Key PointsThe pharmaceutical giant is finding ways to navigate despite headwinds.

mbbirdy/E+ via Getty Images Macro markets are compressing into tight trading ranges, setting the stage for potential breakouts, according to Paul Ciana, technical strategist at Bank of America Securities. “Macro markets are mostly defined by narrowing trading ranges and volatility compression,” Ciana wrote in a Feb. 20 report, highlighting that the S&P 500 ( SP500 ) and U.S. Treasury yields remain rangebound while the U.S. dollar is rebounding from recent cycle lows. Oil, he noted, is the exception: “Brent is up +/-20% from its late-December low.” Equities: Uptrend intact - for now Ciana describes the S&P 500 as undergoing a “correction through time,” with trendline support near 6,750 holding. Market breadth remains supportive, with roughly 68% of stocks above their 200-day moving averages. “Market breadth remains constructive and favors rotation, keeping the door open to a resumption of the uptrend toward 7,168 / 7,206,” he said. However, a decisive break below 6,720 could expose downside risk toward the rising 200-day average near 6,525. For investors, the takeaway is tactical patience: equity leadership rotation continues, but conviction remains capped by range-bound price action. Rates: Breakout risk ahead In fixed income, Ciana sees Treasury yields tightening into “exothermic triangles,” warning that compressed ranges often precede sharp moves. “We expect spring-loaded, impulsive and chasable breakouts within 1-2 months,” he wrote, adding: “We’re secular bears, cyclical bulls, tactical bears.” He flagged 3.93% on the 10-year yield as a key threshold. A move above that level would challenge the cyclical bull case for bonds. In positioning terms, Ciana said the team is “sympathetic to owning TY puts,” a hedge against rising yields. Dollar: Five signals point to rebound After reaching new cycle lows, the Bloomberg Dollar Spot Index is showing signs of stabilization. Ciana outlined five technical indicators suggesting the dollar could stage another rebound. “Five t...

The US dollar traded in a tight range early Monday as uncertainty lingered after President Donald Trump lashed out at the US Supreme Court for striking down his use of emergency powers to impose so-called reciprocal tariffs. Risk currencies such as the Mexican peso edged lower while the euro and Japanese yen inched higher. The Thai baht, which is influenced by movements in gold, fluctuated. Bitcoin fell 1.4%. Trump said Saturday he would raise a 10% global tariff to 15% to preserve protective trade measures, stoking fresh economic turbulence after the Supreme Court ruling. The friction spilled out Sunday as Europe’s trade chief said he’ll propose halting ratification of a deal struck with the US, while India postponed talks to finalize an interim trade deal. “We’ve got so much experience of Trump now that we don’t think he’ll take this lying down,” said Nick Twidale , chief market analyst at AT Global Markets. “The increased uncertainty and question marks around what Trump will do next outweigh any potential positives from lower tariffs and potential paybacks.” Senior US officials said Trump’s tariff defeat at the Supreme Court won’t unravel deals negotiated with US partners. Those deals — which the administration made with partners including China, the European Union, Japan and South Korea — remain in place, US Trade Representative Jamieson Greer said Sunday on CBS’s Face the Nation . Trump Charts New Path After Top Court Blocks Tariff Hammer US Tells Partners to Honor Tariff Deals as Trump Recalibrates Xi Gains Leverage Before Trump Summit After Tariff Reversal The S&P 500 added 0.7% Friday, notching its best week since Jan. 9, with optimism over the Supreme Court’s tariff ruling offsetting worries over heightened tensions between the US and Iran. An ETF tracking emerging markets hit all-time highs. The dollar slipped 0.2%, trimming its weekly advance to 0.6%. The yield on 10-year Treasuries rose two basis points to 4.08% in a volatile session Friday following mix...

Brit Aramayo beat US stars such Leonardo DiCaprio and Timothée Chalamet, while One Battle After Another picked up six awards.

