Goldman Sachs advisory wins highlight resilient dealmaking as chip stocks rebound

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Goldman Sachs, chip rebound

Highlights

Goldman Sachs secures exclusive adviser and financing roles on Martin Marietta’s $13.5 billion Lhoist deal and leads multiple recent billion-dollar transactions.
Chip stocks including Arm Holdings, Intel and Broadcom rebound strongly, while Corning and Palo Alto Networks reach new all-time highs during Monday’s session.
Honeywell Aerospace rises more than 3% above $228 after its spin-off, outperforming parent Honeywell Technologies on its separate trading debut.

Dealmaking momentum supports bank outlook

As reported by CNBC Investing, the day’s market recovery is accompanied by another round of merger and acquisition mandates for major Wall Street banks. Goldman Sachs is the exclusive financial adviser on Martin Marietta’s $13.5 billion acquisition of Lhoist North America and is also providing fully committed debt financing for the transaction.

Goldman also served as exclusive financial adviser to Minnesota-based Bio-Techne in its $11.3 billion sale to Germany’s Merck KGaA last week. The bank was additionally co-financial adviser to Arcosa on its $8.5 billion sale to CRH, announced on June 22, adding to its role in some of this year’s biggest transactions, including the lead left position on SpaceX’s IPO.

Wells Fargo also secured an advisory role on Monday and is contributing short-term financing for Rocket Lab’s acquisition of Iridium’s satellite operations. The mandate suggests CEO Charlie Scharf’s effort to expand the bank’s investment banking business is gaining traction, even as Wells Fargo continues to lag peers in share performance.

Tech rebound and earnings focus shape trading week

Chip stocks are trading higher in the afternoon after a volatile session, with Arm Holdings, Intel and Broadcom reversing earlier weakness. Among the so-called Magnificent Seven, Amazon, Alphabet and Meta Platforms are leading the rebound, while Microsoft and Apple remain under pressure.

Corning and Palo Alto Networks are the portfolio’s biggest gainers and both reach new all-time highs during Monday’s session. Eli Lilly, Johnson & Johnson and Cardinal Health also touch new intraday record highs, while several defensive names including TJX Companies, DuPont, Linde, Procter & Gamble and Costco trade lower.

Honeywell Technologies is weaker in its first trading day since spinning off its aviation unit into Honeywell Aerospace. Honeywell Aerospace, by contrast, is making a strong market debut, rising more than 3% to above $228 a share.

Investors are also turning to the next round of catalysts, with AeroVironment due to report earnings after Monday’s closing bell and no major earnings scheduled before Tuesday’s open. On the economic calendar, the Conference Board’s consumer confidence survey and the JOLTS report for May arrive on Tuesday, ahead of Thursday’s U.S. nonfarm payrolls report for June, which is released a day early because markets are closed Friday for Independence Day.

In our earlier analysis of Martin Marietta Materials (MLM), we noted the stock slid 5.5% as sustained selling pressure pushed it below its 20-, 50- and 200-day moving averages. Our experts highlighted mixed momentum signals and outlined key support/resistance levels, suggesting near-term volatility even as parts of the broader structure could remain constructive if buyers regain control.

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