United States

• Samsonite (1910 HK), the world’s leading travel luggage manufacturer/retailer, is trading well below its historical metrics. 
• The share price is up ~30% from its recent low, but down ~22% YTD following a ~31% fall over a 10-day period in early-April, shortly after Trump’s “Liberation Day” speech. 
• Management initiated a US$200mn buyback program last August. Overhangs include tariff and weak retail market in Asia and North America. Plus short selling has touched an all-time high.

• GOOGL is set to release Q2 earnings on Wednesday, July 23 after the close, having rallied 15.39% since Q1 results.
• Q2 has historically delivered strong average returns and the largest average absolute 1-day move.
• We explore how volatility and past earnings reactions frame expectations for the upcoming release.

• Singapore has emerged as one of the earliest jurisdictions to establish a comprehensive regulatory regime for fiat-referenced stablecoins.
• The Monetary Authority of Singapore (MAS) has adopted the Single-Currency Stablecoin (SCS) Framework.
• The adoption is mainly in institutional trials and crypto-native payment flows, but the potential is immense.

• James Hardie Industries Plc demonstrated a mixed performance in its fiscal fourth quarter of 2025, underpinned by its strategic growth initiatives amidst challenging market conditions.
• Despite facing a softer demand environment and macroeconomic uncertainties, the company managed to achieve its financial targets, indicative of its strategic agility and operational discipline.
• On the positive side, James Hardie’s focus on strategic investments and scaling the organization has borne fruit.

• Agilent is a leading provider of instruments, services, and consumables for labs in the life sciences, diagnostics, applied chemical markets, and R&D sectors
• With a market cap of $30 billion, Agilent was born within Hewlett Packard and spun off more than 25 years ago
• Agilent has a total addressable market of $160 billion and has a history dating back to 1938, starting as a testing instrument for audio equipment used by Disney in the production of Fantasia

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• IDC and Counterpoint released their 2Q25 smartphone estimates. Smartphone units increased 1-2% YoY. Best performer: Samsung +8% YoY, but this didn’t help 2Q operating profits. Vivo +5%, Apple +2%.
• The smartphone market is desperately flat – or in slow decline. Smartphone is 76% of revenues for Qualcomm, 57% for Mediatek, 50% Apple and Xiaomi, 35% Samsung, 31% TSMC. Problem?
• For Semiconductor firms (QCOM, MTK, TSM), chips ASP increases 10-15% at each generation, between node migration (N3, N2) and increasing AI functionalities. For hardware vendors (Apple, Samsung, Xiaomi), it’s worse.

• Chevron’s arbitration win over ExxonMobil unlocks Guyana’s Stabroek Block, a key asset underpinning its USD 53 billion Hess acquisition.
• SLB outperformed Q2 estimates despite YoY declines and also completed its ChampionX acquisition amid regulatory challenges.
• WTI crude found support late-week after better-than-expected economic data tempered demand fears, despite early pressure from inventory and macro concerns.

• They are a commercial stage medical technology company that currently offers advanced implant systems for shoulder arthroplasty.
• They generated net revenue of $31.6 million for the year ended December 31, 2024, compared to net revenue of $19.3 million for the year ended December 31, 2023 (64% growth).
• This IPO could set terms as early as next week for a late July or early August debut. 

• • The Paradox initial processing capacity is envisaged to be able to handle 5-10 mmcf/d.
• Our base case assumes a conservative 5 mmcf/d, although throughput capacity is expected to increase with the tie-in of additional wells, including 16-2LN-CC and 28-11.
• Notably, the plant’s initial capacity is below the production potential of the 36-2R well.

• 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.

• Back on the 7th May, Geely Auto (175 HK), China’s second-largest carmaker, made a US$25.66/ADS non-binding proposal for 62.8%-held ZEEKR (ZK US), a premium Chinese electric vehicle manufacturer
• Yesterday, Geely tweaked and firmed terms at US$26.87/ADS, a 4.7% bump to the original NBIO, and ~3.4% below ZEEKR’s last close.  ZEEKR promptly gained 2.4% on the news.
• ZEEKR shareholders also have the option to receive Geely scrip. Given Geely’s and Li Shufu’s (10.61%) holdings – neither are required to abstain on voting – this Offer is done. 

