• BofA Securities and Goldman Sachs & Co. LLC are acting as Global Coordinators, BTG Pactual and Ita BBA are acting as Joint Bookrunners and Bradesco BBI, National Bank of Canada Financial Markets, RBC Capital Markets and Scotiabank are acting as Co-Managers of the offering.

• Infinity Natural Resources (INR) announced the addition of Brian Pietrandrea as Chief Accounting Officer and Carmine Fantini as Vice President of Technology, strengthening the Company's leadership team as it continues to execute its growth strategy. Mr. Pietrandrea starts today, and Mr. Fantini is expected to start on July 28, 2025.
• RaceWay selected PAR Technology Corporation (PAR), as its technology partner for the launch of its new customer loyalty program, RaceWay Rewards. Built on PAR Retail, PAR's industry-leading platform purpose-built for convenience and fuel retail, this new program looks to reward and engage RaceWay's network of loyal customers.

Reports Q2 (Jun) earnings of $0.45 per share, $0.03 better than the FactSet Consensus of $0.42.

• Caesars Entertainment (CZR) is launching a second, elevated, Caesars Rewards Visa Signature credit card with Bread Financial (BFH). New premium-level credit card includes annual complimentary resort night, dining credits, gaming offers and more.
• Lucid Diagnostics (LUCD) and subsidiary of PAVmed (PAVM) announced that on Thursday, September 4, 2025, from 2:00 to 4:00 p.m. ET, MolDX-participating Medicare Administrative Contractors (MACs) will convene a MolDX Contractor Advisory Committee Meeting.

• Reports Q2 (Jun) earnings of $10.91 per share, excluding non-recurring items, $1.26 better than the FactSet Consensus of $9.65; revenues rose 14.5% year/year to $14.58 bln vs the $13.51 bln FactSet Consensus.
• Net revenues in Fixed Income, Currency and Commodities were $3.47 billion, 9% higher than the second quarter of 2024, primarily reflecting significantly higher net revenues in FICC financing, primarily driven by mortgages and structured lending. Net revenues in FICC intermediation were slightly higher, reflecting significantly higher net revenues in currencies, higher net revenues in credit products and slightly higher net revenues in interest rate products, largely offset by significantly lower net revenues in both mortgages and commodities. Provision for credit losses was $384 million for the second quarter of 2025, compared with $282 million for the second quarter of 2024 and $287 million for the first quarter of 2025.
• Provisions for the second quarter of 2025 primarily reflected net charge-offs related to the credit card portfolio and growth in the credit card and wholesale portfolios. Provisions for the second quarter of 2024 reflected net provisions related to the credit card portfolio (driven by net charge-offs).

• Valour's SUI AUM Hits Record High of US$63.5M (C$87.1M): Reflecting a 54% increase since June 30, driven by investor demand and interest in emerging Layer 1 ecosystems like SUI.Valour's SUI ETP is also among the fastest-growing products in its portfolio of over 75 exchange-traded products (ETPs).
• DeFi Technologies' SUI Treasury Grows to US$20.2M (C$27.7M): Now the Company's second-largest holding after Bitcoin, up 41% month-over-month.

• Co announced that the Centers for Medicare and Medicaid Services (CMS) has proposed to keep the Barostim implant procedure as part of the New Technology Ambulatory Payment Classification (APC) 1580, with an associated payment of approximately $45,000 for procedures performed in the outpatient setting. CMS is also soliciting comments about the need for a Level 6 Neurostimulator APC. We expect CMS will publish the 2026 Medicare Hospital Outpatient Prospective Payment System (OPPS) final rule in November, which is expected to take effect on January 1, 2026.
• This proposal follows two other positive developments in the last nine months relating to reimbursement rates. As of Oct. 1, 2024, Barostim was assigned to a higher paying MS-DRG for inpatient procedures. In that same month it was announced that Barostim will transition from Category III to Category I CPT codes for physician payments as of Jan. 1, 2026. These reimbursement updates underscore the clinical value of Barostim and reinforce its role in the heart failure care continuum.
  

• Reports Q2 (Jun) earnings of $2.13 per share, $0.15 better than the FactSet Consensus of $1.98; revenues rose 11.8% year/year to $16.79 bln vs the $16.07 bln FactSet Consensus.
• The Firm expense efficiency ratio was 70% for the first half of the year benefiting from our scale and disciplined expense management.
• Institutional Securities: Institutional Securities reported net revenues of $7.6 billion compared with $7.0 billion a year ago. 
  • Investment Banking revenues down 5%.
  • Advisory revenues decreased from a year ago on lower completed M&A transactions.
  • Equity underwriting revenues increased from a year ago on higher follow-ons, convertibles and IPOs.
  • Equity net revenues up 23%;  Fixed Income net revenues up 9%.
• Wealth Management: Wealth Management reported net revenues of $7.8 billion compared with $6.8 billion a year ago.
  • Asset management revenues increased from a year ago on higher asset levels and the cumulative impact of positive fee based flows.
  • Transactional revenues increased 17% from a year ago excluding the impact of mark-to-market on investments associated with DCP. 5,14 Results for the quarter were driven by a broad-based increase in levels of client activity.
• Investment Management: Investment Management reported net revenues of $1.6 billion compared with $1.4 billion a year ago.
  • Asset management and related fees increased from a year ago on higher average AUM primarily driven by higher market levels and the cumulative impact of positive long-term net flows.13
  • Performance-based income and other revenues increased from a year ago on higher accrued carried interest in our infrastructure funds and mark-to-market gains on investments associated with DCP versus losses a year ago.
• Share Repurchase Plan and Increased Dividend: The Board of Directors reauthorized a multi-year common equity share repurchase program of up to $20 billion, without a set expiration date, beginning in the third quarter of 2025. The Board of Directors also declared a $1.00 quarterly dividend per share, an increase of 7.5 cents, payable on August 15, 2025 to common shareholders of record on July 31, 2025.

