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US Shoppers Love Black Friday Deals
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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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
As of 11/24/2023 market close.
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
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
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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