2405-2805 - Notes de cours 3 PDF

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Informations détaillées sur la finance et les marchés...

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24/05 Markets  Stocks globally have lost some steam as riskier investments like Bitcoin and growth/tech stocks have declined after rallying all last year/earlier this year 

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Gold is near its 4 month high as investors weigh inflation risks and spikes in covid cases in some countries (cc: @Bitcoin, take notes) Cryptocurrencies got pimp smacked after Beijing cracked down on bitcoin mining and trading o This is big because mining is huge in China and is said to account for up to 70% of the world’s crypto supply

Earnings  Here’s what's good for this week: Mon: Lordstown Motors o Tues: Intuit, AutoZone o Weds: Nvidia, Snowflake, Workday, Dick’s Sporting Goods o

Thurs: Salesforce, Ulta, Dell, Best Buy, Gap, Costco Full calendar here o

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Headline Roundup  

Fed to publish paper on digital currency this summer (WSJ) Virgin Galactic completed its first spaceflight in two years; CEO said ‘it was flawless’ (CNBC)

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Home prices continue to rise, up 19% in April from a year earlier, highlighting limited supply (WSJ)

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Senators reach bipartisan agreement on $300B for highways, roads, and bridges (CNBC) Report published that three Wuhan virology lab workers sought hospital

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care from unknown illness shortly before Covid outbreak (WSJ) 

Bitcoin resumes selloff over weekend, falls below $32,000 ( CNBC)

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Ethereum closes in on long-sought fix to cut energy use over 99% (BBG) Phil Mickelson won the PGA Championship at 50 years old, becoming the oldest major champion in history (WSJ)

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Deal Flow M&A

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Kansas City Southern will combine with Canadian National Roadway in a ~$30B deal after deeming it superior to the previous agreement struck w/ Canadian Pacific (WSJ) Brazilian beef producer Marfrig Global Foods bought a 24% stake in BRF, the world’s largest poultry exporter that also processes pork, for ~$800M ($3.3B implied valuation) (RT) Snapchat parent Snap acquired AR startup WaveOptics for $500M+ (TC)

VC 

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Indonesian agritech startup TaniHub Group raised a $65.5M Series B led by MDI Ventures (TC) AI-based mental health app Wysa raised a $5.5M Series A led by W Health Ventures (TC) Secai Marche, a startup aiming to streamline the agricultural supply chain, raised a $1.4M seed round led by Rakuten and Beyond Next(TC) Vietnamese social commerce startup Mio raised a $1M seed round led by Venturra Discovery and Golden Gate Ventures (TC)

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Luceo Sports, a software company that digitizes and animates sports playbooks, is seeking ~$5M from investors (CNBC)

IPO / Direct Listing 

JD Logistics, the delivery arm of e-commerce giant JD.com, raised ~$3.2B after pricing its Hong Kong IPO near the bottom of a marketed range. The company has implied valuation of ~$30B (BBG)

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Indian pharmacy chain MedPlus could raise ~$300M in upcoming

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Mumbai IPO (BBG) The UK franchise of American-themed restaurant chain Fridays will be

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listed in London later this year (BBG) Ventia, an Australian telecommunications, infrastructure, and utilities service company, is in talks with investors about a potential IPO ( BBG)

SPAC 

Wejo, the British automotive-data startup backed by GM, is in talks to merge with Virtuoso Acquisition Corp. in a potential $1B+ deal (BBG)

25/05 Markets

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Tech stocks and reopening names rose on Monday as covid cases dropped to their lowest level since last June and inflation anxiety appeared to ease The FAANG stocks led the Nasdaq gains Elon once again moved crypto markets after tweeting that he talked to o

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“North American Bitcoin miners” regarding the sustainability of the coin; BTC jumped 4% following the announcement He and Michael Saylor (CEO of MicroStrategy) both tweeted about forming a Bitcoin Mining Council to promote sustainability o Oh yea and Ray Dalio, founder of Bridgewater, also mentioned

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that he’d “rather own Bitcoin than a bond” and revealed that he has a stake in Bitcoin Earnings  Lordstown Motors shat the be  d announced a net loss of $125M; its stock fell AH when it announced it was far behind on its plan to begin mass production in September 2021  

What we’re watching today: Intuit, AutoZone Full calendar here

Headline Roundup 

‘Charlie Bit My Finger’ will leave Youtube forever after selling for $760,999 as an NFT (MW)