• In this role, Mr. Neal will report to Chairman & CEO, Peter Zaffino and lead AIG's General Insurance organization, which includes the North America Commercial Insurance, International Commercial Insurance and Global Personal Insurance businesses. He will become a member of AIG's Executive Leadership team.
• Mr. Neal was formerly the CEO of Lloyd's of London, a leading insurance marketplace, serving in the role from October 2018 to January 2025.

Major European indices are showing modest gains and displaying resilience despite the U.K. reporting some hotter-than-expected CPI inflation for June, chip equipment maker ASML saying it cannot confirm if it will deliver growth in 2026 due to the uncertainty driven by macroeconomic and geopolitical developments, and car maker Renault lowering its FY25 operating margin outlook. U.K. CPI, at 3.6% yr/yr, is the highest since January 2024; core CPI was up 3.7% yr/yr.

• In economic data:
  • U.K.'s June CPI 0.3% m/m (expected 0.2%; last 0.2%) and 3.6% yr/yr (expected 3.4%; last 3.4%); June Core CPI 0.4% m/m (expected 0.2%; last 0.2%) and 3.7% yr/yr (expected 3.5%; last 3.5%); June RPI 0.4% m/m (expected 0.3%; last 0.2%) and 4.4% yr/yr (expected 4.3%; last 4.3%); House Price Index 3.9% (expected 3.2%; last 3.5%)
  • Italy's June CPI 0.2% m/m (expected 0.2%; last -0.1%) and 1.7% yr/yr (expected 1.7%; last 1.6%)

---Equity Markets---

• STOXX Europe 600: flat
• Germany's DAX: +0.2%
• U.K.'s FTSE 100: +0.2%
• France's CAC 40: +0.1%
• Italy's FTSE MIB: +0.2%
• Spain's IBEX 35: +0.5%

---FX---

• EUR/USD: +0.2% to 1.1619
• GBP/USD: +0.2% to 1.3405
• USD/CHF: flat at 0.8016

Gapping up
In reaction to earnings/guidance:

• UNFI +3.7% (guidance), JNJ +1.7%, MTB +1.4%, PNC +1.4%, BAC +1.3%

Other news:

• BHF +9.5% (Aquarian in talks to acquire BHF, according to WSJ)
• DYN +7.9% (CEO & President bought (and gfited) 100,000 shares at $9.02 - $9.15 worth about $911K)
• VCTR +5.4% (to join S&P SmallCap 600)
• GPN +5.1% (Elliott Mgmt builds stake in wake of Worldpay deal, according to FT.com)
• AEVA +2.6% (Aeva and Daimler Truck North America to expand their agreement for the series production of Aeva's 4D LiDAR)
• DEO +2.4% (will soon replace CEO Debra Crew, according to FT)
• KALV +2.2% (UK MHRA approves EKTERLY)
• TLS +2.2% (Xacta achieves FedRAMPauthorization at highest level)
• JBSS +2% (declares $0.60/sh special dividend)
• GMAB +2% (announces net sales of DARZALEX for second quarter of 2025)
• KBDC +1.5% (invests in SG Credit Partners)
• GLXY +1.5% (invests in Function, establishing the gateway for institutional bitcoin productivity)
• GDS +1.1% (completes its C-REIT IPO on the Shanghai Stock Exchange)
• RIO +0.9% (reports Q2 production results; provides outlook) 

Gapping down
In reaction to earnings/guidance:

• ASML -6.8%, KMTS -6.1%, HWC -2.3%, PNFP -1.9%, PNFP -1.9%, JBHT -1.1%

Other news:

• HPP -3.6% (stock offering by selling shareholders)
• ASTL -3.3% (guidance update)
• AXL -2.9% (shareholders approve proposed combination)
• FLL -2.7% (names new CFO)
• AVAV -1.6% (to join S&P MidCap 400)
• UHS -1.4% (CMS proposes new rules for hospital payments)
• HCA -1.1% (CMS proposes new rules for hospital payments)
• AZN -0.8% (provides update on anselamimab in AL amyloidosis; Results did not achieve statistical significance for the primary endpoint in overall patient population)

• Co announces the signing of a long-term liquefied natural gas supply agreement with Venture Global.
• Eni will purchase 2 million tonnes per annum for 20 years with offtake starting by the end of the decade from Phase 1 of CP2 LNG. The facility, with a peak production capacity of 28 MTPA, is currently under development in Cameron Parish, Louisiana, United States.
• The agreement is Eni's first long term LNG supply from the United States and represents a significant milestone in Eni's strategy to expand and diversify its global LNG footprint, enhancing portfolio flexibility. Part of these volumes will contribute to the diversification of Europe's gas supplies.
• Venture Global's proven success in project delivery will support Eni's ambitions to grow its LNG portfolio to approximately 20 MTPA of contracted volumes by 2030, and to expand its trading business while meeting the evolving needs of customers across key markets worldwide.

• ICON outpaced the average phase 1 performance scores of other large CROs, solidifying its position as a premier partner for early phase clinical studies.
  
• The report, based on extensive feedback from 159 industry professionals, underscored ICON's dominance across a wide range of performance metrics and highlights the company's unwavering commitment to innovation, operational excellence, and customer satisfaction.
  
• Key highlights from the report include:
  
  • Sponsor satisfaction: For phase 1 research, ICON outperformed all other large CROs claiming the highest overall sponsor satisfaction score of 7.4 on a scale of 1-10.
    
  • Outstanding operational metrics: ICON outperformed the average performance score of other large CROs in all 17 operational metrics, with a considerable lead differential in 14. These metrics are grouped into three categories of critical service capabilities including delivery metrics (such as adhering to project timelines), staff characteristics (like therapeutic expertise), and accessibility metrics (clinic availability, for example).
    
  • Robust brand strength: Across the four brand strength performance metrics of familiarity, leadership, reported recent use, and preference, ICON was the only large CRO to improve its scores across the board compared to ISR's 2024 iteration of this research, with the largest gains in leadership and preference.
    
