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Good evening,
Market sentiment was once again dominated by trade talks between the US and China that are being held in London with Commerce Secretary Lutnick saying that conversations are going “really, really well” and that negotiations should finish shortly. This helped stocks rise for a third session with all leading indices finishing higher and tech indicators outperforming.
In single names, the notable mover among our Succinct 200 Universe, was Intel (mcap $96bn) with an 8% rally (+10% YTD) after it presented a strategy shift and a supercomputer deal as part of its restructuring at today’s ISC 2025 event in Hamburg. Also, Tesla gained nearly 6% as its robotaxi gains momentum with a possible launch in Austin this week.
There were no major economic data releases today ahead of tomorrow's inflation update in the US. Interest rates were little changed and the $ index shifted marginally higher, mainly against the British pound which fell 0.35% after a weak jobs report in the UK.
In earnings reports after the close, in the mid-cap sector, GameStop (mcap $13bn) missed revenue ($732mn) but beat net income ($45mn) estimates and shares fell ~5% in after-hours trading.
In corporate deals, insurance broker Brown & Brown (mcap $30bn) is acquiring Accession Risk Mgt, the ninth-largest private owned insurance brokerage in the US for almost $10bn mostly in cash.
In private markets, Meta Platforms plans to invest $15bn in start-up Scale A.I., to catch up with rivals, at a $28bn valuation and give Meta a 49% stake. (FT)
In Japan, Toyota and Daimler’s truck divisions have merged in a $6.4bn deal to create a commercial vehicle giant to expand in electric and hydrogen power and compete with their Chinese rivals. The truck brands include Hino Motors and Mitsubishi Fuso and could sell over 200k units per year. (ABC)
In new bond issues, Morgan Stanley is marketing a $5bn package of high yield bonds and two (FRN) loans issued by xAI, Elon Musk’s A.I. private co with yields close to 12% and 700bp over SOFR. Additionally, xAI is in talks to raise $20bn of equity capital. (Reuters)
See you tomorrow.
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