In today’s briefing:
- [Quiddity Index Jan25] S&P500/600 Mar25 Rebal: Multiple Intra-Review Changes Possible
- Venture Global Inc. (VG): IPO Terms Slashed by 40% in Reworking of Deal
- Intel’s Acquisition Rumors: Is It A Bargain For Qualcomm, Arm Holdings & Other Tech Giants?
- The Drill: Strap in for Trump
- Fifth Third Bancorp’s Surprising Southeast Expansion Plan Could Shake Up Banking Rivals! – Major Drivers
- PNC Financial Services Group: An Insight Into Its Asset Management & Fee Models & Other Major Drivers
- [2025/03] Occidental’s Bullish Trend Weakens Amid Downward Pressure on Crude Oil
- SailPoint, Inc. (SAIL) — Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)
- First Citizens BancShares Inc.: Expanding Global Fund Banking Segment To Foster Viable Growth In Niche Sector! – Major Drivers
- Could BNY Mellon’s Pershing Platform Be the Key to Outsized Returns In 2025? – Major Drivers
[Quiddity Index Jan25] S&P500/600 Mar25 Rebal: Multiple Intra-Review Changes Possible
- The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
- In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.
- We expect two regular changes in March 2025. There are also several live spin-off and M&A events which are likely to trigger intra-review index changes before then.
Venture Global Inc. (VG): IPO Terms Slashed by 40% in Reworking of Deal
- The company reduced the range from $40-$46 to $23-$27 and increased the amount of shares offered by the company from 50.0mm shares –> 70.0mm shares.
- It is highly unusual that the underwriting lineup, company and buy-side was so misaligned on valuation leading to this massive slashing of the deal.
- The deal is considered “oversubscribed” with several significant anchor orders placed following the reworking of terms.
Intel’s Acquisition Rumors: Is It A Bargain For Qualcomm, Arm Holdings & Other Tech Giants?
- Intel Corporation, once the world’s dominant chipmaker, finds itself at a critical juncture, sparking speculation about its future.
- Following a 9.5% surge in its stock price after rumors of a potential acquisition surfaced, the company has been thrust into the spotlight.
- The speculation originated from a report by SemiAccurate, which hinted at an unnamed company with the financial clout to acquire Intel in its entirety.
The Drill: Strap in for Trump
- Trump has signaled his intention to stop oil imports from Venezuela.
- While these imports are relatively insignificant to the U.S., they are hugely significant to Venezuela.
- Growing demand in China might help offset the impact, but if not, Venezuela could be facing more years of political turbulence.
Fifth Third Bancorp’s Surprising Southeast Expansion Plan Could Shake Up Banking Rivals! – Major Drivers
- Fifth Third Bancorp’s third-quarter 2024 earnings highlight a performance characterized by stability, strategic investments, and a focus on balanced growth in a dynamic economic environment.
- The bank reported an earnings per share (EPS) of $0.78 or $0.85 after excluding certain non-recurring items, outperforming previous guidance.
- With a return on equity of 12.8%, Fifth Third has positioned itself as a leader among its peers.
PNC Financial Services Group: An Insight Into Its Asset Management & Fee Models & Other Major Drivers
- PNC Financial Services Group, a major financial institution in the U.S., reported solid financial performance for Q4 2024 and for the entire fiscal year.
- The company generated a net income of $1.6 billion for the fourth quarter, bringing the annual total to $6 billion, or $13.74 per share.
- During the year, PNC benefited from fixed asset repricing, which substantially boosted its net interest income despite the lower demand for loans.
[2025/03] Occidental’s Bullish Trend Weakens Amid Downward Pressure on Crude Oil
- Occidental Petroleum gained USD 0.43 last week, closing at USD 51.97 on 17/Jan (Fri). However, the stock began this week on a weak note, falling by 2.7% on 21/Jan (Tue).
- JPMorgan raised Occidental’s price target to USD 59 from USD 58 with a Neutral rating, while Mizuho lowered its target to USD 68 from USD 70, maintaining a Neutral stance.
- Occidental became the third-largest U.S. onshore oil and gas producer in 2024, up from fifth in 2023, with production reaching 1.22 million boepd, 58% of which was oil.
SailPoint, Inc. (SAIL) — Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)
- SailPoint, a company that delivers solutions to enable comprehensive identity security for the enterprise, filed for an IPO.
- SailPoint is sponsor-backed by Thoma Bravo who took the company private in August 2022 for $6.9bn
- As of January 31, 2022, 2023, and 2024, their ARR was $374.6 million, $520.1 million, and $681.8 million, respectively, representing year-over-year growth of 44%, 39%, and 31%, respectively.
First Citizens BancShares Inc.: Expanding Global Fund Banking Segment To Foster Viable Growth In Niche Sector! – Major Drivers
- First Citizens BancShares recently released its third-quarter 2024 earnings, highlighting both positive developments and challenges.
- The adjusted earnings per share for the quarter came in at $45.87, supported by a resilient net interest margin despite declining accretion income.
- Positively, the company reported stability and modest growth in its deposit base, especially within the commercial segment linked to the innovation economy.
Could BNY Mellon’s Pershing Platform Be the Key to Outsized Returns In 2025? – Major Drivers
- Bank of New York Mellon’s (BNY) recent financial performance demonstrates notable achievements while also revealing areas that require attention.
- In 2024, the company reported record-breaking revenue and net income, with revenue reaching $18.6 billion, a 5% increase year-over-year, and net income climbing to $4.3 billion.
- These figures correspond to a strong return on tangible common equity of 23%.
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