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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

Markets

• 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

Earnings

• 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)

VC

• 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) 

Debt

• 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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