M360 Roundup - Volume 91
June 23rd - 27th, 2025
Cole LaCour
After a volatile start to the year, easing trade tensions, solid economic data, and robust Q1 earnings have driven the S&P 500 up more than 20% since its April 8 low, leaving it just shy of its February 19 record
The S&P 500 is up 3.45%, the Nasdaq is up 4.46%, and the Dow Industrials is up 3.66% WTD
Crude oil prices decreased 12.74% to a current $65.71/bbl while bitcoin increased 5.81% to a current $106,836.10coin
Despite concerns over U.S. deficits, Treasury bonds have rallied as investors anticipate Fed rate cuts and expect the Trump administration to limit long-term debt issuance, keeping fiscal outlooks relatively steady [WSJ]
While U.S. stock dominance since 2010 has been driven largely by Big Tech’s R&D-fueled profitability, international markets—especially Europe—may be regaining appeal as valuations diverge and smaller-cap returns converge [WSJ]
The Fed is holding off on rate cuts despite cooling inflation, as it weighs the risk that rising tariffs could unanchor inflation expectations and offset recent price stability [WSJ]
Tesla's small-scale robotaxi launch highlights how underappreciated Google's more advanced and rapidly scaling Waymo division is, despite Tesla's trillion-dollar valuation hinging heavily on autonomous tech [WSJ]
M&A activity continues to remain mixed
Shell denied reports of talks to acquire $80B-listed oil rival BP
Josh Harris' 26North Partners agreed to acquire a controlling stake in AV systems provider AVI-SPL from Marlin Equity Partners at an over $1B valuation
Media giant Omnicom agreed to a FTC order prohibiting political ad boycotts to secure approval for its $13.5B acquisition of Interpublic Group
A consortium led by PE firm Advent agreed to acquire UK testing equipment maker Spectris for $5.1B, representing an 85% premium
Tritax Big Box REIT agreed to acquire UK's Warehouse REIT for $663M, beating out a prior bid from Blackstone
Spanish lender Sabadell is exploring a sale of its UK bank TSB as it seeks to fend off a $12.7B hostile takeover bid from domestic rival BBVA
PE firms Hellman & Friedman and Warburg Pincus are seeking to sell financial advisor roll-up Edelman Financial Engines for $8B
Eli Lilly is acquiring gene-editing company Verve Therapeutics for up to $1.3 billion to gain access to Verve-102, a potential one-time treatment for cardiovascular disease targeting the PCSK9 gene [WSJ]
Power management giant Eaton agreed to acquire Ultra Precision Control Systems from PE firm Advent for $1.55B
Recent developments across four key industries highlight:
Energy & Natural Resources
President Trump is backing U.S. oil executives in pushing to roll back key EU climate regulations during trade talks, highlighting their growing influence and opposition to Europe's stringent environmental laws [WSJ]
Shell is reportedly exploring an acquisition of BP in early-stage talks that, if successful, would create a supermajor rivaling Exxon and Chevron, though Shell has publicly dismissed the discussions as market speculation [WSJ]
If Iran’s oil exports are disrupted by conflict, China’s small refineries—heavily reliant on discounted Iranian crude—would face higher costs and limited alternatives, exposing them to significant economic pressure [WSJ]
Mitsubishi is in talks to acquire Aethon Energy’s Haynesville Shale gas assets for about $8 billion, reflecting renewed investor interest in U.S. natural gas amid rising prices and LNG export growth [WSJ]
Technology, Media, & Telecommunications
Jeff Bezos and Blue Origin are leveraging Elon Musk’s fallout with President Trump to pursue more government contracts, holding recent talks with Trump and White House officials as they seek to gain ground on rival SpaceX [WSJ]
Tensions between OpenAI and Microsoft are escalating, with OpenAI considering antitrust action as disputes grow over control, funding, and the future structure of their AI partnership [WSJ]
The Trump Organization’s $499 smartphone faces skepticism, as experts say matching its high-end specs with U.S. manufacturing is unrealistic due to supply chain and cost challenges [WSJ]
Healthcare & Life Sciences
Hims & Hers stock plunged over 30% after Novo Nordisk ended their partnership, accusing the telehealth firm of selling illegal Wegovy knockoffs and deceptive marketing, while Hims & Hers claimed Novo pressured it to push Wegovy over other treatments [WSJ]
The FDA granted accelerated approval to AstraZeneca and Daiichi Sankyo’s Datroway for adults with previously treated non-small cell lung cancer, with continued approval contingent on confirmatory clinical benefits [WSJ]
New FDA Commissioner Marty Makary is pushing to modernize the agency by embracing AI, fast-tracking priority drugs, and cracking down on ultra-processed foods, though his rapid changes face internal resistance and concerns over scientific integrity [WSJ]
All 55 U.S. attorneys general have finalized a $7.4 billion settlement with Purdue Pharma and the Sackler family, ending their control of the company, banning opioid sales, and directing funds toward nationwide addiction treatment and prevention [WSJ]
Financial Services
Crypto firms like Coinbase and Gemini are launching credit cards offering bitcoin rewards of up to 4%, enticing users with potential gains despite volatility, as crypto gains political backing and moves toward mainstream adoption [WSJ]
Stocks hovered near record highs as tech shares surged, oil prices rebounded, and investor optimism grew amid a fragile Israel-Iran cease-fire, trade deal hopes, and potential Fed rate cuts [WSJ]
Robinhood is launching advanced charting and options simulation tools on mobile as part of a broader strategy to retain active traders and evolve into a full-service financial services company [WSJ]
U.S. stocks rose despite Middle East tensions, as easing oil prices, hopes for trade progress at the G-7 summit, and anticipation of Fed policy signals boosted investor optimism [WSJ]