shingopix/iStock via Getty Images AC Immune ( ACIU ) traded higher on Tuesday after the Swiss biotech announced an amendment to a license and collaboration agreement signed with Eli Lilly ( LLY ) in 2018 to develop a new class of neurology therapies known as Morphomer Tau. Under the original agreement signed in December that year, the Indiana-based pharma giant agreed to develop Morphomer Tau aggr...
shingopix/iStock via Getty Images AC Immune ( ACIU ) traded higher on Tuesday after the Swiss biotech announced an amendment to a license and collaboration agreement signed with Eli Lilly ( LLY ) in 2018 to develop a new class of neurology therapies known as Morphomer Tau. Under the original agreement signed in December that year, the Indiana-based pharma giant agreed to develop Morphomer Tau aggregation inhibitors in partnership with AC Immune ( ACIU ) for neurodegenerative diseases, including Alzheimer’s. The amendment continues to cover R&D work related to new lead Tau Morphomer candidates and potential backup compounds, AC Immune ( ACIU ) said, adding that the company will begin investigational new drug (IND)-enabling studies as part of the deal in H1 2026. In addition to the payments it is already eligible for under the existing agreement, the amendment allows the company to receive a CHF 10M payment upfront and a milestone payment when Phase 1 dosing begins. More on AC Immune, Eli Lilly Eli Lilly's Centessa Deal Shows It Is Awake To New Narcolepsy Reality Novo Nordisk Vs. Eli Lilly: Cheap Vs. Expensive, But No Clear Opportunity AC Immune FY 2025 Results: Eyeing ACI-7104 Catalysts Novo Nordisk CEO says weight-loss drug boom has barely begun Most and least shorted mid-to mega-cap healthcare stocks in March
MaianVivier/iStock via Getty Images Introduction Anyone giving a cursory glance to a long-term chart of Watches of Switzerland Group ( WOSGF ) since its IPO in 2019 might be forgiven for thinking, ‘Uh -oh, yet another COVID-era cult stock that’s all washed up now,’ and moving on. But the reality is much more interesting than that. Under the surface, this is the story of the retail end of one of Eu...
MaianVivier/iStock via Getty Images Introduction Anyone giving a cursory glance to a long-term chart of Watches of Switzerland Group ( WOSGF ) since its IPO in 2019 might be forgiven for thinking, ‘Uh -oh, yet another COVID-era cult stock that’s all washed up now,’ and moving on. But the reality is much more interesting than that. Under the surface, this is the story of the retail end of one of Europe’s most successful and profitable consumer goods export industries. And it’s a story that I believe presents an opportunity for investors able to tolerate substantial volatility for the possibility of excellent long-term returns. I recommend a Buy. These aren’t any old luxury goods—some important background For those less familiar with the premium-priced Swiss watch industry, and in particular Rolex, it’s important to know a little about what differentiates this sector even from other high-end consumer goods to understand some of the recent dynamics. WOSGF is the leading retailer of luxury Swiss watches in the UK and USA, with the most significant brand partner being Rolex, whose brand-new timepieces constitute an estimated 50% of sales. It also has a complementary jewelry business. The company, through its over hundred-year existence , has had a close relationship as one of the preferred distribution partners of iconic Swiss watch manufacturer Rolex. This relationship has lasted through various incarnations of the retailer, including a stint under private equity under Apollo from 2013 to 2019 until its IPO . How the business works One of the unusual aspects of this arrangement is the very nature of Rolex itself as a business. This Swiss company with annual sales of around CHF11 billion ($14 billion) is owned by the Hans Wilsdorf Foundation , a charitable trust that doesn’t necessarily feel the intense short-term commercial pressures typical of a large public corporation. It has historically taken a long-term and cautious approach to building and sustaining its business...
Michael Vi/iStock Editorial via Getty Images ASML ( ASML ), along with other semiconductor equipment manufacturers, showed slight declines during early Tuesday trading after a draft version of the bipartisan MATCH Act reached the U.S. House of Representatives. ASML was down 1.5%, while Lam Research ( LRCX ), Applied Materials ( AMAT ), and KLA ( KLAC ) had all inched down less than 1%. This follow...
