Edwin Tan/E+ via Getty Images So, I am here again, with my analysis of Merck & Co., Inc. ( MRK ). In my previous article , " Merck: Why Investors Should Remain Bullish Despite Patent Risks, " I discussed why the subcutaneous version of pembrolizumab , called Keytruda Qlex, has a high chance of becoming Merck's next blockbuster, as well as the follow-up data from the Phase 2b KEYNOTE-942 trial, eva...
Edwin Tan/E+ via Getty Images So, I am here again, with my analysis of Merck & Co., Inc. ( MRK ). In my previous article , " Merck: Why Investors Should Remain Bullish Despite Patent Risks, " I discussed why the subcutaneous version of pembrolizumab , called Keytruda Qlex, has a high chance of becoming Merck's next blockbuster, as well as the follow-up data from the Phase 2b KEYNOTE-942 trial, evaluating Moderna's ( MRNA ) intismeran autogene+Keytruda. In this one, I'll focus on Merck's latest milestones, including its acquisition of Terns Pharmaceuticals ( TERN ) and the FDA approval of Idvynso on April 21 , and, more importantly, what I expect from its Q1 earnings. Terns' TERN-701 strengthens Merck's position in the chronic myeloid leukemia market So, let me remind you that on March 25, it announced the acquisition of Terns for $5.7 billion . And a month later, on April 24, it was informed about the end of the waiting period under the Hart-Scott-Rodino Act. Simply put, I believe Merck will close this deal before the end of May. Source: Table was made by Author And in my view, TERN-701 is the "crown jewel" for which Merck paid billions of USD. It is a highly selective allosteric inhibitor of the kinase activity of BCR-ABL1 , specifically targeting the ABL1 myristoyl pocket. Moreover, in preclinical studies, TERN-701 was more selective than Novartis' ( NVS ) Scemblix [asciminib, a first-in-class BCR-ABL1 STAMP inhibitor]. But still. Was this deal a smart strategic move for Merck? I would say, yes. First of all, on December 8 last year , Terns released updated results from the ongoing CARDINAL study [ NCT06163430 ]. Namely, I want to talk about patients with chronic-phase CML [ chronic myeloid leukemia ] who were heavily pretreated with a median of 3 TKIs, and were taking TERN-701 at doses of 320 mg or 500 mg once daily. Source: Terns Pharmaceuticals So, in 30 efficacy-evaluable patients, the overall MMR [major molecular response] rate at 24 weeks was 80%. Moreover, ...
Intel Corp. has kicked off the sale of investment-grade debt to help finance a $14.2 billion deal to retake full ownership of an Irish semiconductor plant. The company is marketing bonds is five tranches, with maturities ranging from five to 40 years, according to a person familiar with the matter. Initial price talk for the longest-tenored note is for a spread of about 1.65 percentage points abov...
Intel Corp. has kicked off the sale of investment-grade debt to help finance a $14.2 billion deal to retake full ownership of an Irish semiconductor plant. The company is marketing bonds is five tranches, with maturities ranging from five to 40 years, according to a person familiar with the matter. Initial price talk for the longest-tenored note is for a spread of about 1.65 percentage points above Treasuries, the person added, asking not to be identified because they’re not authorized to speak publicly Intel said on April 1 it would take on about $6.5 billion in new debt to help repurchase a 49% stake in its Fab 34 joint venture in Ireland. Apollo Global Management Inc. paid $11.2 billion for the stake in 2024, providing cash that Intel said it needed for new production technology at the facility and others in the US. The chipmaker held fixed-income investor calls on Friday, a day after releasing a far-brighter-than-expected sales forecast that sent Intel shares to a record high. The outlook boosted confidence that Chief Executive Officer Lip-Bu Tan is making progress on a comeback plan that aims to position the company to benefit from the buildout of artificial intelligence computing. Citigroup Inc. , JPMorgan Chase & Co. , Barclays Plc , Bank of America Corp. and Deutsche Bank AG are helping run the bond sale, the person said. Intel last sold dollar notes in February 2024 , according to data compiled by Bloomberg. Its foundry joint venture with Brookfield Infrastructure Partners raised nearly $12 billion through three offerings in 2024 and 2025 .
