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Yellow's demise underscores the shift in the U.S. trucking industry from too few trucks and truck drivers during the pandemic to too many today. Most U.S. trucking companies have about 20% spare capacity in their networks, Stifel analyst Bruce Chan said in a client note on Monday. Yellow struggled for more than a decade after loading up on debt from acquisitions of rival trucking firms Roadway and USF. Still, it is not good news for Yellow's customers, which likely will face double-digit price increases when they turn that business over to companies, Chan said. "If you weren't prepared for this, it's probably a pretty tough day for you," Adamo said of Yellow's customers.

Persons: Bruce Chan, Chan, Stifel's Chan, Donald Trump, Ken Adamo, it's, Adamo, Lisa Baertlein, Marguerita Choy Organizations: Yellow Corp, Walmart, Teamsters, Forward, TFI, FedEx Freight, Dominion, Apollo Global Management, Analytics, Thomson Locations: ANGELES, U.S, USF, Los Angeles

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

July 26 (Reuters) - Private equity firms Haveli Investments and General Atlantic have agreed to acquire business software vendor Certinia from Advent International for nearly $1 billion including debt, according to people familiar with the matter. Haveli, which was launched by former Vista Equity Partners president Brian Sheth, and General Atlantic will buy Advent's majority stake in Certinia as well as a minority stake held by Technology Crossover Ventures (TCV), the sources said. Haveli, General Atlantic and Advent declined to comment. Austin, Texas-based Haveli has invested in some technology ventures since it was launched by Sheth in 2021. Haveli has launched a fund seeking more than $3 billion for software deals, which will include this one.

Persons: Brian Sheth, Salesforce, Milana Vinn, Anirban Sen, Jamie Freed Organizations: Haveli Investments, General Atlantic, Advent International, Vista Equity Partners, Technology Crossover Ventures, Certinia, Siemens, Hewlett Packard Enterprise, Cisco Systems, Philips, Sheth, Haveli, Apollo Global Management, Thomson Locations: Certinia, Haveli, General, Jose , California, Austin , Texas, New York

NEW YORK, July 25 (Reuters) - The billionaire investor Leon Black was sued on Tuesday by an autistic woman who says he raped her in the disgraced financier Jeffrey Epstein's mansion in Manhattan in 2002, when she was 16. Black co-founded private equity firm Apollo Global Management (APO.N), which he left in 2021. Black has denied other sexual abuse accusations, including in a dismissed lawsuit by former Russian model Guzel Ganieva, and a lawsuit by Cheri Pierson who also claimed he raped her in Epstein's home two decades ago. The billionaire has also reached a $62.5 million settlement with the U.S. Virgin Islands, where Epstein had a home, to avoid a possible lawsuit. The case is Doe v Black, U.S. District Court, Southern District of New York, No.

Persons: Leon Black, Jeffrey Epstein's, Jane Doe, Black, Epstein, Ghislaine Maxwell, Susan Estrich, Estrich, Doe, massages, Jeanne Christensen, Cheri Pierson, Jonathan Stempel, Kanishka Singh, Daniel Wallis Organizations: YORK, Apollo Global Management, Forbes, U.S ., Court, Southern District of, Washington , D.C, Thomson Locations: Manhattan, New York City, Russian, U.S . Virgin Islands, U.S, Southern District, Southern District of New York, New York, Washington ,

☆ US Senate panel probes billionaire Leon Black's financial ties to Jeffrey Epstein
▼ + stars: | 2023-07-25 | by ( Kanishka Singh | Thomson Reuters | Kanishka Singh Is A Breaking News Reporter For Reuters In Washington Dc | ) www.reuters.com time to read: +2 min

WASHINGTON, July 25 (Reuters) - The U.S. Senate's Finance Committee on Tuesday revealed an ongoing probe into private equity billionaire Leon Black's financial ties with disgraced late financier Jeffrey Epstein, and said the investigation "uncovered serious tax issues." The Senate panel said that a reported $158 million of payments in several installments from 2012 to 2017 by Black to Epstein for financial advice seemed "inexplicably large," given that Epstein was "neither a licensed tax attorney nor a certified public accountant." A spokesperson for Black said the billionaire had "cooperated extensively" with the panel's probe and provided detailed information. Black had previously acknowledged he paid Epstein for "legitimate financial advisory services." Last week, the New York Times reported that Black paid $62.5 million to the U.S. Virgin Islands to avoid any legal claims tied to an Epstein sex-trafficking investigation.

