Market Beats | Former Dodgers Owner Interested in Buying TikTok; US GDP Growth Revised to 3.1%; Trump Supports Eliminating Debt Ceiling; Soho House Receives Attractive Buyout Offer; North Korean Hackers Stole $1.3bn in Crypto; US Treasury Yield Curve Deepens Post FOMC; Nike Sales Improve Under New CEO

—— US GDP Growth Revised to 3.1%; Trump Supports Eliminating Debt Ceiling; Soho House Receives Attractive Buyout Offer; North Korean Hackers Stole $1.3bn in Crypto; US Treasury Yield Curve Deepens Post FOMC; Former Dodgers Owner Interested in Buying TikTok; Nike Sales Improve Under New CEO

1. US Housing Starts Drop to 4-Month Low

The US economy grew more quickly in the third quarter than earlier estimates suggested, primarily due to increased consumer spending and exports.

The latest data from the Bureau of Economic Analysis indicates that the Gross Domestic Product (GDP) rose at a 3.1% annual rate in the third quarter, revised up from the initial 2.8% estimate. Consumer spending surged to a 3.7% growth rate—the highest since early 2023—driven by a notable increase in service expenditures.

Additionally, exports grew by 9.6% during the July-to-September period, an adjustment from the previously reported 7.5%, with this growth attributed entirely to services.

These figures emphasize the continued strength of the economy, despite analysts’ predictions of an impending slowdown. The report was released a day after the Federal Reserve’s announcement, which led to a downturn in the stock market, suggesting a more gradual reduction in interest rates in 2025 based partly on recent robust economic performance.

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2. Trump Supports Eliminating Debt Ceiling

As SpaceX’s valuation reaches a new high of approximately $350 billion, boosting Elon Musk’s net worth, Morgan Stanley is also poised to gain from this growth.

The bank has launched a specialized lending program for SpaceX employees, allowing them to liquidate their high-value shares without forfeiting ownership, according to sources familiar with the matter. To qualify, employees must hold at least $500,000 in vested SpaceX stock.

The recent surge in SpaceX’s valuation—its share price now stands at $185, up from $112 in the last valuation less than three months ago—has expanded eligibility for more employees. The terms of the loan include an advance rate of 15% on the pledged shares and a maintenance requirement of 40%.

The interest rate is approximately SOFR plus 4.5%, which currently amounts to about 9%.

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3. Soho House Receives Attractive Buyout Offer

Shares of Soho House & Co Inc. surged after the company revealed it had received a buyout offer at a significant premium to its current stock price.

The company disclosed that a newly formed consortium has proposed purchasing Soho House at $9 per share, representing an 83% premium over Wednesday’s closing stock price. Following the announcement, shares of Soho House soared, climbing as much as 65% in intraday trading to reach their highest level in over a year.

The buyout proposal has the backing of Soho House’s Executive Chair and major shareholder, Ron Burkle, along with The Yucaipa Companies, the private equity firm he leads. Burkle has been advocating for the company to go private following a decline in share prices since its initial public offering in 2021.

The acquisition is contingent upon significant shareholders, including Burkle and Yucaipa, maintaining their equity stakes in the company as part of the deal.

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4. North Korean Hackers Stole $1.3bn in Crypto

According to a report by Chainalysis Inc., hackers linked to North Korea have stolen more money from cryptocurrency platforms in 2024 than in any previous year, highlighting their increasing proficiency which poses a threat to US national security.

The blockchain analytics firm revealed that these digital thieves, who often exploit remote work as a cover, were responsible for over half of the $2.2 billion stolen from such platforms this year. Specifically, groups affiliated with North Korea executed 47 thefts totaling $1.34 billion in 2024, a significant rise from $660.5 million stolen across 20 incidents in 2023.

Additionally, the US Department of Justice announced on December 12 that it had indicted 14 North Korean nationals. These individuals allegedly engaged in fraud and money laundering while working remotely as IT staff for American companies, accumulating over $88 million through theft of proprietary data and extortion, according to the US authorities.

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5. US Treasury Yield Curve Deepens Post FOMC

Longer-dated US Treasury bonds fell on Thursday, causing the yield curve to steepen significantly—a change not seen in roughly 30 months. This occurred after the Federal Reserve’s hawkish stance on interest rate reductions and its forecast for fewer rate cuts next year.

Specifically, the yield on the two-year Treasury notes dropped by 4 basis points to 4.31%, whereas the yield on the 10-year notes climbed by 8 basis points, reaching a session high of 4.59% and trading near the highest levels since late May. This resulted in a spread where the two-year yield was as much as 0.27 percentage points lower than the 10-year, a discrepancy last observed in June 2022. The session saw the yield curve widen by approximately 11 basis points.

Ian Lyngen, the head of US rates strategy at BMO Capital Markets, attributed the weakness in the longer end of the curve to a mix of the Fed’s hawkish signals, ongoing concerns over bond supply, and a general reluctance to engage amidst decisive market movements. He noted that the trend toward a steeper yield curve is expected to continue well into 2024.

This steepening of the curve has been driven by investor hesitation to purchase longer-dated Treasuries amid persistent inflation and a robust economy, even as the Fed has reduced policy rates by a total of 1 percentage point in recent months.

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6. Former Dodgers Owner Interested in Buying TikTok

Despite the potential US ban on TikTok, ByteDance Ltd., the app’s Chinese parent company, has expressed no intention of selling the popular video platform. Nevertheless, Frank McCourt, a real estate tycoon and former owner of the Los Angeles Dodgers, has not been dissuaded from pursuing it.

McCourt, an unexpected contender for TikTok, has been actively making his interest known. He has engaged with over 60 elected officials and policymakers to discuss his acquisition proposal and has also communicated with members of President-elect Donald Trump’s transition team to advocate for his bid. These efforts were detailed in an interview he gave to Bloomberg earlier this month.

In addition, McCourt’s team is actively seeking a potential chief executive officer for the app, having reached out to former TikTok COO V. Pappas, who left the position last year.

The involvement of a CEO like Pappas is seen as potentially making the acquisition more appealing to Trump. However, a spokesperson for Project Liberty, McCourt’s initiative, has refrained from commenting on the CEO search.

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7. Nike Sales Improve Under New CEO

Nike Inc. announced sales that exceeded analysts’ forecasts, providing a strong start for new Chief Executive Officer Elliott Hill during his inaugural earnings call.

The company reported revenue of $12.35 billion, which surpassed the expectations set by analysts. Following this announcement, Nike’s shares increased by 11% at 4:18 p.m. during extended trading in New York.

Despite this positive news, the company’s stock has seen a 29% decline over the course of the year, up to the close of trading on Thursday.

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本文内容来自《Financial Times》、《Bloomberg》，以及《The Real Deal》等多家财经新闻媒体。