Cadbury frogs leap in price

Good Morning,

Cadbury Australia has doubled the price of its Freddo Frogs after a surge in cocoa prices, MrBeast wants 'full assessment' of internal culture amid allegations of impropriety and unsafe sets, MSD to introduce new rules for cutting emergency housing numbers, Apple plans its smallest computer ever, Prime Energy named as electricity retailer who defaulted on payment to Manawa, and Samsung recalls over one million electric stoves in U.S.

Let's jump in.

Before The Bell

Markets

• Cryptocurrencies surged, with Bitcoin posting its biggest one-day gain in more than 16 months (BBG)

Earnings and Data

• Rocket Lab reports US$85m loss, 70% revenue jump (Herald)

• Life360 shares hit all-time high, soaring 18% (AFR)

• Under Armour shares surge 20% after posting ‘better than feared’ quarterly sales (CNBC)

• E.l.f Beauty beat quarterly estimates with a 50% jump in sales (CNBC)

• Paramount Global announces it will cut 15% of U.S. workforce, shares rise on second-quarter earnings (CNBC)

• Eli Lilly reported second-quarter earnings and revenue that blew past expectations and hiked its full-year revenue outlook by $3 billion (CNBC)

News Summary

• Visa fees for most migrant categories set to increase from October (RNZ)

• Ministry of Social Development to introduce new rules for cutting emergency housing numbers (RNZ)

• Three new appointments to Waka Kotahi board (RNZ)

• Prime Energy named as electricity retailer who defaulted on payment to Manawa (Herald)

• Former Qantas boss Alan Joyce’s reign ends with $10.2m cut in exit bonuses amid scandal (Herald)

• Google and Meta struck secret ads deal to target teenagers (Herald)

• Millions in assets, drugs seized from major drug operation (Stuff)

• Coffee the only constant spending in New Plymouth (Stuff)

• Britain issues alert for Iran, Lebanon airspace as risks rise (AFR)

• Apple plans its smallest computer ever (AFR)

• ASX-listed real estate company, The Agency, has abruptly sacked its chief executive it struggles to overcome mounting losses (AFR)

• MrBeast wants 'full assessment' of internal culture amid allegations of impropriety and unsafe sets (9News)

• Cadbury Australia has doubled the price of its Freddo Frogs and Caramello Koalas chocolates after a surge in cocoa prices (BBG)

• Climate activists have converged on Citigroup Inc.’s headquarters in New York in a series of demonstrations (BBG)

• Crypto executives voice concern to White House advisers on conference call (BBG)

• Nasdaq considers stricter delisting rules for penny stocks (RT)

• Boeing’s new CEO moves to factory heartland to stem safety crisis (RT)

• Delta rejects CrowdStrike criticism, sees US$500 mln hit from cyber outage (RT)

• Microsoft researchers report Iran hackers targeting US officials before election (RT)

• Israel kills 40 Palestinians in Gaza airstrikes amid fears of wider war (RT)

• Samsung recalls over one million electric stoves in U.S. (WSJ)

• Playboy to bring back print magazine after covid shutdown (WSJ)

Deal Flow

Investments / M&A

• Recursion Pharmaceuticals, a biotech firm which uses AI to discover new drug candidates, has agreed to buy smaller rival Exscientia for US$688 million in an all-stock deal. (RT)

• London-based trader LMAX has acquired a 20% stake in Auckland-based derivatives provider Black Bull Global. (NBR)

VC & Fundraising

• Deep tech venture capital firm Pacific Channel is setting up a new fund in Australia following financial support of A$330,000 from Victoria’s start up agency, LaunchVic. The new fund, Pacific Channel Ventures, will target investments in 25 to 30 deep tech startups from pre-seed stage through to Series A. (NBR)

Daily Picks

• Psychedelics as a serious investment? These billionaires think so (AFR)

The Daily Deck is sponsored by Industrial Equity, LLC