Daily Brief United States: Neptune Insurance Holdings, Kraft Heinz Co, Gold, USD, Intel Corp, Lendbuzz, Crude Oil, Achieve Life Sciences , Lifeway Foods, Alliance Laundry Holdings and more

• Neptune Holdings will offer 18.4 million shares at $18-$20 and is scheduled to debut on October 1st. 
• It should be noted that the entirety of this offering is secondary and Neptune will not receive any proceeds from the sale of Class A common stock.
• The cornerstone investors, T. Rowe Price Investment Management and AllianceBernstein L.P. have indicated for up to $75 million in this offering. 

• Kraft Heinz’s decision to split into Global Taste Elevation Co. and North American Grocery Co. is a strategic move intended to recalibrate the Company amid flattening growth.
• We value Kraft Heinz on a sum-of-the-parts (SOTP) basis. Global Taste Elevation is valued at 10x 2025E adjusted EBITDA, while North America Grocery is valued at 7.8x 2025E adjusted EBITDA.
• We expect the spin-off to unlock value for shareholders as Global Taste Elevation Co will get better multiple post separation.

• Despite initial concerns about tariffs and policy uncertainty hurting global economy, many major metals have seen significant price gains this year
• Tariffs have been implemented, but manufacturers have absorbed costs in margins rather than passing them on to consumers
• Despite signs of economic strain in recent data, commodity prices remain strong due to US dollar weakness making commodities more affordable for importing countries

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• The Federal Reserve is expected to ease interest rates by 50 basis points this year, aligning with a forecast of 100 basis points of easing by next January.
• The Fed prioritizing its labor market mandate over its inflation target may lead to better growth and higher inflation outcomes next year.
• The yield curve has been volatile but is currently fairly valued, with potential for steepening due to asymmetrically dovish reaction function and Fed independence considerations.

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

• Nvidia and Intel have announced a $5 billion deal to collaborate on designing CPU GPU systems for data centers and chiplets for PCs.
• Jensen Huang surprisingly praised Intel during a press conference, marking a significant shift in Nvidia’s history of enmity towards Intel.
• The collaboration aims to address the scalability limitations of current systems by offering x86 head nodes with NVLink for data centers, filling a market gap for both companies.

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

• Lendbuzz filed for an IPO on September 12th for a potential October debut. 
• They serve consumers with thin and no credit files, or credit invisibles, and those traditionally called near prime (consumers with VantageScores® of 601-719).
• They had total revenue of $101.3 million, $175.4 million, and $281.5 million and net income of $15.0 million, $11.2 million, and $24.3 million in 2022, 2023, and 2024, respectively.

• Crude oil futures opened the week slightly firmer as traders continued to monitor disruptions to Russian flows amid ongoing attacks against infrastructure and sanctions threats.
• Front-month Nov25 ICE Brent futures were trading at $67.22/b (0735 BST) versus Friday’s settle of $66.68/b, while Nov25 NYMEX WTI was at  $62.90/b against a previous close of $62.40/b.
• The prospect of tighter measures against Moscow was seen increasing with European leaders pushing for a wider rollout, including secondary tariffs.

• Achieve Life Sciences is developing cytisinicline for use as a smoking cessation treatment in the United States and rest of world.
• Pivotal studies have been completed with safety & efficacy results exceeding expectations.
• Achieve is now awaiting its target action date of June 20th 2026 and preparing for commercialization.

• STAAR Surgical’s largest shareholder opposes Alcon’s $28/share acquisition offer, potentially forcing a higher bid before the October 23 vote.
• OCI N.V. will merge with Orascom Construction, leading to delisting and liquidation, with limited upside from current levels.
• Hearst’s $16.50/share bid for DallasNews likely to win shareholder approval, backed by major shareholder and proxy firms.

• Alliance Laundry Holdings (ALH US), filed for its IPO on September 12th. 
• BDT Capital Partners became the controlling shareholder of Alliance Laundry Systems in 2015, when its investment funds acquired a majority stake in the company from the Ontario Teachers’ Pension Plan.
• They had net revenues of $1.38 billion, $1.37 billion, and $1.51 billion and net income of $99.7 million, $88.3 million, and $98.3 million in 2022, 2023, and 2024, respectively.