United States

• Coherent Corp has announced a strategic divestiture, selling its Aerospace and Defense (A&D) business unit to private equity firm Advent International for $400 million.
• The transaction, disclosed on August 13, 2025, marks a critical pivot in Coherent’s broader portfolio optimization initiative.
• As part of this deal, Coherent will relinquish approximately 550 employees and 10 global operational sites tied to the A&D division.

• Lifeway Foods’ Q2 results show 10% sales growth and 18% volume increase, enhancing leverage in Danone negotiations.
• Renatus Tactical Acquisition’s stock declined by 6% amid speculation on crypto treasury strategy, maintaining attractive risk-reward profile.
• WideOpenWest buyout concluded at $5.2/share, offering 65% premium to recent levels, despite undervaluation concerns.

• Based on 25Q2 sales data of Semaglutide and Tirzepatide, the penetration rate of both T2D and weight loss indications is approaching ceiling. The inflection point of GLP-1 market has arrived.
• When the gap of clinical progress in EU/US markets is too large, these drugs may not even be on the same tier, and thus do not constitute substantive competition.
• Novartis has approached Avidity Biosciences with an acquisition offer. We think price range of $9-11B is justified by 3-5x peak sales multiples and strategic urgency.

• Diamondback Energy reported its second-quarter 2025 results, showcasing its consistent focus on enhancing shareholder value through operational efficiencies and strategic asset management.
• The company continues to leverage its expertise in acquiring and optimizing assets, particularly in the Permian Basin, where it has historically demonstrated proficiency in cost reduction and improved execution.
• One of the highlights of the quarter included successful integration of previous acquisitions, notably Endeavor, which was executed smoothly without operational disruptions.

• Hillenbrand’s fiscal third-quarter results for 2025 present a complex picture of strategic maneuvers amidst persistent economic challenges.
• On one hand, Hillenbrand has advanced its strategic objectives, focusing on simplifying its portfolio and reducing debt, evidenced by the divestiture of the Milacron Injection Molding & Extrusion (MIME) business and the sale of its minority interest in TerraSource.
• These divestitures generated a total of $380 million in net proceeds, which were channelled towards debt reduction, thereby enhancing the company’s balance sheet.

• IDEXX Laboratories, Inc. reported robust financial results for the second quarter of 2025, underpinned by strong execution, particularly in their Companion Animal Group (CAG) business.
• The company’s revenue increased 11% as reported and 9% organically.
• Growth was driven notably by advancements in their CAG Diagnostic Recurring Revenues, which benefited from significant CAG instrument sales and a strong international performance.

• Ingredion Incorporated reported its second-quarter results for 2025, showcasing mixed financial performance with both positive and negative aspects influencing its strategic outlook.
• The company achieved a historic milestone with an adjusted operating income of $273 million, marking its highest ever for a second quarter, bolstered by a 1% increase from the previous year and a 12% increase during the first half of 2025.
• However, net sales declined by 2% due to the pass-through of lower corn costs, highlighting some challenges in its operational efficiency and pricing strategy.

• The earnings report for Moderna, Inc.’s second quarter of 2025 presents a multifaceted picture of the company’s current financial health and strategic endeavors.
• Beginning with the financial landscape, Moderna reported revenues of $2.1 billion and experienced a loss of $0.8 billion, which aligns with the company’s expectations given the seasonal nature of its respiratory vaccine business.
• Notably, the company managed to reduce its cost of sales and SG&A by 35% compared to the previous year, indicating a strong commitment to financial discipline.

• nVent Electric plc delivered a strong performance in its second quarter of 2025, with both sales and adjusted earnings per share (EPS) surpassing prior guidance.
• The company’s strategic transformation towards focusing on higher-growth, electrical connection, and protection markets is yielding positive results.
• Notably, sales rose by 30%, including 9% organic growth, driven primarily by the infrastructure vertical, which saw a significant increase owing to heightened demand for data solutions and data centers.

• ONEOK’s financial results for the second quarter of 2025 underscore a mixed but somewhat promising performance, characterized by both strategic accomplishments and challenges in handling market volatility.
• The company reported a significant increase in adjusted EBITDA, marked by a 12% rise from the previous quarter, attributed to efficient synergy capture and a robust supply-demand balance.
• This performance suggests the integration of assets is beginning to yield positive earnings, an important step forward for the company.

• AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range
• Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY
• The China slump was not unexpected, but the leading edge logic drop was definitely a surprise

• BioLineRx is a commercial stage biopharmaceutical company with a development portfolio advancing motixafortide, a platform molecule targeting indications in stem cell mobilization (SCM) & in the treatment of advanced pancreatic cancer.
• The candidate is approved in the US for SCM and is undergoing studies for use in gene therapy and in pancreatic cancer.
• Partner Gloria Biosciences is developing motixafortide in Asia & is expected to be conducting bridging studies in the near term for SCM & longer-term studies for other indications.

• BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies.
• The company announced its 2Q2025 preliminary financial results.
• The company continues to execute at a high level but faces reimbursement uncertainty.

• Bone Biologics is pursuing a better and more effective way of dealing with back pain requiring surgery by developing bone regeneration in spinal fusion using the recombinant human protein known as NELL-1/DBX, or NB1.
• The company continues with human trials and reported 2Q2025 financial results that showed good cash balances that should allow testing results to bolster BBLG.

• On August 14, 2025, BrainStorm Cell Therapeutics, Inc. (BCLI) announced financial results for the second quarter of 2025 and provided a business update.
• The company continues to be focused on initiating the Phase 3b ENDURANCE trial of NurOwn for the treatment of amyotrophic lateral sclerosis (ALS).
• Following the filing of the Citizen’s Petition in July 2025, we await a decision from the FDA regarding that petition and whether the agency will invite BrainStorm to resubmit the Biologics License Application (BLA) for NurOwn in ALS.

• Dyadic has developed C1, its proprietary fungal expression system that can produce a variety of recombinant proteins.
• C1 has been commercialized in industrial applications and is in development for production of pharmaceutical grade proteins.
• C1 exhibits potential to economically produce recombinant proteins, biologic vaccines, virus like particles, antibodies, Fc-fusion, enzymes, AAVs and other biopharmaceuticals.

• Protalix is a clinical and commercial pharmaceutical company using its proprietary ProCellEx plant-based expression system to pro duce thera peutic proteins for global markets.
• The company has two commer cialized products, Elelyso that is marketed by Fiocruz in Brazil & Pfizer in the rest of the world for Gaucher Disease and Elfabrio which was approved in May 2023.
• Chiesi Rare Disease will commercialize Elfabrio globally.

• The introduction of Binance Alpha has been the most significant development in the exchange listing landscape in 1H 2025. Within 7 months, it evolved from trading in Binance wallet only to a 2.0 version that funnels Binance exchange liquidity directly to DEX trading, which was then followed by the introduction of a trading incentive program Alpha points.
• Binance Alpha listings placed a greater emphasis on tokens with an FDV under $100 million, a segment traditionally overlooked by Binance. With the launch of 2.0 and Alpha points, tokens listed through this program have been outperforming listing events on other exchanges, including Binance’s own, in both price and trading volumes.
• The growth of Alpha created competition for other exchanges. Mid-size exchanges have seen fewer listing events, and Alpha listings might be filling this void. Binance’s own listings have also been affected: the first 30-day trading volume for large FDV tokens shrunk by 20% on Binance, while this metric grew on Upbit, OKX, and Bybit. Additionally, Binance-listed tokens showed a below-average price performance compared to other exchanges.

• The IPO priced 60.0 million shares (upsized from 50.0 million) at $23.00, the high end of the upwardly revised $19–$21 range, only to open flat and trade poorly.
• Underwriters failed to properly assess book quality. While the order book was reportedly 20× covered, the aftermarket behavior revealed that much of this “demand” lacked conviction.
• The stock’s underperformance will likely keep momentum buyers on the sidelines until the company strings together multiple quarters of beats and raises.

• Roku’s second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company.
• On the positive side, the quarter was highlighted by an 18% year-over-year growth in platform revenue, driven largely by the expansion and diversification of advertising demand, and a robust performance from the newly launched Roku Ads Manager.
• This growth was fueled by significant gains in video advertising, which outpaced the overall U.S. OTT and digital ad markets, pointing to successful integration strategies and product innovations.

• Baxter International’s second quarter 2025 earnings results portray a complex landscape of solid financial performance alongside challenges in specific sectors.
• Baxter reported sales from continuing operations of $2.8 billion, reflecting a growth of 4% on a reported basis and 1% on an operational basis from the prior year.
• However, this growth remained at the lower end of the company’s expectations, as declines in certain segments, such as the Medical Products & Therapies and Pharmaceuticals, offset the performance of other areas.

