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Good Morning,

Apple joined the $3T club, job openings hit a two-year low, the Supreme Court is wary of remaking the income tax, WaPo journalists plan a 24-hour strike, Biden says he might not have sought reelection if Trump weren’t running, Wall Street CEOs are headed to Washington, and Airbnb named its CFO to its new chief business officer role.

With equity and debt markets as volatile as ever, many investors are looking to invest in uncorrelated assets. Accredited investors can access private credit opportunities with APYs up to 20% with today’s sponsor, Percent.

Let’s dive in.

Before The Bell

Markets

• US stocks closed mixed as investors digested fresh jobs data

  • The Dow fell 0.2%, while the Nasdaq rose 0.31% 

• Asian stocks fell to three-week lows, while Hong Kong's Hang Seng slumped to a one-year trough 

• Bitcoin prices continued their rally to above $44,000

Earnings

• Nio reported a quarterly loss and missed estimates for its revenue and EV deliveries outlook (BBG) 

• MongoDB shares declined ~5% despite beating analyst Q3 adjusted earnings, narrowing losses, and beating revenue estimates (MW) 

• Gitlab shares rose 11% after beating Q3 earnings and revenue expectations thanks to posting its first adjusted operating profit (CNBC) 

• What we're watching this week:  

  • Today: C3.ai, GameStop, Chewy

  • Thursday: Broadcom, Lululemon, Dollar General, DocuSign

• Full calendar here

Headline Roundup

• Apple’s market cap closes above $3T (CNBC)

• Job openings hit two-year low in cooling to be welcomed by Fed (BBG)

• Supreme Court wary of remaking income tax (WSJ)

• Washington Post journalists plan 24-hour strike amid prolonged contract talks (RT)

• Ex-OpenAI director Reid Hoffman says we still don’t ‘fully know’ why board forced out Altman (CNBC)

• Biden says he might not have sought reelection if Trump weren’t running (BBG)

• Wall Street CEOs head to Washington with capital-rule concerns (BBG)

• Fitch and Moody’s diverge on financial future of hospitals (BBG)

• Citizens Financial explores private credit partnership (BBG)

• Russia rejects ‘significant proposal’ to trade for WSJ’s Gershkovich, Whelan, US says (WSJ)

• Dutch chip company ASM to build $324M US base in Arizona (BBG)

• CVS plans to overhaul how much drugs cost (WSJ)

• US envoy Kerry launches international nuclear fusion plan at COP28 (RT)

• Airbnb names CFO to new chief business officer role in shake-up (BBG)

• San Francisco is building to bring residents back (WSJ)

• Lamborghini introduces four-day week for production workers (RT)

A Message From Percent

Finding returns in a high-interest rate environment

Higher interest rates and market volatility are making it harder for investors to find above-market returns.

However, private credit investments may outperform traditional markets over the next 5 years, according to research from KKR**. In fact, they expect private credit returns to outpace the S&P 500 in the next 5 years.

Private credit used to be reserved only for big-name institutional investors, but today, Percent is making these investments accessible to everyday accredited investors.

On Percent, it’s easy to find, compare, invest and track your private credit investments. 

You’ll get access to:

• Attractive yields. As of November 30, Percent’s weighted average APY is 18.72%.

• Diversification. Returns are generally independent of public market performance.

• Liquidity. Deals can mature in less than a year, with some offering liquidity after a few months.

Receive up to a $500 sign-up bonus with your first investment by clicking below:

Deal Flow

M&A / Investments

• FTC is investigating ExxonMobil’s $60B takeover of Pioneer Natural Resources, which would be the largest oil-and-gas deal in two decades (WSJ) 

• Mastercard to buy back shares worth $11B (RT)

• Allete, a US power utility and renewable energy developer with a ~$5.2B market value, including debt, is exploring a sale of the company (RT) 

• A federal judge considering the DOJ’s bid to block JetBlue Airways' proposed $3.8B acquisition of Spirit Airlines raised the possibility letting the deal proceed if JetBlue divests more assets as the antitrust trial wrapped up (RT) 

• Elon Musk’s artificial intelligence company xAI is seeking to raise $1B from equity investors (BBG) 

• Longreach Group is considering selling Japanese industrial technology company Fujitsu Component, which may be valued at up to $1B (BBG) 

• Trucking company XPO won a bid to buy 28 service centers of bankrupt Yellow for $870M (RT) 

• German defense contractor Hensoldt acquired defense systems integrator ESG Elektroniksystem in a $728M deal (RT) 

• EV maker Nio and a state-owned company of China's Hefei government won a bid for Anhui Jianghuai Automobile’s assets worth a combined $641M (RT) 

• SoftBank Group’s mobile unit will acquire a 51% stake for $513M in Dublin-based Cubic Telecom, which specializes in broadband for cars (BBG) 

• Diageo is seeking to divest its beer portfolio, excluding its flagship brand Guinness, due to margin concerns (RT) 

• PE fund Fortissimo Capital is negotiating to buy a controlling share of Israeli telecom group Cellcom (RT)

VC

• Cubic Telecom, a startup providing software-based networking solutions for vehicles, raised a $513M round at a $1B+ valuation led by SoftBank (TC)

