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The Week Ahead Of Us 🔍 |
Welcome back! |
By the way - it's the one-year anniversary of The Wall Street Rollup! Regardless of whenever you joined us, we want to thank you a million times over for your readership. It's been a busy year, but we're excited to continue to evolve the newsletter over the next year. We're dedicated to supporting you all with M&A transaction updates, need-to-know news, and earnings updates (for your portfolio and your coverage). |
Let's get into it. |
Stocks are looking to bounce, with broader U.S. futures up around 50bps on the potential of Trump's April 2nd tariffs being limited in scope. More on that in a moment. |
Here's a look at earnings this week. |
Tuesday: McCormick, GameStop Wednesday: Cintas, Paychex, Dollar Tree, Chewy, Jefferies Thursday: Lululemon, Walgreens
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Here's a look at economic data this week. |
Tuesday: Consumer confidence (95.0), New home sales (679K) Wednesday: Durable-goods orders (-1%) Thursday: Initial jobless claims (226K), GDP 2nd revision (2.3%) Friday: Personal income (0.4%), Personal spending (0.6%), PCE index (0.3%, 2.5% y/y), Core PCE index (0.3%, 2.7% y/y)
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Earnings Corner 📜 |
Trending Down 📉 |
Nike (NKE): Nike reported earnings that beat estimates, but projected a severe sales decline in the fourth quarter. Over the holiday season, revenue was down 9% y/y – largely due to weak demand in China, where sales fell 17% amid fierce competition. For the quarter ending in May, Nike expects revenue to decline in the low teens. The outlook was based upon low consumer confidence as well as the impact of tariffs, as 24% of Nike's suppliers are based in China. The stock fell 5.5% |
Accenture (ACN): Accenture reported earnings that beat estimates but warned that U.S. government business may slow amid D.O.G.E. cost cuts. The General Service Administration has instructed federal agencies to review contracts with the top 10 highest paid consulting firms, which includes Accenture. The stock fell 6.4% |
Micron (MU): Micron reported earnings that beat estimates and released optimistic guidance, as the chip manufacturer saw strong revenue and data center growth. Revenue of $8.05B was up 38% y/y (vs. $7.89B expected) and EPS was $1.56 (vs. $1.42 expected). Data center revenue tripled from last year. Mgmt. projects Q3 revenue of $8.8B (vs. $8.5B estimated) and EPS of $1.57 (vs. $1.47 estimated). The stock initially rose on the news, but then fell 6.3% |
FedEx (FDX): FedEx reported earnings that beat estimates and cut its outlook for the third consecutive quarter. Mgmt. expects 2025 revenue to remain flat or fall slightly, while EPS is projected at $15.15-$15.75 (vs. $16.45-$17.45 previously). The stock fell 6.5% |
Lennar (LEN): The homebuilding giant reported earnings that beat estimates, but mgmt. described the housing market as "weaker-for-longer" and warned of low consumer confidence. The stock fell 4% |
Academy Sports (ASO): Despite slowing sales, Academy Sports reported earnings that beat estimates. The stock fell 1.6% |
Carnival (CCL): The cruise operator reported results that beat estimates on the top and bottom lines. The stock fell 1.3% |
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Therefore, we're looking for 1-2 interns that are entrepreneurial in nature, passionate about finance news and earnings, are excited about growing this newsletter (we've grown from 13k readers to 50k readers within the first year), and can help out throughout the rest of their collegiate career. Obviously, we favor regular readers of the newsletter. |
If you're U.S. based and a rising junior or rising senior, please reply and express further interest. The process will kick off in April, with May/early June start dates. |
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Today's Headlines 🍿 |
Trump on Tariffs: "There'll be some flexibility." President Trump has said that there will be some wiggle room on his reciprocal tariff plan, although he appears opposed to making an exceptions. He also shared this week that he plans to meet with Chinese officials This comes as the WSJ just reported that the White House is narrowing April 2nd tariffs, with a focus on automobiles, pharmaceuticals, and semiconductors
