💼 That's hot

US economy glows red hot in third quarter report, Morgan Stanley’s new CEO said investment banking will lead next cycle, Xi on the hunt for real estate corruption, SBF tells judge he acted on legal advice and CVS ditches common cold meds after FDA advisers say they’re useless...

October 27, 2023

☕️ Good Morning. Welcome to the weekend…

The Fast Five → US economy glows red hot in third quarter report, Morgan Stanley’s new CEO said investment banking will lead next cycle, Xi on the hunt for real estate corruption, SBF tells judge he acted on legal advice and CVS ditches common cold meds after FDA advisers say they’re useless…

Here’s your 5-minute briefing for Friday:

BEFORE THE OPEN

As of market close 10/26/2023.

MARKETS:

  • Nasdaq 100 futures up 0.8% after recent correction.

  • Amazon gains nearly 5% in after-hours trading on strong Q3 results.

  • Ford stock drops 3% due to missed Q3 earnings and guidance withdrawal.

  • Nasdaq in correction territory, down over 12% since July high.

  • S&P 500 teeters close to correction, down 9.8% from July high.

EARNINGS

NEWS BRIEFING

“In equities and fixed income and across investment banking, we’re focused on being No. 1," Pick said in a Bloomberg interview. Pick found out Wednesday that he will succeed Gorman atop bank.

As Walt Disney Studios turns 100, investors worry it's beginning to show its age. The share price dropped to its lowest level in nearly nine years as the company stumbles in the age of streaming.

  • US economy glows red hot with a 4.9% GDP reading for the third quarter (Read More)

  • Biden hails hot GDP report, but voters don’t see the rosy picture Wall Street does (Read More)

  • Yellen says yield surge is due to strong economy, not deficits (Read More)

  • New House Speaker meets Biden to discuss funding requests (Read More)

  • China rushes to swap Western tech with domestic options as U.S. cracks down (Read More)

  • Xi said to sacrifice economic growth in order to root out corruption in China’s troubled real-estate sector (Read More)

  • Sam Bankman-Fried tells judge he acted on legal advice (Read More)

  • CVS ditches common cold meds after FDA advisers say they’re useless (Read More)

  • Tesla gets $100M US ultra-fast charger order from BP EV charging unit (Read More)

  • Uber begins offering rides in self-driving Waymo cars (Read More)

  • OpenAI is starting a new team to reduce risk from future AI (Read More)

  • Behind the donor revolt at Penn (Read More)

DEALFLOW

  • Silver Lake says it’s working on offer to buy Endeavor Group (Read More)

  • Singapore-based fintech YouTrip picks up $50M led by Lightspeed (Read More)

  • Triveni Bio, a biotech company providing a genetics-informed precision medicine approach for I&I disorders, raised $92M in Series A funding (Read More)

  • AgentSync, a modern insurance infrastructure company, raised $50M in funding (Read More)

  • Garuda Ventures, a B2B-focused pre-seed and seed venture capital firm based on Bay Area, raised $31M for its debut institutional fund (Read More)

M & A:

  • SmartBug Media, a digital agency for organizations looking to create resilient growth across the customer lifecycle, acquired Globalia, a Canadian digital agency known for its systems integration, implementation and digital transformation capabilities serving a global customer base (Read More)

  • Hull Street Energy acquires California Natural Gas-Fired Power Plant (Read More)

  • Pearl Street acquires Famous Brands franchising (Read More)

  • First National Realty Partners buys ShopRite-anchored center (Read More)

  • Sun Capital purchases Kovalus Separation Solutions (Read More)

CRYPTO

  • The SEC is considering 8-10 Bitcoin ETF filings (Read More)

  • SBF grilled in court on deleted messages during testimony (Read More)

  • JPM Coin handles over $1B in daily transactions — JPMorgan exec (Read More)

  • Bitcoin cools off at $34K, but '5th bull market' has further to run, says analyst (Read More)

BULLISH BITES

🫣 Business leaders are keeping a low profile regarding the new Middle East conflict after a decade of public CEO statements on hot-button issues.

🍎 Inside Google's plan to stop Apple from getting serious about search

🚀 Taylor Swift vaults into billionaire ranks with blockbuster Eras tour.

😡 X users slam VC Jason Calacanis for mocking a woman venting about her 9-5 job.

✈️ Wander is the future of travel—the guarantees of a quality hotel paired with the comforts (and space) of a home.