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Peloton to invest $400M to build its first US manufacturing facility in Ohio ( CNBC)

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NBA lures players and investors to form Africa business entity valued at nearly $1B (CNBC) 9 states have 70% of adults at least partially vaccinated against Covid as US cases, deaths fall further (CNBC)

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Ryanair is in talks to purchase 100+ 737 Max 10 jets from Boeing starting in 2026 (BBG) HSBC reiterates it has no plans to start a crypto trading desk or sell cryptos as

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investments to customers (BBG) Elizabeth Warren wants to triple the annual IRS budget to increase staff and

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improve enforcement (BI) 

Consulting firms like BCG and McK are offering employees new bonuses, vacation incentives, and more perks (BI)

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Live Nation says concert venue bookings are rebounding as artists book events into next year (CNBC)

Deal Flow M&A 

Absa is in talks to sell part or all of its asset management business to Africa’s largest insurer, Sanlam, which could create a firm with $65B+ in assets (BBG)

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German residential property firm Vonovia is in advanced talks to acquire rival Deutsche Wohnen for ~$23B (BBG)

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Amazon is nearing a deal to buy MGM Studios for ~$9B, deal could be announced later this week (WSJ) Shale drillers Cabot and Cimarex will merge in a $7.4B all-stock deal (BBG)

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Mexican broadcast and media group Grupo Lauman acquired Fox Sports Mexico (BBG) Construction materials supplier Martin Marietta will buy HeidelbergCement’s assets in CA and AZ for $2.3B all-cash (RT) Invoca, the call performance and marketing solutions company, acquired DialogTech, a startup that builds tools for markets to analyze inbound phone calls and other contacts, for $100M (TC)

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Liberty Steel will sell several UK assets after the collapse of their key lender Greensill (RT)

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Weight-loss app Noom raised a $540M funding round at a $3.7B

VC

valuation led by Silver Lake (BBG) 

Fintech banking startup Zeta raised a $250M Series C led by SoftBank

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Vision Fund 2 (TC) Aurora Solar, a startup that using aerial scanning to ease solar panel installation, raised a $250M Series C led by Coatue (TC)

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Korean AI-based learning platform Riiid received $175M in funding from SoftBank Vision Fund 2 (TC) British AI startup Faculty raised a $42.5M growth round led by Apax Digital Fund (TC) E-commerce startup Little Birdie raised a ~$23.2M pre-launch round at a ~$100M valuation led by Commonwealth Bank (TC) Fireflies.ai, a startup building a meeting transcription and automation service, raised a $14M round led by Khosla (TC)

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Fertility treatment startup Future Family raised a $9M round (TC)

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Mobile landing page builder Beacons raised a $6M seed round led by a16z (TC)

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Gridware, a startup striving to save power grids from climate change, raised a $5.3M led by True Ventures and Fifty Years (TC) Emitwise, a startup building a greenhouse gas emissions platform, raised a $3.2M seed extension led by ArcTern Ventures (TC) The NBA is expanding into Africa in a deal with PE firm Helios Fairfax

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Partners that values its operations at $1B; Dikembe Mutombo, Joakim Noah, and other former NBA players are also among investors ( BBG) IPO / Direct Listing 

Authentic Brands, which owns Brooks Brothers, Forever 21, Juicy Couture, and other brands, is exploring going public as soon as this year and could seek a $10B valuation (BBG)

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China Resources is weighing a Hong Kong IPO for its supermarket business, CR Vanguard, that could raise up to $2B (BBG) United Imaging, a medical imaging and radiotherapy equipment maker,

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is weighing a Hong Kong IPO that could raise $1B+ (BBG) Blockchain startup Chia closed a recent funding round w/ a $500M

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valuation and is now seeking an IPO (BBG) 

Aspiration, a fintech company backed by Leo DiCaprio and Orlando Bloom, is weighing an IPO (BBG)

Debt 

Novo Banco and Banco Comerical Portugues are looking for buyers of the debt they hold in Portuguese soccer club Sporting Lisbon (BBG)

SPAC 

FIM Partners, the frontier and emerging markets asset manager backed by EFG Hermes, is considering raising ~$250M for a US-listed SPAC (BBG)

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FiscalNote, a company that specializes in software for policy makers and regulators, is weighing a public-markets debut after raising capital at a $1.4B valuation (BBG)

26/05 Markets 

Stocks fluctuated yesterday after some new US home sales data showed that home prices are high af right now and less people are buying as a result

