Core Insights - Viper Energy, Inc. has completed the acquisition of Sitio Royalties Corp. in an all-equity transaction, marking a significant milestone for both companies and establishing a new leader in the minerals and royalties sector [1][10] Production Guidance - Following the merger, Viper revised its third-quarter 2025 oil production guidance to 54,500-57,500 barrels per day, an increase of approximately 8,500 barrels per day at the midpoint compared to previous standalone projections [2] - Average total production is now projected to be between 104,000-110,000 barrels of oil equivalent per day, reflecting an increase of about 18,000 barrels of oil equivalent per day from earlier guidance, accounting for 43 days of production from Sitio [3] Strategic Positioning - The CEO of Viper Energy emphasized that the merger is a pivotal step for the minerals and royalties industry, enhancing the company's size, scale, liquidity, and access to investment-grade capital in a traditionally fragmented market [4] - The combined entity is expected to be well-positioned within North American shale to drive long-term growth efficiently, requiring no direct capital expenditures and only limited operating costs [5] Operational Leverage - With the acquisition, Viper Energy strengthens its scale and operational leverage in a consolidating sector, allowing it to capture long-term growth opportunities and deliver efficiencies from greater scale while maintaining value for shareholders [6]

Core Viewpoint - Lowe's Companies, Inc. has announced a definitive agreement to acquire Foundation Building Materials for approximately $8.8 billion, aiming to enhance its offerings for professional customers and position the company for long-term sustainable sales growth and profit expansion [1][4]. Company Overview - Lowe's is a leading home improvement company in North America, serving around 16 million customer transactions weekly, with total fiscal year 2024 sales exceeding $83 billion and operating over 1,700 stores [9]. - Foundation Building Materials is a prominent distributor of interior building products in North America, with over 370 locations and a revenue of approximately $6.5 billion in 2024 [2][10]. Acquisition Details - The acquisition price of $8.8 billion reflects an adjusted EBITDA multiple of 13.4x, and Lowe's has secured $9.0 billion in bridge financing from Bank of America and Goldman Sachs [5][6]. - The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approval, and is anticipated to be accretive to adjusted diluted earnings per share in the first full year post-closing [6]. Strategic Implications - The acquisition is expected to accelerate Lowe's Total Home strategy by enhancing its offerings to professional customers through improved capabilities, faster fulfillment, and better digital tools [3][4]. - The combined strengths of Lowe's and FBM are projected to create a premier platform for serving professional customers in a $250 billion total addressable market [4]. Financial Performance - FBM has demonstrated significant growth, achieving a compound annual growth rate (CAGR) of approximately 25% for revenue and 30% for adjusted EBITDA from 2019 to 2024 [2].

Group 1 - The core focus of the news is the investigation by Monteverde & Associates PC into Workhorse Group Inc. regarding its merger with Motiv Power Systems, Inc. [1] - Upon completion of the proposed merger, Workhorse shareholders will own approximately 26.5% of the combined entity [1] - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report, having recovered millions for shareholders [1] Group 2 - Monteverde & Associates PC operates from the Empire State Building in New York City and is a national class action securities firm with a successful litigation track record [2] - The firm emphasizes that not all law firms are equal and encourages potential clients to inquire about their past recoveries and litigation experiences [2][4] - The firm provides free consultations for shareholders with concerns regarding their investments in Workhorse Group Inc. [3]

Core Insights - The Zacks Securities and Exchanges industry is benefiting from a diversified product portfolio, increased trading volumes, and the growing adoption of crypto assets, which is expected to enhance revenues for key players like S&P Global, Intercontinental Exchange, CME Group, Nasdaq Inc., and Cboe Global Markets [1][2] - The industry is focusing on non-trading revenue sources, including market technology and information services, to create stable cash flows and reduce reliance on trading income [4][5] Industry Overview - The Zacks Securities and Exchanges industry includes companies that operate electronic marketplaces for trading stocks, options, bonds, and commodity contracts, generating revenue from fees and providing data services [2] - The industry is experiencing increased adoption of crypto assets, but faces challenges due to regulatory compliance [2] Trends Shaping the Industry - Trading volume is driven by volatility, with a projected market size of $49.6 billion by 2028, growing at a CAGR of 12.1% [3] - Companies are diversifying into recurring revenue sources to stabilize income amidst fluctuating market volumes [4] - Mergers and acquisitions are on the rise, helping companies expand their market reach and product offerings [5] - Continuous investment in technology, particularly AI and blockchain, is enhancing operational efficiency and competitiveness [6][7] Industry Performance - The Zacks Securities and Exchanges industry ranks 24, placing it in the top 10% of Zacks industries, indicating strong near-term prospects [8][9] - The industry has outperformed the broader Zacks Finance sector and the S&P 500, gaining 15% year-to-date compared to 10.7% and 9.5% respectively [12] Valuation Metrics - The industry is currently trading at a trailing P/E of 26.32X, higher than the S&P 500's 22.85X and the sector's 16.89X [15] Company Highlights - **Nasdaq**: Focused on maximizing non-trading revenue and technology services, with a projected EPS growth of 17.4% and 11.5% for 2025 and 2026 respectively [19][20] - **S&P Global**: Positioned to benefit from growing demand for business information services, with EPS growth estimates of 9.2% and 11% for 2025 and 2026 [22][23] - **Intercontinental Exchange**: A leading operator with a strong portfolio and expected EPS growth of 15% and 10.8% for 2025 and 2026 [25][26] - **CME Group**: The largest futures exchange, focusing on expanding product offerings, with EPS growth estimates of 8.6% and 3.8% for 2025 and 2026 [28][29] - **Cboe Global Markets**: Expanding product lines and geographic reach, with EPS growth projections of 11.5% and 5.9% for 2025 and 2026 [32][33]