Aspire Biopharma ( ASBP ) announced on Monday that its board of directors has authorized the repurchase of up to $5M of the company's common stock. The company said that the authorization reflects the board's confidence in the company's balance sheet strength, the value of its drug development pipeline and supplement business, and the potential value creation from the recently announced binding le...
Aspire Biopharma ( ASBP ) announced on Monday that its board of directors has authorized the repurchase of up to $5M of the company's common stock. The company said that the authorization reflects the board's confidence in the company's balance sheet strength, the value of its drug development pipeline and supplement business, and the potential value creation from the recently announced binding letter of intent (LOI) to acquire Dura Driver Control Systems. The company expects the purchase will be funded through existing cash on hand. ASBP +4.68% premarket to $0.2146. Source: Press Release. More on Aspire Biopharma Holdings, Inc. Aspire Biopharma secures up to $21M in convertible preferred stock financing Financial information for Aspire Biopharma Holdings, Inc.
This week brings what could be Jerome Powell’s final presser as Fed chair, and we’ll also see PCE inflation data. Plus, it’s a huge week for earnings, with about a third of S&P 500 companies reporting.
This week brings what could be Jerome Powell’s final presser as Fed chair, and we’ll also see PCE inflation data. Plus, it’s a huge week for earnings, with about a third of S&P 500 companies reporting.
violetkaipa/iStock via Getty Images Investment Thesis Annaly Capital Management, Inc. ( NLY ) has earned its place in the high-yield, ice cube business model category. Its historical price decline and inability to recoup (at least fully) the lost Book Value "BV"/share is the primary reason. This trend is particularly notable given NLY's many accretive equity raises on its shares that typically tra...
violetkaipa/iStock via Getty Images Investment Thesis Annaly Capital Management, Inc. ( NLY ) has earned its place in the high-yield, ice cube business model category. Its historical price decline and inability to recoup (at least fully) the lost Book Value "BV"/share is the primary reason. This trend is particularly notable given NLY's many accretive equity raises on its shares that typically trade at a premium to BV. Someone might say this categorization is harsh, since it puts it on par with much riskier businesses I have covered and also categorized as having an ice-cube model, such as various BDCs (private credit companies whose tax laws limit their ability to build loan-loss reserves) and Oxford Lane Capital Corporation ( OXLC ), a wildcatter whose portfolio mostly consists of the equity portion of CLOs—the riskiest tranche in the CLO structure. What sets NLY apart from its peers is the quality of its portfolio, consisting mostly of Mortgage-Backed Securities (MBS), whose principal and interest are guaranteed by Government-Sponsored Entities (GSEs), such as the Federal National Mortgage Association ( FNMA ). This means that NLY's ice cube doesn't melt systematically but only occasionally and mainly because of exorbitant leverage that forces fire sales at adverse market conditions (resulting in capital losses) to avoid margin calls (as discussed below). The cumulative return analysis below suggests that investors' returns improve with the length of the holding period. That's another feature that sets NLY apart from many of its peers in the ice-cube model category. All investors adopting a “buy and hold forever” strategy in the past ten years are sitting on positive total returns despite the BV/share and price/share declines. This hold rating balances NLY's high leverage and BV/share declines against the quality of its MBS portfolio. Why NLY Needs Leverage to Work NLY's business model requires leverage. For the sake of argument, let us imagine it without debt—a ...
JHVEPhoto Adobe ( ADBE ) shares fell 1.5% in premarket trading on Monday after Mizuho Securities downgraded the Photoshop maker, citing “weakened” conviction. “Our conviction has weakened as we see intensifying competition in the prosumer/SMB segments threatening ADBE's long-term terminal value, along with no clear catalyst for the stock, and a risk of margin erosion,” analyst Gregg Moskowitz wrot...
