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Apple Makes Bank on Google's Search Deal

Google is paying a high price to remain the default search browser on Safari, Walmart and Target earnings offer clues to crucial holiday season, Biden and Xi announced a deal for China to crack down on fentanyl, Pfizer wants in on the weight loss drug gold rush, and United will not resume flights to Israel.

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Good Morning,

Google is paying a high price to remain the default search browser on Safari, Walmart and Target earnings offer clues to crucial holiday season, Biden and Xi announced a deal for China to crack down on fentanyl, Pfizer wants in on the weight loss drug gold rush, and United will not resume flights to Israel.

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Let’s dive in.

Before The Bell

As of 11/13/2023 market close.


  • US stocks closed relatively unchanged as investors await October’s CPI report 

    • The Nasdaq closed 0.22% lower, while the Dow gained 0.16%

  • European stocks closed higher as investors looked to high-stake US-China talks


  • Tyson Foods beat analyst expectations for Q4 adjusted profit but missed on revenue due to falling chicken and pork prices; Tyson forecast revenue for its next fiscal year below expectations (RT)

  • What we're watching this week:  

    • Today: Home Depot, Sea Limited

    • Wednesday: Target, Palo Alto Networks, Cisco, JD.com

    • Thursday: Walmart, Alibaba, Applied Materials, Macy’s

    • Friday: BJ’s

  • Full calendar here

Headline Roundup

  • Apple gets 36% of Google revenue in search deal, expert says (BBG)

  • Walmart, Target earnings to offer clues on crucial holiday season (RT)

  • Biden, Xi to announce deal for China to crack down on fentanyl (BBG)

  • Moody’s warning on the massive US debt burden has turned into a nonevent (CNBC)

  • Ban on surprise medical bills pushes more health bonds to brink (BBG)

  • Pfizer wants in on the weight loss drug market (CNBC)

  • Fidelity rolls out suite of new ETFs, slashes fees (RT)

  • United Airlines will not resume flights to Israel (RT)

  • Exxon makes lithium play in long-term bet on EV demand (WSJ)

  • Bank of America’s $1.5B natural gas bond sale for BP casts doubt on Texas energy ‘boycott’ label (BBG)

  • Amazon cuts more than 180 jobs in gaming division (CNBC)

  • Dubai faces down airline rivals with $50B jet orders (RT)

  • Supreme Court adopts ethics code as justices face criticism over financial disclosures (CNBC)

  • Stellantis offering buyouts to about half its US salaried employees (RT)

  • Germany warns more commercial real estate pain ahead (BBG)

  • McDonald’s and Crocs are releasing a line of $75 shoes inspired by Grimace and the Hamburglar (CNBC)

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Deal Flow

M&A / Investments

  • Bain Capital is exploring a potential sale or IPO of Varsity Brands that could value the US maker of sports uniforms and school yearbooks at over $6B, including debt (RT)

  • Australian data services company Vocus Group abandoned a $4B deal to acquire the fiber network of TPG Telecom (BBG)

  • Asia Pulp & Paper, one of the world’s biggest pulp producers, recently made a preliminary proposal to buy a significant stake in $3B tissue brand Vinda International Holdings, but it is facing competition from Indonesian tycoon Sukanto Tanoto’s RGE (BBG

  •  British shopping center owner Hammerson is in talks to sell its stake in luxury shopping outlet operator Value Retail for ~$1.2B (RT)

  • Spanish construction group ACS is looking to sell its services unit Clece, which would be worth $749M-$856M (RT

  • Mach Natural Resources will acquire certain oil and gas assets in the Anadarko Basin in Oklahoma from privately-held Paloma Partners for ~$815M cash (RT)

  • TotalEnergies agreed to buy three natural gas-fired power plants in Texas from TexGen Power for $635M (BBG)

  • Japanese food and biotech company Ajinomoto will acquire Forge Biologics, a manufacturer of genetic medicines, for $620M (BW)

  • PE firm General Atlantic will acquire a controlling stake in Joe & the Juice in a deal that values the Danish sandwich chain at ~$600M (FT)

  • Canadian legal software provider Dye & Durham is looking to potentially sell its non-core assets, including its financial services division (BBG)

  • Absa Group will acquire HSBC Holdings’ wealth offerings and retail and business banking businesses in Mauritius (BBG)

  • South Korea’s largest music label Hybe, which is behind BTS, acquired the music label of Spanish-language media company Exile Content (RT)

  • Brazilian poultry producer BRF scrapped the sale of its pet food business after failing to find a buyer after 9 months (BBG)

  • Kayne Anderson Private Credit, a middle-market direct lending platform, sold a passive minority stake in itself to Bonaccord Capital Partners, a subsidiary of asset manager P10 (BBG)


  • Digital industrial manufacturing systems startup Divergent Technologies raised a $230M Series D led by Hexagon (FN)

  • VectorY, a biotech company developing vectorized antibody therapies for neurodegenerative diseases, raised a $138M Series A led by EQT Life Sciences and the Forbion Growth Opportunities Fund (BW)

  • Imprint, an NYC-based provider of co-branded credit cards for brands, raised a $75M Series B led by Ribbit Capital (FN)

  • Nanomedicine startup ViaNautis raised a $25M Series A led by 4BIO Capital, BGF, and UCB Ventures (FN)

  • Solvimon, a startup helping businesses operationalize usage-based pricing, raised a $9.9M seed round led by Northzone (EU)

  • Lemurian Labs, a Toronto-based AI computing solutions provider, raised a $9M seed round led by Oval Park Capital (FN)

  • Aether Biomedical, a biotech company creating bionic prosthetics, raised a $5.8M Series A led by J2 Ventures and Story Ventures (BW)

  • Otto, a financial tech company, raised a $4.5M round led by Kindred Ventures, 645 Ventures, Canaan Partners, and more (FN)

  • Nema Health, a provider of a virtual treatment program for PTSD, raised a $4.1M seed round led by Optum Ventures and .406 Ventures (FN)

  • BrightGo, a janitorial software startup, raised a $3M seed round led by Costanoa Ventures and Index Ventures (FN)

  • Bioengineered corneal implant startup KeraLink International raised a $2.5M seed round led by Pantheon Vision (BW)

  • Fyma, an Estonian startup building a real-time occupancy and mobility data insights platform, raised a $2.1M round led by Quadri Ventures (FN)

IPO / Direct Listings / Issuances / Block Trades

  •  Dubai plans to offer 25% of shares in its taxi business, Dubai Taxi Company, through an IPO (RT)


  • Quartz silica producer Sio Silica is merging with and Pyrophyte Acquisition Corp. in a $708M deal (BW)


  • ITA Airways, the successor to Alitalia, is in talks with several lenders for a potential $321M loan to expand its fleet (BBG)


  • French PE firm PAI Partners raised $7.6B for its PAI Partners VIII, which will invest in “real-economy” companies in Europe and North America (BBG

  • Seed-stage VC Founder Collective raised $95M for its latest fund, which will invest in technology-driven companies (FN)

Crypto Corner

  • BlackRock announced that it was not intending to launch an XRP ETF after a fake regulatory filing began circulating on social media, sending XRP prices up 10% (CD)

  • Taiwanese cryptocurrency exchange Bitgin is under investigation by local authorities for money laundering (CT)

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