Persons: Leon, Jeffrey Epstein, Black, Epstein, Donald Trump, Bill Clinton, Kanishka Singh, Jonathan Oatis Organizations: Senate's Finance, New York Times, U.S . Virgin, Forbes, Apollo Global Management, Thomson Locations: U.S, Washington

☆ Strike at trucking firm Yellow averted after deal
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +2 min

July 23 (Reuters) - U.S. trucking firm Yellow (YELL.O) averted a threatened strike by 22,000 Teamsters-represented workers on Sunday, saying the company will pay the more than $50 million it owed in worker benefits and pension accruals. Yellow is the third-biggest U.S. trucking company specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. Competitors, who are grappling with a sharp drop in freight volume, are expected to cherry-pick the company's customers, trucking experts and analysts said. It has successfully won such concessions in the past, but this time was rebuffed by new Teamsters General President Sean O'Brien. A federal judge in Kansas on Friday rejected Yellow's request to block the Teamsters from striking over the delinquent benefit payments.

Persons: Donald Trump, Sean O'Brien, O'Brien, O’Brien, Yellow's, Lisa Baertlein, Ananta Agarwal, Mrinmay Dey, Diane Craft, Chris Reese Organizations: Teamsters, Central, U.S, Walmart, Uber, Apollo Global Management, . Company, International Brotherhood of Teamsters, United Parcel Service, Thomson Locations: U.S, Central States, Nashville , Tennessee, Kansas, Los Angeles, Bengaluru

July 21 (Reuters) - Apollo Global Management Inc (APO.N) co-founder Leon Black paid $62.5 million to the U.S. Virgin Islands to avoid any legal claims tied to a Jeffrey Epstein sex-trafficking investigation, the New York Times reported on Friday. The Times obtained a copy of the settlement agreement from the Virgin Islands government through a public records request. A spokesperson for Black confirmed in an emailed statement to Reuters that Black had settled with the Virgin Islands, noting that there was no suggestion in the settlement "that Mr. Black was aware of or participated in any misconduct." The spokesperson went on to say that, as previously known, Black had paid Epstein for "legitimate financial advisory services" and that Black had "resolved the (Virgin Island's) potential claims arising out of the unintended consequences of those payments." A New York state judge in May dismissed a lawsuit accusing Black, 71, of defaming a woman by falsely claiming she tried to extort him after accusing him of rape, which he denied.

Persons: Leon Black, Jeffrey Epstein, Black, Epstein, Epstein's, Cheri Pierson, Brad Brooks, Rosalba O'Brien Organizations: Apollo Global Management Inc, U.S . Virgin, New York Times, Times, Virgin, JPMorgan Chase, Forbes, Thomson Locations: U.S, Virgin, Islands, York, defaming, Epstein's, Manhattan, Lubbock , Texas

Federal banking regulators are expected to introduce proposals in the coming weeks requiring banks to keep more cash on hand to ensure the financial system remains stable. The nation's largest lender may increase prices or abandon some products as a way to offset the higher capital costs, Barnum said. One key new expected rule would require banks to hold more capital against certain trades. Meanwhile, banks are staying cautious and preserving capital until there is more clarity around the rules. Wells Fargo was expecting capital requirements to climb and weighing the potential effect on stock buybacks, CEO Charlie Scharf told investors on its call.

Persons: Michael Barr, Jeremy Barnum, Barnum, Jane Fraser, Wells Fargo, Charlie Scharf, Blackstone, Jamie Dimon, Pete Schroeder, Nupur Anand, Saeed Azhar, Tatiana Bautzer, Lananh Nguyen, Megan Davies, Susan Heavey Organizations: WASHINGTON, Federal, JPMorgan Chase's, JPMorgan, U.S, Treasury, Industry, Blackstone, Apollo, JPMorgan Chase, Thomson Locations: Washington, New York

☆ Exclusive: Bonderman's Wildcat seeks to thwart $2.9 billion Consolidated Communications deal
▼ + stars: | 2023-07-12 | by ( Anirban Sen | Thomson Reuters | Anirban Sen Is The Editor In Charge For U.S. M A At Reuters In New York | ) www.reuters.com time to read: +3 min

