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Bitcoin ETF Loading?
Stocks were up big yesterday, a US court overruled the SEC’s rejection of Grayscale’s bitcoin ETF, US banks may have to raise $70B in debt to match new risk mitigation guidelines, Vinfast’s stock performance stands out in a beaten down SPAC market, and Mullen sued Schwab and TD Ameritrade.
Litquidity Capital
August 30, 2023
Together with
Good Morning,
Stocks were up big yesterday, a US court overruled the SEC’s rejection of Grayscale’s bitcoin ETF, US banks may have to raise $70B in debt to match new risk mitigation guidelines, Vinfast’s stock performance stands out in a beaten down SPAC market, and Mullen sued Schwab and TD Ameritrade.
Want to sharpen your private equity knowledge? Wharton Online and Wall Street Prep just opened enrollment for their upcoming Fall Cohort for the Private Equity Certificate Program. Interested? Enroll today!
Let’s dive in.
Before The Bell
As of 8/29/2023 market close.
Markets
US stocks surged, led by the tech sector, as investors digested a larger-than-expected decrease in consumer confidence in April
The Nasdaq led indices with a 1.7% gain
Asian stocks climbed on hopes of additional stimulus to the Chinese economy
European stocks rallied, led by the UK’s FTSE, which rose 1.7%
US 2Y yields fell to 4.9%
Bitcoin prices rallied 7% after a US court sided with Grayscale against the SEC
Earnings
PDD shares surged 15% after beating Q2 sales estimates with 66% YoY revenue growth thanks to strong performances from its discount e-commerce platform and its international shopping site (RT)
Best Buy shares rose ~4% after beating Q2 analyst earnings and revenue estimates, although it expects the rest of this year to be a low point for tech demand (CNBC)
Nio missed analyst revenue expectations and reported a larger-than-expected adjusted loss amid an economic slowdown in China (CNBC)
HP stock fell over 5% after it missed Q3 analyst revenue and earnings estimates and moderated its Q4 expectations (MW)
What we're watching this week:
Today: CrowdStrike, Salesforce, Chewy, Five Below
Thursday: Dollar General, UBS, Broadcom, lululemon, Dell, VMware, Polestar
Full calendar here
Headline Roundup
S&P 500 ends sharply higher, jobs data fuels interest rate optimism (RT)
US banks to raise $70B in debt under draft rules aimed at mitigating failures (RT)
EV firm Mullen sues Schwab, TD Ameritrade for inflating number of shares (BBG)
Apple sends invites for Sept. 12 launch event, new iPhone 15 expected (CNBC)
Medicare pricing deal set to play a major role in Biden’s 2024 campaign pitch (CNBC)
Warren Buffett’s bet on mild Florida storm season faces test with hurricane Idalia (BBG)
Vinfast’s 400% surge is an anomaly for beaten-down SPAC industry (BBG)
In new step toward Israel deal, Saudi Arabia offers to resume Palestinian authority funding (WSJ)
Commerce chief says US firms complain China is ‘uninvestible’ (RT)
California moves closer to historic caste discrimination ban (RT)
Former White House economic advisor says more Fed hiking is coming (CNBC)
Bristol, Lilly blockbuster drugs targeted by Biden for Medicare price cuts (BBG)
Dollar stamina hinges more on China than Fed, Bank of America says (BBG)
International operation disrupts ‘Botnet’ army behind damaging cyberattacks (WSJ)
‘Oppenheimer’ shows Christopher Nolan is the prestige box office hero Hollywood needs (CNBC)
Gazprom’s net income shrinks on capped gas flows to Europe (BBG)
A Message From Wall Street Prep
Learn the Essentials of Private Equity with Industry Experts
Wharton Online and Wall Street Prep are excited to announce that enrollment is now open for the upcoming Fall Cohort for the Private Equity Certificate Program.
During this 8-week online program, students will learn the essentials of private equity through a theory-meets-practice methodology, taught by the top instructors at both Wharton Online and Wall Street Prep. Students will also be able to hear and gain insight from industry experts such as David Rubenstein and Martin Brand through our guest lecturer series.
In addition, students will have access to our exclusive alumni benefits, which include peer-to-peer networking events, invitation-only LinkedIn and Slack groups, and exclusive recruiting events with top private equity recruiting firms.
Use code LITQUIDITY to save $300 when you register for the program. Enrollment ends on September 5th so be sure to enroll in the program today to secure your spot!
