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š Big bank breach
Powell: Fed is ānot confidentā itās done enough to curb inflation, worldās largest bank hit by ransomware gang, Humaneās wearable AI pin drops 11/16, Softbank posts $6.2 billion loss after WeWork bankruptcy, and ex-Goldman Partner stars in cabaret about life after Wall Street...
āļø Good Morning.
The Fast Five ā Powell: Fed is ānot confidentā itās done enough to curb inflation, worldās largest bank hit by ransomware gang, Humaneās wearable AI pin drops 11/16, Softbank posts $6.2 billion loss after WeWork bankruptcy, and ex-Goldman Partner stars in cabaret about life after Wall Streetā¦
Hereās your 5-minute briefing for Friday:
BEFORE THE OPEN

As of market close 11/9/2023.
MARKETS:
U.S. stock futures remain largely flat after S&P 500 ends eight-day winning streak.
Wynn Resorts shares drop nearly 5% after weak revenue report from Encore Boston Harbor.
The Trade Desk stock plunges 30% due to disappointing Q4 revenue guidance.
S&P 500, Nasdaq, and Dow all decline around 0.8%, ending multi-day winning streaks.
Federal Chair Powell's comments on inflation trigger stock selloff and bond yield surge.
S&P 500 and Dow poised for modest weekly losses, while Nasdaq holds slight gain.
Focus on preliminary consumer sentiment data and speeches from Fed officials today.
EARNINGS
NEWS BRIEFING

Powell stressed the Fed nevertheless can be cautious as the risks between doing too much and too little have come into closer balance.

Incident caused ICBCās clients to reroute some Treasury trades. āA true shock to banks around the world,ā Truesec founder says
US forces under fire in Middle East as America slides towards brink (More)
Biden launches ad blitz to counter voter worries on age, economy (More)
New US jobless claims edge down; continued claims on the rise (More)
Fedās Barkin, Bostic say full impact of rate hikes to come (More)
Individual investors pull most cash from US stocks in two years (More)
SoftBank posts $6.2 billion loss after WeWork bankruptcy (More)
Vince McMahon plans to unload a big chunk of his shares in WWE parent TKO (More)
JPMorganās $290M payout to Epstein victims wins approval (More)
Thousands line up to try out Elon Muskās brain chip (More)
Citadelās Griffin, business leaders say AI to change economies (More)
Humaneās wearable Ai pin promises an āambient computingā future for $699 (watch)
AI will cut cost of animated films by 90%, Jeff Katzenberg says (More)
Amazon dedicates team to train ambitious AI model codenamed 'Olympus' (More)
DEALFLOW
M&A / Investments
Germany is on the cusp of announcing a deal to acquire its largest power grid from state-owned Dutch operator Tennet Holding for ~$23.6B (More)
A consortium led by Blackstone and Permira is in advanced talks with European online classified company Adevinta and hope to reach an agreement as soon as next week; a deal could value Adevinta at over $12B (More)
Abu Dhabi National Oil offered $2.1B to acquire most of a 38.3% stake in Latin Americaās leading petrochemicals company Braskem (More)
Software services provider Bill Holdings denied a report that it was pursuing a $2B acquisition of Melio Payments (More)
Aerospace manufacturing company TransDigm Group will acquire the Electron Device Business of Communications & Power Industries, a portfolio company of TJC, for $1.4B cash (More)
Dubai port operator DP World is in talks to acquire Cargo Services Far East from Hong Kong tycoon John Lau in a transaction that could value the cargo company at ~$800M (More)
Mizuho Financial Group will invest $576M in Rakuten Groupās online securities arm and raise its stake in the company to 49% (More)
CRYPTO
BULLISH BITES
ā How well did Klaviyo, Arm and Instacart actually do in their first test on the public markets?
š The ex-Goldman Partner singing and dancing about her retirement
š The tech stocks that will eventually become the New Magnificent Seven
š Barbie who? Gen Alpha kids āobsessedā with skin care could fuel holiday spending
DAILY SHARES
It's getting glitchy out there
ā Wall Street Silver (@WallStreetSilv)
4:38 AM ⢠Nov 10, 2023
What did you think about today's briefing? |