Wildcat said it owned 3 million Consolidated Communications shares, equivalent to about a 2.6% stake. The offer was made on April 12 by a consortium led by private equity firm Searchlight Capital, which owns 34% of Consolidated Communications. Consolidated Communications formed a special committee to consider the offer later that month but has not provided an update since. TD Cowen analysts wrote in an April 13 note that they expected Consolidated Communications to accept the deal given its capital needs and operational challenges. But Wildcat argues that any deal should not be for less than $14 per share because the value of Consolidated Communications' investment in its business has yet to be realized.

Persons: David Bonderman, Wildcat, TD Cowen, Tom McConnon, McConnon, Anirban Sen, Greg Roumeliotis, Edwina Gibbs, Jonathan Oatis Organizations: YORK, Wildcat Capital Management LLC, TPG, Consolidated Communications Holdings Inc, Consolidated Communications, Reuters, Searchlight Capital, Consolidated Communications . Consolidated Communications, Apollo Global Management, Lumen Technologies, Sorrento Therapeutics Inc, Thomson Locations: New York, , Illinois, Sorrento

☆ A lead portfolio manager at a $205 billion asset manager explains why there's no recession ahead for the US economy — and shares 8 mid-sized stocks set to beat the market going forward
▼ + stars: | 2023-07-07 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +5 min

Diane Jaffee — lead portfolio manager at TCW, which manages $205 billion in assets — sits solidly in this latter camp. "Historically, mid-caps and small-caps outperform large caps over time, but you have to go back to a 20 year time horizon before that's true," Jaffee explained. 8 mid-cap stocks set to outperformWithin her mid-cap fund, some of Jaffee's financials holdings include insurance broker Arch Capital Group (ACGL) and private equity firm Apollo Global Management (APO). "It has a great management team that comes from JPMorgan, and they're an economic focus for Puerto Rico," Jaffee explained. Within consumer discretionary stocks, Jaffee also noted homebuilder Toll Brothers (TOL) as another top holding.

Persons: Diane Jaffee, Jaffee, Morgan Stanley, Seth Carpenter, Carpenter, that's, We've, They've, homebuilder, she's, LEN Organizations: Wall, Federal Reserve, —, Arch Capital, Apollo Global Management, Banco Popular, JPMorgan, Puerto, Darden, Medicaid outlays Locations: TCW, financials, Puerto Rican, Puerto Rico, Olive

☆ Rize: Turkey’s hidden mountain hideaways
▼ + stars: | 2023-07-03 | by ( Feride Yalav-Heckeroth | ) edition.cnn.com time to read: +11 min

CNN —Rize province, on the Black Sea coast near Turkey’s northeast border with Georgia, is still largely unknown to many international travelers. Away from Rize itself – the seaside city which lends its name to the province – the area’s valleys and plateaus, surrounded by high-altitude mountain ridges, have remained largely rural. With high rates of rainfall, Rize’s mountain villages (yayla) become a point of escape from summer temperatures. “The state of tourism in Rize is not very pleasant because visitors often arrive without much knowledge about the local culture or the nature. “I think the purpose of coming to Rize shouldn’t be to rush through everything and take a few selfies.

Persons: Orhan Eskiva, café, hamsili, Rize’s, Zeyne, Ahmet Şişman, İbrahim Birben, it’s, Dağ Evi, Trebizond, Emre Corbaci, Taşkın, ”, Elif, Peri, Deniz Demirci Tarakçı, Çinçiva, “, Işık Güner, Feride, Conde Nast Organizations: CNN, Ottomans, Apo, Rize Zua Coffee Locations: Rize, Turkey’s, Georgia, Rize province, Çamlıhemşin, Forestry, Karadeniz, Russia, Senyuva, Çamlıhemşin’s, Mola, Sümela, Trabzon, Zilkale, Armenian, Şenyuva, Istanbul, Pokutsal, Peri, Rize Zua, Yasemin, Barcelona, Fırtına, “, Lake Constance, Kinfolk