• Spectral AI is developing an AI-guided predictive medical device that employs multispectral imaging (MSI) to estimate a wound’s capacity to heal.
• The company is pursuing indications in burn and diabetic foot ulcers (DFUs) with the former receiving support from BARDA & other government agencies.
• Spectral is distinguished by its combination of MSI and AI to improve diagnoses.

• Miami International Holdings (MIAX US)  priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range.
• Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes.
• MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business.

International Public Partnerships (INPP) has agreed the sale, for £32m, of a minority part of its investment in Angel Trains, at a very attractive premium to the end-FY24 valuation. The transaction reflects INPP’s continuing focus on optimising its portfolio while supporting both capital returns and attractive reinvestment opportunities. The company says the sale proceeds will support the ongoing share buyback programme, together with its future investment commitments, such as the recently announced c £250m commitment to Sizewell C.

• AppFolio Inc. reported significant growth in its second quarter of 2025, with a revenue increase of 19% year-overyear, totaling $236 million.
• This growth reflects a strong market position, driven by new business wins, customer upgrades to premium tiers, and higher adoption of value-added services.
• A key driver of AppFolio’s success appears to be its focus on AI-enabled solutions.

• BorgWarner, a leading provider of powertrain solutions, recently discussed its second-quarter 2025 performance, revealing a balanced set of achievements and challenges.
• On the positive side, the company’s light vehicle eProduct sales rose by an impressive 31%, significantly outpacing the high-teens increase in global hybrid and battery electric vehicle (BEV) production during the quarter.
• Despite a year-over-year organic sales stagnation, excluding the declining commercial vehicle battery and charging systems segment, BorgWarner’s organic sales experienced modest growth.

• Arrow Electronics reported their second quarter results of 2025, showcasing a commendable performance with revenues and earnings per share exceeding the upper end of their guided expectations.
• The company’s two major segments, Global Components and Global Enterprise Computing Solutions (ECS), both contributed to this outperformance.
• Positives from the report indicate that Global Components achieved year-over-year growth for the first time since the fourth quarter of 2022.

• Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
• The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
• The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.

• . The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.
• The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.
• Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025. 

• 10x Genomics has been in the spotlight recently after signaling strong interest in acquiring Scale Biosciences—an emerging leader in split-pool combinatorial barcoding for ultra-high-plex single-cell assays.
• Just days after posting mixed Q1 results impacted by U.S. academic funding headwinds, CEO Serge Saxonov affirmed a strategy centered on innovation and partnership to sustain momentum in single-cell and spatial genomics.
• Scale’s technology promises instrument-free barcoding kits, sample-pooling workflows, and its first commercial single-cell methylation solution—all of which could integrate seamlessly into 10x’s Chromium and Xenium platforms.

• Avantor, the $7.8 billion life sciences supplier headquartered in Radnor, Pennsylvania, has recently drawn the attention of activist investor Engine Capital, which has taken a roughly 3% stake in the company.
• The move comes after a tumultuous year in which Avantor’s shares fell nearly 50%, pressured by weakened demand—especially in government and education sectors due to research funding cuts—and the April announcement of its longtime CEO’s departure.
• Now, with a new chief executive, Emmanuel Ligner, set to take the helm in mid-August, Engine Capital is urging Avantor to either sell itself outright or embark on a strategic overhaul that could include a board refresh, cost reductions, stock buybacks, and divestitures of noncore assets.

• Western Union is making strategic headlines with its agreement to acquire International Money Express for $16 per share in cash, valuing the deal at roughly $500 million.
• The acquisition price reflects a 50% premium to Intermex’s 90-day volume-weighted average price and signals Western Union’s intent to strengthen its U.S. retail footprint while expanding into high-potential geographies.
• The move comes amid a challenging macro backdrop for Western Union, which recently reported Q2 2025 revenues of $1.026 billion, down 1% year-over-year (excluding Iraq), with ongoing headwinds in U.S. outbound corridors due to heightened immigration enforcement.

• Graham Holdings Company has quietly delivered a series of encouraging results highlighting an estimated parts sum‐of‐the‐parts valuation exceeding $1,500 per share versus its market price near $950.
• Fueled by double‐digit growth at Kaplan’s test prep and online university businesses, 36% year‐over‐year revenue gains in its fast‐growing healthcare services segment, and the potential spin‐off of its TV station group, Graham is drawing fresh attention for its diverse asset base and disciplined capital management.
• With an overfunded pension plan, a conservative balance sheet holding more than $1.1 billion in cash and marketable securities against $800 million of debt, and family control via supervoting shares that aligns management with long‐term value creation, the Barron’s report cites narrowing losses at early‐stage businesses like Framebridge and increased focus on high-growth healthcare units as catalysts that could unlock shareholder value.

