ASX Small Cap Lunch Wrap: Who else is taking one for the money today?

Elvis impersonators beware! The excitingly-named ​​Authentic Brands Group – owners of everything Elvis – is on the warpath, and right now they’ve got glittering Las Vegas square in its sights.

Although it seems like only yesterday The King croaked on the crapper, Elvis has been stinking up the front yard at Gracelands for 45 years – but the shambling corpse of his legacy is still drawing a crowd.

In particular, the kind of couple that reckon a bedazzled and (maybe) vajazzled spaghetti-hipped muppet is just the fella to help them say “I do”.

Problem is, “Elvis” is technically not allowed to – and unless Mr The King (T/A Not Quite Elvis) can cough up a King-sized licensing fee, ol’ mate in the jumpsuit stands to lose their considerable slice of the $2.8 billion Vegas wedding cake.

Operator of the Elvis-themed – and clearly SEO-inspired – LasVegasElvisWeddingChapel.com, Kayla Collins, says she’s worried that the sudden legal crackdown will mean the end of Las Vegas as we know it.

In the meantime, if you’re angling for an Elvis wedding in Vegas, you’d best get in quick or it’ll be a back-alley junkie-Elvis wedding for you.

To Markets

Where Wall Street goes, so too does  the ASX 200, dropping ~0.9% over the morning session.

The index dropped sharply after markets opened, and since then it’s been bumbling along around the 7165 mark, with the tech sector weighing everybody down. Again.

Top of the Drops was Block Inc (ASX:SQ2), as the Buy Now, Pay Later retail market outlook contracted sharply, thanks to the US economy’s continuing case of the murky dismals. The local offering fell more than 5%, but clawed back a little as the morning progressed.

And there’s an obvious ‘headed for the toilet’ gag here, (which we aren’t going to make, because it’s important to be polite…) – as plumbing and bathroom supply giant Reece (ASX:REH) shed more than 4.0%, adding to the ASX woes.

Looking further afield, and everyone’s feeling the pain today. Wall Street is down across the board, with the Nasdaq and S&P neck-and-neck, falling ~0.70%. The Dow fared a little better, dropping ~0/5%.

Asian markets dipped as well, with Hong Kong falling hardest (-1.33%), with Japan (-0.25%) and Shanghai (-0.25%) going dip for dip.

Oil fell sharply, dripping -2.46%, while gold and the Aussie dollar were steady.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for June 2 [intraday]:

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The standout this morning is Superior Resources (ASX:SPQ), which has added a barn-storming 37% following news of a “very large” copper hit at its Bottletree prospect. Superior says its latest assays have returned an impressive 632m of copper mineralisation in the distal part of interpreted porphyry system, which they’re clearly quite excited about.

And leaping up the charts this morning was a solid jump for BikeExchange (ASX:BEX), which has soared ~40% since markets opened today – a valiant attempt at a tail-whip to claw back the value it’s lost, as it’s still down ~80% YTD.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for June 2 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort: