Core Viewpoint - Halper Sadeh LLC is investigating Clearwater Analytics Holdings, Inc. and Janus Henderson Group plc for potential violations of federal securities laws and breaches of fiduciary duties to shareholders related to their respective sales to private equity firms at specified cash prices per share [1][2]. Group 1: Clearwater Analytics Holdings, Inc. - Clearwater Analytics is being sold to Permira and Warburg Pincus for $24.55 per share in cash [1]. - The investigation may seek increased consideration for shareholders and additional disclosures regarding the transaction [3]. Group 2: Janus Henderson Group plc - Janus Henderson is being sold to Trian Fund Management and General Catalyst for $49.00 per share in cash [2]. - Similar to Clearwater, the investigation may pursue increased consideration and additional disclosures for Janus shareholders [3]. Group 3: Legal Representation and Support - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options at no charge [4]. - The firm represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [4].

Core Viewpoint - The law firm Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Clearwater Analytics Holdings, Inc. for $24.55 per share in cash, which is significantly below the price targets set by Wall Street analysts and the company's 52-week high [1][2][5]. Sale Price Analysis - The proposed sale price of $24.55 per share is well below the price targets of multiple Wall Street analysts, including a target of $36.00 per share from RBC Capital [2][5][8]. - The sale price is also below Clearwater's 52-week high of $32.00 per share, suggesting that the acquisition may be opportunistic [2][5]. Board Approval and Conflicts of Interest - The sale was approved based on the recommendation of a Special Committee of the Board, indicating potential conflicts of interest among certain Board members, as both Permira and Warburg Pincus have representatives on the Board [3][6]. - Permira owns 14.7% of Clearwater's Class D Common Stock, further highlighting the potential conflicts [3][6]. Investigation Focus - The investigation will assess whether the Special Committee acted in the best interests of Clearwater shareholders, the fairness of the sale price, and whether all material information regarding the transaction has been disclosed [7].

Upgrades - CFRA upgraded Pool Corp. (POOL) to Buy from Hold with a price target of $304 [2] - Piper Sandler upgraded SEI Investments (SEIC) to Overweight from Neutral with a price target of $102, increased from $93, citing SEI as a "clear beneficiary" of the expanding alternatives landscape [2] - TD Cowen upgraded Ametek (AME) to Buy from Hold with a price target of $230, up from $180, noting that backlog remains near highs and is expected to grow [3] Downgrades - TD Cowen downgraded Janus Henderson (JHG) to Hold from Buy with a price target of $49 after the company agreed to be acquired for $7.4 billion or $49.00 per share [4] - Piper Sandler downgraded Clearwater Analytics (CWAN) to Neutral from Overweight with a price target of $24.55, down from $27, following its agreement to be acquired for $24.55 per share in cash [4] - BMO Capital downgraded Brown & Brown (BRO) to Market Perform from Outperform with a price target of $88, down from $90, due to lower consensus organic growth estimates for 2026 [5] - Evercore ISI downgraded Coty (COTY) to In Line from Outperform with a price target of $7, citing a lack of visibility on timing and catalysts for potential value unlock [6] Initiations - Oppenheimer initiated coverage of Spruce Biosciences (SPRB) with an Outperform rating and a price target of $283, supported by FDA confirmation of compelling clinical biomarker data [7] - LifeSci Capital initiated coverage of Sionna Therapeutics (SION) with an Outperform rating and a price target of $60, highlighting multiple quality shots on goal with its therapies [7] - Oppenheimer initiated coverage of Aardvark Therapeutics (AARD) with an Outperform rating and a price target of $35, noting the company's differentiated obesity franchise [7] - JonesResearch initiated coverage of Septerna (SEPN) with a Buy rating and a price target of $43, forecasting $2.5 billion in unadjusted U.S. peak sales in 2035 [7] - Loop Capital initiated coverage of Malibu Boats (MBUU) with a Buy rating and a price target of $34, indicating the marine industry is in the late stages of inventory rationalization [7]

