Quick reset

By Litquidity Capital Nov 10, 2021

Together with

Good morning,

Markets sold off yesterday after a strong last few weeks. Special shoutout to Benzinga for hosting the Global Fintech Awards yesterday. We had an epic time and Karl was tied up trying to keep things in check.

Big shout to our sponsor Mizzen + Main, they've got the dankest dress shirts in the game.

Let's dive in.

Before The Bell

As of 11/9/21

Markets

  • The US markets broke their winning streaks yesterday, with the Dow, S&P 500, and the Nasdaq closing slightly in the red after the Labor Department report sparked some worry
  • The October producer price index reported a 6% increase which was in line with estimates, but wholesale prices jumped 8.6% in October from a year ago, the steepest annual pace in almost 11 years
  • This morning we’ll hear about the October consumer price index, for which economists expect a 0.6% increase (or 6% YoY), they also expect core CPI, or the Fed’s preferred measure of inflation, to have risen 0.4% (4.3% YoY)
  • Elon Musk’s Twitter antics may have come to bite him in the a** this week after Tesla lost ~$199B in value over the last two days after its biggest back-to-back selloff since September 2020 

Earnings

  • Palantir closed down 9.35%, reporting Q3 revenue growth of 36% YoY which is down from two consecutive Qs of 49% YoY growth; they provided an upgraded Q4 outlook (CNBC)
  • Coinbase fell 13%+ in AH trading after they reported weaker-than-expected revenue numbers and the number of monthly transacting users dropped from the previous quarter; the company also said that BTC and Ethereum accounted for 19% and 22% of their trading volume respectively (CNBC)
  • What we’re watching today: Affirm, Beyond Meat, Disney
  • Full calendar here

Headline Roundup

  • GE will split into three units ending conglomerate for good (BBG)
  • Merck says US to purchase 1.4M doses of Covid pill (BBG)
  • Tesla erases $199B in worst two-day rout in 14 months (BBG)
  • Netflix games launch on iPhone and iPad with Apple’s payment system (BBG)

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Deal Flow

M&A

  • BlackRock, Brookfield Asset Management, and EIG are among firms that made final bids for a stake in Saudi Aramco’s natural gas pipeline network that could fetch $15B+ (BBG)
  • DoorDash agreed to buy Finnish food-delivery company Wolt in an $8.1B deal, its biggest purchase to date (BBG)
  • Unity Software, which makes software for video games and animation, agreed to buy visual effects studio Weta Digital in a $1.63B deal (RT)
  • Home-security company ADT agreed to buy solar-panel-installation company Sunpro Solar for ~$825M (WSJ)

VC

  • Identity verification startup Socure raised a $450M Series E at a $4.5B valuation led by Accel and T. Rowe Price (TC)
  • Data intelligence startup Collibra raised a $250M Series G led by Sequoia Capital and Sofina (TC)
  • OpenWeb, an audience relationship platform, raised a $150M Series E led by Insight Partners (PRN)
  • D2C beauty band MyGlamm raised a $150M Series D led by Prosus Ventures and Warburg Pincus (TC)
  • Faire Wholesale, a San Francisco-based startup that sells items to local shops to help them furnish storefronts, is in talks to raise financing at a $12B valuation from investors including Sequoia Capital, Founders Fund, and Lightspeed Venture Partners (BBG)
  • Jackpocket, a US app providing a secure way to purchase state lottery tickets, raised a $120M Series D led by Left Lane Capital (PRN)
  • Color, a health tech startup, raised a $100M Series E at a $4.6B valuation led by Kindred Ventures (TC)
  • AI-powered workplace analytics company VergeSense raised a $60M Series C led by Scale Ventures (PRN)
  • Product-led growth startup Reprise raised a $62M Series B led by ICONIQ Growth (PRN)
  • SafeBreach, a breach and attack simulation company, raised a $53.5M Series D led by Sonae IM and Israel Growth Partners (PRN)
  • Home renovation startup Block Renovation raised a $50M Series C led by SoftBank (TC)
  • Fitness creator economy platform Talent Hack raised a $17M Series A led by Emergence (TC)
  • Solidus Labs, a crypto surveillance and risk monitoring platform, raised $15M in funding led by Liberty City Ventures (TC)
  • Cloud-based AI platform Mantium raised a $12.8M seed round led by Drive Capital and Top Harvest (TC)
  • Calixa, a platform providing sales tools for product-led companies, raised a $12M Series A led by Kleiner Perkins (TC)

IPO / Direct Listings / Issuances / Block Trades

  • Mercury Retail, which controls Russia’s biggest chains of alcohol retailers, postponed its potential $1.3B Moscow IPO due to “current market conditions” (BBG)
  • Salad restaurant chain Sweetgreen is seeking to raise up to $312.5M in upcoming IPO (BBG)

SPAC

  • Panera Brands, the owner of the sandwich chain and Einstein Bros. Bagels, agreed to merge with Shake Shack owner Danny Meyer’s USHG Acquisition Corp. in a return to the public markets (BBG)
  • Springbig, a provider of marketing software to cannabis retailers, agreed to merge with Tuatara Capital Acquisition Corp. in a $500M deal (BBG)

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