United States

• Typical Intel? 18A node was going to be a great success with customers lining up. CFO now says that revenues from external customers is “not significant”, limited to packaging only.
• Intel CFO toned expectation of significant external 18A revenues by 2027: some revenues with UMC, Tower, some packaging, some older gen Intel16 “not a ton has to come from 18A”.   
• Clear admission that Intel Foundry won’t be ready for external clients before 14A in 2028 due to lack of design tools (PDK). All that is good for TSMC.

• Intel has signalled a shift from its long held Copy Exactly strategy to a “democratization of innovation between Technology Development & High Volume Manufacturing
• This may be more akin to how TSMC operates. Some hail this as a positive, others are not quite so convinced, but it’s a seismic shift at a critical juncture 
• If Intel is indeed switching from CE to CT, it needs to be a carefully thought out, well planned transition to succeed. But that’s not what what we see happening. 

• GE’s old headquarters in Schenectady, NY has been a significant part of the company’s history, but has seen a decline in recent years
• GE Vernova, a spinoff of General Electric, has seen success in the electrification business and is capitalizing on the surge in demand for energy
• GE Vernova CEO Scott Strazik, a longtime company man, is confident about the company’s future and sees it as just the beginning of an investment super cycle

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• MNTN, Inc., a fast-growing advertising software company, has announced the initial price range for its upcoming US IPO.
• The offering is expected to be between $14.00 and $16.00 per share, implying a market cap of ~$1.4B on a fully-diluted basis at the midpoint of price range.  
• BlackRock has indicated a non-binding interest in purchasing up to $30M worth of MNTN shares at the IPO price. The price range is seen as attractively valued, in my view.

• For the week ending 09/May, U.S. crude inventories grew by 3.5m barrels (vs. expectations of a 2m barrel fall). Meanwhile, gasoline and distillate stockpiles unexpectedly fell.
• The EIA reported a 110 Bcf storage build, slightly lower than the 111 Bcf forecast. Storage levels are 2.6% above the five-year average.
• Saudi Aramco’s Q1 profit fell 4.8% YoY but beat estimates by 2.8%. Morgan Stanley downgraded BP to Underweight from Equalweight, while HSBC lowered Chevron to Hold from Buy.

• HYFM is a leading manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture (CEA).
• The company’s products consist primarily of consumable products, such as nutrients and plant growth media, grow lights, climate control solutions, rolling racks/benches, and various other equipment and supplies.
• 1Q25 results modestly exceeded our expectations. Quarterly revenue of $40.5 million was slightly below our $41.7 million estimate, driven by greater-than-expected volume declines, only partially offset by a less-than-expected decline in prices.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• KITT reported 1Q25 results that reflect the muted seasonality of a typical 1Q in the marine space.
• Revenue was $165k, down from $464k in the year-ago period, and FCF excluding M&A was ($6.7) million, in line with 1Q24.
• The company sold 7.5 million shares in the quarter for net proceeds of $19.4 million and ended 1Q with ~$10.1 million in cash.

• Tough start to the year. RYAM reported 1Q25 results that included revenue of $356 million (down 8% Y/Y and below our $363 million estimate) and EBITDA of $17 million (well below the year-ago result of $52 million and our $48 million estimate).
• A non-cash environmental charge of $12 million and an FX hit of ($5) million, combined with weather, higher maintenance-related operating costs, and lower volumes, more than offset modestly higher prices in Cellulose Specialties and Cellulose Commodities and benefits from prior cost reduction efforts.
• New reporting structure highlights progress toward specialty. RYAM changed the way it reports results of its High Purity Cellulose division, splitting the division into three segments beginning in 1Q25 (Cellulose Specialties [CS], Cellulose Commodities [CC], and Biomaterials), highlighting the profitable nature of its CS (23% EBITDA margin in 1Q25) and Biomaterials (29% EBITDA margin in 1Q25) businesses and continuing deemphasis of CC sales.

• CEO Chris Hayes hosted SPRU’s 1Q25 results call. Spruce Power is a leading owner-operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).
• Spruce grows through the acquisition of mature portfolios.
• Spruce now owns the cash flows from ~85,000 home solar assets and contracts, up from 21k in 2018. 