Michael Vi/iStock Editorial via Getty Images ASML ( ASML ), along with other semiconductor equipment manufacturers, showed slight declines during early Tuesday trading after a draft version of the bipartisan MATCH Act reached the U.S. House of Representatives. ASML was down 1.5%, while Lam Research ( LRCX ), Applied Materials ( AMAT ), and KLA ( KLAC ) had all inched down less than 1%. This follows the introduction of the Multilateral Alignment of Technology Controls on Hardware last week, which intends to strengthen national security by closing gaps in export controls on semiconductor manufacturing equipment by U.S. allies such as the Netherlands-based ASML. "China has made it abundantly clear that it intends to dominate the technologies that underpin both our economy and our national defense," said U.S. Congressman Michael Baumgartner (R-WA). "The United States cannot afford to leave open back doors that allow the Chinese Communist Party to acquire the tools it needs to leap ahead in semiconductor manufacturing. I introduced the MATCH Act to ensure that America and our allies move in lockstep to close these gaps, defend our technological edge, and safeguard the supply chains that power everything from our weapons systems to our critical infrastructure. This is about protecting American workers, American innovation, and American security for the long haul." The analysts at Citi Research said this development is a negative for ASML and could lead to " significant unintended consequences." "We understand the desire of the US and many other Western nations of limiting China's access to semiconductor technology, particularly as it relates to artificial intelligence," said Citi analysts Andrew Gardiner and Daniel Schafei in a Tuesday investor note. "The existing restrictions, both on equipment (no EUV tool shipments to China) and AI chips, have significantly limited Chinese companies' ability to develop their own AI chips." "If ASML was restricted from selling DUV immer...
Costco Wholesale (NASDAQ: COST) released a new line of energy drinks, which wasn't welcome news for Celsius Holdings (NASDAQ: CELH) shareholders. The shareholder concern is warranted, as it's becoming difficult for energy-drink companies to stand out in an increasingly crowded space. The news may make it seem like this is a story mostly about Celsius. But if you step back to digest what's happenin...
Costco Wholesale (NASDAQ: COST) released a new line of energy drinks, which wasn't welcome news for Celsius Holdings (NASDAQ: CELH) shareholders. The shareholder concern is warranted, as it's becoming difficult for energy-drink companies to stand out in an increasingly crowded space. The news may make it seem like this is a story mostly about Celsius. But if you step back to digest what's happening, there's a bigger investing takeaway to consider. Image source: Getty Images. Continue reading
Hong Kong’s Hospital Authority has found a doctor breached its code of conduct after he posted a photo of a resuscitation procedure in a public hospital, with the case being passed to the Medical Council. The authority’s Kowloon West Cluster announced on Tuesday that it had terminated the doctor’s contract, one day after stating the man was “no longer an employee”. “The Kowloon West Cluster has co...
Hong Kong’s Hospital Authority has found a doctor breached its code of conduct after he posted a photo of a resuscitation procedure in a public hospital, with the case being passed to the Medical Council. The authority’s Kowloon West Cluster announced on Tuesday that it had terminated the doctor’s contract, one day after stating the man was “no longer an employee”. “The Kowloon West Cluster has completed its investigation into the incident. We confirm that the staff member breached the code of...
With the first-quarter earnings season underway, Seeking Alpha’s Quant Ratings has identified the top- and bottom-ranked mid- to mega-cap consumer discretionary stocks. The S&P 500’s Consumer Discretionary sector ( NYSEARCA: XLY ) fell 7.92% between January 1 and March 31, underperforming the broader S&P 500, which declined 4.81% during the first quarter of 2026. The sector trailed Materials ( XLB...
