• Recommendation based on Phase 3 CheckMate -77T trial showing significant event-free survival improvement when compared to neoadjuvant chemotherapy and placebo followed by surgery and adjuvant placebo.
• If approved by the European Commission, the perioperative regimen would be the company's second Opdivo-based regimen available for the treatment of resectable non-small cell lung cancer in the European Union.

The S&P 500 futures are down 17 points and are trading 0.1% below fair value, the Nasdaq 100 futures are down 87 point and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are down 95 points and are trading 0.1% below fair value.

Personal income was up 0.8% in February (Briefing.com consensus 0.4%) and personal spending was up 0.6% (Briefing.com consensus 0.6%).

The PCE Price Index was up 0.3% in February (Briefing.com consensus 0.3%) and the core-PCE Price Index was up 0.4% in February (Briefing.com consensus 0.4%).

The S&P 500 futures are down four points and are trading 0.1% below fair value, the Nasdaq 100 futures are down 49 point and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are down 31 points and are trading 0.1% below fair value.

There's a negative bias in early trading. Pre-open declines in some mega caps have contributed to the downbeat morning, along with ongoing angst about US trade policy.

Treasuries have experienced increased buying. The 10-yr yield is down four basis points to 4.33% and the 2-yr yield is down two basis points to 3.98%.

Today's lineup features the Fed's preferred gauge on inflation in the form of PCE Price Indexes at 8:30 ET.

In corporate news:

• lululemon athletica (LULU 302.25, -39.28, -11.5%): beats by $0.29, reports revs in-line, comps of +4% on CC basis; guides Q1 EPS below consensus, revs below consensus; guides FY26 EPS below consensus, revs below consensus
• Oxford Industries (OXM 55.00, -7.54, -12.1%): beats by $0.10, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY26 EPS below consensus, revs below consensus
• Braze (BRZE 40.60, +3.90, +10.6%): beats by $0.07, beats on revs; guides Q1 EPS above consensus, revs in-line; guides FY26 EPS above consensus, revs in-line;  agrees to acquire OfferFit, an AI decisioning company, for $325 million; expected to close in the fiscal quarter ending July 31
• Dutch Bros (BROS 64.64, -0.37, -0.6%): announces its plans to launch a line of Dutch Bros packaged coffee and related products to be sold in retail outlets in partnership with Trilliant Food & Nutrition; reiterates long-term growth strategy; sees Q1 same-shop sales growth of +4.6% through March 24

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan's Nikkei: -0.3% (+0.7% for the week), Hong Kong's Hang Seng: -0.7% (-1.1% for the week), China's Shanghai Composite: -0.7% (-0.4% for the week), India's Sensex: -0.3% (+0.7% for the week), South Korea's Kospi: -1.9% (-3.2% for the week), Australia's ASX All Ordinaries: +0.1% (+0.5% for the week).
  • In economic data:
    • Japan's March Tokyo CPI 2.9% m/m (last 2.8%) and Tokyo Core CPI 2.4% yr/yr (expected 2.2%; last 2.2%)
    • Singapore's February Bank Lending SGD841.1 bln (last SGD836.3 bln)
  • In news:
    • Tariff talk continued weighing on investor sentiment in most markets with Japanese automakers showing relative weakness.
    • Japan's Prime Minister Ishiba floated a plan to offer liquidity support to companies impacted by tariffs.
    • The Bank of Japan's summary of opinions from its March meeting showed that the central bank will need to downshift its accommodative stance to a neutral one.
    • Alibaba CEO Eddie Wu expressed optimism about China's AI competitiveness.
    • Reserve Bank of Australia Governor Bullock warned against premature easing.
• Major European indices are on track for a lower finish to the week. STOXX Europe 600: -0.4% (-1.0% week-to-date), Germany's DAX: -0.6% (-1.6% week-to-date), U.K.'s FTSE 100: +0.1% (+0.3% week-to-date), France's CAC 40: -0.6% (-1.3% week-to-date), Italy's FTSE MIB: -0.5% (-0.3% week-to-date), Spain's IBEX 35: -0.6% (UNCH week-to-date).
  • In economic data:
    • Eurozone's March Business and Consumer Survey 95.2 (expected 97.0; last 96.3)
    • Germany's April GfK Consumer Climate -24.5 (expected -22.6; last -24.6). March Unemployment Change 26,000 (expected 10,000; last 9,000) and March Unemployment Rate 6.3% (expected 6.2%; last 6.2%)
    • U.K.'s Q4 GDP 0.1% qtr/qtr, as expected (last 0.0%); 1.5% yr/yr (expected 1.4%; last 0.9%). Q4 Business Investment 1.8% yr/yr (expected -0.7%; last 5.6%). February Retail Sales 1.0% m/m (expected -0.5%; last 1.6%); 2.2% yr/yr (expected 0.5%: last 0.6%). February Core Retail Sales 1.0% m/m (expected -0.5%; last 1.6%); 2.2% yr/yr (expected 0.4%; last 0.8%). January trade deficit GBP17.85 bln (expected deficit of GBP16.8 bln; last deficit of GBP19.7 bln)
    • France's flash March CPI 0.2% m/m (expected 0.3%; last 0.0%); 0.8% yr/yr (last 0.8%). February PPI -0.5% m/m (last 0.8%); -1.4% yr/yr (last -2.2%). February Consumer Spending -0.1% m/m (expected 0.3%; last -0.6%)
    • Italy's March Business Confidence 86.0 (expected 87.5; last 86.9) and Consumer Confidence 95.0 (last 98.8). January Industrial Sales 3.8% m/m (last -2.7%); 1.7% yr/yr (last -7.2%)
    • Spain's March CPI 0.1% m/m (last 0.4%); 2.3% yr/yr (expected 2.6%; last 3.0%). March Core CPI 2.0% yr/yr (last 2.2%)
    • Swiss March KOF Leading Indicators 103.9 (expected 102.5; last 102.6)
  • In news:
    • Investors are exhibiting reduced confidence in European stocks and the euro, anticipating potential trade war implications from President Trump's forthcoming reciprocal trade tariffs on April 2, dubbed "Liberation Day."
    • Major asset managers, including Amundi and Edmond de Rothschild Asset Management, have scaled back bullish positions on European equities and the euro.
    • European Central Bank policymaker De Guindos spoke favorably about inflation returning to target while Bank of England Governor Bailey said that inflation risks in the U.K. remain elevated.

