Good morning. Happy Friday.
The Asian/Pacific markets did great. Japan, China, Hong Kong, South Korea, India, Australia, New Zealand, Singapore and the Philippines posted solid gains. Europe, Africa and the Middle East are currently doing well. Denmark, Poland, France, Germany, the UAE, South Africa, Switzerland, Norway, Italy, Spain, Portugal and Israel are all doing well. Futures in the States point towards a positive open for the cash market.
————— Online Course: Jason Leavitt’s Masterclass in Trading —————
The dollar is up slightly. Oil is up; copper is down. Gold and silver are up. Bonds are down.
Stories/News from Seeking Alpha…
Up, up and away
The next leap forward for the space tourism industry has arrived as Virgin Galactic (SPCE) announced the beginning of commercial operations as soon as June 27. The flight, called Galactic 01, will include three crew members from the Italian Air Force and the National Research Council of Italy, who will conduct microgravity research with scientific payloads. It’ll also herald the start of monthly flights of private astronauts that should begin in early August.
Market movement: Numerous delays, technical challenges and market froth have seen Virgin Galactic’s stock dwindle in value since notching an all-time high of nearly $60 in 2021. The latest news saw shares rocket nearly 44% to $5.84 in AH trading on Thursday, erasing a 7% loss during the regular session. Of note, short interest on SPCE stands at 23.94% of the total float, while the 52-week trading range stands between $2.98 and $8.56. Seeking Alpha analyst Ivan Lee recently issued a cautious appraisal of Virgin Galactic after considering revenue projections and technology, adding that “the numbers don’t seem to add up for at least the next 3 to 4 years.”
The developments come nearly two years after Virgin Galactic founder Richard Branson beat fellow billionaire Jeff Bezos in the suborbital space tourism race. Blue Origin’s (BORGN) New Shepard vehicle hasn’t launched since September 2022, when it suffered a booster-related issue during an uncrewed flight. Virgin Galactic is set to launch its flights out of Spaceport America in New Mexico, catering to the super-rich with deep pockets. Tickets are currently priced at $450K for a 90-minute flight that includes several minutes of weightlessness, though an initial batch of 800 tickets went for around $200K each. What is the Karman line and why is it important?
Outlook: Congress has restricted the FAA from regulating the safety of commercial space flights since 2004 to help the sector develop without heavy compliance costs. Crews today fly under a regime known as “informed consent,” meaning potential astronauts take on similar risks to skydivers and bungee jumpers. The policy has been extended several times over the years and the latest moratorium lasts until October 1. Is point-to-point space travel a reality in the near future? (4 comments)
Hungry for harissa
Cava (CAVA) traded at more than double its IPO pricing level yesterday as investors gobbled up the first restaurant IPO since Sweetgreen (SG) in November 2021. The Mediterranean fast-casual restaurant currently has a market capitalization of $4.88B, giving it a higher valuation than big industry names including Wendy’s (WEN) and Shake Shack (SHAK), among others. SA analyst Kingdom Capital said the IPO is expensive, but called Cava’s restaurant-level metrics “intriguing”. (22 comments)
Marking the spot
BlackRock (BLK) has filed paperwork with the SEC to establish a spot bitcoin ETF to be known as the iShares Bitcoin Trust. Coinbase (COIN) has been named custodian for the fund’s bitcoin (BTC-USD) holdings. If approved, the ETF would be the first on the market dedicated to bitcoin, though many others have tried over the years, including Grayscale and ARK Invest. The news comes after the top cryptocurrency slid below $25,000 for the second time in three months amid an uncertain regulatory environment. (79 comments)
ChatGPT auto
In the first implementation of ChatGPT in vehicles, Microsoft (MSFT) is partnering with German automaker Mercedes-Benz (OTCPK:MBGAF) to test the AI software in its cars. The optional beta program for U.S. customers will start today for over 900K vehicles. Microsoft has been upgrading its products with AI, which has helped push its stock higher. Shares rose 3.2% to a record close on Thursday, in step with other tech stocks that have capitalized on the AI wave. (7 comments)
Today’s Economic Calendar
10:00 Consumer Sentiment
1:00 PM Baker Hughes Rig Count
What else is happening…
Fed, SEC probe Goldman’s (GS) role in SVB’s (OTCPK:SIVBQ) last days.
ECB hikes key rate by another quarter point as inflation remains too high.
