United States

• Chagee Holdings (CHA US) is looking to raise up to US$473m in its IPO, valuing the company at up to US$5.2bn. The offering is expected to price today, list tomorrow.
• Media reports indicate that cornerstone investors have indicated demand for US$205m of the offering. There is no mention of a lock-up on those investors yet.
• The stock could be added in one global index in August (with a higher probability of inclusion in November), while inclusion in the other global index is likely in December.

• NVIDIA Corp (NVDA US)  said it will take a $5.5 billion financial hit after Washington fresh restrictions on H20 AI chips designed for the Chinese market. 
• The Trump Administration’s move comes as as a surprise, the U.S. now requires a special export license for these chips, but historically, no such licenses have ever been granted.
• Some estimates Nvidia may lose $10 billion in revenue, as most of the affected chips are already manufactured and now unsellable, plus the ban could benefit Chinese competitors like Huawei.

• Schlumberger’s Q1 2025 revenue is expected to drop by 7.6% QoQ, while its EPS is anticipated to fall by 19.6%, marking the lowest EPS in five quarters.
• SLB has underperformed the S&P 500, XLE, and WTI futures since 2024, pressured by weak oil prices, lower drilling activity, and rising costs from tariff-related headwinds.
• Despite weaker return ratios in Q4 2024 and macro uncertainty, SLB maintains a “Strong Buy” consensus, backed by its global presence, digital expansion, and strong cash flow.

• On April 15, 2025, MetaVia Inc. (MTVA) announced positive results from the 4-week Phase 1 multiple ascending dose (MAD) trial of DA-1726 for the treatment of obesity.
• The results showed a mean weight loss of 4.3% at Day 26 in the 32 mg dose with only mild gastrointestinal (GI) adverse events reported in 4/6 subjects, most of which resolved within 24 hours.
• In addition, a mean reduction in waist circumference of 1.6 inches was demonstrated along with a mean lowering of -5.3 mg/dL in fasting blood glucose.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• Intel yesterday announced that it was selling a 51% stake of its Altera business to Silver Lake for $4.46 billion
• The deal values Altera at $8.75 billion, roughly half what Intel paid to acquire the company over a decade ago
• Altera’s CEO, Intel veteran Sandra Rivera, will be replaced with a new CEO, Raghib Hussain, formerly president of Products and Technologies at Marvell

• Asia’s base oils prices surge relative to feedstock and gasoil prices.
• Surge in margins include light-grade base oils, for which supply is more readily available.
• Increasingly high margins and closed arbitrage to other markets by contrast points to tight supply.

• Since late-February(2/25/25) we were expecting an 8-10% pullback to provide a buying opportunity.However,after getting the 10%+ pullback, we discussed 4/1/25 that we no longer saw it as a buying opportunity
• We downgraded our outlook to bearish/cautious. We then discussed last week(4/8/25)how it was a logical spot for a local bottom to develop at 4800-4820 on SPX and $402-$412 on QQQ. 
• A rally sparked from there, but we now are looking for SPX rally to fizzle, either here at 5490-5500 (20-day MA) or the 200-day MA (currently 5754) or 5785 level

• Global base oils prices rise sharply vs feedstock/gasoil prices.
• Price premiums climb at time of year when they typically rise strongly in response to firmer supply-demand fundamentals.
• Rise in price premiums in April 2025 coincides with slump in crude oil prices.

• US base oils demand could face more pressure from concern about growing disconnect between base oils prices and crude oil and feedstock prices.
• Widening base oil premium to feedstock and diesel prices points to sudden improvement in demand and tightening supply.
• Timing of surge in base oils premium suggests it is linked more to slump in crude oil prices than to marked change in supply-demand fundamentals.

• Asia’s base oils demand likely to be more muted as unusually extreme market volatility boosts incentive for buyers to keep inventories at lower levels.
• Uncertainty about outlook and sharp fall in crude oil prices so far this month add to incentive to hold back.
• Blenders could face lower-than-usual inventories at start of Q2 2025 because of tight supply and firm demand in Q1 2025.