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Big tech shares slipped and Amazon came under pressure after the DC Attorney General said he's suing them on antitrust ground for unfairly raising prices

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Airlines and cruise lines were up

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The market is basically stagnant rn until the Fed answers how they're going to handle inflation and their plans around tapering

Earnings  Nordstrom reported better-than-expected Q1 sales but its stock fell

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after they showed wider-than-expected losses and failed to boost their full-year outlook as some rivals have recently (CNBC) AutoZone reported stronger-than-expected earnings demonstrating an

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increased demand for auto repair services What we’re watching today: Nvidia, Snowflake, Workday, BMO, Dick’s

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Sporting Goods, Williams-Sonoma Full calendar here

Headline Roundup 

Exxon Mobil is facing a shareholder vote today over whether the

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company should commit to carbon neutrality by 2050 (WSJ) Biden will meet with Putin in Geneva on June 16, the first in person meeting between the two since Biden was elected (WSJ) Moderna vaccine studies find effectiveness in 12-17 year olds, will ask

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regulators for permission to administer next month (WSJ) Amazon sued by DC attorney general in antitrust suit over pricing

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(BBG)  

Ark Invest buys nearly $20M worth of Bitcoin (NSDQ) Morgan Stanley’s Global Head of Prime Brokerage Edward Keller will step down; will be succeeded by Penny Novick and Kim Shaw, the first women appointed to run prime brokerage globally (WSJ)

Deal Flow M&A  

Volkswagen plans to maintain ownership of Lamborghini after being offered $9.2B for the brand (BBG) Japan’s JX Nippon wants to sell its British North Seal oil and gas assets in a deal that could fetch up to $1.5B (RT)

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Mexico’s state-owned oil company Petroleos Mexicanos (Pemex) will buy Shell’s 50% stake in a Houston-area refinery for $596M, granting them full control (BBG)

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The New York Times is looking into a potential acquisition of subscription-based sports media company The Athletic (AXIOS) Next-gen space transportation developer Phantom Space acquired StratSpace, a satellite program designer and manager (TC)

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French supermarket chain Auchan Retail is considering selling its stake in a group of RT-Mart-branded stores in Taiwan, seeking $300400M (BBG)

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Smart Eye, the Swedish company which provides driver monitoring systems for automakers, acquired emotion-detection software startup Affectiva for $73.5M in cash and stock (TC)

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Forter, a startup striving to combat e-commerce fraud, raised a $300M Series F at a $3B valuation led by Tiger Global (TC) Indoor farming startup Bowery raised a $300M Series C at a $2.3B valuation led by Fidelity (TC)

VC

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Aurora Solar, a company that builds software solutions for distributed

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solar and storage, raised a $250M round led by Coatue (BBG) FarEye, an Indian logistics SaaS startup, raised a $100M Series E led by TCV and Dragoneer Investment Group (TC)

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AI-centric security startup Tessian raised a $65M Series C led

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by March Capital (TC) Resolve, a fintech startup building a B2B BNPL platform, raised a $60M round led by Initialized Capital (TC)

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Qualified, a startup helping build better interactions for B2B sales and marketing teams using Salesforce, raised a $51M Series B led by Salesforce Ventures (TC)

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Resale marketplace startup Whatnot raised a $50M Series B from a16z, Y Combinator Community Fund, and Animal Capital (TC) Video search and analytics tech startup AnyClip raised a $47M round led by JVP (TC)

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Interactio, a remote interpretation platform, raised a $30M Series A led by Eight Roads Ventures and Storm Ventures (TC)

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Open-source data connector platform Airbyte raised a $26M Series A led by Benchmark (TC)

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‘Diversity recruitment platform’ Canvas raised a $20M round led by Sequoia and Lachy Groom, an angel investor and early Stripe employee (TC)

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Atlan, a startup building a collaboration hub for data-driven teams, raised a $16M Series A led by Insight Partners (TC) Social video template tool Promo.com raised a $16M Series B led by Getty Images (TC)

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Adaptive communications platform Hyro raised a $10.5M Series A led

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by Spero Ventures (TC) Medical device data startup AcuityMD raised a $7M seed round led by Benchmark (TC)

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Taipei-based computer vision startup eYs3D raised a $7M Series A led by ARM IoT Capital, WI Harper, and Marubun Corporation (TC) Comeback szn: Online radio station and virtual listening room startup Turntable.fm raised a $7.5M round led by a16z (TC)