• Co approved the scheduling of the 2025 annual meeting for June 20, 2025, and also announced changes to the Board as part of the Company's successful completion of the transition from its 2019 recapitalization transactions. As part of the restructuring, the Board announced the planned departure of three current directors appointed to the Board as part of the Company's 2019 recapitalization process. The Board announced the resignation of Matthew Winkler, one of the directors appointed in 2019 as part of the recapitalization process, effective as of the 2025 annual meeting, and approved the nomination of two candidates to fill the other two director seats in Class II of the Board for election at the 2025 annual meeting, currently occupied by Joshua Cascade and Carole Levine, the two other directors appointed in 2019.
• The Board approved the nomination of Messrs. Jonathan R. Liebman and Jordan Moelis as candidates for election to Class II of the Board, together with Alexander Shoghi, one of the current Class II directors, who would then constitute the three members of Class II. Mr. Liebman is the co-CEO and chair of Los Angeles, CA-based production and management company Brillstein Entertainment Partners, and is also part of the leadership team at Los Angeles, CA-based talent representation and marketing firm Wasserman Media Group LLC. Mr, Moelis is the Managing Partner of Deep Field Asset Management LLC, a private investment firm he founded in 2014. Additionally, he is Co-President of Brindle Capital LLC. In furtherance of the restructuring, the Board determined that, effective with Mr. Winkler's resignation from the Board, the authorized number of directors constituting the whole Board would be reduced from seven (7) to six (6), and that the number of directors in Class III of the Board would be reduced to one (1).

• "I joined the Phillips 66 Board of Directors in February 2024. My appointment came as a result of an agreement between Elliott Management and Phillips 66. At the time, Elliott Management said I would bring to the Board "extensive experience in refining and energy more broadly." Now Elliott wants me off the Board. Today I'm writing you, our shareholders, to lay out the truth about the Phillips 66 Board and why my own view of Elliott's campaign for change at the Phillips 66 has evolved. I'll start first with why I agreed to join the Phillips 66 Board in this relatively unusual manner. I'm a refinery guy first and foremost, holding numerous leadership roles, particularly in downstream businesses. When I joined the Board, Elliott's primary demand was for Phillips 66 to improve its performance in refining. My experience was a perfect fit. Joining the Board then with Elliott's endorsement felt like a win-win. I worried that joining a board with the endorsement of a well-known activist hedge fund may not be the best way to win the hearts and minds of other board members. I have been around long enough to know human nature, so I believed it would take some time to have an impact on this Board. I was wrong. My experience, insight and voice were immediately welcomed. In fact, I was encouraged early on to look closely at refining plans and challenge management. The level of debate, in-depth analysis and looking under every stone that I have seen so far on this Board is exactly what shareholders should want in the Board room."
• "In my view, it was Elliott's inconsistent engagement that has proven most peculiar. There would be long silences, followed by rapid public action. What I saw from the Board was a clear commitment to getting to the right answer but a real struggle to understand and engage with an apparently highly distracted shareholder in Elliott. We have only been met with a declaration that there were "no next steps" and then continued public assaults, even while Elliott refused to allow us to meet their nominees. Then came their notification that Elliott would in fact be running four nominees for election at the 2025 Annual General Meeting. With my re-nomination to the Board confirmed, that meant I would be targeted for replacement by Elliott's nominees, just a year after they publicly supported me. I do not know why Elliott now wants me off the Board."

• Recommendation is based primarily on results from the Phase 3 CheckMate -67T trial which demonstrated noninferiority in the co-primary endpoints of Cavgd28 and Cminss and consistent efficacy in the secondary endpoint of overall response rate for the subcutaneous formulation of Opdivo vs. its intravenous formulation.
• A decision on the EU Opdivo extension of marketing authorization is expected by June 2, 2025.

Higher Start Ahead

• U.S. Treasuries are on track for a higher start after a couple days of intraday resilience from shorter tenors. Treasury futures climbed steadily through the Asian session, reaching their best levels shortly after the focus turned to action in Europe. The push to highs was followed by a pullback but the past couple hours have seen a renewed push toward overnight highs. Overall investor sentiment has remained dampened by the uncertainty related to incoming tariffs with the April 2 implementation date looming early next week. The market received a big batch of data from Europe, including cooler-than-expected flash March CPI from France (0.2%; expected 0.3%). The U.S. session will feature the release of the Personal Income/Outlays report for February, which will factor into the market's rate expectations. The fed funds futures market is currently looking at June as the likely time for the announcement of the next rate cut. Crude oil is little changed while the U.S. Dollar Index is up 0.1% at 104.47.
• Yield Check:
  • 2-yr: -2 bps to 3.98%
  • 3-yr: -2 bps to 3.98%
  • 5-yr: -3 bps to 4.07%
  • 10-yr: -4 bps to 4.33%
  • 30-yr: -5 bps to 4.68%

• News:
  • Japan's Prime Minister Ishiba floated a plan to offer liquidity support to companies impacted by tariffs.
  • The Bank of Japan's summary of opinions from its March meeting showed that the central bank will need to downshift its accommodative stance to a neutral one.
  • Reserve Bank of Australia Governor Bullock warned against premature easing.
  • European Central Bank policymaker De Guindos spoke favorably about inflation returning to target while Bank of England Governor Bailey said that inflation risks in the U.K. remain elevated.
  • Japan's March Tokyo CPI was up 2.9% m/m (last 2.8%) and Tokyo Core CPI was up 2.4% yr/yr (expected 2.2%; last 2.2%).
  • Singapore's February Bank Lending reached SGD841.1 bln (last SGD836.3 bln).
  • Eurozone's March Business and Consumer Survey fell to 95.2 from 96.3 (expected 97.0).
  • Germany's April GfK Consumer Climate ticked up to -24.5 from -24.6 (expected -22.6). March Unemployment increased by 26,000 (expected 10,000; last 9,000) and March Unemployment Rate rose to 6.3% from 6.2% (expected 6.2%).
  • U.K.'s Q4 GDP was up 0.1% qtr/qtr, as expected (last 0.0%), growing 1.5% yr/yr (expected 1.4%; last 0.9%). Q4 Business Investment was up 1.8% yr/yr (expected -0.7%; last 5.6%). February Retail Sales rose 1.0% m/m (expected -0.5%; last 1.6%), increasing 2.2% yr/yr (expected 0.5%: last 0.6%). February Core Retail Sales were up 1.0% m/m (expected -0.5%; last 1.6%), rising 2.2% yr/yr (expected 0.4%; last 0.8%). January trade deficit reached GBP17.85 bln (expected deficit of GBP16.8 bln; last deficit of GBP19.7 bln).
  • France's flash March CPI was up 0.2% m/m (expected 0.3%; last 0.0%), rising 0.8% yr/yr (last 0.8%). February PPI was down 0.5% m/m (last 0.8%), falling 1.4% yr/yr (last -2.2%). February Consumer Spending was down 0.1% m/m (expected 0.3%; last -0.6%).
  • Italy's March Business Confidence fell to 86.0 from 86.9 (expected 87.5) and Consumer Confidence fell to 95.0 from 98.8. January Industrial Sales were up 3.8% m/m (last -2.7%), rising 1.7% yr/yr (last -7.2%).
  • Spain's March CPI was up 0.1% m/m (last 0.4%), rising 2.3% yr/yr (expected 2.6%; last 3.0%). March Core CPI was up 2.0% yr/yr (last 2.2%).
  • Swiss March KOF Leading Indicators rose to 103.9 from 102.6 (expected 102.5).
• Commodities:
  • WTI Crude: UNCH at $69.90/bbl
  • Gold: +0.8% to $3084.60/ozt
  • Copper: UNCH at $5.118/lb
• Currencies:
  • EUR/USD: -0.2% to 1.0772
  • GBP/USD: -0.2% to 1.2929
  • USD/CNH: +0.1% to 7.2753
  • USD/JPY: -0.2% to 150.80
• Data out Today:
  • 8:30 ET: February Personal Income (Briefing.com consensus 0.4%; prior 0.9%), Personal Spending (Briefing.com consensus 0.6%; prior -0.2%), PCE Prices (Briefing.com consensus 0.3%; prior 0.3%), and Core PCE Prices (Briefing.com consensus 0.4%; prior 0.3%)
  • 10:00 ET: Final March University of Michigan Consumer Sentiment (Briefing.com consensus 57.9; prior 57.9)

