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🎯 In this issue:

• Banana Bits: Finance headlines that actually matter

• Market Summary: Jerome Powell “Kills” the fun again

• What’s Ripe / Rotten: The tastiest and most disgusting stocks today

• Technical Trip: Interview Q&A from Morgan Stanley

• Lesson from the Library: Master the model that powers private equity — debt, returns, cash flow, and the full PE playbook.

• Deal Deep Dive: M&A, IPO, and transaction breakdowns

• The Daily Poll: See how you stack up

Market Snapshot

📉 Banana Bits

• NVIDIA’s H200 chips still haven’t cleared Chinese approval, according to Huang.

• India is sticking with a strong 7% growth outlook despite trade risks.

• Trump and Senate Democrats are talking to head off a government shutdown.

• Brent crude touched $70 for the first time since April.

• Indonesian stocks saw their worst selloff since 1998 after an MSCI warning.

• The “Sell America” trade rolled on after Norway’s sovereign fund cut U.S. exposure.

• Big Tech is doubling down on AI, keeping spending elevated.

Market News

Jerome Powell “Kills” The Fun Again

In Wednesday's early trading, the S&P 500 hit the $7,000 mark, led by a tech rally as the “Magnificent 7” companies began reporting earnings.

In late hours, Meta Platforms Inc. jumped on a bullish outlook. Tesla Inc. climbed as profit beat estimates. Microsoft Corp. sank as record spending raised concerns that its artificial-intelligence investments will take longer than expected to pay off.

While investors are excited about the big techs’ AI shopping spree, Fed Chair Jerome Powell decided to end the “fun” after the Federal Reserve’s decision to leave rates steady sent stocks and bonds wavering, with Jerome Powell refraining from signaling any imminent resumption of rate cuts amid a solid economy.

The Federal Open Market Committee voted 10-2 to hold the benchmark federal funds rate in a range of 3.5%-3.75%. The yield on 10-year Treasuries was little changed at 4.25%.

The dollar climbed 0.4%. Bessent told CNBC the U.S. hasn’t intervened to strengthen the yen, sending the Japanese currency slumping almost 1%. Gold topped $5,300.

What's Ripe

Seagate Technology Holdings PLC (STX) 19.1%

• STX surged 19%. The hard-disk-drive maker beat analysts’ estimates for fourth-quarter earnings and revenue.

• CEO Dave Mosley touted a surge in demand from artificial-intelligence data centers.

Nextpower Inc. (NXT) 13.3%

• NXT surged 13% after the energy technology company hiked its fiscal-year outlook, pointing to recent strength in bookings.

• Adjusted earnings for the fiscal third quarter were $1.10 a share, above analysts’ calls for 93 cents.

• Revenue climbed 34% to $909.4 million, ahead of the $815.3 million Wall Street had forecast.

What's Rotten

Amphenol Corp. (APH) 12.2%

• APH sank 12%. Fourth-quarter adjusted earnings and sales topped consensus views, and Amphenol’s outlook for the first quarter of 2026 was solid.

• However, the beat didn’t appear “big enough” to satisfy investors, Evercore ISI said

Qorvo Inc.(QRVO) 6.8%

• QRVO tumbled 6.8% after the semiconductor company beat earnings estimates for its fiscal third quarter but issued weaker-than-expected guidance for the current quarter.

🧠 Technical Trip

Interview Q&A from Morgan Stanley

👉 Want 1-on-1 recruiting help from Morgan Stanley bankers & 2,000+ top mentors? Apply to WSO Academy

📚 Lesson from the Library

🎥 LBO Modeling: Buy, Build, and Break Down the Deal

Master the model that powers private equity — debt, returns, cash flow, and the full PE playbook.

🎓 Check out the course

Student Spotlight

A+ Equity Research Report 📊 

Looking for a stellar example of what makes an equity research report stand out?

One of our WSO Academy students, Sebastian Ayanian (Sabra, SBRA), put together an impressive deep dive on The Boeing Company, covering valuation, catalysts, and key risks with the kind of insight that turns good pitches into great ones.

Check out the report here.

🦈 Deal Dispatch

M&A, IPOs, And Other Notable Transactions

• NVIDIA, Microsoft, and Amazon are in talks to invest up to $60B in OpenAI.

• Insurance platform Ethos raised $200M in its U.S. IPO.

• PicPay priced its U.S. IPO at the top of the range, marking Brazil’s first since 2021.

• LIV Golf plans to sell franchise stakes for the first time.

• Blackstone is in advanced talks to become World’s top shareholder.

• Nomura beat Goldman to lead a record year for Japan M&A.

📊The Daily Poll

Previous Poll:

Why is the Fed expected to hold rates despite political pressure?

Inflation risks: 46.4% // Policy credibility: 18.6% // Data dependency: 13.4% // Market stability: 21.6%

Student Success Corner

👉 Are you next? Find out with WSO Academy

Banana Brain Teaser

Previous

A nutritionist creates the following diet. Four days a week, the nutritionist eats three meals a day, starting with a 450-calorie breakfast, and adding 100 calories for each subsequent meal. On the other three days, the nutritionist eats five smaller meals, each containing 300 calories. At the end of four weeks, what is the average caloric intake per meal?

Answer: 411

Today

When processing iron ore into stainless steel, high-purity oxygen is blown through, removing 1.5% of all impurities. Then, only 30% of the remaining metal alloy can be used to create rust-free stainless steel. If 5 kg of stainless steel is desired, how much starting iron ore is needed?

How Would You Rate Today's Peel?

Happy Investing,
Chris, Vyom, Ankit, Mitchell, Fernanda, & Patrick

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