Activist fund MAK Capital , led by Michael A. Kaufman , has urged the leadership of German biotech firm Evotec SE to list its US unit and speed up its cost cutting program after the shares have lost about 85% over the past five years. “We believe a U.S.-listed Just Biologics would command a materially higher valuation, in excess of €1 billion ($1.2 billion), access a deeper investor base, provide ...
Activist fund MAK Capital , led by Michael A. Kaufman , has urged the leadership of German biotech firm Evotec SE to list its US unit and speed up its cost cutting program after the shares have lost about 85% over the past five years. “We believe a U.S.-listed Just Biologics would command a materially higher valuation, in excess of €1 billion ($1.2 billion), access a deeper investor base, provide Just Biologics with a cash infusion and dedicated currency for growth” and help retain talent at the Seattle based firm, MAK Capital said in a letter it sent to Evotec’s leadership earlier this month, according to a filing with the SEC. Evotec shares have fallen roughly 17% this year, giving the company a market value of about €801 million. The company wasn’t immediately available outside regular business hours. READ: Activist Investor MAK Capital Reports 7% Stake in Evotec MAK, which recently revealed a 7% stake in Evotec, also urged the company to expedite its current restructuring program, which MAK said is taking too long to turn the company around. Meaningful margin expansion is not expected until 2027 or later, and MAK, in its letter, said that “risks further deterioration of the company’s strengths.” The activist said that management should begin delivering tangible operating improvements in the second half of this year instead. The fund also proposed to appoint former Novartis and Fresenius executive Wolfgang Hofmann to Evotec’s supervisory board as a replacement for Duncan McHale, whose term expires at the end of the upcoming shareholder meeting. READ: Triton Said to Weigh Takeover Deal for Drug Developer Evotec READ: Halozyme Pulls Bid for Drugmaker Evotec as Discussions Stall
Tax-advantaged accounts like IRAs and 401(k)s are often the backbone of a solid retirement plan, and for good reason. These accounts offer up-front tax breaks on your contributions. And investments in a traditional IRA and 401(k) get to grow tax deferred, so you're not writing the IRS a check for your gains every year. But while it's a good idea to lean on IRAs and 401(k)s to build a retirement ne...
Tax-advantaged accounts like IRAs and 401(k)s are often the backbone of a solid retirement plan, and for good reason. These accounts offer up-front tax breaks on your contributions. And investments in a traditional IRA and 401(k) get to grow tax deferred, so you're not writing the IRS a check for your gains every year. But while it's a good idea to lean on IRAs and 401(k)s to build a retirement nest egg, it's equally important to branch out and look outside of these accounts. If you don't, you may find that you don't have enough control over your savings. Image source: Getty Images. Continue reading
Equity bulls expecting a bumpy ride for US equities to be over soon have a historically favorable seasonal pattern on their side. April tends to be a strong month for stocks, with the S&P 500 Index sporting an average gain of 1.5% since 1990, trailing only November’s 2.2% advance, data compiled by Bloomberg show. One popular theory pins the seasonal dynamic on retail investors — a persistent sourc...
Equity bulls expecting a bumpy ride for US equities to be over soon have a historically favorable seasonal pattern on their side. April tends to be a strong month for stocks, with the S&P 500 Index sporting an average gain of 1.5% since 1990, trailing only November’s 2.2% advance, data compiled by Bloomberg show. One popular theory pins the seasonal dynamic on retail investors — a persistent source of support for US stocks — returning to the market after the mid-month tax deadline. “A lot of it revolves around the liquidity needs of retail heading into Tax Day,” said Dave Lutz , equity sales trader and macro strategist at Jonestrading Institutional Services LLC. “Everybody is probably hunkering down and holding any dry powder until they are through their taxes, and historically afterwards, people get refunds and reinvest.” The S&P 500 has posted an average gain of 0.83% between April 15, the deadline for Americans to file their taxes, and the end of the month, according to data compiled by Barclays Plc going back to 2006. And this year, tax-refund checks hitting consumers’ wallets are up 10% from the same time in 2025, according to the Internal Revenue Service. The dynamic may offer a tailwind for a market trying to regain its footing after a bout of geopolitical and policy anxiety pushed technology megacaps into a correction and the S&P 500 down 5% from its peak. The 500-member index gained 0.3% at 3:32 p.m. on Monday, while the Nasdaq 100 Index advanced 0.5%. Under the hood, buying momentum in the second half of April has been particularly pronounced in the Nasdaq Composite Index and small-cap Russell 2000 Index , according to data from the Stock Trader’s Almanac going back to 1994. However, Christopher Mistal , director of research at the firm, strikes a note of caution: pinning all of that on the tax season only may be premature since investors are likely adjusting their positions ahead of earnings season at around the same time. “Nonetheless, the combination of...
SpaceX and investment bankers will host meetings to pressure-test the Elon Musk -led company’s targeted $2 trillion valuation, a crucial step as it drives toward the largest-ever initial public offering, people familiar with the matter said. Two months after a merger with xAI, senior bankers are poised to begin talks around the rocket, satellite and AI company’s initial public offering, to determi...