• NVIDIA stock rose over 3% Wednesday morning, after news of a reported multi-billion-dollar AI chip deal with Saudi Arabia, announced during an investment forum attended by President Trump.
• Nvidia will supply hundreds of thousands of AI chips over five years to Humain, a new Saudi AI venture backed by the $925B Public Investment Fund.
• Bank of America raised NVDA price target to $160 from $150. A Bloomberg report suggested the UAE may buy over 1 million Nvidia AI chips under a potential U.S. deal.

• The venture-capital backed company set terms for its IPO on Tuesday. The company will be offering 13.666 million shares at a $28-$32 range equating to a valuation of $2.3b-$2.6b.
• Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.
• This IPO is checking the boxes in terms of growth and the valuation comes at a significant discount to a previous funding round making the deal attractive for new investors. 

• Origin story of the book: Becoming interested in Apple’s Achilles heel in China after being too bullish on the company’s success
• Focus on the role of manufacturing design engineers in custom manufacturing and orchestration of Apple’s supply chain in China
• Thesis of the book: Exploring Apple’s strategic positioning in China and the symbiotic relationship between economic scale and customer allure in the luxury market

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• Cognizant Technology Solutions reported its financial performance for the first quarter of 2025, demonstrating substantial growth and strategic progress amidst an evolving macroeconomic landscape.
• Revenue for the quarter was $5.1 billion, reflecting an 8.2% increase year-over-year in constant currency, largely driven by the acquisition of Belcan and organic growth in the Health Sciences and Financial Services sectors.
• This growth was instrumental in placing Cognizant in what the company refers to as the “Winner’s Circle,” indicating notable progress in achieving strategic targets.

• KLA Corporation reported strong financial results for the March quarter of 2025, with revenues of $3.06 billion, slightly exceeding the midpoint of their guidance.
• Their non-GAAP diluted earnings per share (EPS) of $8.41 and GAAP EPS of $8.16 also met the upper end of expectations.
• This performance was largely driven by robust demand in advanced logic, high-bandwidth memory (HBM), and significant contributions from its advanced packaging businesses.

• Last week, I wrote a quick article flagging the seemingly absurd valuation discrepancy of Chagee vis-a-vis beverage peers on the HK stock exchange i.e. Mixue and Guming, as well as Luckin Coffee on the OTC markets.
• Chagee currently trades around ~31 (doing extremely poorly on a good day), and at the bottom of its recent trading range; there is no analyst coverage and the firm has yet to report its Q1 25 results so it’s just really stuck in no-man’s land.
• I postulated then that delisting risk was an overhang on Chagee, a Chinese ADR, but lo and behold, it appears that the market has shrugged off a large portion of it for the large cap Chinese tech companies.

• ANSYS, Inc., a leader in engineering simulation software, presented mixed financial results for Q3 2023, weighed down by unexpected external challenges yet demonstrating robust business fundamentals.
• The quarter was significantly impacted by new U.S. Department of Commerce export restrictions on certain products to Chinese entities.
• These restrictions led to additional vetting requirements, resulting in transaction delays and a $20 million headwind, ultimately causing ANSYS to fall short of its initial revenue and ACV (annual contract value) expectations.

• eBay Inc. began 2025 with results surpassing expectations across key financial metrics, despite a challenging operational environment triggered by ongoing trade policy changes and consumer concerns over increasing prices for imported goods.
• The first quarter saw a nearly 2% increase in Gross Merchandise Volume (GMV) to approximately $18.8 billion, marking a consecutive streak of positive growth for four quarters.
• The company’s revenue rose over 1% to $2.58 billion, and non-GAAP earnings per share grew by 10% to $1.38.

• Automatic Data Processing, Inc. (ADP) reported solid financial performance in its third quarter of fiscal year 2025, demonstrating robust capabilities amidst varying global economic conditions.
• The company achieved a 6% increase in revenue, alongside a 10 basis point rise in adjusted EBIT margin and a 6% growth in adjusted EPS.
• ADP showed significant growth across its U.S. portfolio, especially in its small business, mid-market, enterprise, and compliance solutions offerings.

• Western Digital’s recent earnings provides a comprehensive look into the company’s current standing, reflecting both strengths and challenges.
• The company reported revenue of $2.3 billion for the third fiscal quarter of 2025, which is a 31% year-over-year increase, but a 5% sequential decline.
• Non-GAAP gross margin stood at 40.1%, showcasing an improvement over their previous guidance, with non-GAAP earnings per share reaching $1.36.