• The Notice has no immediate effect on the listing or trading of the Company's common stock on Nasdaq. However, if the Company fails to timely regain compliance with the Listing Rule, the Company's common stock will be subject to delisting from Nasdaq. Under the Nasdaq rules, the Company has 60 days from the date of the Notice either to file the Annual Report or to submit a plan to Nasdaq to regain compliance with Nasdaq's listing rules. If a plan is submitted and accepted, the Company could be granted up to 180 calendar days from the Annual Report's due date to regain compliance. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.
• The Company continues to work diligently to complete the Annual Report.

• Under the terms of the agreement, Novo Nordisk obtains an exclusive, worldwide license to develop, manufacture and commercialize LX9851 in all indications. Lexicon will be responsible for completing agreed upon Investigational New Drug (IND) application-enabling activities for LX9851. Novo Nordisk will be responsible for filing the IND, all further development, manufacturing and commercialization of LX9851.
  
• Lexicon is eligible to receive upfront and near-term milestone payments of up to $75 million. In total, Lexicon will be eligible to receive $1 billion in upfront and potential development, regulatory and sales milestone payments. Lexicon is also entitled to tiered royalties on net sales of LX9851.
• LX9851, discovered and developed by Lexicon, is a potent and selective oral small molecule inhibitor of Acyl-CoA Synthetase 5 (ACSL5). ACSL5 plays a key role in the metabolic pathway which regulates fat accumulation and energy balance. Additionally, LX9851 may activate the ileal brake mechanism leading to increased satiety by delaying gastric emptying and suppressing appetite. Preclinical in vivo efficacy data presented at Obesity Week 2024 show that LX9851, when combined with semaglutide, significantly reduced weight, food intake and fat mass compared to semaglutide alone. Separately, LX9851 mitigated weight regain and had positive effects on liver steatosis when introduced after semaglutide discontinuation.

• Co announces that the British Columbia Supreme Court has allowed its appeal of the Canada Revenue Agency's decision to disallow $15.8 million in exploration expenditures it claimed under the BC Mining Exploration Tax Credit program.
• In her decision, Justice Maisonville concluded that expenses that assist in the determination of the economic viability of a mineral resource qualify under the BC METC program. As a result, all exploration expenditures claimed by Seabridge, other than report compilation expenses, were validly claimed by Seabridge. Approximately $3.1 million in refunds (plus interest) under the BC METC program were at issue. Seabridge was also awarded costs for its success in the appeal.

Gapping up
In reaction to earnings/guidance:

• TMC +15.9% (also to apply for deep-sea mining permits), AGX +13%, HROW +10.9%, BRZE +9.5% (also to acquire OfferFit) ABL +2.2%

Other news:

• CVAC +12.9% (positive validity decision from European Patent Office against BioNTech)
• RKLB +9.3% (selected to compete for US Space Force's $5.6 bln National Security Space Launch program)
• WRB +5.7% (confirms Mitsui Sumitomo Insurance Co. intends to buy15% of the Co's shares in open market or private transactions)
• BEAM +4.6% (clearance of investigational NDA)
• EFXT +4.6% (announces approval of normal course issuer bid; will commence on April 1, 2025 and will terminate no later than March 31, 2026)
• SMCI +2.5% (ships new systems)
• PONY +2% (license to provide Robotaxi services in Shenzhen's Nanshan District)
• HUMA +2% (responds to The New York Times story questioning the FDA's decision to approve Symvess)
• MEC +1.3% (receives exploration permit)  

Gapping down
In reaction to earnings/guidance:

• OXM -13.6%, LULU -12.5%, PLSE -1.9%, SOL -1.9% (guidance; CEO to step down), BROS -0.6%

Other news:

• ECX -18.1% (stock offering)
• KOPN -4.7% (to delay 10-K filing)
• ICG -3.7% (closes direct offering of its ADSs and warrants)
• ALLT -3.1% (files $200 mln mixed shelf)
• BAK -2.2% (clarifies that it is not aware of any material act or fact not disclosed by the Company that justifies the fluctuations registered with its issued shares March 13-20)
• FEIM -1.9% (subcontract from LDOS)
• CRNX -1.8% (Orphan Drug Designation for Paltusotine)
• WDS -1.6% (to sell greater Angostura assets to Perenco)
• SYRE -1.5% (first patient dosed in Phase 1 Trial)

Major European indices are on track for a lower finish to the week. Investors are exhibiting reduced confidence in European stocks and the euro, anticipating potential trade war implications from President Trump's forthcoming reciprocal trade tariffs on April 2, dubbed "Liberation Day." Major asset managers, including Amundi and Edmond de Rothschild Asset Management, have scaled back bullish positions on European equities and the euro. European Central Bank policymaker De Guindos spoke favorably about inflation returning to target while Bank of England Governor Bailey said that inflation risks in the U.K. remain elevated.

• In economic data:
  • Eurozone's March Business and Consumer Survey 95.2 (expected 97.0; last 96.3)
  • Germany's April GfK Consumer Climate -24.5 (expected -22.6; last -24.6). March Unemployment Change 26,000 (expected 10,000; last 9,000) and March Unemployment Rate 6.3% (expected 6.2%; last 6.2%)
  • U.K.'s Q4 GDP 0.1% qtr/qtr, as expected (last 0.0%); 1.5% yr/yr (expected 1.4%; last 0.9%). Q4 Business Investment 1.8% yr/yr (expected -0.7%; last 5.6%). February Retail Sales 1.0% m/m (expected -0.5%; last 1.6%); 2.2% yr/yr (expected 0.5%: last 0.6%). February Core Retail Sales 1.0% m/m (expected -0.5%; last 1.6%); 2.2% yr/yr (expected 0.4%; last 0.8%). January trade deficit GBP17.85 bln (expected deficit of GBP16.8 bln; last deficit of GBP19.7 bln)
  • France's flash March CPI 0.2% m/m (expected 0.3%; last 0.0%); 0.8% yr/yr (last 0.8%). February PPI -0.5% m/m (last 0.8%); -1.4% yr/yr (last -2.2%). February Consumer Spending -0.1% m/m (expected 0.3%; last -0.6%)
  • Italy's March Business Confidence 86.0 (expected 87.5; last 86.9) and Consumer Confidence 95.0 (last 98.8). January Industrial Sales 3.8% m/m (last -2.7%); 1.7% yr/yr (last -7.2%)
  • Spain's March CPI 0.1% m/m (last 0.4%); 2.3% yr/yr (expected 2.6%; last 3.0%). March Core CPI 2.0% yr/yr (last 2.2%)
  • Swiss March KOF Leading Indicators 103.9 (expected 102.5; last 102.6)

