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Good Morning,

El Salvador's bitcoin bet isn't going so hot, Binance dumped its FTX tokens, Twitter is losing a ton of ad revenue, women portfolio managers are outperforming their male counterparts, Twitter is asking some laid off employees to come back, Meta is preparing for a massive wave of layoffs, alcohol-related deaths increased by 26% in 2020, and the Powerball jackpot climbed to a record $1.9B.

Let's dive in.

Before The Bell

If you want to learn more about crypto trading strategies and the world of DeFi, check out our Foot Guns newsletter.

Markets

• US stocks rallied on Friday as investors drew mixed conclusions from the latest jobs report

  • Nonetheless, all major averages capped off the week with losses, with the Dow snapping a four-week win streak and S&P and Nasdaq snapping two-week streaks

• The pan-European Stoxx 600 rose 1.9% on Friday

• The dollar index fell 1.9% in its worst day since November 2015

• On Thursday, we'll receive October's CPI reading and on Friday, UK's Q3 GDP numbers

Earnings

• DraftKings posted higher-than-expected quarterly revenue with a growing customer base but came up short on monthly user estimates; their stock fell ~28% on Friday (CNBC)

• What we're watching this week:

  • Today: Berkshire Hathaway, Lyft

  • Tuesday: Walt Disney, Carlyle

  • Wednesday: Roblox, Rivian, Beyond Meat, Bumble

  • Thursday: WeWork, Six Flags

• Full calendar here

Headline Roundup

• US Treasury yield-curve inversion reached a four-decade extreme (BBG)

• US economy added a better-than-expected 261k jobs in October (CNBC)

• US October unemployment rate inched higher to 3.7%, just above pre-pandemic lows (WSJ)

• Women portfolio managers are beating their male colleagues amid 2022 market rout (YH)

• China opposed Canada's order for Chinese firms to divest from lithium mining (RT)

• Wells Fargo is under pressure from the CFPB to pay over $1B in fine (BBG)

• German financial watchdog BaFin ordered Deutsche Bank to step up money laundering controls (RT)

• Twitter experienced 'a massive drop in revenue' due to advertisers leaving the platform (AX)

• Twitter asked some laid off workers to come back (BBG)

• Meta is preparing to notify employees of large-scale layoffs this week (WSJ)

• Musk ordered Twitter to cut infrastructure costs by $1B (RT)

• Alcohol-related deaths increased by 26% in 2020 (AX)

• US Powerball jackpot climbed to record $1.9B (RT)

• Nike suspended ties with NBA star Kyrie Irving (RT)

• LSU beat Bama in an OT thriller and Houston Astros claimed the 2022 MLB title in an epic weekend for sports (ESPN)

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Deal Flow

M&A / Investments

• Canadian mining companies Pan American Silver Corp. and Agnico Eagle Mines offered to buy mining company Yamana Gold for $4.8B in an attempt to break up their earlier agreement with South Africa’s Gold Fields (BBG)

• Fox was told by an arbitrator that exercising its option to buy an 18.6% stake in sports-betting firm FanDuel would cost $3.72B+ (BBG)

• Sable Offshore agreed to buy the troubled Santa Ynez offshore oil and gas field in California from Exxon Mobil for $643M; Exxon Mobil will take an up to $2B loss in the deal (RT)

• China's Evergrande sold its interests in land in Hong Kong for $637M (RT)

• Hip-hop mogul Sean “Diddy” Combs agreed to buy licensed cannabis operations in NY, MA, and IL from Cresco Labs and Columbia Care in an $185M deal (CNBC)

• Alternative-asset manager Canyon Partners is exploring a potential sale of a stake in the firm (BBG)

• Pakistani online insurance startup Waada agreed to buy local rival MicroEnsure Pakistan (BBG)

VC

• Vivrelle, a membership club providing access to designer accessories, raised a $35M Series B led by 3L Capital (PRN)

• Yes Hearing, a provider of affordable hearing care, raised a $10M Series A led by Blue Heron Capital (BW)

• Budibase, a low-code open-source web app builder, raised a $7M seed II round from SignalFire, Angular Ventures, Techstart, and angels (TC)

• Emerge Careers, a pre-release job training startup, raised a $3.2M seed round led by 776 (TC)

IPO / Direct Listings / Issuances / Block Trades

• Carmaker Renault is seeking a ~$10B valuation for its EV business in a potential Paris IPO (BBG)

• Dubai has increased the size of its Emirates Central Cooling Systems Corp. IPO for a second time to $724M (BBG)

Debt

• Canadian software company Open Text launched a $3.1B leveraged loan sale to help finance its acquisition of British software business Micro Focus International (BBG)

• Investment company Citic, the operator of McDonald’s restaurants in China, raised ~$2B in bank loans to free up liquidity to help operate the business as the country maintains its zero-tolerance approach to Covid-19 (BBG)

Fundraising

• Nordic VC firm Inventure closed a ~$150M fourth fund to back early-stage startups in the Baltics and Nordics (SFT)

Crypto Corner

• El Salvador’s bitcoin ‘revolution’ is failing miserably (BBG)

• Binance will sell rest of FTX tokens as Alameda CEO defends firm’s financial position (CD)

• Crypto firms and executives have poured $73M into the 2022 elections, up from $13M in 2020 (WSJ)

• Crypto exchange Binance helped Iranian firms trade $8B despite sanctions (RT)

• Santander Bank will block UK transfers to crypto exchanges starting 2023 (RT)

Exec's Picks

• Financial Times published an interesting piece on how crypto miners have been impacted by the digital asset bear market. Check it out here.

• Peak6 Investments co-founder Jenny Just has some thoughts on why learning poker is great way for girls to prepare for careers in the most competitive areas of finance. Read about it here.

The Hiring Block 💼

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We aim to curate jobs across IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We'll sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

If you're a company looking to hire candidates and want to list a job opening on our board and feature on Exec Sum, click the button below:

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