• Asia’s base oils demand likely to ease as signs of weaker-than-expected lube consumption incentivize blenders to trim inventory levels.
• Prospect of seasonal slowdown in consumption starting in a few weeks would coincide with expected completion of wave of plant maintenance work, boosting supply.
• Firm base oils margins, prospect of weaker fundamentals and low crude oil prices add to incentive to procure sufficient volumes just to meet term commitments.

• Klarna, a leading BNPL player in Europe, will try to push ahead with IPO in the second half of the year. The fintech unicorn plans to raise up to ~$1B.
• Klarna picked a not great time to take the company public, keeping in mind negative impact of Trump’s tariffs on BNPL players in the U.S. and European Union.
• I believe the company may price its IPO above last round valuation of ~$6.7B led by Sequoia Capital, Silver Lake, CPPIB, and Mubadala Investment Company, among others.

• AFRM posted solid Q3 2025 results with revenue growing of 35.9% YOY and in line with its stated guidance range. The adjusted operating income margin expanded by ~850 bps YOY.
• Q425 guidance was muted with implied revenue growth of 26% at the mid-point. This is much lower compared to 40.7%, 46.6% and 35.9% growth during Q1, Q2 and Q3 2025.
• AFRM’s valuation remains rich at 5.1x 2025E P/B and 25.2x 2025E P/E multiple, at a premium to the peer group average. This caps any meaningful upside from the current levels.

• YTD our absolute return strategy is up 10,2% Will the India/Pakistan Conflict Push Cotton Prices Higher?
• India is an important exporting and producing country of cotton.
• According to the latest USDA data, India is the second-largest cotton producer behind China.

• 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 released its 1Q2025 financial results that showed good cash, low debt and good cost controls.
• The company continues with human trials, and we are looking forward to the initial results.

• • Zephyr has secured a US$100 mm drilling funding agreement with a US private equity firm to enable growth in its non-operated asset portfolio in the Williston Basin.
• The structure appears to be similar to a “DrillCo”, in which the investor will fund up to 100% of Zephyr’s drillex on a case by case basis.
• The agreement covers drilling on future well acquisitions but also could apply to new wells proposed on the Zephyr’s existing acreage.

• On May 8, 2025, Dogwood Therapeutics, Inc. announced financial results for the first quarter of 2025 and provided a business update.
• The company recently commenced a Phase 2b trial of Halneuron for the treatment of Chemotherapy Induced Neuropathic Pain (CINP).
• An interim data readout is expected in the fourth quarter of 2025.

• GMGI’s leverage ratio is down to 2Q24 levels & since the consummation of the Meridianbet transaction, GMGI has reduced the consideration payable to Meridianbet’s former owners to ~$34.9m from $70.0m, through payments in cash and shares.
• GMGI ended 1Q25 with cash and equivalents just shy of $30m to support growth initiatives, including strategic M&A and share repurchases.
• GMGI expects full-year 2025 revenue of $190m-$195m, up about 26% to 29% y/y, as it continues to invest in technology, content and new licenses to drive growth and shareholder value.

• 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 1Q2025 preliminary financial results.
• The company continues to execute at a high level by posting record 1Q revenue and continued growth in earnings.

• 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.

• An early channel check of this deal revealed that the offering is multiple-times oversubscribed with continued 1-on-1 conversions. The books close Monday at 4pm.
• The company is targeting the “next generation” of investor with encouraging growth and has the metrics to show they are meaningfully headed in the right direction. 
• Our sources state that want to be involved with the name and we believe an explosive debut could be on tap for this IPO. 

• Concerns raised in D.C. about potential restrictions on expatriating funds, taxes, and foreign ownership of treasuries
• International investors expressing preference for investing in private assets over U.S. Treasuries
• Potential increase in gold prices due to redirection of foreign assets into gold, with estimates suggesting a 33% boost in quarterly gold demand and historical relationship between demand and prices.

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• Smarter Markets podcast discusses outlook for silver in energy transition and investor portfolios with Michael Duranzo, President and CEO at the Silver Institute
• Recent conversation at India Silver Conference focused on silver’s underperformance compared to gold, supply deficit, and opportunities for investment in silver market

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• WTI futures rose 4.7% for the week ending 09/May, aided by easing U.S.-China trade tensions, lower U.S. output, and falling crude inventories.
• The U.S. rig count fell by six to 578. The oil rig count fell by five to 474, while gas rigs remained flat at 101.
• WTI OI PCR fell to 0.81 on 09/May from 0.84 on 02/May. Call OI rose by 4% WoW, while put OI inched up 1.2%.