Atlanta Fed’s Bostic discloses trading violations during blackout period.
GameStop’s (GME) Ryan Cohen blasts execs that only ‘rest and vest’.
Intel (INTC) nears deal for $10.8B in subsidies for German chip plant.
Adobe (ADBE) rises as it boosts full-year outlook after strong Q2 results.
Micron (MU) plans $604M investment in China facility despite crackdown.
DOJ probing PGA Tour’s merger with LIV Golf over antitrust concerns.
Manchester United (MANU) gains as Qatari bidder negotiates exclusivity.
U.S. crop futures surge across the board as drought conditions spread.
Putting a number to Tesla’s (TSLA) new Supercharger-for-all business.
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Good morning. Happy Thursday.
The Asian/Pacific markets leaned to the upside. China, Hong Kong and Singapore led; there were no big losers. Europe, Africa and the Middle East are currently mostly down. Turkey and Russia are up, but France, Germany, Finland, Hungary, the Netherlands, Italy, Austria and Sweden are down. Futures in the States point towards a moderate down open for the cash market.
————— BLOG: A Sampling of Our Recent Trades —————
The dollar is down. Oil is up; copper is down. Gold and silver are down. Bonds are down slightly.
Stories/News from Seeking Alpha…
Appetite for IPOs
The IPO market is showing some signs of life after waves of economic uncertainty and a monetary policy tightening cycle that put the brakes on going public. There have been 44 IPOs in the U.S. this year that have raised $7.3B, which are soon set to overtake last year’s 71 IPOs that raised $7.7B, according to Renaissance Capital. It still pales in comparison to the bumper listings of 2021, whose 397 IPOs raised $142.4B, highlighting that the market is still a ways away from a full comeback.
Add some harissa: Fast-casual Mediterranean restaurant chain Cava will become the latest company to test the waters today as some bullish sentiment returns to Wall Street. Shares have been priced above range at $22, raising almost $318M and valuing the company at about $2.45B. The company is set to list on the New York Stock Exchange this morning under ticker symbol “CAVA,” using proceeds from the offering to fund future new restaurant openings and general corporate purposes, such as loan repayments, construction and capital expenditures.
“The concept is not yet GAAP profitable but has very intriguing restaurant-level metrics that suggest significant potential as they scale,” writes SA analyst Kingdom Capital. One of the key figures to analyze is whether Cava can emulate Chipotle’s (CMG) growth and margins and avoid the cash burn and price decline of Sweetgreen (SG), which was the last restaurant to go public in late 2021. Citing some red flags, David Trainer takes a more skeptical stance on the company, reiterating a warning based on a reverse discounted cash flow model and bloated valuation.
Outlook: Many of the IPOs coming to market have different fundamentals, with Cava’s set to size up investors’ feelings about growth-oriented companies that are still not turning a profit. It logged a net loss of $59M in fiscal 2022, widening from the $37.4M loss in the prior year, though its revenue growth rates and new location expansions have been noted in the filing. For those looking for exposure to the broader IPO industry, the Renaissance IPO ETF (NYSEARCA:IPO) has returned 32% this year, compared to the 14% gain of the S&P 500.
Taking a timeout?
Breaking a streak of 10 straight hikes over 14 months, the Federal Reserve on Wednesday kept its policy rate unchanged at 5.0%-5.25%. “Nearly all policymakers” still feel further hikes will be appropriate this year, according to Fed Chair Jerome Powell, who added that none of them projected a rate cut for 2023. Markets were initially rattled by the Fed’s year-end peak rate projection, but ended mixed as traders sized up the dot plot. In WSB’s podcast special, Investing Group Leader Chaim Siegel said the Fed needs to be more aggressive to rein in inflation and the fact that an overbought market didn’t tumble on “bad news” is bullish for stocks. On the crypto front, SA’s Crypto Roundtable also reviews analyst predictions post-Fed, including inflation hedges and the SEC’s crackdown. (122 comments)
Break ’em up
The European Commission is threatening the breakup of Google’s (GOOG, GOOGL) advertising technology business amid antitrust concerns. The regulator takes issue with Google favoring its own online display ad tech services over competitors, but a Google executive counters that the claims are not new and relate to a narrow part of the advertising business. The search giant could be hit with about €8 billion in penalties due to the alleged anti-competitive practices. (14 comments)
More support
As anticipated, the People’s Bank of China slashed its one-year medium-term lending facility rate by 10 basis points to 2.65%, two days after cutting the seven-day reverse repo rate to ensure sufficient liquidity in the banking system. The moves come at a time when Beijing is weighing stimulus measures to boost faltering economic growth. The latest figures showed that China’s industrial production growth and retail sales missed expectations, signaling continued economic weakness. Weighing in on the matter, SA Investing Group Leader Daniel Jones believes China’s monetary easing bodes well for industrial stocks. (1 comment)
Today’s Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
8:30 Retail Sales
8:30 Empire State Mfg Survey
8:30 Import/Export Prices
9:15 Industrial Production
10:00 Business Inventories
10:30 EIA Natural Gas Inventory
4:00 PM Treasury International Capital
4:30 PM Fed Balance Sheet
What else is happening…
Citigroup (C) finance chief says markets revenue off 20% so far in Q2.
