• Exec Sum
  • Posts
  • Apple is Fighting Back Against Watch Ban

Apple is Fighting Back Against Watch Ban

Apple is fighting the Apple Watch ban in court, big oil enters 2024 with a strong outlook thanks to industry consolidation, Barry Silbert stepped down as chairman of Grayscale, Milei lifted import controls in a free trade push, EV prices are expected to drop in 2024, and the Kock family is backing Nikki Haley.

Together with

Good Morning,

Apple is fighting the Apple Watch ban in court, big oil enters 2024 with a strong outlook thanks to industry consolidation, Barry Silbert stepped down as chairman of Grayscale, Milei lifted import controls in a free trade push, EV prices are expected to drop in 2024, and the Kock family is backing Nikki Haley.

If you joined the padel movement and you’re looking for a top-performing racket, check out today’s sponsor, TWOTWO.

Let’s dive in.

Before The Bell

As of 12/26/2023 market close.

Markets

  • US stocks rose, kicking off their final week of 2023 with expectations of rate cuts as soon as March 

    • The Nasdaq led indices with a 0.54% gain

  • Oil prices climbed over 2% to their highest level this month due to further attacks on ships in the Red Sea prompting fear of shipping disruptions

Earnings

Headline Roundup

  • Apple to fight watch ban in court after White House declines to act (BBG)

  • Big oil enters 2024 strengthened by US industry consolidation (RT)

  • US holiday retail sales grow 3.1%, down from prior year, Mastercard says (RT)

  • Home prices continued climb in October, surveys show (RT)

  • Argentina’s Milei lifts imports controls in free trade push (BBG)

  • Treasury auctions lure buyers as Fed rate cut wagers build (BBG)

  • Florida developers head west with $1B ski-town project (WSJ)

  • Houthi rebels attack container ship in Red Sea conflict (BBG)

  • Haley endorsement marks presidential return of Koch Donor network (WSJ)

  • Expect EVs to get cheaper in 2024 (CNBC)

  • Biden’s strict hydrogen tax rules to ‘loosen,’ Plug Power CEO expects (BBG)

  • Intel to invest $25B in Israel after winning incentives (BBG)

  • Trump is primed for a trade war in a second term, calling for ‘eye-for-eye’ tariffs (WSJ)

  • Australian insurance stocks in focus after storms hit east coast (BBG)

A Message From TWOTWO

Bring Your A-Game to the Padel Court

Padel is the hottest sport in the world right now, captivating athletes from the Hamptons to the Nordics, and TWOTWO sells the best padel gear on the market.

TWOTWO offers hats, balls, hoodies, and, most importantly, sleek rackets that will have you on your A-Game as you hit the court.

Exec Sum readers get 10% off by using the code “Litquidity10” at checkout. Upgrade your padel game with a TWOTWO racket below đŸ‘‡đŸŒ

Deal Flow

M&A / Investments

  • Bristol Myers Squibb will acquire radiological drug developer RayzeBio for ~$4.1B to bolster its pipeline (BBG

  • AstraZeneca agreed to acquire Chinese cell therapy developer Gracell Biotechnologies for as much as $1.2B (BBG

  • Adani Green Energy’s founders will invest as much as $1.1B into the renewable energy unit through share warrants (BBG

  • Affiliates of Blackstone are seeking to exit India’s Embassy Office Parks REIT through an $833M block deal (BBG

  • Alternative investment firm Stonepeak Partners will invest an estimated $497M into breakdown coverage firm AA and become a minority shareholder (BBG

  • Brazilian oil junior Enauta Participacoes acquired a 23% stake in the oil fields that comprise the Parque das Conchas, which is operated by Shell, from QatarEnergy Brasil for $150M (BBG

  • Disney and Reliance Industries, India’s most valuable company, signed a non-binding agreement to merge their Indian media operations; Disney will own 49% of the combined company, while Reliance will own 51% (RT)

VC

  • Web3 growth marketing company Addressable raised $13.5M in funding led by BITKRAFT Ventures (FN)

  • Subtl Beauty, an NYC-based company that specializes in compact and convenient makeup, raised a $5M Series A from Cult Capital (FN)

IPO / Direct Listings / Issuances / Block Trades

SPAC

  • Blaize, a provider of full-stack AI solutions for computing, will merge with BurTech Acquisition Corp. in an $894M deal (BW

Debt

  • Canada will back $1.5B in new commercial loans for Trans Mountain Corp, which is building an over-budget and long-delayed oil pipeline expansion (RT

Bankruptcy / Restructuring

  • Online retailer Zulily, which was once valued at ~$9B, will shut down due to a challenging business environment; the company began a form of state court-supervised bankruptcy (WSJ

  • Ex-SPAC Parts ID, a publicly traded operator of e-commerce websites focused on auto parts, filed for Chapter 11 bankruptcy (BBG)

Crypto Corner

  • Binance founder and former CEO Changpeng Zhao’s fortune rose by ~$25B this year thanks to Bitcoin’s rebound (BBG

  • Barry Silbert resigned from his position as chairman of Grayscale Investments, the crypto-trust vying for US approval to convert the world’s largest Bitcoin trust into an ETF (BBG

  • Spot bitcoin ETF approval may be coming in January, experts say (CNBC)

  • MicroStrategy bitcoin bet produces over 300% gain for investors in 2023 (CNBC)

Taste Rare Wines from Untouched Vineyards

Embark on a wine adventure to the literal Edge of the Earth!

Picture cowboys beneath starlit skies, where a remarkable red wine is crafted, nurtured by pure snowmelt at up to 10,000 feet.

No chemicals, no shortcuts—just 200 years of family tradition.

Today, you can be among the first Americans to reserve your very own supply of these small-batch, limited production wines.

Exec’s Picks

Litney Partners - Financial Recruiting đŸ’ŒđŸ’Œ

If you're currently a junior investment banker looking to break into the buy side, considering lateraling to another investment bank, or have recently been impacted by widespread layoffs, it's time you check out Litney Partners, a partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates at leading private equity, hedge fund, venture capital, growth equity, and credit funds, as well as investment banks.

To get started, simply head over to the Litney website and create your profile by dropping your resume / filling out the form:

Meme Cleanser

Reply

or to participate.