Core Insights - Goldman Sachs is benefiting from the rebound in global deal-making activities, with its Global Banking & Markets division being the primary growth driver, accounting for 69.4% of total net revenues as of June 30, 2025 [1] Investment Banking Performance - In the first half of 2025, Goldman Sachs' investment banking fees increased by 8% year over year, with advisory revenues rising by 16%, debt underwriting revenues up by 2%, and equity underwriting revenues growing nearly 1% [2][11] - The firm maintains a leading position in announced and completed mergers and acquisitions (M&As), reinforcing its strength in the Global Banking & Markets sector [3] M&A and IPO Outlook - M&A activities are expected to remain strong in the second half of 2025, driven by higher stock valuations, pent-up demand, and corporate strategies for greater scale and competitiveness, supported by regulatory changes under the Trump administration [4] - The IPO market is also showing signs of vitality, particularly in technology and crypto-related offerings, with a solid IPO pipeline anticipated through the end of 2025 [5][6] Competitive Landscape - Morgan Stanley's investment banking business has seen a modest increase of 1% year over year, while JPMorgan's total investment banking fees grew by 9% in the first half of 2025, indicating a competitive environment [7][8] Stock Performance and Valuation - Goldman Sachs shares have increased by 27.7% year to date, outperforming the industry growth of 23.2% [9] - The Zacks Consensus Estimate for Goldman Sachs' earnings implies year-over-year increases of 12.6% and 14.9% for 2025 and 2026, respectively, with upward revisions in estimates over the past 30 days [14] - Goldman Sachs currently trades at a forward price-to-earnings (P/E) ratio of 14.64X, slightly above the industry average of 14.47X [17]

Group 1: Small-Cap Market Momentum - The small-cap space has shown momentum recently, with the iShares Russell 2000 ETF (IWM) gaining nearly 3% over the past week, outperforming the broad market fund (SPY) which gained 1% [1] - Anticipated Fed rate cuts are contributing to this momentum, with futures markets pricing in a 94% chance of a quarter-point cut at the next Fed meeting, up from 85% before the latest inflation data [2] - Small-cap companies, which typically have a higher debt burden at floating rates, will benefit from lower borrowing costs, aiding their expansion and profitability [3] Group 2: Valuation and Investment Opportunities - The Russell 2000 has underperformed the S&P 500 year-to-date, with a gain of just 1.5% compared to 9.6%, potentially providing an advantageous entry point for investors [4] - Small-caps are currently trading at a discount compared to large-caps, attracting institutional investors who are rotating out of crowded mega-cap trades into undervalued small-cap segments [5] Group 3: Business Sentiment and Economic Indicators - Optimism among small business owners increased in July, with the small business optimism index rising to 100.3, the highest since February and above the 52-year average of 98, indicating a stabilizing business environment [6] - Trends in reshoring and onshoring favor small-cap firms, as companies bring supply chains back to the U.S. amid global supply chain vulnerabilities [7] Group 4: M&A Activity and Market Dynamics - Dealmaking is increasing in sectors like healthcare, biotech, and tech services, with large-cap companies targeting small and mid-sized firms for growth, which historically favors small companies [8] - The broadening market breadth, where gains are spreading more evenly across the market, signals healthier market dynamics and could catalyze small-cap outperformance [10] Group 5: Investment Vehicles - Several ETFs in the small-cap space have a strong Zacks ETF Rank 1 (Strong Buy) or 2 (Buy), indicating potential outperformance in the coming weeks, including iShares Core S&P Small-Cap ETF (IJR) and Vanguard Small-Cap ETF (VB) [11]

Switzerland is seeing a more than fivefold surge in mergers and acquisitions that’s outpaced most of its European peers, giving bankers hopes for a lucrative payout this year https://t.co/9J0jqygWsW ...