• Nvidia and AMD are set to resume scaled-down AI chip exports to China, marking a partial reversal of earlier U.S. export bans.
• China retains a near-monopoly on REE refining, controlling roughly 90% of global capacity, and its March 2025 export halt highlighted the leverage it holds over high-tech and defence supply chains.
• While markets rallied on the chip announcements, IV data suggests diverging risk expectations across Nvidia, AMD, and MP Materials, reflecting broader uncertainty around the durability and scope of this reopening.

• Adobe Inc.’s second quarter financial results for fiscal year 2025 demonstrate a strong performance, marked by significant revenue growth and strategic advancements in its core business segments.
• The company’s total revenue reached $5.87 billion, an 11% increase year-over-year, with a noteworthy contribution from its Digital Media sector, which achieved $4.35 billion in revenue.
• This sector’s annual recurring revenue (ARR) grew to $18.09 billion, reflecting a 12.1% increase.

• ArcelorMittal’s first quarter 2025 performance presents a mixed bag of accomplishments and ongoing challenges.
• Safety remains a major priority, with the company focusing on implementing strategic changes to achieve zero fatalities and serious injuries, aiming for complete transformation over a three-year period.
• Financially, the quarter exhibited robust operational performance with strong cash flows, particularly highlighted by exceptional results from the company’s Mining segment in Liberia.

• Delta Air Lines’ recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational execution and challenging market dynamics.
• The company reported a pretax income of $1.8 billion, or earnings of $2.10 per share, on record quarterly revenue of $15.5 billion, which was in line with its April guidance.
• Despite economic uncertainties, the airline achieved an operating margin of 13.2% and generated $700 million in free cash flow, indicating effective cost management and operational efficiency.

• The company describes itself as a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute.
• For the three months ended March 31, 2025 and 2024, they generated net sales of $15.7 million and $15.2 million, respectively.
• The sector in which this company operates is one that is in favor. Powering the AI trade is one that investors are highly engaged in at the moment.

• Casey’s General Stores’ performance in Q4 and the fiscal year 2025 showed promising growth along with some challenges.
• Positively, the company reported record earnings per share for the year, reaching $14.64, a 9% increase over the previous year.
• Net income also increased to a record $547 million, with EBITDA hitting $1.2 billion, reflecting strong financial health.

• The Simply Good Foods Company reported strong third-quarter fiscal year 2025 performance, bolstered by its strategic acquisition of Only What You Need, Inc. (OWYN) and continued organic growth.
• Total net sales increased by 13.8% to $381 million, primarily driven by the inclusion of OWYN, which contributed $33.6 million, and Quest’s organic growth of 15%.
• However, the decline in Atkins sales countered this advancement, as the brand’s consumption decreased by 12.7%.

• Copa Holdings reported strong financial results for the first quarter, highlighted by a significant operating margin of 23.8%.
• The company’s performance was characterized by growth in passenger traffic and an increase in capacity.
• Additionally, the load factor improved to 86.4%, indicating efficient utilization of available capacity.

• Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
• Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
• The company announced that it has initiated its pivotal Phase 3 study of PF614.

• ZEEKR (ZK US) has entered into a definitive merger agreement with Geely Auto (175 HK) at US$26.87 per ADS or 12.3 newly issued Geely shares. The cash offer increased by 4.7%. 
• The proposal is conditional on regulatory approvals (low risk, as Zeekr is a subsidiary of Geely), as well as approval from Zeekr’s shareholders and Geely’s independent shareholders.  
• The Zeekr shareholder vote is a formality as Geely and undertakings exceed the two-thirds voting threshold. The Geely vote is low risk due to the low takeover premium. 

• The merger between Synopsys Inc (SNPS US) and Ansys Inc (ANSS US) marks a major industry milestone, having overcome extended regulatory hurdles, including a delayed approval from Chinese authorities.
• Ansys Inc (ANSS US) shareholders will receive $197 cash plus 0.3450 Synopsys Inc (SNPS US) shares per Ansys Inc (ANSS US) share, valuing the deal at about $35 billion.
• The merger is expected to significantly impact major U.S. indexes, triggering intra-quarter replacements and substantial passive fund flows.

