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Good Morning,

Anyone else up until ~3AM tracking election results (or still up from last night)???

Donald Trump is set to become the 47th president of the US, Apollo delivered stellar earnings, authorities raided CVC and Netflix's offices in Europe, India's historic stock boom seems to have come to an end, and Bitcoin hit a new record high.

Transform your sleep for the better with Eight Sleep, technology trusted by the likes of Mark Zuckerberg and Lewis Hamilton.

Let's dive in.

Before The Bell

Markets

• US stocks jumped as traders awaited US election results

  • S&P had its best day in six weeks 

• India stocks posted their worst monthly losses since Covid

• Indian rupee edged towards a new record low versus the dollar

• Oil hedging activity hit a record high in October 

• Bitcoin hit a new ATH, as traders saw early signs of a Trump election

Earnings

• SuperMicro plunged 16% after missing on Q1 revenue and Q2 guidance as the firm deals with several challenges in corporate governance (CNBC) 

• Apollo posted a 16% rise in AUM to $733B and beat Q3 EPS and revenue estimates thanks to a record quarter for fee-related earnings (RT)  

• Ferrari posted another sales and earnings growth in Q3 and reaffirmed its FY guidance, defying an industry downtrend marred with slow EV growth and competition in China (WSJ)

• Restaurant Brands missed quarterly EPS and revenue estimates on a slowdown in US and global same-store growth attributed to budget-conscious consumers (RT) 

• What we're watching this week:  

  • Today: Qualcomm, Arm, Novo Nordisk, CVS

  • Thursday: DraftKings, Airbnb, Rivian

• Full calendar here

🇺🇸 Election Forecast

• Election markets priced in a Trump victory, including the popular vote.

• Check out how yours and a variety of other election markets performed, only on Kalshi.

Headline Roundup

• Donald Trump projected by Fox News to win the election (FN)

• Australia's central bank held rates at 4.35% (CNBC)

• US service sector activity accelerated to an over two-year high (RT)

• Wells Fargo political spending on states tripled over past decade (RT)

• India stocks saw the biggest foreign exodus since Covid (FT)

• Apple warned future products may never be as profitable as iPhone (FT)

• State Street is looking to acquire a private credit or infrastructure manager (FT)

• Police raided CVC's Paris office in corruption investigation (FT)

• Authorities raided Netflix France and Dutch offices over tax fraud (FT)

• Amazon CEO denies in-office mandate is 'backdoor layoff' (RT)

• Mystery surrounds discovery of TSMC tech inside Huawei AI chips (WSJ)

• West Bank is on edge of economic collapse (WSJ)

• Apple to face first EU fine under new antitrust rules (BBG)

• Hedge funds perform better under Democratic presidents (RT)

• 2024 presidential election was the most expensive in US history (FT)

• Netanyahu fired Israel’s defense minister (FT)

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Deal Flow

M&A / Investments

• Emerson Electric proposed to buy the remaining 45% stake of industrial software firm AspenTech it does not already own at a $15.1B valuation

• PE firm EQT offered to acquire Swedish components business OEM International for $1.4B

• Chevron is considering a sale of all of its $400M Hong Kong gas station assets

• BP plans to sell all of its Dutch gas stations and EV charging hubs

• Italian insurer Generali is considering a deal to acquire credit firm MGG Investment

• LeBron James is in talks to merge his TV and film production business SpringHill with UK film company Fulwell 73 

VC

• Ampd Energy, a battery energy storage systems for heavy industries, raised a $27.3M Series B led by Kibo Invest and Openspace 

• Embedded Intelligence, an AI interaction interface, raised a $10M seed round led by General Catalyst, Valor, SV Angel, and more

• Dash0, a low-cost observability platform, raised a $9.5M seed round led by Accel

• Endeavor, an enterprise AI platform for manufacturing firms, raised a $7M seed round led by Craft Ventures 

• Miros, a startup using image analysis software to profile customer taste, raised a $6.5M pre-Series A led by EBRD Venture Capital and Tera Ventures 

• Bio-packaging startup Earthodic raised a $6M seed round led by FTW Ventures 

• Quanscient, a Finnish quantum algorithms software startup, raised a $5.7M seed round led by Crowberry Capital and Speen Holding

IPO / Direct Listings / Issuances / Block Trades

• CoreWeave, an AI cloud-computing provider valued at $23B, is preparing for an IPO

• Advent and KKR-backed consumer intelligence firm NielsenIQ is exploring an IPO at a ~$10B valuation

• CVC-owned Japanese personal-care business FineToday is preparing a $1B Japan IPO at a $2B-$3B valuation

• India plans to sell a 2.5% stake in miner Hindustan Zinc for $634M

• Spanish utility Cox plans to raise $242M at a $1B valuation in a Madrid IPO

• Brazilian conglomerate Votorantim is considering an IPO of its North American cement business

Debt

• Hong Kong broadband service provider HKBN is seeking an $800M loan to refinance debt

Bankruptcy / Restructuring / Distressed

• Chinese property developer Sunac is seeking to restructure $2.2B of onshore debt

• French engineering/tech consultant Alten will acquire troubled French IT firm Atos' Worldgrid unit for $294M, including debt

Fundraising

• Pelican Energy Partners closed a $450M fund to invest in nuclear energy

• LMM PE firm Saw Mill Capital closed its third fund at $435M

Crypto Corner

• Crypto ETFs saw a record $580M of outflows ahead of US elections (BBG)

• Altcoins become crypto's biggest risk trade as election draws to a close (BBG)

Exec’s Picks

• At Brightwave, we're reshaping financial research with an AI-powered platform designed to revolutionize how professionals analyze and generate ideas. Our LLM helps your team accelerate workflows and drive insight across all types of markets and asset classes. Discover how Brightwave can help you make smarter, faster decisions. Unlock smarter insights – request a demo to learn more.

• Amid broad economic struggles, FT published their Big Read exploring whether Germany's business model is broken.

• The 2024 Pro Padel League Championship - The City’s Cup is coming to New York November 19th - 23rd. Litquidity is partnering with the Pro Padel League for an exclusive, invite-only event on Tuesday evening featuring special access, free drinks, player meet and greets, and a front-row seat for the first day of group stages. Anyone who purchases a 5-day GA pass here using code PPL10LIT will receive a 10% discount and an invite to the Tuesday night event. VIP and corporate packages are also available while supplies last, reach out to [email protected]

Hedge Fund Analyst Opportunity

• We are working with Pantera Capital to hire an Investment Analyst for their Liquid Token Fund, an open-ended fund focused primarily on liquid tokens.

• With $5B total firm AUM, Pantera was the first US institutional asset manager focused exclusively on blockchain technology.

• If you are crypto native and have deep fundamental analysis skills with 1-4 years of investment banking, private equity, hedge funds, consulting, or equity research analysis, this is the perfect opportunity for you!

• Bonus points if you manage your own portfolio of digital assets and can discuss your investment strategy.

• Learn more and apply below:

Meme Dump

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