US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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

Alnylam Pharmaceuticals / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a>, <a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> and <a href="https://www.smartkarma.com/entities/seagate-technology-holdings-pl" target="_blank" data-smartkarma-citation="entities:9129:1" rel="noopener">Seagate Technology Holdings (STX US)</a> are the top 3 addition candidates with ALNY at the top.</li>
<li>
<a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a>, <a href="https://www.smartkarma.com/entities/cdw-corp-de" target="_blank" data-smartkarma-citation="entities:2244:1" rel="noopener">CDW Corp (CDW US)</a> and <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen (BIIB US)</a> are the top 3 deletion candidates with GFS at the bottom.</li>
<li>Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.</li>
</ul>



Alnylam Pharmaceuticals (ALNY US), Monolithic Power Systems (MPWR US) and Seagate Technology Holdings (STX US) are the top 3 addition candidates with ALNY at the top.

GLOBALFOUNDRIES (GFS US), CDW Corp (CDW US) and Biogen (BIIB US) are the top 3 deletion candidates with GFS at the bottom.
Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.


Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mongodb-inc" target="_blank" data-smartkarma-citation="entities:26655:1" rel="noopener">MongoDB (MDB US)</a> is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.</li>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> and <a href="https://www.smartkarma.com/entities/ebay-inc" target="_blank" data-smartkarma-citation="entities:1291:1" rel="noopener">eBay Inc (EBAY US)</a> are the main addition candidates for the acquisition of <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> by mid-2025 and the December 2025 review.</li>
</ul>



MongoDB (MDB US) is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.

Shopify (SHOP US) is the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.

Alnylam Pharmaceuticals (ALNY US) and eBay Inc (EBAY US) are the main addition candidates for the acquisition of Ansys Inc (ANSS US) by mid-2025 and the December 2025 review.


MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>Zozo continues to post solid gains in sales but a slight dip in new customers has led some to suggest that the online fashion mall is reaching its peak. </li>
<li>Meanwhile, The Japanese fashion retail sector has seen improved performance from retail stores at the expense of e-commerce, with stores actually outperforming online last year.</li>
<li>While further growth may be harder to achieve, Zozo has several strategies in place that should help it reach its target of ¥800 billion.</li>
</ul>


Zozo continues to post solid gains in sales but a slight dip in new customers has led some to suggest that the online fashion mall is reaching its peak. 
Meanwhile, The Japanese fashion retail sector has seen improved performance from retail stores at the expense of e-commerce, with stores actually outperforming online last year.
While further growth may be harder to achieve, Zozo has several strategies in place that should help it reach its target of ¥800 billion.


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

StubHub Holdings / Equity Capital Markets

<ul>
<li>StubHub Holdings, a category-leading marketplace for secondary tickets, seeks to raise up to $1B in US IPO. J.P. Morgan and Goldman Sachs are leading the offering.</li>
<li>The company was backed by Madrone Capital Partners, Bessemer Venture Partners, WestCap Management, and PointState Capital, among others.</li>
<li>I view StubHub Holdings as a great company and a category winner that is addressing a large and growing TAM with room for growth for years.</li>
</ul>


StubHub Holdings, a category-leading marketplace for secondary tickets, seeks to raise up to $1B in US IPO. J.P. Morgan and Goldman Sachs are leading the offering.
The company was backed by Madrone Capital Partners, Bessemer Venture Partners, WestCap Management, and PointState Capital, among others.
I view StubHub Holdings as a great company and a category winner that is addressing a large and growing TAM with room for growth for years.


StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public

<ul>
<li>The company filed the required SEC filings right on the deadline of 25 February 2025, thus has avoided a Nasdaq delisting and consequently a deletion from s&amp;p500 and other indices.</li>
<li>The security continues to be a contender for Nasdaq-100 inclusion at the December 2025 annual review.</li>
<li>The stock is up ~21.7% pre-market following the SEC filings.</li>
</ul>


The company filed the required SEC filings right on the deadline of 25 February 2025, thus has avoided a Nasdaq delisting and consequently a deletion from s&amp;p500 and other indices.
The security continues to be a contender for Nasdaq-100 inclusion at the December 2025 annual review.
The stock is up ~21.7% pre-market following the SEC filings.


Super Micro Computer (SMCI US): Avoided Nasdaq Delisting & Targets Nasdaq100 Inclusion

United States

eBay Inc. operates an online trading community.  The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets.  eBay also offers, through a subsidiary, secure online payment services.

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Ebay Inc (EBAY US)

Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

SOLS was deleted from the index at the close of 6 Nov following Honeywell’s spinoff. VSNT is still expected to be removed but Comcast’s spinoff has...

Dimitris Ioannidis

MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

MDB is set to be removed from Nasdaq100 on 16 May due to its low index weighting, with SHOP expected to replace it. ALNY and EBAY are potential...

Dimitris Ioannidis

Zozo Still Expecting New Highs

Zozo's sales are strong, but a drop in new customers has some concerned of a peak, particularly as retail stores outperformed e-commerce last...

Michael Causton

StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public

StubHub Holdings, a leading secondary ticket marketplace, aims to raise up to $1B in US IPO with backing from top-tier investors. The ticketing...

Andrei Zakharov

Super Micro Computer (SMCI US): Avoided Nasdaq Delisting & Targets Nasdaq100 Inclusion

SMCI avoids Nasdaq delisting and s&p500 deletion by filing SEC documents on the deadline. Stock is up ~21.7% pre-market and it has potential for...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

SOLS was deleted from the index at the close of 6 Nov following Honeywell’s spinoff. VSNT is still expected to be removed but Comcast’s spinoff has...

Dimitris Ioannidis

MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

MDB is set to be removed from Nasdaq100 on 16 May due to its low index weighting, with SHOP expected to replace it. ALNY and EBAY are potential...

Dimitris Ioannidis

Zozo Still Expecting New Highs

​Zozo's sales are strong, but a drop in new customers has some concerned of a peak, particularly as retail stores outperformed e-commerce last...

Michael Causton

StubHub IPO Preview: Bread and Games! The Ticketing Decacorn Is Ready To Go Public

​StubHub Holdings, a leading secondary ticket marketplace, aims to raise up to $1B in US IPO with backing from top-tier investors. The ticketing...

Andrei Zakharov

Super Micro Computer (SMCI US): Avoided Nasdaq Delisting & Targets Nasdaq100 Inclusion

​SMCI avoids Nasdaq delisting and s&p500 deletion by filing SEC documents on the deadline. Stock is up ~21.7% pre-market and it has potential for...

Dimitris Ioannidis

Zozo's sales are strong, but a drop in new customers has some concerned of a peak, particularly as retail stores outperformed e-commerce last...

StubHub Holdings, a leading secondary ticket marketplace, aims to raise up to $1B in US IPO with backing from top-tier investors. The ticketing...

SMCI avoids Nasdaq delisting and s&p500 deletion by filing SEC documents on the deadline. Stock is up ~21.7% pre-market and it has potential for...