Jury: Berkshire (BRK.B, BRK.A) utility must pay damages for 2020 fires.
Crude oil ends lower on U.S. supply build; JPM dims price outlook.
Patterson-UTI (PTEN), NexTier (NEX) to merge in all-stock deal.
Shell (SHEL) to boost gas production, raise dividend by 15%.
XPeng (XPEV) rolls out assisted driving software system in Beijing.
Why did CVS (CVS) drop yesterday? Managed care cost concerns.
Target (TGT) gains on speculation it could attract an activist investor.
Shares of Nike (NKE) sprint higher in strong day for footwear stocks.
Microsoft (MSFT), Activision (ATVI) request 5-day hearing in FTC suit.
Estee Lauder (EL) rises as cosmetics maker teases anti-aging research.
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Good morning. Happy Wednesday. Happy Fed Day.
The Asian/Pacific markets were split. Japan and Singapore posted gains; Hong Kong, South Korea and the Philippines were weak. Europe, Africa and the Middle East are currently mostly up. The UK, Poland, France, Germany, Greece, Hungary, Spain, the Netherlands, Italy, Portugal, Austria and Saudi Arabia are leading. Futures in the States point towards a positive open for the cash market.
————— BLOG: A Sampling of Our Recent Trades —————
The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Hop, skip, and a jump
With the Federal Reserve widely expected to keep its key rate unchanged today – which stands at 5.0%-5.25% following 10 consecutive hikes – investors will focus on the central bankers’ statement for any inkling of guidance about its intentions at the July meeting. At the last gathering, the FOMC kept the door open for a rate increase at future meetings when it said “additional policy firming may be appropriate to return inflation to 2% over time.” Any changes to that wording will let markets know which way the Fed may be leaning – toward another “skip” to assess data or toward resuming a path of tightening.
Snapshot: If the FOMC keeps rates unchanged at 2 PM ET, look to see if any members voted to raise rates this month, which can give insight into the debate that occurred at the meeting. Fed policymakers will also provide their expectations for inflation, growth, unemployment and where they see rates going over the next couple of years in the Summary of Economic Projections. In March, the central bankers’ median projection was 5.1% at the end of 2023, unchanged from the December 2022 meeting, while the median projection for 2024 year-end was 4.3%, up from 4.1% in the prior dot plot.
“Mixed economic signals have made the Federal Reserve’s job much more difficult,” writes SA analyst Victor Li, especially after headline CPI data for May came in softer than expected. “The labor market continues to show resilience, with an unemployment rate of 3.7% hovering near 50-year lows and 339,000 net jobs created in April. Additionally, job vacancy rates have increased, with more than 1.5 jobs available for every unemployed person, and the consumer confidence numbers have increased in 8 of the last 10 months. Unfortunately, overall GDP growth has slowed from the previous two quarters; however, the annualized growth rate of 1.6% is still higher than what was seen in the last quarter of 2022.”
Market angle: “Investors have been waiting most of this year for the Federal Reserve to ‘pivot’ from its tight monetary stance,” adds SA analyst John Mason. “Now, investors in the stock market seem to be waiting for the Federal Reserve to ‘pause’ in its efforts to increase its policy rate of interest.” Mason also discusses the recent S&P 500 bull market rally in Federal Reserve Watch: Question Marks, citing an indication of how “mixed up” the U.S. economy is given that only a “handful of companies have been posting outsized gains over the past few months.” (46 comments)
Peak in sight?