  • Consistency of excellence: For six consecutive years, ICON has outperformed the weighted average performance scores of the other large CROs in phase 1 clinical trials, demonstrating sustained excellence and reliability.

• Chhabra will report directly to The Hartford's Chairman and CEO Christopher Swift. The move is effective Sept. 1, 2025.
• Since 2018, Chhabra has served as senior vice president and chief insurance risk officer for The Hartford.
• Paiano has had an accomplished 40-year career in the financial-services industry, culminating with his role as chief risk officer for The Hartford since 2017. Prior to that he served as the company's treasurer. Effective Sept. 1, he will assume an advisory role to ensure a seamless transition.

• Co announces that a third party has made a non-binding offer to Obsidian Energy to acquire the Company's entire common share position in InPlay Oil. consisting of 9,139,784 InPlay common shares and representing approximately 32.7% of the issued and outstanding InPlay Shares, at a price per InPlay Share in excess of the closing price for such shares on the Toronto Stock Exchange as of July 15, 2025. The Company has entered into negotiations with the third party and InPlay in respect of the potential transaction outlined in the non-binding offer and has agreed to engage exclusively with the third party in respect of the Disposition Transaction until August 1, 2025. As a result, at this time, Obsidian Energy will not launch its previously announced exchange offer to purchase up to approximately $10 million of its common shares from Obsidian Energy shareholders in the provinces and territories of Canada for consideration consisting of InPlay Shares.
• No definitive agreement regarding the Disposition Transaction has been reached, including with InPlay in respect of the Company's existing restrictions on transfers of its InPlay Shares prior to October 7, 2025 to a third party, and there can be no assurance that the Disposition Transaction will ultimately result from the negotiations. If the Disposition Transaction does proceed, there can be no assurance of what the economic and other terms and conditions of such transaction might be.

• Aurora Cannabis Inc. (ACB) is proud to continue its Strains for Heroes initiative through collaboration with veteran communities and organizations across Canada. Five per cent of net profits from the sale of Strains for Heroes products are donated annually to veteran-focused organizations, up to a maximum of C$200,000.
• F5 (FFIV) announced new AI-driven capabilities for the F5 Application Delivery and Security Platform (ADSP). These updates provide organizations with advanced tools to secure sensitive data and manage AI-powered applications, including expanded capabilities in F5 AI Gateway to prevent data leaks and deliver cutting-edge AI data protection. Additionally, new functionality for F5 BIG-IP SSL Orchestrator is being introduced to classify and defend encrypted data in motion and block unapproved AI use.
• Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (CLMB) announced the addition of SiteDocs to its Bluebeam portfolio. This strategic addition underscores Climb's commitment to delivering cutting-edge solutions that empower the architecture, engineering, and construction industry to work smarter, safer, and more efficiently.

• Aeva announced an expanded partnership with Daimler Truck North America to advance the commercialization of autonomous vehicles through enhanced production of Aeva's state-of-the-art 4D LiDAR technology.
  • As part of the strengthened collaboration, DTNA is providing additional non-recurring funding to further support Aeva's development as the company advances to series production. In response to the growing demand for Aeva's 4D LiDAR, Aeva plans to increase its production capacity to up to 200,000 LiDAR units annually, with the goal of supporting multiple customers including Daimler Truck for production of advanced sensing in autonomous vehicle applications.
  • This expanded partnership builds on the selection of Aeva as the production LiDAR supplier for Torc Robotics, an independent subsidiary of Daimler Truck AG, and its SAE Level 4 autonomous Freightliner Cascadia trucks. Marking a major milestone, the first autonomous-ready Cascadia trucks equipped with Aeva's 4D LiDAR sensors are now operating on public roads in Texas, further advancing Daimler Truck's vision for safe and scalable autonomous transport.

• Co announced that the initial public offering ("IPO") on the Shanghai Stock Exchange of its previously announced China REIT has been successfully completed. The retail offering was closed ahead of schedule in light of the high level of subscriptions. The IPO attracted strong interest from both institutional and retail investors, with the institutional order book 166 times covered at the final offering price as previously announced and the retail offering 456 times over-subscribed. The C-REIT is expected to be listed and start trading on the Shanghai Stock Exchange in early August under the fund code 508060.

• Co revises guidance for FY25 (Jul), sees EPS of $0.40-$0.80, excluding non-recurring items, down from prior guidance of $0.70-$0.90, in-line with the $0.69 FactSet Consensus; sees FY25 (Jul) revs of $31.6-$31.8 bln, up slightly from prior guidance of $31.3-$31.7 bln, in-line with the vs. $31.76 bln FactSet Consensus.
• Revised outlook reflects strong performance for first three quarters of fiscal year as well as the estimated impact of previously disclosed cyber incident.
• Company continues to have high confidence in multi-year strategy and expects to realize previously announced long-term financial targets at an accelerated pace compared to its initial targets.
  • Expect to reduce net leverage to nearly 2.5x by year-end fiscal 2026; around a year earlier than initially projected.

• Garmin (GRMN) announced its new distance measuring equipment products -- the GDM 4500 and GDM 450R. These digital, state-of-the-art, remote-mount DME radios are designed to provide slant-distance information on select Garmin flight decks and displays. Both products can allow pilots to track two separate DME's simultaneously.
• Venture Global (VG) and Eni S.P.A. of Italy (E) announced the execution of a new Sales and Purchase Agreement for the purchase of 2 million tonnes per annum of liquefied natural gas from CP2 LNG, Venture Global's third project, for 20 years. This deal marks Eni's first ever long-term agreement with a U.S. LNG producer. To date, approximately 13.5 MTPA of CP2 Phase One has been sold, raising the total contracted capacity for all of Venture Global's projects to 43.5 MTPA. To date, Venture Global has supplied Italy with nearly 40 cargoes of U.S. LNG from its Calcasieu Pass and Plaquemines LNG facilities.
• OrthoPediatrics (KIDS) announced a significant milestone in the ongoing Global POISE (Pediatric Orthopedic Implant Safety and Efficacy) Study: more than 600 implants are now being observed across 300+ pediatric patients as part of this study.
  
