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Accounting firms are turning to India amid an accountant shortage, hedge funds are confidently shorting US stocks, Thoma Bravo is chasing deals regardless of market conditions, firms are yanking guidance in numbers, and the White House lashed out at Amazon's idea to display tariff costs.

Whether you work with early-stage startups or growing enterprises, Brex can help you fuel growth for your PortCos with a banking solution that takes every dollar further.

Let's dive in.

Before The Bell

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Markets

• US stocks recovered some more on news of America's first trade deal this year

  • S&P rose for a sixth-straight day in its best streak since March 2022, though it posted its worst first 100 days under a new president in five decades 

• US Treasuries traded at multi-week highs

• Oil is headed for its worst April ever

• EM FX index jumped to a six-month high on easing trade fears

Earnings

• Visa beat Q1 earnings and revenue estimates on 9% transaction growth driven by resilient consumer spending despite economic uncertainty; the firm announced a $30B share buyback and maintained its FY guidance (BBG)

• PayPal beat Q1 earnings estimates on an 8% transaction margin growth and strong debit card adoption but maintained its FY guidance amid persistent global economic uncertainty (CNBC)

• Snap fell 13% on a Q1 loss while also declining to provide guidance amid economic uncertainties and advertising headwinds (CNBC)

• Coca-Cola beat Q1 earnings and revenue estimates and reaffirmed its FY outlook on confidence to manage global trade-related disruptions, though it warned that tariffs could hurt sentiment (CNBC)

• Starbucks missed Q1 earnings and revenue estimates on a fifth-straight same-store sales decline and warned that its turnaround efforts and rising coffee costs from tariffs will pressure earnings despite early momentum in its turnaround efforts (CNBC)

• UPS beat Q1 profit estimates but plans to cut 20k jobs amid economic uncertainty and expected lower volumes from Amazon; the firm also pulled its FY guidance amid weak trade and demand (CNBC)

• Spotify missed Q1 earnings and revenue estimates due to higher payroll taxes tied to rising salaries and stock prices, despite strong subscriber growth driven by Latin America and Asia-Pacific (RT)

• Pfizer beat Q1 profit estimates despite a decline in sales, largely due to falling revenue from Paxlovid and expanded cost-cutting efforts (CNBC)

• Booking Holdings beat Q1 earnings and revenue estimates, with room nights booked growing to 319M, but revised its FY growth outlook due to increased economic uncertainty (BBG)

• What we're watching this week:  

  • Today: Microsoft, Meta, Qualcomm, Robinhood, Caterpillar

  • Thursday: Apple, Amazon, McDonald's, Mastercard, CVS, Airbnb, Reddit, Eli Lilly

  • Friday: ExxonMobil, Chevron, Brookfield, Apollo

• Full calendar here 

Prediction Markets

• The real VIX index…

• Trade your predictions on a range of events, only on Kalshi. Sign up with code LIT and get a $20 bonus when you trade $100.

Headline Roundup

• Trump renewed criticism of J Pow in 'first 100 days' speech (BBG)

• US is close to its first trade deal of 2025 (CNBC)

• US job openings and layoffs dropped sharply (RT)

• US goods-trade deficit hit a record (BBG)

• China export orders plunged (WSJ)

• China factory activity dropped to a two-year low (CNBC)

• Thoma Bravo is in unfazed by market turbulence in search for deals (BBG) 

• Hedge funds are confidently shorting US stocks while avoiding other bets (BBG)

• Hedge funds are re-buying bank stocks after eight weeks of selling (RT)

• US bond markets are showing signs of caution despite rebound (RT)

• Europe saw the highest bond sales since January (BBG)

• Take-privates stripped $1T from Europe equity markets in past decade (FT)

• GM paused share buybacks over tariff uncertainty (FT)

• White House lashed out at Amazon's idea to display tariff costs (CNBC)

• US accounting firms expand in India to tackle accountant shortage (RT)

• RBC abandoned sustainable finance goals (RT)

• White House is confident on Ukraine minerals deal (BBG)

• Meta launched a standalone AI app to rival ChatGPT (CNBC)

A Message from Brex

Banking That Takes Every Dollar Further

Brex knows runway is everything, so they built a banking solution that helps companies take every dollar further.

Unlike traditional banking solutions, Brex has no minimums and gives companies access to 20x the standard FDIC protection via program banks.

Plus, companies can earn industry-leading yield from their first dollar – while being able to access their funds anytime.

If you want to make sure your company and/or your portfolio companies have a place to save, spend, and grow capital, check out Brex.

Deal Flow

M&A / Investments

• Blackstone is exploring a $3B sale of sustainability software firm Sphera

• Abu Dhabi SFW ADIA is considering selling its 50% stake in reusable container manufacturer IFCO for over $2.3B

• French bank Crédit Mutuel acquired German lender OLB from Apollo for $1.9B in a rare PE exit from Germany's banking sector

• European PE firm CGE Partners is exploring a potential $1.3B sale of energy industry data and analytics provider Aurora Energy Research

• Brazil's state-run bank BRB is nearing completion of due diligence for its acquisition of local lender Banco Master, with the deal valued at ~$360M

• UK-based Sullivan Street Partners is close to a deal to acquire UK engineering firm Senior's aerostructures unit, valued at ~$268M

• Super Bowl MVP QB Eli Manning is assembling an investment group to bid for a minority stake in NFL's New York Giants as the team explores a 10% stake sale

• Blackstone-backed pet care platform Rover Group is acquiring Ireland-based marketplace Gudog

• PE firm Kohlberg acquired Resa Power from Bahrain-based Investcorp

• $1.2B UK-listed semiconductor firm Alphawave IP extended the deadline for Qualcomm to make a takeover bid

