Featured: Spotify Beat by 17% and Wall Street Still Cannot Agree  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

May 31, 2026 Only 312 Left (Then It's Gone) Featured: Spotify Beat by 17% and Wall Street Still Cannot Agree Sponsored We printed 1,000 copies of this report. 688 are gone. When the last one goes out, we're pulling it offline - the information inside is too sensitive to leave up indefinitely. Here's what's inside the remaining copies: The executive order Trump can sign tomorrow - the same legal authority FDR used in 1934 to move billions in wealth overnight - and exactly how to position before it happens. This isn't a newsletter. It's not evergreen content. It's a window. And 688 people already jumped through it. Claim one of the 312 remaining copies → We won't reopen this once it's closed. GET MY COPY NOW → © American Alternative Assets. All rights reserved. FEATURED Spotify Beat by 17% and Wall Street Still Cannot Agree Spotify reported Q1 2026 on April 28. EPS of 3.51 euros beat estimates by 17%. Net income was 721 million euros, up 220% year over year. Gross margin came in at 33.0%. Revenue of 4.53 billion euros grew 8.2% and landed in line with expectations. Monthly active users hit 761 million, up 12% year over year. Premium subscribers reached 293 million. Those are not the numbers of a company still figuring out whether it can make money. What's interesting is how differently analysts read the same report. Morgan Stanley is at $610 Overweight, raised after investor day in late May. JPMorgan sits at $650 Overweight. Wells Fargo moved to $600. KeyBanc is at $680. Benchmark at $695. Bernstein at $625 Outperform. Barclays $600 Overweight. Cantor Fitzgerald just raised their target from $430 to $520 but stayed at Hold. Pivotal Research is the clearest dissent in the room: $400, Hold, and they have been consistent about it. Their concern is that the ad-supported tier is harder to scale profitably than the rest of the Street assumes. Forty-one analysts cover SPOT. The consensus is Buy. The target spread from $400 to near $700 is the real story. Sponsored The SpaceX IPO is 2 Weeks Away Most people are going to be late to this. That's the part bothering me. They'll wait for the big headline. They'll wait for Wall Street to bless it. They'll wait for the media to tell them it's real. And by then? The easy part could already be gone. That's why I'm writing you now. Because I believe this is one of those rare moments when positioning early matters more than positioning perfectly. Click here to get my FREE "SpaceX" pre-IPO recommendation now. Most firms trimmed targets right after Q1, then reversed course following Spotify's May investor day. The sticking point was ad gross margin pressure tied to licensing costs and a free-tier adjustment in late 2025. That concern did not go away. But the AI product roadmap and Spotify's 2030 targets, mid-teens revenue growth, 35 to 40% gross margin, 20%-plus operating margin, gave enough firms a reason to move targets back up. A January 2026 U.S. price hike pushed Premium average revenue per user up 5.7% with minimal churn impact. That matters more than it sounds. Pricing power was the question. Now there is at least one data point answering it. Slight tangent, but it matters: automated buying now drives more than 30% of Spotify's ad revenue. New formats from Q1 include Sponsored Playlists, Carousel Ads, Split Testing, and Automated Bid. In digital advertising, measurement is the product. When buyers can track outcomes, budgets follow. That part of the business is still early. The analyst spread from $400 to the high $600s exists because the durability question is not settled. EPS can beat by 17% in one quarter and still leave open whether the margin holds when AI investment and content costs scale up. Q2 ad margin will be the first real test of whether the H2 recovery story has any early signal behind it. Take a closer look before that answer arrives. For informational purposes only. This content is for informational purposes only and should not be considered financial advice. Investing involves risk. The Cheap Investor is a publication of Investing Media Solutions, LLC. To view our full policies: Disclaimer | Privacy Policy | Terms & Conditions Update your email preferences or unsubscribe here © 2026 The Cheap Investor 203 N La Salle Suite 2100 Chicago , Illinois 60601, United States Powered by beehiiv Terms of Service

