Core Insights - Piper Sandler reported strong financial performance in 2025, with record adjusted net revenues of $1.9 billion and adjusted EPS of $17.74, reflecting a 22% increase in revenues compared to 2024 [1][24][25] - The company achieved a 39% increase in adjusted net income year-over-year, driven by robust advisory revenues and strong execution across all business lines [1][6][25] Financial Performance - In Q4 2025, adjusted net revenues reached $635 million, with an operating margin of 27.2% and adjusted EPS of $6.88 [1][24] - For the full year, the operating margin was 21.9%, with net income totaling $318 million [24][25] - The compensation ratio improved to 60.1% for 2025, reflecting increased net revenues and operational discipline [25][27] Advisory Business - Advisory revenues grew by 28% in 2025, totaling $1 billion, with significant contributions from financial services and industrial sectors [8][10][25] - The company completed 135 advisory transactions, a 16% increase from the previous year, and was ranked as the number two adviser for U.S. M&A deals under $1 billion [8][9][10] - Non-M&A advisory revenues exceeded 25% of total advisory revenues, driven by debt capital markets advisory and private capital advisory [11][12] Corporate Investment Banking - Corporate Investment Banking revenues reached $1.3 billion, a 28% increase from the prior year, with strong performance in M&A and debt capital markets [8][12] - The firm generated $469 million in revenues during Q4 2025, significantly driven by M&A activity [7][8] Public Finance and Brokerage - The public finance business generated $146 million in revenues for 2025, a 19% increase from the previous year, with strong performance in municipal financing [18][19] - Equity brokerage revenues reached a record $230 million for the full year, supported by strong trading volumes and client engagement [20][21] Capital Allocation - The company returned $239 million to shareholders in 2025 through stock repurchases and dividends, including a special cash dividend of $5 per share [29][30] - A four-for-one stock split was approved to enhance liquidity and accessibility for investors [31] Outlook - The company anticipates continued strong performance in 2026, with a healthy pipeline of advisory engagements and favorable market conditions [12][15][32] - Expectations for public finance and equity brokerage revenues in 2026 are optimistic, with similar performance anticipated compared to 2025 [20][21]

Core Insights - Moderna, Inc. is a biotechnology company based in Cambridge, Massachusetts, with a market cap of $17.2 billion, known for its messenger RNA medicines and COVID-19 vaccine, and is expanding its pipeline in various therapeutic areas [1] Performance Summary - Over the past 52 weeks, Moderna's shares have increased by 19.3%, outperforming the S&P 500 Index, which rose by 15.5%. Year-to-date, the stock is up 47.9%, while the S&P 500 has only gained 1.9% [2] - Despite this, Moderna has underperformed compared to the iShares Biotechnology ETF, which saw a 26.2% increase over the same period, although it has outperformed the ETF's 3.1% year-to-date return [3] Recent Developments - On January 21, shares surged by 15.8% following positive results from a five-year follow-up study of an experimental skin cancer vaccine in collaboration with Merck, showing a 49% reduction in recurrence or death risk for high-risk melanoma patients [5] Financial Outlook - Analysts project that Moderna's loss per share for the current fiscal year will narrow by 10.9% year-over-year to $7.90. The company has consistently exceeded consensus earnings estimates in the last four quarters [6] - The consensus rating among 24 analysts is a "Hold," with two "Strong Buy," 19 "Hold," one "Moderate Sell," and two "Strong Sell" ratings [6] Analyst Ratings and Price Targets - Edward Tenthoff from Piper Sandler Companies maintains a "Buy" rating with a price target of $63, indicating a potential upside of 44.3%. The current trading price is above the mean price target of $37.40, while the highest price target of $135 suggests a 209.1% premium [8]

Core Insights - U.S. Bancorp has joined nearly 70 Minnesota-based companies in calling for an immediate de-escalation of tensions following the killing of a second Minneapolis resident by immigration officials [1][9] - The open letter, signed by various CEOs including U.S. Bancorp's CEO Gunjan Kedia, urges cooperation among state, local, and federal officials to find real solutions to the unrest [2][10] Company Position - U.S. Bank, a subsidiary of U.S. Bancorp, is the largest deposit-holder in Minnesota with over 33% market share, and had $692.3 billion in assets as of December 31 [7] - The bank has not closed any branches or suffered damages during the recent protests, unlike the civil unrest in 2020 following George Floyd's murder [7] Industry Response - The Business Roundtable, representing over 200 chief executives, has expressed support for the call to de-escalate tensions in Minneapolis [5][6] - Other financial services companies, including Allianz Life Insurance, Ameriprise Financial, and others, have also signed the open letter advocating for cooperation among authorities [8]

