U.S. stock futures were higher this morning, with the Nasdaq 100 futures gaining around 100 points on Monday.Shares of Honeywell International Inc (NASDAQ:HON) fell in pre-market trading.Honeywell confirmed that its Advanced Materials business unit will be discontinued and updated its full-year guidance.Honeywell lowered its FY2025 adjusted EPS guidance from $10.60-$10.70 to $9.70-$9.80 and cut its sales guidance from $40.700 billion-$40.900 billion to $37.500 billion-$37.700 billion.Honeywell International ...

In this article, we will look at the 10 Stocks That Will Go To The Moon in 2026.2026 is said to be an inflection point in the AI trade. To discuss this, Dan Ives, Wedbush Securities, joined CNBC television on December 20. He noted that analysts like himself believe 2026 to be an inflection point mainly due to the monetization of the AI revolution, particularly on the software side. Ives highlighted that the use cases of AI have now started to present themselves in software offerings and agentic products.Ive ...

Core Viewpoint - BioNTech has successfully completed the acquisition of CureVac, enhancing its mRNA technology capabilities and supporting its oncology strategy [1][6]. Group 1: Acquisition Details - The acquisition of CureVac was finalized on December 18, 2025, with the subsequent offering period for CureVac shares expiring at 12:01 a.m. Eastern Time on the same day [1]. - A total of 195,341,219 CureVac shares, representing approximately 86.75% of the outstanding shares, were tendered in the exchange offer [3][6]. - BioNTech plans to complete the compulsory acquisition of the remaining CureVac shares in January 2026 as part of a post-offer reorganization [3][6]. Group 2: Strategic Implications - The acquisition aims to complement BioNTech's proprietary technologies in mRNA design, delivery formulations, and manufacturing, thereby strengthening its position in the global mRNA industry [1][6]. - BioNTech's oncology strategy focuses on mRNA-based cancer immunotherapy candidates and a bispecific antibody candidate, pumitamig (BNT327/BMS986545), developed in collaboration with Bristol Myers Squibb [1][6]. - The merger is seen as a synergy of two pioneering German mRNA firms, contributing to the country's innovation agenda [2]. Group 3: Management and Operations - Following the acquisition, the Management Board of CureVac SE will consist of BioNTech executives, while former CureVac board members have resigned [2]. - CureVac will continue its existing organizational processes to ensure business continuity, while BioNTech will conduct strategic and operational analyses for future organizational setup [2][6].

Core Thesis - CureVac N.V. is positioned as a credible non-U.S. mRNA platform with a strong foundation in intellectual property (IP) and process know-how, enabling it to achieve "toll-road" economics [2][4] Company Advantages - The company benefits from a robust stack of sequence engineering, codon optimization, and templating IP that enhances antigen expression and durability, along with advanced process control and quality control analytics that ensure manufacturing reproducibility [2][3] - CureVac's tight in-vitro transcription, purification, and lipid nanoparticle (LNP) formulation processes lead to lower batch variability and cost of goods sold (COGS) reductions, which are crucial for seasonal and global vaccine tenders [2][3] Strategic Partnerships - The partnership model with GSK allows CureVac to share wet-lab risks while maintaining upside potential, and its integration within the EU's academic and public health networks accelerates the transition from trials to tenders [3][4] Financial Position - Following a restructuring, CureVac has a multi-year cash runway, providing the company with the opportunity to pursue Gen-2 vaccine and oncology programs while managing IP litigation and negotiations effectively [3][4] Key Challenges - The company faces bottlenecks in sequence-to-expression translation, manufacturing scale and purity, and IP navigation, but its accumulated tacit knowledge offers a defensible position in these areas [3][4] Near-term Catalysts - Upcoming catalysts include milestones in IP monetization, Gen-2 clinical data, improvements in COGS, and progress in new partnerships [4] Market Context - CureVac's asymmetric setup, characterized by platform IP optionality, lean R&D, and strategic partnerships, presents multiple avenues for value creation in the mRNA landscape [4]

