- First Step to Final Offer
- Posts
- First Step to Final Offer (01/09/24)
First Step to Final Offer (01/09/24)
Brooks Gammill
January 09, 2024
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internship, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
CAREER OPPORTUNITIES
Class of 2026
Summer 2025 Applications
Lazard Summer 2025 Application [NEW] - Link Here
Ares Summer 2025 Application [NEW] - Link Here
Moelis Summer 2025 Application [NEW] - Link Here
MUFG Summer 2025 Application [NEW] - Link Here
KKR Summer 2025 Application [NEW] - Link Here
Raine Group Summer 2025 Application - Link Here
J.P. Morgan Summer 2025 Application- Link Here
UBS Summer 2025 Application - Link Here
RBC Summer 2025 Applications - Link Here
Insight Partners Summer 2025 Applications - Link Here
Houlihan Lokey Summer 2025 Applications - Link Here
Rothschild Summer 2025 Applications - Link Here
Guggenheim Summer 2025 Applications - Link Here
Deutsche Bank Summer 2025 Applications - Link Here
Aeris Partners Summer 2025 Applications - Link Here
Union Square Advisors Summer 2025 Applications - Link Here
GTCR Summer 2025 Applications - Link Here
Stout Summer 2025 Applications - Link Here
Deloitte Corporate Finance Summer 2025 Applications - Link Here
Diversity Program Applications
Lazard Sophomore Women’s Day - Link Here
Lazard Sophomore Diversity Day - Link Here
Barclays Banking Analyst Discovery Program - Link Here
J.P. Morgan Winning Women Insights Program - Link Here
Guggenheim Sophomore Focus Program - Link Here
Deutsche Bank dbAchieve Sophomore Summer Internship - Link Here
Centerview Women’s Leadership Program Networking Event - Link Here
Moelis Virtual Discover Series - Link Here
William Blair Fast Track to Investment Banking Program - Link Here
Perella Weinberg Partners Advisory Diversity Prep Program - Link Here
Class of 2027
MARKET NEWS
US regulator denies Apple, Disney bids to skip votes on AI (Reuters)
The U.S. Securities and Exchange Commission has decided that both Apple and Disney must allow shareholder votes on artificial intelligence (AI) use, as proposed by the AFL-CIO labor group. The labor group's requests for reports on the companies' AI usage and disclosure of ethical guidelines were contested by Apple and Disney, claiming they pertained to routine business operations. However, the SEC rejected their arguments, stating that the proposals go beyond ordinary matters and do not aim to micromanage the companies.
US bankruptcies surged 18% in 2023 and seen rising again in 2024 -report (Reuters)
U.S. bankruptcy filings rose by 18% in 2023, reaching 445,186 cases, attributed to higher interest rates, stringent lending standards, and the conclusion of pandemic-era support measures. Commercial Chapter 11 filings increased by 72%, reaching 6,569, while consumer filings rose by 18% to 419,550, though total filings for December declined from November but were up 16% compared to the previous year.
United, Alaska find loose parts on 737 MAX planes, raising pressure on Boeing (Reuters)
Boeing's 737 MAX crisis deepened as United Airlines and Alaska Airlines found loose parts on multiple grounded MAX 9 planes, raising concerns about the jet family's manufacturing. U.S. regulators have grounded 171 MAX 9 planes after an Alaska Airlines flight incident, intensifying worries about production quality and adding to Boeing's ongoing challenges since the 2019 grounding of the 737 MAX family.
Nvidia rallies to record high as chipmaker announces AI-related components (Reuters)
Nvidia's stock reached a record high, closing at $522.53, up 6.4%, following the announcement of the GeForce RTX 40 SUPER Series of graphics processors designed for gamers. With Nvidia's stock value nearly tripling in 2023 and a market value of almost $1.3 trillion, it became the most traded company on Wall Street during Monday's session, with over $32 billion worth of shares exchanged.
Fed pivot may cap junk bond defaults, but risks remain (Reuters)
Investor confidence in potential Federal Reserve interest rate cuts is revitalizing the market for junk debt, providing relief to low-rated companies and potentially limiting defaults in 2024. As the Fed is expected to cut rates, there is increased demand for high-yielding debt, with tightening junk bond spreads and a resurgence in primary market activity observed for lower-rated borrowers, indicating a more favorable outlook for such companies.
M&A DEAL OVERVIEW
Estee Lauder’s $2.8bn Acquisition of Tom Ford
Estée Lauder's $2.8 billion acquisition of Tom Ford, its largest to date, aims to leverage the strength of Tom Ford Beauty, extending licensing agreements and marking a strategic shift into the fashion sector. The deal includes Tom Ford's apparel business, signaling Estée Lauder's ambition to compete with luxury conglomerates like Kering and LVMH. While short-term consequences involve the risk of operating in the apparel sector, long-term upsides include growth opportunities in high-end fragrances, global market expansion, and the extension of licensing agreements with partners like Ermenegildo Zegna.
TECHNICAL QUESTION OF THE WEEK:
A company with a higher P/E acquires one with a lower P/E – is this accretive or dilutive? |
ADDITIONAL RESOURCES
We are excited to announce a new educational series ran by Diversity of Wall Street & RecruitU. Below is the schedule for the spring. All of these events will be listed on RecruitU at the end of the week, but wanted to tell our newsletter subscribers first! Sign up for Diversity of Wall Street and RecruitU to get access to the links for our upcoming events!
AUTHOR
Written by Beckett Kreter
Formerly BK. Finance Newsletter (Acquired by RecruitU)