Key PointsCo-President Margaret Hayne sold 18,666 shares indirectly for a total transaction value of approximately $1.3 million, with a weighted-average price of approximately $71.87 per share on Feb. 2 and Feb. 3, 2026.

Source: Bloomberg, 5:01

Arsenal passed the north London derby test with flying colours as Premier League title race looks likely to go to the wire, says chief football writer Phil McNulty

One police officer was killed and 24 people were wounded after several explosive devices detonated at midnight in Lviv in western ‌Ukraine, the National Police said on Sunday, in an attack President Volodymyr Zelensky blamed on Russia. “It has been preliminarily established that home-made explosive devices detonated,” the police said on the Telegram messaging service. Lviv’s mayor, writing on Telegram, described the incident as a terrorist ‌act and said a 23-year-old policewoman had died. Twelve...

Welcome to CFO Briefing, a newsletter dedicated to corporate finance and what leaders need to know. This week, we get a read on the consumer with the CFO of furniture retailer Wayfair Inc. But first... Turn, turn, turn The chief financial officer seat, though still at the fulcrum of board confidence, has become one of the most volatile roles in the executive suite. According to new data from leadership advisory firm Russell Reynolds Associates, CFO appointments last year increased 10% to 316 globally, a seven-year high across 13 major stock indexes. While retirements accounted for 60% of the CFO departures, role fatigue and burnout were growing factors contributing to the turnover. Jenna Fisher, co-head of Russell Reynolds’ CFO practice, said grueling schedules and mounting responsibilities tied to the role have led many veterans to rethink their priorities “There is a post-COVID notion of ‘we’re going to enjoy life, and we’re not just going to eke out every penny possible’,” she said in an interview. A catalyst for this move is the widening range of flexible positions that are available such as board work, advisory roles and broader enterprise leadership roles – especially in private equity – to which CFOs are in hot demand. Changes in the chief executive officer position also lead to other changes in the C-suite, with the record levels of CEO turnover in 2025 subsequently triggering CFO turnover as well. According to Fisher, more than 50% of companies that appoint a new CEO will see a CFO change within 18 months. In some cases, these outcomes are more relationship-driven than performance-based. “It doesn’t mean that the prior CFO wasn’t performing, but sometimes the new CEO may just want his or her own person,” said Fisher. And then other times, CFOs themselves will opt to leave when leadership shifts occur. Boards are becoming increasingly selective, with experienced CFOs representing 43% of global appointments in 2025, up from 40% in 2024. Today’s CFO role encom...

asbe/iStock via Getty Images The S&P 500 ( SPY ) broke below the range lows at the start of the week but soon recovered and closed around 1% higher to end the week. It was another failed breakdown - the third of 2026 - and February has so far made a net movement of just 7 points. Technical analysis has its limitations in this environment. The best edge lately has been to fade extremes and apparent breakdowns or breakouts, but when that is happening for the third or fourth time, it is hard to have confidence it will happen again. Mid-range trades are even worse - the 20-day moving average has been cut through or tested 21 times since mid-December, but it somehow held as resistance at last week's highs. It's a challenging backdrop, and my article last weekend may have been too hasty to report a bearish shift without an actual breakdown. In my defence, I was merely reporting what I saw, but the mistake was to believe it had any relevance in this choppy environment. This week's article takes a slightly different approach and weighs up the technical evidence on both sides. The conclusion is not that different from previous weeks - the S&P 500 seems to be in the process of rolling over, and while there are mixed signals, the main takeaway is that risks outweigh the rewards. S&P 500 Monthly The February bar is now back where it opened, providing more evidence of the lack of sustained movement. On the bullish side, there is obviously a strong uptrend in place and no solid reversal lower yet. Until that reversal develops, you could say there is an upside bias. On the bearish side, momentum is waning, and the pause is happening at major resistance at the channel highs and just above the major target of 6958, which is the 161% Fibonacci extension of the H1 drop . Furthermore, a DeMARK exhaustion count is on bar 9 (of 9) in February. This signal has led to a drop of at least 10% on the last 3 occasions. Lastly, the rally made higher highs in December and January - this suggests...

