Together with

Good Morning,

Markets ripped in response to Trump's election, with eyes already on some Wall Street titans who may potentially staff the new executive.

Invest in institutional-caliber private markets with 10 East, a membership-based investment platform offering targeted exposure to PE, VC, and more.

Let's dive in.

Before The Bell

Markets

• US stocks rallied as investors digested Trump's presidential election 

  • All three major indexes surged to fresh record highs

  • S&P had its best post-election day ever

  • Dow had its best day since November 2022

  • Small caps Russell 2000 had its best day since November 2022

  • VIX index dropped 21% 

  • A 25 bps Fed rate cut today remains fully priced in 

• US yields hit their highest since July

  • US 10Y yield gained by the most in seven months

  • US 30Y yield surged 20 bps to 4.6% in its biggest move in two years

• Corporate spreads tightened slightly

• Dollar jumped 1.6% to a four-month high in its best day since Covid 

• EM currencies had their worst day since February 2023

• Bitcoin surged to a new ATH

Earnings

• Qualcomm beat Q3 EPS and revenue estimates and forecast strong Q4 revenue as it continues to capture chip demand beyond smartphones (CNBC) 

• Arm beat Q2 EPS and revenue estimates but failed to impress on Q3 guidance amid high expectations for AI-fueled growth (RT) 

• CVS spiked 11% after finalizing a company-wide restructuring, though Q3 results came in mixed as high medical costs continued to hurt margins (CNBC) 

• Novo Nordisk missed Q3 revenue estimates despite continued growth in its weight loss drugs (RT)

• Zillow beat Q3 revenue estimates and posted a smaller-than-expected loss amid innovative strategies to capture real estate transactional value in an otherwise slow housing market (BRN)

• What we're watching this week:

  • Today: DraftKings, Airbnb, Rivian

• Full calendar here

Headline Roundup

• Jamie Dimon will remain at JPMorgan with no plans to join Trump WH (RT)

• Tight credit conditions add to case for Fed rate cut (RT)

• IPO market holdouts look to 2025 as Trump wins presidency (BBG)

• Wall Street gets M&A reboot with Trump set to undo Lina Khan era (BBG)

• Quants funds are set to buy $50B in stocks as on short vol bets (BBG)

• Hedge fund titan Scott Bessent is seeking to become Treasury secretary (FT)

• Nvidia surpassed Apple as the world's most valuable company (CNBC)

• Canada ordered TikTok to shut down its Canadian business (RT)

• Stellantis laid off another 1.1k workers (BBG)

• Germany’s government coalition collapsed (CNBC)

A Message From 10 East

Where Sophisticated Investors Access Private Markets

10 East is a co-investment platform where sophisticated investors access private market investments alongside a veteran team with a 12+ year track record of strong performance across over 350 transactions. The firm is led by Michael Leffell, former Deputy Executive Managing Member of Davidson Kempner.

Members have the flexibility to participate on a deal-by-deal basis across private equity, credit, real estate, and venture capital.

Benefits of 10 East membership include:  

• Flexibility – members have full discretion over whether to invest on an offering-by-offering basis. 

• Alignment – principals commit material personal capital to every offering.  

• Institutional resources – a dedicated investment team that sources and diligences each offering.

There are no upfront costs or commitments associated with joining 10 East.

Exec Sum readers can join 10 East with complimentary access here.

Deal Flow

M&A / Investments

• Shore Capital Partners will partner with Silver Lake to merge veterinary PortCos Southern Veterinary Partners and Mission Veterinary Partners in an $8.6B deal 

• PE firms Advent, CD&R, PAI Partners, and Apollo are studying a potential acquisition of Reckitt's $7.7B homecare assets 

• $6B-listed cybersecurity firm Qualys is exploring a sale after receiving takeover interest

• Advent is considering the sale of generic drugmaker Zentiva at a $5.4B valuation

• Blackstone will take shopping-center REIT Retail Opportunity Investments private in a $4B cash deal

