New milestones

Apple’s market cap recrosses $3 trillion, India narrows gap with Hong Kong, job openings hit 2-year low in cooling welcomed by Fed, China's credit rating downgraded, and Bitcoin’s 6-day jump takes the token past $44,000…

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Market Briefing
December 06, 2023

☕️ Good Morning.

The Fast Five →  Apple’s market cap recrosses $3 trillion, India narrows gap with Hong Kong, job openings hit 2-year low in cooling welcomed by Fed, China's credit rating downgraded, and Bitcoin’s 6-day jump takes the token past $44,000. Today’s briefing ahead, but first…

Bitcoin shows no sign of ending its jet-fueled, 6-day streak. And CoinSmart makes buying crypto fast, easy, and secure (…it only takes 120 seconds!). Buy Bitcoin in minutes here

Here’s your 5-minute briefing for Wednesday:

BEFORE THE OPEN

As of market close 12/5/2023.

MARKETS:

  • U.S. stock futures rise after two consecutive declines.

  • Box shares drop 12% after disappointing Q3 results; MongoDB slips 5% despite beating estimates.

  • Toll Brothers gains nearly 2% after exceeding expectations.

  • Dow and S&P 500 closed lower for two days but are on track for strong quarterly and annual gains.

  • Wolfe Research's Chris Senyek predicts an 8% S&P 500 drop by end of 2024 due to falling inflation and slower earnings growth.

  • Campbell Soup to report quarterly earnings this morning.

EARNINGS

What we’re watching this week:

  • Today: Campbell Soup (CPB), ChargePoint (CHPT), Gamestop (GME)

  • Thursday: 

    • Broadcom (AVGO) - expected: $10.01 per share (-4.2% YoY) on $8.6 billion revenue (-4.0% YoY)

    • Lululemon (LULU) - expected: $2.28 per share (+14% YoY) on $2.2 billion revenue (+15.8% YoY)

  • Full earnings calendar here

NEWS BRIEFING

The milestone is a sign of Apple’s durability even as the company reduces its total share count through buybacks.

India added $1 trillion in market cap in less than three years. Key benchmarks are set for eighth-straight year of advances.

  • Job openings hit two-year low in cooling to be welcomed by Fed (more)

  • Supreme Court case on ‘income’ could have major implications for taxpayers (more)

  • Wall Street CEOs head to Washington with capital-rule concerns (more)

  • Harvard, Penn heads defend response to Israel-Gaza protests (more)

  • Bank of America CEO Moynihan says economy slowing but outlook still positive (more)

  • China's credit rating downgraded -- what it means for Tesla, Apple, Nike, LVMH (more)

  • Bitcoin’s ‘jet-fueled’ 16% six-day jump takes token past $44,000 (more)

  • Elon Musk’s xAI startup seeks to raise $1 billion in equity (more)

  • Wells Fargo CEO warns severance costs could hit $1B this quarter as more layoffs loom (more)

  • Amazon targets Shein with big fee cuts for cheap apparel sellers (more)

  • Spotify's former podcast boss calls out company for setting 'money on fire' with costly celeb deals (more)

  • The 23andMe data breach keeps spiraling (more)

  • A ‘thirsty’ generative AI boom poses a growing problem for Big Tech (more)

  • Blackpink renews group contracts with agency, YG shares spike 29% (more)

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DEALFLOW

M & A | INVESTMENTS:

  • Brentford, Premier League's data success story, is open to potential offers (more)

  • Bain Capital to invest $50 million more in Vietnam’s Masan Group (more)

  • Evercore’s Weinberg sees M&A rebound next year (more)

  • MentorcliQ, a provider of a nemployee mentorship software, acquired Diverst, a company specializing in ERG Management Software (more)

  • PerkinElmer, an analytical services and solutions provider, acquired Covaris, a developer of solutions to empower life science innovations (more)

  • Transtelco, a fiber infrastructure provider, acquired Neutrona Networks, a software-defined network service provider that spans Latin America and the Caribbean with an international presence in the U.S., Europe and Asia (more)

  • Valant, a provider of a cloud-based EHR for behavioral health practices, received an investment from Resurgens Technology Partners (more)

  • Citizens Financial explores private credit partnership (more)

  • Francisco Partners completes purchase of Blancco Technology Group (more)

  • Five9 weighs sale two years after failed Zoom deal (more)

  • Blackford Capital buys LTD online stores (more)

  • Hudson Hill Capital invests in MarketTime (more)

  • ADNEC Group acquires Karavel from Equistone (more)

VC

  • Odyssey Therapeutics, a biotechnology company developing precision immunomodulators and oncology medicines, raised $101M in Series C funding (more)

  • Dust Identity raises $40M in Series B funding (more)

  • Mine, a data privacy market company, raised $30M in Series B funding (more)

  • Center, an expense management software company, raised $30M in Series C funding (more)

  • EnCharge, a company developing advanced AI chips and full stack solutions, raised $22.6M in funding (more)

  • Ionomr Innovations, a developer and manufacturer foundational polymer and membrane technologies for hydrogen applications, raised $20M in Series A-4 funding (more)

  • Cambium, an advanced materials innovator for defense and other high-performance fields, raised $19M in Series A funding (more)

  • Kyron Learning, a startup focused on providing learners equitable access to great instructors, raised $14.6M in Series A funding (more)

  • Ketryx, a provider of connected application lifecycle management software for the life sciences industry, raised $14M in Series A funding (more)

  • Machinery Partner, a company offering novel procurement, financing, and support for builders and contractors needing heavy machinery, raised $8M in Series A financing (more)

  • Pachama, a technology company focused on climate change, raised $9M in additional funding (more)

  • Asato.ai, a provider of an AI-powered enterprise Copilot platform, raised $7.5M in Seed funding (more)

  • Respell, a provider of a no-code AI-first platform, raised $4.75M in Seed funding (more)

  • Durin Technologies, Inc., an innovator in neurodegenerative disease diagnostic test development and commercialization, raised $3.5M in funding (more)

  • ClimateCrete, a sustainable construction aggregates startup, raised $3.3M in Series A funding (more)

  • Enveedo, a cybersecurity company, raised $3.15M in Seed funding (more)

  • Polaris Electro-Optics, an integrated photonics products company, raised $3M in Seed funding (more)

  • sipMARGS, a canned Margarita company, raised $2M in funding (more)

  • GameTree, an American and Ukrainian gaming community startup, raised $1.7M in funding (more)

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CRYPTO

  • This Bitcoin rally feels different. FOMO and YOLO seem to be back (more)

  • BlackRock, Bitwise revise SEC filings for spot Bitcoin ETFs (more)

  • Binance copped a $4 billion plea but is still fighting the SEC (more)

BULLISH BITES

🤔 Did you know: The world depends on 60-year-old code no one knows anymore.

📈 Impressive: Hermes Birkin vs S&P 500 vs Gold (1984-2016).

🧳 “It”s here: How Louis Vuitton pulled off the impossible: creating an it-bag for men.

🤖 Future: Nvidia to build out AI ecosystem in tech-hungry Japan.

🏖 R&R: Wind down from the holidays and book the perfect Wander getaway with inspiring views, modern workstations, restful beds, hotel-grade cleaning and 24/7 concierge service. Shop your next destination here.

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