Core Viewpoint - U.S. stock futures are showing modest declines as investors await key economic data releases during a holiday-thinned trading week, following a strong performance in the previous session driven by optimism in the AI sector [1][2]. Premarket Activity and Futures Movements - S&P 500 futures are down approximately 0.08%, Nasdaq 100 futures have edged lower by about 0.09%, and Dow Jones Industrial Average futures are down around 0.06% [2]. - Current trading levels are S&P 500 futures near 6,920, Nasdaq 100 futures around 25,650, and Dow Jones futures near 48,650 [2]. - Gold and silver have reached new record highs, while the U.S. dollar has eased [2]. Major Indexes Performance - On Monday, the Dow Jones Industrial Average advanced 0.47%, closing at 48,362.68, while the S&P 500 climbed 0.64% to finish at 6,878.49, and the Nasdaq Composite rose 0.52% to close at 23,428.83 [3][4]. Sector Performance - The gains were broad-based, with technology companies and banks leading the charge, and the Russell 2000 index outperformed with a 1.2% gain [4]. Upcoming Economic Data - Key economic data releases include the final revision of U.S. GDP for Q3 2025, expected to show a growth rate of 3.2%, along with October Durable Goods Orders, November Industrial Production, and December Consumer Confidence Index [5]. Market Schedule and Trading Volume - U.S. stock markets will operate on a shortened schedule due to the Christmas holiday, closing early on December 24th and fully closed on December 25th [6]. Major Stock News - Nvidia shares advanced 1.5% on news of shipping H200 AI chips to China by mid-February [7]. - Oracle climbed 3.2% after news of a joint venture to acquire TikTok's U.S. operations [7]. - Micron Technology added 4% to its stock price, benefiting from positive sentiment surrounding AI stocks [7]. - Tesla shares rose 1.6% after the reinstatement of CEO Elon Musk's pay package [7]. Corporate Developments - Novo Nordisk surged over 7% following FDA approval of its oral Wegovy weight-loss pill [11]. - Paramount increased its hostile takeover bid for Warner Bros. Discovery, with shares rising 3.5% [11]. - Dominion Energy dropped 3.7% after a pause on offshore wind project leases [11]. - Clearwater Analytics Holdings Inc. shares surged 8.1% following an $8.4 billion acquisition announcement [11].

Company Overview - Clearwater Analytics (NYSE:CWAN) provides software-as-a-service (SaaS) solutions for investment data aggregation, reconciliation, accounting, and reporting, positioning itself as a key player in the financial technology sector [1] Recent Developments - On December 22, 2025, Piper Sandler downgraded NYSE:CWAN from Overweight to Neutral, with the stock price at $24.06; however, the stock surged by 8.13% to close at $24.06 following the announcement of an $8.4 billion take-private deal [2][5] - The trading volume on the day of the announcement reached 99 million shares, significantly higher than the average volume of 5.8 million, indicating heightened investor interest [3][5] Financial Performance - Clearwater Analytics has a market capitalization of approximately $6.93 billion and a gross margin of 68.43%, reflecting a strong ability to convert revenue into profit [3][5] - The stock price fluctuated between $24.05 and $24.15 during the trading session, with a yearly high of $32 and a low of $15.73, showcasing the stock's volatility [4]

Group 1 - Halper Sadeh LLC is investigating Clearwater Analytics Holdings, Inc. and Janus Henderson Group plc for potential violations of federal securities laws and breaches of fiduciary duties to shareholders related to their respective sales [1][2] - Clearwater Analytics is being sold to Permira and Warburg Pincus for $24.55 per share in cash, while Janus Henderson is being sold to Trian Fund Management and General Catalyst for $49.00 per share in cash [1][2] - The firm may seek increased consideration for shareholders, additional disclosures, and other relief on behalf of shareholders, operating on a contingent fee basis [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC free of charge to discuss their legal rights and options [4] - The firm represents investors globally who have experienced securities fraud and corporate misconduct, having recovered millions for defrauded investors [4]