---Equity Markets---

• STOXX Europe 600: -0.4% (-1.0% week-to-date)
• Germany's DAX: -0.6% (-1.6% week-to-date)
• U.K.'s FTSE 100: +0.1% (+0.3% week-to-date)
• France's CAC 40: -0.6% (-1.3% week-to-date)
• Italy's FTSE MIB: -0.5% (-0.3% week-to-date)
• Spain's IBEX 35: -0.6% (UNCH week-to-date)

---FX---

• EUR/USD: -0.2% to 1.0771
• GBP/USD: -0.1% to 1.2933
• USD/CHF: +0.3% to 0.8833

• Verona Pharma has amended its existing strategic financing agreements by repaying the revenue interest purchase and sale agreement and increasing the debt facility to $450 million on improved terms with funds managed by Oaktree Capital Management, L.P. and OMERS Life Sciences
• The strategic financing arrangements were revised as follows:
  • RIPSA - Repurchased the $100 million obligation with reduced repayment fees
  • Term loan facility
    • Increased facility to $450 million and borrowed $125 million from an expanded Tranche C resulting in an aggregate of $250 million outstanding
    • Reduced the interest rate from 11% to 9.7% with a further reduction to 9.35% upon achievement of certain sales milestones
    • Added a provision allowing Verona Pharma to secure a working capital revolving credit facility of up to $75 million with a separate group
      

• The FDA did not raise any concerns regarding etripamil clinical safety or efficacy data and highlighted two key Chemistry, Manufacturing and Controls (CMC) issues to be addressed:
  
  • Company to submit additional information on nitrosamine impurities based on new draft guidance issued after the NDA submission; and
  • An inspection is required at a facility that performs release testing for etripamil, to ensure it is in compliance with Current Good Manufacturing Practices. The facility changed ownership during the review of the NDA.
• Milestone Pharmaceuticals had $69.7 mln in cash, cash equivalents and short-term investments as of December 31, 2024.

• Co announced that it had completed a highly successful refinancing of tax-exempt bonds previously issued by CONSOL Energy and Arch Resources, Inc. CONSOL and Arch merged to form Core Natural Resources, Inc. in January 2025.
• As part of this refinancing effort, Core:
  • Increased the total bond amount from $276 million to $307 million
  • Established a 10-year initial term for the now unsecured bonds, which mature in March 2035
  • Improved flexibility relative to the prior bonds, and
  • Reduced the weighted average interest rate to 5.3% despite today's substantially higher interest rate environment
    

• Enlight Renewable Energy (ENLT) announces that it won an Israel Land Authority tender to develop a state-of-the-art integrated data center and renewable energy complex on a 50-acre site in Ashalim, southern Israel. The Company plans to invest up to $1.1 billion in the project, which marks a major milestone in the expansion of data centers to southern Israel, contributing to the strategic national goal of relocating large electricity consumers to regions with renewable energy production.
• Sinovac Biotech (SVA) announced that its board of directors has appointed Sven H. Borho, CFA, as director to the Board to fill in a vacancy created by a recent resignation. As a qualified audit committee financial expert under Nasdaq Rule 5605, Mr. Borho has also been elected as the Chair of the Audit Committee of the Board.

Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Tariff talk continued weighing on investor sentiment in most markets with Japanese automakers showing relative weakness. Japan's Prime Minister Ishiba floated a plan to offer liquidity support to companies impacted by tariffs. The Bank of Japan's summary of opinions from its March meeting showed that the central bank will need to downshift its accommodative stance to a neutral one. Alibaba CEO Eddie Wu expressed optimism about China's AI competitiveness. Reserve Bank of Australia Governor Bullock warned against premature easing.

• In economic data:
  • Japan's March Tokyo CPI 2.9% m/m (last 2.8%) and Tokyo Core CPI 2.4% yr/yr (expected 2.2%; last 2.2%)
  • Singapore's February Bank Lending SGD841.1 bln (last SGD836.3 bln)

---Equity Markets---

• Japan's Nikkei: -0.3% (+0.7% for the week)
• Hong Kong's Hang Seng: -0.7% (-1.1% for the week)
• China's Shanghai Composite: -0.7% (-0.4% for the week)
• India's Sensex: -0.3% (+0.7% for the week)
• South Korea's Kospi: -1.9% (-3.2% for the week)
• Australia's ASX All Ordinaries: +0.1% (+0.5% for the week)

---FX---

• USD/JPY: -0.2% to 150.70
• USD/CNH: +0.1% to 7.2731
• USD/INR: -0.2% to 85.42

• Gapping up:
  • MEC +20.2%, AGX +13.7%, CVAC +11.8%, RKLB +10.1%, TMC +9.4%, BRZE +6.8%, BEAM +5.6%, HROW +5%, WRB +4.6%, EFXT +4.6%, SMCI +3.1%, AIR +2.2%, HUMA +2%, GME +1.5%, CVEO +1.3%, PONY +0.8%
• Gapping down:
  • ECX -20.8%, OXM -17.2%, LULU -12.6%, SOL -10.5%, KOPN -6.3%, ALLT -3.1%, BAK -2.2%, CRNX -2%, FEIM -1.9%, PLSE -1.9%, WDS -1.6%, SYRE -1.5%, ABL -1.3%, LUMN -1%, EPRT -0.9%, TU -0.8%, RMR -0.7%, ICG -0.7%

• ValueAct Capital, a global investment firm with a position of approximately 14% of the shares outstanding in Topcon Corp. welcomes the announcement of the tender offer proposal by KKR today.
• "We would like to express our support for the management buyout transaction announced today. Based on our close engagement with Topcon, we believe this transaction marks the culmination of a thoughtful strategic review and a competitive bidding process," said Rob Hale, co-CEO of ValueAct Capital. "We believe KKR and JIC are great partners to help Topcon strengthen its competitiveness and achieve its potential."

• The Board has appointed Board Chairman Adam Metz, an independent member of the Board since 2022, as Interim CEO and President also effective as of April 11, 2025.
• The decision to transition the CEO role was based on the fact that the Company has continued to pursue its shareholder approved Plan of Sale and that, since the announcement of the Company's review of strategic alternatives in March of 2022, the Company's portfolio has been reduced from approximately 160 assets to 15 assets.
• As a result, the Company's needs in the CEO role have been reduced, and the parties agreed that the Company should change leadership at this time.

• Co announced that Blackstone's infrastructure strategy for individual investors has agreed to acquire a minority stake of 22% in AGS Airports, a platform of high-quality freehold airports providing access to key UK markets, from AviAlliance for 235 million.
• Blackstone's investment, together with AviAlliance and PSP Investments, is intended to support the continued growth of the travel and tourism industries across the United Kingdom.
• AviAlliance, one of the world's leading airport investors and operators, will remain the majority shareholder in AGS with a 78% stake.