Core Viewpoint - The Federal Reserve's interest rate decisions significantly impact borrowing costs, the job market, and overall economic conditions, with recent cuts expected to continue influencing these areas. Group 1: Interest Rate Changes and Economic Impact - The Fed raised interest rates to a 23-year high in 2022 and 2023 to combat inflation, but a downturn in hiring in 2024 led to a full percentage point cut in rates [1] - The Fed is expected to lower borrowing costs for a third time in December 2025, following cuts in September and October [1] - Cheaper borrowing costs can incentivize businesses to hire and invest, while expensive rates can lead to reduced consumer spending and hiring, worsening the job market [2] Group 2: Borrowing Costs and Consumer Finance - The Fed's interest rate decisions have a domino effect on various forms of borrowing, including auto loans, credit cards, and home equity lines of credit [3] - The Federal Open Market Committee (FOMC) meets eight times a year to adjust the federal funds rate, which influences the entire economy [4] - Borrowing costs for significant items have increased since rates were near zero during the pandemic, with notable changes in home equity lines of credit, credit cards, and car loans [10][11] Group 3: Job Market and Employment - The job market has cooled significantly, with the unemployment rate above 4% since May 2024, and only 584,000 jobs added in 2025, a stark contrast to the previous year's growth [32] - Job cuts in 2025 surpassed one million, indicating a trend typically seen during recessions [33] - Concerns about job security have risen, with 69% of workers worried about their job stability, impacting their bargaining power for pay raises [34] Group 4: Influence on Savings and Investments - The Fed's rate hikes have led to the highest yields on savings accounts and CDs in over a decade, but yields decrease with rate cuts [15][18] - Higher interest rates make it harder for households to obtain credit, with 48% of applicants denied loans or financial products between December 2023 and December 2024 [19] - The stock market reacts negatively to higher rates, as investors often shift towards safer investments, impacting portfolio values [23][25]

As filed with the U.S. Securities and Exchange Commission on January 20, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________ FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _______________________________________ Long Table Growth Corp. (Exact name of registrant as specified in its charter) _______________________________________ | | | (State or other jurisdiction of incorporation or organization) (Prima ...

Group 1 - Piper Sandler Companies has completed the acquisition of MENA Growth Partners, establishing a strategic investment banking hub in the GCC region [1] - Nabeel Siddiqui will lead Piper Sandler's investment banking in Abu Dhabi while maintaining his responsibilities in Europe, leveraging MENA Growth Partners' regional relationships [2] - The transaction involved legal advisement from Al Tamimi & Company for Piper Sandler and Charles Russell Speechlys along with TMF Group for MENA Growth Partners [3] Group 2 - Piper Sandler operates as a leading investment bank providing various services across multiple regions, including the U.S., U.K., EU, Abu Dhabi, and Hong Kong [4]

Core Viewpoint - Piper Sandler Companies has appointed J.P. Peltier as global co-head of investment banking and capital markets, effective immediately, reflecting the firm's commitment to leadership and growth [1][3] Group 1: Leadership Appointment - J.P. Peltier will serve alongside current global co-heads James Baker and Mike Dillahunt, bringing a proven track record and strong relationships to the firm [1][3] - The appointment is seen as a strategic move to position the firm for continued success and growth in investment banking [1] Group 2: Peltier's Background - Peltier previously served as global head of healthcare investment banking, leading a team of over 145 professionals across the U.S., Europe, and Asia [2] - He has extensive experience in advising on mergers and acquisitions, as well as public and private capital markets solutions [2] - Peltier has been with Piper Sandler since 1994 and has advised on many notable transactions in the medical technology sector [4] Group 3: Future Directions - Peltier will continue to support the growth of the healthcare practice while also contributing to other industry-leading groups within the firm [4] - The leadership team expresses confidence that Peltier's experience and innovative approach will enhance the firm's investment banking and capital markets platforms globally [3]

