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Google parent's earnings show disappointing cloud computing results

Good morning.

Google parent Alphabet had its worst day in trading in 12 months after its earning report showed disappointing cloud computing results. Shares slid 9% to around US$126 in early Wednesday trading as worries grew that Alphabet is losing ground to rival Microsoft in AI and cloud computing.

*Stock data as of the market close. Commodities and crypto data in USD.

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MARKET MOVERS

Market News: Shares in lithium miner Mineral Resources (MinRes) rose 4.6% to $60.09 on Wednesday after announcing record production at its Wodgina mine, while CEO Chris Ellison lamented ‘market manipulation’ of the price of spodumene on its earnings call.

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THE QUICK SYNC

  • Atlassian founder Mike Cannon-Brookes has opened up about the nuclear energy option, AGL and SunCable. (Capital Brief)

  • Bill Ackman just pocketed US$200m from his short bet against US Treasuries (Financial Times)

  • Boeing will deliver fewer 737 Max planes than expected due to production flaws on their fuselages. (CNBC)

  • UBS has extended US$9 billion in credit to the ex-prime minister of Qatar as it looks to retain its wealthy clients and stop staff moving to rival banks. (Financial Times)

  • The most popular US home loan now has its highest interest rate since 2000, driving mortgage applications to a 28-year low. (Reuters)

  • Brookfield and the Qatar Investment Authority as owners of Canary Wharf Group will put £400mn into the London office district after key tenants and companies walked away. (Financial Times)

TRADING FLOOR

M&A:

  • SafetyCulture outlines plans for early investors and employees to sell shares worth hundreds of millions next year, alongside a significant product update. (Capital Brief)

  • Harvest Hotels readies to sell eight assets worth $220m. (AFR)

  • Sunshine Coast Airport partners with BindiMaps for indoor navigation, a first in Australia. (BNA)

  • Damstra Holdings has become a highly sought-after M&A target, with Ideagen proposing an offer above 25¢ per share. (AFR)

  • Webcentral, a small tech group, garners interest as a potential takeover target, joining Damstra in the tech sector. (The Australian)

  • Kin Group criticises an independent expert's assessment of the Pact buyout offer as unfair and unbalanced. (AFR)

  • Sale of Perth Airport stakes starts but there are concerns over its affordability for existing holders. (The Australian)

Capital Markets:

  • AirTrunk names Mark Barnaba as independent chair, preparing for a potential $10bn-plus IPO. (AFR)

  • SPC invites Goulburn Valley residents to invest $100,000+ to become shareholders in its century-old business. (SMH)

  • Device Technologies, owned by Navis Capital, raises $400m for refinancing and M&A with Commonwealth Bank and Westpac underwriting. (AFR)

  • Five V Capital aims to raise $700m for its fifth buyout fund, following a $500m-plus fund two years ago. (AFR)

VC:

  • Heidi Health, a Melbourne health-tech startup, secures $10m in Series A funding led by Blackbird Ventures. (Smart Company)

Others:

  • Microsoft's sales surge 13% to $56.5 billion in the AI-driven competition against Google. (SMH)

  • As AGM season heats up in Australia, company directors may have something to learn from recent events at Qantas. (Capital Brief)

  • Revolution Asset Management hires portfolio manager Pratik Joshi from Bank of America Sydney. (AFR)

  • Mineral Resources shares rise 3.5% on a positive quarterly update, confirming FY24 guidance. (Capital Brief)

  • Corporate Travel Management reports 36% YoY revenue growth in Q1 of the new financial year. (BNA)

  • Ampol reports earnings surge from higher refining margins and fuel pump sales. (Capital Brief)

  • Bubs makes strides in the US with the U.S. market now contributing nearly half of the total revenue. (BNA)

  • Magellan Financial Group seeks a new CEO as David George departs after 15 months. (BNA)

  • Nick Bolton to challenge Southern Cross Austereo and ARN's merger over an alleged Corporations Act breach. (AFR)

  • Super Retail Group sales in the first 16 weeks of this fiscal year surpassed last year, despite weaker consumer sentiment. (BNA)

  • The exit of Dexus CEO Darren Steinberg highlights long leadership tenures in Australian listed companies, akin to Transurban's Scott Charlton. (The Australian)

THE WATERCOOLER