• In its ongoing commitment to bring world-leading connectivity and cutting-edge technology to more Canadians, TELUS has been engaging advisors for several months on a number of balance sheet strengthening items, including evaluating a potential plan to sell a minority stake in our world class portfolio of wireless towers.
• "We have engaged with advisors to explore the monetization of our tower infrastructure. If we are able to do this within the parameters of our desired economics, it would enhance the efficiency and effectiveness of our network operations," said Darren Entwistle, TELUS President and CEO.
• "This initiative would provide TELUS the financial flexibility to pay down debt and, importantly, accelerate progress on our recently announced path to de-leveraging, including achieving a leverage target ratio of 3 times net debt to EBITDA by 2027, while concurrently turning off our discounted dividend reinvestment program over the same period," said Doug French, Executive Vice-President and Chief Financial Officer. "This represents a distinct opportunity to create significant value for our stakeholders, including our customers, investors, communities and Canadians coast-to-coast-to-coast. Importantly, this represents only one of many monetization opportunities we are actively considering as part of our de-leveraging playbook which will support continued leading operational and financial performance, and our ability to deliver innovative and superior solutions to our customers."
• While no final decisions have been reached, these considerations underscore TELUS' commitment to prudent strategic planning and sustainable growth. The company remains committed to maintaining transparent communications and keeping its stakeholders informed as it evaluates these opportunities.

• Co announced that the European Medicines Agency has validated the marketing authorization application for HLX11, an investigational biosimilar of Perjeta.
• Pertuzumab has been approved in various countries and regions in combination with trastuzumab and chemotherapy for the neoadjuvant treatment of patients with HER2-positive, locally advanced, inflammatory or early-stage breast cancer, and adjuvant treatment for certain HER2-positive early breast cancer, among other indications.

• As of December 31, 2024, Proven and Probable Mineral Reserves were estimated at 110.3 million tonnes, containing 4,075kt of zinc, reflecting a higher average zinc grade resulting in the higher metal content compared to 110.4 million tonnes, containing 4,031kt of zinc as of December 31, 2023. The increase in contained zinc was mainly driven by infill drilling at El Porvenir, Aripuan, and Vazante, partially offset by mining depletion. Nexa's 2024 Year-End Mineral Reserves estimate also incorporates ongoing refinements in geological modeling. Additionally, Mineral Reserves increased due to the conversion of Mineral Resources through infill drilling at Cerro Lindo, El Porvenir, Aripuan, and Vazante.
• The net revision of 172kt of contained zinc was primarily attributable to the new mining method (Narrow Vein Sub-Level Stoping (SLS)) at Vazante (+74kt) and geological model adjustments at Aripuan (+81kt).
• Proven and Probable Mineral Reserves at the Cerro Lindo Mine were estimated at 39.07Mt at 1.38% Zn, 0.20% Pb, 0.52% Cu, and 21.4 g/t Ag as of December 31, 2024, marking a 0.5% decrease from 41.15Mt at 1.49% Zn, 0.22% Pb, 0.55% Cu, and 22.6 g/t Ag as of December 31, 2023. The decrease was primarily due to mining depletion in 2024, partially offset by the conversion of Mineral Resources into Mineral Reserves through infill drilling (+36kt of contained zinc).

• "With all this change, a dense fog has fallen. It's not an everyday, "forecasting is hard" type of fog. It's a "zero visibility, pull over and turn on your hazards" type of fog.
• That's what businesses seem to be experiencing. They for the most part aren't pulling back, but they're not pushing forward either. We are also seeing signs of caution from consumers.
• For now, an uncertainty-driven drop in sentiment looks like it could quiet demand. The outlook once the fog lifts will in part depend on how long it lasts.
• With the labor market still solid and inflation still above target, our moderately restrictive stance is a good place to be.
• If conditions start to shift, we are well-positioned to adjust. Until then, like businesses and consumers, I am waiting for the fog to clear."
• Full Speech

• Island Drilling Company AS has been awarded a three-year contract for well plugging on Equinor (EQNR) -operated fields on the Norwegian continental shelf using the Island Innovator semi-submersible rig. In addition, the oil service companies Archer Oiltools and Baker Hughes Norge have won framework agreements for plugging services. Island Innovator is a mobile rig specially designed for well plugging. The Norwegian rig company will now be on assignment for Equinor for several years, start-up scheduled for early 2026. The contract, worth an estimated near $330 million, also carries five one-year options. The scope of work under the contract includes mobilisation, planned upgrading and certain integrated drilling services.
• Topcon Corporation announced that it is launching a management buyout led by Topcon President and CEO Takashi Eto. The MBO will receive investment from funds managed by KKR (KKR) and JIC Capital, a wholly owned subsidiary of Japan Investment Corporation. In connection with the MBO, TK Co., Ltd., an entity owned by investment funds managed by KKR, intends to make a tender offer for the common shares and share acquisition rights, etc. of the Company. Topcon's Board of Directors has resolved to support this tender offer and recommends that shareholders and share acquisition right holders tender their securities.

• Co has published a new NI 43-101 Technical Report for its Back River Gold District in Nunavut, Canada, centered on the Goose Project. The report provides an updated life of mine (LOM) plan, based on a revised mineral reserve estimate, and confirms first gold production remains on track for Q2 2025 with commercial production expected in Q3 2025. Key Highlights:
• Robust Mineral Resources:
  • Indicated: 3.99M oz gold at 7.23 g/t
  • Inferred: 3.55M oz gold at 8.02 g/t
  • Notably improved grades over prior estimates.
• Updated Reserves & Mine Life:
  • Probable Reserves: 2.48M oz gold over 11.3M tonnes at 6.82 g/t
  • ~9-year mine life with open-pit and underground mining at Echo, Umwelt, Llama, and Goose
  • Average annual production of ~300,000 oz from 2026--2031
• Production Outlook:
  • Peak years (2027--2031) to average 311,000 oz/year
  • Average gold recovery: 92.5%
• Costs & Economics:
  • AISC: ~$1,547/oz over LOM
  • Long-term AISC (2027--2031): ~$1,360/oz
• Growth & Optimization:
  • $32M exploration budget in 2025 ($21M for Goose, $11M for regional targets including George Project)

• Co has been selected by the U.S. Space Force to compete for the Department of Defense's highest-priority national security missions for its National Security Space Launch (NSSL) Phase 3 Lane 1 program. The firm-fixed price, indefinite delivery/indefinite-quantity (IDIQ) contract has a five-year ordering period that will run through to June 2029 with a maximum value of $5.6 billion.
• Rocket Lab's launch vehicle for the program will be Neutron, its 13-ton reusable carbon composite medium-lift launch vehicle being rapidly developed to meet the demand for high assurance national security missions, and for single and multi-satellite constellation deployment. Designed to deploy payloads up to 13,000 kg, Neutron is being brought to the market at an unprecedented development pace on the foundation of Rocket Lab's industry leadership as one of the world's most frequent and reliable launch providers, with 63 Electron launches to date and one of only two U.S. launch providers to have launched multiple payloads to orbit so far in 2025. With Neutron's first launch scheduled for the second half of the year, Rocket Lab met the program's eligibility requirements to be selected to compete for the NSSL program, and upon a successful flight on Neutron, will be eligible to further compete for individual task orders awarded within the NSSL program. Neutron's debut launch from Launch Complex 3 in Wallops Island, Virginia, will be the first launch vehicle to support the NSSL program from the region.
  

