jetcityimage/iStock Editorial via Getty Images Takeda ( TAK ) announced plans to generate more than ¥200B ($1.3B) in annualized gross savings by fiscal 2028 on Wednesday, citing a business transformation exercise and a recently undertaken restructuring drive. The Japanese drugmaker stated that its board of directors approved the changes to business practices in a bid to accelerate its product laun...
jetcityimage/iStock Editorial via Getty Images Takeda ( TAK ) announced plans to generate more than ¥200B ($1.3B) in annualized gross savings by fiscal 2028 on Wednesday, citing a business transformation exercise and a recently undertaken restructuring drive. The Japanese drugmaker stated that its board of directors approved the changes to business practices in a bid to accelerate its product launches and improve its competitiveness and long-term growth profile in the years ahead. "Increased efficiencies from the transformation will be achieved through streamlining of corporate functions, bringing leadership and teams closer to patients and customers, and process simplification made possible by advanced technologies," the company said. In January, Tokyo-based Takeda ( TAK ) announced changes to its executive leadership team and organizational structure effective Apr. 1 in response to a fast-moving market and a complex business environment. With ¥150B ($0.9B) in restructuring expenses in FY26, the above initiatives are anticipated to impact the company’s financial forecast for the upcoming fiscal year, as expected with its FY25 results. While there are savings in restructuring expenses in FY27 and FY28, there will be no impact on FY25 results. More on Takeda Pharmaceutical Takeda Pharmaceutical Company Limited (TAK) Presents at TD Cowen 46th Annual Health Care Conference Transcript Takeda Tests New Highs, But Struggles To Find Entyvio Successor Takeda Pharmaceutical Company Limited (TAK) Q3 FY2025 Earnings Call Transcript Takeda, Iambic ink AI drug discovery deal worth more than $1.7B Alvotech higher on positive data backing biosimilar to Takeda’s Entyvio
Lead runners were led off course by guide vehicle World Athletics gives runners special entry Three runners who were led off course in a race that served as a qualifier for the World Road Running Championships have been given entry into the upcoming competition. Jessica McClain, Emma Grace Hurley and Ednah Kurgat were leading the USA Track & Field Half Marathon Championships in Atlanta earlier thi...
Lead runners were led off course by guide vehicle World Athletics gives runners special entry Three runners who were led off course in a race that served as a qualifier for the World Road Running Championships have been given entry into the upcoming competition. Jessica McClain, Emma Grace Hurley and Ednah Kurgat were leading the USA Track & Field Half Marathon Championships in Atlanta earlier this month when the guide vehicle took the trio off course. Molly Born, who had been more than a minute behind the leaders, came through to win the race, with Carrie Ellwood and Annie Rodenfels in second and third. McClain, Hurley and Kurgat finished in ninth, 12th and 13th respectively, around two minutes behind Born. Continue reading...
Lululemon (LULU) was one of the great post-pandemic premium retail winners, but that narrative is beginning to break down just as the macro backdrop turns more hostile. With the Iran war creating an oil shock, inflation pressures are reaccelerating at a time when consumer demand is already starting to soften. In a stagflationary environment, premium discretionary names are often the first to lose ...
Lululemon (LULU) was one of the great post-pandemic premium retail winners, but that narrative is beginning to break down just as the macro backdrop turns more hostile. With the Iran war creating an oil shock, inflation pressures are reaccelerating at a time when consumer demand is already starting to soften. In a stagflationary environment, premium discretionary names are often the first to lose pricing power as consumers trade down and investors reassess margin assumptions. The company still generates strong margins, but growth has slowed materially and competition has intensified from lower-cost dupes and newer premium brands. At the same time, Lululemon's expansion into footwear has added complexity without proving it can become a meaningful profit driver. What once looked like a high-margin growth story is now at risk of becoming a margin reversion story. With relative strength remaining poor and momentum negative, LULU appears vulnerable to a decisive breakdown. Trade timing & outlook LULU has been sitting on a major long-term support zone near $160, a level that has held multiple times since late 2025. Support fatigue: The stock has now tested the $160 level since Sept 2025, increasing the risk that support finally gives way. Poor strength: LULU continues to underperform the S & P 500 as there are signs of distribution by institutional investors. Downside potential: A clean break below $160 would likely open the path toward the $140 area, which marks the next major downside target. Fundamentals Lululemon still carries the margin profile of a premium brand, but that premium is becoming harder to defend as growth slows and the macro backdrop worsens. Forward P/E: ~13.0x vs. Industry ~19.9x Expected EPS Growth: ~4.0% vs. Industry ~10.0% Expected Revenue Growth: ~4.7% vs. Industry ~5.9% Net Margins: ~14.2% vs. Industry ~7.0% While the stock now trades at a discount to its industry on earnings, that discount reflects a real deterioration in growth expectations. Lu...