• For the week ending 09/May, U.S. natural gas prices rose by 4.6% on the back of lower output, higher LNG exports, and improved demand outlook.
• For the week ending 02/May, the EIA reported that U.S. natural gas inventories rose by 104 Bcf, moderately higher than analyst expectations of a 103 Bcf build.
• Henry Hub OI PCR fell to 0.92 on 09/May compared to 0.94 on 02/May. Call OI increased by 4% WoW, while put OI grew by 2%.

• Green Dot Corporation’s latest financial results for the first quarter of 2025 illustrate both positive momentum and areas requiring focus.
• The company reported an impressive 24% increase in adjusted revenue and a 53% rise in adjusted EBITDA, outperforming internal expectations.
• Growth was observed across all three operating segments, indicating a cohesive and forward-moving strategy.

• Fed’s focus on keeping inflation expectations well anchored, stable rates markets after meeting
• Market optimism over potential trade deals with UK and China, potential tariff rate reduction
• Forecast for US Rates largely unchanged, expect labor market weakness prompt Fed response, adjusted yield forecasts reflecting later start to easing and elevated uncertainty

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• Apple reported strong financial results for Q2 of the fiscal year 2025, achieving revenue of $95.4 billion, which represents a 5% increase compared to the previous year.
• This growth was at the high end of the company’s guidance range, and the diluted earnings per share stood at $1.65, marking an 8% year-over-year increase and setting a record for the March quarter.
• The company’s Services segment achieved an all-time revenue high, with a 12% growth year-on-year, indicating robust performance across Apple’s diverse service offerings.

• Business Breakdowns is a podcast series that explores deep conversations with investors and operators about a single business, such as Interactive Brokers (IBKR)
• Interactive Brokers was founded in 1978 by Thomas Peterffy, an immigrant from Hungary who revolutionized the digitization of financial markets through automated trading
• IBKR’s business model includes revenue streams from trading commissions and net interest margin, offering low-cost access to global markets and sophisticated trading tools for traders and institutional investors

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• Our estimations for FY 2025 annual revenue range at around $205,590 million and for 2026 at around $258,431 million.
• The company’s annual revenue reached $164,501 million in 2024 compared to $134,902 million in 2023, posting an increase by 21.94%.
• META’s gross profit for FY 2024 was $134,340 million, increased by 23.31% compared to $108,943 million for the corresponding period of 2023. 

• Etoro Group (ETOR US) is ineligible for US indices due to its US foreign listing and undisclosed geographical breakdown of assets and revenues.
• Etoro Group (ETOR US) is forecasted to be added to Global-F in March 2026 following the 6-month lock-up expiry which increases public voting rights and float cap above the thresholds.
• Etoro Group (ETOR US) is forecasted to be added to Global-M in August 2025 as there is no voting rights requirement and a lower float cap threshold.

• TransMedics Group stock surged ~20% on blowout 1Q’25 earnings on Friday after the company beat earnings expectations and hiked 2025 revenue guidance.
• I launched coverage of the stock in November 2024 and added TransMedics Group to my high conviction list of ideas.
• TransMedics Group shares have massively outperformed in 2025 with shares up ~79% over the year. I acknowledge limited upside and lower my PT to $118 on peer-group multiple compression.

• China’s copper and concentrate imports surged 24.4% YoY to 2.92 million tons, while the Yangshan Premium exceeded $100/ton, reaching a one-year high, indicating robust demand and tight supply conditions.
• The easing of US-China trade tensions, with the US expected to reduce tariffs, could potentially support a more bullish market outlook in the near term.
• We provide updates on Lundin Mining (LUN CN )’s latest Q1 results and updates from their call on Vicuna Minerals. 

• The Company posted strong Q1 2205 results with adjusted EPS (incl. share-based comp) growing 9.3% YOY, adjusted operating margin expanding 70 bps YOY.  Excl. share-based comp, adj. EPS was $2.82.
• The Company expects margin expansion and double digit adjusted EPS growth for FY 2025.
• Sale of Issuer Solutions segment and acqusition of Worldpay will simplify operations and enhance growth. GPN trades at a significant discount to the peer group average.

