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- First Step to Final Offer (04/23/24)
First Step to Final Offer (04/23/24)
Brooks Gammill
April 23, 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!
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MARKET NEWS
Short sellers pocket record weekly profit from Big Tech selloff (Reuters)
Last week, short sellers targeting major U.S. tech stocks, including Nvidia and Tesla, made their largest-ever weekly profit of over $10 billion. The tech-heavy Nasdaq and the S&P 500 experienced their longest losing streak since October 2022, causing the "Magnificent 7" group of tech giants to collectively shed close to $1 trillion in market capitalization. Investors are now awaiting quarterly reports from Tesla, Meta Platforms, Alphabet, and Microsoft amid concerns about weak iPhone sales, delivery numbers, and regulatory challenges.
Hedge fund industry reaches $4.3 trillion milestone in first quarter (Reuters)
The global hedge fund industry reached a milestone of $4.3 trillion in assets by the end of the first quarter, with a record $190 billion increase during the period, driven largely by hedge funds' performance. Specifically, the HFRI Fund Weighted Composite index rose 4.52% in the first quarter, contributing to the industry's growth, which also saw $16.6 billion in net new money, especially in equity and event-driven hedge fund strategies.
US consumers on lower incomes face loan stress while banks pull back (Reuters)
U.S. borrowers with lower incomes are struggling to meet loan payments, prompting banks to be cautious about extending credit. Banks are tightening lending standards and experiencing higher delinquency rates, particularly in credit cards, signaling muted loan growth and exacerbating financial challenges for stretched borrowers amidst rising inflation.
M&A DEAL OVERVIEW
LG Chem Acquires AVEO Oncology (Yahoo)
LG Chem has successfully acquired AVEO Oncology, a move aimed at bolstering its presence in the oncology field and strengthening its clinical pipeline of cancer therapies in the U.S. market. With AVEO's specialized capabilities in clinical development and sales, LG Chem aims to accelerate the commercialization of innovative anti-cancer drugs and deliver improved treatments for patients battling cancer.
TECHNICAL QUESTION OF THE WEEK:
Is a company with a 50x P/E overvalued or undervalued? Why? |
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANWSER:
We labeled the correct answer wrong! We labeled it incorrectly as +168, but the correct answer is +84. Check out why by some of our subscribers pointing out our mistake!
AUTHOR
Written by Beckett Kreter