BEFORE THE OPEN

MARKETS:

• Stocks post narrow gains, continuing last week's rally.

• Nasdaq records its longest positive streak since January.

• Dow and S&P 500 see their longest winning streaks since July and June, respectively.

• Nvidia rises ahead of earnings, while Bumble shares slip on CEO announcement.

• SolarEdge Technologies shares fall after Wells Fargo downgrade.

• 10-year Treasury yield moves higher, reversing last week's trend.

• Stocks are coming off their best week of 2023.

• November is historically the best-performing month for the S&P.

• Earnings season is winding down, with updates expected from Walt Disney, Wynn, MGM Resorts, and Occidental Petroleum.

• Federal Reserve Chair Jerome Powell's speeches will be closely watched for clues about the Fed's rate policy.

EARNINGS

What we’re watching this week:

• Today: Bumble (BMBL), D.R. Horton (DHI), KKR (KKR), Occidental Petroleum (OXY)

• Wednesday: Arm Holdings (ARM), Walt Disney (DIS), AMC Entertainment (AMC), Twilio (TWLO)

• Thursday: Tapestry (TPR)

• Full earnings calendar here

NEWS BRIEFING

Microsoft-Backed OpenAI Announces GPT-4 Turbo, Its Most Powerful AI Yet

WeWork, Once Valued at $47 Billion, Files for Bankruptcy

• Israel says it has isolated Gaza City after 'large' attack (more)

• Voters aren’t believing in bidenomics (more)

• Hedge funds catapulted Treasury shorts to record at wrong time (more)

• $40,000,000,000 in unrealized losses hits JPMorgan Chase as Bank of America, Wells Fargo and Citigroup face exposure to US Treasuries (more)

• China’s exports record bigger slump than expected in October (more)

• SAG-AFTRA says studios’ latest offer falls short of union’s AI demands (more)

• Google faces off with Epic Games as it enters its second antitrust trial in two months (more)

• Nike sues New Balance, Skechers for patent infringement over sneaker technology (more)

• SpaceX eyes $15 billion in 2024 sales on Starlink strength (more)

• Citigroup considers deep job cuts for CEO Jane Fraser’s corporate overhaul, ‘Project Bora Bora’ (more)

• Gorman signals plan to step down as Morgan Stanley chair in 2024 (more)

• The new Bed Bath & Beyond’s CEO is out just as it transitions from Overstock.com (more)

• Klarna, Europe’s $6.7 billion buy now, pay later firm, sets wheels in motion for eventual IPO (more)

• Chinese electric truck maker Windrose is seeking US IPO in 2024 (more)

• Astra defaults on debt agreement, warns it may not be able to raise needed cash (more)

• Berkshire Hathaway posts a 40% jump in operating earnings, cash pile swells to a record $157 billion (more)

• Shipping startup Flexport is in crisis mode heading into the holiday season (more)

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DEALFLOW

• Byju’s in talks to sell US Unit Epic for $400M to Joffre (more)

• Saudi Arabia eyes stake in $30B Indian cricket league (more)

• Platinum Equity nears $3B+ deal for Kohler Unit (more)

• Nowsta, a technology company building operating systems for gig workforces, raised $35M in Series C funding (more)

• Princeton NuEnergy, a clean-tech innovator specializing in recycling, repurposing, and commercializing lithium-ion battery materials, raised $16M in Series A funding (more)

• Zelig, a fashion technology company, raised $15M in Series A funding (more)

• Radius Agent, a provider of a technology-focused, agent-centric real estate brokerage platform, raised $13M in Series B funding (more)

• Llama, a provider of an access control and governance platform for smart contracts, raised $6M in Seed funding (more)

• Airloom Energy, an energy company in the field of wind energy generation, raised $4M in Seed in funding (more)

• Gridiron Capital sells minority stake to RidgeLake (more)

• Century Box, a provider of folding cartons for store-brand food and consumer products, received an investment from Core Industrial Partners (more)

• Medidata Detect, a provider of a comprehensive data surveillance and risk monitoring solution that improves data quality and promotes patient safety in clinical trials, received an investment from TFS HealthScience (more)

• Parkview Dental Partners, a dental service organization (DSO), received an investment from Cathay Capital (more)

M & A:

• Bain Capital Private Equity, an investment firm, is to acquire Guidehouse, a provider of consulting services to the public sector and commercial markets, for $5.3B (more)

• Kinder Morgan to buy NextEra Energy Partners' Texas pipelines for $1.82B (more)

• Hilton Grand Vacations to buy Bluegreen in $1.5B deal (more)

• Bristol Myers buys Orum's blood cancer therapy for up to $180M (more)

• Accenture (NYSE: ACN) has acquired Innotec Security, a company specializing in cybersecurity-as-a-service, cyber resilience and cyber risk management, expanding its footprint in Spain (more)

• Signia Aerospace, a portfolio company of Arcline Investment Management, acquired Meeker Aviation and Airfilm Camera Systems, a supplier of aircraft external payload mounts (more)

• MarketingOps.com, a provider of a community-led platform and private network for marketing operations professionals, acquired MartechGuru, a provider of a management solution (more)

• Datacor, a provider of process manufacturing and distribution software, acquired LabelCalc, an online nutrition analysis software product and a player in the food and beverage industry (more)

• Palo Alto Networks (NASDAQ: PANW), a global cybersecurity company, entered into a definitive agreement to acquire Talon Cyber Security, an Enterprise Browser technology company (more)

• Health Catalyst (Nasdaq: HCAT), a provider of data and analytics technology and services to healthcare organizations, acquired Electronic Registry Systems (ERS), a company specializing in cancer registry software and services (more)

• Green Street, a provider of commercial real estate intelligence and analytics in the U.S. and Europe, acquired Local Data Company (LDC), a provider of proprietary data and insights on Great Britain's retail and leisure market (more)

• AVPro Global, an AV signal distribution company, acquired THENAUDIO, a provider of connectivity solutions for processing HDMI and more advanced HDMI eARC signals (more)

• Greif purchases Ipackchem (more)

• Central Garden & Pet buys TDBBS (more)

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CRYPTO

• FTX bankruptcy advisors hand over customer trading data to FBI: Court docs (more)

• Bitcoin’s grip on Crypto eases after climb in smaller tokens like XRP (more)

• Visitors report eye burn issues after attending a Bored Ape NFT event in Hong Kong (more)

BULLISH BITES

💙 Google and Microsoft bet on this 27-year-old Stanford alum to make AI work for a billion users

⬇️ Top-ranked MBA programs struggle to reverse declining applications

🚖 Why San Francisco’s robotaxi rollout has been such a mess

✈️ Here are the ‘unwritten rules’ of air travel

🏚 You know the real estate market is in the dumps when Hamptons homeowners looking to sell agree to "massive price cuts"

DAILY SHARES

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