Together with

Good Morning,

Saudi Arabia is cutting its oil output, airlines are making bank this summer, China is cracking down on AI-driven fraud, McCarthy is proud of the debt ceiling deal, Apple has a mixed reality headset, Suncor is cutting 1,500 jobs, UBS might delay its results, and Airbus has a new 500 jet order.

Is your old mattress lumpy, uncomfortable, and ready to bite the dust? Upgrade your sleep with today's sponsor, Eight Sleep.

Let’s dive in.

Before The Bell

Markets

• US stocks closed out the holiday-shortened week on a strong note thanks to a positive May jobs report, with the Dow soaring 700 points for its biggest gain of the year

• The Nasdaq's 2% gain notched the index's sixth-straight positive week, while the Dow also added 2% for the week and the S&P 500 jumped 1.8%

• All 11 S&P 500 sectors ended in the green, led by a whopping +3% jump in Consumer Discretionary and Real Estate

• Gold slipped and US Treasury yields rose due to hotter-than-expected employment data, with the two-year note surging 18 bps to 4.51% and the benchmark 10-year yield adding 14 bps to 3.74%

• The Canadian dollar hit a two-week high against its US counterpart on Friday as investors weighed prospects of the Bank of Canada resuming interest rate hikes

Earnings

• What we're watching this week:

  • Today: GitLab, Science Applications

  • Tuesday: Ferguson, J.M. Smucker

  • Wednesday: GameStop, Campbell Soup

  • Thursday: DocuSign, Vail Resorts

  • Friday: NIO

• Full calendar here

Headline Roundup

• McCarthy lauds debt ceiling deal, House Republicans divided (RT)

• Saudi Arabia goes alone at OPEC+ with million-barrel output cut (BBG)

• Airbus heads towards 500-jet order from IndiGo (RT)

• 3M reaches tentative $10B pollution settlement with US cities (RT)

• Online banks are winning the deposit war (WSJ)

• Airlines bask in sky-high summer fares while airports stay stuck (BBG)

• In challenge to Meta, Apple expected to unveil mixed-reality headset (RT)

• United Airlines pilots union votes to authorize a strike vote (RT)

• Tata to build $1.6B Indian EV battery plant, Gujarat says (BBG)

• Canadian oil producer Suncor Energy to cut 1,500 jobs under new CEO (RT)

• China cracks down on surge in AI-driven fraud (WSJ)

• After month of pain, Euro bulls look to Fed pause for relief (BBG)

• UBS considers delaying results after Credit Suisse rescue (RT)

• FDA allows import of unapproved Chinese chemotherapy drug to ease US shortage (CNBC)

• West Coast ports shut down after union workers walk off job over wages (CNBC)

• Boycotts hit stocks hard - what may be next for Target and others caught in the anti-pride backlash (CNBC)

A Message From Eight Sleep

Invest in your sleep.

Humans spend roughly one-third of their lives sleeping. A good night’s sleep is vital for every human to survive. So why not get the best out there? Enter Eight Sleep.

Eight Sleep is a high-tech smart bed system that has taken Silicon Valley by storm. With built-in heating and cooling system, multiple foam layers to deliver comfort, and analytics tracking to help you optimize your sleep and recovery, Eight Sleep is the complete package.

Eight Sleep has also given the Litquidity community the best offer on the market for their products. Just use code "LIT" at checkout to apply the discount, and you'll get a nice discount.

So what are you waiting for? Order your Eight Sleep today by clicking below 👇🏼

Deal Flow

M&A / Investments

• About half a dozen parties, including PE firms Roark Capital Group and Advent International, are bidding for Subway, which is expected to sell for more than $9B in about a month’s time (BBG)

• Turkish online retailer Trendyol gave British online retailer ASOS a $1.74B takeover offer in December (BBG)

• 3D printer company 3D Systems gave an unsolicited $1.21B buyout proposal to Stratasys (RT)

• Zhejiang Geely Holding Group is seeking a $1.2B investment in its London Electric Vehicle Company, the maker of London’s black cabs (BBG)

• Canaccord Genuity Group said its $842M management-led take-private offer may not result in a deal due to there being ‘no reasonable chance’ its conditions would be met by the expiry date (RT)

• India's Apollo Hospitals Enterprise is looking to raise ~$200M through its sale of a 6% stake in its online healthcare platform Apollo Health valued between $2.5B-$3B (RT)

• Philippine billionaire Ramon Ang raised his stake in Top Frontier Investment Holdings, the parent company of food-to-power conglomerate San Miguel, to 35% through a share subscription worth $194M (BBG)