☆ Chipmaker Wolfspeed secures $1.25 bln in debt funding led by Apollo Global
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Wolfspeed (WOLF.N) said on Monday that a group led by Apollo Global Management (APO.N) would make a debt investment of $1.25 billion in the chipmaker, with room for an additional $750 million, to support its U.S. expansion. Wolfspeed CEO Gregg Lowe said the financing would help "scale up near-term operations at our Mohawk Valley Fab and construction of our Siler City materials facility to help us capture the growing silicon carbide market opportunity." The company in September last year had announced a multi-billion-dollar investment in a factory in Chatham County, North Carolina to make raw materials for chips that power electric vehicles, among other things. The company has the option to pay the debt early, Wolfspeed said. (This story has been refiled to add dropped word in the headline)Reporting by Jaspreet Singh in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Gregg Lowe, Wolfspeed, Jaspreet Singh, Vinay Dwivedi Organizations: Apollo Global Management, Thomson Locations: Siler City, Chatham County , North Carolina, Bengaluru

☆ Apollo Global leads debt investment in chipmaker Wolfspeed, media report
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +1 min

June 25 (Reuters) - A group of investors led by Apollo Global Management (APO.N) is making a debt investment between $1 billion to $2 billion in chipmaker Wolfspeed (WOLF.N) to support its expansion in the U.S., media outlets reported on Sunday. The financing would make $1.25 billion of cash available immediately to Wolfspeed, while another $750 million could be drawn later, Bloomberg News reported. The report added it was structured as seven-year secured notes carrying a coupon of 9.875% and can be paid back after three years. Apollo Global Management and Wolfspeed did not immediately respond to requests for comment. Reporting by Chandni Shah in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Wolfspeed, Chandni Shah, Lisa Shumaker Organizations: Apollo Global Management, Bloomberg News, Thomson Locations: U.S, Wolfspeed, Chatham County , North Carolina, Bengaluru

☆ Goldman Sachs faces big writedown on GreenSky deal, CNBC reports
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

June 23 (Reuters) - Goldman Sachs (GS.N) is likely to take a large writedown for its $2.2 billion acquisition of fintech lender GreenSky after seeking to divest the business it bought in 2021, CNBC reported on Friday, citing people with knowledge of the sale process. One bidder said GreenSky's loan origination platform is worth roughly $300 million, while another said it was worth closer to $500 million, according to the report. CNBC added the bids for the platform, which facilitates home improvement loans to consumers, were coming in well below Goldman's expectations. Shares of Goldman were down about 1.4% in mid-morning trading. The bank has been running a sale process for GreenSky, and may take a writedown on the $500 million of goodwill, or the premium it paid above the assets' book value, Goldman President and Chief Operating Officer John Waldron told investors at a conference in June.

Persons: Goldman Sachs, Goldman, We're, John Waldron, Warburg Pincus, Manya Saini, Jaiveer Shekhawat, Shinjini Organizations: CNBC, Goldman, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Thomson Locations: Bengaluru

The continent-wide European STOXX 600 (.STOXX) index rose 0.5%. The index gained 1.5% in the policy-packed week, its best performance in over two months. China-focused luxury stocks such as LVMH (LVMH.PA) and Richemont (CFR.S) gained nearly 3% each, boosting the broader STOXX 600. Defensive shares such as healthcare (.SXDP) gained 0.9%, and utilities (.SX6P) climbed 1.3% to a four-week peak. The STOXX 600 broke away from a restrictive 1% trading range that was seen for much of the past two weeks, as investors gradually start putting behind major central bank events.

Persons: Travis Perkins, DAX, Germany's DAX, Danni Hewson, AJ Bell, Hewson, Shreyashi Sanyal, Siddarth, Sohini Goswami, Sherry Jacob, Phillips Organizations: European Central Bank, U.S, U.S . Federal, Bank of Japan, Bank of, Britain's, Rheinmetall, Apollo Global Management, Claure Group, Thomson Locations: China, U.S ., Stockholm, Millicom, Bengaluru

☆ Private equity risks gorging on its secret sauce
▼ + stars: | 2023-06-14 | by ( Liam Proud | ) www.reuters.com time to read: +7 min

Investors prefer pedestrian but steady management fees over the lumpy share of fund profit that is the industry’s special sauce. Private equity firms with a public listing funnel some of the carry to employees and some to shareholders. TPG (TPG.O) last year went public with a similar strategy of paying around two-thirds of performance-related revenue to employees. Assuming the general idea is to keep overall earnings steady, then higher fee-based income for shareholders must be matched by lower cash compensation for employees. It suggests that for KKR, TPG and the rest, there is a limit to just how much of their own secret sauce employees can eat.