• 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 4Q and full year 2024 results.
• The company continues to execute at a high level by posting record revenue and earnings that beat expectations.

• US base oils export price discount to Asia base oils prices stays wide so far this year.
• Wide price discount facilitates shipment of surplus supplies to markets like India.
• US base oils and lube exports to India surge in Feb 2025, reflecting that dynamic.

• 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 data from its study of its overdose protection drug showed the compound to be effective and safe-furthering the case for FDA approval of this much-needed treatment.

• Featherless.ai, a US-based serverless AI inference platform, has raised US$5 million in seed funding.

• The investment comes from a notable list of global investors, including Airbus Ventures, 500 Global, Kickstart Ventures, HF0, Panache Ventures, and Oakseed Ventures.

• With the new funding, Featherless.ai intends to advance research and development into next-generation AI architectures to lower inference costs, potentially enabling AI deployment on lower-cost hardware.

• Chagee’s order book is heavily influenced from Asian Investors as the deal is considered multiple-times oversubscribed.
• The underwriters and company came to market with a manageable size transaction and an attractive valuation.
• The geopolitical headwinds, specifically between China and the United States, is forcing many traditional IPO investors to stay on the sidelines. 

• Amgen is rapidly positioning itself as a formidable player in the obesity drug market, a sector that has witnessed explosive growth due to the popularity of GLP-1 based therapies from Eli Lilly and Novo Nordisk.
• The company’s investigational drug MariTide is generating significant interest following promising Phase II results showing up to 20% weight loss with monthly dosing.
• With two Phase III trials now underway—targeting both diabetic and non-diabetic patients—Amgen is accelerating its strategy to gain a slice of what analysts forecast to be a $100 billion market by 2030.

• General Motors is facing turbulent headwinds in 2025, driven primarily by a resurgent trade war between the U.S. and Canada.
• The Detroit automaker recently suspended production at its BrightDrop electric vehicle (EV) plant in Ingersoll, Ontario, triggering nearly 500 indefinite layoffs and marking a significant blow to Canada’s already struggling auto sector.
• This move comes amid the fallout from President Donald Trump’s 25% tariff on foreign-made cars, which has forced Canada to retaliate with its own 25% duties on U.S.-built vehicles.

• President Trump triggered turmoil in the stock and bond markets, sent shockwaves through the global economy, and claimed the U.S. would eliminate the national debt using trillions supposedly generated from his tariffs.
• Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s suddenly starting to back down.
• Trump dropped his country-specific tariffs down to a universal 10% rate for all trade partners except China on Wednesday – for a limited time period of 90 days – presumably to have more time to make deals with each country.

• Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.
• This has swiftly aligned markets more with Upslope’s portfolio and approach.
• April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&P Midcap 400).

• WTI futures fell 0.8% for the week ending 11/Apr, driven primarily by uncertainty around tariffs and escalating trade tensions between the U.S. and China.
• The U.S. rig count fell by seven to 583. The oil rig count dropped by nine to 480, while gas rigs grew by one to 97.
• WTI OI PCR fell to 0.80 on 11/Apr compared to 0.88 on 04/Apr. Call OI increased by 19.3% WoW, while put OI grew by 9.1%.

• TuHURA is a clinical-stage, oncology-focused biotechnology company advancing innate immune agonists, checkpoint inhibitors & antibody-drug conjugates (ADCs).
• It offers the IFx platform technology featuring the IFx-2.0 tumoral injection delivery approach for Merkel cell carcinoma (MCC) & the IFx-3.0 intravenous delivery approach for lymphoma.
• IFx encodes a bacterial protein to be expressed in cancer cells, activating the innate immune system & subsequent cascade that may eliminate the tumor.

• Stellantis NV, the automotive giant behind brands like Jeep, Dodge, Fiat, and Maserati, is facing one of its toughest operating environments since the company was formed in 2021.
• The sudden reimposition of 25% tariffs on auto imports under President Donald Trump’s administration has triggered a cascade of financial and operational consequences.
• From halting production at key plants in Canada and Mexico to laying off hundreds of U.S. workers and facing multiple credit rating downgrades, Stellantis’ profitability and global supply chain flexibility have taken a direct hit.

