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Good Morning,

The stock market got absolutely cooked, and of course that means hilarious memes.

Interviews can be a different ball-game even when you've mastered the knowledge and Training the Street knows that best. Check 'em out to make sure you crush those interviews when the day comes. Whether its technicals or behavioral, buy-side or sell-side, Training the Street got you covered.

Let's dive in.

Before The Bell

As of 3/10/2025 market close. Litquidity portfolios as of 3/7.

Click here to learn more about the Litquidity portfolios and subscribe to the strategies on Autopilot.*

Markets

  • US stocks plummeted yesterday as economic sentiment continued to deteriorate 

    • S&P shed over $4T in market cap since February's ATH to hit its lowest since November

    • Nasdaq lost over $1T in market cap in its worst day since September 2022, down 13% from its near ATH three weeks ago

    • 'Magnificent 7' is down over 20% since its December ATH

    • VIX is near 30 for the first time since August

    • Traders are now pricing in three 25 bps Fed rate cuts in June, July and October

  • Europe's Stoxx 600 snapped a ten-week winning streak

  • UK's FTSE index fell to a five-week low

  • Canada's TSX index fell to its lowest since November 

  • US 10Y yield fell to the lowest since December

    • US investment-grade bond spreads is up 10 bps since late-February at the widest since September

    • Asia investment-grade bond spreads rose by the most since September

  • Oil fell to its lowest level since September

  • Bitcoin sunk to a four-month low

Earnings

  • Oracle missed Q3 EPS and revenue estimates but gave a strong long-term outlook amid record AI computing demand (RT)

  • Franco-Nevada beat revenue estimates by over 25% and forecast robust FY revenue growth marking a significant turnaround from last year's loss (FN)

    • Today: Kohl's, Dick's

    • Wednesday: Adobe, American Eagle

    • Thursday: DocuSign, Dollar General, Ulta Beauty

  • Full calendar here

Headline Roundup

  • Hedge funds are unwinding risk at the fastest pace since Covid (RT)

  • Hedge funds sold China stocks for fourth-straight week (RT)

  • Japan revised Q4 GDP growth down to 2.2% (CNBC)

  • Japan firms must get used to reverse break-up fees (RT)

  • Nasdaq CEO said IPO pipeline is still healthy (RT)

  • BlackRock CEO says nationalistic US policies will stoke inflation (RT)

  • China boosted 2Y bond sales to a record amid debt selloff (BBG)

  • Big Chinese share sales are luring back long-term investors (BBG)

  • South Koreans bought the most Hong Kong stocks in three years (BBG)

  • PE industry group asked SEC to rethink Biden-era rules (RT)

  • Blackstone won SEC approval for its retail-friendly private credit fund (BBG)

  • Bank of America is laying off employees across IB (RT)

  • KKR named two new co-CEOs for Global Atlantic insurance unit (BBG)

  • Paul Hastings named Kirkland partner Eric Schiele as co-chair of M&A (WSJ)

  • Billionaires at Trump's inauguration have since lost $200B (BBG)

  • Musk says juggling DOGE and CEO jobs is difficult (RT) 

  • Organized coffee theft surges in US as bean prices soar (RT)

  • Solar accounted for 84% of new US power last year (RT)

  • Top universities announce hiring freezes amid Trump anxiety (BBG)

  • AI talent race is reshaping the tech job market (WSJ)

A Message from Training the Street

Finance interviews are designed to weed out the weak and unprepared.

That's where Training the Street's Interview SmartPrep Al comes in. Powered by advanced Al and machine learning, it simulates real interview scenarios, coaches you in real-time, and provides instant feedback – so when the actual interview comes, you're ready. It's like a golf-simulator for your career.

With Interview SmartPrep Al, you get

  • Interactive Al coaching: Get real-time feedback on your answers

  • Practice tailored to finance roles: From IB and PE to VC and hedge funds, practice the toughest questions

  • Confidence without guesswork: Master technical, behavioral Qs, and case studies

Crush those upcoming interviews with Interview SmartPrep Al.

