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Ryan Cohen is now the CEO of GameStop, zero-day options are the majority of S&P options volume, Evergrande’s chairman is under surveillance, Meta’s new AI assistant was trained on public Facebook and Instagram posts, and senators are pushing for the release of Evan Gershkovic.

Looking for a zero-sugar hydration mix to help you hit the work week running after a full NFL Sunday? Check out today’s sponsor, LMNT.

Let’s dive in.

Before The Bell

Markets

• US stocks climbed as investors tried to regain some of the month’s steep losses

  • The Nasdaq led indices with a 0.83% gain

• Most Asian stocks fell on fears of higher US interest rates and renewed concerns over China’s property sector

Earnings

• Nike shares climbed after stronger-than-expected fiscal Q1 earnings overshadowed a slight miss in revenue (BRRN)

• Accenture shares fell 4% after it missed Q4 revenue expectations and forecast full-year earnings and Q1 revenue below Wall Street targets (RT)

• What we're watching this week:

  • Friday: Carnival Corporation

• Full calendar here

Headline Roundup

• Zero-day options now account for 50% of S&P options volumes (FT)

• Americans saved $1.1T less than previously thought from 2017-2022 (BBG)

• GameStop appointed billionaire Ryan Cohen as CEO (BBG)

• AMD’s stock pops after Microsoft tech chief touts chipmaker’s AI products (CNBC)

• BlackRock’s Rieder thinks investors should believe the Fed that it’s going to hike again (CNBC)

• Evergrande’s billionaire chairman Hui is under police surveillance (BBG)

• T. Rowe shorts treasuries as soaring yields up-end Wall Street (BBG)

• Huawei takes revenge as China catches up on semiconductors (BBG)

• EEOC sues Tesla alleging widespread racist harassment of black workers (CNBC)

• US, China talks gain momentum, paving way for Xi-Biden Summit (WSJ)

• Meta’s new AI assistant trained on public Facebook and Instagram posts (RT)

• Tech investor Brad Gerstner calls AI a ‘supercycle’ like the rise of the internet (CNBC)

• $67B of rare minerals is buried under one of the world’s biggest carbon sinks (WSJ)

• Nike to shed light on pinched US consumers as shares sputter (BBG)

• Senators press for Evan Gershkovich’s release after six months in custody (WSJ)

• Thousands of migrants are being dropped off on San Diego’s streets (WSJ)

• Another worrisome inflation indicator: surging mining costs (WSJ)

• Rates angst makes New Zealand stocks a laggard ahead of election (BBG)

A Message From LMNT

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Deal Flow

M&A / Investments

• Germany is nearing a $21.1B deal to acquire its largest power grid from Dutch state-owned operator Tennet Holding (BBG)

• HSBC will acquire Citigroup’s China consumer wealth management business, which manages over $3B in assets (RT)

• AGCO, one of the largest tractor makers in the world, will acquire an 85% stake in navigation products maker Trimble's agribusiness for $2B cash (RT)

• Asia-focused private hospital group Ramsay Sime Darby Health Care plans to solicit bids from a shortlisted group of five suitors, including a TPG-led consortium and Macquarie Group, next month and hopes to wrap up its more than $1B sale by year end (WSJ)

• South Korean investment company NXC is exploring options for its $1B Norwegian children’s brand Stokke (BBG)

• PE firm Sycamore Partners will take apparel retailer Chico’s private for $938M cash (RT)

• Asset manager Macquarie is considering a ~$775M cash offer for London-listed waste management firm Renewi (RT)

• EquiLend Holdings, a securities lending platform owned by 10 of Wall Street’s largest firms including Goldman Sachs and BlackRock, is exploring a possible ~$700M sale (RT)

• Ant Group’s consumer finance affiliate is raising $616M from investors to revive growth (BBG) 

• Xerox Holdings will repurchase Carl Icahn’s remaining stake in the printing company for $542M, allowing him to exit his investment in the company (BBG)

• Abu Dhabi’s Mubadala is in talks to acquire an up to $500M stake in India's Manipal Hospitals from Singapore’s Temasek (RT)

• NY PE firm Dynasty Equity will acquire a minority stake worth up to $200M in Premier League team Liverpool FC from Fenway Sports Group (BBG)

• Henry Kravis, the co-founder of KKR, Ari Emanuel’s Endeavor Group Holdings, and Fenway Sports, owner of the Boston Red Sox and Liverpool FC, are among US investors exploring an investment in PGA Tour, providing an alternative transaction to a pending deal with Saudi Arabia’s PIF (BBG)  

• Chinese EV maker Nio held exploratory talks with Mercedes-Benz for a tie-up that would see Mercedes investing in Nio in exchange for technology (RT)