• For the week ending 11/Apr, U.S. natural gas prices fell by 8.1% on the back of escalating U.S.-China trade tensions and warmer weather forecasts.
• U.S. natural gas futures sharply fell on 08/April (Tue) and touched an eight-week low despite robust LNG exports.
• Henry Hub OI PCR fell to 0.95 on 11/Apr compared to 0.97 on 04/Apr. Call OI increased by 6.3% WoW, while put OI grew by 3.8%.

• Ferguson plc’s latest financial results present a mixed picture, reflecting both strategic progress and ongoing challenges.
• The company reported a 3% increase in net sales to $6.9 billion for the second quarter, despite contending with 2% commodity-led deflation.
• Organic revenue contributed 2.1%, with an additional 1.2% growth from acquisitions.

• Chagee is seeking up to US$411 million by offering nearly 14.7 million ADS priced between US$26 and US$28 each, with market value to reach about US$4.8-US$5.1 billion.
• Chagee is facing performance headwinds. Whether the current high growth of Chagee is sustainable in the future is uncertain. This makes us tend to be conservative in Chagee’s valuation expectations 
• Based on our forecast, P/E is about 11.5-12.3x if based on 2025 net profit. Such valuation is attractive, but “valuation discount” may occur due to market turmoil and geopolitical conflicts.

• The introduction of Trump Tariffs has adversely impacted the commodities market’s promising start to the year, except for gold, which has exceeded 3,200 USD/oz.
• Following a peak of 10,000 USD/ton on March 25, copper prices fell 14% to 8,600 USD/ton before rebounding in the past two trading sessions to 9,150 USD/ton.
• The dollar’s depreciation, Trump’s flexibility on tariffs, and anticipated acceleration in Chinese stimulus have created a more favorable market environment for copper.

• Lensar (LNSR) is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with closing expected in H2 2024.
• OCI N.V. announced a $1bn extraordinary cash distribution, with shareholders choosing payment currency, ex-dividend date April 15.
• Kronos Bio (KRON) terminated a lease for $1.5m, with potential net cash outcome between ~$1 and $1.30/share.

• We revisit key cross-asset signals as traditional safe havens fail to respond in familiar ways.
• The past 8 days have delivered a combination of asset moves with few, if any,  historical parallels.
• With trust in U.S. safe haven assets under pressure, we explore emerging themes and ramifications.

• MNTN, Inc. (pronounced “mountain”), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
• Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
• I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.

• Chinese Tea Company is moving ahead with the IPO despite heavy Macro-Economic winds.
• The company is seeking up to $412m with a high-end pricing and already includes $205m worth of buying on the cover of the prospectus.
• There are. more questions than answers regarding this IPO due to the current uncertainty in the market. 

• Chagee Holdings (CHA US)  is looking to raise up to US$411m in its upcoming US IPO.
• It is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
• We have looked at the company’s past performance and provided our initial thoughts on valuations. In this note, we talk about the IPO pricing.

• Apple Inc. is facing one of the most turbulent moments in its recent history.
• Over the past week, the company has lost over $700 billion in market capitalization, relinquished its crown as the most valuable U.S. company to Microsoft, and seen its shares plummet by 23% across four trading sessions.
• The sell-off comes on the back of escalating trade tensions between the United States and China, with President Donald Trump introducing a 125% tariff on Chinese imports—directly impacting Apple’s China-dependent supply chain.

• AI Nose for healthcare, industrials, and robotics. Ainos is digitizing smell with AI Nose to capture airborne chemical signatures, using AI-powered processes to immediately classify and identify scents in any environment.
• Initially focused on healthcare, Ainos is developing a women’s health test, Ainos Flora with AI Nose, in addition to an elderly care project with Japanese partners to assist caregivers in monitoring seniors.
• Ainos recently entered partnerships with ugo and ASE, expanding AI Nose development to robotics and industrial applications.

