Alphabet's dividend debut

Good Morning,

Alphabet announced its first-ever dividend, US Supreme Court justices in Trump case lean toward some level of immunity, Microsoft beat estimates for third-quarter revenue at US$61.9 billion, ByteDance prefers TikTok shutdown in US if legal options fail, consumer optimism plummets in Wellington, and NZ hospitals asked to save total of $105 million by July.

Let's jump in.

Before The Bell

Markets

• The New Zealand sharemarket bore the brunt of hotter-than-expected inflation data in the US that saw bond yields rise and more angst over the timing of any interest rate cuts. (GR)

• Aussie inflation at 3.6% points to 2025 rate cut. (NBR)

• BOJ keeps low rates, hints of future rate hikes fail to stem yen fall. (RT)

Earnings and Data

• Alphabet announced its first-ever dividend on Thursday and a US$70 billion (NZ$119b) stock buybuck, cheering investors who sent the stock surging nearly 16 percent after the bell. (RNZ)

• Microsoft beat estimates for third-quarter revenue at US$61.9 billion on Thursday, driven by gains from adoption of AI across its cloud services, and the company's shares jumped more than 4 per cent in extended trade with earnings per share being $2.94. (RT)

• Rubrik Inc. rose 16% in its trading debut after the cloud and data security startup backed by Microsoft Corp. topped its fundraising goal with a $752 million IPO. (BBG)

News Summary

• Consumer optimism plummets in Wellington. (RNZ)

• Rainbow Storytime nationwide tour cancelled after threats of violence. (RNZ)

• Bitcoin price remains stable after halving. (RNZ)

• Transparency International says the fast-tracking consent bill could taint New Zealand's international reputation. (RNZ)

• Hospitals asked to save total of $105 million by July, Te Whatu Ora confirms. (RNZ)

• Taxpayers’ Union attacks KiwiSaaS group that includes big tech names; they stand their ground. (Herald)

• After spending $700k on pins for Covid-19 workers, DPMC now cutting costs. (Herald)

• Anglo American rejects BHP’s $60b bid on Friday. (AFR)

• ByteDance prefers TikTok shutdown in US if legal options fail, sources say. (RT)

• US probes Tesla recall of 2 million vehicles over Autopilot, citing concerns. (RT)

• Swiss parliamentary committee backs $5.5 bln aid plan for Ukraine. (RT)

• US Supreme Court justices in Trump case lean toward some level of immunity. (RT)

• Israel’s plan for Rafah attack raises pressure on Netanyahu. (BBG)

• Thames water crisis puts £100 billion UK investment plan at risk. (BBG)

Deal Flow

Investments / M&A

• Private equity fund L Catterton, which is backed by luxury giant LMH, agreed to buy a majority stake in Italian beauty brand Kiko. (BBG)

Equity Raises

• ASX-listed precious metals explorer, Santana Minerals, has raised A$31.2m through the issue of approximately 27.1 million ordinary shares to fund the development of its Bendigo Ophir Project in New Zealand. (NBR)

• Farmer-owned red meat co-op Alliance Group is looking to raise between $100m and $150m in capital over the next two to three years. (NBR)

Debt

• Gulf Harbour Country Club faces liquidation amid $48m debt. (NBR)

• NZ film production firm Stripe Studios (Comedy) Ltd owes $2.25m, including more than $600,000 to US comedian and actress - liquidator’s report. (Herald)

Daily Picks

• How ‘Clean Toks’ can help you benefit from someone else’s clean home. (AFR)

The Daily Deck is sponsored by Industrial Equity, LLC