IPO / Direct Listing 

Job search and recruitment company ZipRecruiter will have a fully diluted valuation of $2.4B if it trades at its reference price of $18 in upcoming direct listing (BBG)

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Brazilian fintech company Ebanx is preparing for a potential US IPO (BBG)

SPAC 

BigBear.ai, an AI company, is in talks to merge with GigCapital4 in a $1.5B+ deal (BBG)

27/05 Markets  Relatively calm day in the markets yesterday 

Investors are awaiting new labor market data today to gauge the pace of the economic recovery o

Economists expect 425k jobless claims (compared to pandemic low of 444k that was achieved last week)

Trading expected to be calm ahead of the long weekend Earnings 

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BMO came out with a bang after its quarterly net income of $1.3B+

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more than doubled that of last year’s Nvidia also posted strong earnings beats with sales increasing 84% YoY

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Snowflake beat Q1 revenue estimates (110% YoY growth), but a widened net loss caused shares to fall ~8% AH

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What we’re watching today: Salesforce, Ulta, Dell, Best Buy, Gap, Costco Full calendar here

Headline Roundup 

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Activist investor, Engine No. 1, won two seats on Exxon’s board, a move that will likely cause the giant to alter its fossil fuel-centric strategy (WSJ) Dutch court ordered Shell to cut carbon emissions (WSJ)

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HSBC will exit US retail banking, selling branches to Citizens Bank and Cathay Bank (WSJ) Carl Icahn revealed a ~$400M stake, or 1%, in insurer Allstate ( RT)

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Jeff Bezos to formally step down as Amazon CEO on July 5 (CNBC)

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Biden calls for an intelligence report on Covid’s origins, furthering the focus on a potential lab accident in Wuhan (WSJ) Ford expects 40% of global vehicle volume to be fully electric by 2030

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(WSJ) 

GlaxoSmithKline and Vir Biotechnology were granted US clearance for Covid-19 antibody drug (BBG)

Deal Flow M&A 

Amazon agreed to buy film studio MGM for an equity value of $6.5B ($8.5B total transaction value), gaining valuable IP such as James Bond, Rocky, Shark Tank (BBG)

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Mondelez, the packaged-food giant, agreed to buy European snack maker Chipita for ~$2B (BBG) Carlyle agreed to acquire drugmaker Vectura for $1.4B in cash (BBG) Morgan Stanley Infrastructure Partners is considering an acquisition of UK waste management services firm Augean, which has an equity value of $368M (BBG)

VC 

African fintech OPay is raising a $400M round at a $1.5B+ valuation from SoftBank, Sequoia Capital China, IDG Capital and more (TC)

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SMB & restaurant-focused software / payments startup SpotOn raised a $125M Series D at a $1.9B valuation led by a16z (TC)

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Paysend, a UK-based payments platform, raised a $125M Series B at a

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$700M+ valuation led by One Peak (TC) Salt Security, a startup building tech to protect APIs from malicious abuse, raised a $70M round led by Advent International (TC)

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Data-centric security startup Uptycs raised a $50M Series C led by Norwest Venture Partners (TC) Yalo, a startup building ‘chat commerce’ services for chat apps, raised a $50M round led by B Capital (TC)

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GPS pet tracking startup Tractive raised a $35M Series A led by Guidepost Growth Equity (TC) Indian Twitter rival Koo raised a $30M round led by Tiger Global (TC) LatAm-focused corporate spend startup Clara raised a $30M funding round and $50M revolving debt facility at a $130M valuation (TC) TerraClear, a robotics startup focused on rock picking, raised a $25M Series A led by Madrona Venture Group (TC) Debugging and observability platform Lightrun raised a $23M Series A led by Insight Partners (TC) Prismic, a startup building a content management system, raised a $20M Series A co-led by Aglae Ventures and Eurazeo (TC)

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Rewatch, a startup working on indexing, transcribing, and storing

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enterprise video content, raised a $20M Series A led by a16z (TC) Cloud downtime insurance startup Parametrix Insurance raised a $17.5M round led by FirstMark Capital and F2 Venture Capital (TC)

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Italian headless commerce platform Commerce Layer raised a $16M Series B led by Coatue (TC) Insurtech startup Obie raised a $10.7M Series A led by Battery Ventures (TC) Freight financing services startup Axle raised a $10M Series A led by Cross...