• US – China: Restrictions on Semiconductors are relaxed. EDA tool (Cadence, Synopsys) already relaxed, Nvidia says export license will come, this implies that HBM can be sold to China.     
• It’s really hard to “guess” what comes next as US restrictions on technology export to China are just one bargaining tool in much broader negotiations (trade deficit, fentanyl, etc).   
• For Cadence and Synopsys, China is 12% of revenues. For Nvidia, China is US$ 30-35bn revenue in 2025 (15-17%).  Positive to Samsung, supplying HBM3 (Nvidia’s H20), GDDR7 (RTX PRO).

• Eli Lilly has firmly positioned itself at the forefront of the global anti-obesity drug race, fueled by its blockbuster GLP-1-based injectable Zepbound and an upcoming oral pill called orforglipron that could further cement its dominance.
• While rival Novo Nordisk’s Wegovy enjoyed a first-mover advantage, Lilly’s more effective compound tirzepatide rapidly seized control of the market, capturing 60% share and 75% of new treatment starts.
• Despite facing a setback with CVS’s recent formulary switch favoring Wegovy, Lilly continues to add approximately 500,000 new Zepbound patients each month and is expanding aggressively into international markets including India, China, and Mexico.

• Performance Food Group (PFG) has surged to the top of Wall Street chatter following reports that US Foods Holding Corp. is evaluating a potential acquisition of the company.
• According to people familiar with the matter, US Foods has expressed interest in merging with PFG in what would be a transformative deal for the food distribution industry.
• If completed, the combined entity would eclipse Sysco to become the largest foodservice distributor in the United States, commanding an estimated 18% market share of a $371 billion industry.

• Given the copper tariff announcement this week, it seemed worthwhile to sketch out where the US gets its copper from, as the situation is not nearly as dire as a 50% tariff makes it out to be.
• We think a little context goes a long way in this situation and leads us to believe that the tariff is a wholly unnecessary impediment to a well-functioning market.
• If Trump were serious about achieving self-sufficiency in copper, he would focus on permitting reform, as we have plenty of domestic copper and only lack the smelting/refining capacity.

• Schlumberger’s Q2 2025 revenue is expected to drop 6.8% YoY but rise by 0.4% QoQ. Similarly, its EPS is projected to drop 14.1% YoY but rise 1.4% QoQ.
• SLB’s Q2 performance looks weak as falling activity in Saudi Arabia and Latin America adds to the ongoing slowdown in North America.
• Open interest data points to cautious sentiment, with positioning skewed toward downside protection and no clear directional conviction.

• Accelerant Holdings is offering 28.947mm shares at $18.00-$20.00 equating to a market cap of $4.0b-$4.4b and is scheduled to debut on July 24th.
• As of June 30, 2025 they have 248 Members as compared to 186 Members as of June 30, 2024 (and 232 Members as of March 31, 2025).
• Given the positive tailwind from recent insurance-related IPOs as well as the strong metrics released in the company’s “flash numbers”, we believe this company could potentially be “well-received”. 

• Halliburton’s Q2 2025 revenue is expected to drop 0.2% QoQ and 7.2% YoY. Similarly, its EPS is projected to drop 6.7% QoQ and 30% YoY.
• SLB’s Q2 update highlights a slowdown in key international markets, potentially foreshadowing similar headwinds for Halliburton’s global operations.
• Options positioning and technical signals point to a neutral-to-bearish market stance ahead of Q2 results.

International Public Partnerships’ (INPP’s) recent portfolio update showed its portfolio is continuing to perform well, with further progress on accretive capital recycling. INPP shares offer an attractive prospective dividend yield of 7.0% with an unbroken record of dividend growth and visibility for at least another 20 years. Active measures to narrow the discount to NAV are having a positive impact, but it remains at c 15%, which in our view offers an attractive opportunity. At this level, the implied total return to an investor, based on projected future portfolio cash flows, is an attractive 10.1% per year, which is c 465bp above the UK 30-year gilt yield.

