BEFORE THE OPEN

MARKETS:

• Futures slip after Dow's strong November.

• Disney reinstates dividend; Ulta Beauty surges.

• Dow hits new 2023 high, best month in a year.

• S&P and Nasdaq rallied 8.9% and 10.7%, respectively.

• Dow aims for fifth straight weekly win.

• Caution urged as market looks "overbought."

• Upcoming: Dominion Energy, Gartner, Cardinal Health earnings; and economic data.

EARNINGS

Have a great weekend.

• Full earnings calendar here

NEWS BRIEFING

S&P 500’s Historic 8.9% Rally Blindsides Skeptics on Wall Street

Tesla Cybertruck Delivery Event: Everything Elon Revealed About the EV Pickup

• Fed’s favorite gauge shows inflation rose 0.2% in October and 3.5% from a year ago, as expected (more)

• Biggest blowout in bonds since the 1980s sparks everything rally (more)

• Pending home sales drop to a record low, even worse than during the financial crisis (more)

• More US retailers adopt 'keep it' returns policies to shelter profits in holiday surge (more)

• OPEC+ agrees to deepen voluntary oil output cuts (more)

• China consumption shows ‘no sign’ of a strong V-shaped recovery, McKinsey says (more)

• Move aside, China. India will drive Asia’s growth in the next few years, S&P Global says (more)

• Banking escapees make billions from private credit boom (more)

• Starting at $60,990, Tesla's Cybertruck is priced 50% higher than initial estimate (more)

• X CEO Linda Yaccarino addresses Musk's 'go f--- yourself' comment to advertisers (more)

  • Elon Musk is reportedly facing a sales staff exodus (more)

• OpenAI tender offer is on track for January despite leadership fracas (more)

• Disney CEO Bob Iger admits company’s movies have been too focused on messaging (more)

• Lego Heir sells $930 million of shares in toymaker's family firm (more)

• Jack Ma returns to rally troops after Alibaba's troubles deepen (more)

• Cathie Wood’s Innovation ETF is up 31% in November, notching its best month ever (more)

TOGETHER WITH MARKETSMITH

Extended thru Dec. 3 — Save 80%

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DEALFLOW

• AbbVie (NYSE: ABBV) acquired ImmunoGen (NASDAQ: IMGN), a company developing antibody-drug conjugates, for approx. $10.1 billion (more)

• Seacoast Capital, a lower-middle market non-control growth capital investor, closed its fifth fund, Seacoast Capital Partners V, L.P., at $280M (more)

• Exectras, a payment processing company, raised up to $30M in debt funding (more)

• Bright Uro, a medical device company, raised $23M in Series A funding (more)

• Kognitos, a company specializing in generative AI for business automation, raised $20M in Series A funding (more)

• Aviz Networks, a company specializing in open networking software for cloud-scale infrastructures serving telecom and enterprises, extended its funding to $10M (more)

• Valid8 Financial, a verified financial intelligence company, raised $8.5M in Series A funding (more)

• Retrocausal, a provider for manufacturing process management, raised $5.3M in funding (more)

• SparkMeter, a provider of grid management services, equipment, and software solutions for communities, raised an investment of $5M from Honeywell Smart Energy (more)

• Gooten, a technology and fulfillment company providing order management systems, raised $3.5M in venture debt term loan (more)

• Spear Bio, a Harvard University biotech spin-off developing scalable solutions for ultrasensitive detection of protein biomarkers, raised tens of millions in Seed funding (more)

• Malta, a company which specializes in long-duration energy storage, raised an undisclosed amount in funding (more)

• Magnetic 3D, an innovator in producing “Holographic” Glasses-Free 3D displays and immersive media solutions, raised a Seed funding from Tim Draper and Draper Associates (more)

• Pave Mobility, a parking-enforcement solutions provider that offers tools to simplify parking operations and enforcement, completed a corporate reorganization and capital raise (more)

• Faropoint, an infill industrial investment manager, received a strategic investment from Invesco Real Estate (more)

• VaLogic, a provider of GMP (Good Manufacturing Practice) and GLP (Good Laboratory Practice) compliance software and services, received an investment from 424 Capital (more)

M & A:

• Curriculum Associates, an education technology company, acquired SoapBox Labs, a company specializing in voice AI for learning experiences for students (more)

• Rockbridge-backed White Glove merges with TouchFuse (more)

• Experian Health acquires Wave HDC (more)

• May River Capital purchases RLE Technologies (more)

• New State Capital Partners buys Recovery Services (more)

• Osceola-backed Talent Groups acquires Progilisys (more)

• PE-backed Rocket Software purchases OpenText’s AMC business (more)

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CRYPTO

• Coinbase rallies more than 60% in same month that FTX and Binance founders brace for prison (more)

• Bitcoin eyes $40K as $1B in BTC withdrawals suggests bullish mood (more)

BULLISH BITES

😬 Oof: People are absolutely roasting Sports Illustrated's ridiculous excuse for Its AI-generated articles.

🔮 Million $ question: ChatGPT is winning the future — but what future is that?

📅 Updated: 2023 and 2024 federal income tax brackets—how much will you pay?

🤑 Ya think? A $16 McDonald's meal shows how the economy will be the battleground for the 2024 presidential election.

📚 Excellent read: Sales Pitch - World-renowned product positioning expert, April Dunford, shows you how to craft a pitch that dramatically outperforms

DAILY SHARES

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