Here's All The Key Figures Who Have Resigned Over The Epstein Files...So Far We are starting to finally see the beginning of a series of high-profile resignations following the Justice Department’s latest release of millions of pages tied to convicted sex offender Jeffrey Epstein. The documents—emails, financial records, and photographs—name figures from politics, finance, diplomacy, academia, and the arts. Although inclusion in the files is not evidence of wrongdoing, the renewed scrutiny has prompted several prominent leaders to step down, as was documented by Time yesterday . As we've covered individually, those who have resigned include Thomas Pritzker, Kathy Ruemmler, Sultan Ahmed bin Sulayem, Brad Karp, Mona Juul, Peter Mandelson, Miroslav Lajcak, Jack Lang, and David A. Ross. In many instances, the records describe years of contact with Epstein, sometimes extending beyond his 2008 guilty plea for soliciting prostitution from a minor, intensifying public and political pressure. Thomas Pritzker resigned as executive chairman of Hyatt Hotels after emails showed he remained in contact with Epstein and Ghislaine Maxwell beyond Epstein’s conviction. Some messages referenced plans to meet, including for dinners. Pritzker said he exercised “terrible judgment” in maintaining the relationships and expressed deep regret, while authorities have not accused him of misconduct. Kathy Ruemmler stepped down as chief legal officer of Goldman Sachs after emails suggested a friendly relationship with Epstein years after his plea deal, including correspondence referencing gifts. Ruemmler, who previously served as White House counsel under President Barack Obama, has said she never represented Epstein and was unaware of his crimes. She later described him as a “monster” and said she regretted ever knowing him. Sultan Ahmed bin Sulayem resigned as chairman and CEO of DP World after correspondence indicated a lengthy friendship with Epstein that continued for years. Some emails rele...

Blocking the feeds Thai Police and Meta take on gambling and scam networks Pattaya Mail

On February 17, 2026, Newtyn Management disclosed a buy of 350,000 shares of Array Digital Infrastructure (NYSE:AD) , an estimated $17.3 million trade based on quarterly average pricing. According to an SEC filing dated February 17, 2026, Newtyn Management increased its position in Array Digital Infrastructure (NYSE:AD) by 350,000 shares. The estimated transaction value was $17.3 million, calculated using the average closing price during the quarter. The fund’s quarter-end stake stood at 1,700,000 shares, with the value rising $23.6 million from the previous period, which includes both trading activity and stock price fluctuations. Array Digital Infrastructure is a leading wireless telecommunications provider with significant scale, serving diverse customer segments through multiple distribution channels. The company leverages its extensive network infrastructure and product portfolio to drive recurring service revenues and capitalize on device sales. Strategic focus on both direct and partner-driven sales channels supports broad market reach and competitive positioning in the U.S. telecommunications sector. Continue reading

Key PointsNewtyn Management acquired 550,000 shares of Integer Holdings in the fourth quarter.

上月初掛牌的智譜，就旗下人工智能大模型發布致歉信。 公司旗下AI程式訂閱套餐GLM Coding Plan主要犯了3個錯誤，包括規則透明度不足、GLM-5灰度節奏太慢，以及老用戶升級機制設計粗糙。 針對受影響用戶，公司支持自主申請退款，承諾及時修正錯誤，全力補償客戶損失。