Global oil demand is expected to slow “almost to a halt” within five years, according to the International Energy Agency, as higher prices and supply concerns will likely speed up the shift to clean energy sources and electric vehicles. The use of gasoline for vehicles is set to decline after 2026, pushing EV stocks higher in premarket trading, including Tesla (TSLA), Nikola (NKLA) and Chinese EV makers. As for crude prices, Investing Group Leader HFIR believes the oil market is at an important inflection point. (34 comments)
Trouble brewing
Anheuser-Busch InBev’s (BUD) Bud Light has lost its crown as the top selling beer in the U.S. to Constellation Brands’ (STZ) Modelo Especial. This follows a boycott of the Bud Light brand over a controversial ad campaign featuring transgender influencer Dylan Mulvaney. Sales of other AB InBev brands have also been hit, including Budweiser and Michelob Ultra. Investing Group Leader Quad 7 Capital believes AB InBev is a risky investment, even if Bud Light accounts for only a fraction of sales. (29 comments)
AI regulation
Google (GOOG, GOOGL) has called on the U.S. government to delegate oversight of AI implementation across sectors, rather than setting up a new regulatory body. “At the national level, we support a hub-and-spoke approach – with a central agency like the National Institute of Standards and Technology informing sectoral regulators overseeing AI implementation – rather than a ‘Department of AI’,” the tech giant declared. This contrasts with OpenAI CEO Sam Altman’s proposal of establishing a separate AI regulator. OpenAI is backed by Microsoft (MSFT), which poured billions of dollars into the ChatGPT maker earlier this year. (1 comment)
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 Producer Price Index
10:00 Atlanta Fed’s Business Inflation Expectations
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference
What else is happening…
Nvidia (NVDA) crosses $1T, while AMD (AMD) unveils AI superchip.
Microsoft (MSFT)-Activision (ATVI) deal temporarily blocked.
Bunge (BG) to buy Viterra in $18B cash-and-stock deal.
3M (MMM) earplug unit appeals dismissal of bankruptcy case.
Overstock (OSTK) bids $21.5M for Bed Bath (OTCPK:BBBYQ) assets.
Toyota (TM) to make commercial solid-state batteries for its EVs.
U.S. judge urges Binance, SEC to reach deal over asset freeze.
Netflix (NFLX) plans debut of first pop-up restaurant in Los Angeles.
Disney (DIS) delays release of ‘Avatar’, ‘Star Wars’, Marvel movies.
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Good morning. Happy Tuesday.
The Asian/Pacific markets did well. Japan, China, South Korea, India, Taiwan and Thailand posted the biggest gains. Europe, Africa and the Middle East currently lean to the upside. Denmark, Russia, South Africa, Finland, Norway, the Netherlands and Sweden are up; Poland, Turkey, Hungary and Spain are down. Futures in the States point towards a positive open for the cash market.
————— BLOG: A Sampling of Our Recent Trades —————
The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Trending downward
With the Federal Reserve determined to bring inflation down, May’s Consumer Price Index, to be released at 8:30 AM, will give central bankers fresh data on how much progress they’ve made in their mission to combat price pressures. Year-over-year rates have pointed in that direction, with CPI numbers coming in smaller each month since the figure peaked at 9.1% in June 2022. The report will come out just as the FOMC begins its two-day monetary policy meeting, with a rate decision and dot plot announcement coming later on Wednesday.
By the numbers: The headline CPI is expected to slow to a 0.2% M/M increase in May from its 0.4% advance the previous month. The progress looks even better on a Y/Y basis, with CPI growth expected to moderate to 4.1% from 4.9% growth in April, marking the lowest level in more than two years. Excluding food and energy, the core CPI is expected to rise by 0.4% M/M, unchanged from April’s rate, showing just how sticky inflation can be. On a Y/Y basis, core CPI is anticipated to rise 5.3%, down from 5.5% in April.
To note, Fed officials prefer to look at personal consumption expenditures because that takes into effect the changes consumers make in response to higher prices. For example, people may trade down to store-brand products rather than remain with higher price name brands. While the CPI measures the prices of a set basket of goods, and is a solid metric in terms of categories, the PCE measures what consumers are actually spending. However, the PCE report for May won’t come out until June 30, meaning the Fed won’t have that data this week to incorporate into its view of the U.S. economy.
