China's Business Executives Keep Disappearing
Chinese business leaders keep disappearing, markets are pricing in an end to interest-rate hikes, the IRS announced new income tax brackets, former Apple designers launched a $700 Humane AI pin, a German startup is racing Google to make a universal translator, and WeWork’s stock doubled as the latest bankruptcy meme stock.
Chinese business leaders keep disappearing, markets are pricing in an end to interest rate hikes, the IRS announced new income tax brackets, former Apple designers launched a $700 Humane AI pin, a German startup is racing Google to make a universal translator, and WeWork’s stock doubled as the latest bankruptcy meme stock.
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Before The Bell
As of 11/9/2023 market close.
US stocks snapped an 8-day winning streak due to a sharp jump in yields
The Nasdaq led indices with a 0.94% loss
European stocks rose thanks to robust corporate earnings
The Trade Desk shares plunged 30% despite the ad-tech company beating Q3 adjusted earnings and revenue due to Q4 revenue guidance that fell well short of analyst estimates (CNBC)
Unity Software shares fell as much as 15% in extended trading yesterday after the video-game engine reported a Q3 revenue miss and refrained from issuing guidance (CNBC)
Full calendar here
Markets price an end to interest rate hikes across the world (BBG)
IRS announces new income tax brackets for 2024 (CNBC)
Meta lets Amazon shoppers buy products on Facebook and Instagram without leaving the apps (CNBC)
Former Apple designers launch $700 Humane AI pin as smartphone replacement (CNBC)
Netflix, Warner’s Max team up with Verizon to offer discounted streaming bundle (WSJ)
A German startup is racing Google to develop a universal translator (BBG)
WeWork stock doubles in latest perplexing bet on a bankrupt company (BBG)
More executives vanish in China, casting chill over business climate (WSJ)
Fed Repo facility sinks below $1T as bills stand out (BBG)
New York surgeons reveal world’s first eye transplant (WSJ)
Flights get longer as airlines are forced to skirt war zones (BBG)
Australia’s housing crunch is luring more private credit lenders (BBG)
SirusXM is targeting younger customers with new app and streaming plan (CNBC)
ICBC tells clients to reroute some trades after cyber issue (BBG)
Washington Post removes Hamas cartoon after backlash from staff and readers (WSJ)
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M&A / Investments
Germany is on the cusp of announcing a deal to acquire its largest power grid from state-owned Dutch operator Tennet Holding for ~$23.6B (BBG)
A consortium led by Blackstone and Permira is in advanced talks with European online classified company Adevinta and hope to reach an agreement as soon as next week; a deal could value Adevinta at over $12B (BBG)
Abu Dhabi National Oil offered $2.1B to acquire most of a 38.3% stake in Latin America’s leading petrochemicals company Braskem (BBG)
Software services provider Bill Holdings denied a report that it was pursuing a $2B acquisition of Melio Payments (RT)
Aerospace manufacturing company TransDigm Group will acquire the Electron Device Business of Communications & Power Industries, a portfolio company of TJC, for $1.4B cash (PRNW)
Dubai port operator DP World is in talks to acquire Cargo Services Far East from Hong Kong tycoon John Lau in a transaction that could value the cargo company at ~$800M (BBG)
Mizuho Financial Group will invest $576M in Rakuten Group’s online securities arm and raise its stake in the company to 49% (BBG)
Elucid, a medtech startup providing physicians with AI-powered imaging analysis software to assess cardiovascular disease, raised an $80M Series C led by Elevage Medical Technologies (BW)
RNA editing startup Ascidian Therapeutics raised a $40M Series A extension from Apple Tree Partners (FN)
Arch, a private investment management platform, raised a $20M Series A led by Menlo Ventures (BW)
Architectural and construction design platform Snaptrude raised a $14M Series A led by Foundamental and Accel (TC)
Evolv AI, the maker of the world's leading intelligent digital experience optimization and personalization platform, raised $13.3M in funding led by Horizons Ventures (PRN)
UK-based Ooodles, which services small businesses and enterprises with device leasing, raised a $12M round led by Smart Lenders Asset Management (TC)
Aigen, an AI-driven robotics company, raised a $12M Series A led by ReGen Ventures (PRN)
LXA, a Singapore-based fintech startup helping in Asia’s mortgage ecosystem, raised a $10M seed round led by New Enterprise Associates (FN)
Default, a startup providing a platform for inbound sales, raised a $6.6M seed round led by Craft Ventures (FN)
Lunar.dev, a startup helping developers monitor and manage API costs, raised a $6M seed round led by Uncork Capital (TC)
Performativ, a fintech startup helping the financial industry fight legacy systems, raised a $5.9M seed round led by FinTech Collective (EU)
Cromatic, a full-stack digital platform for outsourced life sciences research, raised a $5.3M seed round led by LifeX Ventures and AgFunder (BW)
Fora, an NYC-based marketplace for peer support groups, raised a $5.3M seed round led by NextView Ventures (FN)
Tidal Cyber, a threat-informed defense company, raised a $5M seed round led by Squadra Ventures (PRN)
IPO / Direct Listings / Issuances / Block Trades
India's Tata Technologies, which is part of conglomerate Tata Group, is in talks with Morgan Stanley Investment Management, BlackRock, and US hedge funds to invest in its IPO at a $2.5B valuation (RT)
FanDuel owner Flutter Entertainment plans to list on the NYSE in Q1 2024 and delist from Euronext Dublin around the same time (BBG)
Chinese-owned seed giant Syngenta postponed its IPO until the end of 2024 due to market volatility (BBG)
Canada’s federal housing agency CMHC is preparing an up to $6.2B bond sale as soon as next week (BBG)
Bankruptcy / Restructuring
Failed crypto lender Celsius Network won bankruptcy court approval to transform into a creditor-owned Bitcoin mining firm (BBG)
Blockchain-focused VC Faction Ventures launched its inaugural $285M fund (TC)
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Matt Levine wrote an excellent piece on just how well Adam Neumann swindled Softbank.
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