• General Motors has been quietly transforming its electric-vehicle strategy over the past few months, and the latest moves suggest the century-old automaker is more serious about EVs than ever.
• In early August, GM shocked the industry by announcing a temporary import of lithium-iron-phosphate (LFP) batteries from China’s CATL, despite steep Trump-era tariffs, to power its next-generation Chevy Bolt.
• Simultaneously, GM doubled down on joint ventures: teaming with Hyundai to codevelop five new hybrid and electric models slated for launch by 2028, and expanding its Ultium Cells partnerships with LG to bring domestic LFP and advanced lithium-manganese-rich chemistries on-line by 2027.

• US Group II light-grade export-price premium to vacuum gasoil holds close to lows in Q1 2025.
• Lower base oils margins and drop in outright export prices suggest recent tightness of light-grade supplies is easing.
• Drop in export prices facilitates removal of any such surplus volumes, keeping fundamentals balanced for longer in domestic market.

• Asia’s heavy-grade base oils price-premium to Singapore gasoil holds firm in narrow range, even if down from highs in Q2 2025.
• Firm premium sustains incentive for refiners to maintain high output of heavy grades even amid signs of rise in surplus supply.
• FOB Asia Group II heavy-grade price discount to CFR UAE prices rises to highest in more than a year.

• Global base oils margins stay more mixed but mostly hold at levels that sustain incentive for refiners to maintain firm output of the lubricants feedstock.
• Fob Asia light-grade base oils price-premium to Singapore gasoil extends rise, while heavy-grades stay more rangebound.
• FOB Asia Group II light-grade price-premium to gasoil rises to highest since H1 June 2025.

• Nanya last week announced that revenues for the month of July amounted to NT$5.3 billion, an increase of 31.4% MoM, and an increase of 95% YoY,
• Micron this week revised upwards its guidance for the current quarter with a roughly $500 million increase in revenue, attributable primarily price increases for DDR5
• Customisation of Micron’s HBM4E base logic die is transforming their key customer relationships from commodity vendor to strategic ASIC design-like partner. That’s good for Micron…   

• ACMR reported C2Q25 top line, non-GAAP operating profit and GAAP net income (14%), (35%) and (17%) vs. our estimate, and (3.9%), (16%) and (9.9%) vs. consensus. 
• However, company maintained full year revenue guidance of US$850-950 unchanged and raised long term revenue target by 33% to US$4bn;
• We keep rating and TP unchanged. ACMR is one of our TOP BUY’s.

• First Solar’s second-quarter results for 2025 showcase both achievements and challenges.
• The company reported module sales of 3.6 gigawatts, surpassing previous forecasts, and earnings per share of $3.18, exceeding guidance.
• This reflects an effective operational performance, with 4.2 gigawatts produced during the quarter, including 2.4 gigawatts from U.S. facilities, which highlights the benefits of the Inflation Reduction Act 2022 and related domestic policies.

• CMS Energy Corporation showcased a solid performance for the second quarter of 2025, marked by a blend of strategic advancements and financial achievements, alongside some challenges and areas for cautious monitoring.
• Here is an analysis of both positive and negative aspects from their recent earnings disclosure.
• On the positive side, CMS Energy has secured a new agreement with a data center that could expand its load by up to 1 gigawatt.

• Allen highlighted BTCS’ focus on Ethereum and building on top of the Ethereum network.
• The recent passage of the US GENIUS Act has propelled Ethereum and stablecoins into the forefront of the cryptocurrency world.
• BTCS, the oldest public crypto company, has focused on being an Ethereum-first blockchain infrastructure company. For the last five years, it has been accumulating Ethereum as a byproduct of its operations.

• Builders FirstSource operates within a dynamic and challenging market environment in the construction industry.
• In its second quarter of 2025, the company has faced some notable financial and operational challenges, yet also showed resilience and strategic forward-thinking.
• Their performance presentation outlines both areas of strength and concern that potential investors should consider.

• EMCOR Group reported a robust performance for the second quarter of 2025, marked by significant revenue growth and strong operating margins.
• The company achieved a record $4.3 billion in consolidated revenues, representing a 17.4% increase compared to the same period last year.
• This growth was driven by a combination of organic expansion and strategic acquisitions, notably Miller Electric, which contributed $330.3 million to the overall revenue.

