Good Morning! Tom Brady became an NFL owner yesterday, buying a stake in the Las Vegas Raiders. Goldman crushed earnings after trading boost. Chip company ASML tanked yesterday thanks to an erroneous early earnings release. Boeing wants to raise as much as $25 billion to shore up its balance sheet. Delta is revamping the interior design of its planes and Walgreens is closing 1,200 stores.

Plus Vegas’ Sphere is coming to Abu Dhabi, Apple launched a revamped iPad mini, and the next trendy NYC neighborhood?

Looking to get into top MBA programs like Harvard or Stanford? Leland is giving away a free spot in their upcoming MBA Application Bootcamp. Enter here.

_{SQUEEZ OF THE DAY}

Activist Investing via Podcasting

Activist hedge funds are investment firms that buy stakes in public companies and try to affect change through a variety of tactics. Some activist firms have even been known to write open letters to the companies they’re buying up stakes in.

But Elliott Management, is using a bit of a unique strategy during the current power struggle. They just dropped a podcast to push for changes at their latest campaign, Southwest Airlines.

Elliott went public as an activist investor in Southwest in June. They’re looking to force the airline’s CEO and chairman out, as well as squeeze profits out of the airline. 

Yesterday, Elliott launched “Stronger Southwest,” a new podcast series that will feature conversations with the hedge fund's director nominees.

Elliott is pushing for a special shareholders meeting on December 10th to replace eight board members. They’re hoping the podcast gets its objective over the finish line.

Episodes are free and available on Apple, Spotify and other platforms.

Takeaway: Podcasts are talk of the town as the two presidential nominees make their way through all the popular shows. They offer a friendlier and more conversational alternative to TV. More athletes, comedians and influencers are launching podcasts to connect directly with their fans. If Elliott is able to pressure Southwest into accepting its demands, maybe it’s a matter of time before Bill Ackman and Carl Icahn launch their own podcasts.

_{PRESENTED BY LELAND}

Win a Free Spot in Leland’s MBA Application Bootcamp

Looking to get into top MBA programs like Harvard or Stanford? Leland is giving away a free spot in their upcoming MBA Application Bootcamp, led by former admissions experts from top schools, like those mentioned above.

This bootcamp includes 12 hours of live instruction, custom interactive activities, and everything you need to craft a standout application.

One lucky winner will get the bootcamp for free, and everyone else who enters will receive a 50% discount code! Don’t miss your chance to take your MBA application to the next level.

_HEADLINES

Top Reads

• Tom Brady to pay over $200 million for stake in Las Vegas Raiders (CNBC)

• Goldman beats estimates as bond sales boost investment banking (Reuters)

• Chip company ASML shares plunge 16% after early earnings release (CNBC)

• 'Soft landing' optimism spurs broad Wall Street rebound at big banks (YF)

• Vegas' Sphere coming to Abu Dhabi (CNN)

• Paramount bidder claims its offer was wrongly spurned (Axios)

• Apple launches updated iPad mini (Verge)

• A key to Citi's regulatory woes - staff need skills 'enhancement’ (Reuters)

• Boeing to raise as much as $25 billion to shore up balance sheet (CNBC)

• Chipmaker receives $750M from U.S. (AP)

• Trump Media shares fall nearly 10% after DJT plunge triggers trading halt (CNBC)

• China risks its own lost decade like Japan (YF)

• Making sense of Google's nuclear-powered AI ambitions (Axios)

• EV sales are rising in the US and nearing an important turning point (YF)

• Delta plans to revamp interior design of its planes (Fox)

• Walgreens is closing 1,200 stores (CNBC)

_{CAPITAL PULSE}

Markets Rundown

Market Commentary

Stocks close lower: U.S. equity markets pulled back on Tuesday, with the S&P 500 and Dow Jones Industrial Average retreating from recent record highs. Sector performance was mixed, with real estate and consumer staples leading gains.

In global markets, China stocks were under pressure following weak September trade data, with both exports and imports missing expectations. The U.S. dollar weakened against major currencies, while in the commodity space, WTI oil fell due to forecasts of slowing demand, and gold prices rose.

Corporate earnings season ramps up: Early third-quarter earnings reports are off to a strong start, with 80% of companies reporting having beaten analyst estimates, delivering an average surprise of 7.3%.

Earnings growth is expected across nine of the 11 sectors, which should continue to drive a shift in market leadership away from technology and communications services that led earlier in the year. As valuations have expanded, earnings will play an increasingly critical role in supporting further market gains.

