What You Need To Know For August 7th

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The Week Ahead Of Us 🔍

Welcome back!

Well after Friday’s job numbers fiasco, the market has looked past it, as the largest AI beneficiaries such as Palantir had blow-out numbers. Trump has warned on 100% tariffs on chipmakers who don’t build in the U.S. but this looks like a negotiating tactic to spur investment in the U.S. - similar to Apple’s recently announced $100B commitment.

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Let’s get into it.

Earnings Corner 📈 📉

McDonald’s $MCD ( ▲ 2.98% ) Had a nice earnings beat, with a rebound in traffic (U.S. SSS grew 3.8% y/y) since focusing on value menu items. New promotions and strong international demand boosted results, but management stayed cautious on low-income U.S. consumers and reiterated efforts to keep core menu items affordable.

Uber $UBER ( ▼ 0.19% ) Beat on revenue and announced a $20B share buyback plan. Earnings met expectations, while bookings and platform metrics topped forecasts, with trips up 18% y/y. Management highlighted strength across Mobility and Delivery but flagged growing investment needs tied to autonomous vehicles, including a new $300M partnership with Lucid.

Disney $DIS ( ▼ 2.66% ) Revenue missed but EPS beat as streaming and parks offset TV softness. Domestic parks posted their best 3Q ever, helped by strong guest spending and cruise demand, while Disney+ added 1.8M subs and swung to profitability. Traditional TV continued to drag, but CFO Hugh Johnston said the U.S. consumer “is doing very, very well.” Disney raised FY25 EPS guidance and lifted streaming income expectations.

Tyson Foods $TSN ( ▲ 2.34% ) Beat on both revenue and EPS as branded chicken and prepared foods carried growth. The prepared foods segment posted a 21% jump in income with margin expansion, while chicken and pork also saw double digit gains. Beef remained a drag among tight cattle supply and cost pressure. Guidance for full year sales was raised slightly.

AMD $AMD ( ▼ 6.42% ) Revenue beat while EPS was in line, but China export controls weighed on sentiment. The company took an $800M charge tied to U.S. restrictions on advanced AI chip sales to China, impacting margins. Guidance for third quarter revenue growth was strong at 28% y/y, but visibility in China remains limited due to license delays.

Apollo $APO ( ▲ 0.23% ) Beat on both revenue and EPS, powered by record $627M in fee related earnings. Credit management fees rose sharply, with $61B in net inflows pushing AUM higher. While deal exits remained slow, management pointed to potential policy tailwinds, backing regulatory changes to open private markets to retail investors.

TransDigm $TDG ( ▼ 1.11% ) Beat on both revenue and EPS as strength in aftermarket and defense offset OEM softness. Margins grew despite lighter OEM demand, and full year EPS and EBITDA guidance was raised. Sales forecast trimmed slightly and two new acquisitions totaling $900M were announced.

Marriott $MAR ( ▲ 1.15% ) Beat on both revenue and EPS as travel demand stayed resilient. Top-line growth was driven by strong room rates and steady occupancy, helping offset macro concerns. No new guidance issued, but investors will watch for updated commentary on consumer trends and RevPAR trajectory.

Airbnb $ABNB ( ▲ 0.42% ) Beat expectations on both revenue and EPS, but guidance weighed on sentiment. Management flagged slower growth ahead due to tough comps and moderating booking trends, and announced a new $6B buyback.

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Today’s Headlines 🍿 

• Wall Street Bonuses are set to rise: Per Johnson Associates, most sectors in finance should be seeing a nice pay bump come bonus season. Faster growing industries include Asset Management, Private Credit, Secondaries, and Banking roles such as Equity and Fixed Income Sales

  • Remember, you want to access precise wall street compensation data - you can join Buyside Hub

• Bank of America IB Analyst Restrictions: In the wave of growing restrictions on IB Analysts recruiting for PE, BofA Analysts will have to disclose within a week of acceptance if they accepted a PE offer. If so, they will be moved to a new business unit in the meantime. This is only applicable for the first 18 months of the analyst program

• 100% tariffs on semiconductors: Trump says that the higher rate will apply to all chips and semiconductors coming into the country, but companies that have made a commitment to moving manufacturing into the U.S. will be exempt

  • Meanwhile, Apple pledged to invest another $100B in U.S. manufacturing commitments. The investment - likely a move to avoid tariffs on iPhones - was announced alongside Trump at the White House

• OpenAI is evaluating raising new financing at a $500B valuation: The transaction would be a stock sale, allowing employees to sell billions worth of shares. This comes as the industry eagerly awaits Chat-GPT5, which is set for imminent release

• Trump adds another 25% tariff on India, holding true on his threat to penalize the country if they continue to buy Russian oil and bringing the total tariff rate on Indian imports to 50%

• Figma’s fall from grace: Investors have started to take their profits, sending the stock down over 25% after its post-IPO buying frenzy last week made prices soar - although the stock has bounced back to 90, since its recent lows

• Manulife buys Comvest: The insurer will acquire 75% of the middle-market lender for $938mm, creating a $18.4B private credit platform

• Private Credit Trading: Apollo’s CEO said that trading private assets has the potential to turn the private markets industry “on its head”

• Trouble in a large Private Credit Loan: A Blackstone fund cut the value of its loan to Medallia, a Thoma Bravo software company, to 87 cents on the dollar - from 89 cents in 1Q and 94 cents in 4Q. Blackstone called out that the borrower is underperforming, leading to the private credit marks lower

  • Meanwhile, Blackstone is in discussion with other private credit shops for $3B in debt to fund its $6B+ acquisition of Enverus, a energy data platform. The existing $2.2B Enverus financing has a portability clause though