Persons: Steve Schwarzman, Carlyle, Blackstone’s, Schwarzman, Henry Kravis, George Roberts, EQT, Blackstone, Harvey Schwartz, Rowe Price, Thoma Bravo, Jeffrey Goldfarb, Sharon Lam, Oliver Taslic Organizations: Reuters, Blackstone, KKR, Apollo Global Management, JPMorgan, Reuters Graphics, TPG, Apollo, Reuters Graphics Reuters, Alpha, Bain Capital, Thoma, Ares Management, Thomson Locations: BlackRock

☆ Veteran Morgan Stanley dealmaker Rob Kindler to join law firm
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

June 6 (Reuters) - Rob Kindler, a top executive at Morgan Stanley (MS.N), is leaving the investment bank after a 17-year stint to join a major law firm. The veteran dealmaker will join Paul, Weiss, Rifkind, Wharton & Garrison as the global chair of mergers and acquisitions (M&A), the law firm said on Tuesday. A New Yorker, Kindler began his legal practice at Cravath, Swaine & Moore, another major law firm where he spent nearly two decades. "I am delighted to once again have him as my partner," said Barshay, who is the chair of the Paul, Weiss' corporate department. Kindler's return to legal practice coincides with a challenging period for the industry, which like investment banks, has been navigating a dreary environment for dealmaking.

Persons: Rob Kindler, Morgan Stanley, dealmaker, Paul, Weiss, Kindler, Moore, Kindler's, Scott Barshay, Barshay, Cooley, Goodwin Procter, Niket, Maju Samuel, Chris Reese Organizations: Garrison, Yorker, JPMorgan, Comcast, AT, T Broadband, Dow, IHS, Wall Street, Apollo Global, Arconic, WWE, Endeavor Group, UFC, Thomson Locations: Rifkind, Wharton, New York, Cravath, Bengaluru

The companies in discussion are largely small- to mid-sized, making them achievable targets, as opposed to firms listed on the FTSE 100. 'DRY POWDER'One of the contributing factors for PE firms' abundance of cash, or "dry powder", is the continued buildup of uninvested capital during the pandemic, according to fund managers. During the first five months of 2023, nine listed firms on the London Stock Exchange were approached by PE firms, exceeding the number of targets in the same time period last year, according to Refinitiv data. Among those out shopping for firms, many seem attracted to these lower valuations of small- and mid-cap firms. Though firms listed on the smaller UK indexes are more domestically focused than their larger counterparts, analysts point out that nearly half of their revenue is from their international presence, making them an even more attractive purchase for PE firms.

Persons: Richard Bullas, Martin, Franklin Templeton, John Wood, Bullas, Moodley, Johann M Cherian, Shounak Dasgupta Organizations: Bank of, Network International Holdings, Hyve, Medica Group, Pharmaceuticals, PE, Martin Currie UK Equity, London Stock Exchange, Apollo, John, John Wood Group, BNP, FTSE, U.S, Thomson Locations: Bank of England, Britain, United States, 10.2x, Europe, U.S, Bengaluru

☆ Here are Friday's biggest analyst calls: Tesla, Netflix, Planet Fitness, Bloom, Wendy's, Dell & more
▼ + stars: | 2023-05-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Goldman Sachs initiates SQM as sell Goldman said the Chilean chemical company is exposed to ongoing lithium price weakness. Cantor Fitzgerald initiates Intuitive Machines as buy Cantor said the space exploration company has a "first-mover" advantage. Credit Suisse upgrades TE Connectivity to outperform from neutral Credit Suisse said the consumer electronics company is an Inflation Reduction Act beneficiary. JPMorgan upgrades Bloom Energy to overweight from neutral JPMorgan said the selloff in the the energy company is "overdone." RBC initiates Planet Fitness as outperform RBC said it sees an attractive entry point for the gym stock.

