📈 Tesla tumbles

☕️ Good Morning.

The Fast Five → WeWork is filing for bankruptcy, a federal jury found realtors liable for $1.8B in damages after conspiring to keep commissions for home sales high, Alphabet and Match settled Google Play antitrust claims, Druckenmiller is betting big on 2-year notes, and Tesla erases $145 billion in valuation…

Here’s your 5-minute briefing for Wednesday:

BEFORE THE OPEN

MARKES

• US stocks closed higher as investors awaited the Fed’s monetary policy update

• The S&P led indices with a 0.65% gain

• Stocks rally this week after downbeat October.

• First three-month losing streak for Dow and S&P 500 since March 2020.

• Investors watch for impact of higher bond yields.

EARNINGS

• Today: Airbnb. (AIR), DuPont (DD)

• Thursday: Apple (AAPL), DraftKings (DKNG), Palantir Technologies (PLTR), Starbucks (SBUX)

• Full earnings calendar here

NEWS BRIEFING

Here’s Everything to Expect From the Fed’s Policy Announcement Today

Treasury Department Announces New Series I Bond Rate of 5.27% for the Next Six Months

• WeWork, once valued at $47B, plans to file for bankruptcy as soon as next week (Read More)

• Wages boost US labor costs, house price inflation picks up (Read More)

• Jury finds realtors conspired to keep commissions high (Read More)

• Zillow plunges after verdict on real estate brokerage commissions (Read More)

• Alphabet, Match settle Google Play antitrust claims before US trial (Read More)

• Druckenmiller says he has ‘massive’ bullish bets on 2-year notes (Read More)

• Record-high US oil production surpasses 13M barrels a day (Read More)

• Biden unlikely to attend Dubai COP climate meeting (Read More)

• Tesla erases $145 billion in valuation on demand woes (Read More)

• Musk says Tesla aims to make 200,000 Cybertrucks a year (Read More)

• Microsoft releases big Windows 11 update with Copilot AI assistant included (Read More)

• The money has stopped flowing in commercial real estate (Read More)

DEALFLOW

M&A / Investments

• Zegona Communications will buy telecom Vodafone Group’s Spanish business in a deal valued at as much as $5.3B, including debt (Read More)

• Singapore sovereign wealth fund GIC will acquire a 35% stake in Hotel Investment Partners from Blackstone Group in a deal that values the Spanish hotel group at over $4.2B (Read More)

• US urged a judge to block JetBlue Airways' $3.8B purchase of ultra-low-cost carrier Spirit Airlines, arguing that the acquisition would lead to higher fares and fewer flights for travelers (Read More)

• Late-stage cardiovascular treatment biotech firm Cytokinetics, which has a market cap of $3.4B, is exploring options after receiving takeover interest (Read More)

• Germany plans to buy a 25% stake in transmission system operator TransnetBW from majority owner EnBW Energie Baden-Wuerttemberg in a $3.4B acquisition (Read More)

• Asda, Britain’s third largest supermarket group, completed the acquisition of the majority of EG Group’s UK and Ireland business at a $2.5B EV (Read More)

• Electronic instrument maker Ametek will acquire medical components maker Paragon Medical in a $1.9B deal (Read More)

• American electronic products company Hubell will acquire Systems Control, a leading provider of substation control and relay panels, for $1.1B (Read More)

• PE firms Blackstone and Vista Equity Partners will buy Australian energy market software provider Energy Exemplar from PE firm Riverside Capital in a deal worth over $1B (Read More)

• Penfolds-maker Treasury Wine Estates will buy DAOU Vineyards in California for as much as $1B (Read More)

CRYPTO

• CFTC has paid $16M to whistleblowers this year, with a majority of the tips involving crypto (Read More)

• ~86% of Tether’s (USDT) reserves were held in cash and cash equivalents in Q3, according to Tether (Read More)

BULLISH BITES

🚀 Bernstein analysts are predicting that the price of Bitcoin will surge to $150,000 by the middle of 2025

🙌 Unions are winning big for the first time in decades

📢 Charlie Munger says there's not much 'low-hanging fruit left' as he discusses Apple, Costco vs. Walmart, and EVs

☀️ The solar-panel backlash is here

👓 Audio: How Warby Parker got its name (it only took 6 months and 2,000 names)

DAILY SHARES