Key takeaways:

• Rate hike concerns are back on the agenda once again, weighing down growth stocks

A rough finish to the week sees the ASX 200 drop to its lowest level in two months, with angst about US interest rates flowing through to the local market.

Which shares excelled?

A week after publishing earnings that disappointed the market, one observer decided it would make a play for funeral operator Invocare (ASX: IVC). Private equity group TPG Global accumulated a 17.8% stake in the business that operates brands such as Le Pine, White Lady Funerals, and Simplicity Funerals. 

The firm put forward a non-binding indicative offer for Invocare, offering shareholders $12.25 in cash per share to fully acquire the business. That would value IVC at just shy of $1.8 billion, albeit the deal would be subject to regulatory review and shareholder approval. An opportunistic move after the stock plunged in the wake of its results, TPG then sought to increase its stake and creep up the share register, taking its holding to 19.98%. 

Racing to its highest level in more than 11 years, Weebit Nano (ASX: WBT), which develops advanced memory technology for chip-makers, announced a commercialisation breakthrough. The tech company successfully brought its resistive RAm (ReRAM) IP to market, such that it is now commercially available for customers to design their products through partner SkyWater foundry. Following the rapid explosion in the company share price, WBT is also set to be added to the S&P/ASX 300, giving it more exposure to fund managers.Once a household name, and today a shadow of its former self, Myer (ASX: MYR) is making further inroads towards returning to its glory days following an upbeat report. The company HY23 results impressed the market, with total sales growing 24.2% to $1.9 billion, operating gross profits surging by 17.4% to $683.2 million, and the retailer cost of doing business shrinking by 126 basis points. 

With its net profit more than doubling to $65 million, and cash increasing across the half, management elected to reward shareholders with a four cent dividend, as well as a separate four cent special dividend. At the heart of the company growth was its loyalty program, with active members and transactions soaring over the last year, with the new half also starting on a bright note.

Accounting software firm Xero (ASX: XRO) was in the news on Thursday, announcing a big round of impending job cuts. The decision involves a cut to the company workforce to the tune of up to 800 jobs, with Xero looking to rightsize its operations and find balance between conflicting objectives as far as growth and profitability. The move is expected to save the tech firm considerable expenses, with management indicating that operational expenses are expected to drop towards approximately 75% of revenue by FY24.Further news from the US FDA has given Mesoblast (ASX: MSB) shares a shot in the arm this week. The regulatory body indicated that its Office of Therapeutic Products accepted its Biologics License Application resubmission for remestemcel-L in the treatment of children with steroid-refractory acute graft versus host disease (SR-aGVHD). Furthermore, the resubmission closes out the feedback previously provided to the biotech firm, such that a decision is expected by August 2nd.Some of the names flying high this week include Nanosonics (ASX: NAN), Life360 (ASX: 360), Arafura Rare Earths (ASX: ARU), and Silex Systems (ASX: SLX).

Which shares dragged on the market?

Facing heavy selling pressure this week, Megaport (ASX: MP1) shares tanked in the wake of news that the company CEO, Vincent English, tendered his resignation, effective immediately. After leading the company for six years, and also through a major growth period, the sudden resignation sent a shock through investors, who quickly rushed to the exits amid the uncertainty.Trading ex-dividend this week, Woodside Energy (ASX: WDS) is among the names under pressure as investors readjust for the distribution of proceeds out of the company cash balance. Following a bumper set of earnings results, management declared a final dividend of US$1.44 per share, representing a significant yield for the major energy player. Shareholders who were on the register will receive their payment on April 5.Gold stocks are lower this week as the price of the precious metal faced a shift in demand. With investors pulling funds out of gold ETFs, bullion also saw less appetite from investors. That led to weakness among stocks like Ramelius Resources (ASX: RMS), Gold Road Resources (ASX: GOR), Regis Resources (ASX: RRL), Perseus Mining (ASX: PRU), plus many moreOther resources stocks under pressure this week came from the uranium and copper segments. Stocks like Boss Energy (ASX: BOE), Paladin Energy (ASX: PDN), South32 (ASX: S32), and Sandfire Resources (ASX: SFR) all stumbled as investors dialled back their risk-off appetite.At the same time, a drop in iron ore stocks weighed on the local market, with heavyweights like BHP (ASX: BHP), Mineral Resources (ASX: MIN), and Fortescue Metals Group (ASX: FMG) dragging the benchmark index down.

We'll be back next week with another Weekly ASX Trading Wrap Up - until then, have a great week!