• Edison International’s Q2 2025 financial results reveal a complex interplay of challenges and advancements.
• The company reported a decline in core earnings per share to $0.97 from $1.23 the previous year.
• This decline is attributed largely to the fact that a final decision has not yet been received on Southern California Edison’s (SCE) 2025 general rate case (GRC), leading them to rely on 2024 authorized levels for booking revenues, which will be trued-up upon final resolution.

• APi Group Corporation delivered robust second-quarter 2025 financial results, showcasing strong revenue growth and strategic advancements across its segments.
• The company experienced solid financial performance, driven by effective execution of its strategic initiatives, yet faced specific challenges that need consideration in an investment analysis.
• On the positive side, APi Group reported an impressive 15% year-over-year increase in net revenues, reaching $2 billion for the second quarter.

• Key 2Q25 takeaways include: 1) loan origination volumes remain strong, with favorable lead indicators around steady demand trends, increasing throughput from the company’s pass-through partnership with Ally Financial, improving funding rates, and as newer salespeople continue to season 2) CPSS’s ABS volumes have remained consistently strong ($400+ million for each of the last five securitizations), while related cost of funds have continued to trend lower – a powerful combination from an earnings power perspective 3) we look for NCOs to continue to trend lower reflecting responsible underwriting, portfolio remixing, and improving recovery rates and 4) while we prefer to err on the side of caution, we note our 2026 EPS forecast jumps from $1.85 to $3.17 (70%+ accretion) if we layer in a 4.5% cost of funds (consistent with the company’s long-term average) for next year.
• Granted, lower interest expenses will take time to flow through the P&L, though we think our back-of-the-envelope math reinforces the considerable leverage in the model, as interest expense normalizes.

• Intel CEO Lip Bu Tan is reportedly headed to Washington today to meet with the US Administration and clear up any misunderstandings about his past investments in China etc.
• Meanwhile, former CEO Craig Barrett published his third opinion piece about Intel’s future and calls LBT’s strategy of not investing further in 14A without customer support a joke
• It’s challenging to deal with the US Administration from a position of strength. It’s a whole different ball game when both the CEO & the company are in crisis mode…

• The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
• Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
• The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.

• Political scrutiny and perception issues form a tense backdrop ahead of Tan’s Oval Office meeting.
• Strategic rifts over investment pace, 14A development, and fab build-outs are at the heart of the discussion.
• The meeting’s outcome may hinge on whether Tan can align Intel’s roadmap with Trump’s manufacturing agenda.

• Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
• In the first half of 2025 the adjusted revenue was $197m or 56% above the $126m in 1H 2024.
• As of August, they have built out all the technology pieces they need without adding head-count and now are in execution mode.

• FAO’s meat price index hit a new all-time high of 127.3 points, up 1.2% from its previous peak in June, as strong import demand from China and the United States boosted beef and sheep meat prices, the agency said.
• U.S. beef imports have climbed after drought led to a decline in the domestic cattle herd.
• Looking at the latest futures prices, live cattle, feeder cattle and even lean hogs remain in a strong uptrend with a significant backwardation remaining within the forward curve.

• NLOP just declared a $3.10 special dividend, funded by cash from asset sales.

• The company has zero recourse debt, $78M cash, and continues to sell properties well above the market’s implied valuation.

• In Q2, NLOP sold a vacant building for $81/sf and a JPMorgan-leased asset for $143/sf at a 12.1% cap rate.

• NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
• The technology involved also has the potential to more efficiently get other treatments to the needed area.
• The company announced independent study results that show its exosomes delivered more than twice the amount of wound-healing signals than the industry benchmark.

• U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
• U-Haul is also the third largest self-storage operator in North America.
• Management continues to expand capacity in the self-storage segment and U-Box.

• U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
• U-Haul is also the third largest self-storage operator in North America.
• Management continues to expand capacity in the self-storage segment and U-Box.

• 2Q25 WI production averaged 21,654 boe/d, near the top end of the guidance range (20–22.1 mboe/d).
• Gabon production was particularly strong at 8,563 bbl/d (guidance of 7.8–8.6 mbbl/d), driven by continued flow from the 4H well at Ebouri, which remains ~1,000 bbl/d (gross).
• Despite high H₂S concentrations, chemical treatment has proven effective.

• Bullish US (BLSH US) will be excluded from the one US index due to foreign SEC filings.
• Bullish US (BLSH US) will be excluded from the one Global index due to insufficient float cap.
• Bullish US (BLSH US) is expected to be added to Global SmallCap in November 2025 and to US-R1000 in December 2025 despite its foreign filings.