• Sizeo is proud to announce the success of its ongoing partnership with Designer Brands (DBI). DBI is one of North America's largest designers, producers, and retailers of footwear and accessories.
• Voyager Therapeutics (VYGR) continued the expansion of its Alzheimer's disease franchise with the introduction of a wholly-owned program that modulates the expression of apolipoprotein E (APOE), the strongest genetic risk factor for AD.

Equity indices in the Asia-Pacific region were mostly lower Wednesday, although losses were modest. Participants were digesting news of the U.S.-Indonesia trade deal and the tease from the White House that a similar deal with India could be coming soon. Other trade news involved a Reuters report that Australia and China will review their free trade agreement and that Japanese Prime Minister Ishiba is aiming to speak with Treasury Secretary Bessent on Friday about tariffs. The Treasury Secretary also said that the U.S. isn't going to rush deals because of some market deadline, like the August 12 pause expiration for China, according to Bloomberg. Separately, Japanese government bond yields dropped on Wednesday after enduring some politically driven selling pressure ahead of the Upper House elections, which reports suggest will likely result in the LDP losing its ruling coalition.

• In economic data:
  • Japan's July Reuters Tankan Index 7 (last 6)
  • South Korea's June Export Price Index -4.5% yr/yr (last -2.6%) and Import Price Index -6.2% yr/yr (last -5.1%); June Unemployment Rate 2.6% (last 2.7%)

---Equity Markets---

• Japan's Nikkei: -0.1%
• Hong Kong's Hang Seng: -0.3%
• China's Shanghai Composite: flat
• India's Sensex: +0.1%
• South Korea's Kospi: -0.9%
• Australia's All Ordinaries: -0.7%

---FX---

• USD/JPY: -0.1% to 148.67
• USD/CNH: flat at 7.1830
• USD/INR: flat at 85.89

• Reports Q2 (Jun) earnings of $0.89 per share, $0.03 better than the FactSet Consensus of $0.86; revenues rose 4.3% year/year to $26.5 bln vs the $26.72 bln FactSet Consensus.
  • NII of $14.7B ($14.8B FTE)
  • increased $1.0B, or 7%; up $0.2B, or 2%, vs. 1Q25
    
  • Noninterest income of $11.8B increased $0.1B, or 1%
  • Provision for credit losses of $1.6B in 2Q25 vs. $1.5B in both 1Q25 and 2Q24
  • Net charge-offs (NCOs) of $1.5B were flat to 1Q25 and 2Q24
• Outlook
  • Co sees Q4 NII of ~$15.5-15.7 bln

• Beginning this summer, Premier Medical, which is a part of the value-driven healthcare company, NeueHealth (NEUE), will begin operating clinics inside select Walgreens locations, starting with two sites opening in Davenport, Fla., and Orlando, Fla., in July 2025.
• These in-store clinics will offer a range of services -- including primary care, chronic condition management, and dermatology -- and will serve patients enrolled in Medicare, Medicare Advantage, commercial, and select Medicaid plans.

• GRAVITY (GRVY) announced that PT Gravity Game Link, Gravity's Indonesia subsidiary, has officially launched Dragonica Origin, an MMORPG PC game, in 10 regions of Southeast Asia on July 16, 2025.
• Allot (ALLT) announced that Play, a leading convergent operator in Poland, has selected DNS Secure from Allot to offer its fixed broadband customers cybersecurity protection services. This agreement, signed in April 2025, and the subsequent deployment will add services to the existing network-based Allot cybersecurity services that Play deployed back in 2021 for their mobile customers.
• Infosys (INFY) announced the launch of the Infosys Enterprise Innovation Lab for SAP Solutions at Infosys' premises in Dsseldorf, Germany. As part of the collaboration between Infosys and SAP, this lab is designed to enable enterprises to explore the limitless possibilities of AI and data, co-create tailored solutions that address their business challenges, and accelerate the adoption of cutting-edge Infosys and SAP offerings.

• Co announced it has signed an agreement to acquire Resilient Power Systems Inc., a North American developer and manufacturer of innovative energy solutions, including solid-state transformer-based technology.
• The transaction, which is subject to customary closing conditions, is expected to close in the third quarter of 2025.
  

• Ms. Gandon will report directly to Stphane de La Faverie, President and Chief Executive Officer, and will join the company's Executive Team. In this newly created role, Ms. Gandon will lead the transformation of the company's digital, marketing and media ecosystem, shaping end-to-end strategies across its powerful brand portfolio, and will oversee global digital commerce. Her appointment reflects the company's commitment to evolving its consumer-centric approach and strengthening marketing as a commercial growth engine.
• She joins The Este Lauder Companies from Nestl (NSRGY), where she most recently served as Global Chief Marketing Officer and led the company's digital transformation across 188 markets and more than 2,000 brands. She implemented new operating models, launched many global content studios, and developed strategic partnerships with major tech platforms, including Google (GOOG / GOOGL), Meta (META), Amazon (AMZN), and Netflix (NFLX).

• Reports Q2 (Jun) earnings of $3.85 per share, $0.30 better than the FactSet Consensus of $3.55; revenues rose 4.6% year/year to $5.66 bln vs the $5.61 bln FactSet Consensus.
  • NII increased 2%
  • NIM expanded 2 bps to 2.80%
  • Fee income increased 3%
  • Noninterest expense was stable
  • Efficiency ratio improved to 60%
• Outlook
  • Full Year 2025 vs. 2024
    • Average loans: Expected to rise about 1%.
    • Net interest income: Now projected ~7% higher (slightly better than prior 6--7% range).
    • Noninterest income: Expected 4--5% higher (slightly lower than earlier ~5% guidance).
    • Total revenue: Still projected ~6% growth.
    • Noninterest expense: Up ~1%, unchanged.
  • Q3 2025 vs. Q2 2025
    • Average loans: Expected to increase ~1%.
    • Net interest income: Up ~3%.
    • Fee income: Up 3--4%.
    • Total revenue: Expected +2--3%.
    • Noninterest expense: Up ~2%.
    • Net charge-offs: Expected to rise to $275--$300 mln (from $198 mln).

