The Week Ahead

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The week ahead of us 🔍

Upcoming Earnings: Big names like Amazon and Apple report next week. 👀 

• Monday: On Semi, SBA Communications, MicroStrategy, Domino’s, Paramount, SoFi, Cushman Wakefield

• Tuesday: Amazon, Eli Lilly, Coca-Cola, AMD, McDonald’s Stryker, Starbucks, Mondelez, AMT, PayPal, Super Micro Computer, Prudential, Diamondback, Martin Marietta, Gartner, Archer Daniels, Restaurant Brands, Pinterest, Initiation Homes, Clorox, Molson Coors, Sirius XM, Penske Automotive, Voya, Taylor Morrison, Chemours

• Wednesday: Mastercard, Qualcomm, Pfizer, ADP, CVS, KKR, Equinix, MetLife, Estee Lauder, Marriott, Aflac, Kraft Heinz, Allstate, YUM Brands, eBay, AerCap, GFL Environmental, Wingstop,

• Thursday: Apple, Novo Nordisk, Shell, ConocPhillips, Amgen, Booking, Cigna, Regeneron, Zoetis, Apollo, Monster Beverage, Coinbase, Block, Ares, Vulcan Materials, ConEd, Cloudflare, Blue Owl, Live Nation, Expedia, GoDaddy, American Homes 4 Rent, Kimco

• Friday: Berkshire Hathaway, Hershey, Cheniere, CBRE, XPO, Frontier, PWP, AMC Entertainment

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Headlines 🔍

• Microsoft is seeing AI bets pay off despite a weaker than anticipated guide. Revenue of $61.86B was +17% y/y (est. of $60.8B) and EPS was $2.94 (est. of $2.82). Next quarter’s revenue guide of $64B was slightly below street estimates of $64.5B. Microsoft has been benefitting from Azure AI service demand, as well as revenue for providing cloud services to OpenAI’s ChatGPT.

• Google announced a dividend of 20 cents per share and $70B buyback plan, soaring 10% on Friday on strong earnings growth as well. Google’s revenue growth of 15% y/y to $80.5B beat expectations of $78.6B, with higher than expected EPS of $1.89 (est. of $1.51).

• Southwest and American Airlines earnings disappoint, with both airline carriers looking to cut costs.

• Blackstone plans to borrow $1 billion against its own investments to free up cash. This is a good example of NAV financing, which you can learn more about here.

• Comcast and Charter point to continued broadband subscriber losses

• Microsoft-backed Rubrik jumps 25% after going public

• Creditors are suing Dish

• Activist investor Jana urges semi manufacturer Wolfspeed to pursue a sale. Wolfspeed responded here.

• An estimated 5.4 million children help care for relatives

• The Hubs.Life TikTok guy is actually a normal guy

• Bankers doing bond deals caught out by new era of issuer clauses

• Powell is poised to keep Fed on higher-for-longer path

Transactions: M&A 💭 

• VGP Group’s 17 logistical buildings in Germany were acquired for $300.81M by Saga.

• Polar Semiconductor, manufacturer of automotive-grade semiconductors, has reached a definitive agreement to be acquired for $175.00M by Niobrara Capital Partners and Prysm Capital.

• NFP, a provider of corporate benefits, insurance, and wealth management services, was acquired for $13.4B by Aon (NYS: AON). Barclays, BofA, Deutsche Bank, Evercore, Jefferies, and TD Securities advised on the sale.

• HRA Pharma Rare Diseases, a provider of care and services to people living with rare diseases, has reached a definitive agreement to be acquired for $295.44M by an undisclosed investor. Morgan Stanley advised on the sale.

• Education Realty Trust, a portfolio of 20 assets for student housing, was acquired for $1.2B by University Partners via financial sponsor KKR. J.P. Morgan, and TSB Capital Advisors advised on the sale.

• CEMEX Holdings Philippines (PHS: CHP), a holding company engaged in manufacturing and marketing cement products, has reached a definitive agreement to be acquired for $306.00M by DMCI Holdings (PHS: DMC). Lazard advised on the sale.

• Blackstone Real Estate Income Trust’s portfolio of 10,000-bed 19 purpose student housing properties has reached a definitive agreement to be acquired for $1.64B by Kohlberg Kravis Roberts (NYS: KKR). J.P. Morgan, and TSB Capital Advisors advised on the sale.

• AssetMark (NYS: AMK), a provider of extensive wealth management and technology solutions, has reached a definitive agreement to be acquired for $2.7B by GTCR. BofA, Jefferies, and Morgan Stanley advised on the sale.

• U.S. Silica Holdings (NYS: SLCA), a supplier of sand used in hydraulic fracturing, has reached a definitive agreement to be acquired for $1.85B by Apollo. Piper Sandler advised on the sale.

• Neo Games, a technology driven firm primarily engaged in the lottery industry, was acquired for $1.2B by Aristocrat Leisure (ASX: ALL). Stifel Financial advised on the sale.

• Kiko Milano, manufacturer of cosmetics, has entered a definitive agreement to be acquired for $1.5B by L Catterton. BNP Paribas, BofA, and Intesa Sanpaolo advised on the sale.

• Darktrace (LON: DARK), a provider of AI for enterprises, has reached a definitive agreement to be acquired for $5.32B by Thoma Bravo.

• Adventus Mining (TSX: ADZN), an Ecuador-focused copper-gold exploration and development company, has reached a definitive agreement to be acquired for $146.42M by SilverCorp Metals (TSE: SVM). Cormark Securities, Raymond James Financial, and BMO Nesbitt Burns advised on the sale.

Transactions: Private Placements 💭

• Cerevance, a developer of novel therapeutics intended to advance new medicines for central nervous system diseases, has raised 163.00M of Series B and Series B1 venture funding led by Agent Capital, Bioluminescence Ventures, and Double Point Ventures.

• CRRC Times Semiconductor, developer of new power devises designed for semiconductors, has raised $598.78M of venture funding led by SAIC Motor Corporation, Chengdu Railway, and Zhuzhou Innovation Center of Rail Transit.

Noteworthy Chart 🧭

How Microsoft makes money:

Best of YouTube ⌚️

Why A $100,000 Salary Can’t Buy The American Dream:

Meme Cleanser 😆 

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