☕ Tech earnings

Good morning. Welcome back from the ANZAC holiday. If you track the US markets, it's a big week in the tech space this week, with Microsoft and Alphabet reporting earnings just minutes ago, Meta to report tomorrow and Amazon the day after

Good morning. Welcome back from the ANZAC holiday. If you track the US markets, it's a big week in the tech space this week, with Microsoft and Alphabet reporting earnings just minutes ago, Meta to report tomorrow and Amazon the day after

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MARKET MOVERS

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

Market news: South32 fell after flagging bad weather and other "temporary impacts" meant production at some operations were below plan for the March quarter.

Year over year production of silver, lead and zinc have been 12-23%, while copper production for the 9 months this year is up over 500%.

THE QUICK SYNC

  • EY CEO denies job cuts as transaction staff told not to expect bonuses. (AFR)

  • Former trading boss Stavro D’Amore charged with money laundering offences. (SMH)

  • Fox: $880m erased after Tucker Carlson’s announces his exit. (SMH)

  • Mining M&A spree keeps Australia dealmaking humming after $37bn in quarter. (RT)

  • LVMH becomes first European company to hit $500bn market value. (Guardian)

  • UBS profits hit by legacy legal costs as it nears Credit Suisse merger. (CNBC)

  • President Joe Biden announced he will run for re-election in 2024. (BBC)

TRADING FLOOR

M&A:

  • Stonepeak is understood to have walked away from an acquisition of the Ixom. (The Australian)

  • Marley Spoon is expected to annonuce a bid from European suitor. (AFR)

  • Australian Unity is believed to be exploring a sale and leaseback for its aged-care business. (The Australian)

  • Mitsubishi Estate Asia is understood to be in talks with Lendlease about renegotiating the terms over its stake in a North Sydney office tower. (The Australian)

  • BGH is believed to be one PE firm looking at listed buyout opportunities among non-bank financial players like Pepper and Liberty. (The Australian)

  • Quintessential Equity has emerged as the leading bidder for the Dexus-owned tower in the Sydney CBD. (AFR)

  • SkyCity's negotiations with Macquarie over the termination of a deal to own and operate Auckland operations have broken down. (AFR)

  • Miles Advisory has started rustling up potential buyers for The Growth Fund's rental car replacement company, CompassCorp. (AFR)

  • Eildon Capital assembles its defense team as it prepares to knock back Samuel Terry Asset Management’s takeover bid. (AFR)

    • Samuel Terry Asset Management has lobbed a #37m takeover bid for Eildon Capital. (AFR)

  • InvoCare shares plummeted almost 17% after TPG officially withdrew its buyout proposal. (AFR | BNA)

  • The GPT Group puts its Australia Square share up for sale. (The Australian)

  • Potentia is said to have agreed to pay a higher price to take out Tyro Payments. (The Australian)

  • Endeavour’s stock gains shorten the odds of another Woolworths selldown. (The Australian)

  • Larry Kestelman is understood to be looking at other online retailers for sale after snapping up Snooze. (The Australian)

Capital Markets:

  • Fifth Estate Asset Management has begun meeting with prospective backers as it looks to raise a new $75m closed-end fund. (AFR)

VC:

  • None

Others:

  • None

THE WATERCOOLER

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