BEFORE THE OPEN

PRE-MARKET:

MARKETS:

• Stock futures flat overnight.

• Coinbase and Marathon Digital slip due to incorrect SEC bitcoin ETF announcement.

• Juniper Networks gains on Hewlett Packard Enterprise's $14B acquisition news.

• Mixed session with S&P 500 down 0.15%, Dow down 0.42%, Nasdaq up 0.09%.

• Investors await earnings season and key inflation reports.

• Traders recalibrate rate cut expectations, around 63% odds for March cuts.

• Upcoming earnings from JPMorgan Chase, Bank of America, UnitedHealth Group, and Delta Air Lines.

EARNINGS

What we’re watching this week:

• Today: 

  • KB Home (KBH) - expected: $1.70 per share (-31.2% YoY) on $1.6 billion revenue (-16.4% YoY)

• Friday: Bank of America (BAC), BlackRock (BLK), Citigroup (C), JPMorgan Chase (JPM)

  • Delta Air Lines (DAL) - expected: $1.16 per share (-21.6% YoY) on $13.6 billion revenue (+10.3% YoY)

  • Wells Fargo (WFC) - expected: $1.22 per share (+100.0% YoY) on $20.3 billion revenue (+3.5% YoY)

Full earnings calendar here

HEADLINES

DAVOS 2024: Global Economy Set for Its Worst Half Decade of Growth in 30 Years, World Bank Says

BlackRock Cuts 3% of Global Workforce, Citing Dramatic Industry Shifts

• Boeing latest:

  • Door bolts in focus after airlines find loose parts (more)

  • CEO admits ‘our mistake’ after 737 Max door blowout (more)

  • New US FAA administrator to testify before Congress amid Boeing scrutiny (more)

  • Also — Boeing hits 2023 jet delivery goal in blockbuster sales year (more)

• SEC X account compromised to falsely say Bitcoin ETFs approved (more)

• US trade deficit shrinks in November on falling imports (more)

• US banks' profits to shrink as they brace for souring loans (more)

• Pimco predicts equity-like returns from bonds even after rally (more)

• More lay offs:

  • Duolingo to cut 10% of workforce, Amazon’s Twitch cuts 35%, Rent the Runway cuts 10%, Humane lays off 4%, and Trend Micro lays of 2% of global workforce

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

• Google faces $1.67B damages demand at AI-related patent trial (more)

• Meta to restrict content for teens, as complaints mount about harmful effects on youth (more)

• Honda teases new EVs with futuristic ‘Space-Hud’ and ‘Saloon’ concept cars (more)

• Morgan Stanley displaces Citigroup as least-loved big bank stock (more)

• Bristol-Myers CEO says the company is in transition (more)

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DEALFLOW

M & A | INVESTMENTS

• Hewlett Packard Enterprise to buy Juniper Networks in $14B deal (more)

• GSK buys asthma drug owner Aiolos for up to $1.4B (more)

• CVC nears €900M deal for German vitamin maker Sunday Natural (more)

• Hewlett Packard Enterprise nears $13B deal to buy Juniper Networks (more)

• Blackstone-backed Sphera buys SupplyShift (more)

• EQT launches new healthcare growth strategy and buys Mabtech (more)

• Mercer Advisors buys River Glen Wealth Counselors (more)

• Investcorp acquires HVAC company BCTS (more)

• Cadence Design Systems (CDNS), a leader in electronic systems design, acquired Invecas, Inc., a provider of design engineering, embedded software and system-level solutions (more)

• Crucial Learning, a provider of communication, performance, and leadership training, acquired Core Strengths, a company specializing in corporate relationship intelligence (more)

• Allentown, a provider of life science solutions and portfolio company of Aterian Investment Partners, acquired ClorDiSys Solutions, a provider of Chlorine Dioxide-based solutions for sterilizing medical equipment (more)

• Bullhorn, a company specializing in software for the staffing and recruitment industry, acquired Mployee, a provider of Salesforce-based solutions for recruitment agencies (more)

• 360training.com, an online regulated training provider specializing in financial services education, acquired Mortgage Educators and Compliance (more)

• Lynx Software Technologies acquires Thompson Software Solutions (more)

• Delinea, a provider of solutions that seamlessly extend Privileged Access Management, acquired Authomize, an innovator in the detection/elimination of identity-based threats across the cloud (more)

• Acquia, a digital experience leader, completed its previously announced acquisition of Monsido, a website accessibility and optimization solution (more)

• HCI-backed AmerCareRoyal purchases TTM (more)

• ClearPoint Health, a provider of a medical stop-loss captive platform for small/mid-sized employers, received an investment from Stone Point Capital (more)

• AppDirect, a provider of a B2B subscription commerce platform, raised additional $100M investment from CDPQ (more)

• Bolden Therapeutics, a company developing therapeutics to promote neurogenesis for the treatment of diseases, received an investment from LifeSpan Vision Ventures (more)

• PerformYard, a leader in employee performance management, closed a $95M equity investment from Updata Partners (more)

• MedaSystems, a provider of software for access to pre-approval medicine, received additional funding from Debiopharm Innovation Fund (more)

• GI Partners Invests in BusPatrol (more)

• RF makes additional investment in Allied Payment Network (more)

• Strategic Value Partners buys remaining 40% of IPC (more)

• Carnelian invests in Parallax Energy (more)

VC

• Rewst, a provider of a purpose-built automation platform for Managed Service Providers, raised $31M in Series B funding (more)

• anecdotes, an enterprise GRC technology company, raised $25M in Series B funding (more)

• Burro, an autonomous mobility company, raised $24M in Series B funding (more)

• SynMax, a data intelligence company, raised $13M in funding (more)

• DigitalOwl, an insurance technology company that utilizes advanced AI to interpret and transform medical records into a comprehensive and interactive digital underwriting abstract, received a $12M investment from RGA (more)

• Via Scientific, a developer of a platform enabling pharmaceutical companies, bio-techs and academic researchers to discover novel biological insights, raised $5M in Seed funding (more)

• Trice, a provider of a cloud-native API-first platform enabling direct connectivity for real-time bank payments, raised an undisclosed amount in Seed funding (more)

FUNDRAISING

• Lexington Partners raises $22.7B for global Secondary Fund (more)

• TorQuest Partners, a private equity firm, announced the final closing of TorQuest Partners Fund VI, at $2.1B (more)

• Impact Analytics, a provider of retail, grocery, CPG and supply chain-focused planning and merchandising software built with native AI, raised $40M in Growth funding (more)

• ExtraHop, a company specializing in cloud-native network detection/response, raised $100M in Growth Capital (more)

• Umoja, a DeFi startup, raised $2M in funding (more)

• Cinven raises $14.5B for eighth Fund (more)

IPO

• LatAm healthcare firm Auna files U.S. public offering (more)

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CRYPTO

• Crypto boosters attack SEC for 'manipulating' BTC market after ETF tweet (more)

• Four Bitcoin ETF hopefuls slash fees before funds even launch (more)

BULLISH BITES

🥊 Outspoken: Bill Ackman’s latest fight turns personal, again.

😘 Refresh: Miller Lite takes beer breath to a new minty level.

🤖 FOMO: So you want to build a startup off OpenAI? Start here.

💃 Super-droid: AI threatens to push human fashion models right out of the picture.

📊 Necessary evil: Tax filing season kicks off Jan. 29. Here’s what taxpayers need to know.

DAILY SHARES

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