| In partnership with | | Welcome Back! Let's get into it! | The Week Ahead Of Us 🔍 | Here's a look at earnings this week. | Tuesday: AutoZone, KB Home Wednesday: Micron, Cintas, Jefferies Thursday: Costco, Accenture, Jabil, CarMax, TD Synnex
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| Plus, there are no upfront costs or commitments associated with joining 10 East. | Wall Street Rollup readers can join 10 East with complimentary access here. | | The Main Stories 🔍 | JP Morgan is Hiring an MD to focus on the wellbeing of Analysts and Associates: In response to the uproar about Investment Banking Analyst working conditions, JP Morgan has appointed Ryland McClendon, a 14-year vet of the bank, as the Global Investment Banking Associate and Analyst Leader. She will be focusing on the well-being and success of JPM's junior staff. This follows the news that JPM would cap Analyst hours to 80 hours a week (with the exception of if they're on a live deal). "In this role, Ryland will be responsible for leading our associates and analysts globally. She will help to support heir wellbeing and success, as well as equip and enable them to deliver for our business, clients and each other", the bank said in an internal memo. One of her first tasks will involve assessing how the bank will police the new internal policy meant to cap juniors working schedules to 80 hours a week. JPM also plans to hire more junior bankers to lighten the load on current analysts and associates. | Nike's CEO has been ousted: John Donahoe, who has been dragged lately for his Bain Consulting background and approach, has been ousted as Nike's CEO. He has been replaced by long-time Nike insider Elliott Hill, who had originally left Nike back in 2020. Hill joined Nike back in 1988, and served as President of Consumer and Marketplace before "retiring" in 2020 at age 56. Donahue is leaving with a massive payday. The company's shares climbed 8% in extended trading on the announcement. As of the close, the stock was down more than 25% this year. | Nike's chairman Mark Parkers stated, "I am excited to welcome Elliott back to Nike. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sports, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth." Nike has been in the midst of a broader restructuring after it shifted its strategy to sell DTC. Critics say this restructuring has caused Nike to lose sight of innovation. | | More Headlines 🍿 | The Fed's Bowman, who was the lone dissent on Wednesday, said that a 50bps cut feels like a false, early victory. Breaking from the 11 other members of the FOMC, Bowman said in a statement that she was concerned that sustained demand would continue to drive up prices and limit the Fed's ability to guide inflation down to 2% Apollo has won $5B in financing from BNP to expand into IG and asset-backed private credit deals. "This is one of - if not the - largest-ever, long-term private credit financings," Apollo co-president Jim Zelter touted. The news marks another win in the asset manager's campaign to beat out banks and expand its lending arm Three Mile Island, best known as the location of the most severe nuclear accident in American history, is reopening thanks to Microsoft. Satya Nadella is teaming up with Constellation Energy on a 20-year lease to bring one of the reactors back online to fuel the massive demand from the tech giant's AI data centers Mercedes warns that China competition is hurting its margins. Joining other German carmakers, the company has cut its profit outlook in the face of weakening European demand, disappointing EV sales, and forced discounts in China B. Riley is in talks to sell its wealth management business to Stifel Financial. Posting a Q2 loss, B. Riley has struggled to compete against investment banking peers and is looking to raise funds to stay afloat. Oaktree and co-founder Bryant Riley are reportedly also looking to acquire components of the firm Tucker Carlson is launching his own nicotine pouch line, after souring on Zyn. Though a self-styled Phillip Morris spokesman, Carlson has broken from what he described their ranks of "humorless, left-wing drones" and is launching "Alp" A new poll broke down investor appetite for equities vs. fixed income post-Election. While a Harris win is expected to boost bond demand, a second Trump term would steer investors towards stocks 100 days in South Africa's new government has fueled a market rally. Though some credit the previous President's fiscal reforms, optimism about the centrist cabinet are a more likely driver of investor optimism: in the past three months the rand is up 5.8% against the USD and local bonds have surged 17.8%, markedly outperforming EM peers Axel Springer will be breaking up their media business. Five years after taking the company private, KKR struck a deal with German billionaire Mathias Döpfner to divest the media and classifieds business. While Döpfner will retain control of media assets including Politico and Business Insider, KKR is narrowing its focus to the jobs platform StepStone and RE advertising line Aviv. The new terms value the collective at $15B After media and tech flooded Hollywood with cash in the first chapter of the streaming wars, funds have dried up. Unemployment in film & TV reached 12.5% in August, the highest since 2000 (and the pandemic), as Disney, Amazon, and others have pulled back and focused on operational efficiency Bloomberg just published its ranking of global business schools. For the sixth year in a row, Stanford won the top spot, edging out U.S. peers at Chicago's Booth, Northwestern's Kellogg, Dartmouth's Tuck, and Virginia's Darden on five metrics: compensation, learning, networking, and entrepreneurship Egypt is planning to IPO its state-owned United Bank in Q1 2025. The news marks a new chapter for the country, which survived a major economic crisis thanks to a $57B bailout from the international community.