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If you still haven't downloaded my "Simple Options Trading For Beginners" book...  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Read online In case you missed it... ...make sure you get your free "Simple Options Trading For Beginners" book before your link expires. I eventually plan to charge money for this training, so do yourself a favor and download it now... That way, no matter what it costs in the future, you'll have a free copy. Sound good? FREE: Simple Options Trading For Beginners << Get It Now Good Trading, Bill Poulos p.s. Go here to save a copy of your "Simple Options Trading For Beginners" book while it's still free. Today's Featured Story Dillard’s Posted a Huge Earnings Beat—So Why Did the Rally Fade? Written by Jennifer Ryan Woods. Article Posted: 5/19/2026. Key Points Dillard’s posted a massive first-quarter earnings beat, but much of the upside was driven by a litigation settlement that added $5.10 per share after taxes. Revenue rose 2.7% year over year, same-store sales increased 3%, and gross margin improved, showing the department store chain is still generating solid underlying results. Despite Dillard’s strong profitability metrics and massive five-year rally, analysts remain cautious on the stock, with Wall Street’s average price target below current trading levels. Special Report: ALERT: Drop these 5 stocks before the market opens tomorrow! (From Weiss Ratings) Dillard’s Inc. (NYSE: DDS) stock surged after the company reported a massive first-quarter earnings beat, but the rally quickly faded as investors realized much of the upside was tied to a litigation settlement. Shares ultimately finished the session only modestly higher, as investors appeared more cautious after digging into the report. Some of the enthusiasm may also have been tempered by the company’s impressive multiyear run. Shares, which had climbed more than 270% over the past five years, began to pull back from all-time highs as investors reassessed the stock after its massive rally. Q1 Earnings Get a Big Boost From Legal Settlement The #1 stock to buy BEFORE the June 12th filing (Ad) When the SpaceX IPO launches, most retail investors will be locked out. The banks, funds, and insiders get in early - while everyone else waits on the sidelines. But one small infrastructure supplier - a critical piece Musk can't scale the Colossus network without - is still trading well under institutional radar. A new briefing reveals the name and ticker at no cost. Get the SpaceX infrastructure stock name and ticker here It’s easy to see why Dillard’s stock rallied immediately after the report. The department store chain posted first-quarter earnings on May 14 of $16.04 per share, well above year-ago earnings of $10.39 and $5.91 ahead of Wall Street’s estimate of $10.13 per share. Earnings received a major boost from a litigation settlement, which added $5.10 per share after taxes. The company said the settlement stemmed from a long-running lawsuit involving payment card interchange fees. Revenue for the quarter came in at $1.59 billion, up 2.7% from the prior year and topping estimates by nearly $34 million. Meanwhile, same-store sales rose 3%, and margins improved. Operating expenses increased during the quarter, however, largely because of higher payroll and payroll-related expenses. Inventory rose 3%. Merchandise Sales Increased Across Categories Dillard’s said year-over-year sales increased across all merchandise categories, with notable gains in home and furniture, ladies’ accessories, lingerie, and shoes. The company saw more moderate increases in men’s apparel and accessories, juniors’ and children’s apparel, and ladies’ apparel. Cosmetics sales rose slightly. Dillard’s Chief Executive William T. Dillard II commented on the results in the company’s press release, saying, “We are pleased to report a good start to 2026 with a profitable 3% sales growth supported by an increased 45.8% retail gross margin. We continue to focus on motivating our customer with newness in our merchandise assortment.” Dillard’s offered limited forward guidance for 2026, including projected capital expenditures of roughly $130 million, up from $93 million last year, and depreciation and amortization expense of about $175 million, down slightly from $179 million the previous year. Stock’s Rally Quickly Lost Steam At first glance, investors