• Portugal plans to sell a controlling stake of at least 51% in state-owned airline TAP as part of a privatization process to develop the national aviation sector (RT)

• German industrial group Thyssenkrupp is in advanced talks to sell a 50% stake in its steel division to Czech billionaire Daniel Kretinsky (RT)

• Crypto company Ripple backed out of its acquisition of crypto custodian Fortress Trust less than a month after the deal was announced (BBG)

• Travelex's owners are considering a sale of the British currency exchange, which fell into administration in 2020, after bolstering its finances (RT)

VC

• AlphaSense, an AI-based market intel firm, raised a $150M Series E at a $2.5B valuation led by Bond (TC)

• Harbinger Health, a startup developing blood-based cancer screening products, raised a $140M Series B from Flagship Pioneering, Partners Investment, and others (PRN)

• Industrial battery tech startup Morrow Batteries raised a $74M round from Å Energi, PKA, Siemens Financial Services, and more (FN)

• Perenna, a London-based fintech building long-term fixed-rate mortgage products, raised a $52M round led by Silverstripe Investment Management (EU)

• VR platform for workforce training Transfr raised a $40M Series C led by ABS Capital (TC)

• Spanish renewable energy company EiDF Solar raised $21M in financing from Alpha Blue Ocean (BW)

• Deka Biosciences, a biotech company focused on immunotherapy, raised a $20M Series B-2 led by MPM BioImpact (PRN)

• Gene silencing platform Laverock Therapeutics raised a $16.5M seed round led by Calculus Capital (FN)

• London-based invoice management startup Apron raised a $15M Series A led by Index Ventures (TC)

• Nextdata, a startup building a ‘data-mesh-native’ platform to build and share data products, raised a $12M seed round led by Greycroft and Acrew Capital (TC)

• Nexusflow, a startup using generative AI to help companies make sense of cybersecurity data, raised a $10.6M seed round led by Point72 Ventures (TC)

• Omada, a social prediction app for sports fans, raised a $7.5M seed round led by Felix Capital (FN)

• Prompt AI, a startup harnessing large language models to democratize computer vision, raised a $5M seed round led by AIX Ventures and Abstract Ventures (PRN)

• Geneos Therapeutics, a clinical-stage biotherapeutics company focused on the development of personalized therapeutic cancer vaccines, raised a $5M Series A-3 led by Shanghai Healthcare Capital (PRN)

• UnitX, a robotics company focused on AI vision systems for the manufacturing industry, raised $5M in funding from SE Ventures and Schneider Electric (FN)

• Ondorse, a KYC solution provider for fintechs and marketplaces, raised a $4M seed round led by Eurazeo and ISAI (FN)

IPO / Direct Listings / Issuances / Block Trades

• China's Dalian Wanda Group started negotiations on a proposal to avoid repaying $4.1B to investors in its commercial property management business if it fails to complete its IPO this year, as the company is now targeting a 2024 IPO (BBG)

• German medical vials manufacturer Schott Pharma raised $854M from its IPO, the biggest in Germany this year (BBG)

• Sensors producer AMS-Osram plans to refinance debt, which includes an $841M equity boost (BBG)

• Courier company J&T Global Express received approval from the Hong Kong stock exchange for a $500M IPO (BBG)

SPAC

• SPAC ACG Acquisition Company’s $1B acquisition of a nickel mine and copper mine fell through after both sides tried and failed to revise the deal, which was backed by Glencore, Stellantis, and Volkswagen (RT)

Debt

• Chelsea FC’s owners are considering taking on an additional $305M in debt to extend their ability to spend freely (BBG)

Bankruptcy / Restructuring

• China Evergrande Group and its units suspended trading in Hong Kong a day after the property developer’s founder was taken away by police (BBG)

Fundraising

• Blackstone is seeking to raise over $10B across two private loan funds in Europe and the US (BBG)

• Singapore state investment firm Temasek’s unit True Light Capital raised $3.3B for its flagship fund, True Light Fund I, to invest in Greater China (RT) 

• Alternative investment firm Varde Partners raised $1.5B for asset based lending through its Varde Asset Lending Fund II (RT)

• Investment firm TXV Partners is targeting $500M for its new sports fund, Evolution Fund (WSJ)

• Mercury Fund, an early-stage venture firm, raised $160M for its Fund V to target B2B and B2B2C SaaS and Data platforms enabling market and customer relationship transformations (FN)

Crypto Corner

• SBF lost another bid to be released from a Brooklyn federal jail days before he goes on trial (BBG)

• IRS proposed rule on digital asset broker reporting could kill crypto in America (CD)

Exec’s Picks

• Faith Hill wrote about our over-abundance of group chats in this Atlantic piece.

• How much should Tesla really be worth? Stephen Wilmot broke down this question in detail for The Wall Street Journal.

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