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Good Morning,

The NFL’s Black Friday game on Amazon Prime is a warning sign for traditional TV, investors are holding record cash sums, UBS upgraded big infrastructure investments, airlines braced for busy post-Thanksgiving airports, online Black Friday shopping hit a record high, and Gazprom gas exports to China hit a record high.

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Let’s dive in.

Before The Bell

Markets

• US stocks mostly edged higher as Black Friday kicked off holiday shopping season

  • The Dow rose 0.33%, while the Nasdaq fell 0.06%

• Investors will look to October’s PCE data on Thursday for clues to the Fed’s next interest rate decision

Earnings

• What we're watching this week:  

  • Tuesday: CrowdStrike, Workday, Intuit, Pinduoduo, 

  • Wednesday: Salesforce, Dollar Tree, Snowflake, Foot Locker

  • Thursday: Kroger, UiPath, TD Bank, Dell

  • Friday: Bank of Montreal

• Full calendar here

Headline Roundup

• NFL Black Friday game is the latest warning sign for traditional TV (CNBC)

• UBS Asset Management upgrades big infrastructure investments as deals slow (BBG)

• Investors are hungry for risk, and holding record cash sums (WSJ)

• ‘AI blowback’ angst grips ESG fund managers who bet big on tech (BBG)

• Airlines brace for busy airports as Thanksgiving holiday ends (WSJ)

• Black Friday shoppers spent a record $9.8B in US online sales, up 7.5% from last year (CNBC)

• ICBC’s entree onto Wall Street looked like a bargain - until hacks crippled its US unit (WSJ)

• China turns to households in fight to slash carbon emissions (RT)

• Hot healthcare hiring bolsters cooling US labor market (WSJ)

• Gazprom says gas exports to China reach new high as demand soars (BBG)

• Germany’s budget crisis spurs calls to change its borrowing limits (RT)

• Modi’s nation-building push sparks rally in Indian industrial stocks (BBG)

• Owners keep zombie malls alive even when towns want to pull the plug (WSJ)

• UK touts ‘advanced manufacturing plan’ to boost jobs (BBG)

• Israel, Hamas look to extend truce after more hostages are freed (BBG)

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Deal Flow

M&A / Investments

• Origin Energy’s board is leaning toward rejecting a new bid by Brookfield Asset Management and EIG Global Energy Partners that would see Brookfield pay $8.1B for Origin’s energy generation and retailing operations and EIG take the remainder of the assets (BBG)

• Taisho Pharmaceutical Holdings’ management made a tender offer to take the Japanese drugmaker private at a ~$4.9B valuation (BBG)

• John Bean Technologies offered $2.6B to buy all the shares of Icelandic food processing technology company Marel (BBG)

• Telecom, media, and tech conglomerate PCCW is mulling a significant minority stake sale in its fiber business for ~$1B (BBG)

• German football's governing body Deutsche Fussball-Liga expects at least four bids in its $1B Bundesliga's marketing rights sale (RT)

• Berkshire Hathaway sold its 2.5% stake in Indian digital payments service provider Paytm for $164M (BBG)

• UK waste water firm Lanes Group is considering strategic options that could lead to a majority stake sale (BBG)

• Britain's competition regulator found concerns with Heidelberg-owned building materials firm Hanson’s proposed acquisition of demolition waste recycler Mick George due to less choice and higher prices for contractors (RT)

• Aurelius Investment Advisory does not intend to make a bid for online retailer musicMagpie (MW)

VC

• Factbird, a startup providing cloud-based tech to help optimize manufacturing production lines, raised $16M in funding from Expedition Growth Capital and EIFO (BW)

• DoorFeed, a platform allowing large-scale investors to manage portfolios of apartments and houses, raised a $7.7M seed extension round led by Motive Ventures (TC)

• Floy, an AI solution for radiology diagnostics, raised a $5.9M seed round led by HV Capital (EU)

• Climate Alpha, a startup using AI to analyze the impact of climate change on real estate, raised a $5M seed round led by Jungle Ventures (TC)

• Linio Biotech, a tissue regeneration skincare startup, raised a $4.6M round led by Takoa Growth Oy (EU)

• Pakistani ride-hailing app BusCaro raised a $1.5M pre-seed round led by Orbit Startups (TC)

IPO / Direct Listings / Issuances / Block Trades

•  India's Tata Technologies' $366M IPO garnered $18.7B of orders (RT)

• Chinese EV maker Zeekr Intelligent's updated US IPO filing revealed that its revenue nearly doubled in the first nine months of the year (RT)

Debt

• Open Fiber lenders, which include a group of about 30 banks, chose PJT to advise them in talks with the Italian network operator as Open Fiber seeks funds to cover a $2.2B funding gap (BBG)

• Italian billionaire Gianluigi Aponte is providing a $345M shareholder loan to shipping company Moby to help it repay debt (BBG)

Bankruptcy / Restructuring

• Signa is holding last-ditch talks with investors to raise $657M to secure a funding lifeline and avoid a wave of insolvencies; Signa Real Estate Management Germany filed for insolvency on Friday (BBG & BBG)

• Americanas and bank creditors are nearing a deal to overhaul the bankrupt Brazilian retailer’s debt (BBG)

• Creditors of Spanish steelmaker Celsa Group, including Strategic Value Partners and Deutsche Bank, formalized the takeover of the company from the Rubiralta family (BBG)

Crypto Corner

• Binance saw $956M of outflows in the 24 hours after CEO Changpeng Zhao stepped down and pleaded guilty (RT)

• Ex-Binance CEO Zhao urges judge to allow him to leave the US before sentencing (CNBC)

• Montenegro court approved the extradition of Terra founder Do Kwon to either South Korea or the US (CD)

Exec’s Picks

• Financial Times explored the current landscape of the crypto market after several large players have imploded.

• Cullen Roche discussed why “stocks generate 10%+ returns” is the worst narrative in finance.

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