With the first-quarter earnings season underway, Seeking Alpha’s Quant Ratings has identified the top- and bottom-ranked mid- to mega-cap consumer discretionary stocks. The S&P 500’s Consumer Discretionary sector ( NYSEARCA: XLY ) fell 7.92% between January 1 and March 31, underperforming the broader S&P 500, which declined 4.81% during the first quarter of 2026. The sector trailed Materials ( XLB ), which gained 8.35%, as well as Energy ( XLE ) and Utilities ( XLU ), while also lagging Industrials ( XLI ). However, it outperformed Financials ( XLF ) and Technology ( XLK ), as performance across cyclical sectors remained mixed during the quarter. According to Seeking Alpha’s Quant Rating system, the consumer discretionary sector has an average health score of 3.04 . The system assigns grades based on quantitative factors such as valuation, earnings growth, profitability, and momentum, with the highest possible score for any company being 5. The Consumer Discretionary Select Sector SPDR Fund ( XLY ) has fallen 9.69% year to date and declined 3.61% over the past month. More S&P 500 companies are issuing positive EPS guidance than negative guidance for the first quarter, while the index is expected to report 13.2% year-over-year earnings growth, FactSet data showed . Revenue is projected to rise 9.7%, though consumer discretionary is seen lagging the broader index amid continued pressure on discretionary spending. Dana Incorporated ( DAN ) leads the sector with the highest Quant score of 4.94 , supported by strong factor grades across growth, momentum, and earnings revisions. Ultrapar Participações ( UGP ) follows with a Quant score of 4.92 , while Victoria’s Secret ( VSCO ), General Motors ( GM ), and Magna International ( MGA ) round out the top five, with scores ranging from 4.79 to 4.84 . At the lower end of the rankings, Metaplanet ( MTPLF ) holds the weakest Quant score in the sector at 1.04 , reflecting continued pressure on profitability and momentum. Duolingo ...
Luis Alvarez DM Martins Research has upgraded Delta Air Lines ( DAL ) as a top-quality pick in the turbulent airline sector, while YR Research sees Shopify’s ( SHOP ) 35% drawdown as an opportunistic entry point for long-term returns. On the downside, YR Research has downgraded Meta Platforms ( META ) to Sell amid concerns over massive AI capital expenditures with unclear near-term payoffs, and Da...
Luis Alvarez DM Martins Research has upgraded Delta Air Lines ( DAL ) as a top-quality pick in the turbulent airline sector, while YR Research sees Shopify’s ( SHOP ) 35% drawdown as an opportunistic entry point for long-term returns. On the downside, YR Research has downgraded Meta Platforms ( META ) to Sell amid concerns over massive AI capital expenditures with unclear near-term payoffs, and Daniel Jones has moved Kinder Morgan ( KMI ) to a neutral stance following a strong rally that leaves limited upside. Upgrades Delta Air Lines ( DAL ): Upgrade to Buy by DM Martins Research . The analyst views Delta as a high-quality leader in the airline industry, citing superior operational efficiency and a balance sheet with net debt and leases to assets at only 20%, rivaling Southwest’s financial leverage. “The Atlanta-based airline is one of my favorite companies and stocks to own in this volatile and cyclical sector, as it fits the mold of my current industry-wide thesis: quality will likely outperform more speculative, leveraged (operational and financial) plays—possibly in the short- to medium-term, but even more likely over the long haul.” Shopify ( SHOP ): Upgrade Hold to Buy by YR Research . Despite a 35% drawdown, the analyst believes AI-driven concerns are overblown and sees Shopify positioned to accelerate merchant growth and achieve 20% annualized returns over the long term. “In today's volatile markets, it's very difficult to maintain a long-term focus. For a company like Shopify, which is set to grow earnings at a 20%+ clip for the rest of this decade, it's obvious that, barring any major disruption, the stock will be much higher ten years from now.” Downgrades Meta Platforms ( META ): Downgrade Hold to Sell by YR Research . The downgrade stems from concerns over Meta’s $115–$135 billion in 2026 capital expenditures on AI projects that lack a clear path to near-term revenue, echoing previous Metaverse missteps. “ Meta is certainly positioned to benefit greatl...