Core Viewpoint - Howden, a UK insurance broker, has agreed to acquire Atlantic Group, a specialist in M&A protection, as part of its strategy to expand rapidly in the US market [1][5]. Group 1: Acquisition Details - The deal values Atlantic Group at over $500 million, with its founders reinvesting a substantial portion of their equity to become shareholders of Howden [2]. - Atlantic Group, founded in 2017, has over 110 employees and is based in New York [2][3]. Group 2: Strategic Goals - The acquisition aims to create a "global powerhouse" to attract business from leading private equity firms and their portfolio companies [4]. - Howden is already the largest transaction liability insurance broker outside the US and seeks to enhance its presence to compete with major global brokers like Marsh & McLennan, Aon, and Willis Towers Watson [3][5]. Group 3: Market Context - The demand for M&A protection has increased over the past decade, driven by significant deal-making activity among buyout firms, supported by low interest rates [5]. - M&A protection helps sellers receive more proceeds upfront while providing buyers with recourse [5]. Group 4: Company Background - Howden is owned by 5,300 employee-shareholders and private equity firms, with its equity valued at £10 billion ($13.4 billion) in 2024 [8]. - The company's enterprise value, including debt, is £20 billion [8]. - Howden has been considered a candidate for an initial public offering (IPO), with plans to complete it by 2030 [9].

Core Viewpoint - A consensus among major banks and investment institutions suggests that the U.S. stock market will achieve its fourth consecutive year of gains by 2026, marking the longest streak in nearly two decades [2]. Group 1: Market Performance and Predictions - Since hitting a low in October 2022, the S&P 500 index has risen approximately 90%, despite ongoing concerns about potential risks such as an AI bubble, economic trends, and political instability under President Trump [2]. - Analysts predict an average year-end target for the S&P 500 in 2026 that implies a further increase of 9%, with no forecasters expecting a decline [2]. - Ed Yardeni, a senior market strategist, forecasts the S&P 500 to reach 7,700 points next year, an 11% increase from recent closing prices, but expresses concern over the prevailing optimism [5]. Group 2: Market Sentiment and Volatility - The optimistic sentiment among Wall Street analysts has been reinforced following a tumultuous 2025, where the S&P 500 index fell nearly 20% before experiencing a rapid rebound [5]. - Analysts have noted that the market's resilience is surprising, especially given the challenges posed by AI sector dynamics and trade wars initiated by Trump [8]. - Morgan Stanley's analysts shifted from a bearish to a bullish outlook, now predicting the S&P 500 to rise to 7,500 points, supported by economic growth, cooling inflation, and the belief that AI stock gains reflect a genuine economic transformation [9]. Group 3: Economic Indicators and Risks - The U.S. economy has shown remarkable resilience, with significant investments in AI and technology driving stock prices, contributing to nearly half of the S&P 500's gains this year [8]. - Analysts emphasize the importance of not underestimating the U.S. stock market's resilience, supported by strong corporate earnings growth and a stable macroeconomic environment [13]. - Some analysts, like Savita Subramanian from Bank of America, caution against over-optimism, suggesting that the S&P 500 could reach 7,100 points in 2026, with potential declines of 20% in a recession scenario [12].

Market Sentiment - The S&P 500 Index has increased approximately 90% since its low in October 2022, leading to widespread optimism among sell-side strategists, with an average year-end forecast suggesting a further 9% gain next year [1][20] - Notably, none of the 21 forecasters surveyed by Bloomberg News predict a decline in the S&P 500 for the upcoming year [1][20] Analyst Predictions - Ed Yardeni, a veteran market strategist, anticipates the S&P to reach 7,700, reflecting an 11% increase from the recent close, although he expresses concern over the lack of dissenting opinions among analysts [2][20] - Christopher Harvey from CIBC Capital Markets expects the S&P 500 to end 2026 at 7,450, indicating an 8% gain, while cautioning about macro risks such as prolonged steady interest rates and potential tariff increases [11][20] - JPMorgan Chase has shifted from a bearish outlook to predicting the S&P will rise to 7,500 in 2026, driven by solid corporate earnings and lower interest rates [15][20] Economic Context - The U.S. economy expanded at its fastest pace in two years during the third quarter, supported by strong consumer and business spending, alongside more stable trade policies [18][20] - Corporate America is projected to achieve double-digit earnings growth again, reinforcing the positive sentiment in the market [18][20] Risks and Uncertainties - Analysts acknowledge significant macro risks, including the Federal Reserve's interest rate decisions and potential trade policy changes, which could impact market stability [11][20] - Bank of America’s Savita Subramanian suggests a cautious approach, forecasting the S&P to rise to 7,100 in 2026, constrained by high valuations, while also noting that a recession could lead to a 20% decline in stocks [16][17][20]