• Capri Holdings’ sale of Versace to Prada removes a structurally weak asset, shifting its balance sheet from net debt to net cash, simplifying its brand portfolio for sharper strategic focus.
• Post-Transaction, Capri trades at just 4.4x EBITDA despite becoming a leaner, debt-free luxury group with two globally recognized brands — a setup primed for significant multiple expansion and investor re-rating.
• A sum-of-the-parts valuation excluding Versace suggests Capri’s fair value is $30–33 per share, offering investors over 100% upside as the company pivots from portfolio fixer-upper to focused luxury contender.

• Harley-Davidson is navigating a critical crossroads as it searches for a new CEO to replace Jochen Zeitz, who recently announced plans to retire after five years at the helm.
• This leadership transition comes at a precarious time for the iconic motorcycle brand, which is grappling with a sustained decline in sales, intensifying macroeconomic pressures, and the looming threat of retaliatory tariffs—particularly from the European Union.
• In 2024, global retail sales dropped by 7%, with international sales falling a steep 13%, reflecting a broader downturn in discretionary spending.

• American Airlines is navigating a complex and turbulent operating environment as macroeconomic pressures, declining consumer confidence, and reduced corporate travel weigh heavily on the airline industry.
• While the broader sector has been battered by a steep drop in airline stock valuations—American Airlines itself has declined 24% in the past month alone—American has nonetheless posted a strong financial performance in recent quarters.
• In Q4, the carrier reported an adjusted pretax profit of $808 million and EPS of $0.86, beating guidance and contributing to a full-year adjusted pretax profit of $1.8 billion.

Devolver Digital’s H1 FY24 results saw a return to adjusted EBITDA profitability as the company and its peers adjusted to post-pandemic market conditions. The H224 results continued that trend and, with a higher proportion of royalty-free first-party intellectual property (IP) and higher-margin front catalogue products set for release this year, 2025 profits should be able to grow further. The Switch 2 release is another potential welcome boost for 2025, suggesting that consensus forecasts are relatively well underpinned in an otherwise challenging gaming market.

• SES announced on Tuesday that its 1Q25 revenue would be $5-5.8 million, in line with prior guidance (see our summary note from last quarter).
• At that time, the company said that FY25 revenue would be $15- 25 million.
• In it 1Q25 preview, SES sighted the same revenue streams it had previously called out: materials. discovery for EV batteries, sales of its 2170 Li-ion cells into the drone space, and the beginning of the commercialization of its technology for BESS for data centers.

• Levi Strauss & Co. reported strong first-quarter fiscal 2025 results, exhibiting growth across key financial metrics amidst a challenging macroeconomic environment.
• The company’s strategic shift towards a Direct-to-Consumer (DTC) model has begun to bear fruit, as evidenced by a 9% increase in organic net revenue, primarily driven by a 12% rise in DTC sales.
• These results showcase the impact of successful new store openings, positive comparable growth, and robust e-commerce performance.

• Greetings from Copenhagen.
• We were just about to wrap up this week’s edition of The Drill when the news hit: tariffs are officially on pause for all trade partners except China.
• So that initial line—“risk sentiment was improving a tad this afternoon as markets likely see the worst headlines and data behind us”—can now be upgraded to markets partying like there’s no tomorrow.

•  Components crossing US–Mexico–Canada corridor face disruption  
•  Reshoring production to US would involve multi-year lead times  
• USTMA expects U.S. tire shipments of 340.4 million units in 2025

• Plexus Corp. reported strong financial performance and strategic strides in its first quarter of the fiscal year 2025.
• The company recorded robust revenue of $976 million, meeting its guidance, with performance propelled by agility in response to customer needs and commitments to improving working capital efficiency.
• The revenue forecast for the full fiscal year anticipates growth across its market sectors, supported by new program ramps and share gains, despite mixed sector trends.

• Merit Medical Systems reported robust financial performance in the fourth quarter of 2024, displaying notable revenue and profit growth.
• The company recorded total revenue of $355.2 million for Q4, reflecting a 9% increase year-over-year on a GAAP basis and 10% on a constant currency basis.
• This exceeded Merit Medical’s growth expectations, which it had projected at 6% to 9%.