• UnitedHealth Group’s first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward revision of the company’s adjusted earnings per share outlook.
• The company now expects an adjusted earnings per share range of $26 to $26.50, down from previous estimates, partly attributed to higher-than-expected care activity within its Medicare Advantage business and changes in member profiles impacting revenue at Optum Health.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Discussion covers topics including dollar signals, $CNY fixes, tariffs, and observations on Swiss and sterling
• Dollar remains bearish despite some systematic signals turning less bearish or even bullish
• Client sentiment may be shifting tactically towards throwing in the towel on the bearish dollar trend due to technical patterns, but long-term view remains unchanged

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Trump announced a 50% Section 232 base tariff on copper imports starting August 1st
• The details of the tariff, including which products it applies to and any exemptions, remain unknown
• The arbitrage between London LME prices and US Comex prices has widened following the tariff announcement, with implications for copper prices in both regions.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Galaxy Gaming (GLXZ) merger with Evolution AB is pending gaming regulatory review, with a 14% spread remaining.
• OneConnect Financial Technology (OCFT) secured antitrust approval from SAMR for Ping An takeover, narrowing spread to 5%.
• abrdn European Logistics Income (ASLI:L) sold two warehouses at a premium, with further asset sales in advanced discussions.

• Despite initially WARNing of 529 job cuts in Oregon, the actual number turned out to be 2,392
• Only 9% of the Oregon cuts are in management positions
• Huge cuts in technical employees across the board with a total of thirty Principal Engineers losing their jobs in Oregon alone.

• NIQ Global Intelligence plc is offering 50.0mm shares at $20.00-$24.00 equating to a market cap of $5.9b-$7.1b and is scheduled to debut on July 23rd.
• If successful, this will be the third IPO to raise $1 billion in 2025. 
• NIQ Global Intelligence has a boat-load of debt, is private-equity backed but has a growth profile that is promising. We believe price sensitivity may play a role.

• While it may seem as a logical step to compare the current cash price with the forward futures contract, that’s unfortunately way too easy to justify such a statement.
• In fact, it is even miss-information.
• What makes more sense is to look at the input cost factors and the forecasts for these components that the USDA is providing. 

• Unum Group’s first quarter results for 2025 demonstrate a blend of strengths and challenges that are vital for investors to consider.
• The company reported a return on equity (ROE) for core operations exceeding 20%, alongside premium growth of more than 4%.
• However, despite these positive indicators, Unum’s earnings per share of $2.04 fell short of expectations, primarily due to an increase in disability claims.

• McGraw Hill is offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
• The company is backed by Platinum Equity, a private equity firm that acquired the company from Apollo Global Management for approximately $4.5 billion in August 2021. 
• Private Equity IPOs are to be a theme in the 2H of 2025 and McGraw Hill will be a test for the market based on the financial profile.

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

• Using SOTP is likely the best way to value COIN going forward as its subscription and services revenue is now more substantial and Circle has just gone public.
• Non-Transaction revenue is being valued at a much higher multiple than transaction revenue. SOTP valuation indicates limited near-term upside from COIN’s current market capitalization.
• Circle’s impact on Coinbase is now twofold: 1) driving its revenue mix shift toward non-transaction revenue; 2) acting as a key benchmark for its non-transaction revenue valuation.

• Gold violated its rising trend line in all major currencies except yen, which may be a technical warning of a tiring bull. Is it time to turn cautious?
• We remain gold bulls. Gold prices are consolidating after strong gains in H1 2025, but the trend is still up.
• Bullish sentiment isn’t stretched and central bank buying provides long-term demand.

• In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal.

• Under the merger agreement, each Liberty Broadband common share will convert into 0.236 share of Charter common stock (plus cash for fractional shares), and each Liberty preferred share will convert to a new Charter preferred share.

• As part of the deal, Liberty Broadband will spin off its fully owned Alaska telecom business (GCI, LLC) to Liberty shareholders before the Charter merger closes.

• AES Corp., a major player in renewable and utility power with deep ties to Big Tech, is now exploring strategic options including a potential sale, according to reports.
• The Arlington, Virginia-based company has caught the eye of infrastructure giants such as Brookfield Asset Management and BlackRock’s Global Infrastructure Partners (GIP) after its stock plummeted nearly 50% over the past two years.
• The stock rebounded sharply—up nearly 20% in a day—amid reports of the takeover interest, bringing its market cap to around $9.4 billion, though its enterprise value still hovers around $40 billion due to high leverage.