Bond yields edge lower: The 10-year Treasury yield dipped to 4.03%, as markets price in expectations for 1.5% of Federal Reserve rate cuts over the next 12 months. This would bring the Fed Funds rate to the 3.25%-3.5% range.

As the labor market normalizes and inflation moderates, the Fed is expected to continue cutting rates, which should reduce borrowing costs for both businesses and consumers, providing support for economic growth and corporate profits.

Movers & Shakers

• (+) Walgreens Boots Alliance ($WBA) +16% after beating earnings; closing 1,200 stores over next 3 years.

• (–) United Health ($UNH) -6% after the healthcare giant lowered its annual guidance.

• (–) ASML Holdings ($ASML) -16% after expecting weaker-than-expected annual sales.

Private Dealmaking

• Oaktree Capital bought B. Riley for $386 million

• Path Robotics, a robotic whisking systems developer, raised $100 million

• Nuclera, a protein manufacturing platform, raised $75 million

• Koloma, a green hydrogen startup, raised $50 million

• Galileo, a generative AI platform, raised $45 million

• Topsport, an ad-tech startup, raised $20 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

Billionaire, Nerd, Savior, King

Few billionaires have been in the public eye for as long, and in as many guises, as Bill Gates. At first hailed as a tech visionary, the Microsoft cofounder morphed into a ruthless capitalist, only to change yet again when he fashioned himself into a global do-gooder.

Along the way, Gates influenced how we think about tech founders, as the products they make and the ideas they sell continue to dominate our lives.

Through the Bill & Melinda Gates Foundation, he also set a new standard for high-profile, billionaire philanthropy. But there is more to Gates’s story, and here, Das’s revelatory reporting shows us that billionaires have secrets and philanthropy can have a dark side.

Drawing upon hundreds of interviews with current and former employees of the Gates Foundation, Microsoft, academics, nonprofits, and those with insight into the Gates universe, Das delves into Gates’s relationships with Warren Buffett, Jeffrey Epstein, Melinda French Gates, and others, to uncover the truths behind the public persona.

In telling Gates’s story, Das also provides a new way to think about how billionaires wield their power, manipulate their image, and pursue philanthropy to become heroes, repair damaged reputations, and direct policy to achieve their preferred outcomes.

“From the finance editor of The New York Times, an insightful and illuminating examination of Bill Gates—one of the most powerful and provocative figures of the past four decades—and an exploration of our national fixation on billionaires.”

_{DAILY VISUAL}

Rising Share of the Russell 2000 Have Negative Earnings

_{PRESENTED BY CORPORATE FINANCE INSTITUTE}

Have You Mastered Comparable Valuation Analysis? Prove it

If you’re not an expert at Valuation Analysis yet, your career (and paygrade) could be suffering. 

The solution? CFI’s Financial Modeling & Valuation Analyst (FMVA®) Certification

• Gain vital skills in financial modeling and valuation

• Ideal for investment banking, private equity, and corporate finance

• Trusted by over 2 million professionals, rated 4.9/5 stars

Get certified with CFI, the #1 finance training provider today.

_{DAILY ACUMEN}

The Art of Rest

In a world full of quick fixes, it’s easy to forget that sometimes the best solutions are the simplest. Many people struggle with sleepless nights, often reaching for pills, potions, or elaborate rituals to try to drift off. Yet often, the root cause of our sleeplessness isn’t physical—it's our overactive minds.

Worry and rumination can keep us awake, preventing us from getting the rest our bodies need. Instead of stressing over lost hours, try letting go of the need for "perfect sleep." Accepting the sleep you do get, rather than fighting it, can actually help you relax more deeply.

When you wake up in the middle of the night, instead of grabbing your phone or replaying tomorrow's to-do list, try picking up a dull book, or repeat a calming mantra like, “The body gets what it needs if I let it.”

Trust in the wisdom of your body and release the pressure. Sometimes, rest isn’t about controlling the outcome—it's about letting go.

_{ENLIGHTENMENT}

Short Squeez Picks

• How to overcome your fear of failure

• Jeff Bezos says the 1-hour rule makes him smarter

• Can Hudson Square reinvent itself as NYC’s new trendy neighborhood?

• A 15-second deep-breathing technique to slow racing thoughts

• $500 is basically free these days

_{MEME-A-PALOOZA}

Memes of the Day