• Apple CEO Tim Cook visited the White House announcing an additional $100 billion investment in the US over the next four years, on top of the $500 billion already committed.
• He launched the American Manufacturing Program with nine initial members seven of which are already long terms partners and two of which have no direct relationship with Apple at all
• Samsung with its image sensor deal (presumably) and MP Materials with its rare earth magnets deal are two clear winners from the Apple announcement. Overall, successful mission by Mr. Cook.

• By restricting the announcement of a 50% tariff on copper pipes/wiring and leaving out ores, concentrates, and cathodes, the Trump administration destroyed the COMEX-LME spread in one fell swoop. 
• COMEX prices have plunged, and the spread now is 150 USD/ton from the highs of almost 3000 USD/ton, with high inventories on the COMEX probably needing to be dumped. 
• Short term copper prices may face pressure, but we see an excellent outlook for the longer term, given the elevated China copper imports, which rose 18% YoY in July. 

• Digital Growth & Guidance Up: 2Q25 revenue +11.2% YoY (LCY), EBITDA margin 47.8%; digital revenue share hits 16.5%; Group FY25 guidance raised to +13–15% revenue, 14–16% EBITDA growth (LCY).
• Uklon Boost: First consolidation of Uklon ridesharing acquisition added US$21.7m revenue, US$9.3m EBITDA to the quarter; expansion in Uzbekistan underway, Kazakhstan a likely future market.
• Fintech Momentum: JazzCash +47% revenue; Banglalink digital bank license pending; Ukraine fintech optionality via Kyivstar, Helsi, and Uklon integration. We maintain our Structural Long rating for the shares.

• President Trump wants Intel CEO Lip Bu Tan to resign immediately because he claims that he is “highly CONFLICTED”
• The President’s concerns likely relate to a recent DoJ case against Cadence as well an investigation by the Select Committee on the CCP into Walden International’s Chinese investments
• That both these topics weren’t comprehensively addressed and mitigated prior to Mr. Tan’s appointment beggars belief. Where was the due diligence Mr. Yeary?

• Ford Motor Company’s second-quarter 2025 performance paints a picture of a company executing on its strategic ambitions while managing through significant operational headwinds.
• The automaker posted record quarterly revenue of $50.2 billion, up from $47.8 billion a year earlier, driven by solid demand across its divisions.
• Adjusted EBIT came in at $2.1 billion, topping Wall Street estimates of $1.9 billion, while adjusted earnings per share were 37 cents versus an expected 33 cents.

• Axalta Coating Systems reported their Q2 2025 financial results, showcasing a mixed picture of performance and challenges in various segments.
• The company’s record adjusted EBITDA of $292 million and adjusted diluted EPS underscore their ability to sustain profitability even in a volatile macroeconomic landscape.
• Notably, adjusted EBITDA margins remained strong at over 22%, marking the fifth consecutive quarter of hitting or exceeding their 21% target outlined in their A Plan.

• San Francisco-based Omada Health reported stronger than expected 2Q’FY25 revenues of $61.4M as a public company. Management provided FY25 revenue and adj. EBITDA guidance.
• In May, Omada Health announced a new AI-agent, OmadaSpark. A member-facing AI agent directly works with Omada members. It was trained on ~3M foods and dishes.  
• The company expects adj. EBITDA loss in the range of $9M to $5M in FY25. I forecast FCF losses to steadily dissipate until Omada Health becomes FCF positive in FY26.

• Q2 Holdings reported its financial results for the second quarter of 2025, demonstrating strong performance in several key areas.
• The company achieved revenue of $195 million, representing a 13% increase compared to the previous year.
• This growth was largely driven by subscription-based revenues, which saw a 16% year-overyear increase, contributing to 81% of the total revenue mix.

• MasterBrand, Inc. recently announced an all-stock merger with American Woodmark Corporation, aiming to form an extensive portfolio of cabinet brands.
• The merger is poised to create an entity with expansive geographic reach and a diversified customer base, which is seen as a significant step forward in bolstering both companies’ market positions.
• Through the anticipated merger, MasterBrand expects to realize approximately $90 million in annual cost synergies by the end of the third year, driven by procurement efficiencies, manufacturing optimizations, and operational excellence.

• Apple delivered an impressive third-quarter performance in fiscal 2025, reporting a record $94 billion in revenue, up 10% year-over-year, and earnings per share of $1.57, marking a 12% increase.
• This growth was fueled by robust double-digit revenue gains across several segments, particularly the iPhone, Mac, and Services.
• The iPhone generated $44.6 billion in sales, a 13% jump, largely driven by strong global demand for the iPhone 16 series.

