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Good Morning,

Wallstreetbets legend Bill Hwang got arrested, Meta's stock bounced back thanks to good earnings, Boeing lost $1.1B on Trump's Air Force One contract, Walmart and CVS are suspending telehealth Adderall prescriptions, and Apollo is buying Carvana's debt.

We teamed up with Del Toro to create the hottest loafer on Wall Street, check it out here. We also dropped some fresh Bill Hwang Gang tees, courtesy of our intern Karl. Cop a shirt here.

Let's dive in.

Before The Bell

If you want to learn more about crypto trading strategies and the world of DeFi, check out our Foot Guns newsletter.

Markets

• The major averages all closed slightly green yesterday as investors continued to digest the corporate earnings season

  • Meta jumped 18% in AH trading, showing that investors believe the recent sell-off was overdone

• European gas prices are soaring after Gazprom decided to halt supplies to Poland and Bulgaria, saying it has not received payment in roubles

• On the economic data front, this morning we’ll be receiving jobless claims numbers

Earnings

• Boeing posted wider-than-expected losses after the company faced higher costs on commercial and defense aircraft and charges tied to the war in Ukraine (CNBC) 

• Deutsche Bank reported its highest quarterly profits in nearly a decade, as its bond traders capitalized on the turmoil in markets (FT)

• Spotify closed 12%+ lower despite better-than-expected top- and bottom-line results after reporting some weakness in ad-supported revenue and missing on paid subscriber estimates (CNBC) 

• Harley-Davidson fell yesterday after reporting a Q1 operating income decline due to semiconductor shortages and other-chain problems (BRRNS) 

• Meta jumped 19% AH after an earnings beat but slight revenue miss thanks to a bounce back in daily active users and average revenue per user (CNBC)

• PayPal reported slightly better-than expected revenue and user growth results but cut its FY outlook as it works to engage more of its valuable users (MW)

• Teladoc fell 36% in AH due to lackluster revenue growth and a $41.58 net loss per share, largely driven by a $6.6B non-cash goodwill impairment charge (YHOO)

• What we’re watching today: Twitter, Southwest, Mastercard, McDonald’s, Apple, Amazon, Robinhood

• Full calendar here

Headline Roundup

• Del Toro releases Wall Street-inspired loafer with finance meme account Litquidity (FN)

• Trump appeals contempt ruling dinging him with $10K daily fine (BBG)

• Lucid will sell up to 100K EVs in deal with Saudi Arabia (BBG)

• Twitter, Musk deal includes $1B termination agreement (BBG)

• Inditex founder Amancio Ortega buys $270M office building in Scotland (RT)

• Archegos founder Bill Hwang, former CFO charged with securities fraud (WSJ)

• Walmart, CVS pharmacies have blocked or delayed telehealth Adderall prescriptions (WSJ)

• Boeing lost $1.1B on Trump Air Force One contract; CEO regrets deal (CNBC)

• Fauci says US is transitioning out of ‘pandemic phase’ (CNBC)

• Comcast and Charter formed a 50/50 venture to develop and offer a next-gen streaming platform (CMSCA)

A Message From 800º GO

May the 4th be…the last day to invest in the $233 billion robot pizza pie revolution. 

We’re attacking you with May puns to let you know about the robot pizza pods taking over the earth as we speak. At 40 square feet, they’re so tiny and portable, you wouldn’t even notice they moved next door.

With 2X higher margins, 3-minute pizzas, and an ultra-compact and scalable model, the $660 billion U.S. restaurant industry simply can’t wait for this robotic pizzeria. 

You can get a piece for yourself by investing in 800º GO, but there isn’t much time left. This funding round closes May 4th – and by then, the world pizza market MAY have already soared to $233 billion and become dominated by AI.

A may-jor global shift. If you can’t beat ‘em, join ‘em, right? Invest in 800º GO while you still can.