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.Claim 30% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your po...
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.Claim 30% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential REDIRECTING CAPITAL: The U.S. Department of the Interior announced a landmark ag
Former Venezuelan leader Nicolás Maduro heads to court again this week. The judge overseeing this case is longtime federal Judge Alvin Hellerstein. At 92 years old, Hellerstein is older than the average age of a federal judge by more than 20 years. (Image credit: Jane Rosenberg)
Former Venezuelan leader Nicolás Maduro heads to court again this week. The judge overseeing this case is longtime federal Judge Alvin Hellerstein. At 92 years old, Hellerstein is older than the average age of a federal judge by more than 20 years. (Image credit: Jane Rosenberg)
Saudi Arabia has ramped up crude shipments from Yanbu export terminals on the Red Sea coast as it diverts supplies away from the Persian Gulf and the Strait of Hormuz, which Iran has kept effectively closed since the end of February. Shutting Hormuz has halted about 15 million barrels a day of crude shipments that normally leave the Persian Gulf for world markets. That’s sent oil prices soaring, l...
Saudi Arabia has ramped up crude shipments from Yanbu export terminals on the Red Sea coast as it diverts supplies away from the Persian Gulf and the Strait of Hormuz, which Iran has kept effectively closed since the end of February. Shutting Hormuz has halted about 15 million barrels a day of crude shipments that normally leave the Persian Gulf for world markets. That’s sent oil prices soaring, left refiners scrambling and created shortages of key fuels. Saudi Arabia is one of only two countries in the region that can divert significant amounts of oil to bypass Hormuz, providing a crucial lifeline for supply. Riyadh aims to boost export shipments from its Red Sea ports to 5 million barrels a day, a target within reach. Its East-West pipeline, linking the Abqaiq processing hub to Yanbu, has a nominal capacity of 7 million barrels a day. But 2 million of those are required to supply refineries in Riyadh and on the Red Sea coast at Yanbu and Jizan, near the Yemen border, as well as power generation and desalination plants. Crude shipments for export from the Yanbu South and Yanbu North terminals averaged 4.4 million barrels a day in the five days to Tuesday, according to vessel tracking data compiled by Bloomberg. Flows through Yanbu have been rising steadily after the kingdom moved quickly to pump crude through the 746-mile conduit to the Red Sea. The kingdom’s rerouting efforts have seen it double crude exports from Yanbu in just over two weeks. Even so, the diversions will only be enough to offset about half the lost Persian Gulf shipments this month. Even at target levels, Yanbu exports would still leave Saudi Arabia’s crude exports roughly 2 million barrels per day below pre-war levels. There are about 56 million barrels of Saudi crude held on tankers that are stuck in the Gulf, according to Bloomberg calculations using ship tracking data. Those cargoes loaded in late February and early March, but have been unable to transit the Strait of Hormuz to the open seas....
Both Sides' Starting Ceasefire Positions Are: "We Won, You Surrender" By Michael Every of Rabobank Don't screen yourself off from reality Today starts with markets in a positive mood, stocks up in Asia, bond yields down slightly, and Brent oil down around 7% to $97.5. Yet don’t screen yourself from reality. As underlined before, the price of energy on a screen currently has no relation to its actu...
Both Sides' Starting Ceasefire Positions Are: "We Won, You Surrender" By Michael Every of Rabobank Don't screen yourself off from reality Today starts with markets in a positive mood, stocks up in Asia, bond yields down slightly, and Brent oil down around 7% to $97.5. Yet don’t screen yourself from reality. As underlined before, the price of energy on a screen currently has no relation to its actual availability in different forms in certain geographies. The Philippines just declared a national emergency to conserve fuel; South Korea is curtailing private driving; Slovenia has introduced rationing; and the boss of Shell is quoted saying Europe will face fuel shortages within days (see " Where Demand Destruction Is Greatest "). Iran, via its parliamentary speaker Ghalibaf , whom the US is now negotiating with, also makes this clear: “We are aware of what is happening in the paper oil market, including the firms hired to influence oil futures. We also see the broader jawboning campaign. But let’s see if they can turn that into "actual fuel" at the pump - or maybe even print gas molecules!” We are aware of what is happening in the paper oil market, including the firms hired to influence oil futures. We also see the broader jawboning campaign. But let’s see if they can turn that into "actual fuel" at the pump —or maybe even print gas molecules! — محمدباقر قالیباف | MB Ghalibaf (@mb_ghalibaf) March 24, 2026 That said, Iran has stated “non-hostile” ships can now transit Hormuz if the vessels co-ordinate with it. That would mean this crisis is essentially already over, albeit with Iran de facto taking control of Hormuz as a toll-way : only the US and Israel are ‘hostiles’, and they don’t use the Strait. But haven’t we seen this on our screens before? Did you notice any change in energy flows? Indeed, looking at your screens won’t tell you what’s going to happen in this war. For example, the New York Times reports Saudi’s MBS is still pushing Trump to continue fighting due ...