| | Earnings Corner 📜 | FedEx (FDX) reported earnings that missed estimates. Revenue of $21.6B was down 6.9% y/y (vs. $21.9B expected), and adjusted EPS was $3.60 (vs. $4.77 expected). Mgmt. cited weak economic conditions and reduced demand for profitable business-to-business shipments. FedEx cut its FY guidance, projecting EPS of $17.90-$18.90 (vs. $18.25-$20.25 previously), while reiterating cost-cutting plans. The stock was down 15.2% Friday. | | M&A Transactions💭 | Asahi Kasei Medical, manufacturer and developer of medical devices, has entered into a definitive agreement to be acquired for $392.89M by Integral (TKS: 5842). | Syntiant reached a definitive agreement to acquire The Consumer MEMS Microphone Division of Knowles (NYS: KN) for $150.0M. | Kichler Lighting, manufacturer of decorative and ambiance lighting products, was acquired for $125.0M by Progress Lighting. Lincoln International advised on the sale. | Ameredev II, operator of an exploration and production business, was acquired for $1.832B by Matador Resources (NYS: MTDR). | Integrated Oncology Network, provider of oncology center development, management, and advisory services, has reached a definitive agreement to be acquired for $1.12B by Cardinal Health (NYS: CAH). | Fantech Group, manufacturer of air quality products, has reached a definitive agreement to be acquired for $159.87M by Volution Group (LON: FAN). | Private Placement Transactions💭 | Virtuous, developer of a fundraising platform, raised $100.0M of venture funding led by Susquehanna Growth Equity. | Twelve, developer of carbon dioxide recycling devices, raised $245.0M of Series C venture funding led by TPG, Pulse Fund, and Capricorn Investment Group. | AtoB, developer of financial technology designed for rebuilding global transportation payments, raised $130.0M of Series C venture funding through a combination of debt and equity led by Bloomberg Beta and General Catalyst. | PhysicsWallah, developer of an online education platform, raised $210.0M of Series B venture funding led by Hornbill Capital Advisers at a pre-money valuation of $2.59B. | Alan, developer of online digital insurance platform, raised $192.06M of venture funding led by Belfius Bank at a pre-money valuation of $4.25B. | | Noteworthy Chart 🧭 | | | Meme Cleanser 😆 |  | 🅿️ @the_P_God |  |
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"Financial markets have always interested me and that's why since HS I wanted to get into investment banking" You like money. You wanted to pursue a career that gives you the opportunity to make more money early on in your career than 90% of other careers. And that's fine. | | | 10:02 PM • Sep 19, 2024 | | | | | | 428 Likes 6 Retweets | 11 Replies |
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|  | sophie @netcapgirl | |
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either you find a way to have planned obsolescence of your product or you die for having made a product too good that lasts too long so no one has to buy a new one |  Pop Base @PopBase
Tupperware has filed for bankruptcy. |
| | | 2:28 PM • Sep 19, 2024 | | | | | | 293 Likes 19 Retweets | 45 Replies |
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