Daily Brief United States: Etoro Group, TransMedics Group , Copper and more

In today’s briefing:

EToro (ETOR US): Delayed Inclusion to Global Index; Ineligible for US Indices
2025 High Conviction Update: TransMedics, Cut Long Exposure and Move To the Sidelines
Copper Tracker 12th May 2025: Bullish On China’s Whopping Copper Imports

EToro (ETOR US): Delayed Inclusion to Global Index; Ineligible for US Indices

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.

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