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Good Morning,

Oaktree criticized Advent and Silver Lake in a rare public call-out, the US yield curve un-inverted, Palantir and Dell are joining the S&P 500, OnlyFans is swimming in cash, US sports betting industry is firing on all cylinders, legal political betting markets are here, and Kendrick Lamar is headlining Super Bowl 2025 (*Drake punching the air rn*).

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Let’s dive in.

Before The Bell

As of 09/06/2024 market close.

Markets

  • US stocks slumped on Friday as investors digested a weak August jobs report 

    • S&P suffered its worst week since March 2023

    • Nasdaq posted its worse week since January 2022

    • Traders now see a 71% chance of a 25 bps Fed rate next week

  • Japan's Nikkei 225 index closed at a three-week low

  • China's CSI 300 index fell to a seven-month low

  • Oil tumbled to its lowest since December 2021

  • US 2Y-10Y yield curve un-inverted, ending the longest inversion ever

Earnings

  • What we're watching this week:  

    • Today: Oracle

    • Tuesday: GameStop, Dave & Buster's

    • Thursday: Adobe, Kroger 

  • Full calendar here

Headline Roundup

  • August jobs report came in worse than expected (CNBC)

  • Bond market rally to depend on uncertain pace of Fed rate cuts (BBG)

  • Oaktree called out Advent and Silver Lake over a collapsed investment (FT)

  • OnlyFans-owner Leonid Radvinksy earned $1B in dividends since 2021 (BBG)

  • Palantir and Dell will join the S&P 500 (CNBC)

  • Iraqi banks used US-created system to funnel funds to Iran (WSJ)

  • Activist Starboard filed a proposal to break Murdoch's grip on News Corp (RT)

  • Kalshi cleared to offer congressional prediction markets paving the way for legal political betting (CD)

  • Deloitte UK is bringing back face-to-face interviews (FT)

  • Selena Gomez is a billionaire (BBG)

  • Top dealmaker left Evercore after 'affair' with younger banker (NYP)

  • Kendrick Lamar to headline 2025 Super Bowl halftime show (WSJ)

  • The US sports betting industry surpasses $220B in wagers the past 5 years (BBG)

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Deal Flow

M&A / Investments

  • 7-Eleven-owner Seven & i Holdings rejected a ~$39B cash offer from Canada's Alimentation Couche-Tard; Couche-Tard will bid again (BBG) 

  • Bain Capital and Parthenon Capital are in talks to sell an up to 25% stake in healthcare tech firm Zelis at a $17B valuation (BBG)

  • EQT and Canada's CPP are in talks with investors including Neuberger Berman for a $5B capital injection in international school operator Nord Anglia (BBG) 

  • Investment firm MNC Capital increased its cash buyout offer for Vista Outdoor to $2.51B (RT)

  • Methanex Corp agreed to acquire OCI’s methanol business in a deal worth more than $2B (BBG)

  • VC Accel and private credit giant HPS Investment Partners are nearing an up to 25% stake purchase in Aston Martin F1 at a $2-2.6B valuation (BBG)

  • Chinese state-backed brokerages Guotai Junan and Haitong will merge via share swap to create a $230B AUM powerhouse (RT)

  • Chelsea FC-owners Clearlake Capital and Todd Boehly are exploring buying out each others' stake (BBG) 

  • Qualcomm is exploring acquiring portions of Intel's chip-design business (RT) 

  • EQT is weighing a sale of revenue cycle SaaS firm AGS Health (BBG) 

  • Australia telecoms Vocus Group is in advanced talks to buy TPG Telecom's fiber assets (BBG) 

VC

  • Salon/spa operations SaaS Mangomint raised a $35M Series B led by Altos Ventures (TC)

  • AI security and governance platform Acuvity raised a $9M seed round led by Foundation Capital (TFN)

  • Insurtech startup Korint raised a $5.4M round led by Ventech (EU)

  • Anytime AI, a developer of AI legal assistants, raised a $4M seed round led by Gopher Asset Management and Kao Family Office (SAAS)

IPO / Direct Listings / Issuances / Block Trades

  • Permira and H&F-backed customer service SaaS firm Genesys Cloud Services picked Goldman, Citigroup, and JPMorgan for a $2B IPO (BBG) 

  • Carlyle plans to raise $1.2B in an India IPO of IT services firm Hexaware Technologies (RT) 

  • GIC and Carlyle-backed aircraft maintenance firm StandardAero filed for a US IPO (RT) 

  • Bicara Therapeutics is seeking to raise $212M at a $828M valuation in a US IPO (RT) 

  • Zenas BioPharma is seeking to raise up to $212M at a $690M valuation in a US IPO (RT) 

  • Early childhood education firm KinderCare is reviving plans for a US IPO (RT)

SPAC

  • EEW Renewables will merge with Compass Digital Acquisition Corp. in a $386M deal (LAW)

Debt

  • Subway raised $2.34B in its second ABS deal this year (BBG) 

  • Formula 1 will refinance a $1.7B loan alongside raising $850M for its acquisition of MotoGP World Championship (BBG) 

  • Goldman Sachs will provide $389M in high-yield debt to back Italian IT group Almaviva's acquisition of US tech firm Iteris (BBG) 

Bankruptcy / Restructuring / Distressed

  • Germany will acquire a 40% stake in struggling shipbuilder Meyer Werft for $222M in a rescue deal (BBG)

  • Wheel Pros, a maker of after-market specialty auto parts, filed for bankruptcy protection after struggling with inflation costs and a slump in demand (BBG) 

Fundraising

  • London-based VC Atomico raised $1.24B across two funds – $485M for early stage financing and $754M for growth deals (BBG)

  • Ardabelle Capital, led by Eurazeo’s ex-CEO Virginie Morgon, plans to raise $555M for a debut climate-focused PE fund (BBG)

Crypto Corner

  • Bitcoin ATMs emerge as one of cryptocurrency's biggest threats (CNBC)

  • Ripple co-founder Chris Larsen is among Kamala's new supporters (CD) 

Exec’s Picks

  • If y'all are in the market for some premium coffee, Cometeer is a brand I've exclusively been drinking lately. They come in flash frozen pods to protect the beans' rich flavors and they'll have you ready to run through a brick wall. Check 'em out here.

  • Legendary NYU professor Aswath Damodaran shared his research on Nvidia, valuing it at $87/share or a ~16% discount to Friday's close.

  • FT published a profile on Robby Starbuck: the activist pushing US companies to ditch DEI.

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