In today’s briefing:
- Avepoint Placement: Improving Fundamentals; Secondary Selldown onto SGX
- Copper’s Perfect Storm: Supply Strains Meet Fed Tailwinds
- Kenvue Crashing?—New RFK Jr. Report May Blame Tylenol Use In Pregnancy For Autism!
- Kraft Heinz (Nasdaq: KHC) To Separate into Two Businesses Via a Tax-Free Spin-Off
- Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27
- Phoenix Education Partners (PXED): Peeking at the Prospectus of Next Higher Education IPO
- Bank of America’s Digital Payments Approach – How Zelle Can Crush Venmo!
- Wells Fargo’s Post-Consent Order Comeback – Can It Rebuild Trust Fast Enough?
- Citizens Financial Group: Strategic Approach to Competitive Market Forces to Maintain Profitability Without Compromising On Credit Quality!
- Paramount Skydance’s Bold $70 Billion Gamble: Ellison-Backed Bid For Warner Bros. Discovery!
Avepoint Placement: Improving Fundamentals; Secondary Selldown onto SGX
- AvePoint (AVPT US) is looking to raise around US$207m to enable it to undertake a secondary listing on SGX.
- This deal represents 9.5 days of ADV and ~6% of shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Copper’s Perfect Storm: Supply Strains Meet Fed Tailwinds
- China’s refined copper output is projected to contract 4–5% this month—the first seasonal decline since 2016—driven by smelter inefficiencies and concentrate shortages.
- Exchange inventories show divergence: LME and SHFE stocks are falling while CME stocks rise, amplifying regional supply tightness and premium volatility.
- CME Copper futures show strengthening bullish momentum, with RSI above 50 and MACD nearing a bullish crossover, signaling improving market sentiment.
Kenvue Crashing?—New RFK Jr. Report May Blame Tylenol Use In Pregnancy For Autism!
- Shares of Kenvue Inc., maker of Tylenol, dropped roughly 10% in early September 2025 after media reports—primarily from The Wall Street Journal—indicated that U.S. Health Secretary Robert F.
- Kennedy Jr. will release a forthcoming HHS report that likely links prenatal use of acetaminophen (Tylenol’s active ingredient) to autism.
- This decline followed investor concern over what such a regulatory conclusion could mean for Kenvue’s reputation, sales, litigation exposure, and overall risk profile.
Kraft Heinz (Nasdaq: KHC) To Separate into Two Businesses Via a Tax-Free Spin-Off
- Kraft Heinz will separate into two independent publicly-traded companies via a tax-free spin-off expected to close in H2 2026
- The two entities : Global Taste Elevation Co. focusing on sauces, spreads, seasonings, shelf-stable meals and North American Grocery Co. centered on staples sold in North America
- The move is designed to disentangle distinct brand portfolios, so each can pursue clearer growth, margin and capital-allocation strategies.
Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27
- While Rubrik reported all key operating metrics and cash flow above expectations for 2Q’FY26, shares sold off over 10% on heavy volume.
- +35% y/y 3Q’FY26/+25% y/y 4Q’FY26 revenue growth guide raises questions about next FY27, in my view. Rubrik stock continues to trade at a premium valuation.
- Given the trends in the quarter and guidance, I believe the cybersecurity company can achieve and sustain 25%+ y/y revenue growth in FY26, FY27 and FY28.
Phoenix Education Partners (PXED): Peeking at the Prospectus of Next Higher Education IPO
- In 2017, Apollo Global Management took the University of Phoenix’s parent company, Apollo Education Group, private in a deal valued at roughly $1.1 billion.
- Their net revenue was $709.8 million and $749.8 million and their net income was $105.1 million and $116.4 million in the first three quarters of fiscal 2024 and 2025, respectively.
- An IPO for Phoenix Education is set for the last week of September or potentially the first half of October.
Bank of America’s Digital Payments Approach – How Zelle Can Crush Venmo!
- Bank of America Corporation reported robust second-quarter results that highlight strong organic growth across its varied business segments.
- The bank saw a 4% year-over-year increase in revenue, reaching $26.6 billion, alongside a 7% growth in net income to $7.1 billion.
- Earnings per share increased by 7%, reflecting effective cost management and growth strategies.
Wells Fargo’s Post-Consent Order Comeback – Can It Rebuild Trust Fast Enough?
- Wells Fargo & Company, in its second quarter of 2025 results, showcased a balanced mix of progression in growth strategies and sustained financial discipline.
- The net income of $5.5 billion, translating to $1.60 per diluted share, was an improvement from both the previous quarter and the same period last year.
- This growth indicates consistent execution amidst a transitioning phase post asset cap removal.
Citizens Financial Group: Strategic Approach to Competitive Market Forces to Maintain Profitability Without Compromising On Credit Quality!
- Citizens Financial Group reported its second quarter 2025 results, showcasing several financial highlights and strategic initiatives that reflect its current operational state and future outlook.
- The company experienced a 3.3% increase in net interest income (NII) quarter-over-quarter, mainly driven by a net interest margin (NIM) expansion of 5 basis points to 2.95%.
- There was also notable fee income growth of 10% linked quarter, paced by wealth management, card, and mortgage operations.
Paramount Skydance’s Bold $70 Billion Gamble: Ellison-Backed Bid For Warner Bros. Discovery!
- Paramount Skydance is preparing to launch one of the most ambitious takeover attempts in Hollywood’s history: a majority cash bid to acquire Warner Bros. Discovery, backed by the vast fortune of Larry Ellison.
- Fresh off the August 2025 completion of their own merger, Paramount and Skydance are positioning themselves for another transformative leap.
- Warner Bros. Discovery, with an enterprise value of roughly $71 billion and a library that includes DC Comics, Harry Potter, HBO, and CNN, represents a target more than twice the size of Paramount’s own $19 billion market capitalization.
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