• Odyssey Therapeutics, a biotech company focused on immunomodulators and oncology medicines, raised a $101M Series C led by Ascenta Capital (BW)

• Gecko Robotics, a startup using AI-powered software and robotics to maintain and build infrastructure, raised a $100M Series C extension led by USIT and Founders Fund (BW)

• Foretellix, a startup building verification and validation solutions for self-driving systems, raised an $85M Series C led by 83North (TC)

• Vancouver-based food delivery startup Fantuan raised a $40M Series C led by Celtic House Asia (TC)

• DUST Identity, a startup enabling product authentication, raised a $40M Series B led by Castle Island Ventures (PRN)

• Mine, an AI data privacy management platform, raised a $30M Series B led by Battery Ventures and PayPal Ventures (TC)

• Center, a software company modernizing expense management, raised a $30M Series C led by Top Tier Capital (PRN)

• Eligo Bioscience, a gene editing company focused on the microbiome, raised a $30M Series B led by Sanofi Ventures (BW)

• EnCharge, an AI-accelerating chip startup, raised a $22.6M round led by the VentureTech Alliance (TC)

• Rentman, a Dutch software company providing SaaS solutions for the events and media production industry, raised a $22M round led by Expedition Growth Capital (FN)

• Ionomr Innovations, a Vancouver-based developer and manufacturer of foundational polymer and membrane technologies for hydrogen applications, raised a $20M Series A-4 led by NGIF Cleantech Ventures and Pallasite Ventures (FN)

• Mozaic.io, a payments platform for creators, raised a $20M Series A led by Volition Capital (VC)

• Cambium, a startup building materials for defense and performance fields, raised a $19M Series A led by 8VC (PRN)

• QANplatform, a quantum-resistant Layer 1 blockchain, raised $15M in funding from MBK Holding (PRN)

• AI-based learning startup Kyron Learning raised a $14.6M Series A led by Global Silicon Valley Ventures (TC)

• Ketryx, a provider of the first and only connected application lifecycle management software for the life sciences industry, raised a $14M Series A led by Lightspeed Venture Partners (PRN)

• Carisk Partners, a Miami-based specialty risk transfer and care coordination company, raised $10M in funding led by Lee Equity Partners and Elements Health Investors (FN)

• Pachama, a startup using tech to help companies restore nature, raised a $9M Series B extension from T.Capital, Deutsche Telekom, and Positive Ventures (BW)

• Environmental accounting startup Carbon Maps raised a $7.6M seed extension from Daphni (TC)

• Asato.ai, a startup providing an AI-powered enterprise copilot platform, raised a $7.5M seed round led by Intel Capital (FN)

IPO / Direct Listings / Issuances / Block Trades

• Cryptocurrency mining hardware retailer Phoenix Group jumped 35% on its Abu Dhabi debut, giving the company a $3.3B market cap (BBG) 

SPAC

• South African gold miner Blyvooruitzicht Gold Mining is in talks to merge with Rigel Resource Acquisition Corp. in a deal worth up to $425M (BBG) 

Debt

• A group of direct lenders led by HPS Investment Partners beat Morgan Stanley to provide a $1.1B loan to Consolidated Precision Products, which allowed the aerospace parts maker to refinance over $1.5B of existing debt (BBG) 

• Platinum Equity-owned electronic equipment rental provider Electro Rent is working with a group of direct lenders led by Oaktree Capital Management to refinance debt; financing may include a $700M direct loan and revolver (BBG) 

• Hong Kong billionaire Henry Cheng’s flagship property business, New World Development, bought back $610M worth of its dollar bonds to shore up its finances (BBG)  

Bankruptcy / Restructuring

• Germany’s largest landlord Vonovia plans to sell $3.3B of commercial properties in 2024 to bridge a near-term financing gap (BBG) 

• Bankrupt trucker Yellow is set to raise more than $2B after a bankruptcy auction that will disperse much of its national network of truck terminals among rivals (WSJ) 

• Recycled glass supplier Strategic Materials filed for bankruptcy due to interest rates and increased competition (BBG)

Fundraising

• Ares Management raised $3.3B for its Landmark Real Estate Fund IX, which will acquire stakes in private real-estate investment vehicles (WSJ)

• Singapore-based PE firm RRJ Capital is seeking to raise $2B for a new fund that focuses on private credit in Asia (BBG) 

Crypto Corner

• El Salvador’s Bitcoin investments turned profitable after the recent rally in the cryptocurrency (BBG) 

• Enforcement action against crypto firms may have peaked after last month's $4.3B settlement with Binance (RT) 

Exec’s Picks

• Derek Thompson explained why, no, most Americans actually aren’t all that miserable at work.

• Vanity Fair profiled The Information’s founder Jessica Lessin, explaining how her company has thrived in a decade of media turmoil.

Litney Partners - Financial Recruiting 💼💼

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We aim to place strong candidates at leading private equity, hedge fund, venture capital, growth equity, and credit funds, as well as investment banks.

To get started, simply head over to the Litney website and create your profile by dropping your resume / filling out the form:

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