webking/iStock via Getty Images Market review and outlook The Bloomberg US Intermediate Aggregate Bond Index returned 1.35% during Q4, bringing year-to-date performance for the index to 7.45%, the best annual performance since 2002. After lowering the Fed funds rate by 100 basis points (BPs) in 2024 and an additional 75 bps in 2025, market expectations are for the Federal Reserve to remain on hold for the foreseeable future. The one caveat to this outlook: changes at the Federal Reserve, including the unresolved court case for Lisa Cook, the pending departure of Jerome Powell, and potential dovish appointments from the current administration. While the labor market has shown signs of weakness — the unemployment rate averaged 4.2% in 2025 and rates for recent months have been trending higher — the current rate is significantly lower than the 40-year average of 5.7%. From an inflation standpoint, the recent lowering trend bodes well for the consumer, as Core CPI dipped to 2.6% in the most recent data, following a period of holding at or slightly above 3% in prior months. Updates by sector Treasury The yield curve extended its year-long steepening trend into Q4. The 30-year Treasury yield rose 11.3 bps in Q4 on uncertainty around the future path of inflation, ending the year at 4.84%, while the two-year Treasury yield fell 13.5 bps to 3.47%. The market moved ahead of the Fed early in the year, pushing the two-year yield lower before the Federal Reserve followed. By year end, however, expectations and policy had converged: the Fed cut the federal funds rate by 75 bps over the final four months of the year and the two-year Treasury yield declined nearly 77 bps in 2025. Within the intermediate segment of the Treasury curve, the 5-year Treasury yield decreased by 1.6 bps in Q4 and 65.7 bps in 2025. Corporate The investment-grade corporate market, as measured by the Bloomberg US Intermediate Corporate Bond Index, struggled in Q4, posting the lowest quarterly return of 2025 ...

On Sunday, Michael Burry used an X post to lay out what he described as 26 years of major market calls. That self-audit arrives as Bitcoin lacks utility remains central to his current framework, with Burry arguing the token has not proven durable as a hedge against currency debasement. In the post, Burry shared about his missed opportunity with crypto, writing that he considered buying Bitcoin (CRYPTO: BTC) in 2013 after meeting a friend at Lightspeed but did not follow through. Burry also share

Investors don't have to look any further than these two dominant internet firms.

Key PointsBoth of these powerful tech giants have user bases that are measured in the billions, which support their network effects.

格隆汇2月23日｜伊朗外交部表示，伊朗外长阿拉格奇周日与阿曼外交部长通电话，讨论并交换了关于伊朗与美国之间间接谈判最新进展的意见。在这次通话中，双方就举行下一轮核谈判的安排进行了磋商。

Newtyn Management reported a buy of 2,906,420 shares of Enviri Corporation (NYSE:NVRI) in its February 17, 2026, SEC filing, an estimated $43.31 million transaction based on average quarterly pricing. According to a SEC filing dated February 17, 2026, Newtyn Management increased its holding in Enviri Corporation by 2,906,420 shares during the fourth quarter. The estimated transaction value is $43.31 million based on the quarter’s average share price. The fund’s quarter-end position rose in value by $60.94 million, a figure that includes both the share purchase and changes in market price. Enviri Corporation is a leading provider of environmental and waste management solutions for industrial clients, operating through its Harsco Environmental and Harsco Clean Earth segments. The company leverages its expertise in resource recovery and specialty waste processing to serve a broad range of industries under long-term contracts. Continue reading

格隆汇2月23日｜据AXIOS网站报道，美国和伊朗谈判代表预计将于周四在日内瓦会晤，讨论伊朗提出的一项详细的核协议提案。一名美国高级官员周日表示，特朗普政府预计最迟于周二收到该提案。美国官员表示，当前的外交努力很可能是特朗普总统在发动大规模美以军事行动前给伊朗的最后机会。伊朗外长此前称预计将于周四在日内瓦会见特朗普特使。一名美国高级官员确认了会晤计划，但补充说特朗普政府仍在等待伊朗的提案。官员证实，特朗普政府和伊朗也可能在达成全面核协议前，讨论达成临时协议的可能性。