Core Viewpoint - BioNTech has successfully completed the initial offering period for the acquisition of CureVac, with approximately 81.74% of CureVac's shares tendered, allowing the company to proceed with the transaction and subsequent reorganization [1][8]. Group 1: Acquisition Details - A total of 184,071,410 shares of CureVac were validly tendered, satisfying the minimum condition for the exchange offer [1][8]. - The subsequent offering period for CureVac shareholders who have not yet tendered their shares will expire at 12:01 a.m. Eastern Time on December 18, 2025 [2][8]. - Following the expiration of the subsequent offering period, non-tendering holders of CureVac shares will receive BioNTech American Depositary Shares (ADSs) or cash in lieu of fractional ADSs as part of the post-offer reorganization [3]. Group 2: Tax Implications and Trading Status - Non-tendering holders of CureVac shares will generally be subject to a 15% Dutch dividend withholding tax when receiving BioNTech ADSs [3]. - Shares held by non-tendering CureVac shareholders will cease to be tradable on any national stock exchange after the completion of the post-offer reorganization [4]. Group 3: Company Background - BioNTech is a global next-generation immunotherapy company focused on developing novel therapies for cancer and other serious diseases, utilizing a diverse portfolio that includes mRNA cancer immunotherapies and targeted therapies [5]. - The company has established collaborations with various global pharmaceutical partners, enhancing its research and development capabilities [5].

Group 1 - The Extraordinary General Meeting of Shareholders of CureVac N.V. was convened in connection with BioNTech's public exchange offer for all outstanding shares of CureVac N.V. [2] - Shareholders will vote on resolutions related to the proposed transaction with BioNTech, including corporate reorganization and the appointment of new members to CureVac's Management and Supervisory Board [2] - Key attendees at the meeting include CureVac's CEO, CBO, General Counsel, and representatives from Dutch Legal Counsel [3]

Core Viewpoint - BioNTech SE has received overwhelming approval from CureVac shareholders for its exchange offer, with over 99.16% voting in favor, and expects to complete the offer promptly [1][9]. Group 1: Offer Details - The exchange offer for CureVac shares is set to expire at 9:00 a.m. Eastern Time on December 3, 2025, with shareholders advised to tender their shares by 6:00 p.m. Eastern Time on December 2, 2025 [2][9]. - The exchange ratio is established at 0.05363 of a BioNTech American Depositary Share (ADS) for each CureVac share, based on a volume-weighted average price of $101.88 over the 10 trading days ending November 25, 2025 [3][9]. - BioNTech will recalculate the exchange ratio if the offer is extended and will announce the new ratio via press release [3]. Group 2: Tendering Process - CureVac shareholders holding shares through brokers should provide instructions to their brokers to tender shares, while other shareholders can follow the instructions in the Letter of Transmittal [4]. - Following the acceptance of tendered shares, BioNTech will initiate a subsequent offering period of not less than 10 business days [4]. Group 3: Conditions and Reorganization - The offer is contingent upon BioNTech acquiring at least 80% of the outstanding CureVac shares, with a potential reduction to 75% if certain conditions are met [5]. - Upon satisfaction of all conditions, non-tendering CureVac shareholders will receive BioNTech ADSs or cash in lieu of fractional ADSs, subject to a 15% Dutch dividend withholding tax [6]. Group 4: Regulatory and Market Context - The announcement of the exchange ratio serves as a pricing notice under EU regulations for the public offering of BioNTech ADSs to CureVac shareholders in several European countries [7][9]. - BioNTech is a biopharmaceutical company focused on developing innovative therapies for cancer and other serious diseases, leveraging its expertise in mRNA technology [10].

Market Overview - U.S. stock futures showed slight declines, with Nasdaq 100 down approximately 0.19%, S&P 500 down around 0.10%, and Dow Jones down about 0.13% following a strong performance in the previous session [2] - The S&P 500 climbed 1.55% to close at 6,705.12, the Nasdaq Composite surged 2.69% to settle at 22,872.01, and the Dow Jones gained around 202.86 points, or 0.44%, to end at 46,448.27 [3] Economic Indicators - Key economic reports are anticipated, including October's U.S. retail sales and Producer Price Index (PPI) readings, which are crucial for assessing inflation and consumer spending [4] - Upcoming reports include October Durable Orders, November Chicago PMI, October New Home Sales, and October Personal Income and Outlays [4] Company Performance - Alphabet (GOOGL) shares rallied over 6% following the announcement of its upgraded AI model, Gemini 3 [5] - Other AI-related companies saw strong performance: Broadcom surged 11.1%, Micron Technology gained about 8%, Palantir Technologies rose 4.8%, and Advanced Micro Devices advanced 5.5% [5] - Alibaba Group shares surged 5.1% after announcing its AI app, Qwen, had 10 million downloads in its first week [6] - Novo Nordisk shares tumbled 5.6% after a clinical trial for its Alzheimer's treatment failed [6] - Corporación América Airports shares gained 1.6% after reporting third-quarter revenues that beat estimates [6] Market Sentiment - There is a growing expectation of a Federal Reserve interest rate cut in December, with traders betting on an 85% probability of a rate cut next month [8] - Recent dovish remarks from Fed officials have contributed to this shift in expectations, positively impacting stock performance despite concerns about AI sector valuations [8]