Alistair Berg/DigitalVision via Getty Images Introduction Tapestry, Inc. ( TPR ) is the parent company of Coach, Kate Spade, and Stuart Weitzman. Each year, Coach represents a higher percentage of Tapestry, Inc.'s sales, reaching ~80% in FY25. It has also performed incredibly well over the past few years, having returned ~250% over the past three years. Tapestry’s management has significantly impr...
Alistair Berg/DigitalVision via Getty Images Introduction Tapestry, Inc. ( TPR ) is the parent company of Coach, Kate Spade, and Stuart Weitzman. Each year, Coach represents a higher percentage of Tapestry, Inc.'s sales, reaching ~80% in FY25. It has also performed incredibly well over the past few years, having returned ~250% over the past three years. Tapestry’s management has significantly improved the Coach brand and is the textbook example of a turnaround from a “mall brand” to a luxury contender. Its margins expanded, with gross margins increasing from 69% in 2022 to 75% in 2025 and operating margin expanding from 17.5% to 20% over the same period. Virtually every profitability metric, apart from net margin, improved. Seeking Alpha So what did management do? Changes to its business Coach’s turnaround relates to having more control over its prices. This was achieved through less discounting, higher AUR, and a sales mix focused on DTC. Through a combination of strategies, it managed to become popular among Gen Z. On its Q1 FY21 earnings call , Tapestry’s then-CEO said: ...gross margin expanded 320 basis points year-over-year, driven by significant -- by a significant 350 basis point improvement at Coach. This expansion was primarily due to lower levels of promotion as we successfully executed our strategy to maintain price discipline and raise AURs, along with the continued tailwind from geographic mix. Promotions in the luxury business are a classic way to degrade the brand, as it damages its luxury status and it trains its customers to wait for discounts. It also attracts more price-sensitive customers, destroying its pricing power. Successful luxury brands such as Hermes ( HESAY ) are notorious for not offering discounts at all and making some of their customers spend 10X the price of a Birkin bag to even get the chance to buy it. While Tapestry’s management is probably not going to position Coach as an ultra-luxury brand, it has pivoted towards it. Gross mar...
RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” Q4 2025 investor letter. A copy of the letter can be downloaded here. The US stock market delivered modest gains in the quarter with the S&P 500 index (“S&P”) and the Russell 1000 Growth […]
RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” Q4 2025 investor letter. A copy of the letter can be downloaded here. The US stock market delivered modest gains in the quarter with the S&P 500 index (“S&P”) and the Russell 1000 Growth […]
A_teen/iStock via Getty Images Quarterly commentary Most asset categories produced positive returns in the final three months of 2025, reflecting the favorable backdrop for the world financial markets. The fund posted a gain but slightly underperformed its benchmark. Asset allocation contributed to performance, while underlying manager results detracted. Market review and outlook Global equities r...
A_teen/iStock via Getty Images Quarterly commentary Most asset categories produced positive returns in the final three months of 2025, reflecting the favorable backdrop for the world financial markets. The fund posted a gain but slightly underperformed its benchmark. Asset allocation contributed to performance, while underlying manager results detracted. Market review and outlook Global equities registered solid gains in the fourth quarter, helping the major, broad-based indexes record their third consecutive year of double-digit returns. Performance was uneven over the first half of the quarter due to concerns that AI-related stocks were in a bubble, but the market staged an impressive rebound and went on to achieve new all-time highs by year end. A continued decline in inflation enabled the U.S. Federal Reserve to enact two quarter-point interest rate cuts, boosting sentiment. In addition, corporate earnings were robust and world economic growth remained positive. Emerging- and developed-market international equities outperformed the United States, continuing a trend that was in place for the full year. Within the U.S. market, the value style outpaced growth as investors rotated toward opportunities outside of AI-related stocks. Global bonds logged only slightly positive total returns amid a growing consensus that most central banks were largely finished easing policy. Credit-oriented market segments continued to outperform, primarily as a result of their yield advantage. Contributors and detractors The majority of the benefit from allocation came from the fund's overweight in developed-market international equities and corresponding underweight in the United States. We have favored the non-U.S. markets for some time based on their attractive relative valuations, and this aspect of our positioning paid off in both the quarter and the year. The fund's real assets portfolio also contributed to relative performance, primarily as a result of a position in metals and m...