• Ford Motor Company is announcing a field service action related to fuel injectors in certain model year 2021-2024 Bronco Sport vehicles, 2020-2022 Escape vehicles, and 2019-2024 Kuga vehicles. We estimate the aggregate cost of the action, based on the remedy options we are evaluating, to be about $570 million and will be reflected in our second quarter 2025 results.
• Consistent with our corporate policy, which considers the magnitude of individual field service actions, the expense will be treated as a special item. Accordingly, it will not impact our total Company adjusted EBIT, adjusted earnings per share, or adjusted free cash flow.

• Drill hole WR-837AD2 intersected 2.3 metres at 1.69% eU3O8 including 0.5 metres at 5.48% eU3O8 in the down plunge direction from the previously defined D1 lens.
• This area remains open down-plunge and along strike to the northeast for further expansion. Gryphon is situated approximately 3 km northwest of the Company's flagship Phoenix In-Situ Recovery ("ISR") uranium mine development project, on Denison's 95%-owned Wheeler River property in northern Saskatchewan.

• Gapping up:
  • BHF +8.2%, GPN +6.1%, VCTR +5.4%, GLXY +3.7%, TLS +2.2%, JBSS +2%, KBDC +1.5%, MTB +1.4%, JNJ +1.3%, RIO +0.9%, STLA +0.8%, SNY +0.8%
• Gapping down:
  • ASML -8.2%, KMTS -6.1%, HPP -3.6%, ASTL -3.3%, FLL -2.7%, HWC -2.3%, BDX -2.2%, AVAV -1.6%, UHS -1.4%, THC -1.3%, JBHT -1.3%, HCA -1%, KALV -0.8%, AZN -0.8%, AU -0.8%

• Co announces that worldwide net trade sales of DARZALEX (daratumumab), including sales of the subcutaneous (SC) product (daratumumab and hyaluronidase-fihj, sold under the tradename DARZALEX FASPRO in the U.S.), as reported by J&J were USD 3,539 million in the second quarter of 2025.
• Net trade sales were USD 2,017 million in the U.S. and USD 1,521 million in the rest of the world. Genmab receives royalties on the worldwide net sales of DARZALEX, both the intravenous and SC products, under the exclusive worldwide license to J&J to develop, manufacture and commercialize daratumumab.

• Lost Creek Production and Sales: During the second quarter of 2025, we dried and packaged 112,033 pounds of U3O8, representing a 35% increase over the first quarter 2025; We shipped 105,316 pounds of powdered uranium concentrate, also known as "yellowcake," to the conversion facility; At quarter end, our finished inventory at the conversion facility was 315,607 pounds U3O8, and the in-process and drummed inventory at Lost Creek totaled approximately 55,000 pounds U3O8. In Q2 2025 we sold 165,000 pounds U3O8 at an average price of $63.20 per pound for revenue of $10.4 million.
• Shirley Basin Construction: Ur-Energy is excited to restart uranium production in the prolific and historic Shirley Basin, the birthplace of in situ uranium mining in the early 1960s. To that end, we are busy on multiple fronts at the site, such as refurbishing facilities from the initial mining program and installing the components necessary for in situ recovery with modern technology.

• Reports Q2 (Jun) earnings of $2.77 per share, excluding non-recurring items, $0.09 better than the FactSet Consensus of $2.68; revenues rose 5.8% year/year to $23.74 bln vs the $22.85 bln FactSet Consensus.
• Co issues upside guidance for FY25, sees EPS of $10.80-10.90 vs. $10.64 FactSet Consensus and up from prior guidance of $10.50-10.70; sees FY25 revs of $93.2-93.6 bln vs. $91.42 bln FactSet Consensus. This is up from prior guidance of $91.0-91.4 bln

• Q2 2025 gold production was 21,070 ounces, setting a new record for a second quarter; 20,773 ounces were produced in the second quarter of 2024.
• H1 2025 gold production was 39,741 ounces, a 5.1 % increase on the 37,823 ounces produced in the first half of 2024.
• Caledonia increases Blankets production guidance to 75,500 - 79,500 ounces of gold

• AngloGold Ashanti plc and certain of its affiliates have entered into a definitive agreement with Augusta Gold (AUGG)  to acquire all issued and outstanding shares of common stock of Augusta Gold at a price of C$1.70 per share of common stock in cash.
• The Price implies a fully-diluted equity value for Augusta Gold of approximately C$152 million (approximately US$111 million). The Price represents a premium of approximately 28% to the closing price of Augusta Gold's common stock on the Toronto Stock Exchange on 15 July 2025, the day prior to the announcement of the Transaction and 37% to the volume-weighted average share price over the 20 days prior to announcement of the Transaction. Additionally, in connection with the Transaction, AngloGold Ashanti will provide funds for the repayment of certain stockholder loans (which amounted to approximately US$32.6 million at 31 March 2025).
• The Transaction allows AngloGold Ashanti to further consolidate its footprint in the Beatty District by acquiring Reward, a permitted, feasibility stage project, the Bullfrog deposit, and all tenements surrounding each of these properties. The acquired properties are adjacent to AngloGold Ashanti's claims in the Beatty District and will provide additional Mineral Resources to AngloGold Ashanti's inventory.