• YETI Holdings reported its first quarter fiscal 2025 earnings, revealing mixed results.
• During this period, the company focused on three main areas: accelerating product innovation, transforming supply chain logistics to minimize exposure to China, and enforcing operational discipline to maintain a strong financial position.
• Despite a generally positive performance in some aspects, notable challenges were encountered, impacting the company’s financial outlook for the year.

• Pfizer recently reported its first-quarter 2025 financial results, providing an overall positive snapshot of its performance within a challenging market environment.
• Revenue was reported at $13.7 billion, marking a 6% operational decline largely driven by lower Paxlovid sales, partly reflecting a one-time Paxlovid revenue credit from the prior year.
• Despite this, some of its core products such as the Vyndaqel family, Nurtec, and Padcev demonstrated strong growth, reinforcing the company’s focus on prioritizing key growth drivers.

• Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025.
• The company achieved revenue of $686 million, which was towards the high end of their guidance, and non-GAAP earnings per share (EPS) of $0.75, surpassing their guidance of $0.68.
• The gross margin of 60.6% also exceeded expectations due to a favorable product mix.

• Altria Group reported its first-quarter performance for 2025 amidst varying market dynamics.
• The company, known primarily for its tobacco products, emphasized robust operations in its Smokeable Products and Oral Tobacco Products segments.
• Altria CEO Billy Gifford highlighted that the core traditional tobacco business remained profitable in a challenging environment, and the company’s flagship brand, Marlboro, continued to show resilience despite economic pressures.

• S&P Global Inc., a leader in financial information and analytics, presented a robust first quarter in 2025.
• The company showcased broad-based growth across all five of its divisions, marking an 8% annual increase in revenue, driven by a 7% rise in subscription products.
• Concurrently, S&P Global reported a 240 basis point expansion in year-over-year margins, along with a 9% jump in adjusted diluted EPS.

• F5 Inc. reported robust financial performance for the second quarter of fiscal year 2025, highlighted by 7% total revenue growth year-over-year.
• This growth was largely driven by a substantial 12% increase in product revenue.
• Notably, system revenue surged 27%, underscoring strong demand as customers continued to refresh aging hardware and modernize data centers.

• E2open’s latest earnings presentation paints a nuanced picture of their fiscal performance and outlook.
• In the fiscal fourth quarter and overall for 2025, E2open achieved subscription revenues of $133 million, ultimately landing within their guidance, yet the company experienced a slight year-over-year decline of 1%.
• Constant currency adjustments reflected a 0.5% marginal improvement nearing flat growth.

• The Coca-Cola Company’s first quarter in 2025 demonstrated its adaptation to the dynamic global environment, producing significant growth in organic revenues and operating margins.
• The company reported a 2% increase in volume growth and robust organic revenue growth, aligning with their longstanding growth algorithm.
• Coca-Cola maintained a resilient posture amidst challenges such as macroeconomic uncertainties and geopolitical tensions, achieving these results through enhanced capabilities, improved local execution, and effective alignment across systems.

• Domino’s Pizza delivered a mixed performance in the first quarter of 2025, demonstrating resilience through strategic innovation and operational discipline amid a difficult macroeconomic environment.
• The company reported earnings per share of $4.33, up 21% year over year and ahead of Wall Street expectations, driven primarily by increased franchise advertising revenue, supply chain income from franchisee purchases, and international royalty and fee growth.
• However, total revenue came in at $1.11 billion, below the analyst estimate of $1.13 billion.

• For the week ending 02/May, U.S. crude inventories fell by 2m barrels (vs. expectations of a 1.7m barrel fall). Gasoline stockpiles unexpectedly rose; distillate inventories fell less than anticipated.
• The EIA reported a 104 Bcf storage build, slightly exceeding the 103 Bcf forecast. Storage levels are 1.4% above the five-year average.
• Analysts cut price targets on Exxon, Chevron, Shell, Halliburton, and Schlumberger. Occidental exceeded Q1 EPS estimates but narrowly missed revenue forecasts.

• The stock opened at $33.25 versus the $30.00 issue price for a gain of 10.8% at first trade.
• According to guidance that the deal finished north of 10-times oversubscribed. The guidance pointed to a midpoint pricing and that is where the final outcome occurred.
• The sponsor, Apollo Global, is known for being a shrewd entity and a stickler on price, however, in this instance investors saw solid value in the company.

