📈 Turbo-charged

☕️ Good Morning.

The Fast Five → OpenAI announces GPT-4 Turbo at first in-person event, WeWork files for bankruptcy, SpaceX eyes $15 billion in 2024 sales on Starlink strength, voters aren’t believing in Bidenomics and Google faces off with Epic Games as it enters its second antitrust trial in two months…

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Here’s your 5-minute briefing for Tuesday:

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.

• Stocks are coming off their best week of 2023.

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

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

• Voters aren’t believing in bidenomics (Read More)

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

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

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

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

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

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

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

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

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

DEALFLOW

M&A / Investments

• Abu Dhabi National Oil and Austria’s OMV are putting the final touches on a deal to create a $32B+ petrochemical firm; officials may reach a breakthrough as soon as mid-November (Read More)

• FTC requested more information from Coach owner Tapestry and Michael Kors owner Capri Holdings on their planned $8.5B deal (Read More)

• Abcam shareholders approved Danaher’s proposal to acquire all outstanding shares of the company in a $5.7B deal, including debt, despite Abcam founder Jonathan Milner calling offer price too low (Read More)

• Bain Capital will acquire government and business consulting firm Guidehouse in a $5.3B deal (Read More)

• US health insurer Cigna Group is exploring the sale of its Medicare Advantage business, which manages government health insurance for people aged 65 and older; Cigna entered the Medicare Advantage business in 2011 with a $3.8B acquisition of HealthSpring (Read More)

• Energy infrastructure company Kinder Morgan will buy NextEra Energy Partners’ South Texas natural gas pipeline assets for $1.8B cash (Read More)

• Driller Crescent Point Energy agreed to buy Hammerhead Energy in a ~$1.5B cash-and-stock deal to expand its presence in the Western Canadian shale and gas fields (Read More)

• Vacation property operator Hilton Grand Vacations will acquire peer Bluegreen Vacations in a $1.5B deal, including debt (Read More)

CRYPTO

• Investment firm Proof Group, which is one of crypto lender Celsius’ new owners, is one of multiple bidders looking to relaunch bankrupt crypto exchange FTX (Read More)

• Bank of England told lenders to avoid any risk that may confuse customers between stablecoins and standard deposits (Read 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