US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/palo-alto-networks-inc" target="_blank" data-smartkarma-citation="entities:7886:1" rel="noopener">Palo Alto Networks (PANW US)</a> is acquiring <a href="https://www.smartkarma.com/entities/cyberark-software-ltd" target="_blank" data-smartkarma-citation="entities:27151:1" rel="noopener">CyberArk Software Ltd (CYBR US)</a> in a $25B stock-and-cash deal, with shareholders receiving $45 plus 2.2005 PANW shares per CYBR share.</li>
<li>The transaction is expected to close in the second half of Palo Alto’s fiscal 2026 (February–July 2026), subject to customary regulatory approvals and CyberArk shareholder consent.</li>
<li>Upon completion, the deal will trigger significant passive flows, with an upweight of <a href="https://www.smartkarma.com/entities/palo-alto-networks-inc" target="_blank" data-smartkarma-citation="entities:7886:1" rel="noopener">Palo Alto Networks (PANW US)</a> and the removal of <a href="https://www.smartkarma.com/entities/cyberark-software-ltd" target="_blank" data-smartkarma-citation="entities:27151:1" rel="noopener">CyberArk Software Ltd (CYBR US)</a> from relevant indices.</li>
</ul>



Palo Alto Networks (PANW US) is acquiring CyberArk Software Ltd (CYBR US) in a $25B stock-and-cash deal, with shareholders receiving $45 plus 2.2005 PANW shares per CYBR share.
The transaction is expected to close in the second half of Palo Alto’s fiscal 2026 (February–July 2026), subject to customary regulatory approvals and CyberArk shareholder consent.
Upon completion, the deal will trigger significant passive flows, with an upweight of Palo Alto Networks (PANW US) and the removal of CyberArk Software Ltd (CYBR US) from relevant indices.


Palo Alto's $25B CyberArk Deal: Major US and Global Index Implications Ahead

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.</li>
<li>The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  </li>
<li>Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  </li>
</ul>


Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  
Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  


Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.</li>
<li>Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.</li>
<li>As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
</ul>


We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.
Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.
As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).


Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

<ul>
<li>Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.</li>
<li>As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.</li>
<li>While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.</li>
</ul>


Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.
As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.
While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.


Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

Equity Bottom-Up

Sailpoint Technologies Holdings / Equity Bottom-Up

<ul>
<li>SailPoint, a pioneer of enterprise identity governance market with industry leadership position, returned to the public markets in 2025.</li>
<li>American technology company has raised ~$1.4B in US IPO and paid down all outstanding debt in 1Q FY26, according to Brian Carolan, CFO of SailPoint, Inc.</li>
<li>The company reported mixed 4Q FY25 results with ~78% y/y increase in customers with ARR˃$1M and a bullish tone on AI agent identity management.</li>
</ul>


SailPoint, a pioneer of enterprise identity governance market with industry leadership position, returned to the public markets in 2025.
American technology company has raised ~$1.4B in US IPO and paid down all outstanding debt in 1Q FY26, according to Brian Carolan, CFO of SailPoint, Inc.
The company reported mixed 4Q FY25 results with ~78% y/y increase in customers with ARR˃$1M and a bullish tone on AI agent identity management.


SailPoint, Inc. (SAIL.US): Overall Growth Is Slowing Down, But FCF Will Turn Positive in FY26

Israel

CyberArk Software Ltd. provides information technology security solutions. The Company offers services which protect organizational privileged accounts from cyber attacks.

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CyberArk Software Ltd (CYBR US)

Palo Alto's $25B CyberArk Deal: Major US and Global Index Implications Ahead

Palo Alto’s $25B acquisition of CyberArk will boost PANW’s weight and remove CYBR from relevant indices, driving significant passive flows across...

Harry Kalfas

Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

In my insight, I dive deeper into the company's business and metrics. Moreover, I discuss IPO valuation and key investment risks

Andrei Zakharov

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

Lockout Rally in Full Swing; Watching Resistance Levels from here to 5910, But Stay Short-Term Bullish if Above 20-DMA and 21-EMAs. Still bullish...

Vermilion Research

SailPoint, Inc. (SAIL.US): Overall Growth Is Slowing Down, But FCF Will Turn Positive in FY26

SailPoint, Inc., a leading player in enterprise identity security with a balanced growth strategy, reported mixed 4Q FY25 results, pushing shares...

Andrei Zakharov

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