AMC's Unscripted Scandal

Treasury Bond ETF (TLT) Backfires With $10 Billon Loss, Biden to Make His Request for More Aid Next Week, Blinken describes gruesome images of attack, Scalese ends House Speaker bid, and AMC’s CEO shared explicit photos, texts in blackmail plot…

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Market Briefing
October 13, 2023

☕️ Good Morning.

The Fast Five → Treasury Bond ETF (TLT) Backfires with $10 Billon Loss, Biden to make his request for more aid next week, Blinken describes gruesome images of attack, Scalise ends House Speaker bid, and AMC’s CEO shared explicit photos, texts in blackmail plot…

Here’s your 5-minute MarketBriefing for Friday:

BEFORE THE OPEN

As of market close 10/12/2023.

MARKETS:

  • Stocks drop on surging Treasury yields and inflation fears.

  • Dow falls 0.51%, S&P 500 slips 0.62%, Nasdaq down 0.63%.

  • 10-year Treasury yield jumps to 4.70%, impacting equities.

  • CPI shows a 0.4% monthly and 3.7% yearly increase, above estimates.

  • Core inflation matches expectations at 0.3% monthly and 4.1% yearly.

  • Walgreens shares surge 7% on reduced losses and cost-cutting progress.

  • Ongoing Israel-Hamas conflict raises oil supply crunch and fuel price concerns.

EARNINGS

Here’s what we’re watching this week:

NEWS BRIEFING

Record sums of cash flowing to TLT despite an epic drawdown. Rare chance for double-digit returns at long end.

Adam Aron, memestock king, is “Victim 1” in a 2022 indictment of a woman who took on multiple identities to extort money from him.

  • Biden to make his request for more aid next week (more)

    • Blinken describes images of Hamas attack victims, pledges US support on trip to Israel (more)

  • Scalise ends House Speaker bid, deepening Republican turmoil (more)

  • Hamas' surprise attack on Israel wasn't just an intelligence failure (more)

  • Treasury bond ETF (TLT) backfires with $10 billon loss (more)

  • Social Security cost-of-living adjustment will be 3.2% in 2024, well below this year's record-setting increase (more)

  • US mortgage rates rise for a fifth week, topping 7.5% (more)

  • US says it’s stepping up enforcement of Russian oil price cap (more)

  • What to make of China’s stance on Israel’s war with Hamas (more)

  • New York City’s finance jobs still at highest level in 20 years (more)

  • Hollywood stuck in a rut after talks break down between actors’ union and studios (more)

  • Ford says it can’t go any higher than Iis last offer to UAW (more)

  • Adobe is focused on AI rather than Figma with acquisition in limbo (more)

  • OpenAI plans major updates to lure developers with lower costs (more)

  • $100 billion quant firm is entering lucrative world of credit (more)

  • Ex-Glencore CEO contender sets out to build a Chinese trading giant (more)

  • Intel CEO needs to land a big customer, and the clock is ticking (more)

  • Sam Bankman-Fried's closest friends become his foes in courtroom clash (more)

  • Taylor Swift's Eras Tour film to be 'milestone' moment in cinema history (more)

  • California law giving home-based eateries a pathway to do business legally (more)

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DEALFLOW

  • Deasie, a provider of a data governance platform, raised $2.9M in Seed funding (more)

  • Cecilian Partners, a proptech startup, received growth funding from Perot Jain (more)

  • Mojo Vision, a micro-LED company, closed its Series A funding at $43.5M (more)

  • Jam & Tea Studios, a remote-first game studio, raised $3.15M in Seed funding (more)

  • Prevounce Health, a provider of remote care management software, devices, and services, raised additional $2.5M in Series A funding (more)

  • Aclid, a provider of a security and compliance automation platform for the biotechnology industry, raised $3.3M in Seed funding (more)

  • airSlate, a provider of business productivity and automation solutions, acquired Instapage, a company offering scalable solutions that empower marketers to create personalized landing pages (more)

  • Drive Co, a provider of a platform for classic car enthusiasts, acquired DriveShare, the peer-to-peer car sharing platform formerly owned by Hagerty (NYSE:HGTY), an automotive lifestyle brand and speciality insurance provider (more)

  • AOA Dx, a company developing a detection test for ovarian cancer, raised $17M in funding (more)

  • Intento, a machine translation and multilingual generative AI platform for enterprises, raised $8M in Series A funding (more)

  • Pickle, a peer-to-peer rental marketplace making local closets shareable on demand, raised $8M in Seed funding (more)

  • Ankona Capital, a venture capital firm, closed its second fund, at $129M (more)

  • SYN Ventures, a venture capital firm, announced the first closing of its dedicated cybersecurity Seed fund, at over $75M (more)

  • Goodhood, a subscription-based tech company for the auto maintenance and repair industry, raised $2.6M in Seed funding (more)

  • Media Partners Corporation, an eLearning provider committed to helping organizations create safe and respectful work environments, is rebranding to Atana and raised additional $6M in Series A funding (more)

  • CNaught, a science-based seller of carbon credits, raised $2.25M in Pre-Seed funding (more)

  • Grand Ventures, a venture capital firm, closed a $50M second fund to invest in early-stage companies (more)

  • Matic, an embedded insurtech platform provider, raised $20M as an extension to its Series B (more)

  • Perch Energy, a clean energy technology platform and community solar servicer that connects solar developers with consumers, raised $30M in Series B funding (more)

  • Bedrock Energy, a technology startup that designs, constructs, and delivers geothermal heating and cooling systems, raised $8.5M in Seed funding (more)

  • Carefull, a provider of an AI-powered financial safety platform, raised $16.5M in Series A funding (more)

M & A:

  • Atlassian to acquire former unicorn Loom for $975M (more)

  • Germany's Stabilus to buy Dover's business unit for $680 million (more)

  • NMI acquires Sphere’s Commercial Division (more)

  • Triton to buy Siemens Energy's Trench, deal to close in 2024 (more)

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CRYPTO

  • Bitfinex Crypto exchange owner makes $150 million share buyback offer to hack victims (more)

  • Binance rolls out self-trade prevention for spot and margin trading (more)

  • Bitstamp’s departure from Canada is ‘timing issue,’ says CEO (more)

  • Solana is like iOS, Ethereum like Android: VC firm draws parallels (more)

BULLISH BITES

🇺🇸 Unpacking Jeremy Grantham’s Warning About Investing in America → Bloomberg

🔥 How ‘Peptides’ Became the Latest Longevity Trend in Silicon Valley? → Semafor

✈️ How Major Airlines Were Duped by Fake Engine Parts → Bloomberg

DAILY SHARES

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