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Good Morning,
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
Trump's lead expands on Kalshi, including pulling ahead in MI, NC, PA, and other key markets. See live odds and bet now!
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
Crypto Corner
Exec’s Picks
There's no better hedge against falling rates than precious metals, and Monetary Metals knows this best. Through their Gold Yield Marketplace®, Monetary Metals offers a 12% yield on silver, paid in silver. Their silver bond enables investors to earn fixed income like a dollar bond, while retaining silver's price appreciation and eliminating storage and insurance costs. See how they do it and check out the offering here.
Jack Raines succinctly explained Jamie Dimon's grievance with PE…this one featuring ESG concerns.
Famed Indian industrialist Ratan Tata passed away, leaving behind no apparent heir to succeed a $400B empire. Read his obituary here.
Financial Services Recruiting 💼
If you're a junior banker looking for your next career move, check out Litney Partners, an executive search partnership between 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 and are currently hiring 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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