👎 Situational awareness: Live Nation and Ticketmaster lost their antitrust case, in a major blow for the Trump administration, which recently settled its own case with minimal concessions.

• Sazerac has offered to acquire Jack Daniel's maker Brown-Forman for about $15 billion, per the WSJ.

Read on for two scoops, biotech IPOs, software companies getting attention, and Allbirds' stock taking flight.