Starlink IPO?

Xi to Biden, Earth is “big enough” for US and China to succeed, US producer prices fall unexpectedly, SpaceX weighs spinning Starlink via IPO, Citigroup begins layoffs as part of corporate overhaul, and Berkshire sheds blue-chip stocks for cash…

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Market Briefing
November 16, 2023

☕️ Good Morning.

The Fast Five → Xi to Biden, Earth is “big enough” for US and China to succeed, US producer prices fall unexpectedly, SpaceX weighs spinning off Starlink via IPO, Citigroup begins layoffs as part of corporate overhaul, and Berkshire sheds blue-chip stocks for cash…

Your 5-minute briefing for Thursday:

BEFORE THE OPEN

As of market close 11/15/2023.

MARKETS:

  • Stock futures dip as November's strong performance continues.

  • Dow futures down 20 points (-0.07%), S&P 500 futures drop 0.1%, Nasdaq 100 futures slide 0.2%.

  • Cisco Systems falls 11% on weak guidance; Palo Alto Networks down 5% on dismal billings forecast.

  • Recent Wall Street gains fueled by positive inflation data.

  • October's producer price index (PPI) records largest monthly decline since April 2020, following flat consumer price index (CPI).

  • November sees S&P 500 up over 7%, Dow up nearly 6%, and Nasdaq surging 9.8%.

  • Focus shifts to economic data, Fed officials' remarks, and earnings reports from retailers like Macy's, Walmart, and Gap on Thursday.

EARNINGS

Here’s what we’re watching this week:

  • Today: Alibaba (BABA)

    • Walmart (WMT) - earnings expected: $1.41 per share (-6.0% YoY) on $149.8 billion revenue (-2.0% YoY)

  • Full earnings calendar here

NEWS BRIEFING

President Joe Biden and President Xi Jinping of China met outside San Francisco at the Asia-Pacific Economic Cooperation event.

Starlink satellites beam down high-speed internet from space. Starlink could generate some $10 billion in sales next year.

  • US producer prices unexpectedly fall in October (more)

  • Inflation in the US is improving, the public mood is still sour (more)

  • Tech execs are reportedly 'scrambling' to score a ticket to a dinner with Xi in San Francisco (more)

    • Update: Xi tells US CEOs: China won't fight cold or hot war with anyone (more)

  • Credit market thaw paves way for merger & acquisition debt deals (more)

  • Mortgage demand climbs to the highest level in five weeks after interest rates move lower (more)

  • UK inflation slows to two-year low, bolstering rate cut bets (more)

  • China receives US equipment to make advanced chips despite new rules (more)

  • Glencore built its empire on coal. Now it’s preparing to say foodbye (more)

  • Berkshire sheds General Motors, Johnson & Johnson, Procter & Gamble as it builds cash (more)

  • Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaul (more)

  • FAA clears SpaceX to launch second Starship flight (more)

  • Microsoft announces custom AI chip that could compete with Nvidia (more)

  • GM snatches key Tesla gigacasting supplier (more)

  • Amazon’s Astro robot is now a roving security guard for business (more)

  • PGA Tour to offer players equity ownership after it seals deal with investors (more)

TOGETHER WITH TRADING VIEW

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DEALFLOW

  • Activist investor ValueAct Capital builds stake in Disney (more)

  • VC firm co-owned by California Pensions debuts with $1 billion (more)

  • General Atlantic to buy majority stake in Joe & the Juice (more)

  • Transcend, a provider of liquidity, funding, and collateral optimization solutions, received an investment from Citi (more)

  • Element Energy, a battery management technology company, raised $111M in funding (more)

  • Cytovale, a commercial-stage medical diagnostics company, raised $84M in Series C funding (more)

  • Koya Medical, a healthcare company, raised up to $30M in funding (more)

  • Tenet Energy, a provider of a climate fintech platform, raised $30M+ in funding (more)

  • SiLC, a company which specializes in silicon photonics, raised $25M in additional funding (more)

  • Sunnyside, an app and program to help people build healthier habits around drinking alcohol, raised $11.5M in Series A funding (more)

  • VersiFi, a digital asset trading and lending firm, raised $10M in Series A funding (more)

  • CFX Labs, a payment network company, raised $9.5M in Seed funding (more)

  • Injectsense Inc., a sensor-enabled digital health company, and sister company Injectpower, a developer of ultra-miniature solid-state microbatteries for medical applications, announced combined funding of $9.4M (more)

  • Martian, a company providing Model Router, an orchestration layer solution that routes each individual query to the best LLM in real-time, raised $9M in funding (more)

  • OpsLab, a provider of smart assistants to solve operational planning, tracking and recovery problems at scale, raised $5M in Seed funding (more)

  • Pathway, a provider of an AI-driven medical knowledge platform, raised $5M in Seed funding (more)

  • Kinto, a provider of a KYC’ed Layer 2 blockchain capable of supporting both financial institutions and decentralized protocols, raised $5M in two funding rounds (more)

  • Tradespace Inc., a provider of an AI-powered IP management platform, raised $4.2M in seed funding (more)

  • Canopy, a composability platform that removes the complexity, custom code and time it takes to integrate, serve and observe data, launched with $4M in seed funding (more)

  • Fortuna Health, a consumer-first platform simplifying Medicaid navigation, raised $4M in seed funding (more)

  • Uniblock, a provider of a Web3 API platform for developers, raised $2.3M in funding (more)

  • Gratia Health, a healthtech company, raised an undisclosed amount in Seed funding (more)

M & A:

  • CoreView, a provider of a Microsoft 365 management platform, acquired Simeon Cloud, a company specializing in Microsoft 365 tenant configuration management (more)

  • Epicor, a provider of industry-specific enterprise software, acquired Elite EXTRA, a provider of cloud-based last mile delivery solutions (more)

  • Marketwake, a digital marketing agency, acquired Punchlist, a provider of a feedback management tool that streamlines feedback and collaboration across teams (more)

  • Caymus Equity buys Quality Environmental Services (more)

  • Angeles-backed Data Clean acquires Sealco (more)

  • Washington Harbour Partners purchases SIXGEN (more)

  • Manulife Investment Management buys CQS (more)

  • Gryphon-backed Right Time acquires Breathe Clean (more)

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CRYPTO

  • Bitcoin flirts with $38,000 as spot ETF hopes encourage bull run (more)

  • SEC delays decision on HashDex Bitcoin spot ETF application, Grayscale Ether Futures Filing (more)

  • Binance to start Thai crypto exchange with billionaire Sarath (more)

BULLISH BITES

🤔 Do tell… Why the Godfather of A.I. fears what he's built

🌎 Already? Sphere and loathing in Las Vegas (Enjoy the experience while you can: the company that operates the Sphere just reported a $98.4 million quarterly loss, and the CFO resigned.)

🍔 WTF: McDonald’s and its growing appetite for fashion: Crocs, Moschino, more

🛏 Zzz: This sleep strategy may be the most important for a long life

💰 All set: Young and Rich: China’s scions set to inherit $120 billion in wealth transfer

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