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Good Morning,
Fed independence is a top election concern for Bridgewater, emerging market investors are shunning China, BoC increased the pace of rate cuts, Warren Buffett declined to endorse any candidate, Tesla rebounded from its H1 slump, and Spirit is looking to sell itself in bankruptcy.
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Let's dive in.
Before The Bell

As of 10/23/2024 market close.
Markets
US stocks fell yesterday as higher yields spooked markets
Nasdaq had it worst day in six weeks
Dow had it worst day in over a month
Small-cap Russell 2000 fell for a fifth-straight day for its worst streak since April
Gold suffered its worst drop in eleven weeks
Dollar hit a three-month high versus yen
Earnings
Tesla rose 12% after beating Q3 EPS estimates and forecasting higher FY deliveries on a rebound in EV demand (BBG)
Boeing reported a $6B Q3 loss, it biggest since Covid, and intends to focus on its core business as it struggles with quality and strikes (CNBC)
IBM missed Q3 revenue estimates due to disappointing consulting and infrastructure sales, though its software business outperformed on strength in Red Hat (CNBC)
AT&T rose 5% after beating Q3 EPS estimates on strong wireless subscriber growth driven by demand for premium plans (RT)
Coca-Cola beat Q3 EPS and revenue estimates as higher prices offset sluggish demand (CNBC)
What we're watching this week:
Today: UPS, Southwest, American Airlines
Full calendar here
🇺🇸 Election Forecast
Trump's lead narrowed to 14% on Kalshi. Get $20 to trade the election when you deposit $100 or more. See live odds and bet now!
Headline Roundup
BoC cut rates by 50 bps to 3.75% (BBG)
US firms point to steady economy but see lower profit margins (RT)
Investors are piling into non-China EM funds (FT)
IMF fiscal chief says US debt sustainable, but time for consolidation (RT)
SCDI bonds return after 40 years amid wave of sovereign defaults (RT)
UK is probing investment barriers into the country (FT)
South Korea struggles to rebound from contraction (BBG)
Bridgewater says Fed independence is top concern in US election (RT)
Warren Buffett won't endorse investment products or candidates (RT)
HSBC CEO says senior layoffs inevitable amid reorganization (RT)
HSBC east-west overhaul reignites break-up debate (FT)
Italy's largest bank Intesa Sanpaolo will layoff 10% of employees (FT)
Home sales are on track for the worst year in three decades (WSJ)
Companies look past chatbots for AI payoff (WSJ)
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Deal Flow
M&A / Investments
German engineering group Siemens is in talks to acquire $9B-listed software firm Altair Engineering
$6.5B-listed specialty chemicals manufacturer Element Solutions is exploring a sale
$3.6B-listed offshore driller Transocean is in talks to merge with $2.6B-listed rival Seadrill
Singapore SWF GIC and Australia's Macquarie are seeking to sell their ~30% stake in Philippine renewable energy firm EDC, which could fetch $2B
Pharma giant Merck agreed to acquire Modifi Biosciences in a $1.3B deal
HMC Capital agreed to acquire data center group Global Switch Australia in a $1.3B deal
Advent, Blackstone, CVC, L Catterton, GBL, and PAI Partners are bidding for German vitamins maker Orthomol, whose owners are seeking $1.1B in a sale
Singapore-owned CityFleet Networks will acquire UK-based private taxi firm Addison Lee for $348M
Shell agreed to acquire power plant operator RISEC
Norway's renewable energy giant Statkraft plans to divest its onshore wind, solar and battery business in the Netherlands and Croatia, and its hydropower and solar assets in India
VC
Nimble, an AI robotics and autonomous e-commerce fulfillment startup, raised a $106M Series C at a $1B valuation led by FedEx
Redaptive, an energy-as-a-service provider, raised $100M in funding from CPP
Mortgage servicing platform Valon raised a $100M Series C led by WestCap
UK savings and investment app Moneybox raised a $91.2M round from Apis Partners and Amundi
Fixify, an automated IT help desk platform, raised a $25M Series A led by Costanoa Ventures, Decibel Partners, and Paladin
AI-powered meeting notepad Granola raised a $20M Series A led by Spark Capital
Sensei, a Portuguese contactless store platform, raised a $16M Series A led by BlueCrow Capital
Adden Energy, a startup developing lithium SSBs, raised a $15M Series A led by At One Ventures
Dunia Innovations, an AI-powered lab to discover new materials, raised $11.5M led by Elaia and redalpine
Validation Cloud, a Web3 data and AI startup, raised a $10M round led by True Global Ventures
Keel, a UK no-code platform for building custom operational software, raised a $6M seed round led by Earlybird and LocalGlobe
IPO / Direct Listings / Issuances / Block Trades
Chinese car manufacturer Chery Automobile is preparing a Hong Kong IPO at a potential $14B valuation
Hengrui Pharmaceuticals is considering a second listing in Hong Kong that could raise ~$2B
Vietnam plans to inject $815M into state-owned Vietcombank
Platinum Equity-backed IT firm Ingram Micro raised $409M at a $5.2B valuation in a US IPO
Debt
Public pension Florida SBA is seeking to sell $3B-$4B of private credit stakes in what could be the largest such secondaries sale
Deutsche Bank is in talks to sell $1B of CRE loans
Indian infrastructure firm GMR Group will raised $750M in debt from SWF ADIA
Brazilian airline Azul is in talks with multiple parties to raise ~$400M in debt financing
Bankruptcy / Restructuring
Spirit Airlines is in talks to file for Chapter 11 to facilitate a sale to rival Frontier
PE-backed American Tire Distributors filed for Chapter 11 bankruptcy for the second time since 2018 with plans to sell itself to lenders Guggenheim, KKR, Monarch, Sculptor, and Silver Point
Fundraising
Brookfield is seeking $1B for an infrastructure finance solutions fund
PE firm Trivest Partners closed its third growth investment fund at $730M
Chemistry, a VC founded by ex-Index, a16z and Bessemer partners, raised $350M for its debut fund to invest in Series A startups
Crypto Corner
Exec’s Picks
Eilla AI is the first end-to-end platform for the M&A, VC and PE workflow. Analyze 6m+ companies in under 10 seconds and streamline everything from sourcing to due diligence in one platform. Their proprietary data is enriched with Crunchbase, Capital IQ, LinkedIn and your internal sources. Try Eilla for free.
Wilson has some incredible deals across apparel and equipment this fall. Check out the collection.
WSJ published a piece with interesting insights on whether we should be nice to AI chatbots.
On the topic of chatbots, read about how AI firms are infusing their chatbots with personality.
Financial Services Recruiting 💼
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We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.
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