Omicron Clappening

Inflation and omicron continue to bring the sickness back to the forefront. The Thursday move erased a rally in Wed's sessions that followed the Fed's announcement of a more aggressive plan to wind down ints asset purchases.

By Litquidity Capital Dec 17, 2021

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Good morning,

Inflation and omicron continue to bring the sickness back to the forefront. The Thursday move erased a rally in Wed's sessions that followed the Fed's announcement of a more aggressive plan to wind down its asset purchases. As investors continued to digest the news, they appeared to be rotating from high-growth tech names to consumer staples.

Let's dive in.

Before The Bell

As of 12/16/2021 market close.

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  • The Santa Claus rally will have to wait, as equity markets showed red yesterday, with big tech names pulling down major indexes and leading the tech-heavy Nasdaq to log its worst day since September, closing down 2.47%
  • Investors continued to digest the Fed’s announcement of a more aggressive tapering plan as well as the Bank of England announcing that it is hiking its key policy rate 15 bps to 0.25%
  • Another thing to keep tabs on continues to be the spread of the omicron variant, as the positivity rate in NYC and other major cities continues to climb


  • Rivian shares plunged 10%+ AH yesterday after the company announced that it expects to end up ‘a few hundred vehicles short’ of its 2021 production goal of 1,200 (CNBC)
  • Adobe tanked 10% in trading yesterday after announcing Q4 revenue beat estimates but the Q1’22 revenue forecast fell well below analysts’ predictions (CNBC)
  • FedEx shares jumped 4%+ AH after the delivery giant showed high Q2 revenue growth due to rising rates offsetting higher costs, and the company announced a $5B share repurchase plan (WSJ)
  • Accenture posted a beat-and-raise earnings report with 20%+ growth in both revenue and EPS and record new bookings (BW)
  • What we’re watching today: Darden Restaurants, Winnebago
  • Full calendar here

Headline Roundup

  • Morgan Stanley CEO Gorman walks back return-to-office push (CNBC)
  • CDC panel recommends Pfizer and Moderna shots over J&J due to rate blood clots (CNBC)
  • Harris says she and Biden have not yet discussed running for re-election (WSJ
  • Former McDonald’s CEO Steve Easterbrook returns $105M+ in compensation to resolve legal dispute (WSJ)
  • As Bank of England raises benchmark rate, Europe’s top central banks take differing approaches (WSJ)
  • NYC sees offices empty empty, shows canceled as Covid wave sweeps in (BBG)
  • Peloton CEO John Foley drops $55M on Hamptons compound as company faces increased scrutiny (NYP)
  • Apple builds new team in SoCal to bring more wireless chips in-house (BBG)
  • Alden sues Lee for rejecting $141M newspaper chain buyout (BBG)
  • Citadel, Blackstone allow remote work again as omicron rages (BBG)
  • Electric-start Rivian plans new $5B factory complex in Georgia (WSJ)
  • TikTok to adjust its algorithm to avoid negative reinforcement (WSJ)
  • CEO of GM’s autonomous vehicle branch Cruise is leaving the company (CNBC)
  • Adidas is launching an NFT collection with exclusive access to streetwear drops (TV)
  • LionTree explores accepting cryptocurrency for services (RT)

