More Problems for Boeing

Bill Gross thinks treasuries are overvalued, BlackRock is bullish on equities in 2024, Nvidia rallied to a record high on news of new AI-related components, Wall Street is trying to time the Fed’s QT taper, United and Alaska Airlines found loose parts on some Boeing 737 MAX 9 jets, and Michigan won the college football national championship.

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Bill Gross thinks treasuries are overvalued, BlackRock is bullish on equities in 2024, Nvidia rallied to a record high on news of new AI-related components, Wall Street is trying to time the Fed’s QT taper, United and Alaska Airlines found loose parts on some Boeing 737 MAX 9 jets, and Michigan won the college football national championship.

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Let’s dive in.

Before The Bell

As of 1/8/2024 market close.


  • US stocks rallied, boosted by tech, ahead of this week’s CPI report and big bank earnings

    • The Nasdaq led indices with a 2.2% gain, its best day since November 14

  • European stocks rose, shaking off negative sentiment seen at the start of trading in 2024


  • Jefferies Q4 profit and revenue fell as the investment bank continued to grapple with a deal slump (BBG

  • What we're watching this week:  

    • Today: Albertsons, Tilray

    • Thursday: Infosys

    • Friday: JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, United Health, BlackRock, Delta Air Lines

  • Full calendar here

Headline Roundup

  • Bill Gross casts shade on treasuries, sees 10Y ‘overvalued’ at 4% (BBG)

  • BlackRock says last year’s risk rally has legs ‘well into 2024’ (BBG)

  • China central bank hints at reserve ratio among tools to boost credit (BBG)

  • Nvidia rallies to record high as chipmaker announces AI-related components (RT)

  • Wall Street is trying to nail down timing of Fed’s QT taper (BBG)

  • Chinese city official spent $21B on ‘vanity projects’ (BBG)

  • More young bosses want a raise to work from the office (BBG)

  • JetBlue CEO to step down in February (CNBC)

  • Oil tankers continue Red Sea movements despite Houthi attacks (RT)

  • Buying home and auto insurance is becoming impossible (WSJ)

  • United, Alaska find loose parts on some Boeing 737 MAX 9 jets (WSJ)

  • Russian billionaire and Sotheby’s fight over ‘the lost Leonardo’ painting (BBG)

  • A $32B rout may not be end of Tencent’s woes (BBG)

  • Mike Johnson faces same test as ousted speaker Kevin McCarthy (WSJ)

  • Tiger Woods and Nike split up after 27 years (WSJ)

  • Michigan defeats Washington to win national championship (WSJ)

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Deal Flow

M&A / Investments

  • Cloud services provider Hewlett Packard Enterprise is in advanced talks to buy Juniper Networks for ~$13B (WSJ)

  • Swiss drugmaker Novartis is in advanced talks to acquire Cytokinetics in a deal that could value drug developer at well over $10B (RT

  • Sony Group is planning to call off $10B merger between its India unit with Zee Entertainment Enterprises (BBG

  • Medical solutions company Boston Scientific will acquire Axonics, a maker of devices to treat urinary and bowel dysfunction, in a $3.7B transaction (BBG

  • Johnson & Johnson will acquire Ambrx Biopharma, a developer of a cancer drug known as antibody-drug conjugates, for $2B cash (CNBC

  • Merck will acquire cancer drug developer Harpoon Therapeutics for ~$680M to reinforce its oncology portfolio with immunotherapies (RT

  • Deutsche Lufthansa offered concessions to EU merger watchdogs in an attempt to resolve competition concerns regarding its $356M investment in ailing Italian carrier ITA Airways (BBG

  • The Italian government will raise its stake in the country’s largest steelmaker, Acciaierie d’Italia from 38% to 66% with a $351M capital injection (BBG

  • PE firm Altamont Capital Partners acquired a controlling interest in Mini Melts USA, one of the fastest-growing ice-cream brands in the country (WSJ)


  • Game development studio Second Dinner raised a $100M Series B led by Griffin Gaming Partners (BW)

  • Claris Bio, a late-stage biotech company focused on corneal healing, raised a $57M round led by Novo Holdings, RA Capital, and Mass General Brigham Ventures (FN)

  • Vortexa, a real-time global analytics platform for energy and freight markets, raised a $34M Series C led by Morgan Stanley Expansion Capital (BW)

  •, an Italian startup that helps businesses create multilingual content using AI, raised an $18M Series B led by Alkemia Capital (FN)

  • Data intelligence startup SynMax raised a $13M round at a $50M valuation led by energy trader Bill Perkins (BW)

  • Oncology biotech company Cumulus Oncology raised an $11.5M seed round led by Eos Advisory and the Scottish National Investment Bank (FN)

  • Data-driven patient navigation startup Care Continuity raised a $10M Series A-3 led by Empactful Capital and Viewside Capital Partners (PRN)

  • Women’s health startup Health in Her HUE raised a $3M seed round led by Seae Ventures (TC)

  • CharacterX, a provider of a decentralized AI social network, raised a $2.8M seed round at a $30M valuation led by Lightspeed Venture Partners, INCE Capital, and Spark Digital Capital (FN)

  • QuantHealth, an AI-powered clinical trial design platform, received a $2M strategic investment from Accenture Ventures; bringing its total Series A to $17M (BW)

  • African fintech startup Cleva raised a $1.5M pre-seed round led by 1984 Ventures (TC)

  • Rincell Corporation, an advanced chemistry battery cell manufacturer, raised a $1.2M seed round led by NextGen Battery Chem Ventures (PRN)

  • Midel Photonics, a laser tech startup, raised a $1.1M seed round from High-Tech Gründerfonds and others (FN)

IPO / Direct Listings / Issuances / Block Trades

  • Shares of Saudi Arabian media giant MBC Group jumped 20% in their debut day of trading after raising $222M (BBG

  • Spanish infrastructure company Ferrovial, which is listed on the Euronext Amsterdam and the Spanish Stock Exchanges, began the process to list on the Nasdaq (BBG


  • Apollo Global Management is preparing to start fundraising for its second private credit secondaries fund and is targeting ~$2B (BBG

  • Blackstone raised $1.3B for its first PE fund for rich individuals (BBG

Crypto Corner

  • BlackRock, Ark and several other prospective issuers of bitcoin ETFs amended their applications to the SEC (BBG)

  • Investment managers disclosed their Bitcoin ETF fees ahead of the SEC’s decision (RT

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