• Chord Energy reported a transformational year in 2024, significantly strengthened by its strategic combination with Enerplus.
• This merger, completed in May 2024, positioned the company as a leading entity in the Williston Basin.
• The integration was marked by operational and corporate synergies, enhancing Chord Energy’s scale and efficiency.

• Haemonetics Corporation reported its third-quarter fiscal 2025 financial results, indicating both strengths and challenges within its various business segments.
• The company achieved a revenue of $349 million, reflecting a 4% increase on a reported basis but remaining flat organically.
• Adjusted earnings per share improved by 14% to $1.19.

• MSC Industrial Supply reported a mixed set of results for its fiscal second quarter of 2025.
• The company faced challenges in the current quarter, underscored by a decline in average daily sales by 4.7% year-over-year, indicating a soft demand environment.
• This decline, however, showed slight improvements towards the end of the quarter, with January and February outperforming historical trends.

• Lifeway Foods (LWAY) faces a pending takeover by Danone, with a potential board overhaul and strategic acquisition synergies.
• Liquidia (LQDA) anticipates FDA approval for Yutrepia, challenging UTHR’s monopoly, with potential valuation gap closure post-commercialization.
• Sage Therapeutics (SAGE) received a buyout offer from Biogen, with ongoing strategic review and potential for increased offer price.

• Sonos, a prominent player in the home audio industry, recently shared its financial performance for the first fiscal quarter of 2025.
• The interim CEO, Tom Conrad, highlighted several strategic changes and challenges faced by the company.
• These insights provide a nuanced basis for evaluating the company’s future investment potential.

• Grocery Outlet recently held its fourth quarter and full-year 2024 earnings call, highlighting several key outcomes and strategic initiatives.
• The performance in Q4 showed a net sales increase of 10.9%, reaching $1.1 billion, with comparable store sales climbing 2.9%.
• This growth was primarily driven by a 3% rise in customer visits, although the average basket size remained flat.

• The semiconductor sector has been rattled by a wave of tariff escalations, with Nvidia at the center of attention.
• President Donald Trump’s recent imposition of steep new tariffs—34% on imports from China and 32% on Taiwan—sent shockwaves across the global technology industry.
• While semiconductors were initially exempted from the levies, the ambiguity in policy messaging and the potential for future inclusion have raised investor concerns.

• The main reason behind declining performance is related to the increase in regional market density brought about by newly opened teahouses. Franchisees would be more cautious about investing in Chagee.
• With the passage of time and the declining same store GMV, the low teahouse closure rate will gone. Product strategy of “flagship product + classic basics ” also has risks.
• Based on our forecast of 2025 net profit of about RMB3 billion (or US$400 million) and US IPO market value of US$5 billion, P/E is about 12.5x. 

• Conagra Brands recently reported its third-quarter fiscal 2025 financial results.
• A nuanced analysis reveals both strengths and challenges the company is navigating in a dynamic macroeconomic environment.
• On the positive side, Conagra Brands highlighted robust consumer demand for its products.

• Concentrix Corporation presented a mixed overview of its performance for the first quarter of fiscal 2025, achieving revenue growth and profitability ahead of guidance, yet facing strategic and operational challenges.
• On the positive side, Concentrix reported a solid demand environment, with a particular emphasis on the growing adoption of their GenAI solutions across its client base, claiming one of the largest scales in global deployments of such technology.
• The company emphasized its strategic focus on integrating AI solutions and expanding its business portfolio to deliver value across a broader client base.

• Intel is navigating one of the most pivotal moments in its corporate history as new CEO Lip-Bu Tan begins implementing a series of structural reforms aimed at reversing the chipmaker’s prolonged decline.
• In recent weeks, a series of bold announcements and market-moving headlines have brought Intel’s turnaround efforts back into the spotlight.
• The most notable development is a tentative joint venture with Taiwan Semiconductor Manufacturing Company (TSMC), where TSMC is expected to take a 20% stake in Intel’s loss-making manufacturing business in exchange for sharing advanced foundry techniques.

• Lionsgate secured a solid performance in the third quarter of fiscal 2025, demonstrating resilience in a challenging operating environment.
• The Motion Picture segment was particularly strong, highlighted by the successful conversion of three mid-budget films into profitable ventures.
• This performance underscores Lionsgate’s ability to effectively manage mid-range budget productions, capitalizing on steady box office showings, robust business models, and efficient execution.

