Daily Newsletter | August 8, 2023

TLDR

? MARKET RECAP → Stocks dipped Tuesday following Moody’s downgrade of the banking sector. The Dow (DIA) fell by 0.5%, with Goldman Sachs leading the decline. Bitcoin managed to eke out a gain.

? BANKS ON BLAST → Moody’s rattled US banks with major downgrades.

? THE NEXT CHAPTER FOR KKR→ Paramount (PARA) sells Simon & Schuster to KKR for $1.62B, penning a lucrative new chapter in publishing.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

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Source: finviz.com

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Today’s Top News

BANKS ON BLAST

? Moody’s downgraded the credit ratings of 10 smaller US banks, including MT Bank, Pinnacle Financial, BOK Financial, and Webster Financial.

? Big Wall Street players like Bank of New York Mellon, US Bancorp, and others are now under review for potential downgrades.

?️ Challenges faced by US banks include interest rate risks, asset/liability management risks, and an anticipated mild recession in early 2024.

Source: shutterstock

PARAMOUNT SELLS SIMON & SCHUSTER FOR $1.62B TO KKR!

? In a literary twist, Paramount (PARA) Pictures bids adieu to Simon & Schuster, handing over the iconic publisher’s reins to KKR for a whopping $1.62 billion.

? Private equity giant KKR steps onto the publishing stage, acquiring Simon & Schuster from Paramount. The $1.62 billion deal promises fresh opportunities for the storied publisher to thrive in the digital age.

? Paramount’s decision to part ways with Simon & Schuster proves strategic, unlocking a hefty windfall. Meanwhile, KKR’s acquisition sets the scene for innovative literary ventures, aligning tradition with modernity.