• 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 1Q2025 financial results after recently revealing that it is targeting a new target indication with its Gemini treatment, the prevention of infection in burn patients.

Wheaton announced record revenue, earnings and operational cash flows in Q125, posting adjusted net EPS that was 10.5% better than our forecast and at the top of the range of analysts’ expectations. The main reason for the outperformance was an 18,616oz (20.1%) oversale of gold relative to production, which drove a US$40.1m positive variance in revenue, partially offset by an US$8.6m negative variance in costs, US$3.6m lower-than-expected interest income and US$2.3m higher tax to result in a US$23.9m positive variance in earnings. As a result, we have upgraded our FY25 adjusted net EPS forecast by 7.5c per share (3.4%). Note that, at current metals prices, our FY26 EPS estimate rises by 73.0% to US$2.63/share.

• Unusual Machines (NYSE American: UMAC) reported another record quarter with revenue of approximately $2.04 million and a gross margin of 24% with some impact from tariffs, which the company expects to be short lived.
• This growth was achieved even though US government purchases have paused recently. Margins took a slight hit from the tariffs.
• The company raised $40 million at $5.00 a share to bolster its balance sheet (customers and suppliers need to see the ability to work large orders), and to build out its Orlando motor manufacturing facility.

• Soluna just published its monthly update, which includes signing of term sheets for two new wind- powered data centers (Project Hedy for 120MW and Project Ellen for 100 MW), securing land for 166MW of Project Kati, and a new partnership with Blockware for hosting capacity at Project Dorothy 2.
• For April Soluna’s hosted hashrate was a record 1,727 PH/s, and it mined 10 Bitcoins
• Project Dorothy 1A/1B: Dorothy 1A (25 MW hosting) is fully deployed, and Dorothy 1B (25 MW prop-mining) has achieved strong hashrate growth and met Q1 2025 ancillary service requirements.

Wheaton announced record revenue, earnings and operational cash flows in Q125, posting adjusted net EPS that was 10.5% better than our forecast and at the top of the range of analysts’ expectations. The main reason for the outperformance was an 18,616oz (20.1%) oversale of gold relative to production, which drove a US$40.1m positive variance in revenue, partially offset by an US$8.6m negative variance in costs, US$3.6m lower-than-expected interest income and US$2.3m higher tax to result in a US$23.9m positive variance in earnings. As a result, we have upgraded our FY25 adjusted net EPS forecast by 7.5c per share (3.4%). Note that, at current metals prices, our FY26 EPS estimate rises by 73.0% to US$2.63/share.

• Longeveron is focusing on using its primary treatment, Lomecel-B, to fight a rare pediatric heart birth defect that devastates families but continues to receive good FDA news regarding its treatment for Alzheimer’s Disease.
• The company announced its 1Q results that illustrate the company is on the verge of potentially transformational year.

• Amkor Technology reported its first-quarter financial results for 2025, delivering revenue of $1.32 billion, which reached the upper end of the company’s guidance.
• Earnings per share (EPS) stood at $0.09, pressured by increased research and development (R&D) expenses dedicated to advancing RDL technology for upcoming programs.
• The company’s global manufacturing operations have largely remained insulated from current tariffs and ongoing trade regulations due to their presence in free trade zones, minimizing direct impacts from U.S. import tariffs.

• Crown Holdings reported a strong first quarter for 2025, outperforming expectations with earnings per share at $1.65, significantly higher than the $0.56 from the prior year.
• On an adjusted basis, EPS reached $1.67, an increase from $1.02 a year ago.
• This robust performance was driven by a 3.7% rise in net sales, attributed to gains in global beverage can volumes and North American food can volumes.

• EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.
• At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.
• BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.

• EBITDA loss of $174M, net loss of $483M, driven by weak auto demand, high costs, and continuing drag from AMNS slab contract; EBITDA/ton fell sharply to –$42.
• Idling six facilities, exiting loss-making operations, $300M cost savings targeted in H2; slab contract expiry to add ~$500M EBITDA annually from 2026.
• Deep value: Trading at 4.4x EV/EBITDA (2026E), 7.1x P/E, 0.55x P/B, and $653 EV/ton of full steelmaking capacity, reflecting deep cyclical pessimism.