• WEX Inc. reported its fourth-quarter and full-year 2024 financial results, reflecting a complex mix of positive and negative developments.
• The company’s full-year revenue reached a record high of $2.6 billion, a modest 3% increase compared to the previous year, despite headwinds from fluctuating fuel prices and foreign exchange rates.
• Excluding these factors, revenue growth was more robust at 6%.

• CLEAR, known for its identity verification platform, reported its fiscal fourth quarter and full-year 2024 results demonstrating both opportunities and challenges.
• The company continues to expand its footprint in the travel sector, with a notable presence in 73% of U.S. airports through 166 lanes nationwide.
• The rollout of the NextGen Identity technology, including innovative systems such as EnVe’s (enrollment and verification Pods), has been a focal point—improving member throughput and enhancing the customer experience significantly.

• Somnigroup Group International, formerly known as Tempur Sealy International, has undergone a significant transformation with the completion of the merger with Mattress Firm, officially operating under the new name Somnigroup Group International.
• This merger creates a global sleep solutions provider encompassing well recognized brands such as Tempur Sealy, Dreams, and Mattress Firm, each operating under their brand names within a decentralized framework.
• The financial results of Mattress Firm will be included in the forthcoming quarters.

• Tesla is facing one of its most turbulent periods in recent memory.
• In just the past few weeks, the electric vehicle giant reported its worst quarterly deliveries since 2022, saw its stock fall over 44% from its December peak, and lost one of its top software executives.
• Tesla’s Q1 2025 vehicle deliveries came in significantly below expectations at 336,681 units, triggering a wave of analyst downgrades, with JPMorgan citing “unprecedented brand damage” as a key factor.

• Chagee Holdings (CHA US)  is planning to raise up to US$500m through its upcoming US IPO.
• It is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
• We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.

• Power Integrations, Inc., a company renowned for its high-performance electronic components focused on power conversion, reported its fourth quarter and full-year results, highlighting a mix of challenges and opportunities.
• The company’s Q4 revenue reached $105 million, marking an 18% increase year-over-year but a sequential decline of 9%.
• Despite these mixed signals, revenue for 2024 stood at $419 million, reflecting a 6% decrease from the previous year.

• NCR Voyix’s latest earnings offers crucial insights into the company’s strategic position and operational performance over the fourth quarter of 2024.
• The company reported a decline in revenue, notably from its hardware division, aligning with expectations of a challenging market environment.
• The total revenue stood at $682 million, with adjusted EBITDA showing a significant increase by 75% to $114 million, aided by cost-cutting measures and a focus on recurring revenue streams.

• Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week’s Compass (4/1/25), when we downgraded our outlook to bearish/cautious.
• A historic selloff has ensued and significant damage has been done as market dynamics have worsened.
• Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.

• Frontdoor’s financial performance in the third quarter of 2024 reflects both achievements and challenges for the company as it navigates a fluctuating market environment.
• The company reported a 3% increase in revenue to $540 million compared to the same period last year, alongside a notable rise in gross profit margin by 550 basis points to reach 57%.
• Net income saw a substantial uptick of 40% to $100 million, while Adjusted EBITDA increased by 29% to $165 million.

• PVH Corp’s recent earnings reflects a mix of achievements and challenges in the fiscal year 2024 and sets cautious expectations for 2025.
• The company, which owns iconic brands Calvin Klein and Tommy Hilfiger, surpassed its initial 2024 guidance both in terms of revenue and non-GAAP EPS.
• However, it faced a decrease in overall revenue compared to previous years, largely attributed to divestitures and external economic factors.

• GameStop Corporation reported its fourth-quarter and full-year financial results for 2022 with a noticeable shift toward profitability and efficient operations amidst a challenging retail environment.
• The company’s transformation over the past couple of years has been a story of significant restructuring and strategic shifts aimed at revitalizing its financial health and market positioning.
• A notable positive from the results is GameStop’s turnaround from a net loss in the fourth quarter of 2021 to a net income of $48.2 million in the same period of 2022.

