There’s no love lost between the two biggest billionaires of the modern era.

Jeff Bezos has just tweeted a 1999 article from Barron’s magazine, using it to give advice on how to handle criticism.

 

Elon Musk goaded him by replying with a cheeky silver medal emoji, reminding everyone that he’s taken over the reins as the world’s richest.

At last count, Musk is worth $US222 billion vs Bezos’ $US190.8 billion.

The two are currently embroiled in a court battle where Bezos is suing NASA to block Musk’s SpaceX from receiving a $3 billion contract to develop a lunar lander that would carry astronauts to the moon.

To the markets….

The benchmark ASX 200 was down by 0.26% coming into the half way mark.

Miners were the clear winners, while the tech sector has offset that gain and was the worst performer.

Mining and energy stocks were buoyed by the surge in commodity prices overnight, where iron ore jumped by 9.5% and oil prices rose to levels not seen since 2018.

Giants like BHP (ASX:BHP), Fortescue Metasls (ASX:FMG), and Santos (ASX:STO) all rose by around 1%.

Concerns about inflation and rising interest rates are having an impact on tech stocks globally, with Afterpay (ASX:APT) down by over 2% in morning trade.

In other large caps news, Westpac (ASX:WBC) is down 1% after announcing that its net profit and cash earnings in the second half will be reduced by $1.3 billion (after tax) due to notable items.

This includes a $965m write-down of assets (goodwill etc), and $172m in provisions for customer refunds.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for October 12 [intraday]:

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The YPB Group (ASX:YPB) jumped 20% after launching a new product, MultiSec Shield, targeting government document authentication. It has a US patent grant, and can provides immediate smartphone verification as to whether a document is fake or real .

Software company Prophecy International (ASX:PRO) zoomed 20% after reporting strong sales growth in FY22 so far. The company reported $3.2m in new eMite sales, a year-on-yea (increase of more than 800%.

PRO’s eMite is a SaaS-based contact (call) centre analytics platform, helping large enterprises and government customers to maximise customer service.

Swick Mining Services (ASX:SWK) surged 20% after announcing a merger with DDH1 (ASX:DDH), which the two sides say will create a world-leading drilling company for the mining industry. Swick is currently the leading underground diamond driller in Australia.

ASX SMALL CAP LOSERS

Here are the best performing ASX small cap stocks for October 12 [intraday]:

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Predictive Discovery (ASX:PDI) tanked 25% after a media report questioned the legality for the company to establish mining operations on part of the area covered under the Bankan Project in Guinea.

 

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