Deal Flow
M&A / Investments
US Steel, which rejected Cleveland-Cliffs’ $7.3B offer, entered into confidentiality agreements with ‘numerous third parties’ and started to review multiple unsolicited proposals ranging from partial acquisition to an entire buyout (RT)
Food services company BradyIFS acquired a $1.7B stake in Envoy Solutions from Mexican beverage and retail company Fomento Economico Mexicano (BBG)
Mortgage finance firm Freddie Mac plans to auction $628M worth of non-performing loans (RT)
Cosmetics-maker Elf Beauty will acquire drugstore skincare brand Naturium for $355M cash and stock (BBG)
Cognex, a leader in industrial machine vision, will acquire optical components supplier Moritex Corporation from PE firm Trustar Capital for ~$275M cash (BZ)
Italian banking group Intesa Sanpaolo is in talks to acquire Romania’s First Bank from PE firm JC Flowers & Co at an estimated ~$218M valuation (BBG)
Swedish payments firm Trustly acquired French recurring payments platform SlimPay in a $76M deal (BBG)
Goldman Sachs Groups’ sale of consumer-lending unit GreenSky is entering the final stretch with groups featuring Sixth Street, Apollo Global, and Pagaya Technologies among final bidders (BBG)
JPMorgan Chase increased its stake in Brazil’s C6 Bank from 40% to 46% (BBG)
German airline Deutsche Lufthansa is exploring a sale of its insurance brokerage unit Albatros and insurance business Delvag (BBG)
PE firm Advent International was shortlisted to acquire Czech parcel delivery company Zasilkovna (RT)
VC
Apollo.io, a full-stack sales and tech platform, raised a $100M Series D at a $1.6B valuation led by Bain Capital Ventures (TC)
Revenue enablement startup Mediafly raised an $80M round led by BIP Ventures (FN)
Real-time search and analytics startup Rockset raised $44M: $37M in equity and $7M in debt led by ICON Ventures (TC)
Cold chain solution provider AeroSafe Global raised a $43M round led by NewSpring (FN)
CH4 Global, a climate tech startup, raised a $29M Series B led by DCVC, DCVC Bio, and Cleveland Avenue (FN)
Better Life Partners, a provider of a multi-specialty solution for individuals and populations, raised a $26.5M Series B led by aMoon and F-Prime Capital (FN)
Intuition Robotics, an Israeli eldercare robotics startup, raised a $25M Series B led by Toyota’s Woven Capital (TC)
TapestryHealth, a healthcare startup utilizing radar tech and AI to evaluate and treat patients in skilled nursing facilities, received a $25M investment from Catalio Capital Management (BW)
Ideogram, a Toronto-based generative text-to-image technology startup, raised a $16.5M seed round led by a16z and Index Ventures (FN)
Medspa startup Moxie raised a $15.7M funding round led by SignalFire and Boulton & Watt (FN)
Medical radiation protection startup Radiaction Medical raised a $12.6M Series C-2 led by InnovaHealth Partners (BW)
Industrial manufacturing troubleshooting platform ControlRooms.ai raised a $10M Series A led by Origin Ventures (TC)
Amplified Industries, a startup building an industrial IoT solution, raised a $10M seed round led by Schooner Capital (BW)
‘SaaS+’ platform BusRight raised a $7M Series A led by Rally Ventures and Monoline (TC)
TruLite Health, a health equity solutions company, raised a $7M Series A led by Osage Venture Partners (BW)
Fusion energy startup Novatron Fusion Group raised a $5M seed round led by Climentum Capital (FN)
Jitty, a UK-based provider of an AI-powered property search engine, raised a $2M pre-seed round led by Gradient Ventures (FN)
IPO / Direct Listings / Issuances / Block Trades
Bankruptcy / Restructuring
Apple supplier Foxconn lost a bid to kick Lordstown Motors out of Chapter 11 bankruptcy after a judge rejected its claims that the EV maker filed for bankruptcy to gain an edge in their legal dispute (BBG)
Jingwei Textile Machinery, the largest shareholder of the Chinese trust firm at the center of China’s shadow banking crisis, plans to delist due to ‘significant uncertainties’ (BBG)
Crypto Corner
Exec’s Picks
The Information covered Chamath Palihapitiya’s venture firm’s attempt to sell hundreds of startup stakes this summer.
Noah Smith explained why BRICS is actually just one big distraction.