• Co announced that its board of directors declared a quarterly cash dividend of $0.42 per share (actual dividend: $0.416 per share), which represents a 4% increase over the previous quarter's dividend. The dividend is payable April 24, 2025 to shareholders of record on April 10, 2025.

• Co announced the closing of its $1.0 million registered direct offering.
• On March 27, 2025, we closed the previously announced $1.0 million registered direct offering for the purchase and sale of 361,011 American Depositary Shares, each representing two of our Class A ordinary shares, at a purchase price of US$2.77 per ADS, and warrants to purchase up to an aggregate of 361,011 ADSs at US$2.77 per ADS, which is equal to the offering price per ADS.
  

• The Ministry of Health, Labour and Welfare in Japan has granted marketing and manufacturing authorization for Dupixent (dupilumab) for the treatment of chronic obstructive pulmonary disease (COPD) in adults whose disease is not adequately controlled with existing therapy.
• The approval in Japan was based on data from the landmark BOREAS phase 3 study. The study evaluated Dupixent added to background maximal standard-of-care inhaled therapy (with nearly all patients on triple therapy or double therapy if inhaled corticosteroids were contraindicated) in adults with uncontrolled COPD and elevated blood eosinophils. In the study, Dupixent significantly reduced exacerbations and improved lung function compared to placebo. Safety results in the study were generally consistent with the known safety profile of Dupixent in its approved indications. The most commonly reported adverse event with Dupixent was injection site reaction. Results from BOREAS and the replicate NOTUS phase 3 study were published in The New England Journal of Medicine.
• In addition to COPD, Dupixent is approved in Japan in certain patients with atopic dermatitis, asthma, chronic rhinosinusitis with nasal polyposis (CRSwNP), prurigo nodularis, and chronic spontaneous urticaria (CSU). Dupixent for the treatment of COPD has been approved in more than 45 countries worldwide, including the 27 member countries of the EU.
  

• Woodside has entered into an agreement with Perenco to divest its Greater Angostura assets in Trinidad and Tobago for $206 million. The divestment is inclusive of Woodside's interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities and the onshore terminal.
• The transaction provides near-term cash flow to support ongoing investments and shareholder distributions and builds on the Australian asset swap announced in December 2024, further simplifying Woodside's portfolio.
• The transaction is expected to close in the third quarter of 2025 with an effective date of 1 January 2025. Completion of the transaction is subject to customary conditions precedent, including joint venture, government and regulatory approvals.

• W. R. Berkley confirmed that Mitsui Sumitomo Insurance Co., Ltd., a Japanese property and casualty insurance carrier, has entered into an arrangement with a company owned by members of the Berkley family and trusts for their benefit providing for MSI to purchase 15% of the Company's outstanding common stock through open market purchases or private transactions with third parties. The Berkley Family will not be selling any of its Common Stock to MSI, nor will MSI be purchasing any shares from the Company as part of the arrangement.
  • Under the terms of the agreements being entered into between MSI and the Berkley Family, once MSI acquires 4.9% of the outstanding Common Stock, MSI agrees to vote those shares pursuant to the recommendations of the Berkley Family, except in limited circumstances where the Berkley Family will vote the MSI shares in the same proportion as all of the non-MSI shares are voted. Once MSI acquires at least 12.5% of the outstanding shares, the Berkley Family agrees to recommend the nomination and election of a MSI director designee to the Company's Board of Directors, subject to review and approval by the Board's Nominating and Corporate Governance Committee in accordance with its governance policies and procedures and appointment to the Board by the Board and subsequent re-election at the Company's annual stockholder meeting. The Berkley Family intends to continue to have two representatives on the Company's Board.
• The agreements between MSI and the Berkley Family will not have any effect on the day-to-day operations of the Company, nor will these arrangements reduce the Berkley Family's commitment to the Company.
  

• Haleon plc announces that it is commencing a share buyback program to purchase ordinary shares of 0.01 each in the Company up to an aggregate consideration of 330 million.
• This represents the remainder of the 500 million allocated to share buybacks in 2025 announced on 27 February 2025, following completion of the Company's c. 170 mln off-market purchase of Shares from Pfizer Inc. announced on 18 March 2025. The Buyback Program is in line with the Company's capital allocation priorities including delivering attractive shareholder returns. The Buyback Program is expected to enhance the Company's earnings per share.

• Co reports that it has completed the modernization work on Train 1 of the Abreu e Lima Refinery (RNEST), located in the city of Ipojuca, in the state of Pernambuco. The renovation and expansion process (Revamp) received investments of ~R$93 million and will expand the unit's processing capacity from 115,000 to 130,000 barrels of oil per day.
• This important milestone represents the completion of the production capacity expansions planned for the current Refining Train in operation, seeking better flow of light products and greater processing capacity for pre-salt oil.
  

• Co announced it has exercised its option with Abbisko Therapeutics Co. Ltd, Shanghai, China for commercialization of pimicotinib in the U.S. and rest of world and will pay Abbisko an option fee of $85 million. Under the agreement signed in 2023 for the commercialization rights in Mainland China, Hong Kong, Macau, and Taiwan, Merck KGaA, Darmstadt, Germany, now holds worldwide commercialization rights for pimicotinib.
• The companies recently reported positive topline results from the global Phase III MANEUVER study, demonstrating pimicotinib significantly improved the primary endpoint of objective response rate versus placebo (54.0% vs. 3.2% at week 25, p<0.0001) in the treatment of patients with tenosynovial giant cell tumor (TGCT). The companies also will explore pimicotinib in additional indications, such as chronic graft-versus-host disease.

• Global equity markets are mostly lower heading into the week's close. The S&P futures are down about 16 points and trading around 5727. The futures edged higher and toyed with the psychological 5750 area, but peaked just shy of it at 5747.75. Sellers took control upon the European opening, dicing the market down to 5711.50 before the modest bounce to the current level. Markets will turn their attention to the US PCE data for February, due out later this morning.
• Asian markets closed lower on Friday as investors remained cautious ahead of key U.S. inflation data and looming reciprocal tariffs set to take effect on April 2. Japan's Nikkei 225 fell 1.8% to a two-week low, pressured by concerns over U.S. tariffs and weaker auto stocks, including declines in Honda and Toyota, which fell 3%. Tokyo's inflation rose to 2.9% in March, reinforcing expectations that the Bank of Japan may maintain its rate hike trajectory. The Shanghai Composite and Hong Kong's Hang Seng slipped 0.7%, weighed by ongoing trade tensions.
• European stock markets are mixed. The FTSE 100 was supported by stronger-than-expected U.K. retail sales and GDP growth, while the DAX and CAC 40 slipped amid cautious consumer sentiment data out of Germany. The German GfK consumer climate index showed only a marginal improvement to -24.5 for April, reflecting lingering economic uncertainty despite improved expectations post-election. On the corporate front, Ubisoft surged over 7% after Tencent's 1.16 billion investment, while Deutsche Bank fell 2% following CEO Christian Sewing's contract extension.