馬年首個周末，多個新盤貨尾都錄得成交。二手交投亦逐漸復常。 由盈科大衍地產及資本策略地產合作發展的中環單幢新盤，周六以招標形式售出5伙，單日套現近1億元。項目至今共售出39伙，累積銷售金額超過13億元。 太古地產旗下的柴灣新盤過去兩日有2宗成交，項目推售至今，累計成交達130宗，套現超過11億元。 至於由中國海外發展的啟德新盤周日賣出3個500多平方呎單位，套現近5,000萬元。有地產代理認為，新盤需求持續強勁，多個項目已部署農曆年後推出，整體樓市氣氛向好。 二手方面，港島區太古城富山閣中層E室，實用面積593平方呎、兩房間隔。原業主早於2024年已以850萬元放售，至近日反價至880萬元成交，呎價14,840元。據了解，原業主於2021年以1,033萬元買入單位，持貨5年，帳面蝕153萬元，單位期間貶值近一成半。 九龍區，美孚新邨3期百老匯街58號，高層A室，實用面積779平方呎、三房間隔，原以910萬元放售，最終以900萬元獲承接，呎價11,553元。原業主於2018年以1,106萬元買入單位，持貨8年，帳面蝕206萬元離場，單位貶值超過一成八。 新界區，沙田第一城19座中層C室，實用面積327平方呎、兩房間隔，獲買家以455萬元承接，呎價13,914元。原業主於2020年以555萬元買入單位，如今蝕讓100萬元離場，單位6年間貶值一成八。

馬年首個周末，多個新盤貨尾都錄得成交。二手交投亦逐漸復常。 由盈科大衍地產及資本策略地產合作發展的中環單幢新盤，周六以招標形式售出5伙，單日套現近1億元。項目至今共售出39伙，累積銷售金額超過13億元。 太古地產旗下的柴灣新盤過去兩日有2宗成交，項目推售至今，累計成交達130宗，套現超過11億元。 至於由中國海外發展的啟德新盤周日賣出3個500多平方呎單位，套現近5,000萬元。有地產代理認為，新盤需求持續強勁，多個項目已部署農曆年後推出，整體樓市氣氛向好。 二手方面，港島區太古城富山閣中層E室，實用面積593平方呎、兩房間隔。原業主早於2024年已以850萬元放售，至近日反價至880萬元成交，呎價14,840元。據了解，原業主於2021年以1,033萬元買入單位，持貨5年，帳面蝕153萬元，單位期間貶值近一成半。 九龍區，美孚新邨3期百老匯街58號，高層A室，實用面積779平方呎、三房間隔，原以910萬元放售，最終以900萬元獲承接，呎價11,553元。原業主於2018年以1,106萬元買入單位，持貨8年，帳面蝕206萬元離場，單位貶值超過一成八。 新界區，沙田第一城19座中層C室，實用面積327平方呎、兩房間隔，獲買家以455萬元承接，呎價13,914元。原業主於2020年以555萬元買入單位，如今蝕讓100萬元離場，單位6年間貶值一成八。

Over the past year, Merck 's (NYSE: MRK) shares have climbed by 46%. That seems a bit surprising. Last year, the company's financial results were relatively weak as it faced declining revenue for one of its growth franchises, HPV vaccines Gardasil and Gardasil 9. The healthcare leader could also face increased competition for its most important product, cancer drug Keytruda. Despite all that, Merck remains a top stock to buy and hold for a while, especially for income seekers. Here's more. Image source: Getty Images. Continue reading