Litney Partners - Financial Recruiting 💼💼
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
Advertise with us // Visit our merch store // Invest alongside Lit Ventures // Book a call with Lit // Launch your own newsletter
Together with
Good Morning,
Stocks were up big yesterday, a US court overruled the SEC’s rejection of Grayscale’s bitcoin ETF, US banks may have to raise $70B in debt to match new risk mitigation guidelines, Vinfast’s stock performance stands out in a beaten down SPAC market, and Mullen sued Schwab and TD Ameritrade.
Want to sharpen your private equity knowledge? Wharton Online and Wall Street Prep just opened enrollment for their upcoming Fall Cohort for the Private Equity Certificate Program. Interested? Enroll today!
Let’s dive in.
Before The Bell
As of 8/29/2023 market close.
Markets
US stocks surged, led by the tech sector, as investors digested a larger-than-expected decrease in consumer confidence in April
The Nasdaq led indices with a 1.7% gain
Asian stocks climbed on hopes of additional stimulus to the Chinese economy
European stocks rallied, led by the UK’s FTSE, which rose 1.7%
US 2Y yields fell to 4.9%
Bitcoin prices rallied 7% after a US court sided with Grayscale against the SEC
Earnings
PDD shares surged 15% after beating Q2 sales estimates with 66% YoY revenue growth thanks to strong performances from its discount e-commerce platform and its international shopping site (RT)
Best Buy shares rose ~4% after beating Q2 analyst earnings and revenue estimates, although it expects the rest of this year to be a low point for tech demand (CNBC)
Nio missed analyst revenue expectations and reported a larger-than-expected adjusted loss amid an economic slowdown in China (CNBC)
HP stock fell over 5% after it missed Q3 analyst revenue and earnings estimates and moderated its Q4 expectations (MW)
What we're watching this week:
Today: CrowdStrike, Salesforce, Chewy, Five Below
Thursday: Dollar General, UBS, Broadcom, lululemon, Dell, VMware, Polestar
Full calendar here
Headline Roundup
S&P 500 ends sharply higher, jobs data fuels interest rate optimism (RT)
US banks to raise $70B in debt under draft rules aimed at mitigating failures (RT)
EV firm Mullen sues Schwab, TD Ameritrade for inflating number of shares (BBG)
Apple sends invites for Sept. 12 launch event, new iPhone 15 expected (CNBC)
Medicare pricing deal set to play a major role in Biden’s 2024 campaign pitch (CNBC)
Warren Buffett’s bet on mild Florida storm season faces test with hurricane Idalia (BBG)
Vinfast’s 400% surge is an anomaly for beaten-down SPAC industry (BBG)
In new step toward Israel deal, Saudi Arabia offers to resume Palestinian authority funding (WSJ)
Commerce chief says US firms complain China is ‘uninvestible’ (RT)
California moves closer to historic caste discrimination ban (RT)
Former White House economic advisor says more Fed hiking is coming (CNBC)
Bristol, Lilly blockbuster drugs targeted by Biden for Medicare price cuts (BBG)
Dollar stamina hinges more on China than Fed, Bank of America says (BBG)
International operation disrupts ‘Botnet’ army behind damaging cyberattacks (WSJ)
‘Oppenheimer’ shows Christopher Nolan is the prestige box office hero Hollywood needs (CNBC)
Gazprom’s net income shrinks on capped gas flows to Europe (BBG)
A Message From Wall Street Prep
Learn the Essentials of Private Equity with Industry Experts
Wharton Online and Wall Street Prep are excited to announce that enrollment is now open for the upcoming Fall Cohort for the Private Equity Certificate Program.
During this 8-week online program, students will learn the essentials of private equity through a theory-meets-practice methodology, taught by the top instructors at both Wharton Online and Wall Street Prep. Students will also be able to hear and gain insight from industry experts such as David Rubenstein and Martin Brand through our guest lecturer series.
In addition, students will have access to our exclusive alumni benefits, which include peer-to-peer networking events, invitation-only LinkedIn and Slack groups, and exclusive recruiting events with top private equity recruiting firms.
Use code LITQUIDITY to save $300 when you register for the program. Enrollment ends on September 5th so be sure to enroll in the program today to secure your spot!