• Reports Q2 (Jun) earnings of $1.14 per share, $0.10 better than the FactSet Consensus of $1.04; revenues rose 7.6% year/year to $445.8 mln vs the $434.43 mln FactSet Consensus.
  • Average loan balances totaled $17.5 billion, an increase of $253.1 million, or 1.5%, over the prior quarter.
  • Total average deposits increased $63.0 million, or .3%, over the prior quarter. The average rate paid on interest bearing deposits declined five basis points to 1.67%, compared to the prior quarter.
  • The ratio of annualized net loan charge-offs to average loans was .22% in the current quarter compared to .25% in the prior quarter.
  • The allowance for credit losses on loans decreased $1.8 million during the second quarter of 2025 to $165.3 million, and the ratio of the allowance for credit losses on loans to total loans was .94% on June 30, 2025, compared to .96% at March 31, 2025.

• Reports Q2 (Jun) earnings of $2.00 per share, excluding non-recurring items, $0.09 better than the FactSet Consensus of $1.91; revenues rose 15.1% year/year to $504.9 mln vs the $498.66 mln FactSet Consensus.
• "Loan growth was one of our highlights for the second quarter," said Harold R. Carpenter, Pinnacle's chief financial officer. "Our commercial and industrial (C&I) loan segment continued to show strong growth as these loans increased 21.9 percent linked quarter annualized in the second quarter. Our other loans, including commercial real estate loans, increased linked-quarter at an annualized rate of approximately 3.5 percent between the first and second quarters. We expect growth rates for other loan segments to increase primarily because our appetite for sound commercial real estate projects has increased because of essentially achieving our lower concentration limits for commercial real estate lending. We have been below our construction lending concentration limit for several quarters and are now just slightly above our limit for the broader commercial real estate lending concentration limit.
  

• Wen Restaurant LLC announced an exclusive franchise agreement with The Wendy's Company (WEN) to develop 20 new Wendy's restaurants in Armenia through 2030. A recognized leader in the food, retail, hospitality, and distribution industries, Wen Restaurant's deep operational expertise and market insights uniquely positions them to bring Wendy's to Armenia consumers. The first Wendy's restaurant in Armenia is expected to open in Yerevan's city center.
• Infosys (INFY) has announced a collaboration with Melbourne Archdiocese Catholic Schools to drive an ambitious digital transformation initiative. This engagement showcases Infosys' strong capabilities in implementing managed services in the education sector. As part of the initiative, Infosys will deploy a suite of enterprise platforms, including SAP S/4HANA Cloud, SAP SuccessFactors, and other advanced solutions like identity and access management and master data management. These integrations aim to move MACS' core ERP systems to the cloud and streamline its operations across its network of about 300 schools, enhancing efficiency, user experience, and scalability for future innovations.
• Skechers (SKX) Performance opens a new chapter of running innovation with the arrival of the Skechers AERO series. Named for the aerodynamic feel of the design, Skechers AERO represents the latest evolution of technical running shoes from the brand. The collection is engineered to deliver an exhilarating blend of speed, style and comfort to help runners cut through the wind and push beyond their personal bests while logging miles.
• Willis, a WTW business, (WTW), announced a new collaboration with the University of East Anglia to deepen understanding of global wildfire risk. With wildfires now rivalling the losses caused by other perils such as hurricanes, this partnership aims to deliver credible scientific insight that helps insurers and reinsurers keep pace with a rapidly changing risk landscape. Wildfires have intensified in recent years, becoming larger, more destructive, and increasingly unpredictable. Shifting climate conditions are expanding fire-prone areas beyond traditional hotspots and triggering more intense and destructive fires, while urban growth and rising property values are amplifying the potential for catastrophic loss. From insured losses amounting to $1.5 billion during Australia's Black Summer bushfires in 2019-20 to the $40 billion in damage caused by this year's Palisades and Eaton fires in Los Angeles, wildfires are no longer a secondary peril.

• High-level results from the Cardiac Amyloid Reaching for Extended Survival (CARES) Phase III clinical programme showed that anselamimab, a light chain depleter antibody, did not achieve statistical significance for the primary endpoint compared to placebo in patients with Mayo stages IIIa and IIIb light chain (AL) amyloidosis. The primary endpoint was defined as a hierarchical combination of time to all-cause mortality (ACM) and frequency of cardiovascular hospitalisations (CVH). All patients in the clinical programme received background standard of care for plasma cell dyscrasia.
• Anselamimab showed highly clinically meaningful improvement in time to ACM and frequency of CVH in a prespecified subgroup of patients, compared to placebo.
• Anselamimab was well tolerated, with the majority of events balanced between the anselamimab treatment arm and the placebo arm.
• Evaluation of full results is ongoing to further characterise the efficacy and safety of anselamimab. Alexion plans to share these data with global health authorities and present them at a forthcoming medical meeting.

• Reports Q2 (Jun) earnings of 5.90 per share, 0.66 better than the FactSet Consensus of 5.24; revenues rose 23.2% year/year to 7.69 bln vs the 7.55 bln FactSet Consensus.
• Co issues downside guidance for Q3, sees Q3 revs of 7.4-7.9 bln vs. 8.26 bln FactSet Consensus.
• Co issues downside guidance for FY25, sees FY25 revs of +15% yr/yr to ~32.5 bln vs. 37.39 bln FactSet Consensus.
• Co's commentary on outlook:
  • "Looking at 2026, we see that our AI customers' fundamentals remain strong. At the same time, we continue to see increasing uncertainty driven by macro-economic and geopolitical developments. Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage. We expect third-quarter total net sales between 7.4 billion and 7.9 billion, with a gross margin between 50% and 52%. We expect R&D costs of around 1.2 billion and SG&A costs of around 310 million. For the full year 2025, we expect a 15% increase in total net sales and a gross margin of around 52%."

• Co received confirmation from Nasdaq that it has regained compliance with Nasdaq Listing Rule 5250(c)(1) regarding adherence to filing requirements following the filing of its Form 10-Q for the reporting period for the three months ended March 31, 2025.
• Consistent with its previous statement on July 1, 2025, and the filing of its Q1 Report on July 14, 2025, the Company has now completed all due filings to date. It plans and expects to make all future filings within regulatory timeframes, including continuing to target release of its second quarter financial results on or before August 14, 2025.
  