Deal Flow

M&A / Investments

• Apollo and L Catterton are in early talks about a possible purchase of toy maker Mattel, which has a current market value of ~$8.7B (BBG)

• Thoma Bravo approached banking software specialist Temenos, which has a current market value of ~$6.4B, about a potential buyout offer (BBG)

• Bruin Capital is revisiting plans for a possible sale of its media and technology company Deltatre that could be worth ~$1B (BBG)

• Goldman Sachs agreed to buy a minority stake in TV-ad measurement company iSpot.tv for $325M (WSJ)

• French auto maker Renault is in talks with the Russian government about selling its 68% stake in Russia's biggest auto maker AvtoVAZ to a state-backed entity for a symbolic 1 RUB (~$0.01); its stake was valued at ~$2.4B at the end of last year (WSJ)

• British fashion retailer Ted Baker has received “a number” of proposals from potentially interested suitors and invited the parties to enter a due diligence process (RT)

• Providence Equity Partners agreed to acquire Airties, a cloud-based WiFi solutions company (PRN)

VC

• Mavrck, a startup helping brands and media companies source and engage influencers, raised $135M in financing from Summit Partners (TC)

• Home energy monitoring startup Sense raised a $105M Series C led by Blue Earth Capital (TC)

• Coherent, a global no-code SaaS provider, raised a $75M Series B led by Maverick Capital (BW)

• Higg, a sustainability insights platform for consumer goods, raised a $50M Series B led by Silversmith Capital Partners and Galvanize Climate Solutions (PRN)

• B2B ecosystem platform Reveal raised a $50M Series A led by Insight Partners (TC)

• Strategic intelligence provider Strider Technologies raised a $45M Series B led by Valor Equity Partners (PRN)

• Concert Health, a behavioral health and medical group, raised a $42M Series B led by Define Ventures (BW)

• AI-based e-commerce shipping compliance startup Eurora raised a $40M round led by Connected Capital (TC)

• Kubernetes security platform ARMO raised a $30M Series A led by Tiger Global and Hyperwise Ventures (PRN)

• Enveil, a provider of encrypted, privacy-focused search analytics tools, raised a $25M Series B led by USAA (TC)

• Cardiac remote monitoring startup IMPLICITY raised a $23M Series A led by Crédit Mutuel Innovation and Bpifrance (PRN)

• ‘Secrets management’ platform Doppler raised a $20M Series A led by CRV (TC)

• EV charging solutions startup SWTCH raised $13M in financing: a $10M Series A led by Aligned Climate Capital and a $3M credit facility from SVB (BW)

• Ravio, a startup providing real-time compensation data analytics for tech startups, raised a $10M seed round led by Northzone (BW)

• Beatrust, a startup providing a collaboration platform for large companies, raised a $6.3M Series A led by JAFCO (PRN)

• Audit Sight, a startup helping automate auditing, raised a $4M seed+ round from Hyde Park Venture Partners (PRN)

• SakuraVerse, a web3 game infrastructure developer, received a $1M investment from KuCoin Ventures (BW)

IPO / Direct Listings / Issuances / Block Trades

• Americana Group, a Middle East and North Africa operator of KFC and Pizza Hut restaurants, is working with Abu Dhabi Bank and Goldman Sachs on their Riyadh and Abu Dhabi dual listing that could raise ~$1B (BBG)

Debt

• Apollo offered to purchase $1.6B of used-car retailer Carvana's bonds it is issuing to purchase car-auction network ADESA US. Carvana had a hard time attracting investors following a disappointing Q1 earnings report and stock selloff (BBG)

Fundraising

• Dragonfly Capital, a crypto-centric investment firm, raised a $650M Fund III (TC)

• Lightspeed India Partners is looking to raise a $500M fourth fund (TC)

• Stride Consumer Partners, a growth equity investment firm focused on consumer products and services, closed its inaugural fund at $420M (PRN)

• MassMutual Ventures raised a $300M fund aimed at backing startups in Europe and Asia (TC)

Crypto Corner

• Edward Snowden helped create Zcash privacy coin (DC)

• BlackRock launches its first crypto-exposed ETF with sizeable coinbase allocation (DC)

• Central African Republic becomes second country to adopt bitcoin as legal tender (DC)

Exec's Picks

• Earlier this week, Joe Weisenthal and Tracy Alloway of Bloomberg's Odd Lots hosted columnist Matt Levine and FTX founder Sam Bankman-Fried on their podcast. The group covered everything from yield farming to the state of the venture capital market. Catch their episode here.

The Hiring Block

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We've got 40+ jobs spanning IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

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