JHVEPhoto Adobe ( ADBE ) shares fell 1.5% in premarket trading on Monday after Mizuho Securities downgraded the Photoshop maker, citing “weakened” conviction. “Our conviction has weakened as we see intensifying competition in the prosumer/SMB segments threatening ADBE's long-term terminal value, along with no clear catalyst for the stock, and a risk of margin erosion,” analyst Gregg Moskowitz wrote in a note to clients. Moskowitz continued: “While we believe ADBE is making some more progress monetizing its Generative AI innovations, we also believe its organic revenue/ARR CAGR over the next 2-3 years is high-single-digits at best, and we much prefer owning assets at very reasonable (if not depressed) valuations that possess meaningful potential for upward estimate revisions. We see a generally balanced risk/reward profile on ADBE from here, and are thus downgrading to Neutral from Outperform and lowering our PT to $270 from $315.” Delving deeper, Moskowitz said that he has become "incrementally more concerned"as Adobe's consumer and small-and-medium-sized business tiers face greater competition from AI-native platforms and low-cost design tools. And with the barriers to entry falling, lower-end users may bypass Adobe's Creative Cloud altogether, Moskowitz posited. Additionally, Moskowitz said he does not see a catalyst that can re-rate the stock over the next 6 to 12 months, as revenue guidance implies only 9.5% year-over-year growth, below management's aspiration for double-digit growth. There are only concerns that margins could decline, due to the aforementioned competitive threats and rising inference costs for Firefly. More on Adobe Adobe: My Industry Experience Vs. Market Panic, Why This Is A Strong Buy Adobe: One Of The Cheapest Franchises In Software Adobe Inc. (ADBE) Presents at Adobe Summit 2026 Transcript Insider trades: Morgan Stanley, Uber, Adobe among notable names Adobe rises as Citi weighs in on AI summit, $25B buyback
3DSculptor/iStock via Getty Images Follow the Leader has long been a popular children’s game. Here, “everyone follows and does what the child who is chosen to be the leader does.” But I wonder if this ever was or is still so in the grown-up world. Look around. Consider the 1955 Broadway hit musical Damn Yankees (adapted into a 1958 film and a 1994 Broadway revival). It was about an ordinary guy wh...
3DSculptor/iStock via Getty Images Follow the Leader has long been a popular children’s game. Here, “everyone follows and does what the child who is chosen to be the leader does.” But I wonder if this ever was or is still so in the grown-up world. Look around. Consider the 1955 Broadway hit musical Damn Yankees (adapted into a 1958 film and a 1994 Broadway revival). It was about an ordinary guy who, through a deal with the devil, became a baseball superstar determined to help his lowly team conquer the dreaded New York Yankees. Why wasn’t it called Damn White Sox, or Damn Athletics? Answer: Those teams weren’t special. The Yankees were perennial winners. They dominated baseball. Beating them would be special. Surf some Reddit groups dedicated to discussion of various businesses. Notice how heavily those who profess love or admiration for Netflix ( NFLX ) are criticized or downvoted. Yet one quarter's performance or guidance aside, we know NFLX is still a user-engagement powerhouse. In AI infrastructure, the role of the old New York Yankees is played by Nvidia ( NVDA ). On Seeking Alpha, NVDA has more supporters than detractors. But the latter, whatever their numbers, can be quite vigorous in expressions of bearishness. See, for example, here , here , here , here , and here . The latter link does not retrieve an NVDA write-up. It’s actually for an article on Broadcom ( AVGO ) . Its headline asserts that Broadcom is “Stealing Nvidia’s Lunch Money.” Others write about how AVGO is working with companies building/offering their own AI chips that supposedly could damage NVDA by competing with its expensive offerings. Today, I echo a famous 5/1/92 line from Rodney King, who sought to heal Los Angeles riots inspired by criminal-case acquittals of police officers who beat him: “ Can we all get along ?” Today, fans of AVGO and NVDA need not heal from violence. All would, however, do well for themselves, and their respective investment portfolios, if they would recognize how e...
First Quarter 2026 Net Revenue Totaled $65.5 million with Gross Profit Margin of 52.8% First Quarter 2026 Net Revenue Totaled $65.5 million with Gross Profit Margin of 52.8%
First Quarter 2026 Net Revenue Totaled $65.5 million with Gross Profit Margin of 52.8% First Quarter 2026 Net Revenue Totaled $65.5 million with Gross Profit Margin of 52.8%