seemed thrilled by the earnings report, with shares surging in premarket trading and climbing further at the open. The stock, which had closed the previous session below $532, jumped to nearly $593 before quickly giving up those gains. At one point, shares briefly slipped into negative territory, though they ultimately ended the session up around 0.4%. The stock has been on a tear for more than five years, climbing roughly 270% during that time. The second half of 2025 was especially strong, helped by multiple quarters of earnings and revenue beats that continued pushing shares higher. Shares climbed from below $400 in early June to an all-time intraday high above $742 in December. Since hitting that peak, momentum has cooled. Shares are down more than 20% over the last three months, with sentiment taking another hit after the company’s fourth-quarter earnings report on Feb. 24. During that quarter, both earnings and revenue declined year over year, while revenue missed Wall Street expectations. Wall Street Remains Cautious on the Stock Although Q1 results were solid, analysts remain cautious on the stock. Based on five Wall Street analysts covering the company, Dillard’s currently carries two Sell ratings and three Hold ratings. The average 12-month price target is around $521, slightly below the current stock price of around $527. The lowest target stands at $449, while the highest is $650. After such a strong run in the stock price, some investors may also be questioning the stock’s valuation. Dillard’s trades at around 12X earnings, which is above the broader retail industry average of roughly 10.8X. It also trades at a premium to traditional department store peers. Macy’s Inc. (NYSE: M) currently trades at a P/E of roughly 8X, while value-oriented chain Kohl’s Corp. (NYSE: KSS) trades at just under 5X earnings. However, it’s worth noting that despite generating less revenue than Macy’s and Kohl’s, Dillard’s remains more profitable. The company has a net margin of around 10.1%, far above Macy’s roughly 2.4% and Kohl’s less than 1.8%. Its return on equity of nearly 32% also tops Macy’s roughly 14% and Kohl’s less than 5%. While Dillard’s continues to post strong profitability metrics, investors appear increasingly cautious after the stock’s massive multiyear rally. For now, Wall Street seems to be waiting for stronger underlying growth and a clearer outlook before becoming more bullish on the shares. .   Update your email preferences or unsubscribe here © 2026 Ticker Talk 345 N Reid Place, Suite 620 Sioux Falls, SD 57106, United States Terms of Service

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Dell's Big Day, Corgi doubles their valuation in just 3 weeks  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

May 31, 2026   |   Read online The Week Ahead - May 31 Dell's Big Day, Corgi doubles their valuation in just 3 weeks The Week Ahead Of Us 🔍 Welcome back! How is it June already? Futures are up slightly, as the market is near record highs and many AI beneficiaries have recently exploded in valuation. We’re also seeing a bifurcation in software where companies like Snowflake and $IBM ( ▲ 12.71% ) are going hyperbolic due to AI and quantum tailwinds. Meanwhile, talks between the U.S. and Iran are still ongoing, with the countries trading drafts. Oil is up and the dollar is strengthening as that breakthrough we need remains unclear. Obviously, the AI trade continues to supersede geopolitical risks at the moment, and short-term tokenmaxxing lacking ROI isn’t going to be something that derails the AI buildout thesis. Our eyes are on Broadcom’s earnings later this week, plus the SpaceX IPO, which could very well be fast-tracked into Nasdaq 100 ETFs after a 15-day period. A couple housekeeping items before today’s piece: New roles on the Buyside Hub job board - we have a ton of Buyside and Banking roles on our job board - including a role for someone in the Miami area or someone who wants to make the move down south. A Family Office is hiring an Associate to focus on control investments in consumer products businesses with $30mm to $250mm in revenue. Contribute to the State of Private Equity and Private Credit report we’re hosting on Buyside Hub. This is an easy way for you to get access or extend access to the entire platform - contribute here. Take 5 minutes → get 3 months of comp database access + the full report when it drops in