• Occidental’s Q1 2025 revenue rose by 13.9% YoY but missed estimates by 0.3%. Its net income rose by 6.7% YoY, and its EPS beat estimates by 12.1%.
• Occidental’s earnings beat was fueled by robust oil and gas segment growth, underpinned by stronger price realisations that offset volume softness and reinforced its upstream momentum.
• Occidental closed USD 1.3 billion in asset sales in Q1 and repaid USD 2.3 billion in debt YTD, underscoring its continued focus on debt reduction.

• Star Holdings (STHO) is structured as a liquidation vehicle, aiming to sell real estate and wind up operations by Q1 2027.
• STHO’s assets include $216m in SAFE shares and a monetizing portfolio with loans, land, and other properties.
• Management extended debt maturity to March 2028, and adjusted management fees, with liquidation incentives tied to asset sales.

• Zacks Small-Cap Research Note for CoreCivic, Inc. (CXW)

• Institutional adoption accelerates with Deutsche Bank, UBS PoC, WonderFi, and Tradable building compliant solutions on ZKsyn9
• ZKsync is the second-largest blockchain for tokenized RWAs, capturing over 27% market share, trailing only Ethereum
• ZKsync Era dominates ZK rollups, leading in TVS, proof volume, and user activity

• CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
• The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners during cardiac surgery.
• Based on the results of its pivotal U.S. and Canadian STAR-T trial, the company submitted for FDA De Novo approval on September 27, 2024, and Health Canada on November 1, 2024, with final regulatory decisions expected in 2025.

• Lantheus is a leader in radiopharmaceutical offerings in oncology & precision diagnostics.
• It offers a portfolio of diagnostic & therapeutic products directly & via partnerships & licensing.
• The primary revenue driver is Pylarify, a PET tracer for PSMA-expressing prostate cancer.

• On May 7, 2025, Lions Gate Entertainment (LGF.A/LFG.B) spun off Lions Gate Entertainment (LION).

• Lionsgate Studio has carved out a niche as a lean, franchise-focused independent studio that thrives in the mid-budget, IP-driven segment of the entertainment industry.
• It punches above its weight by targeting profitable genre films, franchise extensions, and strategic licensing — while avoiding the financial risk of mega-budget blockbusters.

• The MV Jr-Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. 
• This index is reviewed semiannually in March and September. We expect there will be no index changes for the June 2025 index rebal event but there will be capping flows.
• We expect one-way flows of US$122mm for the June 2025 rebal which translates to a turnover of 2%.

• Geely Auto (175 HK), the controlling shareholder, disclosed a cash or scrip non-binding proposal for ZEEKR (ZK US) at US$25.66 per ADS or 12.3 newly issued Geely shares.
• While the offer is 22.2% above the IPO price, it is unattractive compared to historical trading ranges, peer multiples and average sell-side price targets. 
• The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the timing of a binding proposal. 

• AMD yesterday reported Q1 2025 revenues of $7.4 billion, up 36% YoY, down 3% QoQ and $300 million above the guided midpoint. Non-GAAP Gross margin was 50%, precisely as guided
• AMD forecasted current quarter revenues of $7.4 billion, flat sequentially, together with gross margin of 43% incorporating the impact of an $800 million charge related to the latest China restrictions
• Enterprise server momentum, both cloud and on premise, is a major tailwind for AMD in 2025, far more so than any traction from its Instinct Accelerators. That comes in 2026.

• Geely Auto (175 HK), China’s second-largest carmaker, has made an non-binding proposal for 65.7%-held Zeekr (ZK US), a premium Chinese electric vehicle manufacturer. 
• Geely is offering US$25.66/ADS, a paltry 13.6% premium. Or 12.3 newly issued shares. The Offer appears opportunistic after Zeekr’s 20% decline YTD (pre-Offer) in response to Trump tariffs.
• Should a definitive agreement be inked, this is done. The risk to the trade, as with many US-listed China plays, is timing. Trading tight at a 1.9% gross spread.

• As Peter Lynch famously promulgated, one really fun thing about investing is noticing trends, “flowers” that are blooming around you, and finding ways to cash in on that “insight”, the caveat being you have to be right about the trend of course.
• Fad cycles may or may not have legs – see Funko in US and PopMart in HK.
• Not too long ago, I noticed PopMart replacing a local major bank outlet in a central shopping mall near to where I live and heedlessly dismissing it with a mere “wth is this?”, to my chagrin of course as the stock has gone parabolic ever since.