SpaceX and investment bankers will host meetings to pressure-test the Elon Musk -led company’s targeted $2 trillion valuation, a crucial step as it drives toward the largest-ever initial public offering, people familiar with the matter said. Two months after a merger with xAI, senior bankers are poised to begin talks around the rocket, satellite and AI company’s initial public offering, to determine if its vaunted valuation will still lure in investors. Its market value is now expected to top $2 trillion , up from expectations of $1.75 trillion less than two weeks ago, people familiar with the matter said. “What you’ve got to be convinced of — and this is what they’ll be working on until this is filed publicly — is continuing to sell the dream and basically there’s nobody that’s been better at selling the dream than Elon Musk,” said David Erickson , an adjunct associate professor at Columbia Business School and a former co-head of global equity capital markets at Barclays Plc . Representatives for SpaceX didn’t immediately respond to requests for comment. Musk appeared to push back on the valuation target of $2 trillion in an April 3 X post , saying “don’t believe everything you read.” At more than $2 trillion, SpaceX would be bigger than all but five of the companies in the S&P 500 Index — Nvidia Corp. , Apple Inc. , Alphabet Inc. , Microsoft Corp. and Amazon.com Inc. Despite generating a fraction of the revenue, its market value would dwarf Meta Platforms Inc. and Musk’s own Tesla Inc. , the two other members of the so-called Magnificent 7 stocks. Such a valuation implies a price-to-sales ratio of more than 100-times on a trailing basis, according to analyst estimates, easily topping that of retail-favorite Palantir Technologies Inc. ’s lofty ratio of roughly 79 times — by far the highest in the S&P 500 Index. Bloomberg Intelligence estimates SpaceX’s rocket launch program and Starlink satellites will generate the majority of its revenue, approaching $20 billion i...
A niche acquisition by Nvidia has raised concerns among artificial-intelligence and supercomputer specialists who see the move as a test of the biggest AI chip company's commitment to maintaining a fair playing field for chip rivals and AI data center builders. Nvidia last December announced it would acquire SchedMD, giving it control of open-source software called Slurm, which schedules computin...
A niche acquisition by Nvidia has raised concerns among artificial-intelligence and supercomputer specialists who see the move as a test of the biggest AI chip company's commitment to maintaining a fair playing field for chip rivals and AI data center builders. Nvidia last December announced it would acquire SchedMD, giving it control of open-source software called Slurm, which schedules computing tasks and is critical for training large language models that power chatbots such as Anthropic's Claude. Slurm also runs on government supercomputers which help forecast the weather and develop nuclear weapons.
SpaceX has laid the groundwork to list its shares on a public exchange, but investors should think twice before scooping up the stock, Requisite Capital Management managing partner Bryn Talkington told CNBC's " Halftime Report " on Monday. That's because investors are unlikely to see robust returns from the aerospace manufacturer stock following its likely massive initial public offering, given th...
SpaceX has laid the groundwork to list its shares on a public exchange, but investors should think twice before scooping up the stock, Requisite Capital Management managing partner Bryn Talkington told CNBC's " Halftime Report " on Monday. That's because investors are unlikely to see robust returns from the aerospace manufacturer stock following its likely massive initial public offering, given that much of its value already appears to be "priced in," according to Talkington. "This will IPO as one of the largest companies in the world, and so I think the juice has been squeezed from this orange," Talkington said. SpaceX is aiming to debut in the public market around June at a potential valuation of $1.75 trillion, Bloomberg first reported , citing people familiar with the matter. The company confidentially filed for an IPO last week, but it has until at least 15 days before its road show to release a public filing. The Elon Musk-owned company is looking to raise as much as $75 billion , which would make its IPO roughly three times larger than the biggest public listing in the U.S. to date. Consider that Alibaba raised about $22 billion in its 2014 debut . But, an IPO of that size would likely mean smaller returns for retail investors, according to Talkington. "So much is priced in with a company that's doing $16 billion in revenue at a $2 trillion market cap," she said. "It just makes no sense to me." Stephen Weiss, chief investment officer and managing partner of Short Hills Capital Partners, also called into question the value proposition of SpaceX's IPO due to the company's size. "How much return can you generate off a $2 trillion company," Weiss told CNBC. "It's got to go to $3 trillion… it's ridiculous for one of the largest companies in the world on that revenue base."
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in West Pharmaceutical Services, Inc. (Symbol: WST), where a total volume of 4,813 contracts has been traded thus far today, a contract volume which is representati
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in West Pharmaceutical Services, Inc. (Symbol: WST), where a total volume of 4,813 contracts has been traded thus far today, a contract volume which is representati
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Snowflake Inc (Symbol: SNOW), where a total of 26,901 contracts have traded so far, representing approximately 2.7 million underlying shares. That amounts to about 58% o
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Snowflake Inc (Symbol: SNOW), where a total of 26,901 contracts have traded so far, representing approximately 2.7 million underlying shares. That amounts to about 58% o
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Aehr Test Systems (Symbol: AEHR), where a total of 17,427 contracts have traded so far, representing approximately 1.7 million underlying shares. That amounts to about 9
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Aehr Test Systems (Symbol: AEHR), where a total of 17,427 contracts have traded so far, representing approximately 1.7 million underlying shares. That amounts to about 9
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in AMC Entertainment Holdings Inc. (Symbol: AMC), where a total of 188,270 contracts have traded so far, representing approximately 18.8 million underlying shares. That amo
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in AMC Entertainment Holdings Inc. (Symbol: AMC), where a total of 188,270 contracts have traded so far, representing approximately 18.8 million underlying shares. That amo
"It's much easier to start your own business because of AI tools." Gina Raimondo, former commerce secretary and now a CFR Distinguished Fellow, joins Tracy Alloway and Joe Weisenthal on the Odd Lots podcast to discuss US relations with Europe and China and how the emergence of AI will shape the future employment landscape." (Source: Bloomberg)
"It's much easier to start your own business because of AI tools." Gina Raimondo, former commerce secretary and now a CFR Distinguished Fellow, joins Tracy Alloway and Joe Weisenthal on the Odd Lots podcast to discuss US relations with Europe and China and how the emergence of AI will shape the future employment landscape." (Source: Bloomberg)