• Trump says Pharma tariffs could go to 250%, saying that he will initially impose a small tariff before upping it to 150% then 250% in a year or so

• The ESPN and NFL deal is official: ESPN is taking control of NFL Network and other key media assets, including RedZone, from the NFL in exchange for a 10% equity stake - an estimated value of $2.5B to $3B

  • There’s another deal for Disney - the company reached a $1.6B agreement with the WWE that gives ESPN the rights to high-profile wrestling events, including WrestleMania and SummerSlam

• Elon’s big payday: Tesla announced that Musk is set to receive 96 million Tesla shares - a value of $29B and his first meaningful compensation in eight years. However, this would be relinquished if Musk wins the legal battle for his $56B pay package that was previously approved

• The next “rocketship” IPO: We’re not talking about the stock price - Firefly Aerospace, a rocket launch vehicle and spacecraft developer, has raised $868mm for its IPO, pricing at $45/share (vs. estimates of $35-$39/share) and a $6.5B market valuation

• Boeing’s latest strike: A union representing 3.2k St. Louis based workers went on strike early Monday morning. The strike comes after the group, which assembles and maintains F15 fighter jets and missile systems, rejected a pay package that included a 20% general wage increase

• Claire’s is skipping rent payments: The teen accessory chain elected to miss June and July rent payments on some stores, moving a step closer to filing for Chapter 11 bankruptcy

• Linda Yaccarino’s next act: The former X CEO is the new CEO of eMed, an AI platform for GLP-1 patients

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M&A Transactions💭 

Suit-Kote, manufacturer of asphalt products, has reached a definitive agreement to be acquired for $450.0M by Colas.

Steelcase (NYS: SCS), a furniture company, has reached a definitive agreement to be acquired for $2.802B by HNI (NYS: HNI). EV/EBIDTA was 11.54x and EV/Revenue was 0.87x. Bank of America and Goldman Sachs advised on the sale.

Smart Communications, developer of customer conversations management platform, was acquired for $1.8B by Cinven. Robert W. Baird & Co. advised on the sale.

Prompt Security, developer of singular security platform, has reached a definitive agreement to be acquired for $275.0M by SentinelOne (NYS: S).

Prima Assicurazioni, developer of a digital insurance platform, has entered into a definitive agreement to be acquired for EUR 500.0M by AXA (PAR: CS). Deutsche Bank and Goldman Sachs advised on the sale.

NV5 Global, a provider of technology, was acquired for $1.703B by Acuren (NYS: TIC). EV/EBITDA was 14.25x and EV/Revenue was 1.73x. Robert W. Baird & Co. and ROTH Capital Partners advised on the sale.

Marlowe, provides safety and protection services, was acquired for GBP 366.0M by Mitie Group (LON: MTO). EV/EBITDA was 13.83x and EV/Revenue was 1.27x.

Kantar Media, operator of a media research company and a subsidiary of The Kantar Group, was acquired for $1.0B by H.I.G. Capital. Jefferies and J.P. Morgan advised on the sale.

The Solar Power Plant Portfolio based in Leon, Castile, and Andalusia in Spain of EDP Renovaveis has entered into a definitive agreement to be acquired for EUR 160.0M by Prosolia Energy.

E2open, an end-to-end and cloud-based supply chain management SaaS platform, was acquired for $2.1B by WiseTech Global (ASX: WTC). EV/Revenue was 3.45x. Macquarie Group and Rothschild & Co advised on the sale.

Amphenol (NYS: APH) has reached a definitive agreement to acquire The Broadband Connectivity and Cable Solutions Unit of CommScope Holding Company (NAS: COMM) for $10.5B. Evercore Group advised on the sale.

Vigil Neuro (NAS: VIGL), a clinical-stage biotechnology company, has reached a definitive agreement to be acquired for $600.0M by Sanofi (NAS: SNY). EV/Cash Flow was 153.77x. Centerview Partners advised on the sale.

Staar Surgical (NAS: STAA), a manufacturer of lenses, has reached a definitive agreement to be acquired for $1.537B by Alcon (SWX: ALC). EV/Revenue was 5.51x. Citigroup advised on the sale.

Presdio Petroleum, operator of exploration and production companies, has reached a definitive agreement to be acquired by EQV Ventures Acquisition through a $330.0M reverse merger. Resulting in the combined entity trading on the New York Stock Exchange under the ticker symbol FTW. The transaction values the company at $660.0M. Citigroup and J.P. Morgan advised on the sale.

Elo Touch Solutions, manufacturer of touch screen and monitor products, has reached a definitive agreement to be acquired for $1.3B by Zebra Technologies (NAS: ZBRA). Moelis & Company advised on the sale.

Daedalean, developer of machine-learning-based avionics systems, has reached a definitive agreement to be acquired for $223.0M by Destinus.

Enverus, developer of SaaS-based data analytics platform, has entered into a definitive agreement to be acquired for $6.5B by Blackstone. Citigroup and Morgan Stanley advised on the sale.

Joby Aviation (NYS: JOBY) has agreed to acquire the Passenger Division of Blade Air Mobility (NAS: BLDE) for up to $125.0M.

Private Placement Transactions💭 

Chorakuchoju, developer of a healthcare application, raised $560.0M of venture funding from JP Life Next Fund, Nissay Capital, ANRI.

Blue J, developer of a legal research platform, raised $122.0M of Series D venture funding in a deal led by Oak HC/FT and Sapphire Ventures.

beatBread, developer of a financing platform, raised $124.0M of venture funding in the combination of debt and equity. Citigroup, Mucker Capital, Advantage Capital, and Deciens Capital provided the equity investment. Debt Funding was provided by GMO Venture Partners and other undisclosed lenders.

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Noteworthy Chart 🧭

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Until next time!

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