VC

• Spacecraft manufacturer Apex raised a $200M Series C led by Point72 Ventures and 8VC

• Nous Research, a human centric simulator startup, raised $65M in funding from Paradigm Together AI, North Island Ventures, and more

• Utilidata, a startup building AI technology for the edge, raised a $60.3M Series C led by Renown Capital Partners

• 1NCE, a German IoT software and connectivity platform, raised $60M in funding from Deutsche Telekom, iSquared Capital, SoftBank, and others

• indiGOtech, a new mobility tech company, raised a $54M Series BB led by FedEx, Foxconn, and FM Capital

• VSORA, a French provider of AI inference chips, raised a $46M round led by Otium and a French family office

• Navro, a UK fintech facilitating international payments for businesses, raised a $41M Series-B led by Jump Capital

• Villa, an offsite homebuilding platform, raised $40M in funding led by Unless

• Forge Nano, a startup developing domestic battery and semiconductor solutions, raised $40M in funding led by RockCreek and Ascent Funds

• IXI, a Finnish startup building low-power glasses that adjust for far-sightedness, raised a $36.5M Series A led by Plural

• Dutch smart energy management and battery storage startup iwell raised a $30M funding round led by Meridiam

• Camp Network, a Layer 1 blockchain focused on IP, raised a $30M Series A led by 1kx and Blockchain Capita

• Social care technology platform Blooming Health raised a $26M Series A led by Insight Partners

• Growers Edge, a financial products and data-driven tools provider for agricultural retailers, manufacturers, and lenders, raised $25M in funding led by S2G Investments, Cibus Capital, and Lowercarbon Capital

• Energy drink brand GORGIE  raised a $24.5M Series A led by Notable Capital

• Swiss cleantech startup DePoly raised a $23M seed round led by MassMutual Ventures

• Circular textile startup eeden raised an $20.5M Series A led by Forbion

• Near Space Labs, a startup building aircraft to take hi-res pictures from the stratosphere, raised a $20M Series B led by Bold Capital Partners

• node.energy, a German software company providing green electricity services, raised a $18M Series B led by DeepTech and Climate Fund and eCAPITAL

• Sennos, an AI platform to improve brewing and biomanufacturing, raised a $15M round led by TomEnterprise

• Hoofprint Biome, a startup reducing cattle methane emissions, raised a $15M Series A led by SOSV

• Pharmacy payment integrity and benefit optimization startup HealthPlan Data Solutions raised a $15M round led by MK Capital

• Basil Systems, an AI-powered product lifecycle intelligence platform for the life sciences industry, raised $11.5M in funding led by Golden Ventures

• Fintech company Flex raised $10M in funding from Wellington

• Pistachio, an Norwegian automated security awareness training platform, raised a $7M Series A led by Walter Ventures

• Adaptive, a startup enabling non-coders to create software that personalizes computing with AI, raised a $7M seed round led by Pebblebed

• Particula, an AI-driven risk intelligence platform for digital assets, raised $5.5M in funding led by SixThirty Ventures, Vanagon Ventures, and Futury Capital

• Astrato, a cloud-native BI platform, raised a $5M seed round led by Big Pi Ventures

IPO / Direct Listings / Issuances / Block Trades

• Apollo-backed specialty insurer Aspen Insurance plans to raise ~$340M at a $2.9B valuation in a US IPO

• Malaysian discount chain Eco-Shop Marketing plans to raise ~$100M at a $1.6B valuation in Malaysia's biggest IPO YTD

• An investor in Chinese toy company Pop Mart International raised $101M in a block trade as shares hit a record high

• Canadian miner McEwen Mining is considering a US or Canada IPO of its McEwen Copper unit, while also weighing Argentina

• India's biggest lender State Bank of India plans to raise equity capital in an FPO, rights issue or qualified institutional placement

Debt

• Alphabet is set to raise $7.7B in a debut euro bonds sale 

• PE firm Clearlake Capital is in talks with Ares and Morgan Stanley to replace short-term financing for its $7.7B LBO of business data analytics firm Dun & Bradstreet with a potential $5B loan at a 500 bps premium, while considering contributing more equity to reduce debt

• Peter Thiel pledged $1.2B worth of Palantir shares–over 10% of his stake–as collateral for personal debt agreements

• Indian quick commerce platform Zepto is close to raising $175M in a structured debt deal with Edelweiss Alternative Asset and others

• South Korea hired Goldman, HSBC, JPMorgan, and Credit Agricole for a potential foreign-currency bond sale

Bankruptcy / Restructuring / Distressed

• A US bankruptcy judge declined to dismiss Barretts Minerals' Chapter 11 case, rejecting arguments that it was filed to shield its parent Minerals Technologies from talc-related lawsuits

• Solar firm Sunnova Energy is in talks with creditors to secure financing for a potential bankruptcy after missing an interest payment on its 2028 senior notes, with its 30-day grace period ending this week

• Variety Wholesalers, the new owner of Big Lots, will reopen 132 previously shuttered stores across 14 southern states following the chain's bankruptcy filing

Fundraising

• $1.3T SWF China Investment Corp. is weighing a sale of US PE LP stakes amid a trade war

• Investment firm Atlas Merchant Capital is considering transferring holdings from its debut fund, including Kepler Cheuvreux, South Street Securities, and Panmure Liberum, into a multi-asset continuation fund

Crypto Sum Snapshot

• Fintech bank SoFi will bring back cryptocurrency investing

• Check out our Crypto Sum newsletter for the full stories on everything crypto!

Exec’s Picks

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• a16z partner Andrew Chen thinks NYC has become the best tech hub barring the west coast. Take a look at why he thinks so.

• Financial Times published 10 defining charts of Trump's first 100 days.

Financial Services Recruiting 💼

If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.