Market Updates

• S&P Futures vs Fair Value: -18.0
• 10 yr Note: 4.343%
• USD/JPY:  150.63   -0.42
• EUR/USD: 1.0773  -0.0031
• Europe: FTSE: +0.2% DAX: -0.4% CAC: -0.3%
• Asia: Hang Seng: -0.7%  Shanghai: -0.7%  Nikkei: -1.8%
• Gold (3080.60 +19.60) Silver (35.370 +0.287) Crude (69.90 -0.02) 

• The approved permits are valid from April 1, 2025 to March 31, 2028 and authorize the Company to carry out mineral exploration activities such as trail construction, line-cutting, ground geophysical surveys, and diamond drilling. Mustang recently completed an Xcite TDEM survey over a portion of the Dutton project and are currently awaiting results. The Company looks to initiate further exploration activities aimed at further assessing the viability of the Dutton Project.

• GameStop also granted the initial purchaser of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $200 million aggregate principal amount of notes. The sale of the notes is expected to close on April 1, 2025, subject to customary closing conditions.
• The notes will be general unsecured obligations of GameStop, will not bear regular interest and the principal amount of the notes will not accrete. The notes will mature on April 1, 2030, unless earlier converted, redeemed or repurchased. GameStop estimates that the net proceeds from the offering will be approximately $1.28 billion (or approximately $1.48 billion if the initial purchaser exercises its option to purchase additional notes in full), after deducting the initial purchaser's discount and commissions and estimated offering expenses payable by GameStop.
• GameStop expects to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin in a manner consistent with GameStop's Investment Policy.
• Before January 1, 2030, holders will have the right to convert their notes only upon the satisfaction of specified conditions and during certain periods. On or after January 1, 2030, until the close of business on the scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time. Upon conversion, GameStop will pay or deliver, as the case may be, cash, shares of GameStop's Class A common stock, par value $.001 per share ("Class A common stock"), or a combination of cash and shares of Class A common stock, at its election. The conversion rate for the notes will initially be 33.4970 shares of Class A common stock per $1,000 principal amount of such notes (equivalent to an initial conversion price of approximately $29.85 per share of Class A common stock).

• European Patent Office largely dismisses opposition filed by BioNTech SE in April 2023 challenging validity of EP 3 708 668 B1 and maintains the patent in amended form.
• A hearing on infringement of EP 3 708 668 B1 is scheduled for July 1, 2025, before the Regional Court Dsseldorf.
• Confirming validity of patent in its amended form marks major milestone in broader patent litigation in Germany, recognizing CureVac's pioneering mRNA innovation.

• Co announces the introduction of a set of pluggable optical transceivers optimized for use in data centers that incorporate optical circuit switches (OCSs).
• OCSs are being increasingly adopted in artificial intelligence (AI) and machine learning (ML) applications to reduce cost, latency, and power consumption of these architectures, but the OCS introduces up to 3 dB additional insertion loss beyond what was envisioned in the standards that typically define these transceivers.
• Coherent has adapted three of the most relevant optical standards to produce transceivers that meet the original IEEE-defined network insertion losses in addition to the insertion losses caused by an OCS.
• At OFC 2025, Coherent will unveil transceivers that not only meet the requirements of the 400G FR4, 2x400G FR4, and 2x400G LR4-6 standards, but also accommodate an extra 3 dB of insertion loss.
• These transceivers cover high density 400G and 800G needs in QSFP-DD and OSFP form factors using the multi-wavelength standards that are typically used in AI/ML clusters. They provide reaches up to 6 km, geared toward the large hyperscale data centers that house such clusters. In the near future, Coherent also plans to release OCS-optimized 1.6T FR8 transceiver.

• Co announces the successful completion of a refinancing transaction at Level 3 Financing, Inc., giving it greater financial flexibility and stability to fund its transformation. All of Level 3's existing term loans under its Credit Agreement, dated March 22, 2024, were replaced with a new $2.4 billion term loan maturing in 2032 and priced at Term SOFR + 4.25%.
• The refinancing represents (i) a 30-month maturity extension on a blended basis, and (ii) an interest rate reduction of 231 basis points resulting in annual interest savings of over $55 million.
• Additionally, in connection with the refinancing transaction, certain other modifications were made to the covenants in the Credit Agreement to provide additional flexibility to Level 3.

• Co announces that it has received the license to provide fully driverless commercial Robotaxi services in Shenzhen's Nanshan District. This milestone follows the successful launch of its paid robotaxi services in the neighboring Bao'an District. Pony.ai is the first and only company to receive approval for fully driverless commercial robotaxi services in Nanshan District, another critical step in its drive to commercialize autonomous across one of China's most dynamic cities. 
• Nanshan District, renowned for its ultramodern infrastructure, offers a unique blend of business, entertainment, and leisure. With a population nearing 2 million across almost 200 square kilometers, Nanshan far exceeds many global urban cities in scale such as San Francisco, which has approximately 800,000 residents across approximately 120 square kilometers. More importantly, Nanshan's GDP has reached close to RMB1 trillion in 2024, ranking first in Guangdong Province and among the top three districts in China.

• Reports Q4 (Jan) earnings of $0.12 per share, excluding non-recurring items, $0.07 better than the FactSet Consensus of $0.05; revenues rose 22.4% year/year to $160.4 mln vs the $155.7 mln FactSet Consensus.
• Subscription revenue in the quarter was $153.9 million compared to $125.9 million in the fourth quarter of the fiscal year ended January 31, 2024, and professional services and other revenue was $6.5 million compared to $5.1 million in the fourth quarter of the fiscal year ended January 31, 2024.
• Remaining performance obligations as of January 31, 2025 was $793.1 million, of which $505.2 million is current, which the company defines as less than one year.
• Co issues guidance for Q1, sees EPS of $0.04-$0.05, excluding non-recurring items, vs. $0.03 FactSet Consensus; sees Q1 revs of $158.0-$159.0 mln vs. $158.44 mln FactSet Consensus.
• Co issues guidance for FY26, sees EPS of $0.31-$0.35, excluding non-recurring items, vs. $0.28 FactSet Consensus; sees FY26 revs of $686-$691 mln vs. $688.16 mln FactSet Consensus.

The stock market had a mixed showing. The S&P 500 (-0.3%), the Nasdaq Composite (-0.5%), and the Dow Jones Industrial Average (-0.4%) traded above and below prior closing levels.

Mixed messages on the tariff front and in economic data contributed to the choppy action. President Trump's Wednesday evening announcement that a 25% tariff will be imposed on all car and light truck imports into the United States sent carmakers sharply lower, yet he also added that reciprocal tariffs will be "lenient."

Weekly jobless claims continue to run below recession-like levels and an Advance International Trade in Goods Report for February still showed a substantive goods deficit (-$147.9 billion), yet it narrowed from January (-$155.6 billion).

