M360 Roundup - Volume 89
June 2nd - 6th, 2025
Cole LaCour
After a surge earlier in 2025 to front-run tariffs, U.S. imports collapsed in April, sharply narrowing the trade deficit—a trend expected to continue in the coming months
The S&P 500 is up 0.60%, the Nasdaq is up 0.87%, and the Dow Industrials is up 0.30% WTD
Crude oil prices increased 1.78% to a current $63.54/bbl while bitcoin decreased 1.61% to a current $104,012.30coin
Apple faces mounting challenges ahead of its WWDC, including delays in AI development, tariffs, regulatory pressure, and falling stock performance, highlighting growing concerns about its competitiveness and business model [WSJ]
Gilead is poised for renewed growth with its upcoming twice-yearly HIV prevention shot, which shows strong promise in expanding the PrEP market despite challenges like stigma, access disparities, and potential cannibalization of its existing pill, Descovy [WSJ]
Rising hedging costs and a weakening dollar are making U.S. bonds less attractive to foreign investors, who now often find better returns at home—posing a risk to a Treasury market already strained by fiscal concerns and trade tensions [WSJ]
As corporate pension funds reach full funding, many are shifting away from long-term bonds and illiquid assets like private equity, reducing their demand for long-duration Treasurys and potentially weakening support for the bond market [WSJ]
M&A activity continues to remain mixed
Fluid motion and control products giant Chart Industries and O&G processing manufacturer Flowserve agreed to merge in a $19B all-stock deal, including debt
Hong Kong's CK Infrastructure-backed British rolling stock leasing firm Eversholt Rail, is drawing interest from suitors including Hong Kong railway MTR and JPMorgan-owned Beacon Rail, with the firm seeking a ~$5.4B valuation
Brazilian pulp maker Suzano is nearing an acquisition of Kimberly-Clark's Kleenex and tissue businesses outside of North America for ~$3.5B
Diamondback Energy's Viper Energy agreed to acquire Permian Basin mineral and royalty company Sitio Royalties for $4.1B, including debt
Minority owner IOI Properties will acquire Singapore's City Developments 50.1% stake in one of Singapore’s most iconic office complexes for $1.1B
Real estate developers Pandox and Eiendomsspar submitted a non-binding $1.5B bid for Irish hospitality operator Dalata Hotel Group
Cosmetics giant L'Oréal is close to a $1.1B deal to acquire UK skincare company Medik8 from UK PE firm Inflexion
Food ingredients firm Post Holdings agreed to buy 8th Avenue Food & Provisions for $880M, including debt
Recent developments across four key industries highlight:
Energy & Natural Resources
Amid regulatory rollbacks, many U.S. companies are quietly downplaying climate commitments in investor reports while claiming their goals remain unchanged [WSJ]
Global clean-energy investment is set to reach $2.2 trillion in 2025—double fossil fuel spending—driven by solar and nuclear growth, though the IEA warns it’s still not enough to meet COP28 climate goals [WSJ]
Equinor has signed a $27 billion deal with Centrica to supply the U.K. with natural gas for the next decade, covering about 10% of the country's annual demand and reinforcing Britain's energy security [WSJ]
Technology, Media, & Telecommunications
Thrive Capital's holding company has launched Shield Technology Partners with $100 million to acquire and modernize IT service firms using AI, aiming to boost automation and efficiency across the sector [WSJ]
Meta is investing millions to secure exclusive Hollywood content for its upcoming premium VR headset, “Loma,” aiming to rival Apple’s Vision Pro with immersive video and a sub-$1,000 price point [WSJ]
Healthcare & Life Sciences
Humana has signaled support for curbing Medicare Advantage billing practices, including limiting payments from diagnoses made during insurer-initiated home visits, amid growing scrutiny and bipartisan reform efforts [WSJ]
Nucleus Genomics will soon offer $5,999 DNA analysis of IVF embryos to predict risks for age-related diseases and traits like IQ, raising ethical concerns about embryo selection based on longevity and personal preferences [WSJ]
Financial Services
Circle’s shares more than doubled in their IPO debut, fueled by the Trump administration’s crypto-friendly stance and stablecoin regulation momentum, signaling renewed optimism for the IPO market [WSJ]
Bond yields fell and stocks ended mixed as weak U.S. economic data raised hopes for a Fed rate cut, boosting investor sentiment despite ongoing concerns over tariffs and corporate earnings [WSJ]