Rabbitti/iStock via Getty Images Introduction I previously covered Indivior Pharmaceuticals, Inc. ( INDV ) when the market had become extremely bearish on the name back in October 2024 . At the time, the company traded at sub-$10 per share and had a market cap below $1 billion. Since then, the stock has enjoyed a sharp rally, up over 300% from the lows of around $7 per share back in 2024. The mark...
Rabbitti/iStock via Getty Images Introduction I previously covered Indivior Pharmaceuticals, Inc. ( INDV ) when the market had become extremely bearish on the name back in October 2024 . At the time, the company traded at sub-$10 per share and had a market cap below $1 billion. Since then, the stock has enjoyed a sharp rally, up over 300% from the lows of around $7 per share back in 2024. The market sentiment shifted aggressively as a combination of positive factors began to play out: Earnings growth and EBITDA margin expansion. Stabilising Sublocade's market share (70%+) vs. Brixadi. Cost uncertainty on legal settlements (DOJ payments settled in November). Buybacks executed at low valuation. Delisting from the LSE and also shifting the primary listing to the US, allowing for indexation in the S&P 600 and Russell 2000. Driving higher capital flows. Shareholder activism from Oaktree Capital is influencing the strategic direction and likely influencing the CEO change. These factors played out at a time when the company was trading at an incredibly low valuation (see my last article for details and background). My main argument back in 2024 was that Sublocade's market share would stabilise after losing its long-acting-injectable (LAI) buprenorphine monopoly for opioid use disorder (OUD) following Brixadi's entrance into the US market in 2023. Today, Sublocade is still winning 75% of new patients in OUD, which hasn't changed much since early 2025. CEO Joseph Ciaffoni said during the Q4 earnings call : We have seen over many quarters, our market share stabilizing in the mid-70% Another point I made was that having two LAIs on the market could help increase LAI penetration in the BMAT (buprenorphine medically assisted treatment) market over oral formulations of buprenorphine due to better compliance from patients. Despite the different moving pieces around the thesis, the story played out with several catalysts. Is Indivior Still Attractive After A 300% Rally? I believe I...
Following this past weekend's Japanese Grand Prix, Formula 1 goes into a five-week hiatus now that war in the Gulf has made it impossible to hold races in Bahrain and Saudi Arabia. The unplanned break is probably welcomed up and down the paddock as teams, drivers, and officials try to get their heads around this new generation of F1 car and the radical new demands it places on them all. Those new ...
Following this past weekend's Japanese Grand Prix, Formula 1 goes into a five-week hiatus now that war in the Gulf has made it impossible to hold races in Bahrain and Saudi Arabia. The unplanned break is probably welcomed up and down the paddock as teams, drivers, and officials try to get their heads around this new generation of F1 car and the radical new demands it places on them all. Those new challenges were on full display at Suzuka. On the plus side, the race itself was quite exciting. That's something you could not have said in 2025, a snoozefest with cars driving in procession and few opportunities to overtake. A hefty reduction in aerodynamic downforce for 2026 means that cars can follow each other more closely. But after this visit to one of motorsport's most-loved, most challenging circuits, it's very hard to avoid the conclusion that F1 has painted itself into a corner with its new hybrid systems. The sport itself recognizes this; on April 9, it will hold crisis talks to try to find a solution. You don't have the energy The problem, as we have been warned for some time, is the new hybrid power trains, which combine a 1.6 L V6 that generates 400 kW (536 hp) with a 350 kW (469 hp) electric motor. Getting to a near 50:50 split between internal combustion and electric power was key to attracting new auto manufacturers to the sport, and Audi, Ford, Cadillac, and Honda were all enticed by the 2026 rules. The electric motor is fed by a 1.1 kWh (4 MJ) battery pack, but depending on the track, cars are allowed to deploy 8–9 MJ from the electric side, which means recovering that energy while out on track. Read full article Comments
wdstock/iStock Editorial via Getty Images AT&T Inc. (NYSE: T ) has dramatically outperformed the market since we last recommended it; however, we don't think it's done yet. The company has managed to rapidly add new fiber customers, with an improving financial position that will enable AT&T to drive substantial shareholder returns. That makes AT&T a valuable long-term investment. AT&T 2025 Highlig...