Interview SmartPrep AI

Deal Flow

M&A / Investments

  • Dutch state-owned grid operator TenneT is re-launching a stake sale of its German grid at a $29B valuation, including debt

  • Industrial software firm QXO is negotiating an $11B cash buyout of Beacon Roofing Supply

  • Whitecap Resources agreed to merge with Veren in $10.4B all-stock deal, including debt, creating Canada's seventh-largest oil producer

  • Brazil's Moreira Salles offered to acquire Verallia, a leading glass packaging producer, at a $3.8B valuation

  • Software firm ServiceNow agreed to acquire AI assistant maker Moveworks in a $2.85B cash-and-stock deal

  • Asian investment firms MBK Partners and NSSK joined bidding for Japan's Makino Milling after Japanese motor manufacturer Nidec launched a $1.75B unsolicited offer

  • Mortgage fintech Rocket agreed to acquire real estate brokerage Redfin in a $1.75B all-stock deal

  • Swiss private bank J. Safra Sarasi acquired a 70% in Danish fintech Saxo Bank at a $1.7B valuation

  • Japanese shipping company Mitsui OSK Lines agreed to acquire Ardian-backed petrochemical storage operator LBC Tank Terminals for $1.7B

  • Japan's Sumitomo Mitsui Finance and Leasing acquired Macquarie Rotorcraft, the UK helicopter leasing business of Australia's Macquarie, for over $1B

  • Abu Dhabi investment firm Multiply Group is considering selling district cooling division PAL Cooling Holding for ~$1B

  • UK investment firm DBAY Advisors agreed to acquire healthcare group Alliance Pharma to a $467.5M valuation

  • Brazilian meat giant JBS, Saudi food companies Almarai and Tanmiah Food, and a consortium led by Ukrainian agritech firm MHP are bidding for Alwatania, the Middle East's largest poultry producer, at a $533M valuation

  • Saudi conglomerate Zahid Group will resume talks with South African industrial conglomerate Barloworld after its initial buyout proposal was rejected

  • $4.5B-listed electricity utility TXNM Energy is exploring a sale after receiving takeover interest

VC

  • AI cloud computing startup CoreWeave will issue $350M worth of shares to OpenAI in a private placement as part of a ~$12B contract ahead of its highly anticipated IPO

  • Cybersecurity startup Chainguard is in talks to raise a $350M round at a $3.5B valuation led by Kleiner Perkins

  • BVI Medical, a global ophthalmic device company, raised $1B from TPG

  • Lila Sciences, a scientific platform and autonomous labs for life, chemical, and materials sciences, raised a $200M seed round from Flagship Pioneering, General Catalyst, ARK Venture Fund, ADIA and others

  • Nirvana, a new AI-powered trucking insurance platform, raised an $80M Series C at an $830M valuation led by General Catalyst 

  • Vietnamese agritech platform TECHCOOP raised a $70M Series A led by TNB Aura and AVV

  • Heidi, an AI healthcare company, raised a $16.6M Series A follow-on led by Headline

  • Mixergy, a smart hot water storage startup, raised a $15.5M round led by Barclays Climate Ventures

  • ReSource Chemical, a startup developing a way to make plastics and speciality chemicals without fossil fuels, raised a $15M round led by Khosla Ventures and Fathom Fund

  • Peer Global, a social game engine company, raised a $10.5M round from the Family Office of Tommy Mai

  • August, a Swiss on-chain prime brokerage and execution platform, raised a $10M Series A led by Dragonfly Ventures

  • V360, a fintech SaaS solution for Brazilian companies, raised a $7M Series A led by Cloud9 Capital

  • Vayu, a revenue management platform for B2B tech companies, raised a $7M seed round led by Flint Capital and The Garage

  • AI-powered virtual influencer platform AvatarOS raised a $7M seed round led by M13

  • LiquidTrust, a fintech building secure payment solutions for SMBs, raised a $4M seed round led by Anthemis, Resolute Ventures, and Motivate Ventures

Debt

  • Pharmacy chain Rite Aid is in talks with creditors to bolster liquidity months after exiting Chapter 11

Bankruptcy / Restructuring / Distressed

  • Australian casino operator Star Entertainment opened books to investment firm Salter Brothers for a potential $590M debt refinancing that could help stave off a collapse

Fundraising

  • Pamlico Capital, the PE firm that spunout from Wells Fargo, raised $1.75B for its sixth PE fund

Crypto Sum Snapshot

  • EU worries US embrace of crypto could impact Europe's financial stability

  • SEC will move away from requiring crypto firms to register as trading systems

  • Check out our Crypto Sum newsletter for the full stories on everything crypto!

Exec’s Picks

Financial Services Recruiting 💼

If you're a junior banker looking for your next career move, check out Litney Partners, a recruiting firm established by Litquidity and Whitney Partners (the oldest purely financial services executive search and consulting firm).

We aim to place strong candidates across private equity, hedge funds, venture capital, growth equity, credit, and investment banking.

We're currently seeking talent for some incredible roles. Head over to Litney Partners to drop your resume / create your profile and we'd love to get in touch!

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*DISCLAIMER: Investment advice provided by Autopilot Advisers, LLC ("Autopilot"), an SEC-registered investment adviser. Past performance does not guarantee future results. Investing carries risks, including loss of principal. As always, be smart out there. Litquidity is compensated to promote AutoPilot. Compensation details available upon request.