• Cable One’s recent earnings presented a mixed set of financial results for its fourth quarter and full-year 2024.
• The company, while navigating competitive pressures and changes in subscriber programs, managed to demonstrate some resilience in strategies aimed at stabilizing its business.
• On the positive side, Cable One reported growth in its business broadband revenue by 2.6% year-over-year, driven by rising demand across its carrier, enterprise, and wholesale segments.

• DoubleVerify, a company providing digital media measurement solutions, concluded 2024 with several notable achievements and a number of challenges that shape both its financial performance and future outlook.
• Overall, DoubleVerify delivered substantial growth in revenue, achieving a 15% year-over-year increase to $657 million.
• This growth was driven by significant momentum across its three main revenue streams.

• Lululemon Athletica Inc. recently reported its fourth-quarter and full-year financial results, marking another year of growth, while also spotlighting both achievements and challenges.
• The company reported total revenue for the fourth quarter, excluding the 53rd week, increased by 8% year-over-year, or 9% on a constant currency basis.
• Operating margin expanded by 40 basis points to 28.9%, and earnings per share rose by 16%.

• White House said on March 26 that the 25% tariff would be applied to imported passenger vehicles
• Annexe II, which refers to tariff exclusions, mentions rubber
• Stellantis halts its Canada, Mexico production

• Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.
• The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.
• However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.

• *YTD our absolute return strategy is up 7,5% Commodities Crash after Trump’s Tariff Nightmare In his mission to re-shore critical industries, raise revenue for the U.S. and narrow the deficit, Trump rolled out aggressive tariffs on virtually all countries (except Russia, Cuba and North Korea).
• The new 10% tariff baseline is roughly triple the average US tariff rate before Trump reclaimed power in January and the calculation behind each tariff rates seems insane.
• “We will charge them approximately half of what they are and have been charging us,” Trump said of the reciprocal tariffs.

• For the week ending 04/Apr, U.S. natural gas prices fell by 5.6% on the back of Trump’s tariffs and warmer weather forecasts.
• U.S. natural gas futures continued to decline on 07/April (Mon), hovering around a seven-week low and extending last week’s 5.6% loss.
• Henry Hub OI PCR fell to 0.97 on 04/Apr from 0.98 on 28/Mar. Call OI increased by 5.3% WoW, while put OI grew by 5%.

• Asia’s base oils demand could fall in face of slumping crude oil prices and concern about slower-than-expected economic growth in the region.
• Concern about weaker demand cuts fundamentals-related support that could cushion against impact of falling crude oil prices.
• Concern about more muted demand and expected improvement in base oils supply in coming weeks would contrast with increasingly high base oils margins caused by lower crude oil prices.

• With recent approval from state regulators to move forward on planned projects in Bristol, RI and Johnston, RI, the company continues to grow the number of facilities operated under its O&O model, a core objective.
• In 1Q25, AMS acquired property in Bristol, RI where it expects to construct a linear accelerator facility that would likely begin treating patients in about 18-24 months & AMS anticipates significant synergies within its expanding Rhode Island footprint.
• We expect these and other potential new projects will likely leverage an ‘asset-light’ approach that includes partnerships to reduce AMS’s upfront capital investment & enable AMS to retain a majority interest in the centers.

• WTI futures fell 10.6% for the week ending 04/Apr, driven primarily by President Trump’s tariff announcement, which was broader and more severe than markets had anticipated.
• The U.S. rig count fell by two to 590. The oil rig count grew by five to 489, while gas rigs dropped by seven to 96.
• WTI OI PCR fell to 0.88 on 04/Apr compared to 0.91 on 28/Mar. Call OI increased by 10.8% WoW, while put OI grew by 7.2%.

• Reviva is a research and development pharmaceutical company with two portfolio compounds targeting nine indications.
• The candidates address multiple related mental disorders, rare diseases & other categories of un met need.
• Reviva’s lead indication in schizophrenia with brilaroxazine (RP5063) completed its 1st Phase III trial & is set to begin its 2nd in 2025.