• DexCom’s latest earnings and strategy pivot have reignited investor attention as the company recalibrates its focus on the vast, underpenetrated Type 2 diabetes market.
• After suffering a 41% stock drop in July 2024 due to poor execution in its transition away from its traditional Type 1 diabetes stronghold, the company now appears to be correcting course—not by retreating, but by accelerating into the same direction with more refined tactics.
• The first quarter of 2025 showed encouraging signs, including record-breaking new patient additions, expanded insurance coverage from all three major PBMs for non-insulin-dependent patients, and the introduction of Stelo, DexCom’s first over-the-counter CGM.

• Silver prices have rallied ~24% over the past 12 months, driven by strong industrial demand (solar, EVs) and renewed investor interest amid inflation concerns.
• With a fourth consecutive market deficit and accelerating demand from clean energy applications, the setup points to a multi-year bullish cycle—especially if real rates remain subdued.
• This report provides a comprehensive analysis of the silver market’s recent performance, long-term demand-supply dynamics, key producers’ sensitivity to price movements, and valuation-driven investment opportunities.

• In a move that could redefine the future of web browsing and digital advertising, OpenAI is reportedly preparing to launch a new AI-powered browser that directly challenges Google Chrome—Alphabet’s flagship browser and a crucial pipeline for search traffic and user data.
• While the browser is still under wraps, reports indicate that it will feature a ChatGPT-like interface where users complete tasks and search queries within the app, bypassing traditional website clicks altogether.
• This launch follows similar innovations by AI search players like Perplexity, and represents OpenAI’s broader ambition to embed its AI across personal and professional user touchpoints.

• The engineering software sector may be heading toward another major shake-up as Autodesk weighs a potential acquisition of Boston-based PTC Inc., according to multiple sources familiar with the discussions.
• With PTC’s market value hovering around $23 billion, a deal of this magnitude could place Autodesk in a stronger competitive stance against industrial software giants like Siemens and Dassault Systèmes.
• While Autodesk has yet to confirm the move publicly, it is reportedly evaluating a cash-and-stock deal, working with advisers to assess the strategic benefits and financial implications.

• ZimVie has recently shifted its strategic focus and has shown committed actions towards becoming a streamlined organization dedicated to the dental industry.
• With the sales of its spine business yielding $375 million, including $350 million in cash and a $60 million promissary note, ZimVie has embarked on a course of debt reduction and refocusing.
• It’s notable that ZimVie used part of the sales proceeds to pay down $275 million of its existing liabilities.

• Markel Group’s recent financial performance presents a nuanced picture of its strategic initiatives and operational dynamics.
• On the positive side, the company has demonstrated resilience in its various business segments, showing strong potential for sustainable growth.
• Markel’s comprehensive approach to capital allocation has been characterized by strategic investments and share repurchase activities, which are expected to yield favorable returns over the long term.

• The TJX Companies, Inc. delivered solid financial results for the second quarter of fiscal year 2025, citing exceptional execution of their flexible off-price business model and strong customer transaction-driven sales growth across all divisions.
• The company’s ongoing commitment to delivering excellent value and an exciting merchandise assortment continues to resonate with consumers globally.
• This effectively reflects in the company’s decision to raise the full year guidance for both pretax profit margins and earnings per share.

• Zacks Small-Cap Research Note for CareCloud, Inc. (CCLD)

• First American Financial Corporation reported its financial results for the first quarter of 2025, highlighting several key points across its segments and offering insight into its future strategy amidst recent leadership changes.
• The financial performance indicates strong growth in certain segments but also poses challenges, particularly in the core title and escrow business impacted by broader market conditions.
• The company reported GAAP earnings of $0.71 per diluted share and adjusted earnings of $0.84 per diluted share, indicating a robust financial position despite some revenue pressures.

• Globe Life’s first-quarter 2025 financial results present a mixed bag of outcomes, reflecting the intricate dynamics of the insurance sector amidst broader economic uncertainties.
• The company reported a net income of $255 million or $3.01 per share, up from $254 million or $2.67 per share in the same quarter last year.
• The net operating income was slightly higher than internal projections at $259 million or $3.07 per share, representing a 10% increase year-over-year.