Core Viewpoint - Clearwater Analytics is set to be acquired by a group of private equity firms in an $8.4 billion all-cash deal, which has attracted significant attention from event-driven traders focusing on merger-arbitrage spreads and deal risk [1][3]. Company Summary - Clearwater Analytics shares closed at $24.06, reflecting an increase of 8.13% on the day, following news of the acquisition [2]. - The company has a market capitalization of $6.4 billion and reported a gross margin of 68.43% [2]. - Clearwater Analytics went public in 2021 and has experienced a 5% decline in share price since its IPO [3]. Acquisition Details - The acquisition agreement involves a purchase price of $24.55 per share, which is slightly above the current trading price [6]. - The deal is subject to stockholder and regulatory approval, with the board of directors having already approved the merger agreement [6]. - The trading volume for Clearwater Analytics reached 91.1 million shares, significantly exceeding its three-month average of 5.8 million shares, indicating heightened investor interest [3]. Market Context - The S&P 500 and Nasdaq Composite indices saw increases of 0.64% and 0.52%, respectively, reflecting a positive market environment for software and technology stocks [4]. - Other industry peers, such as BlackLine, also experienced gains, suggesting a broader interest in software platforms amid private equity activity and M&A valuations [5]. Investor Considerations - An investor rights law firm, Halper Sadeh LLC, is investigating the fairness of the deal for shareholders, which may introduce delays in the acquisition process [7]. - Investors are closely monitoring the timeline for the buyout and the regulatory review process [7].

Group 1 - Clearwater Analytics (CWAN) is currently involved in a significant acquisition deal valued at $8.4 billion, led by private equity firms Permira and Warburg Pincus [2][5] - The acquisition offer of $24 per share represents a 47% premium over CWAN's share price of $16.69 prior to the sale news [3][5] - The transaction is expected to close in the first half of 2026, with a "go-shop" period allowing CWAN to explore other offers until January 23, 2026 [3][4] Group 2 - Warburg Research has set a price target of $24.55 for CWAN, indicating a slight potential upside from its current price of $24.09 [1][4] - Following the acquisition announcement, CWAN's stock price surged nearly 8% in premarket trading [2][5] - The current market capitalization of CWAN is approximately $6.94 billion, reflecting an increase of 8.27% with a change of $1.84 [4]

Core Viewpoint - Clearwater Analytics is under investigation for potential breaches of fiduciary duty related to its transaction with a Permira and Warburg Pincus-led Investor Group, which may not be in the best interest of all shareholders [1][3]. Transaction Details - Clearwater Analytics shareholders are set to receive $24.55 per share in a deal valued at approximately $8.4 billion [2]. - The transaction includes significant benefits for Clearwater Analytics insiders as part of change of control arrangements [2]. Board Conduct - The transaction agreement imposes a substantial penalty on Clearwater Analytics if it accepts a competing bid, which may limit competing offers unreasonably [3]. - There is an ongoing investigation into whether the board of directors of Clearwater Analytics is fulfilling their fiduciary duties to all shareholders [3].

Upgrades - Bradesco BBI upgraded Volaris (VLRS) to Outperform from Neutral with a price target of $12 [2] - Loop Capital upgraded Ollie's Bargain Outlet (OLLI) to Buy from Hold with a price target of $135, increased from $130, citing underestimated comp potential in fiscal 2026 [2] - Raymond James upgraded Cummins (CMI) to Outperform from Market Perform with a price target of $585, noting a change in sentiment for the second half of 2026 despite a cautious near-term outlook [3] Downgrades - Janney Montgomery Scott downgraded Heritage Commerce (HTBK) to Neutral from Buy with a fair value estimate of $14 following an acquisition agreement with CVB Financial (CVBF) [4] - William Blair downgraded Clearwater Analytics (CWAN) to Market Perform from Outperform without a price target after a take-private deal at $24.55 per share [5] - Raymond James double downgraded Sealed Air (SEE) to Market Perform from Strong Buy without a price target, indicating reduced odds for a topping bid after the conclusion of the "go-shop" period [6] - Citi downgraded Amicus (FOLD) to Neutral from Buy with a price target of $14.50, down from $17, after BioMarin announced an acquisition for $4.8 billion or $14.50 per share [6] Initiations - Wells Fargo initiated coverage of Arcellx (ACLX) with an Overweight rating and a price target of $100, viewing its anti-cel as a future pillar in multiple myeloma treatment [7] - Jefferies initiated coverage of BlackSky (BKSY) with a Buy rating and a price target of $23, projecting sales to double to $211 million by 2028 [7] - BTIG initiated coverage of Invivyd (IVVD) with a Buy rating and a price target of $10, highlighting its effective antibody production [7] - Jefferies initiated coverage of Relmada Therapeutics (RLMD) with a Buy rating and a price target of $9, noting a transformation towards oncology and neuro pipeline [7] - Seaport Research initiated coverage of MasterCraft Boat (MCFT) with a Neutral rating and no price target, expressing caution due to competitive pressures in the marine industry [7]