Together with

Good Morning,

Trump's Twitter account was reinstated, Qatar banned beer sales at the World Cup, put/call ratios are hitting record highs, US-Europe trade is booming, Elizabeth Holmes was sentenced to 11 years for fraud, ECB hinted at slower rate hikes, and buyout firms are getting a boost from their credit investing arms right now.

Need to upgrade your Q4 wardrobe? Check out today's sponsor, Mizzen+Main, for some of the best performance dress shirts and sweaters in the game.

Let's dive in.

Before The Bell

Markets

• US stocks edged slightly higher on Friday led by gains in utilities

• The S&P and Nasdaq were down 0.7% and 1.6% on the week respectively, with the Dow relatively unchanged, on optimistic inflation data but pessimistic Q4 earnings forecasts

• Germany's DAX index was up 20% from its two-year September 29 low

• US oil prices fell 10% last week on rising demand worries

Earnings

• JD.com beat on Q3 profit on revenue estimates as Covid lockdown-induced online shopping led to accelerated sales growth (YH)

• What we're watching this week:

  • Today: Dell, Zoom

  • Tuesday: Best Buy, AutoDesk, American Eagle

• Full calendar here

Headline Roundup

• Bearish bets are building fast, with US equity put/call ratios at record highs (AX)

• Home sales fell for the ninth straight month in October (CNBC)

• Buyout firms are getting a boost from their credit investing arms as deal exits dry up (BBG)

• Firms brace for onslaught of new activists after change in proxy-voting rules (WSJ)

• Banks are set to repay ~$306B in loans to the ECB this week, in biggest cash tightening in bank's history (RT)

• ECB hinted at slower rate hikes but quicker start to debt run-off (RT)

• Global silver demand is expected to rise 16% this year, creating biggest deficit in decades (RT)

• Goldman Sachs sees India's growth slowing next year as tailwinds fade (BBG)

• Carvana cut 8% of workforce on slowing used-car demand (RT)

• Musk reinstated Trump's Twitter account after poll; Trump won't return (CNBC)

• Elizabeth Holmes was sentenced to 11 years for Theranos fraud (AX)

• The Justice Departments is investigating Ticketmaster's parent company, following the botched presale of Taylor Swift concert tickets last week (CNBC)

• Tesla recalled 350k+ US vehicles (RT)

• Qatar World Cup could become a hotbed for espionage (AX)

• Qatar banned beer sales at World Cup stadiums (NYT)

A Message From Mizzen+Main

“I legit love my Mizzen+Main shirts” - Lit, CEO of Litquidity

The holidays are here. Which means you need a shirt that works for any occasion—from long days in the office to family dinners, the Leeward No Tuck is your go-to go anywhere dress shirt.

Made from machine washable performance fabric, the Leeward is lightweight, high stretch, and

wrinkle resistant, making it perfect for any activity.

The hidden button-down collar and curved hem give this shirt a polished look, while the no tuck length provides comfort and flexibility. So, whether you're finalizing those Q4 numbers or looking for something nice to wear around your in-laws, the Mizzen+Main Leeward No Tuck shirt is the perfect choice.

Plus, with temps finally beginning to drop, Mizzen+Main also offers a great selection of pullovers, sweaters, jackets, and hoodies to round out your comfortable cold weather outfits.

Check out all their layering styles and more at mizzenandmain.com and use code EXECSUM and take $35 off any order of $125+ today.

Deal Flow

M&A / Investments

• Italian utility Enel is considering selling its operations in Peru at a potential $5B valuation (BBG)

• Indian packaging films company Jindal Poly is considering selling its European arm at a potential $1B valuation (BBG)

• Ontario Teachers’ Pension Plan Board is the frontrunner to buy a stake in energy supplier SSE’s multibillion-dollar electricity networks (BBG)

• Oil and gas producer Ranger Oil is considering a potential sale (RT)

• French premium TV channel Canal Plus is in exclusive talks to buy the film and pay TV operations of Orange (RT)

• Crypto startup Ripple is eyeing deals for bankrupt FTX's assets (TT)

VC

• LGBTQ+ neobank Daylight raised a $15M Series A led by Anthemis Group (TC)

SPAC

• Grindr surged 200%+ in its market debut after merging with Tiga Acquisition Corp. (FT)

Bankruptcy / Restructuring

• FTX will pursue reorganization or sale (FT)

• FTX owes nearly $3.1B to top 50 creditors (RT)

Fundraising

• Israel-based fund of funds Sweetwood Ventures raised a $20M fund to invest in funds that are $15M or smaller (TC)

Crypto Corner

• FTX fired three top executives including co-founder Gary Wang (WSJ)

• FTX’s Sam Bankman-Fried cashed out $300M during funding spree (WSJ)

• SBF received a $1B personal loan from Alameda Research (CT)

• FTX launched a strategic review, seeks court relief to pay critical vendors (RT)

• Canadian pension giant Ontario Teachers' will write off its entire $95M FTX investment (CD)

• Crypto startup Ripple is seeking a license in Ireland to drive EU expansion (CNBC)

• Sports fan tokens rally ahead of FIFA World Cup, defying crypto market gloom (CD)

• Royal launched a marketplace for music royalty rights and is planning a mobile app (Litquidity invested in the company's Series A) (DC)

Exec's Picks

• We talk a lot about money at Exec Sum. So we had to chat with Codie Sanchez at Contrarian Thinking who kind of obsesses on making it. They have a weekly newsletter to 200k+ on building up bank accounts. We love how she highlights the WINS her readers are getting: 176 new businesses started (+ 100’s side hustles), 50+ companies purchased, 100+ people started newsletters. Check out Contrarian Thinking, you can sign up here to add your results to this list.

• Check out Josh Brown's blog post on why "Twitter is cigarettes."

• Litquidity dropped the 2022 Ugly Christmas Sweater collection featuring Pelosi Capital, Lehman Brothers, Leverage, Kim Kardashian, and more. Check it out here. There's still time to get it in time for the holidays!

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:

Meme Cleanser

Advertise with us // Visit our merch store // Invest alongside Lit Ventures

Thinking of starting your own newsletter? Beehiiv is the best platform for creators, period. Click here to get started building your own audience.