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- First Step to Final Offer (01/02/24)
First Step to Final Offer (01/02/24)
Brooks Gammill
January 02, 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 2024
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Summer 2025 Applications
Raine Group Summer 2025 Application [NEW] - Link Here
Perella Weinberg Partners Summer 2025 Application [NEW] - Link Here
J.P. Morgan Summer 2025 Application [NEW] - Link Here
UBS Summer 2025 Application [NEW] - 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
Wells Fargo Houston Office Summer 2025 Applications - Link Here
Diversity Program Applications
Bain Capital Investors of Tomorrow [NEW] - Link Here
Lazard Sophomore Women’s Day [NEW] - Link Here
Lazard Sophomore Diversity Day [NEW] - Link Here
Barclays Banking Analyst Discovery Program [NEW] - Link Here
J.P. Morgan Winning Women Insights Program [NEW] - 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
Big oil enters 2024 strengthened by U.S. industry consolidation (Reuters)
In 2023, the oil and gas industry embarked on a $250 billion buying spree, capitalizing on high stock prices to secure lower-cost reserves and prepare for anticipated industry consolidation. Major players such as Exxon Mobil, Chevron Corp, and Occidental Petroleum collectively spent $135 billion on acquisitions. The focal point of this deal-making is the Permian Basin, the largest U.S. shale-oil field, with the acquiring companies aiming to control around 58% of its future production, contributing to an expected 7 million barrels per day by the end of 2027. The consolidation trend is expected to continue, with energy executives anticipating more oil deals worth $50 billion or more in the next two years.
Home prices continued climb in October, surveys show (Reuters)
In October, annual home prices in the United States continued their upward trajectory, growing by 6.3% year-over-year according to the Federal Housing Finance Agency. Despite a slight 0.3% month-to-month increase and mortgage rates nearing 8%, the housing market exhibited resilience, with decreasing rates potentially attracting more buyers and addressing inventory constraints.
Expect EVs to Get Cheaper in 2024 (CNBC)
Electric vehicle (EV) prices are declining due to an oversupply, offering buyers potential bargains in 2024. Despite enticing federal and state tax credits, consumer demand has not kept pace with production, leading automakers to cut prices and provide attractive lease terms or cash rebates. The used EV market has also seen a significant drop in prices, with a 33.7% decrease in average prices from October 2022 to October 2023. The trend is expected to continue in 2024, with increased incentives and discounts, making EVs more affordable for consumers.
Hershey is sued over lack of artistic detail on Reese's candies (Reuters)
Hershey is facing a proposed federal class-action lawsuit by a Florida woman, Cynthia Kelly, who alleges that its Reese's holiday-themed peanut butter candies lack the artistic details promised on the packaging. Kelly seeks at least $5 million in damages, claiming Hershey deceived consumers with misleading labels, citing examples of candies missing the depicted design elements.
M&A DEAL OVERVIEW
Cisco’s $28 Billion Acquisition of Splunk
Cisco has made its largest-ever acquisition, agreeing to purchase cybersecurity firm Splunk for $28 billion. The deal aims to strengthen Cisco's software business and tap into the growing field of artificial intelligence. Splunk's expertise in security and observability platforms aligns with Cisco's goal to reduce dependency on its networking equipment branch. The acquisition, expected to close by Q3 2024, has received unanimous approval from both companies' boards.
TECHNICAL QUESTION OF THE WEEK:
Walk me through what happens on the 3 statements when there’s a writedown of $100. What is the change in assets (or change in liabilities + change in shareholders’ equity) that results in order to keep the balance sheet balanced? |
ADDITIONAL RESOURCES
AUTHOR
Written by Beckett Kreter
Formerly BK. Finance Newsletter (Acquired by RecruitU)