Investors who were all-in on U.S. stocks are starting to look elsewhere: The WSJ reported that individual investors with heavy US exposure are now starting to reallocate towards Europe and China. The S&P 500 is down 3.6% on the year, while the Europe Stoxx 600 is up 8.3% YTD Buy Now Pay Later for your Burrito: DoorDash and Klarna have teamed up to allow customers to pay for food with deferred options. The era of burrito-backed financing is officially here, as Klarna is pushing towards its goal of lending to every-day products
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 | More Perfect Union @MorePerfectUS |  |
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DoorDash and Klarna have signed a deal where customers can choose to pay for food deliveries in interest-free installments or deferred options aligned with payday schedules. | | | 3:15 PM • Mar 20, 2025 | | | | | | 7.34K Likes 1.01K Retweets | 1.11K Replies |
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Apollo is exploring a sale of Cox Media, a TV broadcaster, for $4B. Moelis has been tapped to lead the sale. Nexstar or Gray TV are among potential buyers for Cox's TV station assets Social Security check uncertainty: Commerce Secretary and billionaire Howard Lutnick recently shared that only "fraudsters" would complain about missing a monthly payment, while most people (70mm, to be precise) wouldn't be too upset. The comment sparked confusion over whether there may be a pause in social security checks (it doesn't seem so quite yet) Apple is losing $1B a year on streaming. Despite a 45mm subscriber base, rising churn levels are keeping the business firmly in the red. On the bright side, Severance was renewed after the Season 2 finale was critically acclaimed Apple Watch upgrades. Cupertino is reportedly exploring the idea of adding cameras to its watches, hoping to break into the AI wearables market. The potential move comes as the company has struggled with improving Siri and mounting European regulatory pressure Disney's Snow White looks like a box office bust: The remake of the 1937 classic has reportedly debuted in the U.S. with $43mm, after costing $350mm+ to produce, and falling short of a $100mm opening weekend target. The movie has also drawn controversy over the conversion of dwarfs into magical creatures Tesla owners are trading in their EV at record levels. In January, sales fell 11% YoY and data from Edmunds found that March posted "the highest ever share" it had seen for Tesla trade-ins Carmakers shift imports into high-gear. Ahead of the next round of Trump's tariffs, international auto manufacturers are rushing to ship cars and key components to the states, fearing that import duties will disrupt supply chains. Shipping vessels are carrying thousands more vehicles than normal to US DOGE cuts rattle Accenture shares. The company's Federal Services division lost key government contracts, about 8% of total revenue, driven by slowing procurement actions, a byproduct of Musk's campaign to root out waste in Washington StubHub's going public. Reporting a $2.8mm loss on $1.7B in revenue last year, the ticket retail market place will trade on the NYSE under the ticker STUB. Rival Vivid Seats saw its stock price drop 45% last year and is reportedly looking for someone to take it private Toms Capital has taken an activist position in Kenvue, a consumer health company, and is pushing for changes, including a full sale or a separation of some assets Chaos at Heathrow: The airport closed for 16 hours due to a fire at an electrical substation. Significant travel delays ensued, prompting officials to ask why there was one point of failure for this critical airport Pope Francis is out of the hospital. The 88-year old pontiff has been battling a severe bout of pneumonia since mid-February. Earlier today he appeared for the first time in public and returned to the Vatican
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M&A Transactions💭 |
The Boston Celtics has agreed to sell the franchise to Bill Chisholm for $6.1B. |
James Hardie Industries (NYSE: JHX), a fiber-cement maker, is acquiring AZEK (NYS: AZEK), an outdoor products manufacturer for $8.75B, a 37.4% premium to friday's levels. |
Airteam, provider of ventilation systems, entered into a definitive agreement to be acquired for $1.7B by Nalka Invest. |
Viridium Gruppe, operator of an insurance consolidation platform, has reached a definitive agreement to be acquired for $3.7B by BlackRock (NYS: BLK). |
ProAssurance (NYS: PRA), a holding company for property, reached a definitive agreement to be acquired for $1.3B by The Doctors Company. EV/EBITDA was 14.07x and EV/Revenue was 1.15x. Goldman Sachs advised on the sale. |
The Energy Park of Pacific Green Technologies was acquired by Intera Renewables for $290.3M. |
