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Not Just Another Investor Day

Jamie Dimon hinted at early retirement, Janet Yellen is against a global billionaire tax, JPMorgan’s Kolanovic is the last prominent Wall St bear, and Scarlett Johansson rebuked OpenAI for ripping off her voice…which naturally called for some hilarious memes.

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Good Morning,

Jamie Dimon hinted at early retirement, Janet Yellen is against a global billionaire tax, JPMorgan’s Kolanovic is the last prominent Wall St bear, and Scarlett Johansson rebuked OpenAI for ripping off her voice…which naturally called for some hilarious memes.

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Let’s dive in.

Before The Bell

As of 05/20/2024 market close.


  • US stocks closed mixed yesterday as investors weighed hawkish statements from Fed officials

    •  The Nasdaq closed at an ATH

  • Gold jumped to an ATH

  • Copper surged past $11k/ton to an ATH as investors bet on a looming supply shortage 

  • US dollar is on track for its first down month this year


  • Palo Alto Networks fell ~9% despite beating Q3 top and bottom line estimates due to a disappointing FY forecast for billings and Q4 revenue (YF)

  • Zoom beat Q1 earnings estimates and raised its FY earnings and revenue forecast thanks to robust demand as companies adopt hybrid work models (RT)  

  • What we're watching this week:  

    • Today: Macy’s, Lowe’s

    • Wednesday: Nvidia, Target

    • Thursday: Intuit, Workday, Ralph Lauren

  • Full calendar here

Headline Roundup

  • Jamie Dimon hinted at earlier retirement (WSJ)

  • JPMorgan leaders shape strategy as succession comes into focus (RT)

  • Jamie Dimon is 'cautiously pessimistic' on economy (RT)

  • JPMorgan’s Kolanovic is last prominent stock market bear (BBG)

  • JPMorgan emphasizes employee health after BofA banker death (RT)

  • All JPMorgan hires will receive AI training (BBG)

  • AI-intensive sectors are showing a productivity surge (RT)

  • Fed policymakers still cautious on inflation and policy (RT)

  • Auditors failed to raise alarm before 75% of UK corporate collapses (FT)

  • Wall Street firms increasingly looking to Sun Belt for expansion efforts (QZ)

  • Janet Yellen is against a global tax on billionaires (WSJ)

  • Millennium hired GIC's Naeimi as senior portfolio manager (BBG)

  • CalPERS opposed all Exxon directors amid shareholders dispute (BBG)

  • Target will lower prices on 5k items (RT)

  • Starwood's $10B REIT is getting crunched (WSJ)

  • FDIC chair will step down after scathing report (BBG)

  • Scarlett Johansson accused OpenAI of ripping off her voice (CNBC)

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Deal Flow

M&A / Investments

  • Brazilian pulp and paper company Suzano is in talks to sweeten its $15B acquisition offer for International Paper (RT

  • French animal health firm Ceva Santé Animale is mulling raising new funds at a $7.6B EV (BBG

  • PE firms including Warburg Pincus expressed takeover interest for $4.2B listed education software provider PowerSchool (BBG

  • Regional lender SouthState will acquire smaller rival Independent Bank Group in a ~$2B all-stock deal (RT

  • Information security company CyberArk will acquire cybersecurity firm Venafi from PE firm Thoma Bravo in a $1.54B cash-and-stock deal (RT

  • Blackstone led a ~$1B preferred-equity investment backing healthcare company Press Ganey’s debt refinancing (BBG

  • Logistics firm Saltchuk Resources, the largest shareholder of Overseas Shipholding, will acquire the liquid bulk carrier in a $950M all-cash deal (WSJ

  • Carlyle launched a bid to buy KFC's Japan operations for $910M (FT)

  • A consortium including a Hard Rock Hotels & Resorts is considering a bid for $864M troubled Australian casino operator Star Entertainment (BBG

  • Energy company Phillips 66 agreed to acquire midstream company Pinnacle Midland from PE firm Energy Spectrum Capital for $550M in cash (RT)

  • Norway's SWF Norges Bank Investment Management acquired the remaining 50% stake it didn’t own in Sheffield’s Meadowhall Shopping Centre from UK REIT British Land for $457M (BBG

  • China’s SDIC Mining Investment is in advanced talks for a potential 49% stake in Thai potash mine Asia Pacific Potash in a deal worth up to $400M (BBG)


  • 280 Earth, a DAC startup, raised a $50M Series B led by Builders VC (BW)

  • AssetWatch, a condition monitoring and predictive maintenance company, raised a $38M Series B led by Wellington Management (FN)

  • Online bookkeeping and accounting software provider Osome raised a $17M Series B (FN)

  • Caeli Wind, a platform for analyzing and marketing wind energy locations, raised an $11M round led by Notion Capital (FN)

  • Merit, a customer and engagement tech startup, raised a $12M pre-Series B led by Alisthithmar Capital (FN)

  • Autonomous drone startup Neros raised $10.9M seed round from Sequoia Capital (RT

  • Overland AI, an autonomous ground vehicle tech for the defense sector, raised a $10M seed round led by Point72 Ventures (FN)

  • Teal, an accounting infrastructure for vertical SaaS businesses, raised an $8M seed round led by Torch Capital (BW)

  • Subeca, a startup providing low cost and easy-to-use water technology, raised a $6M Series A led by SUEZ (PRN)

  • Daffodil Health, a provider of healthcare pricing and administration solutions, raised a $4.6M seed round led by Maverick Ventures (FN)

  • QA.tech, a Swedish quality assurance testing startup, raised a $3.3M seed round led by PROfounders (EU)

IPO / Direct Listings / Issuances / Block Trades

  • Soroban Capital built a $500M stake in Johnson Controls alongside Elliott (BBG)

  • Abu Dhabi edtech Alef Education plans to sell a 20% stake in Abu Dhabi’s first IPO in 2024 (BBG


  • Japan's Norinchukin Bank is considering raising $7.7B to boost capital and cover losses related to low-yielding bonds (BBG

  • SoftBank plans to issue $3.5B of seven-year yen bonds (BBG

  • Peloton Interactive launched a $1B leveraged loan offering to refinance debt and a $275M sale of convertible senior notes (BBG

  • Broadcaster Gray Television plans to sell $1B in senior unsecured notes as part of a refinancing effort (BBG

Bankruptcy / Restructuring

  • Seafood restaurant chain Red Lobster filed for bankruptcy with plans to sell its business (WSJ

  • Struggling Brazilian fertilizer maker Unigel obtained majority creditor approval including PIMCO's for its out-of-court restructuring plan (BBG

Crypto Corner

  • Grayscale's CEO stepped down and will be replaced by a Goldman veteran (CD)

  • Crypto VC funding rose for a second straight quarter to $2.4B in Q1 (RT

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