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InsideArbitrage
Johnson & Johnson $JNJ is in talks to acquire Intra-Cellular Therapies $ITCI, a biopharmaceutical company focused on treating central nervous system disorders - Bloomberg
A deal could be reached as soon as this week. While ongoing discussions may not lead to an agreement, other suitors could also emerge.
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Johnson & Johnson $JNJ is in talks to acquire Intra-Cellular Therapies $ITCI, a biopharmaceutical company focused on treating central nervous system disorders - Bloomberg
A deal could be reached as soon as this week. While ongoing discussions may not lead to an agreement, other suitors could also emerge.
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Hidden Value Gems
Interesting points from co-CIO of Bridgewater Associates Karen Karniol-Tambur:
1⃣"US equities in aggregate need 9% annualised EPS growth to earn a normal return above bonds; the rest of the world needs only 2.5% annualised growth."
2⃣"Tech is priced for higher earnings than the rest of the S&P, though without much difference between Al and non-Al names."
3⃣"Other than India, EM equities require no EPS growth for a normal return above bonds."
#Stocks #StockMarket #Equity
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Interesting points from co-CIO of Bridgewater Associates Karen Karniol-Tambur:
1⃣"US equities in aggregate need 9% annualised EPS growth to earn a normal return above bonds; the rest of the world needs only 2.5% annualised growth."
2⃣"Tech is priced for higher earnings than the rest of the S&P, though without much difference between Al and non-Al names."
3⃣"Other than India, EM equities require no EPS growth for a normal return above bonds."
#Stocks #StockMarket #Equity
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Stock Analysis Compilation
Baron Emerging Markets Fund on ISC Co $095340 KS
Thesis: ISC Co., Ltd. is poised to benefit from the shift to elastomer test sockets in semiconductor testing, leveraging its market dominance and strong growth linked to the AI and high-performance computing sectors.
(Extract from their Q3 letter)
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Baron Emerging Markets Fund on ISC Co $095340 KS
Thesis: ISC Co., Ltd. is poised to benefit from the shift to elastomer test sockets in semiconductor testing, leveraging its market dominance and strong growth linked to the AI and high-performance computing sectors.
(Extract from their Q3 letter)
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Hidden Value Gems
"As 2024 began, the average return forecast for the S&P 500 was 7.4% by stock analysts and 1.3% by market strategists. The actual return, including dividends: 25.02%."
"For 2023, analysts predicted a 17.5% gain for the S&P 500; strategists, a 6.2% rise. The S&P realized a 26.3% increase, with dividends."
h/t @jasonzweigwsj
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"As 2024 began, the average return forecast for the S&P 500 was 7.4% by stock analysts and 1.3% by market strategists. The actual return, including dividends: 25.02%."
"For 2023, analysts predicted a 17.5% gain for the S&P 500; strategists, a 6.2% rise. The S&P realized a 26.3% increase, with dividends."
h/t @jasonzweigwsj
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InsideArbitrage
Johnson & Johnson $JNJ to Acquire Intra-Cellular Therapies $ITCI for $14.6 Billion -
💊J&J will acquire all outstanding shares of Intra-Cellular for $132.00 per share in cash, representing a premium of 39.14% from the stock’s last close.
💊J&J expects to finance the deal, which is anticipated to close later this year, through a combination of cash on hand and debt.
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Johnson & Johnson $JNJ to Acquire Intra-Cellular Therapies $ITCI for $14.6 Billion -
💊J&J will acquire all outstanding shares of Intra-Cellular for $132.00 per share in cash, representing a premium of 39.14% from the stock’s last close.
💊J&J expects to finance the deal, which is anticipated to close later this year, through a combination of cash on hand and debt.
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Startup Archive
Facebook VP of Growth on how to prioritize power users vs marginal users
“The thing that everyone in the Valley gets wrong is that we think about ourselves when we optimize for growth… But what you need to focus on is the marginal user.”
As Alex Schultz explains, this doesn’t mean power users aren’t important:
“Building an incredible product is all about optimizing for the people who use your product the most. But if your goal is driving growth, the people who are using your product the most are not the users you have to worry about.”
He cites the growth accounting framework Facebook used to think about growth:
“We looked at new users, resurrected users (people who weren’t on Facebook for 30 days and came back), and churned users. The resurrected and churned numbers for pretty much every product I’ve ever seen dominate the new user count once you reach a sensible point of growth a couple years in… And [at Facebook] all those users who were churning and resurrecting had low friend counts… So the number one thing we needed to focus on was getting them to 10 friends.”
In sum, focus on power users to build an incredible product, and focus on the marginal user to accelerate growth.
Video source: @ycombinator (2014)
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Facebook VP of Growth on how to prioritize power users vs marginal users
“The thing that everyone in the Valley gets wrong is that we think about ourselves when we optimize for growth… But what you need to focus on is the marginal user.”
As Alex Schultz explains, this doesn’t mean power users aren’t important:
“Building an incredible product is all about optimizing for the people who use your product the most. But if your goal is driving growth, the people who are using your product the most are not the users you have to worry about.”