• Occidental’s Q1 revenue and EPS are projected to rise 14.4% and 23.8% YoY, driven by strong Permian production and improved oil and gas price realisations.
• Occidental’s average realised global oil price rose 1.9% QoQ, while NGL and natural gas prices surged 19% and 63.1%, respectively.
• Occidental’s average index prices for WTI and Brent rose 1.6% and 1.2% QoQ, respectively, while natural gas prices saw a sharp 36.1% increase.

• American Airlines Group recently reported its first quarter 2025 financial results amid challenging economic conditions which affected the overall industry demand.
• Throughout the conference call, management conveyed both challenges faced and strategic initiatives undertaken to navigate the difficult environment.
• The company reported a first-quarter GAAP net loss of $473 million, or an adjusted loss of $386 million excluding special items, marking a noteworthy setback.

• Colgate-Palmolive’s latest earnings reveals a mixed performance for the first quarter of 2025, underscoring both opportunities and challenges that the company faces in its strategic operations.
• The company’s management approached the volatile economic environment with a sense of preparedness, though consumer behavior and global economic pressures have presented some difficulties.
• One of the significant challenges highlighted is the impact of a weaker consumer market, particularly evident in volume growth struggles.

• 2025 guidance reaffirmed despite better-than- expected 1Q25 revenues.
• Despite beating expectations with a 6% Y/Y growth in reported revenues to $2.4B (8% Y/Y growth on a constant currency basis) for 1Q25, Biogen nevertheless maintained its full year revenue guidance for a mid-single digit drop in constant currency (CC) revenues, which will make it the sixth consecutive year of revenue decline for the company.
• Although Biogen lowered its 2025 non-GAAP EPS guidance range to $14.50-$15.50 from the previous range of $15.25- $16.25, this negative revision is not a sign of unanticipated business deterioration. 

• FTI Consulting delivered a mixed set of results for the first quarter of 2025 with both positive highlights and some areas of concern.
• The company’s revenues stood at $898.3 million, representing a 3.3% decrease compared to the same quarter last year.
• On a sequential basis compared to the previous quarter, revenues saw a marginal increase.

• Asia’s base oils prices extend rise vs feedstock/gasoil prices.
• Sustained strength of base oils margins points to limited surplus supply even as firm prices incentivize refiners to boost output.
• Limited surplus supply at end-Q1/early-Q2 2025 follows seasonal rise in demand and heavy round of plant maintenance.

• Apple (AAPL US) started a mild pullback after releasing its earnings on May 1st. We think this pullback may be a BUY opportunity.
• Some analysts believe the Trump administration’s tariffs will ultimately prove transitory. While near-term impacts are surely expected for Apple (AAPL US) , they’re probably short-term in nature.
• Our model suggests a potential buying opportunity in Apple (AAPL US) may be approaching. This insight outlines the tactical considerations behind that view.

• Europe Group III base oils price trends higher vs prices in US and Asia over past two months.
• Europe Group III price trends higher vs domestic Group I price and VGO, holds firm vs domestic Group II price.
• Europe’s firmer Group III price differentials could reflect correction following sustained weakness.

• Global base oils prices extend rise vs feedstock/competing fuel prices.
• Outright prices mostly hold firm or rise even in face of ongoing dip in crude oil/diesel prices.
• Contrasting trends point to stronger base oils fundamentals relative to crude/diesel.

• Good 1Q25, revenue +36% YoY, EPS +55%. Complicated 2-3Q ahead due to US export restrictions cutting down revenue by 1.5bn. This is a one-off. Ignoring this, underlying growth looks strong.   
• AMD is gaining share in PC and Server, incl enterprise. GPU offering is still behind Nvidia but improving with MI350 in mid-25, MI400 mid-26. MI400 should be on-par with NVDA.
• The stock is down -45% from Jan-24. Trading on low multiples versus historicals: 17x 2026 EPS or more than -1 stdev below avg. Buy!

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• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• Phillips 66’s first quarter 2025 earnings overview reflects both strategic advancements and current operational challenges faced by the company.
• Mark Lashier, the Chairman and CEO, emphasized the company’s focus on executing its transformational strategy despite a challenging macro-economic environment in the Refining, Renewables, and Chemicals segments.
• The company reported $487 million in earnings but an adjusted loss of $368 million, attributing this to factors such as accelerated depreciation and the impact of significant turnaround activities, which temporarily affected volumes and margins.