• AMETEK Inc. delivered solid financial performance in the second quarter of 2025, with key highlights reflecting their robust operational capabilities and strategic growth plans.
• The company reported record sales and EBITDA, despite a challenging macroeconomic environment.
• The total sales reached $1.78 billion, marking a 2.5% increase compared to the same period in 2024.

• Allegion’s latest foray into the UK market via its proposed acquisition of UAP Group signals a bold pivot toward deepening its mechanical hardware offerings and broadening its geographic footprint.
• Fresh off its first $1 billion quarter and bolstered by a string of strategic deals—including ELATEC’s electronic credentialing and SaaS boltons like Gatewise and Waitwhile—Allegion is eyeing UAP’s nearly 200 patents, trademarks and designs to turbocharge its innovation engine.
• With UAP reporting into Allegion International, the deal dovetails neatly with Allegion UK’s existing non-residential portfolio while unlocking new residential door-hardware segments.

• Bristol-Myers Squibb reported notable second-quarter performance for 2025, illustrating both encouraging advances and some areas of concern.
• On the positive side, the company showed strong growth in its key oncology and cardiovascular portfolios, along with significant revenue gains in their newer therapeutic areas.
• Total company revenues reached approximately $12.3 billion, driven by a 17% increase in sales within the growth portfolio.

• Antero Resources recently reported its second-quarter results for 2025, revealing a mix of positive and negative developments that reflect its operational strategies and market dynamics.
• On the positive side, Antero Resources has achieved notable improvements in capital efficiency, managing to increase its production guidance while reducing capital expenditures.
• This improvement is underscored by a 26% decline in maintenance capital requirements from $900 million to $663 million since 2023.

• US President Trump urged Intel Corp (INTC US) yesterday to replace its current CEO, Mr. Lip-Bu Tan.
• We believe Intel Foundry Services (IFS) could be a highly challenging — or even misguided — strategy
• Intel Corp’s share price has declined about 23% since Mr. Lip-Pu Tan took office.

• C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the implementation of a lean operating model.
• Despite the challenges within the global market, the company has delivered six consecutive quarters of consistent outperformance.
• This is attributed to the disciplined execution of its operating model and the adoption of advanced technological tools.

• IAC reported its second-quarter results recently and sold off sharply. In my view, the market reaction was overly punitive. While results came in slightly below expectations, they were far from disastrous.
• The stock now looks exceptionally cheap, trading at just 3.4x EBITDA, and I see 43% to 78% upside.
• Over time, I’m confident that management will unlock value—most likely through strategic asset spin-offs.

• Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system.
• The company announced its 2Q2025 financial results and noted that Phase 1B testing results on Gemini are expected later this quarter.
• Investors should take a look at REVB before the positive results start coming in.

• Bunge Limited recently reported its second-quarter 2025 earnings, showcasing a blend of strategic advancements and operational challenges.
• The completion of its merger with Viterra marks a significant milestone, positioning Bunge as a premier agribusiness solutions provider.
• This merger is expected to yield cost savings and enhance commercial opportunities, reinforcing Bunge’s expanded global footprint in food, feed, and fuel markets.

• On August 7, 2025, Arrowhead Pharmaceuticals, Inc. (ARWR) announced financial results for the third quarter of fiscal year 2025 that ended June 30, 2025.
• The company is continuing preparations ahead of the November 18, 2025 PDUFA date for plozasiran for the treatment of familial chylomycronemia syndrome (FCS).
• These preparations include hiring a National Sales Leader, a full team of Regional Sales Leaders, and a field force of rare disease specialists.

• Antero Midstream’s second-quarter 2025 earnings call highlighted several financial and operational developments, reflecting a mix of positive and challenging aspects for the company.
• Antero Midstream, a vital player in the midstream sector, primarily focuses on gathering, compression, and water handling services.
• The investment thesis for Antero Midstream is built on its steady growth in operating cash flow, prudent capital allocation, and strategic positioning in connection to LNG facilities.

• Albemarle Corporation’s Q2 2025 financial results present a complex picture of both opportunities and challenges.
• The company reported net sales of $1.3 billion, which, while down year-over-year due to lower lithium market pricing, were bolstered by strong volume growth, particularly in energy storage and specialties.
• Adjusted EBITDA came in at $336 million, demonstrating year-over-year improvements in cost and productivity, despite the pricing pressure.