marchmeena29/iStock via Getty Images Commentary as of 12/31/25 The fund posted a return of -1.52% (Class I shares) for the fourth quarter of 2025. The largest contributors to relative performance were investment decisions in the health care, financials, and consumer staples sectors. The largest detractors from relative returns were investment decisions in the communication services, information technology ( IT ), and industrials sectors. The largest exposures were in the IT, communication services, and consumer discretionary sectors. During the quarter, the fund increased its allocations to the IT and health care sectors, and reduced its exposures to the financials and consumer discretionary sectors. Contributors Stock selection in the health care sector, namely in the pharmaceuticals industry, was the largest contributor to relative performance. In the financials sector, security selection in the financial services industry proved beneficial. Allocation decisions in the consumer staples distribution & retail industry, within the consumer staples sector, also boosted relative results. Detractors The largest detractor was security selection in the communication services sector, notably in the interactive media & services industry. In the IT sector, selection decisions in the software industry hindered performance. Another meaningful detractor included stock selection in the industrials sector, namely in the aerospace & defense industry. Further insight U.S. equities enter 2026 with strong momentum after another standout year. Despite questions about enthusiasm driven by artificial intelligence ( AI ) and global performance dispersion, the macroeconomic backdrop remains supportive, with Federal Reserve interest rate cuts, resilient consumers, upgraded growth forecasts, and policy tailwinds boosting competitiveness. Earnings revisions favor U.S. companies, and leadership is broadening beyond the so-called mega-cap stocks, creating opportunities for active investors. St...

Margaret Hayne, Co-President & CCO of Urban Outfitters (NASDAQ:URBN) , disposed of 18,666 shares via indirect open-market sales on Feb. 2 and Feb. 3, 2026, for a transaction value of approximately $1.3 million, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 weighted average purchase price ($71.87); post-transaction value based on Feb. 3, 2026 market close ($71.87). Continue reading

【有線新聞】35+顛覆國家政權案，12名被告的定罪及刑期上訴，以及律政司就劉偉聰無罪的上訴全部被駁回。上訴庭指「35+計劃」旨在顛覆特區憲制秩序，是違反基本法，屬於國安法顛覆罪下的「非法手段」，原審量刑沒有明顯過重。 提出上訴的12名被告由囚車押送到西九龍法院，原審無罪的劉偉聰遭律政司上訴，他由警員包圍護送入法院。梁國雄、黃碧雲、林卓廷等12名被告前年被裁定串謀顛覆國家政權罪成，判監4年5個月至7年9個月，分別就定罪及刑期上訴全部駁回。 上訴庭認同控方立場顛覆罪所指的「非法手段」不限於刑事行為，「35+計劃」無差別否決預算案，原意作為大殺傷力憲制武器，迫使行政長官辭職，目的是顛覆特區憲制秩序，濫用基本法權力，有違議員維護特區憲制秩序的責任，違反國安法的顛覆罪。又指基本法及議員誓言要求擁護基本法及效忠特區，基本法下的議員核心職權是參照財政考慮因素，審視預算案的利弊，考慮與預算利弊無關的事項是偏離議員的核心職能。 對於原審法庭拒絕接納辯方，以「35+計劃」不可能成事作為求情理由，上訴庭認為做法正確，任誰都不能抹煞計劃的可能性，以2019年和2020年的動盪情況，難保立法會內的形勢不會傾向被告及理念相近的人。又認為量刑基準一律定為7年並非明顯過高，被告帶有顛覆目的參選，在選舉工程中發言或行事多少根本沒有分別。 至於劉偉聰，法庭接納他沒有親自簽署《墨落無悔》聲明，亦沒有公開提出五大訴求。至於沒有退出初選，是因為他相信符合國安法，認為控方案情存有合理疑點，即劉偉聰是否故意賺取政治本錢，實際沒有顛覆意圖駁回律政司上訴。

【有線新聞】漁護署計劃就部分熱門郊野景點引入預約制及收費，截至周日，署方共就32宗個案執法，助理署長陶文慧表示景點訪客人數近年逐漸增加 ，期望透過預約制加強管理。 漁護署助理署長（郊野公園）陶文慧：「人多可能對於環境的負荷或者設施配套會否受影響，這個我們在選擇露營地點也有考慮，就配套設施、垃圾負荷或使用廁所比較用得多，基於以上原因，在黃金周前開始有部署，特別清潔上有增加垃圾桶設施、收集垃圾一樣增加。人多情況在這年或近數個月開始看到比較多，相信需要一些措施平衡，看是否除了在垃圾收集等，也在（預約制）這方面加強，以致管理更好。」