Good Morning! Topgolf is reportedly in talks to be sold to Leonard Green in a ~$1 billion deal, capping years of underperformance since Callaway bought the rest of the company in 2021 at a $2 billion valuation.

Cantor Fitzgerald is on track for its most lucrative year ever. And the last pennies minted could sell for as much as $5 million each when they hit the auction block in December,

The U.S. agreed to cut tariffs on Switzerland to 15% from 39% in a new trade deal. Berkshire Hathaway bought 17.8 million shares of Alphabet during Q3. Bitcoin fell below $95,000 as the rout deepened, Bill Ackman offered (viral) dating advice.

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SQUEEZ OF THE DAY

StubHub Skips Guidance

Usually, when a company goes public, management spends the first few quarters trying to win over Wall Street. StubHub, on the other hand, seems to be doing the opposite.

Barely two months into life as a public company, StubHub’s leadership is taking the unusual step of withholding guidance.

On Friday’s earnings call, CEO Eric Baker said the company is taking a “long-term approach” and argued that shifting ticket on-sale dates make near-term forecasting too difficult. With uncertainty around November and December demand, management opted not to provide next-quarter guidance at all.

The market did not take it well. Shares fell 21% on Friday as investors tried to interpret why a newly listed company already refuses to outline where its business is headed.

Analysts weren’t amused either; Wedbush said it was “surprised” by the move and warned that visibility remains limited. StubHub is now down nearly 37% from its $23.50 IPO price, a stark contrast to recent IPOs like Figma, Klarna, and Circle, which all rallied out of the gate.

What makes the decision stranger is that the underlying business is performing well. Q3 revenue rose 8% to $468.1 million, beating expectations, and gross merchandise sales climbed 11% to $2.43 billion.

Demand for live events remains healthy. The issue is the optics: public companies are expected to offer quarterly guidance, especially in the early days. StubHub also posted a net loss of $1.33 billion, largely tied to IPO-related charges, which didn’t help investor confidence.

The move also raises deeper questions about why StubHub went public if it wants to operate like a private company. The IPO was widely viewed as a liquidity event, an opportunity to reduce debt, refinance at lower rates, and give early investors an exit. Withholding guidance undercuts that narrative. Investors don’t want a deleveraging story without a visibility story.

Takeaway: Baker says the company will provide a full outlook for 2026 when it reports Q4 results. Until then, the key question lingers: if StubHub can’t confidently forecast demand two months after going public, why was it ready to IPO at all? Until visibility improves, the stock is likely to trade on skepticism rather than fundamentals.

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HEADLINES

Top Reads

• Topgolf in discussions to be sold to PE firm Leonard Green (WSJ)

• Cantor Group nets record year under Lutnick brothers (BB)

• Last US pennies could fetch up to $5 million after mint shuts down production (NYP)

• U.S. and Switzerland reach trade deal to lower tariffs to 15% (CNBC)

• Despite AI bubble fears, Berkshire Hathaway loads up on Alphabet shares (Fortune)

• Bitcoin falls below $95,000 as rout accelerates (CNBC)

• Sealed Air in talks to go private (WSJ)

• Walmart CEO Doug McMillon to retire Jan 31; John Furner named successor (YF)

• Mamdani’s appointment of Lina Khan is a warning to private equity (Guardian) 

• Americans are heating their homes with bitcoin this winter (CNBC)

• No one leaving New York City because of Mamdani, say two top real estate CEOs (CNBC)

• JPMorgan Chase wins fight with fintech firms over fees to access customer data (CNBC)

• NY Governor weighs corporate tax hike to help fund Mamdani’s plans (BB)

• Trump reduces tariffs on beef, coffee, bananas to help slash US grocery bills (YF)

• The question everyone in AI asking: How long before a GPU depreciates? (CNBC)

• How JPMorgan cultivates female talent (Fortune)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks stabilized after an early sell-off, closing near flat as tech shares rebounded late in the session.

