Daily Brief United States: Unitedhealth Group, USD, Copper, Galaxy Gaming, Intel Corp, NIQ Global Intelligence, Gold, Unum Group, McGraw Hill, NanoViricides and more

• UnitedHealth Group’s first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward revision of the company’s adjusted earnings per share outlook.
• The company now expects an adjusted earnings per share range of $26 to $26.50, down from previous estimates, partly attributed to higher-than-expected care activity within its Medicare Advantage business and changes in member profiles impacting revenue at Optum Health.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Discussion covers topics including dollar signals, $CNY fixes, tariffs, and observations on Swiss and sterling
• Dollar remains bearish despite some systematic signals turning less bearish or even bullish
• Client sentiment may be shifting tactically towards throwing in the towel on the bearish dollar trend due to technical patterns, but long-term view remains unchanged

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

• Trump announced a 50% Section 232 base tariff on copper imports starting August 1st
• The details of the tariff, including which products it applies to and any exemptions, remain unknown
• The arbitrage between London LME prices and US Comex prices has widened following the tariff announcement, with implications for copper prices in both regions.

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

• Galaxy Gaming (GLXZ) merger with Evolution AB is pending gaming regulatory review, with a 14% spread remaining.
• OneConnect Financial Technology (OCFT) secured antitrust approval from SAMR for Ping An takeover, narrowing spread to 5%.
• abrdn European Logistics Income (ASLI:L) sold two warehouses at a premium, with further asset sales in advanced discussions.

• Despite initially WARNing of 529 job cuts in Oregon, the actual number turned out to be 2,392
• Only 9% of the Oregon cuts are in management positions
• Huge cuts in technical employees across the board with a total of thirty Principal Engineers losing their jobs in Oregon alone.

• NIQ Global Intelligence plc is offering 50.0mm shares at $20.00-$24.00 equating to a market cap of $5.9b-$7.1b and is scheduled to debut on July 23rd.
• If successful, this will be the third IPO to raise $1 billion in 2025. 
• NIQ Global Intelligence has a boat-load of debt, is private-equity backed but has a growth profile that is promising. We believe price sensitivity may play a role.

• While it may seem as a logical step to compare the current cash price with the forward futures contract, that’s unfortunately way too easy to justify such a statement.
• In fact, it is even miss-information.
• What makes more sense is to look at the input cost factors and the forecasts for these components that the USDA is providing. 

• Unum Group’s first quarter results for 2025 demonstrate a blend of strengths and challenges that are vital for investors to consider.
• The company reported a return on equity (ROE) for core operations exceeding 20%, alongside premium growth of more than 4%.
• However, despite these positive indicators, Unum’s earnings per share of $2.04 fell short of expectations, primarily due to an increase in disability claims.

• McGraw Hill is offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
• The company is backed by Platinum Equity, a private equity firm that acquired the company from Apollo Global Management for approximately $4.5 billion in August 2021. 
• Private Equity IPOs are to be a theme in the 2H of 2025 and McGraw Hill will be a test for the market based on the financial profile.

• Zacks Small-Cap Research Note for NanoViricides, Inc. (NNVC)