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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
43.44% for Wk of Apr 11 2024 (Last week: 47.29%)

Market Recap:

• Stock futures flat as S&P 500 faces worst week in 6 months.

• Netflix drops 4% post-earnings despite subscriber jump.

• S&P 500 down 2.2% this week, 4.8% off 52-week high.

• Rate cut expectations cooled; Fed may wait until 2025, says Kashkari.

• Dow down 0.6%, Nasdaq down 3.6%, both eyeing fourth straight losing week.

• Today: Procter & Gamble, SLB, American Express.

EARNINGS

What we’re watching this week:

• Today: American Express (AXP)

  • Proctor & Gamble (PG) - earnings of $1.31 per share (-4.4% YoY) on revenue of $19.0 billion (-5.5% YoY)

Full earnings calendar here

HEADLINES

Out of Control Spending Risks Economic Crisis, Goldman’s Waldron Says

US Tech CEOs Give India PM Modi Boost Ahead of Election

• Fed policymakers coalesce around 'no rush' on rate cuts (more)

• US mortgage rates surge to highest since November, hitting 7.1% (more)

• White House to ‘make sure gas prices remain affordable’ heading into summer (more)

• States aim to combat private-equity healthcare takeovers (more)

• Iraqi, US companies sign agreements to capture, burn gas for power (more)

• Walmart-backed Ibotta shares surge 34% after $577M IPO (more)

• Netflix blows past earnings estimates as subscribers jump 16% (more)

• Microsoft's OpenAI partnership could face EU antitrust probe (more)

• Meta’s new AI assistant is rolling out across WhatsApp, Instagram, Facebook and Messenger (more)

• JPMorgan dealmakers Lipsky and Lee are leaving the bank (more)

• UBS shuts some China private funds, will lay off staff (more)

• Google terminates 28 employees after multicity protests (read memo)

• Nordstrom says founding family is weighing taking chain private (more)

• 23andMe CEO Anne Wojcicki plans to take company private (more)

• NBA’s exclusive negotiating window with ESPN, Warner Bros. expected to pass without a deal (more)

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DEALFLOW

M+A | Investments

• Hipgnosis agrees sale to Concord in $1.4B music rights deal (more)

• Southwest gas unit gets $314.8M from IPO, Icahn deal (more)

• Ontario Teachers’ said to weigh C$5 Billion sale of Amica Senior (more)

• Stellantis to acquire stake in Argentina solar power firm in green energy push (more)

• Battery Ventures, a global, technology-focused investment firm, announced the acquisition of Labguru, a laboratory-data platform, from Holtzbrinck Digital (more)

• Thoughtworks (TWKS), a global tech consultancy that integrates strategy, design and engineering, acquired individuals and technology assets from Watchful, a company enabling organizations to accelerate the creation and deployment of AI models (more)

• Bruker buys NanoString (more)

• Somera acquires Ty-Gard and Shock-Gard, forms Gardian Holdings (more)

• Fortifi acquires Nothum Food Processing Systems (more)

• Incline Equity Partners purchases VMG Health (more)

• Sétanta Development Capital receives $100M credit facility from Victory Park Capital (more)

VC

• Ramp, a financial automation platform, closed a $150M Series D-2 funding round (more)

• Kontakt.io, a provider of an inpatient journey analytics platform, raised $47.5M in funding (more)

• GA Drilling, a company which specializes in deep geothermal energy, raised $15M in funding (more)

• Allen Control Systems, a defense technology company, raised $12M in Seed funding (more)

• dataplor, a provider of global location intelligence solutions, raised $10.6M in Series A funding (more)

• Calzar, a company empowering software businesses to sell/grow revenue via cloud marketplaces, raised $10M in Series A funding (more)

• Uniqus Consultech, a tech-enabled global platform that offers ESG and accounting consulting, raised $10M in Series B funding (more)

• LunaJoy Health, a women’s mental health company, raised $4.2M in funding (more)

• ClaimScore, a provider of AI-based, real-time claim validation software, raised $3.15M in Seed funding (more)

• Zeko Labs, a blockchain company focused on developing decentralized finance and software solutions, raised $3M in funding (more)

• AgentSmyth, an agent technology startup, raised $2.5M in Seed funding (more)

• Verne, a developer of high-density hydrogen storage systems, raised an undisclosed amount in funding (more)

• Kairos-backed group Pro-Fab invests in Timber Block (more)

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CRYPTO

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• Worldcoin, Sam Altman's crypto project, is building a layer-2 chain (more)

• Kraken is buying TradeStation crypto, expanding cryptocurrency exchange's US reach (more)

• Binance gets full Dubai permit after Zhao cedes control of unit (more)

• Crypto trader convicted in $110 Million Mango Markets fraud (more)

BULLISH BITES

🐳 Underwater cloud? The invisible seafaring industry that keeps the internet afloat.

🤑 a16z: New funds, new era.

🤖 Futurism: Boston Dynamics’ Atlas humanoid robot goes electric.

📈 Profit cycle: He cracked the code to crypto.*

♥︎ Behold: Typewriter art.

DAILY SHARES

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