☕ Strong open

Good morning. A strong day for the US markets led by tech stocks last Friday will help the ASX open higher today. Meanwhile, tomorrow's rate day once again with the markets currently expecting interest rates to stay unchanged.

Shout out to @Tim Cudlipp, who's been on a run and now leads the footy tipping comp on margin.

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MARKET MOVERS

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

Market news: Megaport delivered short sellers a dose of the pain train on Friday after guiding to a materially higher EBITDA range for FY23 and FY24.

Consensus estimates pegged Megaport to deliver $9m in FY23 and $30m in FY24. But the company reckons they're on track to do $16-18m in FY23 and $41-46m in FY24.

THE QUICK SYNC

• Telstra lifts prepaid prices by 20pc; more increases to come. (AFR)

• Big banks primed for $11.7bn profit bonanza. (Australian)

• Hedge funds lose $27b betting against tech stock rally. (AFR)

• OpenAI: The 37-year-old looking to change the future of the world. (SMH)

• JPMorgan, Bank of America asked for final bids on First Republic. (CNBC)

• Jeffrey Epstein's private calendar reveals meetings with CIA Director, Goldman Sachs's top lawyer, and others. (RS)

TRADING FLOOR

 M&A:

• The Carlyle Group and amicaa are understood to be in discussions to finance Potentia Capital’s bid for Tyro. (AFR)

  • Jarden will be hoping its client Potentia finally secures a deal to buy Tyro. (The Australian)

• L Catterton has engaged FTI Consulting to handle Seafolly's sales process. (AFR)

• Brett Blundy is understood to have lobbed a $1.89 a share bid for Best & Less. (AFR)

• Securing Chinese regulatory approval will be the “wild card” in whether Kirin's $1.9bn proposal to acquire Blackmores succeeds. (AFR)

• PointsBet says it has called off buyout discussions with Betr. (AFR)

• PE firms are understood to be approaching Star Entertainment with funding solutions. (The Australian)

• TPG is understood to be fuming at InvoCare’s decision to knock back its offer. (The Australian)

 Capital Markets:

• Peak Rare Earths locks in a $27.5m capital raising via Barrenjoey and Canaccord Genuity. (AFR)

• Bank of Queensland had ANZ, CBA, NAB, UBS, and Westpac rounding up investors for a five-year covered bond deal. (AFR)

• Aitken Mount crossed a 5.3% stake in Sierra Rutile Holdings. (AFR)

• Quintessential Equity has begun pounding the pavements to finance its mooted acquisition of 1 Margaret Street. (AFR)

VC:

• Providoor, a fine-dining meal-delivery business has collapsed and entered liquidation on Friday. (SMH)

Others:

• Jarden's co-founder Dane FitzGibbon's exit becomes the most senior departure to date. (AFR)

• Jarden's shares are priced at below $10 in latest auction. (The Australian)

• Jarden reported a loss of $NZ40m ($37m) for the year to March 31. (AFR)

TOGETHER WITH ALLIANCE ADVISORS

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We go beyond, from development to execution of bold, client-first strategies, resulting in winning outcomes.

For more information, please contact Brendan Henry on [email protected]

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