A pet ostrich went for a speedy jaunt down a busy Thai highway on Tuesday, before being returned safe and sound to its enclosure at an animal-themed cafe. The six-month-old male ostrich raced along a three-lane highway in Thailand’s coastal Chonburi province as cars and trucks sped by the flightless bird, according to a video posted by a man who was driving directly behind it. “Who lost an ostrich...
A pet ostrich went for a speedy jaunt down a busy Thai highway on Tuesday, before being returned safe and sound to its enclosure at an animal-themed cafe. The six-month-old male ostrich raced along a three-lane highway in Thailand’s coastal Chonburi province as cars and trucks sped by the flightless bird, according to a video posted by a man who was driving directly behind it. “Who lost an ostrich on the road? Come get him. He runs so fast,” the motorist, Chairat Sompong, is heard saying in the...
Miller Tabak Chief Market Strategist Matt Maley is warning that private credit risks are being underestimated. It’s not about size—it’s about what happens when liquidity dries up in an already expensive market. He says even a modest credit event could shake confidence fast, and concerns are growing that bad underwriting may be underneath it all. (Source: Bloomberg)
Miller Tabak Chief Market Strategist Matt Maley is warning that private credit risks are being underestimated. It’s not about size—it’s about what happens when liquidity dries up in an already expensive market. He says even a modest credit event could shake confidence fast, and concerns are growing that bad underwriting may be underneath it all. (Source: Bloomberg)
designer491 Retail investors are growing more cautious in the options market, even as overall activity remains elevated, according to new flows data from Citadel Securities. Positioning has shifted decisively toward defense over the past week, with flows skewing 4% toward selling based on Citadel's Call/Put Direction Ratio — marking the first bearish tilt since late November, according to Scott Ru...
designer491 Retail investors are growing more cautious in the options market, even as overall activity remains elevated, according to new flows data from Citadel Securities. Positioning has shifted decisively toward defense over the past week, with flows skewing 4% toward selling based on Citadel's Call/Put Direction Ratio — marking the first bearish tilt since late November, according to Scott Rubner, head of equity and equity derivatives strategy. Demand for downside protection has accelerated sharply. Put buying has reached extreme levels, with 5-day rolling purchases hitting record highs. Notably, this surge in hedging has occurred during periods of market strength. Between March 27 and April 2, when the S&P 500 ( SPY ) ( IVV ) ( VOO ) rose 1.6%, retail investors spent more than $275M on net put premium — the largest 5-day total in nearly a year. Citadel SecuRetail Options – 5-Day Average Put Buying (Contracts) Since January 2025, Indexed to Averagerities (Citadel Securities) The data suggest a shift in mindset rather than participation, with retail maintaining high activity levels while increasingly positioning for potential downside risks. Flows have also rotated away from single-stock options toward broader market hedges. Retail investors are now trading more than 1.5 index and ETF options for every single-stock contract, a marked departure from the long-run average closer to parity. Rubner said the shift toward index hedging reflects growing concern about macro risks, as investors look to protect portfolios against broader market moves rather than express conviction in individual names. More on the markets Beyond The Deadline: What Markets Are Still Not Pricing In Why Is The Stock Market Holding Up So Well? QQQ: This Pullback Is A Buying Opportunity For Quality Growth Ceasefire uncertainty looms large as prediction markets signal a long road to de-escalation Cantor Fitzgerald calls the market pullback a buying opportunity despite Middle East risks
Former footballer denies assault in north-west England Barton to remain in custody with trial set for 1 September Joey Barton has denied assaulting a man outside a golf club in north-west England. The 43-year-old former Manchester City and Newcastle midfielder appeared via video link from Liverpool prison for the plea hearing at Liverpool crown court. He pleaded not guilty to causing grievous bodi...
