1. PDD May Continue Singles’ Day Reign
2. Private Equity Firms Add Perks to Retain Talent
3. Ping An Sells All of Its Country Garden Shares
4. Take-Two Stock Soars on GTA 6 News
5. 30-Year U.S. Mortgage Rates Drop Sharply
6. BlackRock Invests in Occidental’s Carbon Capture Project
7. Disney Earnings Beat Expectations
1. PDD May Continue Singles’ Day Reign
As November 11 Singles’ Day approaches, Chinese e-commerce giants are preparing for the world’s largest shopping event — and experts believe PDD Holdings (Pinduoduo) may once again emerge as the biggest winner.
Since July, PDD’s U.S. stock price has risen 22%, while Alibaba and JD.com have both declined.
Pinduoduo has expanded its market share in China and gained traction in the U.S. through its platform Temu. In response, even premium retailers like Alibaba and JD.com have slashed prices to PDD’s level.
All major e-commerce platforms are expected to release new earnings soon, and Singles’ Day could significantly boost sales.
Earlier this year, Pinduoduo’s Temu ran a high-profile ad during the Super Bowl, fueling strong revenue growth.
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2. Private Equity Firms Add Perks to Retain Talent
With high interest rates making fundraising and exits more difficult, private equity firms are becoming more cautious in hiring — and offering better compensation to retain staff.
According to Preqin’s 2024 PE compensation survey of 84 firms, junior and mid-level employees saw the largest pay and benefits increases, with mid-level pay rising 10% and senior-level up 9%.
While cash bonuses remained relatively flat, performance-linked perks such as student loan assistance, paid vacation, car insurance subsidies, and gym memberships rose.
Private equity fundraising so far this year stands at $900 billion, down from $1.4 trillion in 2022.
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3. Ping An Sells All of Its Country Garden Shares
Sources say Ping An Insurance Group sold all of its shares in troubled developer Country Garden last quarter and has no plans to acquire the company.
In August, Bloomberg reported Ping An still held 4.9% of Country Garden.
Ping An says it is reducing exposure to real estate, with property investments now comprising 4.5% of its portfolio. Regulators have also urged insurers to focus on core business areas.
As a private company rather than a state-owned enterprise, Ping An lacks the resources to bail out Country Garden while protecting its own finances.
In September, Country Garden’s home sales plummeted 81% year-over-year.
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4. Take-Two Stock Soars on GTA 6 News
Take-Two Interactive Software shares jumped 9.6% in premarket trading to $149.43 after reports that it will unveil Grand Theft Auto VI as soon as this week.
The last installment, GTA V, sold a staggering 185 million copies — second only to Minecraft in video game history.
Year-to-date, Take-Two shares are up 31%. The company will also report quarterly earnings after market close today.
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5. 30-Year U.S. Mortgage Rates Drop Sharply
According to the Mortgage Bankers Association, the average 30-year fixed mortgage rate fell 25 basis points to 7.61% last week — the lowest since late September.
For the week ending November 3, mortgage applications declined 3%. The rate drop brought some relief to the sluggish housing market, but rates remain high enough to deter many buyers.
Capital Economics’ Thomas Ryan said mortgage rates have likely peaked and could gradually decline over the next two years, though rates may not fall below 6% until late 2025.
Housing stocks rallied last week on hopes that the Fed has finished raising rates.
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6. BlackRock Invests in Occidental’s Carbon Capture Project
BlackRock has announced it will invest in Occidental Petroleum’s Stratos — the world’s largest direct air capture project.
Occidental CEO Vicki Hollub said the investment proves carbon capture is mature enough to attract institutional capital and has significant global potential.
Direct Air Capture (DAC) removes CO₂ directly from the atmosphere for underground storage or use in building materials, pesticides, and fuel.
Some environmentalists worry DAC could slow the shift to cleaner energy and may not scale cost-effectively.
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7. Disney Earnings Beat Expectations
Disney reported a 5.4% year-over-year revenue increase to $21.2 billion and EPS of $0.82 — beating estimates of $0.69.
The company also announced plans to cut an additional $2 billion in costs, which may help CEO Bob Iger satisfy activist investor Trian Fund Management.
Theme park operating income surged 31% to $1.76 billion, while streaming losses narrowed to $387 million.
Iger previously promised $5.5 billion in annual cost cuts and laid off 7,000 employees earlier this year.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.