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Markets Edge

Issued Thursday, July 9, 2026 · 00:00 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 ISLAYSpaceX IPO repriced 24% down in week two. The floor is being testedHENRI IVActivist investor builds major stake in Devon Energy (DVN). Pressure campaign beginsMACALLAN 1926Jana Partners pushes Alkami (ALKT) toward sale. Fintech M&A window opensLOUIS XIIIFive stocks in activist crosshairs simultaneously. Pressure cycle acceleratesPAPPY 23PE secondaries hit $160B last year. The exit strategy shiftedJOHNNIE BLUEFamily offices rotate into private credit and infrastructure. PE appetite coolsWELL POURSpaceX IPO broke Wall Street pricing rules. The precedent sticksISABELLA'S ISLAYSpaceX IPO repriced 24% down in week two. The floor is being testedHENRI IVActivist investor builds major stake in Devon Energy (DVN). Pressure campaign beginsMACALLAN 1926Jana Partners pushes Alkami (ALKT) toward sale. Fintech M&A window opensLOUIS XIIIFive stocks in activist crosshairs simultaneously. Pressure cycle acceleratesPAPPY 23PE secondaries hit $160B last year. The exit strategy shiftedJOHNNIE BLUEFamily offices rotate into private credit and infrastructure. PE appetite coolsWELL POURSpaceX IPO broke Wall Street pricing rules. The precedent sticks
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ISABELLA'S ISLAY Capital Markets Jul 8, 8:02 PM EDT
SpaceX
MSN Money ↗

SpaceX IPO repriced 24% down in week two. The floor is being tested

SpaceX stock dropped 24% from its IPO price in its second week of trading, forcing investors to reassess whether the decline represents opportunity or warning.

ReadingInstitutional allocators watching this: the Musk premium compresses under liquidity pressure. Private market pricing for aerospace just got a real-time mark-to-market.
WatchSecondary offerings or insider sales in the next 90 days will signal whether founders see this as a dip or a warning.
Read full analysis → Original ↗
ipospacexcapital marketsrepricing
HENRI IV M&A Intelligence Jul 8, 8:02 PM EDT
Devon Energy
Yahoo Finance ↗

Activist investor builds major stake in Devon Energy (DVN). Pressure campaign begins

An activist investor disclosed a significant stake in Devon Energy Corporation, positioning for operational and strategic changes at the energy producer.

ReadingOperators holding energy assets should assume activist pressure is coming to their subset if multiples stay compressed. The playbook runs the same every cycle.
WatchBoard composition announcements within 60 days. Activist nominees always follow the initial filing by two months.
Read full analysis → Original ↗
activismenergydevon energyvalue investing
MACALLAN 1926 M&A Intelligence Jul 8, 8:02 PM EDT
Alkami Technology
Yahoo Finance ↗

Jana Partners pushes Alkami (ALKT) toward sale. Fintech M&A window opens

Jana Partners disclosed a position in Alkami Technology and is pushing the fintech company toward a potential sale, citing undervaluation relative to growth prospects.

ReadingFintech M&A is repricing upward. Any payment platform or core banking software at a single-digit revenue multiple just got re-anchored by Alkami's activist thesis.
WatchAcquisition letters of intent from tier-one processors (Fiserv, SS&C, Temenos) within 90 days. Jana does not hold for board seats.
Read full analysis → Original ↗
activismfintechm&aalkami
LOUIS XIII M&A Intelligence Jul 8, 8:02 PM EDT
Multiple Activist Targets
MSN Money ↗

Five stocks in activist crosshairs simultaneously. Pressure cycle accelerates

Activist investors simultaneously disclosed positions in Nano Dimension, Teradata, Acadian Asset Management, Torm, and Funko, signaling broad repositioning across undervalued sectors.

ReadingBoards at mid-cap companies trading below book or revenue multiples should assume activist targeting is in progress. The filing always precedes the demand by weeks.
WatchWhich of these five receives a buyout offer first. That company's premium will set the floor for the others.
Read full analysis → Original ↗
activismmulti-targetvaluationm&a catalyst
PAPPY 23 Financial Intelligence Jul 8, 8:02 PM EDT
Private Equity Secondaries Market
Business Insider ↗

PE secondaries hit $160B last year. The exit strategy shifted

The private equity secondaries market processed a record $160 billion in deals last year, with 14 top dealmakers now central to helping fund sponsors offload stakes.

ReadingFund managers sitting on 10+ year positions should be mapping secondaries buyers now. The bid-ask spread has tightened. The infrastructure exists. Timing matters.
WatchSecondary market auction activity in Q3 and Q4 will show whether LP cash is rotating into new funds or exiting entirely.
Read full analysis → Original ↗
private equitysecondariesexitsfund infrastructure
JOHNNIE BLUE Capital Markets Jul 8, 8:02 PM EDT
Family Office Capital Allocation
CNBC ↗

Family offices rotate into private credit and infrastructure. PE appetite cools

Family offices are shifting allocations away from traditional private equity and doubling down on private credit and infrastructure, according to new research from BlackRock and Yanne Capital.

ReadingTraditional PE fundraising in 2026 will face headwinds from the largest source of dry powder. Generalist sponsors with 25+ year track records will hold their slots. Everyone else competes for scraps.
WatchQ3 private credit deployment numbers. If family offices commit $40B+ more to private credit in H2, PE fundraising cycles tighten immediately.
Read full analysis → Original ↗
family officescapital allocationprivate creditpe rotation
WELL POUR Capital Markets Jul 8, 8:02 PM EDT
SpaceX IPO Mechanics
USA Today ↗

SpaceX IPO broke Wall Street pricing rules. The precedent sticks

SpaceX's IPO departure from traditional Wall Street norms on pricing, investor access, and control structures signals a new template for founder-led offerings.

ReadingInvestment banks losing margin and process control on mega-IPOs. Traditional underwriting revenue compresses from here.
WatchThe next founder-led IPO filing. That prospectus will confirm whether SpaceX was exception or new standard.
Read full analysis → Original ↗
ipospacexwall streetfounder control
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