wdstock/iStock Editorial via Getty Images AT&T Inc. (NYSE: T ) has dramatically outperformed the market since we last recommended it; however, we don't think it's done yet. The company has managed to rapidly add new fiber customers, with an improving financial position that will enable AT&T to drive substantial shareholder returns. That makes AT&T a valuable long-term investment. AT&T 2025 Highlights AT&T has continued to modestly grow its core business with 74.2 million postpaid phone subscribers, adding 1.5 million customers. AT&T Investor Presentation However, the company is chasing a new business, fiber. Fiber is important because AT&T's massive capex investments now position it to have reliable, long-term, high-margin cash flow, similar to its cellular business. The company has reached more than 32 million locations, adding 3 million in 2025, and it has grown to 10.4 million subscribers. More importantly, fiber enables the company to expand its convergence between cellular and fiber, a 42% convergence rate that's seen a 2% YoY increase. AT&T Investor Presentation Financially, the company saw 1% in service revenue YoY but stronger top-line revenue growth, resulting in 4.1% adjusted EBITDA growth. The net result there was $4.2 billion in quarterly FCF. The company has done a great job of building up its reliable FCF and currently sits at an 8% FCF yield, with substantial room to grow it going forward. AT&T Segment Performance Looking at the company's segment breakdown, we'll start with the largest, mobility. AT&T Investor Presentation This massive segment, which includes the company's cellular business, makes up ~75% of revenue. Here the segment saw 3.1% EBITDA growth supported by strong top-line YoY revenue growth, along with especially strong QoQ growth. The company has seen some weakness in ARPU, but overall pricing has remained strong. At the same time, the company managed to add more than 400K new customers in the quarter (NET). AT&T Investor Presentation Co...
UK plans to take economic control from Chinese owner Jingye a year after stepping in to run plant, sources say British Steel is on track to be fully nationalised within weeks, the Guardian understands, a year after the government took over the daily running of the loss-making business from its Chinese owner. The steelmaker, which employs 3,500 people at its plant in Scunthorpe, was taken under gov...
UK plans to take economic control from Chinese owner Jingye a year after stepping in to run plant, sources say British Steel is on track to be fully nationalised within weeks, the Guardian understands, a year after the government took over the daily running of the loss-making business from its Chinese owner. The steelmaker, which employs 3,500 people at its plant in Scunthorpe, was taken under government control last April amid fears that the owner Jingye was planning to shut down the site. Continue reading...
A French court on Monday issued an arrest warrant and a one-year prison sentence against the Chinese captain of a suspected Russian “shadow fleet” tanker over failing to comply with orders to stop his ship. Chen Zhangjie, 39, was sentenced in absentia after the French navy boarded the Boracay tanker in September before releasing the vessel and its crew days later, in what Russian leader Vladimir P...
A French court on Monday issued an arrest warrant and a one-year prison sentence against the Chinese captain of a suspected Russian “shadow fleet” tanker over failing to comply with orders to stop his ship. Chen Zhangjie, 39, was sentenced in absentia after the French navy boarded the Boracay tanker in September before releasing the vessel and its crew days later, in what Russian leader Vladimir Putin condemned as “piracy”. The court in the western city of Brest also ordered Chen to pay a...
Global equities experienced their largest net selling since April 2025 last week, marking the sixth consecutive week of outflows, according to Goldman Sachs Prime Services, which services hedge funds. The firm’s weekly report revealed that gross trading activity continued to climb, driven overwhelmingly by short sales over long sales at a ratio of 5.6 to 1. All major regions saw net selling during...
Global equities experienced their largest net selling since April 2025 last week, marking the sixth consecutive week of outflows, according to Goldman Sachs Prime Services, which services hedge funds. The firm’s weekly report revealed that gross trading activity continued to climb, driven overwhelmingly by short sales over long sales at a ratio of 5.6 to 1. All major regions saw net selling during the week, with North America and Europe ( VGK ), ( IEV ), ( IEUR ) leading in dollar terms, Goldman Sachs reported. Seven of 11 global sectors were net sold, with information technology ( XLK ), industrials ( XLI ), and health care ( XLV ) experiencing the heaviest selling, while consumer staples ( XLP ), energy ( XLE ), and materials ( XLB ) attracted the most buying interest, according to the bank’s Prime Services. Asia posted its largest percentage net selling since April 2025, though Goldman Sachs Prime Services noted a stark divergence in trading patterns between markets. Selling in emerging markets Asia ( EEMA ) was driven entirely by long sales, while developed markets Asia saw selling driven entirely by short sales. The reversal was particularly dramatic in Korea ( EWY ), ( FLKR ), ( KORU ), where 70% of year-to-date buying was erased in March alone, according to Goldman Sachs. Hedge funds extended their selling streak in European equities ( VGK ), ( IEV ), ( IEUR ) to six consecutive weeks, led by short sales in macro products, Goldman Sachs Prime Services reported. Short exposure in European Macro Products now stands at 11% of total EU exposure, which the firm noted is a 10-year high, with the UK, Ireland, and Germany seeing the heaviest net selling. Despite the widespread selling activity, Goldman Sachs observed that gross and net allocations to Asia remain near record highs at 23.8% and 29.1%, respectively, as a percentage of overall Prime Book exposure. The Prime book is currently slightly overweight European equities versus the MSCI World Index ( ACWI ) by 0....
