Every edition is published in full, timestamped and left unaltered. Calls that went wrong stay up alongside those that went right.
Brent through one hundred dollars for the first time since July, with the Federal Reserve and the Bank of England meeting eight days apart and hawkish minorities on both committees. The deal desk covers the opening of Tata Motors' tender offer for Iveco Group, Apollo buying into Atlantic Aviation, and the Silver Lake approach to Workday that repriced enterprise software on an unconfirmed report. Full coverage of NVIDIA, Broadcom, Magnolia Oil and Gas and Workday, with entry levels and downside cases set against published consensus.
August payrolls of 162,000 against a consensus near 55,000 moved the probability of a September rate rise from 49.4 to 58 per cent and moved equities almost not at all. Consob clears the Tata Motors offer for Iveco Group, and Broadcom triples artificial intelligence revenue only to fall on a guidance figure 0.7 per cent below consensus.
The largest quarter in Nvidia's history, with revenue of 96.2 billion dollars and data centre revenue up 117 per cent, set against a Jackson Hole address in which Kevin Warsh declined to accept that the summer's inflation readings meant anything. Apollo buys into Atlantic Aviation from KKR at nearly ten billion dollars, more than double the 2021 basis.
An extraordinary doubling of Treasury buybacks in ten to thirty year debt failed to subdue yields, the Dow fell 703.84 points on Wednesday, and gold reached a three month high. Walmart delivered a rare sales miss, and Nvidia went into results at 214.72 dollars having fallen after six of the previous eight reports.
July inflation at 3.4 per cent headline and 2.5 per cent core delivered what equities wanted, the S&P 500 set a record, and then retail sales fell by the most in over a year. Reuters reports Silver Lake in talks over Workday, and a single unconfirmed report reprices the whole of enterprise software.
Standing sections are maintained separately and updated as transactions and coverage develop: M&A Research, Equity Research and Boutique Banks.
GS Investments publishes editorial research for information and education only. Nothing here is personal advice and nothing here takes account of any individual reader's circumstances, objectives or financial position. The author is not authorised to give investment advice. Readers should seek advice from a regulated adviser before investing. Price targets and ratings are the author's own estimates, are inherently uncertain and may prove wrong. Author positions are disclosed alongside each company covered.