M360 Roundup - Volume 88
May 26th - 30th, 2025
Cole LaCour
Two U.S. courts ruled that President Trump lacks the authority to impose 10% global tariffs and 20% fentanyl duties on China under the International Emergency Economic Powers Act
The S&P 500 is up 1.21%, the Nasdaq is up 1.52%, and the Dow Industrials is down 1.08% WTD
The 10-Yr U.S. Treasury yield has decreased -0.046% to a current yield of 4.432%, whereas the 30-Yr U.S. Treasury yield decreased -0.052% to a current yield of 4.932%
Crude oil prices decreased 0.44% to a current $61.26/bbl while bitcoin decreased 0.37% to a current $105,288.60coin
NRG Energy, once a retail power supplier, now resembles a high-risk energy trader with volatile, mark-to-market-driven earnings, a weak balance sheet, and a heavy reliance on derivatives—yet its stock has surged due to AI-driven demand and a major power plant acquisition [WSJ]
With student loan repayments resumed and collections restarted under the Trump administration, millions of borrowers have become newly delinquent—causing credit scores to plunge and potentially trimming 2025 GDP by up to 0.1 percentage point [WSJ]
Luxury brands like Dior and Chanel are seeing sales declines after aggressive pandemic-era price hikes, while more restrained rivals like Hermès and Richemont continue to grow—highlighting the risks of "greedflation" in the high-end market [WSJ]
M&A activity continues to remain mixed
Salesforce agreed to acquire cloud data software firm Informatica for ~$8B cash at a 30% premium
Motorola Solutions agreed to acquire radio maker Silvus Technologies from PE firm TJC in a $4.4B deal
KKR and Japanese PE firm NSSK offered to acquire $2B-listed Japanese chemical manufacturer Taiyo
Belgian oil tanker group CMB Tech agreed to acquire shipping firm Golden Ocean Group in a $1.5B stock-for-stock deal, with CMB shareholders owning 70% of the merged entity
Asian PE firm FountainVest is seeking to raise up to ~$1.3B by selling ~50% of its stake in sporting goods maker Amer Sports
Insurance firm Acrisure agreed to acquire software provider Heartland Payroll Solutions from Global Payments for $1.1B in cash to expand its fintech services
Cosmetics firm Elf Beauty will acquire Hailey Bieber’s Rhode beauty brand in a $1B, cash and stock deal
North Atlantic France is in exclusive talks to buy ExxonMobil’s 82.89% stake in French unit Esso for ~$350M
Recent developments across four key industries highlight:
Energy & Natural Resources
Shell is acquiring TotalEnergies’ 12.5% stake in Nigeria’s offshore Bonga oil field for $510 million, boosting its ownership to 67.5% as part of its plan to grow upstream and gas production by 1% annually through 2030 [WSJ]
U.S. crude oil inventories fell by 2.8 million barrels—well above expectations—due to rising exports and pre-Memorial Day gasoline demand, with gasoline and distillate stocks also dropping amid tight supply and increased consumption [WSJ]
Technology, Media, & Telecommunications
EssilorLuxottica is acquiring AI-driven eye care provider Optegra to expand its medical technology portfolio, reinforcing its move beyond eyewear into AI-powered ophthalmology and smart health solutions [WSJ]
Elon Musk is ending his 130-day stint in the Trump administration, during which he led the controversial DOGE agency to cut federal spending and dismantle agencies, leaving a lasting impact on government operations despite his official departure [WSJ]
Healthcare & Life Sciences
Novo Nordisk, once dominant in the obesity drug market with Ozempic and Wegovy, has lost ground to Eli Lilly due to supply shortages, R&D setbacks, and strategic missteps, casting doubt on its future in a market projected to hit $150 billion [WSJ]
AI-powered ambient-listening technology is increasingly being used in healthcare to document doctor-patient interactions, aiming to reduce physician burnout and enhance care, though it raises concerns about privacy, security, and cost [WSJ]
Financial Services
Nvidia's strong earnings and 3.2% stock jump helped lift major indexes Thursday, offsetting investor uncertainty from fluctuating court rulings on Trump-era tariffs [WSJ]
A U.S. court ruling against Trump’s tariffs creates legal uncertainty but is unlikely to end the trade war, as experts say Trump remains committed to using tariffs as a key tool in reshaping global commerce [WSJ]