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Deal Flow


  • Enterprise-software Oracle is in talks to buy electronic-medical-records company Cerner in a potential $30B deal (WSJ)
  • Italian shipbuilder Fincantieri has backing from its biggest shareholder for a capital increase of up to $791M that would let it make an offer for assets owned by defense company Leonardo SpA (BBG)
  • Warner Music agreed to buy 300 Entertainment, an independent record label whose artists include Megan Thee Stallion and Young Thug, for ~$400M (BBG)
  • Digital financial platform MoneyLion agreed to buy embedded financial marketplace Even Financial in a $440M deal (BW)
  • Activist investor Cat Rock Capital Management agreed to increase its stake in food delivery company Just Eat even as shares continue to fall (BBG)
  • BMO has expressed interest in buying BNP Paribas’ US banking arm which may be worth ~$13.7B (BBG)
  • Investors led by Blackstone and Abu Dhabi Investment Authority agreed to buy 2.27% and 1.25% stakes (respectively) in shadow lender Indiabulls Housing Finance in a combined $184M deal (BBG)
  • Swiss investment firm Vontobel agreed to buy a Zurich-based unit of UBS that advises US clients (BBG)
    • United Talent Agency agreed to buy marketing and media consulting firm MediaLink for $125M (WSJ)
  • Spotify agreed to buy podcast technology company Whooshkaa (TC)
  • Leonard Green & Partners and Harvest Partners agreed to buy a stake in service-based systems integration company Convergint (YHOO)


  • Spanish proptech startup Clikalia raised a $518M in funding: a $70M equity round led by Fifth Wall and a $448M debt financing from Deutsche Bank (TC)
  • Roke, which develops marketing technology for online shopping, raised a $325M Series E at a $1.95B valuation led by Tiger Global Management (WSJ)
  • Database management startup Cockroach Labs raised a $278M Series F at a $5B valuation led by Greenoaks (TC)
  • Vertical farming startup Infarm raised a $200M Series D at a $1B+ valuation led by Qatar Investment Authority (TC)
  • Cloud communications startup Dialpad raised $170M at a $2.2B in a funding round led by Iconiq Capital (BBG)
  • Mavrck, a startup helping brands and media companies source and engage with influencers, raised a $120M in growth equity from Summit Partners (TC)
  • Software startup Gtmhub raised a $120M Series C led by Index Ventures (TC)
  • African women-focused PE fund Alitheia IDF raised a $100M to invest in African gender-diverse businesses (TC)
  • Weight care management startup Found raised a $100M Series B at a $600M valuation led by WestCap (TC)
  • German revenue-based financing platform Re:cap raised a $111.5M seed round led by Felix Capital and Project A Ventures (TC)
  • Taxdoo, a startup providing e-commerce companies with API tools for tax compliance and accounting, raised a $64M Series B led by Tiger Global (TC)
  • Amsterdam-based educational technology startup Lepaya raised a $40M Series B in a round let by Target Global (BBG)
  • Stockwits, a social-media platform used by day traders and other retail investors, raised $30M at a $210M valuation in a round led by Alameda Research Ventures (BBG)
  • AI machine vision startup Elementary raised a $30M Series B led by Threshold Ventures (TC)
  • French online supermarket startup La Belle Vie raised a $28M Series B led by Left Lane and Quadrille Capital (TC)
  • Sweep, an enterprise SaaS startup for measuring carbon emission, raised a $22M Series A led by Balderton Capital (TC)
  • Cloud-based payments startup Silverflow raised a $17M Series A led by Coatue (TC)
  • Crypto startup Jadu raised a $7M round led by General Catalyst (TC)
  • Climate-resistant crop technology startup Phytoform raised a $5.7M round led by Eniac Ventures (TC)
  • VR and AR device management platform ManageXR raised a $4M seed round led by Rally Ventures (TC)
  • AI-powered data platform Continual raised a $4M seed round led by Amplify Partners (TC)
  • Sperta, a startup helping fintechs better manage fraud risk, raised a $3M seed round led by Kindred Ventures and Uncork Capital (TC)

IPO / Direct Listings / Issuances / Block Trades

  • Delivery startup Gopuff is in talks with banks about a late 2022 IPO (BBG)
  • PE firm TPG filed for a US IPO (BBG)


  • Indian edtech company Byju is in talks to merge with a Churchill Capital-backed SPAC in a potential $45B deal (TC)
  • Digital identity verification and fraud prevention company TeleSign agreed to merge with North Atlantic Acquisition Corp in a $1.3B deal (RT)
  • Bowling alley operator Bowlero debuted yesterday after merger with Isos Acquisition Corp (CNNC)

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