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A Goldman exec advised coders to study philosophy, PwC will shrink its new US advisory partner class, Citadel blasted Trump Media’s CEO, some top dealmakers at JPMorgan and Morgan Stanley will depart, and US stocks had their worst week in over a year.

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Let’s dive in.

Before The Bell

Markets

• The S&P and Nasdaq fell for their sixth straight sessions as bearish sentiment continued to drive a stock market selloff

  • The S&P and Dow registered their steepest weekly losses since March 2023 

  • The Nasdaq saw its largest weekly drop since November 2022

• Gold is on track for its fifth straight weekly gain

• Dollar is up 3.5% YTD against the euro as traders raise bets on euro-dollar parity

• Investors are bracing for a flurry of megacap tech and growth earnings this week 

Earnings

• American Express shares jumped ~6% after beating Q1 earnings estimates thanks to strong spending by wealthy customers (RT) 

• Procter & Gamble reported better-than-expected Q3 earnings but missed on revenue after two years of price hikes across its portfolio (CNBC) 

• What we're watching this week:  

  • Today: Verizon

  • Tuesday: Tesla, Visa, GM, GE

  • Wednesday: Meta, Boeing, IBM, Ford, Chipotle, AT&T

  • Thursday: Microsoft, Alphabet, Intel, Snap Inc., American Airlines

  • Friday: ExxonMobil, Chevron, Abbvie

• Full calendar here

Headline Roundup

• Goldman exec says engineers should study Philosophy (HBR)

• Citadel blasts Trump Media CEO as 'loser' (FT)

• PwC to shrink new US consulting partner class by over 50% (WSJ)

• BlackRock tripled Larry Fink's security for after 'anti-woke' backlash (FT)

• Wells Fargo bond saleswoman sued over 'unapologetically sexist' workplace (RT)

• Commodity traders bet on big data and AI (FT)

• Hedge funds turn most bearish on equities in over a year (RT)

• Wall Street sees more pain ahead for US mid-sized lenders (RT)

• More companies tie CEO pay to climate progress (WSJ)

• Senior JPMorgan dealmakers Lipsky and Lee will depart (RT)

• Morgan Stanley head of NAM consumer retail ECM Tilli Dias Passi will depart (RT)

• Banks say they are well-prepared for CRE fallout (WSJ)

• IMF urged Asian central banks to not follow Fed too closely (RT)

• Worsening US debt outlook seen more in gold and bitcoin than in bonds (RT)

• Loss-making Warner Bros Discovery's CEO pay rose to $50M in 2023 (RT)

• US House passed a TikTok sale-or-ban bill (WSJ)

• Tesla cuts prices across global markets (RT)

• China in center of Gold’s record breaking rally (BBG)

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Deal Flow

M&A / Investments

• French software and automation company Schneider Electric is in potential talks over a potential deal with Bentley Systems, a $15.6B US software specialist (FT) 

• European PE firm Ardian is considering a potential offer for a controlling stake in telecom tycoon Patrick Drahi’s $7.5B French fiber company XpFibr, although KKR is the most advanced suitor in the bidding process (BBG) 

• Partners Group is considering options for its majority stake in Techem after receiving an offer from TPG that values the German metering company at over $6.4B (BBG) 

• ADNOC is considering a potential investment in UGI’s propane distribution unit AmeriGas that could value the business at several billion dollars (BBG) 

• Blackstone offered $1.24 per share for Hipgnosis Songs Fund, topping Concord Chorus’s proposed $1.4B, $1.16 per share takeover (FT)

• Ares Management acquired a $1.1B portfolio of PE fund interests from Blackstone’s Strategic Partners unit (BBG) 

• TA Associates and LEA Partners are considering a potential sale of Chaos Group, a 3D video-rendering software company that could be valued at up to $1.1B (BBG) 

• German rail systems manufacturer Knorr-Bremse will acquire French train manufacturer Alstom’s North American conventional rail signaling business for ~$671M (RT) 

• TDR Capital is nearing a deal to buy gas-station billionaire Zuber Issa’s 22.5% stake in Asda, which would give the PE firm majority control of one of UK's largest supermarket chains (BBG) 

• Talks between Salesforce and data-management software firm Informatica failed (WSJ)

• Partners Group-backed industrial technologies firm Form Technologies is exploring strategic options including a potential sale (BBG) 

• Tata Group is in final stages of negotiations to acquire a controlling stake Taiwanese firm Pegatron’s iPhone manufacturing operations in India (BBG) 

VC

• UniUni, a Canadian e-commerce logistics startup, raised a $50M Series C led by DCM (FN)

• Midas, a fintech startup allowing Turkish people to invest in US and Turkish stocks, raised a $45M Series A led by Portage of Canada (TC)

• AI-powered revenue platform Xfactor.io raised a $16M Series A led by Accel (FN)

• Onchain finance startup Centrifuge raised a $15M Series A led by ParaFi Capital and Greenfield (FN)

• Curio, a startup recycling nuclear waste, raised a $14M seed round led by Synergos (VC)

• VulnCheck, an exploit intelligence startup, raised a $8M seed round led by Sorenson Capital (BW)

• Langdock, a startup helping companies avoid vendor lock-in with LLMs, raised a $3M seed round led by General Catalyst (TC)

• Hatch, a provider of AI-powered donor engagement solutions for nonprofits, raised a $3M seed round led by Differential Ventures (FN)

• Softloans, a Lithuanian fintech startup, raised a $1.1M pre-seed round led by Firstpick (FN)

IPO / Direct Listings / Issuances / Block Trades

• Indian ride-hailing firm Ola Cabs is planning an IPO to raise $500M at a $5B valuation (RT) 

• E-commerce fulfillment service provider ShipBob selected JPMorgan to lead an IPO as soon as this year (BBG) 

Debt

• Softbank-backed Oyo Hotels is in talks to raise up to $450M via dollar bonds to refinance debt (BBG) 

• Italian football club Inter Milan is negotiating a new loan worth up to $426M with PIMCO (BBG) 

Bankruptcy / Restructuring

• WeWork plans to exit Chapter 11 bankruptcy without taking additional loans (WSJ)

• Retailer Express is looking to WHP Global, which is known for its revival of Toys 'R' Us, to swoop in for a takeover bid once the firm enters bankruptcy (BBG) 

Fundraising

• Hudson Bay Capital Management raised an over $800M fund to invest in special opportunities (BBG) 

• Sustainability specialist GEF Capital Partners raised a $325M fund to make energy-efficient bets (WSJ) 

Crypto Corner

• Bitcoin network completes the fourth-ever 'halving' of rewards to miners (CNBC) 

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