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PE firms' assets are struggling under heavy debt loads, China investors are expecting a wave of new stimulus, the Pfizer-Starboard clash is heating up, and OnlyFans creators are rolling in the dough.

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Let's dive in.

Before The Bell

As of 10/10/2024 market close.

Markets

  • US stocks slipped yesterday as a sticky CPI report hit market confidence

Earnings

  • Delta missed Q3 estimates due to the CrowdStrike outage and forecast a disappointing Q4 amid a travel slowdown around election season (CNBC

  • Domino's reported mixed Q3 results and cut its global sales growth forecast due to a challenging macroeconomic environment (BRN

  • What we're watching this week:  

    • Today: JPMorgan, Wells Fargo, BlackRock

  • Full calendar here

🇺🇸 Election Forecast

As of 10/10/2024.

Headline Roundup

  • US CPI growth came in higher than expected (CNBC)

  • China investors expect $283B of new stimulus this weekend (BBG)

  • PE firms' assets are struggling under hefty debt loads (FT)

  • VCs are wary of dealmaking despite stock market momentum (RT)

  • IPOs make fall comeback in Europe (RT)

  • Big banks expect Fed to end QT in April 2025 (RT)

  • FTC finalized new merger-filing requirements (RT)

  • India regulatory reform could hasten homecoming of IPO-bound startups (RT)

  • Hurricane Milton will test booming catastrophe bond market (FT)

  • Citigroup established a banking executive team to compete with rivals (RT)

  • Activist Starboard accused Pfizer of threatening its ex-CEO (CNBC)

  • Berkshire cut its BofA stake to below 10%, netting $10B return (CNBC)

  • Ikea posted its first revenue drop since Covid after cutting prices (FT)

  • Stellantis overhauls leadership amid America struggles (WSJ)

  • UK named Darktrace co-founder Poppy Gustafsson as investment minister (FT)

  • Portugal seeks to become low-tax haven for young people (FT)

  • OnlyFans creators have reaped $20B since 2016 (BBG)

  • Rafael Nadal is retiring from tennis (ESPN)

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Deal Flow

M&A / Investments

  • PE firm CD&R is nearing a deal to acquire Sanofi's consumer health unit for $16.4B

  • $7B-listed GXO Logistics is exploring a sale after receiving takeover interest

  • Legendary Entertainment is in advanced talks to buy out Chinese conglomerate Wanda's stake in the movie studio, which Wanda acquired for $3.5B in 2016 

  • Pohlad family is exploring a sale of MLB team Minnesota Twins which is valued at $1.7B

  • $1.1B-listed aircraft parts maker Triumph is exploring options including a sale

  • UAE asset manager Lunate is is considering buying a minority stake in private credit giant HPS Investment Partners for at least $1B  

  • Brookfield outbid UK real estate firm Segro with a $729M cash offer for warehouse landlord Tritax EuroBox 

  • Russia's Arnest Group acquired consumer brands company Unilever’s Russian assets in a $568M deal

  • Eni's Indonesian partner Agra Energi is exploring a sale of its 16.7% stake in a gas block in Sumatra for up to $500M

  • Global life insurance broker Charles Monat Associates is exploring a sale at a potential $400M-$500M valuation  

VC

  • Glooko, a global integrated digital health startup, raised a $100M Series F led by Georgian 

  • TOCA, a soccer training center operator, raised a $100M Series F led by Jim Kavanaugh 

  • Imprint, a fintech offering co-branded credit cards, raised a $75M Series C led by Khosla Ventures

  • Farther, a financial advisory firm, raised a $72M Series C at a $542M valuation led by CapitalG and Viewpoint Ventures 

  • Suki, an AI technology for healthcare, raised a $70M Series D led by Hedosophia

  • Relyance, a startup helping firms with data compliance, raised a $32M Series B led by Thomvest 

  • Accounting automation startup Numeric raised a $28M Series A led by Menlo Ventures 

  • Carbon footprint tracking startup Scope3 raised a $25M round led by GV 

  • Noetica AI, an AI-based data analytics platform for law and finance, raised a $22M Series A led by Lightspeed Venture Partners 

  • watchTowr, a cybersecurity startup focused on EASM, raised a $19M Series A led by Peak XV 

  • FlexFactor, a decline recovery solutions for e-commerce, raised a $16.8M Series A led by Bessemer Venture Partners

  • AI-native services insurance startup COVU raised a $12.5M Series A from Benhamou Global Ventures, Markd, and more

  • RadiantGraph, a AI platform driving consumer engagement for healthcare, raised an $11M Series A led by M13 

IPO / Direct Listings / Issuances / Block Trades

  • Swedish online pharmacy Apotea is considering a $200M-$300M local IPO

  • Respiratory-focused Upstream Bio raised $255M in its US IPO

  • Chinese trading cards maker Kayou delayed its Hong Kong IPO

Debt

  • Blue Owl Capital agreed to buy $2B of consumer loans from fintech lender Upstart with backing from Atlas SP Partners

  • Berkshire Hathaway raised $1.9B in yen-denominated bonds

Bankruptcy / Restructuring / Distressed

  • Truck parts maker Accuride filed for Chapter 11 bankruptcy

  • Covid vaccine developer Gritstone Bio filed for Chapter 11 bankruptcy

Fundraising

  • Ares is seeking to raise $7B for its third special opportunities fund  

  • LMM PE firm Mill Point Capital closed its third fund at $1.7B  

  • Private markets investor Siguler Guff raised $580M for its third Small Business Credit Opportunities fund 

Crypto Corner

  • SEC charged Cumberland DRW for acting as an unregistered crypto dealer (RT)

  • Almost half of traditional hedge funds are dabbling in crypto (BBG)

  • Nearly half of US investors plan to invest in crypto ETFs (CD)

Exec’s Picks

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