• Co announces that it has executed agreements for the sale of shares in Greatland Resources Limited and Discovery Silver Corp for aggregate cash consideration of approximately $470 million, net of taxes and commissions.
  • In February 2024, Newmont announced its intent to divest certain high-quality non-core assets, building an unparalleled portfolio of world class gold and copper operations and projects. The monetization of the Greatland and Discovery shares further streamlines Newmont's equity portfolio, while generating cash for the business.
• Newmont remains on track to deliver on its 2025 guidance, while continuing to generate strong free cash flow from the Company's world class portfolio of high-quality, long-life assets. With today's announcement, Newmont now expects to generate $3.0 billion in after-tax cash proceeds from its divestiture program in 2025 to support Newmont's capital allocation priorities, which include strengthening our balance sheet and returning capital to shareholders.

• Co provides Q2 results. Highlights:
  • Copper equivalent (CuEq) production rose 13% in Q2 YoY, and 6% YoY for the half year, driven by strong performance in our copper business and the contribution of the Arcadium acquisition.
  • Copper production is now expected at the higher end, and copper unit costs around the lower end, of full year guidance ranges.
  • Pilbara iron ore achieved its highest Q2 production since 2018, recovering well from Q1 extreme weather impacts.
  • Bauxite achieved a second consecutive quarterly production record and is now expected at the higher end of the full year production guidance range.
• Outlook:
  • Guidance remains unchanged across all key commodities, but Pilbara iron ore, copper, and bauxite are trending toward the higher end of ranges, highlighting strong operational momentum.
  • Simandou shipments will kick off earlier than planned, adding incremental high-grade iron ore to 2025 output.
  • Continued focus on cost optimization and growth projects positions Rio for profitable, diversified expansion in the second half of 2025.

• The FDA has granted fast track designation to SAR446597, a one-time intravitreal gene therapy for the treatment of geographic atrophy (GA) due to age-related macular degeneration (AMD). The fast track designation process aims to facilitate the development and expedite the review of medicines to treat serious conditions and fill unmet medical need. The FDA created this process to help deliver important new drugs to patients earlier and it covers a broad range of serious illnesses.
  • SAR446597 delivers genetic material encoding two therapeutic antibody fragments that target and inhibit two critical components of the complement pathway: C1s in the classical pathway and factor Bb in the alternative pathway. This dual-targeting approach potentially offers clinical advantages by providing sustained complement suppression within the retinal microenvironment while significantly reducing treatment burden through elimination of frequent intravitreal injections. The therapy aims to address the underlying pathophysiology of complement-mediated retinal diseases through long-term expression of therapeutic proteins following a single intervention.
• Sanofi plans to start a phase 1/2 study to evaluate the safety, tolerability, and efficacy of SAR446597.
• Sanofi is also currently evaluating SAR402663, a one-time intravitreal gene therapy, in a phase 1/2 study (clinical study identifier: NCT06660667), for the treatment of patients with neovascular wet age-related macular degeneration.
  

• Co announced its decision to discontinue its hydrogen fuel cell technology development program. Due to limited availability of hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing incentives, the Company does not anticipate the adoption of hydrogen-powered light commercial vehicles before the end of the decade.
• As a result, Stellantis will no longer launch its new range of hydrogen-powered Pro One vehicles this year. Serial production was scheduled to start this summer in Hordain, France (medium-sized vans) and Gliwice, Poland (large vans).
• This decision will not impact staffing at Stellantis' production sites. R&D activities related to hydrogen technology will be redirected to other projects.
• The current state of the hydrogen segment also presents financial challenges for various stakeholders. In this context, Stellantis has initiated discussions with the shareholders of Symbio to evaluate the current market consequences and to preserve the best interests of Symbio, in line with their respective obligations.

• Function (formerly Ignition) announced that Galaxy Digital (GLXY) has joined as a core contributor and investor in its $10M seed round alongside Antalpha and Mantle. With strategic support from Galaxy, Mantle, and Antalpha (ANTA), Function is transforming Bitcoin from a passive store of value into a productive, composable financial asset that can flow seamlessly across decentralized and traditional markets.
  • FBTC-a fully reserved Bitcoin asset with over $1.5B in Total Value Locked-serves as the flagship asset, establishing Function as the definitive gateway for corporate treasuries and institutions seeking to deploy Bitcoin productively while maintaining security and sovereignty.
    Activating Bitcoin as a Yield Generating Asset
  • Bitcoin's financial utility has reached a critical inflection point. With growing attention on strategic crypto reserves with the United States and Pakistan, and regulatory clarity enabling publicly traded companies like Microstrategy and MetaPlanet to adopt the Bitcoin Standard for corporate treasury, the question is no longer whether Bitcoin should evolve beyond a passive store of value, but how to unlock its productive potential at institutional scale. The Bitcoin Growth story needs to have utility in its next phase.

• Reports Q2 (Jun) earnings of $4.24 per share, $0.25 better than the FactSet Consensus of $3.99.
  • Average loans in the recent quarter reflect higher average balances of consumer and residential real estate loans, partially offset by a decrease in the average balance of commercial real estate loans.
  • Average deposits increased in the recent quarter as compared with the first quarter of 2025, reflecting higher average savings and interest-checking deposits.
  • The increase in noninterest income reflects a rise in residential mortgage banking revenues and trust income as well as gains on the sales of an out-of-footprint loan portfolio of $15 million and a subsidiary that specialized in institutional services of $10 million.
  • The decline in noninterest expense was primarily attributed to lower salaries and employee benefits expense, reflecting seasonal expense recorded in the first quarter of 2025.
  • Reflecting improved asset quality the allowance for loan losses as a percentage of total loans declined 2 basis points to 1.61% at June 30, 2025.