SA commentary: There are other pieces of information the central bank calls “data,” adds SA analyst Mark Grant, so be on the lookout for the Producer Price Index tomorrow. “Whatever the number, it could have a significant impact on the Fed’s announcement, especially if the Consumer Price Index is problematic.” While the “disinflationary process in services and shelter has started,” SA analyst Damir Tokic also cautions that there is likely a long and bumpy road ahead toward the Fed’s 2% inflation goal. (43 comments)
All-time high
As bulls continued to cheer on Big Tech, Apple (AAPL) closed at its highest-ever closing price on Monday, though some of the skeptics are doubling down. Shares settled 1.6% higher at $183.79, before paring some of those gains in premarket trading today as UBS downgraded the stock. It’s still hard to argue with the robust balance sheet, buybacks and solid revenue streams of the company led by CEO Tim Cook, who unveiled the Vision Pro headset last week. SA author Michael McGrath believes Apple’s technological lead will likely keep competition at bay for a long time, but Investing Group leader JR Research raises concerns over Vision Pro’s use cases. (4 comments)
Epstein settlement
JPMorgan Chase (JPM) has agreed to pay $290 million to settle a lawsuit with the sexual abuse victims of Jeffrey Epstein. “Any association with him was a mistake and we regret it,” the bank said in a statement. “We would never have continued to do business with him if we believed he was using our bank in any way to help commit heinous crimes.” JPMorgan still faces an outstanding lawsuit with the U.S. Virgin Islands, where Epstein had a home, and has accused former executive Jes Staley of repeatedly thwarting efforts to cut ties with the disgraced financier. Altisource Asset Management (AAMC) also had some news to share in light of the development. (26 comments)
Oil slick
Oil prices are continuing to fall sharply, with Brent crude (CO1:COM) sinking yesterday to its lowest settlement since late 2021. Worries range from Chinese demand and a potential U.S. recession to strong crude flows from Russia. Even Saudi Arabia’s recent pledge to cut production in July has failed to prop up prices, with Brent crude dropping 5.5% since the announcement eight days ago. The moves have even forced Goldman Sachs to cut its year-end forecasts for oil as the energy sector remains under pressure. (67 comments)
Today’s Economic Calendar
FOMC meeting begins
6:00 NFIB Small Business Optimism Index
8:30 Consumer Price Index
1:00 PM Results of $22B, 30-Year Note Auction
What else is happening…
WSB survey results: A recession in the U.S. is still on the table in 2023.
Microsoft (MSFT)-Activision (ATVI): FTC files for injunction to block deal.
Alphabet (GOOG, GOOGL) to be slapped with ‘massive’ EU antitrust penalty.
Intel (INTC) in talks to be anchor investor in Arm’s (ARMHF) coming IPO.
Oracle (ORCL) rises to all-time high as cloud growth aids earnings beat.
Fox News (FOX, FOXA) sends Tucker Carlson cease and desist letter.
Kroger’s (KR) acquisition of Albertsons (ACI) opposed by Teamsters.
Nasdaq (NDAQ) acquires Adenza: Thoma Bravo is the real winner.
EV stocks are sized up after Tesla’s (TSLA) Supercharger disruption.
Boeing (BA) to debut 737-10, 777-9 commercial jets at Paris Air Show.
Trump heads to court as first ex-president facing criminal charges.
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Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets were mixed. Japan, Taiwan and Malaysia did well; South Korea and New Zealand were weak. Europe, Africa and the Middle East are currently doing well. Norway is weak, but Denmark, Turkey, France, Germany, Switzerland, Hungary, Portugal and Israel are up. Futures in the States point towards a positive open for the cash market.
————— VIDEO: Weekly Charts Continue to Suggest the Market has Changed —————
The dollar is down. Oil and copper are down. Gold is flat; silver is down. Bonds are up.
Stories/News from Seeking Alpha…
Put it on plastic
A mountain of credit card debt is piling up as Americans turn to plastic to counter their dwindling purchasing power. According to the Federal Reserve Bank of New York, consumers now owe a record $988B on their cards, up 17% from a year earlier, or about $5,700 per person. While the steadily rising figure took a break during the pandemic years, the number is causing renewed nervousness as it flirts with the fast-approaching $1T milestone.