Core Viewpoint - Gildan Activewear Inc. is acquiring HanesBrands Inc. in a deal valued at approximately $2.2 billion in equity and $4.4 billion in enterprise value, aiming to create one of the largest players in basic apparel [1][8] Group 1: Transaction Details - The merger will provide HanesBrands shareholders with 0.102 Gildan shares and $0.80 in cash per share, valuing HanesBrands stock at $6.00, which is a 24% premium to its closing price on August 11 [1] - The transaction has been unanimously approved by both companies' boards and is expected to close in late 2025 or early 2026 [2] Group 2: Financial Projections - The combined company is projected to have pro forma annual revenues of $6,883 million and adjusted EBITDA of $1,553.8 million, including $200 million in anticipated annual cost synergies to be realized within three years [2][8] - Gildan expects immediate accretion to adjusted earnings per share (EPS), with more than 20% accretion once synergies are factored in [2] Group 3: Strategic Benefits - The merger will enhance scale and market positioning, improving go-to-market capabilities and product diversification [3] - Gildan's low-cost vertically integrated production model will be utilized to optimize HanesBrands' operations and expand brand presence in activewear [3] Group 4: Financing and Debt Management - Gildan has arranged $2.3 billion in committed funding for the acquisition, consisting of a $1.2 billion bridge facility and $1.1 billion in term loans [4] - Following the deal's completion, Gildan expects its net debt leverage to be around 2.6x adjusted EBITDA, with plans to reduce this ratio to 2.0x or less within 12-18 months post-closing [5] Group 5: Future Outlook - Gildan has reaffirmed its full-year 2025 revenue and EPS targets, expecting net sales growth at a CAGR of 3-5% and adjusted EPS growth in the low-20% range from 2026 to 2028 [6]

Core Viewpoint - MiniLuxe Holding Corp. is expanding its presence in the Dallas-Fort Worth market through the acquisition of a new studio location, supported by a strategic partnership and the issuance of shares to fund this expansion [1][3][4]. Group 1: Acquisition Details - The company has issued 437,500 Class A subordinate voting shares at a price of USD $0.40 per share to facilitate the acquisition of a new studio location in the Dallas-Fort Worth area [1]. - MiniLuxe's wholly owned subsidiary now holds approximately 66.15% of the issued and outstanding LLC membership interests of the newly formed entity [2]. - The securities issued are subject to a hold period of four months and one day from the date of issuance [2]. Group 2: Strategic Importance - This acquisition enhances MiniLuxe's footprint in a key growth region, indicating a successful strategy of expansion through mergers and acquisitions [3]. - The company aims to accelerate growth through various means, including acquisitions, new company-owned stores, joint ventures, and franchising [3]. Group 3: Partnership and Team - The new location benefits from a strong joint venture partnership with Leslie Concors, who has a successful track record in growing consumer brands [4]. - Kayleigh Se, MiniLuxe's Regional Operating Partner, will also contribute her expertise to the new venture, ensuring continuity and quality in operations [4]. Group 4: Leadership Insights - The CEO of MiniLuxe expressed optimism about the acquisition, highlighting the identification of tier-one conversion opportunities in desirable neighborhoods [5]. - Leslie Concors, a new shareholder and partner, expressed confidence in the potential of the Lakewood location to enhance the MiniLuxe experience [6]. Group 5: Company Overview - MiniLuxe is a lifestyle brand focused on the beauty and self-care industry, providing high-quality nail care and esthetic services [8]. - The company aims to transform the self-care and nail care industry through better standards and technology, while also empowering a diverse workforce [9][10].

Transaction Overview - Unite Students is acquiring Empiric Student Property through a cash and share offer of 94.2 pence per Empiric share[6] - The offer consists of 0.085 new Unite shares and 32 pence in cash for each Empiric share[6] - The combined portfolio will have a value of £7.4 billion with 75,000 beds[6] - Empiric shareholders will own 10% of the enlarged Unite Group upon completion[34] Financial Benefits and Synergies - The acquisition is expected to be accretive to earnings and shareholder returns from the second year onwards[6] - £13.7 million in cost synergies are expected to be unlocked through Unite's operating platform[6] - The acquisition is expected to deliver a low double-digit unlevered IRR ahead of Unite's cost of capital, supporting total accounting returns of approximately 10% per annum[6] - Approximately 55% of the £13.7 million annual run-rate benefit is expected to be realized in the first full year following completion[21, 80] Portfolio and Market Expansion - The combined portfolio will include 75,000 beds across 30 cities[11] - The acquisition allows Unite to enter two new Russell Group cities: Exeter and York[11] - The acquisition provides immediate scale in the Returner market, acquiring approximately 20% below replacement cost[18] Financial Position - Pro forma loan to value (LTV) is expected to be 29%[23] - Empiric's H1 2025 EPRA earnings were £14.3 million[26]