Former footballer denies assault in north-west England Barton to remain in custody with trial set for 1 September Joey Barton has denied assaulting a man outside a golf club in north-west England. The 43-year-old former Manchester City and Newcastle midfielder appeared via video link from Liverpool prison for the plea hearing at Liverpool crown court. He pleaded not guilty to causing grievous bodily harm with intent to Kevin Lynch on 8 March. Barton’s co-defendant, Gary O’Grady, was not asked to enter a plea to the charge on Tuesday. Continue reading...
TCW funds, an investment management company, released its “TCW Relative Value Large Cap Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Equities ended the year on a positive note, with the S&P 500 Total Return (USD) increasing by 2.65% and achieving a remarkable 17.9% in 2025. The AI sector continued […]
TCW funds, an investment management company, released its “TCW Relative Value Large Cap Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Equities ended the year on a positive note, with the S&P 500 Total Return (USD) increasing by 2.65% and achieving a remarkable 17.9% in 2025. The AI sector continued […]
romrodinka/iStock via Getty Images Now that WildBrain's ( WILD:CA ) ( WLDBF ) Peanuts sale has closed, I'm revisiting with revised and refined numbers. This is a catalyst-rich story with incredibly compelling valuation. As a reminder, WILD owns the intellectual property for kids programming (Strawberry Shortcake, Teletubbies, etc) a children's content studio, a consumer licensing business (mainly ...
romrodinka/iStock via Getty Images Now that WildBrain's ( WILD:CA ) ( WLDBF ) Peanuts sale has closed, I'm revisiting with revised and refined numbers. This is a catalyst-rich story with incredibly compelling valuation. As a reminder, WILD owns the intellectual property for kids programming (Strawberry Shortcake, Teletubbies, etc) a children's content studio, a consumer licensing business (mainly for kids IP) and a digital distribution business. The company used to own 41% of the Peanuts (Charlie Brown/Snoopy) franchise. They just sold that to Sony for $630 million, which paid down all debt and left them with $40 million cash, in addition to the $69 million of cash already on the balance sheet. All numbers in this write-up are Canadian. I'll walk through the different divisions separately before I get to catalysts and a SOTP (Sum of the Parts) The Studio The writer strike cost the studio about 20mm of EBITDA. Business is ramping back up post the strike and over 75% of capacity is sold out over the medium term. Reinvestment into AI/automation should result in further upside. I could that business getting to 40-50mm of EBITDA. For purposes of this write-up, I'm going to use $18 million of EBITDA with quick upside to $30 million. Digital distribution Digital Distribution is mostly through fast channel (Free Ad-Supported Streaming, examples are Pluto TV and Tubi) and Spark, the company's own FAST channel. Right now, the company distributes mostly its own content through these channel and generates mid-single digit EBITDA but grows revenue double digits. Intellectual Property Post the Peanuts sales. Strawberry Shortcake is the big brand, with Teletubbies just behind. The company also owns franchises like Caillou and Inspector Gadget. The company gets paid 10-15% royalties on wholesale revenues, which are typically 50% of retail sales. This revenue is over 80% margin once a company is past the J-Curve (upfront investment in the brand). Strawberry Shortcake is in the J-Cur...
Former captain spent past two seasons at Brive Alex Sanderson: ‘He’s still got the ability’ Courtney Lawes has been backed to regain his England place following confirmation he will be joining Sale Sharks this summer on a one-year deal. The former national captain has spent the last two seasons with Brive in France’s ProD2 but has indicated he would love to play international rugby again should th...
Former captain spent past two seasons at Brive Alex Sanderson: ‘He’s still got the ability’ Courtney Lawes has been backed to regain his England place following confirmation he will be joining Sale Sharks this summer on a one-year deal. The former national captain has spent the last two seasons with Brive in France’s ProD2 but has indicated he would love to play international rugby again should the chance arise. While Lawes will be 38 next February and retired from the Test arena after the 2023 World Cup in France, he still feels he can make an impact at the top level of the game. That view is shared by Sale’s director of rugby, Alex Sanderson, who is much looking forward to welcoming the former Northampton stalwart to Manchester. Continue reading...