June. Here’s a look at earnings this week. Monday: Hewlett Packard Enterprise, Science Applications International Tuesday: Palo Alto Networks, Dollar General, Ulta, GitLab, Victorias Secret, Signet Jewelers, Donaldson Wednesday: Broadcom, CrowdStrike, Five Below, Macy's, PVH Corp, Thor Industries, Rent the Runway, Tilly's, Veeva Systems, Petco Thursday: Lululemon, Brown Forman, DocuSign, Ciena, Cooper Companies, Guidewire Friday: ABM Industries Here’s a look at economic data this week (estimates are in quotations). Monday: S&P final U.S. manufacturing PMI, ISM manufacturing (53.2%), Construction spending (0.3%), Auto sales Tuesday: Job openings (6.9M) Wednesday: ADP employment (120,000), S&P final U.S. services PMI, Factory orders (4.3%), ISM services (53.9%), Fed Beige Book Thursday: Initial jobless claims (215,000), U.S. productivity (0.6%) Friday: U.S. employment report (90,000), U.S. unemployment rate (4.3%), U.S. hourly wages (0.3%), Hourly wages y/y (3.4%), Consumer credit ($18.0B) Together With Shortcut Shortcut, the leading AI excel agent, just launched Opus 4.8! Shortcut has also announced Manage Mode - a way to spin and orchestrate up to 80 excel agents in paralel to research, pressure test assumption, take actions in parallel, provide adversarial reviews and pushbacks, and to drive your modeling faster. Power users are able to leverage Manage mode to take advantage of multi-agent planning, action, and verification. Clearly, the way we used to use Excel is getting dramatically transformed by Shortcut.  Get started with Shortcut Earnings Corner 💸  Costo  $COST ( ▼ 3.91% ) revenue beat at $70.5B vs. $69.7B, while EPS missed at $4.93 vs. $4.98. Results were driven by record gasoline volumes as higher fuel prices pushed consumers toward Costco’s lower-priced gas stations, alongside strength in e-commerce, pharmacy, and membership fees. Comparable sales rose 9.8%, digital sales jumped 21.5%, and membership fee revenue grew 11% to $1.37B as members shopped more frequently and spent more online. Margins were pressured as strong gasoline sales boosted revenue but carried lower profit margins than merchandise sales. Dell  $DELL ( ▲ 32.76% ) revenue beat at $43.8B and EPS beat at $4.86 vs. $2.94. Results were driven by hyperscalers, cloud providers, and enterprises rapidly expanding AI infrastructure to support generative AI and large language models, boosting demand for Dell’s AI servers, traditional servers, and networking equipment. AI server revenue jumped 757% to $16.1B, AI orders reached $24.4B, and backlog grew to $51.3B as demand continued to outpace supply. Dell raised full year guidance and now expects $60B in AI server revenue, driving a sharp rally. Burlington  $BURL ( ▲ 7.76% ) Top and bottom line beat with revenue at $2.86B. Results were driven by value focused consumers seeking discounts, faster inventory buying and allocation that helped Burlington respond to changing demand, and improved inventory placement that capitalized on weather driven sales trends. Comparable sales rose 6%, while margins expanded on stronger merchandise profitability and supply chain efficiencies. Burlington raised full year guidance as it continued gaining market share from traditional retailers. Dollar Tree $DLTR ( ▲ 3.04% ) revenue beat at $5.0B and EPS beat at $1.74 vs. $1.55. Results were driven by consumers seeking lower cost essentials amid higher living costs, growth in its multi price assortment, and increased spending from both core customers and higher income shoppers looking for value. Margins expanded on stronger merchandise profitability, lower freight costs, and lower inventory losses. Dollar Tree raised full year EPS guidance. Best Buy  $BBY ( ▲ 4.3% ) Top and bottom line beat with revenue at $8.94B. Results were driven by stronger demand for gaming consoles, computers, and mobile phones as new product launches, AI enabled devices, replacement needs, and higher tax refunds encouraged consumers to upgrade technology. Comparable sales rose 2%, while margins improved as advertising and marketplace revenue grew faster than traditional product sales. Best Buy maintained full year guidance. On The Move 📈 📉 NetApp  $NTAP ( ▲ 22.4% ) surged to an all-time high after enterprise AI data storage demand drove a solid 4Q Snowflake  $SNOW ( ▲ 6.84% ) had its best day following Thursday’s strong earnings and AWS partnership. ServiceNow  $NOW ( ▲ 14.38% ) rallied as Snowflake