He cites the growth accounting framework Facebook used to think about growth:
“We looked at new users, resurrected users (people who weren’t on Facebook for 30 days and came back), and churned users. The resurrected and churned numbers for pretty much every product I’ve ever seen dominate the new user count once you reach a sensible point of growth a couple years in… And [at Facebook] all those users who were churning and resurrecting had low friend counts… So the number one thing we needed to focus on was getting them to 10 friends.”
In sum, focus on power users to build an incredible product, and focus on the marginal user to accelerate growth.
Video source: @ycombinator (2014)
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InsideArbitrage
$QGEN QIAGEN to Return ~$300 Million to Shareholders Through a Synthetic Share Repurchase; Equals 3% of its current market cap of $9.9 billion
https://t.co/BFzwJZrGHi https://t.co/HhX76Kkbqt
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$QGEN QIAGEN to Return ~$300 Million to Shareholders Through a Synthetic Share Repurchase; Equals 3% of its current market cap of $9.9 billion
https://t.co/BFzwJZrGHi https://t.co/HhX76Kkbqt
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InsideArbitrage
Billionaire investor Bill Ackman's Pershing Square said it has offered to buy the remaining stake it does not already own in real estate developer Howard Hughes Holdings $HHH for $85 per share.
Pershing Square and its affiliates would roll over their shares, aiming for a majority ownership while maintaining a public float of at least 13.6 million shares.
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Billionaire investor Bill Ackman's Pershing Square said it has offered to buy the remaining stake it does not already own in real estate developer Howard Hughes Holdings $HHH for $85 per share.
Pershing Square and its affiliates would roll over their shares, aiming for a majority ownership while maintaining a public float of at least 13.6 million shares.
The lawyers have been a bit slow so my apologies to Howard Hughes Holdings $HHH shareholders and employees for the delay. But thanks to @X, I don’t need the lawyers to distribute our proposal letter.
Here you go:
https://t.co/8CNvYMdo7L
I welcome your feedback. tweet
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InsideArbitrage
Clearwater Analytics $CWAN Acquires Enfusion $ENFN for $1.5 Billion:
💻Under the terms of the merger agreement, Enfusion shareholders will receive $11.25 per share, split into $5.85 in cash and $5.40 per share in Clearwater Common Stock; representing a 13.18% premium over Enfusion’s last close as of January 10, 2025.
💻Clearwater expects to save around $20 million in general and administrative costs, with these savings expected to be achieved within the first two and a half years after the deal closes, which is expected in the second quarter of 2025.
💻In September last year, @Reuters reported that Enfusion was in talks and consulting with investment bankers to explore strategic options, including the possibility of a sale. The stock was trading at $8.55 before the announcement.
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Clearwater Analytics $CWAN Acquires Enfusion $ENFN for $1.5 Billion:
💻Under the terms of the merger agreement, Enfusion shareholders will receive $11.25 per share, split into $5.85 in cash and $5.40 per share in Clearwater Common Stock; representing a 13.18% premium over Enfusion’s last close as of January 10, 2025.
💻Clearwater expects to save around $20 million in general and administrative costs, with these savings expected to be achieved within the first two and a half years after the deal closes, which is expected in the second quarter of 2025.
💻In September last year, @Reuters reported that Enfusion was in talks and consulting with investment bankers to explore strategic options, including the possibility of a sale. The stock was trading at $8.55 before the announcement.
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InsideArbitrage
RT @faststocknewss: CLEVELAND-CLIFFS PARTNERS WITH NUCOR IN A POTENTIAL BID FOR US STEEL - CNBC $X $NUE $CLF
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RT @faststocknewss: CLEVELAND-CLIFFS PARTNERS WITH NUCOR IN A POTENTIAL BID FOR US STEEL - CNBC $X $NUE $CLF
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Stock Analysis Compilation
Baron Global Advantage Fund on PDD Holdings $PDD US
Thesis: PDD Holdings Inc. is a unique player in the global e-commerce market with a strong growth outlook, driven by its innovative Consumer-to-Manufacturer model and efficient operations, positioning it for substantial long-term value creation despite geopolitical concerns.
(Extract from their Q3 letter)
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Baron Global Advantage Fund on PDD Holdings $PDD US
Thesis: PDD Holdings Inc. is a unique player in the global e-commerce market with a strong growth outlook, driven by its innovative Consumer-to-Manufacturer model and efficient operations, positioning it for substantial long-term value creation despite geopolitical concerns.
(Extract from their Q3 letter)
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Quiver Quantitative
RT @InsiderRadar: 3 weeks ago, we reported on a massive insider purchase at $PGNY.
The stock has now risen over 35% since this trade was reported, with a 7% gain this morning. https://t.co/a6PXKSnZRl
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RT @InsiderRadar: 3 weeks ago, we reported on a massive insider purchase at $PGNY.
The stock has now risen over 35% since this trade was reported, with a 7% gain this morning. https://t.co/a6PXKSnZRl
🚨Breaking: Insider Purchases at $PGNY
The CEO of $PGNY has reported the purchase of ~$3M of the company's stock, increasing his ownership stake by 90%.
The Board Chairman also just reported purchasing $2.2M in shares.
The stock has dropped by over 60% this year, but these are the first insider purchases in over 4 years. tweet