Spencer Platt/Getty Images News Tesla ( TSLA ) is strengthening its footprint in Japan, doubling its number of service centers in a push to gain additional market share in the world’s third-largest automotive market. The company has been pivoting towards more physical showrooms and increasing staff to improve its competitive position among rivals like Toyota ( TM ), Honda ( HMC ), and Nissan ( NSA...
Spencer Platt/Getty Images News Tesla ( TSLA ) is strengthening its footprint in Japan, doubling its number of service centers in a push to gain additional market share in the world’s third-largest automotive market. The company has been pivoting towards more physical showrooms and increasing staff to improve its competitive position among rivals like Toyota ( TM ), Honda ( HMC ), and Nissan ( NSANY ) ( NSANF ) and cater to the car shopping preferences of Japanese consumers. Last year, Tesla ( TSLA ) sold ~10,600 vehicles in Japan, driven by demand for the Model 3 and Model Y, a surge of 90% year-over-year thanks to an effort to increase the number of showrooms in the nation’s high-traffic shopping malls. However, the dearth of service centers remains an issue. The company currently has only 14 service centers, most of which are located in Japan’s largest cities. The company plans to address this gap by more than doubling this number to 30+ with many service centers located next to Tesla showrooms. Tesla CEO Elon Musk confirmed the earlier Nikkei Asia reports surrounding the goal for Japan in a post on X.com. “Tesla is making a big investment in Japan with service & superchargers. Many of the parts in Teslas are made in Japan,” adding that the move complements its relationship with Panasonic, Tesla’s ( TSLA ) biggest strategic supplier over the past 2 decades. More on Tesla Tesla: The Market Will Eventually Ignore The Carefully Crafted Disruption Narrative Tesla: The Implosion Isn't Done Yet Tesla: Promises Of Robots And Space Data Centers Do Not Justify This Valuation Is merging with SpaceX the new 'master plan' at Tesla? Tesla is expected to post a soft Q1 deliveries report next week
Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it’s us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it’s contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting ...
Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it’s us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it’s contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting with us, check out the Odd Lots Discord , where you can hang out and talk with us and with other listeners 24/7. Here’s what Tracy’s thinking about... One of the weirdnesses of our current commodities market is that there seems to be a real disconnect between the financial world and the physical. Take urea coming out of the Middle East, for instance. Bloomberg Green Markets reports that prices appear to currently be at about $800 per metric ton, compared to $300-$305 per metric ton a year ago. That’s more than a doubling of the price in 12 months, which is clearly bad, but perhaps not as bad when viewed through the long lens of history. Back in 2022, spot prices for Middle Eastern urea hit $1,000 per metric ton following Russia’s invasion of Ukraine. But my use of the word “appear” is important here, because getting Middle Eastern urea at any of these quoted prices is basically a theoretical exercise right now. Here’s Green Markets’ Daniel Cole: “The week closed with reports of urea prices climbing into the $800s/mt FOB. While some late reports indicated a possible $800-$825/mt FOB range under discussion, traders were unsure if $825/mt FOB had actually been breached . Prices were focused on $760-$780/mt FOB for most of the week, representing a jump of about $30/mt from the previous report. The firmer prices would make sense after MOPCO/Egypt closed the week with a sale at $800/mt FOB. The real issue on pricing, noted one trader, is that while sellers and buyers can quote almost any price, nothing is getting out of the Gulf. That reality makes most discussion academic rather...
iPhone and Android users might be able to make interoperable video calls through their messaging apps - eventually. Last week, the GSM Association (GSMA) announced that the finalized RCS Universal Profile 4.0 standard will let users turn 1-to-1 or group RCS chats into video calls thanks to a feature called Messaging‑Initiated Video Calls (MIVC). "MIVC will ensure the continuity of the conversation...
iPhone and Android users might be able to make interoperable video calls through their messaging apps - eventually. Last week, the GSM Association (GSMA) announced that the finalized RCS Universal Profile 4.0 standard will let users turn 1-to-1 or group RCS chats into video calls thanks to a feature called Messaging‑Initiated Video Calls (MIVC). "MIVC will ensure the continuity of the conversation by allowing group members to join an ongoing video call that they could not accept when it started, as well as synchronise MIVC logs within the chat timeline," the GSMA says . "When implemented, MIVC paves the way for the first natively supported v … Read the full story at The Verge.