and Dell’s strong earnings confirmed enterprise AI spend, with NOW seen as a direct beneficiary through its Workflow Data Fabric partnership with SNOW. Okta  $OKTA ( ▲ 30.14% ) ripped after the identity platform raised its FY27 outlook, driven by accelerating demand for securing AI agents and non-human identities. SoFi  $SOFI ( ▲ 7.37% ) climbed after launching SOFIUSD, a bank-backed stablecoin on Ethereum and Solana offering a 4.2% yield, backed 1:1 by T-bills and cash with monthly Deloitte audits. Karman Holdings  $KRMN ( ▼ 12.69% ) dropped after large shareholders unloaded 14M shares at $61 in an expanded offering. IPO Roundup 📍  Blackstone backed Liftoff Mobile is targeting a $3.66B valuation in its renewed IPO under ticker LFTO, seeking to raise up to $418M by offering 19 million shares at $20 to $22 a share. The mobile app marketing firm scrapped a larger $762M offering earlier and is now testing investor appetite for software amid AI disruption fears. Goldman Sachs, Jefferies, and Morgan Stanley are leading the offering. SpaceX has reportedly trimmed its IPO valuation target to at least $1.8T, down from the $2T+ goal reported in April. The company is still aiming to raise up to $75B in what would be the largest IPO ever, with marketing set to begin June 4 and pricing as early as June 11. Musk denied the report, replying “False” on X. Applied Aerospace & Defense is targeting up to $634M in its NYSE IPO, pricing 32.5M shares at $18 to $21 for a $3.33B valuation, with pricing set for June 2 and trading June 3. The Huntsville, Alabama based manufacturer, controlled by Greenbriar Equity Group, plans to use most of the proceeds to repay debt, with Morgan Stanley and Jefferies leading the offering. OpenAI is in talks with Citigroup and JPMorgan to join Goldman Sachs and Morgan Stanley on its upcoming IPO, with a confidential filing expected within weeks. The deal could push OpenAI above its $852B valuation, setting up one of the biggest tech IPOs in history. For deeper, stock market research upgrade to the WSR Investing Club Upgrade Here Today’s Headlines 📖🍿  Private credit balks at Thoma Bravo’s $2.5B Sophos refinancing: Lenders are demanding spreads of nearly S+600, up from the current S+350, to refinance a $2.1B loan maturing in March 2027. Thoma Bravo has tapped Goldman to run a parallel amend-and-extend process with existing lenders, as the S&P flags potential downgrade risk. Kirkland & Ellis commits $500M to build proprietary AI platform: The world’s highest-grossing law firm is building a custom system fed by 250 lawyers, including 100 partners, rather than relying on high-flying tools. BDC unrealized losses hit worst level since 2022: A Reuters analysis of 51 BDCs shows aggregate unrealized losses reaching 2.35% of NAV in Q1, with PIK income elevated at $477M. Fitch warns rising PIK exposure could pressure BDC dividends if cash earnings fall short. Paramount preps $50B debt sale for Warner Bros. takeover: The package, tentatively $30B IG bonds, $12B high-yield bonds, and $7.5B loans, is one of the largest LBO financings ever. Warner Bros.’ $15B term loan B already drew $30B+ in orders, setting up favorable conditions as high-yield issuance hits a five-year high. Rackspace stages comeback two years after LME: The Apollo-backed cloud firm’s debt surged from 50 to 80 cents after signing MoUs with AMD, Palantir, and Uniphore to build AI inference infrastructure. Creditors, including Apollo, Bracebridge, CastleKnight, and Hudson Bay, stand to benefit. Shutterfly taps public high-yield markets for $1.875B refinancing: The Apollo-backed photo-sharing site is selling $1.15B in bonds at 12% yield, a $500M term loan priced at 96-97 and S+650, and a $225M second-lien, as it races to address a $2.7B debt pile with maturities starting next year. CVC buys IFF’s food ingredients unit for $4.3B: IFF’s largest division, at $3.28B in revenue, had been written down after falling sales, making this the latest in a string of divestitures as IFF unwinds its 2021 DuPont nutrition merger. IFF retains a 10% stake, and the deal closes mid-2027. Blackstone sells Seattle’s US Bank Center at a 54% loss: The 44-story tower was sold to Spear Street Capital for $280M, down from $607M paid in 2019. CBD office values are down 44% on average over five years, with Seattle among the hardest hit. Dimon publicly attacks Coinbase’s Armstrong over crypto Clarity Act: JPMorgan’s CEO called