• Tetra Tech, Inc. delivered a strong financial performance for the third quarter of fiscal year 2025, setting record highs for operating income and earnings per share.
• The company’s revenue exceeded expected guidance, driven primarily by high staff utilization rates in response to environmental crises in Southern California.
• This elevated staff utilization supported impressive year-over-year growth rates.

• The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
• We expect two regular changes in September 2025 – maybe $10bn a side. There are also a couple of live M&A events which are likely to trigger intra-review index changes.

• Tyler Technologies, a leading provider of integrated software and technology solutions to the public sector, has reported robust financial performance for the second quarter of 2025.
• The company showcased a notable doubledigit increase in total revenue, underpinned by escalating demand in SaaS and transaction-based revenue, which grew 21.5% and 21.3%, respectively.
• This marks the 18th consecutive quarter that Tyler Technologies has experienced over 20% growth in SaaS revenues, highlighting strong client adoption of its cloud-first offerings.

• Cognizant Technology Solutions’ second-quarter performance for 2025 highlighted a continuation of its revenue growth and expanding profit margins.
• The company reported a 7.2% year-over-year increase in revenue, reaching $5.2 billion, marking the fourth consecutive quarter of organic growth.
• This was predominantly driven by strong performance in the Financial Services and Health Sciences segments.

• Check Point Software Technologies recently reported a solid quarter, with revenue and earnings per share (EPS) in line with expectations.
• The company’s revenues exceeded projections slightly, reaching $665 million, with a non-GAAP EPS of $2.37, representing a 9% growth year-over-year.
• This growth was driven primarily by strong customer demand for new appliances and a higher volume of product refreshes, particularly the Quantum Force AI-powered firewalls which posted a robust year-over-year growth of 12%.

• Amphenol’s aggressive pursuit of CommScope’s broadband connectivity and cable unit has reignited speculation about its next transformative move.
• As of early August 2025, multiple sources report that Amphenol is on the verge of finalizing a roughly $10.5 billion acquisition of CCS, CommScope’s largest division by sales and operating income.
• The deal aligns with Amphenol’s strategic thrust into high-growth markets—especially AI-powered data centers, where fiber-optic demand has surged—and mirrors last year’s $2 billion purchase of Carlisle Interconnect Technologies.

• eBay Inc.’s second quarter of 2025 report reflects a mix of strategic progress and challenges in a fluctuating market environment.
• The company reported gross merchandise volume (GMV) growth of 4%, reaching $19.5 billion, and revenue growth of over 4% to $2.73 billion.
• Operating income grew by 8% to $775 million, with nonGAAP earnings per share seeing a significant year-over-year increase of 16% to $1.37.

• Whitefiber (WYFI US) priced its upsized IPO of 9.38 million shares at $17.00 and opened Thursday at $25.00 for a robust 47.1% gain at first trade.
• The stock closed its opening session at $16.22 for a loss of 4.6% versus issue price.
• We believe long-only buyers and sector specialists could start to re-engage in the coming weeks once volatility subsides and the “hot money” clears out. 

• The company priced a downsized 15.3 million share offering at $18.00, notably above its initial $15–$17 range in late January.
• After the biotech sector took a hit in April, Metsera shares rallied back to a high of $47.40 in mid-July, nearly tripling off the lows.
• Metsera’s trajectory will be determined by data. With two clinical trials underway and expectations rising, the year-end readout for MET-233i could meaningfully shift the valuation—up or down.

• Heartflow Inc., a commercial-stage medical technology company that has pioneered the use of software and AI for diagnosing and managing CAD, is expected to IPO this week.
• Heartflow is marketing the sale of ~16.7M shares at $17-$18 per share in upsized initial public offering in the United States.
• I believe current IPO valuation range appears to capture much of the near- to mid-term upside potential. Moreover, I’m concerned about the lack of profitability and mounting losses.

• Hyatt Hotels Corporation has accelerated its pivot toward an asset-light model with a landmark $2.6 billion sale of its Playa Hotels & Resorts all-inclusive portfolio, marking its most significant divestiture yet.
• This transaction shifts 15 resorts across Mexico, the Dominican Republic, and Jamaica from owned real estate to pure management and franchise agreements, unlocking immediate liquidity and reducing capital intensity.
• Coupled with Hyatt’s recent launch of multiple new brands—Hyatt Studios, Hyatt Select, and Unscripted by Hyatt—in the upscale and upper-midscale segments, the company is realigning its growth engine toward higher-margin fee revenue.