• Global equity markets are flat to modestly down. Better-than-expected data out of China also sparked global sentiment. S&P futures are down about six points, trading near 6278. The range consolidated to under 25 points, posting a high of 6281.25 and a low of 6257.25.
• Asian markets ended mostly lower Wednesday as US President Trump announced a 19% tariff on Indonesian exports under a new bilateral pact seen as heavily favoring the U.S. China's Shanghai Composite slipped slightly to 3,503.78. In comparison, Hong Kong's Hang Seng lost 0.3% after giving up early gains. Japan's Nikkei finished marginally lower as election uncertainty and tariff concerns weighed, though chip stocks like Advantest (+0.6%) and Tokyo Electron (+1.8%) gained after the U.S. eased export curbs to China. Toho surged nearly 11% after raising its annual profit forecast on strong "Godzilla" franchise earnings.
• European stocks were mixed on Wednesday after three days of losses, with sentiment weighed down by lingering tariff concerns, disappointing earnings, and hotter-than-expected U.K. inflation. The British CPI rose 3.6% in June, its highest level in 18 months, driven by higher transport and food costs. Corporate news dragged markets, with Renault plunging 16% after cutting its guidance and naming an interim CEO, and ASML falling 7.6% due to uncertainty over 2026 growth tied to U.S. tariffs. Stellantis slid 3.1% after scrapping its hydrogen fuel cell program, while Antofagasta gained over 2% on stronger copper output and Richemont edged 1% higher on better-than-expected revenue.

Market Updates

• S&P Futures vs Fair Value: -6.0
• 10 yr Note: 4.480%
• USD/JPY:  148.76   -0.10
• EUR/USD: 1.1619  +0.0016
• Europe: FTSE: +0.2% DAX: +0.1% CAC: -0.1%
• Asia: Hang Seng: -0.3%  Shanghai: 0.0%  Nikkei: 0.0%
• Gold (3346.80 +10.10) Silver (38.245 +0.135) Crude (66.16 -0.36)

• This all-cash transaction, completed through a wholly owned subsidiary of the Company, represents a significant milestone in the Company's ongoing strategy to diversify and scale its recurring earnings through the inclusion of a top operating platform.
• This acquisition builds on the Company's initial strategic investment in Constructive in 2021 and reflects the Company's belief in Constructive's growth potential and value to the residential credit market.
• This transaction will bolster the Company's access to Constructive's proprietary origination channels and broad third-party distribution network.

• This acquisition builds on a successful collaboration between Aptar Pharma and Mod3 Pharma, particularly in serving Aptar Pharma customers with Phase 1 and Phase 2 cGMP fill and finish services for orally inhaled nasal drug products.

• Earnings/guidance gainers: OMC +1.8%,
• Earnings/guidance losers: KMTS -4.8%, JBHT -4.1%, HWC -3.2%,

• The acquisition advances Powell's key strategic initiative to expand its automation platform capabilities. The combination of Powell's hardware and detection sensors with Remsdaq's Supervisory Control and Data Acquisition (SCADA) RTUs creates a highly synergistic integration that positions co to meet the growing demand for more sophisticated solutions that enhance utility operational efficiency, system reliability and security.

• The award follows an integrated Front End Engineering and Design study by TechnipFMC. The project will enhance the current infrastructure and extend the production lifecycle for the Heidrun platform.
• For TechnipFMC, a "significant" contract is between $75 million and $250 million. This award was included in inbound orders in the second quarter of 2025.

• The Winter will operate at EGAS' LNG import terminal located at Damietta, Egypt.
• This is NFE's second FSRU stationed in Egypt, and the Winter will join the Energos Eskimo in Egypt as early as August of this year.

• The investment complements KBDC's private credit investment capabilities by further diversifying proprietary investment channels and will be structured as an $80.0 million term loan facility, $34.0 million delayed draw term loan facility and $12.0 million common equity investment.
• KBDC anticipates that its debt investment in SG Credit will be immediately accretive to earnings in 2025. KBDC will also be a significant minority shareholder in SG Credit following the closing of the transaction.

• Co announces that its cyber governance, risk and compliance (GRC) platform, Xacta, has achieved authorization from the Federal Risk and Authorization Management Program (FedRAMP) at Impact Level "High."
• With this achievement, Telos is now listed in the FedRAMP Marketplace as an Authorized vendor, which means that the software-as-a-service (SaaS) version of Xacta has been rigorously evaluated and meets all readiness and security assessment criteria necessary to operate securely for sensitive government operations.

• Reports Q2 (Jun) earnings of $2.05 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $2.02; revenues rose 4.2% year/year to $4.02 bln vs the $3.98 bln FactSet Consensus.

• Reports Q2 (Jun) earnings of $1.31 per share, $0.01 better than the FactSet Consensus of $1.30; revenues were unchanged year/year at $2.93 bln vs the $2.92 bln FactSet Consensus.
• Intermodal volume increased 6% over the same period in 2024. Transcontinental network loads decreased 1%, while eastern network loads increased 15% compared to the second quarter 2024. Overall demand for our intermodal service remained steady, despite market volatility surrounding global supply-chains and trade patterns. Volume growth in our Eastern network continues to be strong, driven by overall service execution and the value proposition it presents to customers.
• DCS revenue was flat compared to the same period 2024 driven by a 3% decline in average trucks offset by a 3% increase in productivity (revenue per truck per week).
• ICS revenue declined 4% during the current quarter compared to the second quarter of 2024. Overall segment volume decreased 9% versus the prior-year period.
• FMS revenue decreased 10% compared to the same period 2024. The decrease was primarily driven by general softness in demand across a majority of the end markets served and ongoing efforts to improve revenue quality and profitability across various accounts which resulted in some loss of business.

• Reports Q2 (Jun) earnings of $1.37 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $1.36.
• Net interest income (TE) for the second quarter of 2025 was $279.5 million, an increase of $6.7 million, or 2%, from the first quarter of 2025.
• Total loans were $23.5 billion at June 30, 2025, up $363.6 million, or 2%, from March 31, 2025. Loan growth occurred across most commercial segments due to stronger loan demand, increasing line utilization, and lower payoffs.