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Markets Edge

Issued Wednesday, July 1, 2026 · 09:00 UTC Edition 8/day editions · 6 papers From the chopped neck Latest Issue Archive Corporate Accounts
7
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Ranked by the pour ISABELLA'S ISLAY HENRI IV MACALLAN 1926 LOUIS XIII PAPPY 23 JOHNNIE BLUE WELL POUR
Also crossing the wire
ISABELLA'S ISLAYLVMH revenues down 5% as Middle East collapse accelerates through 2026HENRI IVJana Partners stakes 10%+ in Everpure; activist pressure incomingMACALLAN 1926Cevian crosses 13% in Smith & Nephew; activist stake declaredLOUIS XIIIToms Capital takes top five stake in Devon Energy post-Coterra mergerPAPPY 23Crypto ETFs bled $508M in two days as Bitcoin and Ether face institutional redemptionsJOHNNIE BLUEFive companies face activist pressure in single week: Nano Dimension, Teradata, Torm, Funko, and moreWELL POURDalio's Bridgewater exits BlackRock and banks; rotates $145M+ into high-flyersISABELLA'S ISLAYLVMH revenues down 5% as Middle East collapse accelerates through 2026HENRI IVJana Partners stakes 10%+ in Everpure; activist pressure incomingMACALLAN 1926Cevian crosses 13% in Smith & Nephew; activist stake declaredLOUIS XIIIToms Capital takes top five stake in Devon Energy post-Coterra mergerPAPPY 23Crypto ETFs bled $508M in two days as Bitcoin and Ether face institutional redemptionsJOHNNIE BLUEFive companies face activist pressure in single week: Nano Dimension, Teradata, Torm, Funko, and moreWELL POURDalio's Bridgewater exits BlackRock and banks; rotates $145M+ into high-flyers
Showing 7 stories
ISABELLA'S ISLAY Luxury Sector Jul 1, 5:02 AM EDT
LVMH
WSJ ↗

LVMH revenues down 5% as Middle East collapse accelerates through 2026

LVMH's 2025 revenues declined 5% with profits falling further, as the Iran conflict has shrunk sales across Dubai and Abu Dhabi malls, removing what was supposed to be the recovery engine for luxury goods.

ReadingLuxury is now a margin game, not a growth game. Brands that built '25 and '26 on price increases and scarcity are about to collide with normalized demand.
WatchWatch whether LVMH cuts prices or cuts production. The choice determines which category they belong in by Q4.
Read full analysis → Original ↗
luxuryearningsmiddle eastmargin compression
HENRI IV M&A Intelligence Jul 1, 5:02 AM EDT
Jana Partners / Everpure
Reuters ↗

Jana Partners stakes 10%+ in Everpure; activist pressure incoming

Activist hedge fund Jana Partners has built a significant new position in technology company Everpure and is expected to announce the holding in a regulatory filing, following a 10% single-day stock jump.

ReadingEverpure shareholders just got a 10% gift. Jana holders got a 12-month timeline. Management got a clock.
WatchThe 13D filing will specify operational targets. Watch for board seat language. That's the measure of Jana's conviction.
Read full analysis → Original ↗
activistm&ajana partnerseverpure
MACALLAN 1926 M&A Intelligence Jul 1, 5:02 AM EDT
Smith & Nephew
The Globe and Mail ↗

Cevian crosses 13% in Smith & Nephew; activist stake declared

Swedish activist investment firm Cevian Capital has disclosed a stake above 13% in medical device maker Smith & Nephew, triggering formal activist disclosure.

ReadingSmith & Nephew shareholders are being told to watch the dividend. Cevian is already designing the restructuring memo.
WatchListen for commentary on the operating segments in the next quarterly call. Cevian's thesis will show in which divisions get mentioned first.
Read full analysis → Original ↗
activisthealthcareceviansmith & nephew
LOUIS XIII Capital Markets Jul 1, 5:02 AM EDT
Devon Energy
Yahoo Finance ↗

Toms Capital takes top five stake in Devon Energy post-Coterra merger

Hedge fund Toms Capital has accumulated a top-five equity stake in Devon Energy following the company's recent merger with Coterra Energy, joining other activist stakeholders including Kimmeridge.

ReadingDevon shareholders will see an accelerated capital return program announced within two quarters. This is not a debate.
WatchMonitor whether Toms Capital seeks board representation. If not, the outcome is already agreed.
Read full analysis → Original ↗
activistenergydevoncapital return
PAPPY 23 Capital Markets Jul 1, 5:02 AM EDT
Crypto Markets / Multiple ETF Operators
FinanceFeeds ↗

Crypto ETFs bled $508M in two days as Bitcoin and Ether face institutional redemptions

Spot Bitcoin and Ether ETFs recorded $253 million in outflows on June 30 and $255 million on June 29, with BlackRock's IBIT and other flagship funds leading redemptions as Citi reduced Bitcoin targets by 27% and Ether by 29%.

ReadingETF adoption did not mean permanent capital. It meant access. The test was always whether institutions would hold.
WatchIf outflows continue into next week at current pace, expect a floor-shop announcement from a major institution trying to stabilize the narrative.
Read full analysis → Original ↗
cryptoetf flowsbitcoininstitutional
JOHNNIE BLUE Capital Markets Jul 1, 5:02 AM EDT
Multiple Activist Targets
MSN Money ↗

Five companies face activist pressure in single week: Nano Dimension, Teradata, Torm, Funko, and more

A wave of activist investor positions has been disclosed across multiple sectors, including stakes reported in Nano Dimension, Teradata, Acadian Asset Management, Torm, and Funko, signaling broad hedge fund repositioning.

ReadingWhen five different firms get activist pressure in the same news cycle, it means the bar for filing is lower than it was. Capital is hunting.
WatchTrack which activists are coordinating across these positions. The link will tell you what the macro thesis actually is.
Read full analysis → Original ↗
activistmulti-sectorcapital marketshedge funds
WELL POUR Capital Markets Jul 1, 5:02 AM EDT
Bridgewater Associates / Ray Dalio
Daily Hodl ↗

Dalio's Bridgewater exits BlackRock and banks; rotates $145M+ into high-flyers

Billionaire Ray Dalio's Bridgewater Associates has fully exited stakes in BlackRock and two U.S. banks while rotating capital into four assets that have gained over 100% year-to-date, signaling a major portfolio repositioning.

ReadingDalio cleared a major portfolio position. The names matter less than the fact that BlackRock no longer fits his thesis.
WatchThe next Bridgewater 13F will show whether this is a rebalance or a fundamental shift in macro positioning. Timing will be late July or early August.
Read full analysis → Original ↗
bridgewaterhedge fundpositioningexits
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