- Exec Sum
- Posts
- Slow Start to Q3
Slow Start to Q3
ML will make decisions at Bridgewater's newest fund, Millennium returned 6.9% in H1 (nice), DEA called Citigroup money launderers' favorite bank, the Boston Celtics is for sale, and the average S&P stock is up barely 4% this year.
Together with
Good Morning,
ML will make decisions at Bridgewater's newest fund, Millennium returned 6.9% in H1 (nice), DEA called Citigroup money launderers' favorite bank, the Boston Celtics is for sale, and the average S&P stock is up barely 4% this year.
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Let’s dive in.
Before The Bell

As of 07/01/2024 market close
Markets
US stocks inched higher yesterday led by tech stocks in light pre-holiday trading
Nasdaq closed at a new ATH
US 10Y yield jumped to its highest in a month
The 2Y-10Y yield curve is the least inverted since May
Oil jumped to a two-month high
Earnings
What we're watching this week:
Wednesday: Constellation Brands
Full calendar here
Headline Roundup
Average S&P 500 stock is lagging the index by most since 1990 (WSJ)
Five stocks accounted for ~60% of S&P's H1 gain (FT)
US manufacturing contracted for a third-straight month (RT)
ECB not in a hurry to cut rates further (RT)
China's central bank plans to intervene in bond market rally (FT)
Hedge funds dumped tech stocks at fastest pace since 2016 (RT)
Morgan Stanley to join Goldman and JPMorgan in scrapping UK bonus cap (FT)
Hedge fund Millennium returned 6.9% in H1 (FT)
Global investors prefer Korean stocks over bonds for first time in two decades (BBG)
DEA called Citigroup money launderers' favorite bank (FT)
Dash for last orders on stock markets stirs concentration fears (FT)
UK startups turn to Silicon Valley to fill void left by pensions (FT)
Activists mounted record high campaigns in H1, but won fewer board seats (RT)
AI-focused tech firms saw big jumps in market cap in June (RT)
Indian regulators approached Hindenburg over Adani short bet (RT)
China says US targeting of AI not helpful to healthy development (RT)
EU charged Meta with anti-competition violations (WSJ)
France is set to charge Nvidia with antitrust violations (RT)
Chewy execs sound alarm over 'Roaring Kitty's' 6.6% stake (RT)
Moelis banker involved in Brooklyn altercation was charged with assault (FT)
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Deal Flow
M&A / Investments
The owners of Boston Celtics are planning the sell the team; the Celtics were valued at $4.7B in October (FT)
Italian oil major Eni plans to raise over $4.3B from the sale of global upstream assets (BBG)
Billionaire Xavier Niel offered to buy out other shareholders of Millicom International Cellular in a deal that values the LatAm telecom at ~$4.1B (BBG)
EQT is nearing a deal to acquire a 30% stake in German transit operator Flix at $3.2B valuation (BBG)
Events engineering firm TAIT is exploring a sale at a potential $1.3B valuation (BBG)
PE firms including EQT, BC Partners, and General Atlantic are interested in a stake in Europe's top basketball league EuroLeague, whose owner is seeking a ~$1.1B valuation (RT)
Infrastructure company Metro Pacific Tollways and Singapore SWF GIC will acquire a ~$1B, 35% stake in Jasamarga Transjawa Tol, a unit of Indonesian toll-road operator Jasa Marga (RT)
French PE firm PAI Partners is teaming up with Spanish peer Inveready to bid for Spain’s fifth largest telecom Avatel, worth ~$592M (RT)
Interpublic Group is in talks to sell digital marketing agency R/GA to India’s Tata Consultancy Services for ~$300M (WSJ)
PE firm Altor agreed to acquire a majority stake in business resilience software provider F24 from PE firm Hg (BBG)
Robinhood agreed to acquire AI research platform Pluto Capital (BBG)
Paramount Global is holding talks to merge its Paramount+ streaming service with an existing platform (CNBC)
Google acquired a stake in BlackRock-owned Taiwanese solar developer New Green Power (RT)
Danish transport group DSV and CVC Capital Partners are among lead bidders for Deutsche Bahn's logistics unit (BBG)
Hollywood production company Imagine Entertainment is exploring a sale (WSJ)
VC
SmartHR, a cloud-based HR software startup, raised a $140M Series E led by KKR and OTPP (TC)
Eve Air Mobility, an eVTOL aircraft manufacturer, raised $94M from Embraer, Nidec and others (PRN)
K Health, an AI primary care platform, raised a $50M round led by Claure Group (BW)
Reusable packing company Vytal raised a $6.6M round led by Emerald Technology (EU)
Vaire Computing, a startup building energy efficient chips, raised a $4.5M seed round led by 7percent Ventures and Jude Gomila (TC)
IPO / Direct Listings / Issuances / Block Trades
SPAC
Battery metals supplier American Resources will merge with AI Transportation Acquisition Corp. in a $170M deal (YH)
Bankruptcy / Restructuring
Fundraising
Crypto Corner
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