AU Morning Wrap: Shares tumble; Bravura craters 55%, Perpetual soars on takeover bid

The $S&P 500 Index(.SPX.US)$ fell 96 points or 2.5 per cent. The $Dow Jones Industrial Average(.DJI.US)$ dropped 505 points or 1.55 per cent. The $Nasdaq Composite Index(.IXIC.US)$ shed 366 points or 3.36 per cent.

AU Market Watch
The benchmark $S&P/ASX 200(.XJO.AU)$ is down 2.09 per cent after Fed chair Powell warned US interest rates will go higher than expected. The tech sector has tumbled 3.6 per cent, with materials off 3.2 per cent.

a2 Milk has jumped 7.6 per cent after it said the US FDA approved its application to sell infant formula in North America.

Stocks to Watch
$MA Financial Group Ltd(MAF.AU)$: Asset manager and financial services group MA Financial has stuck to guidance for underlying earnings per share growth between 30 per cent and 40 per cent in financial 2022.

$Woolworths Group Ltd(WOW.AU)$: Woolworths Group has posted a 1.8 per cent gain in first quarter sales, with growth dragged down by its Australian Food businesses where sales fell moderately, but average prices surged 7.3 per cent due to double-digit inflation in fresh fruit and vegetables.

$Perpetual Ltd(PPT.AU)$: Fund manager Perpetual has rejected an unsolicited takeover offer from a consortium comprising BPEA Private Equity Fund VIII and Regal Partners Limited.

$AUB Group Ltd(AUB.AU)$: Insurance broker AUB Group has lifted its adjusted profit guidance for financial 2023 to between $107.5 million and $115 million. The new guidance accounts for the Tysers acquisition completed on September 30, 2022.

$The a2 Milk Co Ltd(A2M.AU)$: New Zealand-based a2 Milk has gained approval to import infant milk formula into the US. The deal follows similar approval for goat-based infant formula producer Bubs Australia.

$Bravura Solutions Ltd(BVS.AU)$: Broker Wilsons is unimpressed with "very soft guidance" provided by software player Bravura (BVS) last night.

"Regarding the downgrade, BVS now expect FY23e Revenue to be $270m-$275m (WILSe: $277m, Consensus: $296m), up only +2% vs. FY22 (at the mid-point of guidance); ii) EBITDA of $10-$15m (WILSe: $51m, Cons: $49m) vs. $53m in the pcp; and iii) NPAT to be between a -$5m loss and breakeven (WILSe: $22m, Cons: $27m)," the broker told clients.

$Domino's Pizza Enterprises Ltd(DMP.AU)$: Domino's Pizza Enterprise chairman Jack Cowin - who turned 80 years old in July - says he will stick around for another three years.