• The Hanover Insurance Group reported its first-quarter performance, reflecting both positive strategic implementations and ongoing challenges.
• Key takeaways from the results indicate a strong start to the year, with an operating return on equity reaching 17.2%, despite the impacts of significant catastrophe events like Californian wildfires and severe convective storms.
• The company’s response to these losses underscores effectiveness in catastrophe mitigation strategies.

• Kinsale Capital Group reported its first quarter 2025 results, indicating a mixed performance amidst a competitive insurance landscape.
• The company’s operating earnings per share increased by 6% from the prior year, with gross written premium rising by 8%.
• Kinsale’s reported combined ratio stood at a strong 82%, driven by disciplined underwriting and a low-cost model, despite significant challenges from natural catastrophes, such as the California Palisades wildfire.

• The Hartford Financial Services Group reported a strong start to 2025, characterized by solid financial performance despite facing significant challenges such as the January California wildfires.
• The company demonstrated robust growth across its business segments, highlighting its effective risk management and strong underwriting capabilities.
• However, there are also areas that present ongoing challenges and risks that investors should be aware of.

• Lincoln Financial Group recently conducted its earnings call, revealing a mixed performance and strategic orientation for the quarter.
• The company seems to be balancing immediate challenges with a long-haul strategy aimed at enhancing the business’s resilience and profitability.
• On a positive note, Lincoln Financial reported a 14% increase in adjusted operating income compared to the previous year, demonstrating solid execution despite volatile markets.

• Centene Corporation recently reported its financial outcomes for the first quarter of 2025, detailing both its present achievements and future expectations.
• The highlights of their performance reveal a complex interplay of growth prospects and operational challenges within the different segments it operates.
• For the first quarter, Centene achieved an adjusted diluted EPS of $2.90, aligning with prior forecasts.

• U.S. Bancorp reported first-quarter 2025 earnings with earnings per share of $1.03 and a return on tangible common equity of 17.5%.
• The company demonstrated progress on its strategic priorities, achieving a year-over-year positive operating leverage of 270 basis points on an adjusted basis.
• This improvement was driven by disciplined expense management, momentum across fee businesses, and modest margin expansion.

• The recent earnings call for Wells Fargo & Company presented a generally solid performance for the first quarter of 2025, reflecting progress against its strategic priorities amidst a challenging economic environment.
• With net income at $4.9 billion, or $1.39 per diluted common share, the company reported a 16% increase in earnings per share compared to the previous year.
• Despite a decline in revenue due to lower net interest income, Wells Fargo managed to grow fee-based revenue across various sectors, illustrating the benefit of its investment diversification strategy.

• American International Group (AIG) presented its first quarter of 2025 results, showcasing a mix of achievements and challenges that yield insights for potential investors.
• The company’s performance was framed by significant strategic moves, including the deconsolidation of Corebridge Financial in mid-2024, which has reorganized its financial statements to treat Corebridge’s historical results as discontinued operations.
• AIG reported an adjusted after-tax income of $702 million or $1.17 per diluted share for the period.

• Cincinnati Financial Corporation’s first quarter of 2025 was marked by significant challenges and notable resilience in certain areas.
• Faced with widespread weather-related catastrophes, the company reported a net loss of $90 million, primarily driven by a substantial increase in catastrophe losses estimated at $356 million after taxes.
• Despite these setbacks, Cincinnati Financial saw growth in its property casualty premiums by 11%, demonstrating its ability to maintain momentum amidst adverse conditions.

• Aflac Incorporated reported its financial results for the first quarter of 2025 with mixed outcomes across its Japan and U.S. operations.
• For the quarter, Aflac achieved net earnings per diluted share of $0.05, notably impacted by net investment losses.
• Conversely, its adjusted earnings per diluted share stood at $1.66, remaining consistent with the previous year.