Driving the spike: High inflation is pushing more consumers to put non-discretionary spending on cards, while others may be having a harder time paring back their lifestyles despite the price pressures. Interest rates are compounding the issue, with the average annual percentage rate now over 20%, making it a really costly debt for consumers. It’s also higher than at any point since the Fed started tracking card APRs in 1994, contributing to the overall U.S. household debt that topped $17T in Q1.
“The first few years of the 2020s have seen a number of acute economic, financial, and geopolitical disruptions on a worldwide scale, and it will take time for the ultimate consequences of these shocks to be fully felt,” PIMCO writes in a new article called The Aftershock Economy. SA analyst Wolf Richter also discusses the current landscape, but says that “despite Fed tightening and bank collapses, it’s still an astoundingly loose financial situation.” Looking at individual stocks, investors can discover the latest SA analysis on credit card giants such as Visa (NYSE:V), Mastercard (NYSE:MA), American Express (NYSE:AXP) and Discover (NYSE:DFS).
What’s next? While economists have been predicting a recession for over a year, it has not yet appeared, in part due to consumer spending. Some are more concerned about squeezed budgets as the Fed has not yet abandoned its hiking cycle – but is set to take more of a “skip” this week – and are closely watching carrying balances, delinquency rates and wage comparisons to determine the direction of the economy. Others see things settling down, with companies foregoing further price increases (or even cutting prices) as consumer sales cool off. That would help tame inflation and rising bills, as well as the support seen from continued resilience in the labor market. (24 comments)
Right on schedule
UBS (UBS) has completed its $3.25B deal to buy troubled rival Credit Suisse (CS), about two months after the deal was brokered by the Swiss government to avoid the smaller bank’s bankruptcy. UBS is also reportedly imposing strict curbs on Credit Suisse bankers to address risks, including banning new clients from high-risk countries and the launch of new products without UBS’ approval. SA analyst Anna Sokolidou believes UBS will face more challenges ahead, even though the deal looks like a bargain. “UBS still can’t fully estimate the cost of impaired assets, capital outflows, and other resulting losses. Retaining staff will be an issue, whilst more legal proceedings are likely ahead.”
Side effects?
BioNTech (BNTX) is said to be facing hundreds of lawsuits seeking compensation over the alleged long-term side effects of its COVID-19 vaccine, which was developed in conjunction with Pfizer (PFE). The first hearing scheduled today involves a German medical worker who is seeking damages for symptoms including heart arrhythmia and brain fog that she claims were caused by getting vaccinated. “The positive benefit-risk profile of Comirnaty remains positive and the safety profile has been well characterized,” BioNTech responded in a statement, noting that 1.5B people had received the shot across the globe. Bulk orders for COVID vaccines in the EU also contain certain legal liability waivers, which could put EU governments on the hook for some of the costs. (1 comment)
Generative AI
As generative AI continues to grab headlines, Needham highlights some underappreciated stock plays aside from bellwether names such as Nvidia (NVDA) and Microsoft (MSFT). The firm sees generative AI upside for consumer tech players through new revenue streams and pricing power, as well as market share gains for early adopters. Cost savings from automation efficiencies through AI are expected to take off in the next few years for the companies that get it right. Sleeper stock picks include Compass (COMP), Redfin (RDFN), Shutterstock (SSTK) and nearly a dozen others. (40 comments)
Today’s Economic Calendar
11:30 Results of $40B, 3-Year Note Auction
1:00 PM Results of $32B, 10-Year Note Auction
2:00 PM Treasury Statement
What else is happening…
Air taxi interest heats up as FAA shines light on milestones.
Nasdaq (NDAQ) to buy Adenza in $10.5B cash-and-stock deal.
Federal judge tosses 3M (MMM) earplug unit’s bankruptcy filing.
Netflix (NFLX) sees spike in subscribers after password crackdown.
Jefferies weighs in on Microsoft (MSFT)-Activision (ATVI) deal closing.
JetBlue (JBLU), American Airlines (AAL) try to rework Northeast Alliance.
Glencore (OTCPK:GLCNF) eyes buying Teck’s (TECK) coal business.
U.S. solar tallied best-ever Q1, with usage seen doubling in five years.
Alzheimer’s disease market expected to reach $14B globally in 2030.
Illumina (ILMN) CEO Francis deSouza quits in win for Carl Icahn.
Lobby group sues U.S. government over drug pricing program.
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