• Italian lender Banco BPM will launch a buyout offer to gain full control of asset manager Anima in a $1.7B deal

• Japan's Itochu agreed to acquire an 10.7% stake in Brazilian steel company CSN's iron ore unit CSN Mineracao for $769M 

• Teledyne Technologies agreed to buy certain aerospace and defense-electronics businesses from AEA Investors-backed Excelitas Technologies for $710M cash

• Bain Capital, Apollo, and Brookfield are interested in acquiring Blackstone's $568M worker housing firm Avery Lodge

• Freyr Battery will acquire Chinese renewables giant Trina Solar's US solar manufacturing operations for $340M

• Swiss private bank Julius Baer is seeking to sell its Brazilian unit at a $100M-$150M valuation

• French fintech Worldline is seeking to sell its Mobility and e-Transactional Services business

VC

• OpenAI-rival Perplexity is raising a $500M round at a $9B valuation led by Institutional Venture Partners

• DoorLoop, an all-in-one property management software startup, raised a $100M Series B led by JMI Equity 

• Simbe, a store intelligence solutions startup, raised a $50M Series C led by Goldman Sachs Alternatives

• eSmart Systems, a Norwegian AI-driven inspection and maintenance solutions for critical energy infrastructure, raised a $32.5M round led by TiLT Capital 

• Mobile-first gaming platform Party Icons raised a $9M seed round led by BITKRAFT Ventures

• LatAm apartment rental proptech MoradaUno raised a $5.6M Series A led by Flourish Ventures and Cometa

• AI-based test engineer startup BlinqIO raised a $5M seed round led by Inovia

IPO / Direct Listings / Issuances / Block Trades

• Middle East hypermarket chain Lulu Retail raised $1.7B in UAE's largest listing this year

• KKR is weighing a $750M sale of some of its controlling stake in India's JB Pharma via a block trade

Debt

• A group led by HPS Investment Partners will provide $1B of private credit refinancing to asset management firm Ocorian

• Brookfield is in talks with banks to refinance a $700M loan that backed its purchase of a Shanghai office tower complex

Bankruptcy / Restructuring / Distressed

• $3.6B-listed Spirit AeroSystems warned of potential insolvency 

• Brazilian budget airline GOL's top lender Abra Group will take control of the firm in a $2.5B debt restructuring

• Struggling battery maker Northvolt is seeking over $920M to continue its operations in the long term 

• Gym chain Planet Fitness made a last-minute bid for bankrupt Blink Fitness

Fundraising

• BlackRock is preparing a $1.3B private credit continuation fund

• WovenEarth Ventures is raising $300M for its second early-stage climate FOF 

Crypto Corner

• FTX co-founder Gary Wang asked a judge for no prison time (BBG)

• Crypto industry's election spending paid off (NYT)

Exec’s Picks

• Applying to Deferred MBA programs? Did you know 40% of M7 Deferred admits used Leland last year? Check out Leland's FREE Deferred MBA Week event Nov 12-14. Ten sessions with former AdComs (including HBS 2+2 founders) covering Test Prep, Recommendations, Essays, and more!

• With cryptocurrencies going crazy after Trump's victory, JP Koning shared some thoughts on whether memecoins ARE the point of crypto.

• Joachim Klement shared the findings of a cool research study exploring how our memories affect how we invest.

Financial Services Recruiting 💼

If you're a junior banker looking for your next career move, check out Litney Partners, an executive search partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

Meme Cleanser

🛒 Merch Store: Visit our merch store to shop our latest apparel, shoes, bags, accessories and more. 

💵 Litquidity Ventures: Accredited investors & qualified purchasers within the Litquidity community can gain access to alternative investments such as venture, late-stage growth, and private equity through Litquidity Ventures. Interested? Fill out this form.

☎️ Book a call with Lit: Want to pick Litquidity’s brain on business advice, insights, or just chat to say what’s up? Buy his time here.

📧 Launch your own newsletter: Have great content ideas and looking to launch your own publication? We highly recommend Beehiiv to get started.