The Week Ahead Of Us 🔍 |
Welcome back! |
Earnings have largely wrapped up, so there will be limited coverage this coming week. |
Monday: Lennar Wednesday: Smith & Wesson Friday: Accenture, Kroger, Darden Restaurants, CarMax
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Here's a look at economic data this week (estimates are in quotations). |
Wednesday: May housing starts (1.37 million), May building permits (1.44 million), Initial jobless claims (250,000), FOMC interest-rate decision (2pm), Fed Chair Powell press conference (2:30pm) Thursday: No major economic data releases – markets closed for Juneteenth Friday: June Philadelphia Fed manufacturing survey (–1.0), May U.S. leading economic indicators (–0.1%)
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Earnings Corner 📜 |
Restoration Hardware (RH) $RH ( ▲ 6.93% ) Maintained its outlook despite a sales miss, with revenue at $814 million vs. $818 million expected. EPS beat at $0.13 vs. a loss of $0.09 expected. Net income flipped to $8.04 million from a $3.63 million loss y/y as RH shifts more production (52% of its upholstered furniture) to the U.S. to offset tariffs |
Adobe (ADBE) $ADBE ( ▼ 5.32% ) Beat on EPS and revenue came in line. Revenue came in at $5.87 billion and EPS at $5.06 vs. $4.97 expected. Firefly continued to drive product engagement as Adobe leans into AI across its suite. FY25 guidance was raised by $200M on revenue and $0.20 on EPS |
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Today's Headlines 🍿 |
The latest with Israel and Iran: Israel struck 80+ targets across Iran, including Tehran and key fuel sites. Iran fired over 200 missiles in return, killing 13 in Israel. Trump blocked a plan to target Khamenei (Iran's Supreme Leader) but warned of retaliation if hit. Oil markets on edge The latest in the Air India Crash: The public wants answers about what went wrong with the Boeing 787-8 Dreamliner bound for London, which crashed on takeoff, killing 270. India has ordered inspections of all 787s in service as investigators look into a possible engine flap or landing gear failures Manhunt continues in Minnesota: The search is ongoing after a gunman impersonating a police officer fatally shot Minnesota Democratic state Rep. Melissa Hortman and her husband Mark early Saturday morning. The suspect also shot state Senator John Hoffman and his wife, who were in stable condition as of last update. The attacks were immediately characterized as politically motivated Walmart and Amazon are considering issuing stablecoins - a move that would shift the payment transactions they handle away from the traditional financial systems, potentially saving them billions of dollars in fees and delivering a huge blow to credit card companies "No Kings" rallies draw crowds across the country: Millions packed the streets in protest of President Trump, chanting in support of immigrant rights and protecting democracy Google plans to split from Scale AI: The data-labeling startup will lose its largest customer after news of the Meta deal broke. Google, who was set to pay Scale AI about $200mm this year, follows Microsoft and OpenAI by backing away from the company Ramp in talks to raise at $16B valuation: The corporate card and expense management startup plans to raise $200mm in a round led by Founders Fund BlackRock's AI Analyst: The Asset Manager has built an AI Analyst called "Asimov" to scan company filings and provide insights for portfolio management Latest with PE Recruiting: Apollo and Global Atlantic will also delay private equity associate recruiting efforts for the 2027 class. Global Atlantic is also pushing its timeline, backing off ultra-early offers. The move comes after JPMorgan warned analysts they'd be fired for accepting pre-committed PE roles Warner Bros to restrict co-ops: As part of its planned split, Warner Bros. Discovery will block bondholders from forming cooperation agreements that restrict new financing. The "anti-boy-cott" Clause is expected to take effect Friday Oil prices edge higher, up 10.6% this week: The rally reflects mounting fears of supply disruption as Israel-Iran tensions escalate Trump continues assault on Powell, calling him a "numbskull" and claiming that lowering rates by 2% would save the U.S. $600B a year, also stating "and I may have to force something" JPMorgan Can Retain Junior Bankers With Cash, Not Threats: There was a great opinion piece on Bloomberg by Paul J. Davies, arguing that if banks don't want to lose talent early, then they should simply pay more money Senators propose a ban on consumer pharma ads: Senator Bernie Sanders led the introduction of a bill that would prohibit pharmaceutical