Mixed action in the mega cap space also contributed to the up and down action at the index level. Tesla (TSLA 273.13, +1.07, +0.4%), which is perceived as a relative beneficiary of the auto tariff action on imported vehicles, was a standout on the winning side while NVIDIA (NVDA 111.43, -2.33, -2.1%) underperformed along with other chipmakers.

Treasuries settled in mixed fashion. The 10-yr yield rose three basis points to 4.37% and the 2-yr yield fell one basis point to 4.00%. On a related note, the U.S. Treasury completed this week's note offering slate with a weak sale of 7-yr notes.

• Dow Jones Industrial Average: -0.6% YTD
• S&P 500: -3.2% YTD
• S&P Midcap 400: -4.9% YTD
• Russell 2000: -7.4% YTD
• Nasdaq Composite: -7.8% YTD

Reviewing today's economic data:

• Q4 GDP - Third Estimate 2.4% (Briefing.com consensus 2.3%); Prior 2.3%, Q4 GDP Deflator - Third Estimate 2.3% (Briefing.com consensus 2.4%); Prior 2.4%
  • The key takeaway from the report is that it shows a nice expansion in activity during the fourth quarter that was underpinned by consumer spending; however, the report's impact on the market is muted by its dated nature (we're just days away from being done with the first quarter).
• Weekly Initial Claims 224K (Briefing.com consensus 225K); Prior was revised to 225K from 223K, Weekly Continuing Claims 1.856 mln; Prior was revised to 1.881 mln from 1.892 mln
  • The key takeaway from the report is that initial jobless claims -- a leading indicator -- continue to idle at levels consistent with an otherwise solid labor market.
• February Adv. Intl. Trade in Goods -$147.9 bln; Prior was revised to -$155.6 bln from -$153.3 bln
• February Adv. Retail Inventories 0.1%; Prior was revised to 0.1% from -0.1%
• February Adv. Wholesale Inventories 0.3%; Prior was revised to 0.8% from 0.7%
• February Pending Home Sales 2.0% (Briefing.com consensus 2.9%); Prior -4.6%
  • The key takeaway from the report is that the goods deficit, while outsized, narrowed on account of exports being $7.0 billion more than January exports and imports being $0.6 billion less than January imports.

Thursday's economic data includes:

• 8:30 ET: February Personal Income (Briefing.com consensus 0.4%; prior 0.9%), Personal Spending (Briefing.com consensus 0.6%; prior -0.2%), PCE Prices (Briefing.com consensus 0.3%; prior 0.3%), and Core PCE Prices (Briefing.com consensus 0.4%; prior 0.3%)
• 10:00 ET: Final March University of Michigan Consumer Sentiment (Briefing.com consensus 57.9; prior 57.9)

• Earnings/guidance gainers: AGX +12.1%, BROS +2.2%, HROW +2.0%
• Earnings/guidance losers: OXM -8.4%, LULU -6.9%

• Co today hosted an Investor Day at its support center in Tempe, AZ. The event was also webcast live. During the presentation, the Dutch Bros management team provided updates on the business and its long-term growth goals.
• Reiterated its long-term growth algorithm:
  • Annual Revenue Growth of ~20% supported by annual new shop growth in the mid-teens and low-single digit same shop sales growth. Annual Adjusted EBITDA Growth of 20%+, in excess of the Company's annual revenue growth rate goal, driven by continued progress in Adjusted SG&A leverage. Company-Operated Shop Contribution Margin to approach goal of ~30% while maintaining this level to support long-term shop-level investments.
• First Quarter 2025 update:
  
  • System shop openings totaled 27 shops through March 24th, with up to 3 additional shops expected to open through the end of the quarter.
    
  • System same shop sales increased 4.6% through March 24th, relative to the comparable period in 2024.
    
  • Adjusted selling, general and administrative expenses are expected to be approximately $56 million.

• The MAA will now be reviewed by the Committee for Medicinal Products for Human Use.
• Additionally, the EMA on February 27, 2025 granted paltusotine Orphan Drug Designation for the treatment of acromegaly.

• Reports Q4 (Jan) earnings of $6.14 per share, $0.29 better than the FactSet Consensus of $5.85; revenues rose 12.3% year/year to $3.6 bln vs the $3.58 bln FactSet Consensus.
• Comparable sales, which excludes net revenue from the 53rd week of 2024, increased 3%, or 4% on a constant dollar basis.
  • Americas comparable sales were flat compared to the fourth quarter of 2023.
  • International comparable sales increased 20%, or 22% on a constant dollar basis.
• Gross profit increased 15% to $2.2 billion and gross margin increased 100 basis points to 60.4%.
• Co issues downside guidance for Q1, sees EPS of $2.53-$2.58 vs. $2.72 FactSet Consensus; sees Q1 revs of $2.335-$2.355 bln vs. $2.39 bln FactSet Consensus.
• Co issues downside guidance for FY26, sees EPS of $14.95-$15.15 vs. $15.37 FactSet Consensus; sees FY26 revs of $11.15-$11.30 vs. $11.3 bln FactSet Consensus.

• Preclinical data demonstrates that SPY003 is highly potent and has potential for quarterly or biannual dosing, suggesting opportunity for improved efficacy and convenience over first-generation anti-IL-23 monoclonal antibodies.
• Interim pharmacokinetic and safety data from healthy volunteers for SPY003 anticipated in the second half of 2025.
• Subject to interim results, Spyre expects to incorporate SPY003 into its planned Phase 2 study in ulcerative colitis exploring six investigational monotherapies and combinations.

• Reports Q3 (Feb) earnings of $0.99 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $0.96; revenues rose 19.5% year/year to $678.2 mln vs the $699.03 mln FactSet Consensus.
• Co added, "Demand for our services remains very high and we anticipate our sales growth to continue. Additionally, we expect further margin expansion through growth in new parts Distribution, Trax, Airframe MRO efficiencies and the realization of Product Support synergies."

• Additional details will be provided during the Braze Fourth Quarter Fiscal Year 2025 Financial Results Conference Call on Thursday, March 27th at 4:30 PM ET / 1:30 PM PT via Webcast available on the Braze investor relations website at investors.braze.com.
• Further details will also be available when the acquisition closes.
• Braze furthers agentic AI innovation with acquisition of a leading AI decisioning company

• Reports Q4 (Jan) earnings of $1.37 per share, excluding non-recurring items, $0.10 better than the FactSet Consensus of $1.27; revenues fell 3.4% year/year to $390.51 mln vs the $383.99 mln FactSet Consensus.
• Co issues downside guidance for Q1 (Apr), sees EPS of $1.70-1.90, excluding non-recurring items, vs. $2.78 FactSet Consensus; sees Q1 revs of $375-395 mln vs. $401.17 mln FactSet Consensus.
• Co issues downside guidance for FY26, sees EPS of $4.60-5.00, excluding non-recurring items, vs. $6.81 FactSet Consensus; sees FY26 revs of $1.49-1.53 bln vs. $1.54 bln FactSet Consensus.