• For the week, the S&P 500 posted a modest gain, while the Nasdaq slipped, pressured by renewed valuation concerns in growth sectors.

• Fed officials’ hawkish comments dampened hopes for a December rate cut, with futures markets now pricing only a 45% probability, down from 70% earlier this week.

• Asian markets fell after weak China industrial production data, while Europe declined as well.

• Bond yields rose, with the 10-year Treasury yield closing near 4.15%.

Market Leadership Rotation

• Despite Friday’s rebound, mega-cap tech stocks remain under pressure in November, with the Nasdaq down over 3% month-to-date.

• Value and cyclical sectors such as industrials, financials, and health care have outperformed recently, marking a broader rotation in market leadership.

Global Markets

• International equities are on pace for their best year since 2009, with the MSCI AC World ex-U.S. Index up over 30% in U.S. dollar terms.

• Gains have been driven by Europe’s fiscal stimulus and emerging-market tech strength, particularly in China and South Korea.

• A weaker U.S. dollar has amplified returns, though local-currency performance remains strong.

Earnings Today

• XPEV (XPeng) – Watch for electric vehicle demand trends and margin outlook.

• TCOM (Trip.com Group) – Focus on travel recovery and China outbound tourism momentum.

Movers & Shakers

• (+) Whirlpool ($WHR) +7% after hedge fund manager David Tepper increased his stake in the home appliances company.

• (+) Topgolf Callaway ($MODG) +7% because of take-private reports.

• (–) Stubhub ($STUB) -21% after the online ticket reseller suspended its guidance.

Prediction Markets

• The contrarian bet has massive upside. $100 for “No” can become $2500.

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• Merck agreed to acquire Cidara Therapeutics for $9.2 billion

• Blackstone will invest $1.2 billion to build a gas power plant in West Virginia

• Firmus Technologies, a data-center operator, raised $325 million

• Day One Biopharmaceuticals will pay up to $285 million for Mersana

• Forterra, a provider of autonomous commercial and military vehicles, raised $238 million

• Ferroelectric Memory, a memory chip startup, raised $109 million

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BOOK OF THE DAY

The Age of Extraction

Description: A sharp and urgent examination of how a handful of tech platforms have shifted from serving users to extracting value—data, attention, wealth—from the economy and society at large. Tim Wu traces the rise of “platform capitalism,” explains how monopolistic scale becomes a weapon, and raises the alarm on a future of deepening inequality and corporate dominance. Then he sketches a path toward reclaiming technology’s promise and building an economy that works for everyone.

Book Length: 224 pages

Ideal For: Tech watchers, economic thinkers, policy advocates, business leaders, and anyone wrestling with what it means for society when platforms don’t just compete—they rule.

“Our world is dominated by a handful of tech platforms… They don’t just serve us—they extract from us. The question now is whether we reclaim control, or let them define our future.”

DAILY VISUAL

$26,993

The average U.S. family pays $6,850 for health insurance, employers add $20,143, totaling $26,993 per family.

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DAILY ACUMEN

Hidden Compounder

There’s a kind of compounding that doesn’t show up in your brokerage account. It happens in your behavior.

Every time you keep a promise to yourself, your confidence compounds. Every time you delay gratification, your discipline accrues interest. Every time you choose curiosity over cynicism, your luck expands.

Markets compound on math; people compound on mindset.

The real portfolio worth managing isn’t your net worth, it’s your habits, your reputation, and your energy.

Silent compounding feels like boredom until it suddenly looks like brilliance.

ENLIGHTENMENT

Short Squeez Picks

• Is working 52 minutes, a break for 17 a winning productivity hack?

• Why the bond market still relies on voice

• How to finally solve burnout

• Why time feels like it’s speeding up, and how to slow the pace

• Want to get ahead? Talk to your (AI) CEO 

MEME-A-PALOOZA

Memes of the Day

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