Armstrong “full of sh-t” on Fox Business, vowing banks will not accept the bill’s current language allowing crypto exchanges to pay interest on stablecoins. Banks argue that it creates unregulated deposit-like products. Anthropic halves its unauthorized platform list: After flagging eight firms as unauthorized to trade its shares, Anthropic cut the list down to four, including Open Door Partners, Unicorns Exchange, Pachamama, and Upmarket. The shift comes days after Anthropic raised $65B at a $965B valuation, surpassing OpenAI for the first time. A24’s Backrooms breaks studio record with $81M opening weekend: The psychological thriller grossed $81M domestically and $118M worldwide, nearly 12x its sub-$10M production budget. Disney’s Mandalorian and Grogu fell 69% to $25M domestically this weekend, while Obsession held strong in its third weekend with $26.4M, pushing its worldwide total to $148M. A leaked internal document reveals Disney plans to decommission the Hulu app once users transition, with development already frozen and resources diverted to Disney+. The consolidation is expected to be completed by year-end. Universal Music Group rejects Bill Ackman’s €55.75B takeover bid: The board unanimously rebuffed Pershing Square’s cash-and-stock offer at €30.40/share, citing the bid as materially undervaluing the company. UMG is instead launching a buyback, selling half its Spotify stake, and moving its listing to New York. Ex-Patriots coach Jerod Mayo joins private equity firm Fifth Down Capital: The former NFL head coach became managing director at the Massachusetts-based firm in February, a year after the Patriots fired him following a 4-13 season. M&A Transactions💭  Taylor Morrison Home (NYS: TMHC), an American residential construction company, has reached a definitive agreement to be acquired for $8.5B by Berkshire Hathaway. The all-cash transaction represents approximately a 24% premium to latest stock price. The Latin America Business of Zelestra (FRA: SPZ) was acquired for $1.1B by Promigas (BOG: PROMIGAS). Deutsche Bank advised on the sale. Prevalon Energy, provider of energy storage services, has reached a definitive agreement to be acquired for $365.0M by Nextpower (NAS: NXT). MW Components, manufacturer of precision components, was acquired for GBP 950.0M by Rosebank Industries. EV/EBITDA was 13.5x and EV/Revenue was 2.56x. Evercore Group, Robert W. Baird & Co., Investec, and Goldman Sachs advised on the sale. Miss Mouth’s, manufacturer of household cleaning products, was acquired for $325.0M by Church & Dwight (NYS: CHD). EV/Revenue was 4.06x. MaintainX, developer of a work order and procedure digitalization platform, has reached a definitive agreement to be acquired for $3.6B by Autodesk (NAS: ADSK). Falcon Oil & Gas, an oil and gas company, was acquired for $172.0M by Tamboran Resources (NYS: TBN). Cavendish Financial advised on the sale. CORMETECH, manufacturer of emissions control catalysts, has reached a definitive agreement to be acquired for $460.0M by Johnson Matthey (LON: JMAT). EV/EBITDA was 28.75x and EV/Revenue was 3.57x. Jefferies advised on the sale. CIBC Caribbean Bank (TRN: CIBC), engaged in banking services, has reached a definitive agreement to be acquired for $1.794B by The Bank of N.T. Butterfield & Son (NYS: NTB). Houlihan Lokey and CIBC Capital Markets advised on the sale. Caesars Entertainment (NAS: CZR), includes roughly 50 domestic gaming properties, has reached a definitive agreement to be acquired for $31.2B by Fertitta Entertainment. EV/EBITDA was 9.54x and EV/Revenue was 2.7x. PJT Partners advised on the sale. American Woodmark (NAS: AMWD), manufactures and distributes cabinets, was acquired for $3.6B by MasterBrand (NYS: MBC). EV/EBITDA was 35.15x and EV/Revenue was 2.36x. Jefferies advised on the sale. Soda Fragrance, manufacturer of aroma chemicals, has reached a definitive agreement to be acquired for JPY 41.0B by Samyang Holdings (KRX: 000070). The Food Ingredients Business of International Flavors & Fragrance has entered into a definitive agreement to be acquired for $3.87B by CVC Capital Partners. The transaction values the company at $4.3B. EV/EBITDA was 10.0x and EV/Revenue was 1.39x. Bank of America and J.P. Morgan advised on the sale. Fletcher Construction, provider of construction services, was acquired for $315.6M by VINCI Construction Holding. Jefferies advised on the sale. Private Placement Transactions💭  