Deal Flow
M&A / Investments
US Steel, which rejected Cleveland-Cliffs’ $7.3B offer, entered into confidentiality agreements with ‘numerous third parties’ and started to review multiple unsolicited proposals ranging from partial acquisition to an entire buyout (RT)
Food services company BradyIFS acquired a $1.7B stake in Envoy Solutions from Mexican beverage and retail company Fomento Economico Mexicano (BBG)
Mortgage finance firm Freddie Mac plans to auction $628M worth of non-performing loans (RT)
Cosmetics-maker Elf Beauty will acquire drugstore skincare brand Naturium for $355M cash and stock (BBG)
Cognex, a leader in industrial machine vision, will acquire optical components supplier Moritex Corporation from PE firm Trustar Capital for ~$275M cash (BZ)
Italian banking group Intesa Sanpaolo is in talks to acquire Romania’s First Bank from PE firm JC Flowers & Co at an estimated ~$218M valuation (BBG)
Swedish payments firm Trustly acquired French recurring payments platform SlimPay in a $76M deal (BBG)
Goldman Sachs Groups’ sale of consumer-lending unit GreenSky is entering the final stretch with groups featuring Sixth Street, Apollo Global, and Pagaya Technologies among final bidders (BBG)
JPMorgan Chase increased its stake in Brazil’s C6 Bank from 40% to 46% (BBG)
German airline Deutsche Lufthansa is exploring a sale of its insurance brokerage unit Albatros and insurance business Delvag (BBG)
PE firm Advent International was shortlisted to acquire Czech parcel delivery company Zasilkovna (RT)
VC
Apollo.io, a full-stack sales and tech platform, raised a $100M Series D at a $1.6B valuation led by Bain Capital Ventures (TC)
Revenue enablement startup Mediafly raised an $80M round led by BIP Ventures (FN)
Real-time search and analytics startup Rockset raised $44M: $37M in equity and $7M in debt led by ICON Ventures (TC)
Cold chain solution provider AeroSafe Global raised a $43M round led by NewSpring (FN)
CH4 Global, a climate tech startup, raised a $29M Series B led by DCVC, DCVC Bio, and Cleveland Avenue (FN)
Better Life Partners, a provider of a multi-specialty solution for individuals and populations, raised a $26.5M Series B led by aMoon and F-Prime Capital (FN)
Intuition Robotics, an Israeli eldercare robotics startup, raised a $25M Series B led by Toyota’s Woven Capital (TC)
TapestryHealth, a healthcare startup utilizing radar tech and AI to evaluate and treat patients in skilled nursing facilities, received a $25M investment from Catalio Capital Management (BW)
Ideogram, a Toronto-based generative text-to-image technology startup, raised a $16.5M seed round led by a16z and Index Ventures (FN)
Medspa startup Moxie raised a $15.7M funding round led by SignalFire and Boulton & Watt (FN)
Medical radiation protection startup Radiaction Medical raised a $12.6M Series C-2 led by InnovaHealth Partners (BW)
Industrial manufacturing troubleshooting platform ControlRooms.ai raised a $10M Series A led by Origin Ventures (TC)
Amplified Industries, a startup building an industrial IoT solution, raised a $10M seed round led by Schooner Capital (BW)
‘SaaS+’ platform BusRight raised a $7M Series A led by Rally Ventures and Monoline (TC)
TruLite Health, a health equity solutions company, raised a $7M Series A led by Osage Venture Partners (BW)
Fusion energy startup Novatron Fusion Group raised a $5M seed round led by Climentum Capital (FN)
Jitty, a UK-based provider of an AI-powered property search engine, raised a $2M pre-seed round led by Gradient Ventures (FN)
IPO / Direct Listings / Issuances / Block Trades
Bankruptcy / Restructuring
Apple supplier Foxconn lost a bid to kick Lordstown Motors out of Chapter 11 bankruptcy after a judge rejected its claims that the EV maker filed for bankruptcy to gain an edge in their legal dispute (BBG)
Jingwei Textile Machinery, the largest shareholder of the Chinese trust firm at the center of China’s shadow banking crisis, plans to delist due to ‘significant uncertainties’ (BBG)
Crypto Corner
Exec’s Picks
The Information covered Chamath Palihapitiya’s venture firm’s attempt to sell hundreds of startup stakes this summer.
Noah Smith explained why BRICS is actually just one big distraction.
Litney Partners - Financial Recruiting 💼💼
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
Advertise with us // Visit our merch store // Invest alongside Lit Ventures // Book a call with Lit // Launch your own newsletter
Join the conversation