Daily Briefs

• The acquisition of Ansys Inc (ANSS US) by Synopsys Inc (SNPS US) has been completed today, 17 July and Ansys is expected to be deleted from Nasdaq100.
• CoreWeave (CRWV US) is forecasted to be added to Nasdaq100 as the replacement because it is the highest ranked eligible non-constituent following its recent listing on 28 March 2025.
• Top addition candidate for the December 2025 annual review is now Kimberly Clark (KMB US) following its listing transfer from NYSE to Nasdaq on 30 May 2025.

• Discussing research on gold and related metals with Dr. Dirk Bauer
• Examining the valuation of gold compared to other asset classes
• Differentiating between gold’s role as a hedge and a safe haven in times of financial turmoil

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• Evolving Treasury Landscape: Corporate treasuries face challenges from macroeconomic shifts, including high interest rate volatility, significant monetary expansion leading to inflation, and increasing geopolitical risks impacting cash flows and profitability.
• Bitcoin as a Strategic Asset: Bitcoin has emerged as an alternative asset for these challenges, offering a scarce and increasingly institutionally viable asset for potential long-term value preservation and portfolio diversification, as demonstrated by MicroStrategy’s pioneering strategy.
• The “Financial Engineering” Playbook: MicroStrategy’s approach goes beyond simple asset allocation, employing sophisticated financial engineering (e.g., convertible notes, equity issuances) to create value for shareholders by continuously acquiring more Bitcoin per share. 

• The tragic crash of Air India Flight 171, a Boeing 787-8 Dreamliner, on June 12, 2025, initially triggered global alarm over the safety of Boeing’s aircraft, evoking chilling memories of the 737 MAX debacle.
• However, a preliminary report by India’s Aircraft Accident Investigation Bureau (AAIB) appears to shift attention away from mechanical failure and toward pilot actions.
• According to the report, both fuel control switches were inexplicably moved from the “RUN” to the “CUTOFF” position seconds after takeoff—starving both engines of fuel.

• Waters Corporation has officially entered a new phase of its growth journey with the $17.5 billion acquisition of Becton Dickinson’s biosciences and diagnostic-solutions business.
• The deal, announced in July 2025, is structured as a merger but effectively represents a strategic divestiture by Becton Dickinson, which has opted to focus more intensively on its core medtech operations.
• Waters, best known for its laboratory instrumentation and software, will issue 39% of its shares to BD shareholders and assume $4 billion in debt.

• OraSure Technologies, Inc. outlined its financial results for the first quarter of 2025, revealing a nuanced performance in the face of ongoing industry challenges.
• The quarter saw the company reporting total revenues of $29.9 million, with core revenue—which excludes COVID-19 products and exited businesses—at $29.5 million.
• Although this reflects a slight 2% decrease from the previous year, it marks stability after adjusting for prior business divestitures.

• Forge Resources owns 80% of the fully permitted La Estrella coal project in Colombia.
• Extraction will start as early as January 2026 with a 20,000 ton bulk sample and ramp significantly after that.
• The Alotta copper-gold project in Yukon is an early-stage asset 40km from the world-class Casino deposit.

• We are reiterating our Buy rating, projections and $40 price target for JAKKS Pacific with the company announcing 2Q25 (June) results after the close on Thursday.
• We believe China tariffs at 100%+ levels for much of April served to effectively shut down shipments of JAKK product in the beginning of 2Q.
• Further, the company’s Freight On Board (“FOB”) driven business model also served to create a slower return to shipping when the 30% China tariff went into effect on May 12th.

• Zacks Small-Cap Research Note for NanoViricides, Inc. (NNVC)

• The independent Data Safety Monitoring Board (DSMB) overseeing the AEMD clinical trial has completed its scheduled safety review, recommending that the trial progress to the next patient cohort without modification.
• The company believes overall results thus far support moving the Australia ongoing oncology study forward, launching a similar trial in India and potentially also points to other applications of the Hemopurifier in EV-associated diseases.
• Separately, AEMD, in collaboration with the UCSF Medical Center, has an abstract for poster presentation at the upcoming Keystone Symposium on Long COVID and Other Post-Acute Infection Syndromes.