Corgi, developer of an AI-powered insurance platform, raised $106.0M of Series B1 venture funding led by TCV at a pre-money valuation of $2.49B. This comes just 3 weeks after raising a $160mm Series B at a $1.3B valuation. Sun PhuQuoc Airways, operator of an airline company, received $228.0M of financing from an undisclosed corporation. Moffett AI, developer of sparse computing-based AI chips, raised CNY 1.0B of Series D venture funding from Shenzhen Capital Group, SJ Jiacheng Investment Management, and Shanghai Stonehill Technology. Cognition, developer of an AI software, raised $1.0B o Series D venture funding led by 8VC, Lux Capital, and General Catalyst at a pre-money valuation of $25.0B. Xynova, manufacturer off robotic components, raised CNY 1.0B of Series A venture funding led by Ideal Investment, CITIC Securities Investment Company, and China Capital Management. Verdo, developer of smart mobility platform, raised $200.0M of Series A venture funding led by undisclosed investors. Garner, developer of a healthcare data analytics platform, raised $100.0M of Series E venture funding led by Index Ventures at a pre-money valuation of $2.64B. Furiosa, developer of AI inference co-processors, raised KRW 800.0B of venture funding from The National Growth Fund and other undisclosed investors. Fonoa, developer of tax automation and compliance software, raised $110.0M of Series C venture funding led by Headline. Wonderful, developer of AI software, raised $165.0M of Series B venture funding eld by Insight Partners at a pre-money valuation of $1.85B. Restructuring Updates💭 Trinseo plc (chemicals manufacturer) Type: Chapter 11 Debt: ~$2B debt reduction targeted through restructuring What happened: Trinseo filed Chapter 11 in Houston with support from a majority of lenders after prolonged pressure from weak industrial demand, geopolitical disruptions, and rising operating costs. The restructuring includes $158M DIP financing and a $450M rights offering. Scale signal: Global chemicals producer with annual sales previously exceeding $3B and operations across plastics, latex binders, and engineered materials. First Brands Group Type: Chapter 11 / potential liquidation Debt: More than $10B debt under restructuring; additional ~$286M tariff-related claims asserted by the U.S. government. What happened: Restructuring deteriorated further as the DOJ accused the company of tariff fraud while the U.S. Trustee continued pushing for trustee-led liquidation or dismissal of the Chapter 11 case. Scale signal: One of the largest distressed automotive suppliers in North America with OEM and aftermarket exposure. Del Monte Foods Type: Chapter 11 wind-down / asset sale process Debt: Assets and liabilities each reported above $1B. What happened: Del Monte advanced its amended wind-down plan and confirmation process while pursuing a ~$509M sale strategy and resolving DIP financing disputes. Scale signal: National food manufacturer with 10,000–25,000 creditors and one of the largest active consumer-products bankruptcies. Restructuring Rumors💭  Brightline Type: Potential restructuring / Chapter 11 risk Debt: ~$5.5B What happened: Additional creditor groups hired restructuring advisers while negotiations continued during bond-payment grace periods. Credit ratings remain under pressure despite record ridership growth. Scale signal: One of the largest infrastructure-linked distress situations in North America. QVC Group Type: Chapter 11 restructuring conflict Debt: ~$6.6B entering restructuring, reduced toward ~$1.3B under plan. What happened: Preferred shareholders formally challenged the restructuring plan, arguing that parent-company assets are being diverted to subsidiary creditors and that equity holders are being unfairly wiped out. Scale signal: One of the largest retail/media restructurings of 2026 involving QVC, HSN, and Cornerstone Brands. Saks Global (Saks Fifth Avenue / Neiman Marcus / Bergdorf Goodman) Type: Ongoing Chapter 11 restructuring stress Debt: ~$4B+ restructuring burden. What happened: The company moved closer to confirmation and emergence, but continued store rationalization, vendor negotiations, and asset-sale discussions remain active. Industry speculation around Bergdorf Goodman ownership and further footprint reductions persists. Scale signal: One of the largest active luxury retail restructurings globally. 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