• Ireland and Britain’s NatWest Group sold a 10% stake in lender Permanent TSB valued at $122M (RT)

VC

• Customer engagement and loyalty management tech startup Capillary raised a $45M round led by Avataar Ventures (FN)

• AI-powered application platform MindsDB raised a $25M round led by Mayfield (FN)

• Axuall, a clinical workforce intelligence company, raised a $20M Series B led by Noro-Moseley Partners (FN)

• Ariga, a provider of database schema management platform Atlas Cloud, raised $18M in funding led by Tiger Global and TLV Partners (FN)

• Fortify, a materials science and additive manufacturing startup, raised $12.5M in funding from Lockheed Martin Ventures, RTX Ventures, Accel, Cota Capital, and more (FN)

• Violet Therapeutics, a therapeutics company focused on cell-cell interactions, raised a $10.6M seed round led by Dementia Discovery Fund and University of Tokyo Edge Capital Partners (FN)

• Galvanik, a cybersecurity startup protecting industrial infrastructure from cyber attacks, raised a $10M seed round from MaC Venture Capital, Founders Fund, Village Global, and more (FN)

• Cytovation, a Norwegian clinical stage immune-oncology company, raised an $8M Series A extension led by Sandwater and Canica (FN)

• Modulo Bio, a neuroimmune platform, raised $8M in funding led by Initialized Capital, Cantos, and more (FN)

• MyRacehorse, a global racehorse ownership platform, raised $7M in funding led by 1/ST (BW)

• Chamberlain Coffee, a sustainable and organic coffee brand, raised a $7M round led by Blazar Capital, founder and investor Emma Chamberlain, and United Talent Agency (FN)

• Web3 gaming startup Fusionist raised a $6.6M seed round led by Binance Labs and Web2 gaming company FunPlus (FN)

• Squint, a startup using augmented reality to optimize factory procedures, raised a $6M seed round from Arc, Sequoia Capital, and Menlo Ventures (FN)

• Red Flag Alert, a credit risk data and risk intelligence company, raised a $4.5M round led by Foresight and Uncapped (FN)

• Advocate, a startup helping workers and veterans apply for government benefits, raised a $4M seed round led by Lerer Hippeau (BW)

• XONAI, a London-based provider of a cloud optimization solution, raised a $3.5M seed round led by Kadmos Capital (FN)

• Dumme, a startup creating AI video editors, raised a $3.4M seed round from Y Combinator, Caffeinated Capital and more (TC)

• Hybr1d, a provider of a workforce management platform, raised a $3.2M pre-seed round from Global Founders Capital, MS&AD, 468 Capital, and 1982 Ventures (FN)

IPO / Direct Listings / Issuances / Block Trades

• Russian state-owned lender VTB is seeking to raise up to $2.1B in a secondary public offering (RT)

• Athens International Airport shareholders have approved the sale of a 30% stake valued at $881M-$1.1B, 20% of which will IPO in Athens (RT)

• South Korean K-pop giant Hybe, the agency behind BTS and Ariana Grande, is looking to raise $380M through equity financing for its future acquisitions (BBG)

• Fidelidade is looking to raise $330M by selling a minority stake in its healthcare arm Luz Saude through an IPO in Portugal (RT)

SPAC

• Mineral exploration and development company American Battery Materials is merging with Seaport Global Acquisition II in a $225M deal (MS)

• Digital Ally’s subsidiary Kustom Entertainment, a live event and ticketing company, is merging with Clover Leaf Capital Corp. in a $222.2M deal (YN)

Debt

• Canada is backing up to $2.2B in loans for Trans Mountain Corp, a company building an over-budget oil pipeline expansion to Canada's Pacific Coast (RT)

• Blackstone and Goldman Sachs are leading a $1.6B direct lending deal to EQT to help finance the firm’s acquisition of Dechra Pharmaceuticals (BBG)

• French clinical care company Orpea made a drawdown of $214M from its new financing partners to refinance its real estate subsidiary Niort94 (RT)

Crypto Corner

• Congressional Republicans introduced a bill that provides a pathway for crypto assets to be regulated as commodities (BBG)

• UK-based Arch Insurance International authorized cryptocurrency insurer Evertas to increase its coverage limit for a single policy to $420M for custodians or exchanges (RT)

• Mobile crypto wallet Atomic Wallet was exploited leading to $35M in crypto assets being stolen (CT)

Exec’s Picks

• This Bloomberg piece breaks down how Wall Street banks are integrating AI technology.

• Forbes highlighted the questionable history of Stability AI founder Emad Mostaque.

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

Advertise with us // Visit our merch store // Invest alongside Lit Ventures // Book a call with Lit // Launch your own newsletter