Good Morning! Wendy's is the latest meme stock, surging 26% after a WallStreetBets post rallied traders to "save" the chain. Fired JPMorgan DEI exec Angie Baez returned the stolen Knicks trash can and was hit with $175 in fines. And the owner of a 40-story Chicago tower just defaulted on a $343M Blackstone loan.

Florida's unemployment is climbing even as big-name companies keep moving in. The investor who made 900% shorting the 2008 crisis has a new big short. And IBM is gearing up to scale quantum computing.

Plus: How a $45M donation pulled Larry Ellison deeper into Trump's circle, and why reading recharges your brain.

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SQUEEZ OF THE DAY

The Girlfriend Data Room

Federal prosecutors charged Justin Jennings, a 27-year-old former pro soccer player, with securities fraud after he allegedly made $2.7 million trading on confidential deal information taken from his girlfriend's work computer. 

His girlfriend worked as an account executive at a major Wall Street communications firm, reportedly Joele Frank, the PR shop that handles the kind of M&A announcements that make options traders start panicking. Jennings denies the allegations and says he will be vindicated. But the iCloud screenshots allegedly tell a different story.

The alleged scheme was not exactly something you’d see from a sophisticated hedge fund like Renaissance Technologies. Prosecutors say Jennings accessed confidential draft press releases and internal memos, then loaded up on options before corporate announcements involving eight companies, including Apollo Global Management.

In one trade, he allegedly turned $105,000 into a $985,000 profit after reading an unreleased earnings miss. Other trades allegedly included a truck-stop chain buyout, a takeover, and a deal involving an EV charging company. The SEC found screenshots of draft announcements sitting in his iCloud account. As insider trading operations go, this one was not particularly hard to find.

The backstory makes it better. Jennings briefly played second-tier professional soccer in Latvia, came back to New Jersey, worked in property management and freelance coding, and eventually rebranded himself as a "data-science entrepreneur."

He set up an investment firm called Vortex Strategies and cut himself checks with memo lines like "capital contribution" and "profit dist." Because nothing says institutional-grade asset manager like allegedly stealing merger news from your girlfriend's laptop while she steps away to make coffee.

The case is also a useful reminder that the most sensitive information on Wall Street often lives outside the banks. PR firms, law firms, consultants, and advisers all touch market-moving information before the public does. That makes them part of the deal ecosystem, and part of the risk ecosystem. Joele Frank said there are no allegations against the firm or any current or former employee and that it cooperated with authorities.

Takeaway: Insider trading cases usually involve bankers, lawyers, or portfolio managers getting too loose with information they were trusted to protect. This one allegedly involved a former Latvian second-division soccer player turning a relationship into a personal data room. The feds say he made $2.7 million, the SEC wants it back, and every Wall Street PR firm just got one more reason to add "don't leave your laptop open around your significant other" to the employee handbook.

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HEADLINES

Top Reads

• Wendy's stock soars as meme traders target another turnaround play (CNBC)

• NYC Sanitation says they finally have Knicks garbage can swiped by JPMorgan DEI exec, and hit her with more fines (NY Post)

• Blackstone's $343 million loan on Chicago skyscraper defaults (BB)

• Florida's unemployment rate has surged as key industries cut jobs (BB)

• Investor who scored 900% win in 2008 crisis has new big short bet (BB)

• IBM getting ready to scale quantum computing (WSJ)

• How a $45 million donation brought Larry Ellison deeper into Trump's circle (WSJ)

• Young people tipped to drive growth in private credit (AFR)

• Valor Equity Partners looks to raise a $2.5 billion Fund VII (TechCrunch)

• U.S. crude oil briefly dips below $70 as tankers transit Strait of Hormuz (CNBC)

• US SEC probes popular type of private equity fund as it steps up industry scrutiny (Reuters)

• Big tech's $27 trillion AI bill comes due: chart of the day (Yahoo Finance)

CAPITAL PULSE

Markets Rundown

Market Update

• Markets finished mixed, with the Dow Jones higher while the S&P 500 slipped slightly as weakness in semiconductor stocks continued.

• WTI crude oil fell more than 4% to around $70 per barrel, its lowest level since early March.

• The 10-year Treasury yield declined to 4.41% as inflation expectations eased.

• Alphabet will replace Verizon in the Dow Jones Industrial Average before the June 29 market open.

Oil Prices Ease

• Falling oil prices continue to reflect progress toward reopening the Strait of Hormuz and improving global energy supply.

• UAE oil exports have recovered to nearly 85% of pre-war levels.

• Lower gasoline prices could provide relief for consumers during the summer driving season.

• Markets will be watching May core PCE inflation for the latest update on inflation trends.

Movers & Shakers

• (+) Wendy’s ($WEN) +26% after Reddit’s WallStreetBets targeted the stock’s high short interest, sparking a meme-stock squeeze.

• (+) Sunrun ($RUN) +13% because of a deal with Tesla to supply power for AI.

  (–) Hertz ($HTZ) -41% after announcing a dilutive $100M stock offering alongside a $300M PIK notes deal, while disclosing “unexpected” softness in the used car market

Prediction Markets

• First time in 16 years that the US has won their Group.

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• Ollin Biosciences, an ophthalmology biotech, raised $330 million

• Osanni Bio, a biotech focused on dry age-related macular degeneration, raised $190 million

• Assort Health, an AI agent platform for patient journeys, raised $120 million

• Cadence, a chronic disease management platform for older adults, raised $100 million

• Engram, an AI memory layer startup, raised $98 million

• HyperLight, a photonics developer, raised $80 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

Very Bad Company

Description:
A fast-paced corporate thriller from Emma Rosenblum set inside the high-pressure world of a powerful tech company. What begins as an exclusive executive retreat quickly unravels into a mystery involving ambition, deception, and corporate intrigue. Blending sharp satire with suspense, the novel explores the darker side of startup culture, executive politics, and the personal costs of chasing power and success in today's business world.

Book Length: 320 pages
Release Date: July 29, 2025

Ideal For:
Readers who enjoy corporate thrillers, startup culture, workplace drama, and stories that blend business, ambition, and mystery.

The most dangerous people in business are not always the smartest they are the ones with the most to lose.

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The catch is that it does not feel like an edge while you are using it. It feels like doing nothing while everyone around you is busy. That discomfort is the price, and almost nobody is willing to pay it for long.

ENLIGHTENMENT

Short Squeez Picks

• 5 habits to build permanent happiness into your life

• Why anxious minds make the best leaders

• The most successful people do these uncomfortable things

• Bad management behaviors that drive good employees away

• How reading can recharge your brain

MEME-A-PALOOZA

Memes of the Day

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