• Euler’s differentiated design, which combines isolated vaults with pooled asset markets, enables bespoke collateral positioning and niche-token lending
• Picks-And-Shovels strategy to exploit the current stable coin market growth
• Team Quality & Innovation: Dr Michael Bentley’s lead team explores opportunities and ships fast

• Citigroup has released its fourth quarter earnings for 2024, showcasing a notable rise in net income by almost 40% to $12.7 billion for the full year, indicating positive momentum across key business segments.
• This performance was coupled with a revenue increase of 5% excluding divestitures, supported by a 17% uptick in fee revenue, and an efficiency ratio improvement by 340 basis points, which highlights the company’s operational improvements.
• However, certain macroeconomic challenges remain persistent, such as China’s slower-than-anticipated growth and Europe’s underperformance.

• Allstate Corporation’s first-quarter 2025 performance highlighted a combination of solid revenue growth and strategic efforts to enhance market share in personal property-liability while expanding customer protection.
• The company’s revenues rose impressively by 7.8% year-over-year to $16.5 billion, with a notable net income of $566 million.
• Adjusted net income stood at $949 million or $3.53 per diluted share, reflecting strong operational efficiency and capital management, yielding a 23.7% return on equity over the past 12 months.

• JPMorgan Chase reported solid financial performance in its first quarter of 2025, with net income standing at $14.6 billion on revenues of $46 billion.
• This reflected an 8% increase year-over-year.
• Earnings per share were pegged at $5.07, and the firm’s return on tangible common equity (ROTCE) solidified at a robust 21%.

• BNY Mellon reported robust financial results for the first quarter of 2025, showcasing significant year-over-year growth across key financial metrics.
• The company achieved an Earnings Per Share (EPS) of $1.58, marking a 26% increase from the previous year on a reported basis, and 22% when excluding notable items.
• Total revenue rose by 6% to $4.8 billion, underpinned by a 3% increase in fee revenue and an 11% growth in net interest income.

• We won’t be generation heads-down forever. Handsets are impractical as our primary device to interact with information technology.

• When we use them, we lose touch to the real world. Headsets are the obvious next step to allow for a more integrated experience.

• Meta has been betting on the handset-to-headset transition for more than a decade. And they have been doing so with courage and determination.

• Figma (FIG US) filed for an IPO on the NYSE on July 1st for a debut later this month. 
• Their revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-over-year growth.
• Adobe’s acquisition of Figma collapsed in December 2023 after regulatory hurdles paving the way for this IPO. 

• Brightstar Lottery (fka IGT) announced a better than expected capital return program following the closing of the Apollo transaction.
• Brightstar will pay a $3 special dividend (7/14 ex date) and buy back $500MM of stock.
• Brightstar is in a quiet period, but I would expect it to aggressively buy back stock following its earnings report on July 29, 2025.

• We are reiterating our Buy rating, $40 price target and projections for JAKKS Pacific as we look at key trends for 2H2025 and beyond.
• With toy production, especially on the lower end, firmly established in China, and with limited near term options, JAKKS will, as they have done throughout their 30-year history, have to transform to maximize overall returns.
• We believe management has the financial firepower, relationships and product offerings to maintain their strong market position and once again quickly return to driving solid top and bottom line growth.

• We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we look at key trends for 2HFY25 and beyond.
• We believe Lands’ End is poised to move into the next phase of the transformation of the company into a higher margin, higher return global brand, as the recently launched licensing initiatives begin expanding the overall category levels, as opposed to shifting prior owned categories into licensing relationships which, while driving higher return on assets, led to YoY revenue declines.
• Further, with continued international expansion (both owned and licensed) on tap, further key wins at Lands’ End Outfitters and the potential to continue to drive higher returns (and sales) in the core business as the company shifts the business model, we believe Lands’ End remains well situated to drive further top and bottom line upside, and we reiterate our Buy rating and $20 price target.

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.

• 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 results from preclinical testing that showed higher doses of ExoPTEN resulted in subjects regaining mobility after a spinal cord injury.

• 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 that enrollment in the Phase 1b study of Gemini in CKD patients will be completed this month and top line results will follow shortly.
• Investors should take a look at REVB before the positive results start coming in.

• 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.

• Transcat (NASDAQ: TRNS) is a roll-up of companies that serve the pharmaceutical, aerospace, utilities, oilfield, and other industries with measurement equipment, calibration services, and sales.
• TRNS sells and rents equipment and maintains a fleet of vans that it dispatches to client premises to adjust their measuring equipment.
• Listed since 1972, the company has never paid a dividend and has no plans to do so.