☆ TPG returns to credit party fashionably late
▼ + stars: | 2023-05-15 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

The buyout firm is acquiring Angelo Gordon, an asset manager that specializes in private credit, for $2.7 billion, it said on Monday. The direct-lending portion of its $55 billion credit business emphasizes borrowers with less than $25 million of EBITDA. While it missed the last private credit bonanza, it isn’t saddled with jumbo-size and potentially shaky loans written at the top of the last cycle. As U.S. regional banks struggle, private credit firms see what Blackstone has termed a “golden moment” to muscle in on new turf. Follow @JMAGuilford on TwitterCONTEXT NEWSPrivate equity firm TPG said on May 15 that it had agreed to acquire private credit and real estate-focused investment firm Angelo Gordon for $2.7 billion, including cash and stock.

☆ Wood Group’s non-deal requires a rapid Plan B
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 15 (Reuters Breakingviews) - Ken Gilmartin needs a Plan B. The chief executive of $1.3 billion John Wood Group (WG.L) did little to encourage Apollo Global Management’s (APO.N) interest, despite the U.S. private equity house submitting no less than five separate bids for the UK infrastructure business. But now Apollo has ditched its most recent plan to buy Wood Group for 240 pence a share – and the target’s shares have slumped 35% back to 145 pence. Gilmartin and the Wood Group board reckon the company will be successful as a solo operation. But if investors were convinced, then Wood Group’s share price shouldn’t have plummeted back to around where it was when Apollo’s interest emerged in February.

☆ Wood Group shares sink after Apollo abandons 1.7 bln pound bid
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

The shares initially fell by as much as 40% after private equity firm Apollo said it would not go ahead with an offer following an exploratory bid last month. Representatives for Wood and Apollo declined to comment further. Under UK takeover rules, Apollo cannot launch a takeover offer for Wood for the next six months, except with the company's agreement or in the event that a rival bidder swoops in. The news comes just days after British consumer group The Hut Group (THG) (THG.L) ended takeover discussions with Apollo after concluding that a preliminary bid by the fund was based on "inadequate valuations". Last week, Wood released its first-quarter earnings, which saw the group reiterate its 2023 outlook with performance expected to be weighted to the second half of the year.

☆ The top large-cap fund manager from the past 12 months shares the simple change he made that completely turned around his performance — and 13 stocks he loves now
▼ + stars: | 2023-05-12 | by ( James Faris | ) www.businessinsider.com time to read: +8 min

That realization led portfolio manager David Miller to launch the Catalyst Insider Buying Fund (INSIX) nearly 12 years ago. While many funds factor in insider transactions when selecting stocks, few use it as their main prerequisite when screening investments. But in the last 12 months, it's the best-performing large-cap fund on the market through April 30, according to Kiplinger. All of these companies have benefitted from insider buying to some extent, but some have been lifted even more by company buybacks. "They've just been gobbling up their own stock," Miller said of O'Reilly Automotive.

☆ Blackstone, Apollo were among about 20 bidders for SVB's assets
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Blackstone Inc (BX.N) and Apollo Global Management (APO.N) were among about 20 bidders for some assets of collapsed Silicon Valley Bank, the Federal Deposit Insurance Corporation (FDIC) said on Wednesday. PNC Financial Services (PNC.N), Valley Bank, Citizens Bank and BankUnited (BKU.N) were also among the bidders, the FDIC said in a summary document, adding that one or more bidders submitted more than one bid. The bids, which closed on March 10, were followed by First Citizens BancShares (FCNCA.O) purchasing all the loans and deposits of SVB later that month. That was since eclipsed by First Republic Bank which was seized by regulators in early May and sold to JPMorgan Chase & Co (JPM.N). The deal announced in March said First Citizens would acquire SVB's assets of $110 billion, deposits of $56 billion and loans of $72 billion.

☆ Blackstone, Apollo were among bidders for SVB's assets
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: 1 min

May 10 (Reuters) - Blackstone Inc (BX.N), Apollo Global Management (APO.N) were among the bidders for some assets of bankrupt Silicon Valley Bank, the Federal Deposit Insurance Corporation (FDIC) said on Wednesday. PNC Financial Services (PNC.N), Valley Bank, Citizens Bank and BankUnited (BKU.N) were also part of the 19 bidders, the FDIC said. Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

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