manufacturers from using direct-to-consumer advertising. The ban would apply to prescription drug ads in all formats, including TV and social media Congress made huge profits on Liberation Day trades: Filings show that from April 2 to April 8 members of Congress and their families made over 700 stock trades. Representatives Rho Khanna and Rob Bresnahan, two lawmakers who have previously called for stock-trading bans, made the most transactions Chime's IPO was a huge success. The online bank jumped 37% in its Nasdaq debut, valuing it at $13.5B. Revenue rose 32%y/y, though net income slipped White collar jobs are down, but AI isn't to blame: Economists have stated structural issues are why hiring activity has slowed FIFA can't fill stadiums for Club World Cup: Empty seats and ticket prices as low as $6 indicate that interest is clearly lacking in the U.S. - even with stars like Messi participating The Latest with EchoStar: Trump stepped to pressure EchoStar and FCC chain Brendan Carr to settle a spectrum license dispute. EchoStar's 10.7s jumped 5+ points on the news High Yield Harry's Latest: Harry put out two deep-dive investment research pieces last week, first on the bankruptcy of Hearthside Food Solutions and then on Private Equity consolidating the Accounting industry
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M&A Transactions💭 |
Sval, provider of gas processing and transportation services, was acquired for $1.6B by DNO (OSL: DNO). EV/EEBITDA was 1.16x and EV/Revenue was 0.89x. Jefferies advised on the sale. |
Petits-Fils, provider of human resource services, has entered into a definitive agreement to be acquired for EUR 225.0M by Credit Agricole. |
Neon, developer of open-source cloud-native Postgres, was acquired for $1.0B by Databricks. |
Elatec, developer of a range of physical and digital secure access control and mobile authentication technology, has reached a definitive agreement to be acquired for EUR 330.0M by Allegion (NYS: ALLE). |
CureVac (NAS: CVAC), a biopharmaceutical company, has reached a definitive agreement to be acquired for $1.29B by BioNTech (NAS: BNTX). EV/EBITDA was 5.57x and EV/Revenue was 2.3x. PJT Partners advised on the sale. |
CRYOPDP, provider of temperature-controlled logistics services, was acquired for $200.0M by DHL Group (ETR: DHL). |
Aas-Jakobsen, operator of an engineering consultancy firm, has reached a definitive agreement to be acquired for NOK 1.43B by Norconsult (OSL: NORCO). EV/Revenue was 3.22x. ABG Sundal Collier advised on the sale. |
Renold (LON: RNO), a UK based manufacturer of industrial conveyor chains and other machine components, has entered into a definitive agreement to be acquired for GBP 187.0M by Webster Industries. Peel Hunt advised on the sale. |
Edge Autonomy, manufacturer of unmanned aircraft vehicles, was acquired for $925.0M by Redwire (NYS: RDW). Citigroup and ROTH Capital Partners advised on the sale. |
Private Placement Transactions💭 |
Spinny, operator of a pre-owned car trading marketplace, raised $170.0M of Series F venture funding led by Accel. |
Muon Space, developer of a low Earth orbit satellite, raised $146.0M of venture funding through a combination of debt and equity. $101.0M of Series B and Series B1 was led by Congruent Ventures and Activate Capital Partners. $45.0M of credit facility was provided by undisclosed lenders. |
Multiverse Computing, developer of a quantum computing software, raised EUR $189.0M of Series B venture funding led by GP Bullhound. |
Gecko Robotics, developer of AI driven robotics systems, raised $121.51M of Series D venture funding in a deal led by Cox Enterprises at a pre-money valuation of $1.13B. |
Groww, developer of an investment platform, raised $200.0M of venture funding led by GIC Private at a pre-money valuation of $6.8B. |
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Odds of the Day 🍒 |
Kalshi traders are pricing in a 81% chance of the OKC Thunder winning the NBA Championship |
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Noteworthy Chart 🧭 |
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Meme Cleanser 😆 |
 | sophie @netcapgirl |  |
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"i never see you at the club" i never see you monitoring the situation | | 6:42 PM • Jun 15, 2025 | | | | 476 Likes 34 Retweets | 17 Replies |
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 | Mads @MadsPosting |  |
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| |  | | 9:05 PM • Jun 14, 2025 | | | | 757 Likes 56 Retweets | 3 Replies |
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Until next time! |
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