Revenue Performance - CureVac reported revenues of €54.1 million for Q3 2025 and €56.3 million for the first nine months, representing year-over-year decreases of 89% compared to €493.9 million and €520.7 million in the same periods of 2024[12] - The decline in revenue was primarily due to the absence of a €480.4 million one-time revenue recognized in Q3 2024 from a license agreement with GlaxoSmithKline[13] - Revenue for the three months ended September 30, 2024, was €493,902 thousand, a significant increase compared to €54,134 thousand in 2025[30] - Other operating income significantly increased to €321,982 thousand for the nine months ended September 30, 2025, compared to €6,792 thousand in 2024[30] Profitability - The operating profit for Q3 2025 was €310.2 million, compared to €368.4 million in Q3 2024, influenced by a positive one-time effect of $420 million from the U.S. Settlement Agreement[17] - Net profit for Q3 2025 was €273.2 million, down from €338.0 million in Q3 2024[19] - Operating profit for the nine months ended September 30, 2024, was €221,441 thousand, while it decreased to €193,735 thousand in 2025[30] - Net profit for the period for the three months ended September 30, 2024, was €338,043 thousand, compared to €273,229 thousand in 2025[30] Earnings Per Share - Basic earnings per share for Q3 2025 were €1.21, compared to €1.51 in the prior-year quarter[21] - Basic earnings per share for the three months ended September 30, 2024, was €1.51, down from €1.21 in 2025[30] Cash and Assets - As of September 30, 2025, CureVac had cash and cash equivalents of €416.1 million, down from €481.7 million at year-end 2024, confirming a cash runway into 2028[7] - Cash and cash equivalents decreased from €550,862 thousand at the end of the period in 2024 to €416,090 thousand in 2025[33] - Total assets increased from €802,827 thousand on December 31, 2024, to €1,138,619 thousand on September 30, 2025[32] - Total equity rose from €696,608 thousand on December 31, 2024, to €871,230 thousand on September 30, 2025[32] Research and Development - Research and development expenses increased due to manufacturing-related costs being recorded as R&D rather than cost of sales, partially offset by cost reductions from a strategic restructuring initiated in July 2024[20] - Research and development expenses for the three months ended September 30, 2024, were €49,979 thousand, compared to €38,254 thousand in 2025[30] Regulatory and Legal Matters - The German Federal Cartel Office granted clearance for the planned transaction with BioNTech, with the offer period for BioNTech's public exchange offer for CureVac shares set to expire on December 3, 2025[3] - CureVac received Clinical Trial Application clearance from the European Medicines Agency for its CVHNLC squamous non-small cell lung cancer candidate[3] - The company is contesting findings from Deloitte's audit report regarding its Advance Purchase Agreement with the European Commission for its first-generation COVID-19 vaccine candidate[24]

Group 1 - The German Federal Cartel Office has cleared the planned transaction between BioNTech and CureVac, which is a significant step towards the expected closing later this year [1] - The offer period for BioNTech's public exchange offer for all outstanding CureVac N.V. shares began on October 21, 2025, and is set to expire on December 3, 2025 [1] - Ongoing German litigation involving Pfizer/BioNTech related to mRNA-based COVID-19 vaccines has been paused pending the completion of BioNTech's public exchange offer [1] Group 2 - CureVac has received Clinical Trial Application (CTA) clearance from the European Medicines Agency (EMA) for its CVHNLC squamous non-small cell lung cancer (sqNSCLC) [1] - The Phase 1 Part B trial for CVGBM (glioblastoma) remains on track [1] - As of September 30, 2025, CureVac reported a strong cash and cash equivalents position of €416.1 million, confirming an expected cash runway into 2028 [1] Group 3 - CureVac received the final audit report related to the Advance Purchase Agreement with the European Commission for its first-generation COVID-19 vaccine candidate [1]