OptiNose (NAS: OPTN), a specialty pharmaceutical company, has entered into a definitive agreement to be acquired for $330.0M by Paratek Pharmaceuticals. EV/Revenue was 4.36x. |
Olam Agri, supplier of food, ingredients, and feed, has entered into a definitive agreement to be acquired for $1.78B by Saudi Agricultural and Livestock Investment. The transaction values the company at $2.76B. EV/Revenue was 0.11x. Citigroup, HSBC Holdings, and Rothschild & Co. advised on the sale. |
Nova Biomedical, designer and manufacturer of whole blood, point of care, and critical care analyzers, has entered into a definitive agreement to be acquired for $2.2B by Advanced Instruments. EV/EBITDA was 18.53x and EV/Revenue was 4.81x. Jefferies advised on the sale. |
Next Insurance, developer of an insurance platform, has reached a definitive agreement to be acquired for $2.6B by Ergo Group. EV/Revenue was 4.47x. Ardea Partners, J.P. Morgan, and Goldman Sachs advised on the sale. |
Gretel, operator of a data categorization and identification platform, was acquired for $320.0M by Nvidia (NAS: NVDA). |
Contract Resources, provider of specialized industrial services, was acquired for $377.0M Cleanaway Waste Management (ASX: CWY). |
The Medicare Business of The Vigna Group (NYS: CI) was acquired by Health Care Service Corporation for $3.3B. Centerview Partners and Morgan Stanley advised on the sale. |
Reframax Engenharia, provider of industrial refractory solutions, was acquired for $172.6M by Shinagawa Refractories Company (TKS: 5351). EV/Revenue was 1.7x. Brasilpar Servicos Financeiros and Houlihan Lokey advised on the sale. |
NinjaTrader, developer of a financial trading software, has reached a definitive agreement to be acquired for $1.5B by Kraken. PJT Partners advised on the sale. |
Mindgate Solutions, developer of digital payments solutions, 43.5% of the company was acquired for $250.0M by Corp PayU. |
Gaudassuar Waste Recover Complex, a waste recovery complex, was acquired for $100.0M by Urbaser. |
Beacon Roofing Supply (NAS: BECN), manufactures and sells roofing and building materials, has reached a definitive agreement to be acquired for $11.0B by QXO (NYS: QXO). EV/EBITDA was 12.72x and EV/Revenue was 1.13x. Innisfree, J.P. Morgan, and Lazard advised on the sale. |
Philippine Coastal Storage and Pipeline, operator of storage and pipeline facilities, was acquired for $460.0M by I Squared Capital. |
Private Placement Transactions💭 |
Different Technologies, provider of digital financial services, raised $134.0M of venture funding from undisclosed investors. |
Cognition, developer of an autonomous AI chatbot, raised $120.0M of venture funding led by BVC at a pre-money valuation of $3.88B. |
Apptronik, operator of a robotics company, raised $403.04M of Series A venture funding led by B Capital Group and Capital Factory. |
BuildOps, developer of an all-in-one operational software, raised $127.0M of Series C funding led by Meritech Capital Partners at a pre-money valuation of $873.0M. |
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Odds of the Day 🍒 |
Kalshi traders are pricing in a 40% chance of a recession this year |
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*New Traders on Kalshi receive a $20 bonus of trading credit when depositing $100+ with the code "HYH". |
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Noteworthy Chart 🧭 |
A visual on how staggering Warren Buffett's shift to cash has been |
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Meme Cleanser 😆 |
 | zoë rose bryant @zoerosebryant | |
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some 13 year old is about to have his world rocked |  DiscussingFilm @DiscussingFilm
'THE WOLF OF WALL STREET' releases April 1 on Disney+ (with Hulu subscription) See what other movies are coming soon to Disney+ & Hulu: bit.ly/HuluMar25 |
| | | 2:29 AM • Mar 23, 2025 | | | | | | 129K Likes 6.73K Retweets | 219 Replies |
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 | High Yield Harry @HighyieldHarry | |
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They're called synthetic collateralized burrito obligations and they're fucking awesome |  unusual_whales @unusual_whales
DoorDash, $DASH, and Klarna have signed a deal where customers can choose to pay for food deliveries in interest-free installments |
| |  | | | 12:49 PM • Mar 21, 2025 | | | | | | 4.78K Likes 371 Retweets | 51 Replies |
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Finance Merch Referrals ☕️ |
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