risen by 29% at the last closed trading session.

Lindian Resources is an Australian mineral exploration company focused on the discovery of rare earth minerals.