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BEFORE THE OPEN

Pre-Market:

US Investor % Bullish Sentiment:
 47.04% for Wk of May 23 2024 (Last week: 40.86%).

Market Recap:

• Nasdaq fell 0.6%, S&P -0.7%, Dow -1.1%

• Salesforce dropped 16% on revenue miss and weak guidance

• Over 400 S&P 500 stocks negative, all 11 sectors fell

• 10-year Treasury yield rose above 4.6%

• Focus: jobless claims, Q1 GDP second reading

• Earnings: Best Buy, Dollar General, Dell, Costco, Gap, Nordstrom

EARNINGS

Here’s what we’re watching this week:

• Today: Asana (ASAN), Best Buy (BBY), Birkenstock Holding (BIRK), Costco Wholesale (COST), Cracker Barrel (CBRL), Gap (GPS), Kohl's (KSS), Nordstrom (JWN), Ulta Beauty (ULTA)

  • Dell Technologies (DELL) - earnings of $1.26 per share (-3.8% YoY) on $21.7B revenue (+6.9% YoY)

  • Dollar General (DG) - earnings of $1.57 per share (-32.9% YoY) on $9.9B (+6.5%)

Full earnings calendar here

HEADLINES

Salesforce Shares Plunge 16% on First Revenue Miss Since 2006

Goldman Sees India’s Stocks, Bonds and Rupee as Top Emerging Market Picks

• Indexes end lower amid rate concerns, higher bond yields (more)

• US firms more pessimistic on economic outlook, Fed survey shows (more)

• Wall St says shift to faster trade settlement smooth so far (more)

• Homeowners with ARM’s are about to get whacked (more)

• Oil sinks as weak Treasury auction creates risk-off sentiment (more)

• Dimon says ‘could be hell to pay’ if private credit sours (more)

• McDonald’s exec says average menu item costs 40% more than 2019 (more)

• Walgreens announces price cuts on 1,300 items amid ongoing consumer spending fatigue (more)

• Cadillac’s new entry-level Optiq EV to start at $54K (more)

• Stellantis $25,000 Jeep EV coming to the US ‘very soon’ (more)

• Visa, Mastercard to pay $197M to settle consumer ATM fee lawsuit (more)

• Vox Media and The Atlantic sign content deals with OpenAI (more)

• GPT-4 is better than humans at financial forecasting (more)

• Nelson Peltz sells entire Disney stake weeks after losing proxy battle (more)

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DEALFLOW

M+A | Investments

• ConocoPhillips to buy Marathon Oil in $17B all-stock deal that bolsters shale assets (more)

• Double Eagle explores $6.5B sale of shale oil producer (more)

• Sony in talks to buy Queen’s music catalog in potential $1 billion deal (more)

• BHP walks away from $49B pursuit of mining rival Anglo (more)

• Merck to buy startup EyeBio for up to $3 billion (more)

• Gol parent company starts talks with Azul for possible deal (more)

• TransDigm Group Inc., a producer and supplier of components for military aircraft, acquired Raptor Labs Holdco, a manufacturer of test and measurement solutions, for $655M (more)

• GTCR acquires Surmodics for $627M (more)

• KKR purchases minority equity interest in Labrador Island Link (more)

• Stout acquires HealthCare Appraisers (more)

• Hudson Glade purchases Quality First Home Improvement (more)

• Thyme Care, a value-based cancer care enabler, received an investment from Echo Health Ventures, and CVS Health Ventures (more)

• OpsMx, a provider of a platform offering visibility, control, and flexibility in managing software delivery, received an investment from CerraCap Ventures (more)

• Linden Capital Partners, a healthcare private equity firm, received a minority investment from Blue Owl's GP Strategic Capital platform and Lunate Capital via their joint venture (more)

VC

• Aperture Finance, a DeFi platform, raised an undisclosed amount in Series A funding, at $250M valuation (more)

• Solutions by Text, a platform for compliance-first messaging and payments, raised $110M in new growth financing (more)

• One Energy, an industrial power company and installer of on-site, wind energy in the US, raised $35+M in Series A funding (more)

• Gameto, a biotech company advancing treatment options in women’s health, raised $33M in Series B funding (more)

• TraceAir, site intelligence software for homebuilders and land developers, raised $25M in Series B funding (more)

• Maven AGI, an AI customer support startup, raised $20M in Series A funding (more)

• Lucy Therapeutics, a biotech company, raised $12.5M in funding (more)

• Authentic, an insurtech startup for SaaS franchisors to offer affordable insurance policies to their SMB customers, raised $11M in Series A funding (more)

• GaiaNet, an AI infrastructure project that aims to decentralize current AI agent software, raised $10M in Seed funding (more)

• EverFence, a digital platform connecting homeowners and contractors, raised $7M in Series A funding (more)

• Matter Bio, a biotech company preserving genome integrity and extending healthy human lifespan, raised $7M in Seed funding (more)

• ZeroMark, a defense tech startup, raised $7M in Seed funding (more)

• Posterity Health, a center for male reproductive health, raised $6M in funding (more)

• SmartPM Technologies, Inc., automated project controls software for construction, raised $5.5M in Series A funding (more)

• Wavelogix, a proprietary IoT sensing and data analytics platform, received $3M in funding (more)

• Creator fintech Slingshot raises $2.2M (more)

CRYPTO

• BlackRock’s $20B ETF is now the world’s largest Bitcoin fund (more)

• Cathie Wood says Ether ETF filings were approved because crypto is an election issue (more)

• Hidden Road stops offering clients access to crypto venue Bybit (more)

• US Treasury describes NFTs as 'highly susceptible to use in fraud and scams' (more)

BULLISH BITES

🧐 Inside Look: Former OpenAI board member explains why CEO Sam Altman got fired before he was rehired.

🤖 Next lLevel: Mistral releases Codestral, its first generative AI model for code.

🚀 Act Fast: Gold's unstoppable rise and how you can benefit. *

⚡️ Playbook: To those interested in fighting misinformation, "prebunking" is all the rage.

🏠 On The Market: This $5.2M Illinois mansion starred in ‘Home Alone.’

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