• Exec Sum
  • Posts
  • President Gay Is Out at Harvard

President Gay Is Out at Harvard

President Gay is out at Harvard, stocks and bonds dropped for a tough start to 2024’s markets, Apple shares fell on a Barclays downgrade, India proposed tighter rules for dividend payouts, Manhattan home prices rose, and Trump asked Maine to reserve his state ballot ban.

Together with

Good Morning,

President Gay is out at Harvard, stocks and bonds dropped for a tough start to 2024, Apple shares fell on a Barclays downgrade, India proposed tighter rules for dividend payouts, Manhattan home prices rose, and Trump asked Maine to reverse his state ballot ban.

Looking to kick off 2024 by learning a new language? Check out today’s sponsor, Babbel, to get started today.

Let’s dive in.

Before The Bell

As of 01/02/2023 market close.


  • US stocks mostly fell on their first trading day of 2024 

    • The Nasdaq fell 1.63%, while the Dow rose 0.07%

  • Asian stocks mostly fell, led by Chinese stocks, as Chinese manufacturing activity contracted further in December 2023 


  • What we're watching this week:  

    • Thursday: Walgreens Boots Alliance

    • Friday: Constellation Brands

  • Full calendar here

Headline Roundup

  • Stocks, bonds drop in tandem for worst start to year in decades (BBG)

  • Harvard President Gay resigns after plagiarism allegations, campus antisemitism backlash (WSJ)

  • Apple shares fell 4% after Barclays downgrade (CNBC)

  • Citigroup shares to double over next three years, Mayo says (BBG)

  • India proposes tighter rules for dividend payouts by lenders (BBG)

  • Manhattan home prices rise in early sign of a market rebound (BBG)

  • Tech’s AI hangover might just be getting started (WSJ)

  • Runway safety concerns in focus as Japan probes Tokyo crash (RT)

  • China removes official after video games rules spark turmoil (RT)

  • Lazard hires former Onex, Rothschild restructuring bankers in revenue push (BBG)

  • Donald Trump asked Maine court to reverse state’s ballot ban (WSJ)

A Message From Babbel

Level up your career in 2024 and start speaking a new language in 3 weeks

According to Psychology Today, the amount of bilingual citizens has almost doubled since 1980. 

With competition rising across all sectors including finance, multilingual workers have a leg up on fellow applicants/coworkers with the ability to communicate effectively with people and companies across the globe. 

The good news?

Instead of taking an expensive course load, Babbel has created a platform that streamlines your language learning process. The lessons take 10 minutes. Within 3 weeks, you will be able to start having conversations in your new language. Yes, 21 days.  

Make learning a new language an actual achievable ‘New Year’s resolution’ with Babbel. 

For a limited time, you can get up to 60% off your subscription by using the link below. Take advantage of this amazing offer and get your language learning on today!

Deal Flow

M&A / Investments

  • Spanish energy company Iberdrola called off its $4.3B acquisition of New Mexico-based PNM Resources after failing to receive regulator approval by Dec. 31 (BBG

  • Baidu’s $3.6B deal to acquire Joyy’s Chinese live-streaming business YY expired 3 years after being unveiled after failing to receive regulator approval by Dec. 31 (BBG

  • PGT Innovations received an unsolicited offer from Miter Brands that values the doormaker at ~$3.1B; PGT agreed to a $3B cash-and-stock deal with Masonite International last month (RT

  • Industrial products manufacturer Myers Industries will acquire ground protection solutions provider Signature Systems for ~$350M (BW

  • PE firm Platinum Equity will acquire French food group Danone’s premium organic dairy units in the US (RT

  • Dish Network and EchoStar completed their merger, reuniting Charlie Ergen’s satellite empire (BBG

  • Chinese privately-controlled refiner Rongsheng Petrochemical and Saudi Arabia’s Aramco are in talks to acquire 50% stakes in each other’s units, SASREF and Ningbo Zhongjin Petrochemical (RT)


  • Beijing-based intelligent equipment provider JJC TEC raised a ~$90M Series E led by SDIC Fund and Seekers Capital (FN)

  • Brazilian global açaí brand Oakberry raised a $67M Series C led by BTG Pactual (FN)

  • Apollo Therapeutics, a portfolio biopharmaceutical company focused on translating medical research into medicines, raised a $33.5M Series C led by Patient Square Capital (BW)

  • CardioMech, a startup developing a transfemoral, transseptally delivered mitral valve chordal repair technology, raised a $13M round led by an undisclosed strategic investor (PRN)

  • CESS, a startup building a blockchain-powered decentralized storage and CDN infrastructure, raised an $8M Series A led by HTX Venture, Infinity Ventures Crypto, and more (FN)

  • Intrinsic, a startup building AI systems for trust and safety teams, raised a $3.1M seed round from Y Combinator, 645 Ventures, and others (FN)

  • Scottish all-electric 4×4 vehicle manufacturer Munro raised $1M in follow-on funding led by Elbow Beach Capital (FN)

IPO / Direct Listings / Issuances / Block Trades

  • KKR-backed BrightSpring Health Services, a home and community-based healthcare services provider, filed for an IPO and is seeking to raise a rumored $1B (BBG

Bankruptcy / Restructuring

  • British EV startup Arrival missed a Dec. 1 deadline to make an interest payment on its convertible debt due 2026 due to a cash crunch (RT


  • Lower-middle market PE investor NewSpring raised over $180M for its fourth growth equity healthcare fund, NewSpring Health Capital IV (FN

Crypto Corner

  • CBOE Digital sees Bitcoin ETFs attracting new institutional investors, including pension funds (BBG

  • CleanSpark, one of the largest US public Bitcoin mining companies, plans to launch an in-house trading desk (BBG

Exec’s Picks

Litney Partners - Financial Recruiting 💼💼

If you're currently a junior investment banker looking to break into the buy side, considering lateraling to another investment bank, or have recently been impacted by widespread layoffs, it's time you check out Litney Partners, a partnership between Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates at leading private equity, hedge fund, venture capital, growth equity, and credit funds, as well as investment banks.

To get started, simply head over to the Litney website and create your profile by dropping your resume / filling out the form:

Meme Cleanser

Join the conversation

or to participate.