By Foo Yun Chee BRUSSELS (Reuters) -SAP, Europe's largest software maker, is set to make a formal offer of concessions shortly to ​settle an EU antitrust investigation and stave off a possible hefty fine, people ‌with direct knowledge of the matter said. The case will help EU regulators counter U.S. criticism that they only ‌target U.S. tech giants such as Alphabet, Apple and Meta Platforms that have faced billions of euros in fines. The European Commission, which started an investigation into SAP's sof ...

Core Points - Google and Epic Games have reached a settlement in their five-year antitrust dispute regarding app distribution and monetization on Android devices [1][2] - The settlement comes as Google has begun implementing court-ordered changes to its Google Play store to allow for increased competition [2][5] - The agreement will maintain many of the court's previous orders while introducing some modifications, including commission caps for purchases outside the Play Store [5][6] Summary by Sections Settlement Details - The exact terms of the settlement were not disclosed, but it includes commission caps of 9% or 20% for purchases outside the Play Store, depending on the transaction type and app installation date [5] - The settlement replaces the requirement for Google to provide access to its app catalog for rival app stores with a provision for "registered app stores" to receive equal treatment on Android devices [5][6] Legal Context - A jury sided with Epic Games in December 2023, ruling that Google engaged in anticompetitive practices by incentivizing manufacturers and developers to use its app store exclusively [3] - U.S. District Judge James Donato previously mandated that Google must allow mobile app developers to direct customers to alternative payment options outside the Play Store [4] Future Implications - Both companies believe the settlement will promote the evolution of the Android platform, enhancing developer choice and competition while ensuring user safety [6][8] - Epic's CEO expressed optimism about the settlement, stating it aligns with Android's original vision as an open platform [9]

Core Viewpoint - The commission is investigating whether companies allocated demand, coordinated prices, and shared commercially sensitive information [1] Group 1 - The investigation focuses on potential collusion among companies in the market [1] - Companies may have engaged in practices that could harm competition and consumer interests [1]

Deutsche Boerse and Nasdaq risk hefty EU fines after the bloc’s antitrust watchdog opened a full-scale investigation into a suspected cartel linked to listing, trading and clearing of derivatives https://t.co/t6mWgSGPLh ...

Financial Performance - DuPont reported strong third-quarter 2025 financial results, with sales of $3.07 billion, surpassing the estimated $2.90 billion [2][9] - Adjusted earnings per share (EPS) for DuPont were $1.09, exceeding forecasts of $1.06 [2][9] - Operating EBITDA reached $840 million, slightly above the estimate of $839.7 million [2][9] - DuPont's outlook for the fourth quarter projects net sales of approximately $1.69 billion and adjusted EPS of about $0.43, both slightly below analyst expectations [2][9] Regulatory Developments - The European Commission has initiated a formal antitrust investigation into Deutsche Boerse and Nasdaq, focusing on potential collusion in the listing, trading, and clearing of financial derivatives [3][9] - Concerns include possible agreements not to compete, allocation of demand, coordinated pricing, and the exchange of commercially sensitive information [3][9] Market Trends - Soybean prices surged to their highest point in 17 months, driven by expectations of renewed large-scale U.S. soybean purchases by China [4][9] - U.S. stock futures turned positive, indicating a generally optimistic market sentiment, with S&P 500 E-mini futures up 0.08%, Nasdaq 100 futures gaining 0.07%, and Dow futures seeing a 0.01% increase [5][9] Economic Impact - The Bank of Italy commented on the government's tax hike measures, indicating that these are expected to affect the banking sector, while the impact on insurers is projected to be limited [6][9] - The Italian government's 2026 budget plans include an €11 billion ($12.8 billion) tax increase on banks and insurance firms over 2026-2028 [6][9]

Core Viewpoint - Newsmax, a conservative media company, has experienced significant volatility in its stock price and market cap, facing challenges such as legal battles and competition, while exploring new revenue streams and potential growth catalysts [1][3][13] Company Overview - Newsmax went public at $10 in March, with its stock reaching a peak of $233 shortly after, leading to a market cap of $29 billion, which was 170 times its 2024 revenue of $171 million [2][3] - Founded in 1998, Newsmax launched Newsmax TV in 2014 and initially provided its channel for free to expand its audience [3][5] Financial Performance - As of 2023, Newsmax's revenue was $135 million, with net losses increasing from $20 million in 2022 to $92 million in the first half of 2025 [7] - The company has shifted from a free-to-air model to charging carriage fees, but faced challenges when DirecTV dropped it, leading to reduced fees to retain other partners [7][6] Legal Challenges - Newsmax has faced defamation lawsuits from Smartmatic and Dominion, resulting in settlements of $40 million and $67 million respectively, contributing to its widening net losses [6][7] Growth Projections - Analysts project a revenue CAGR of 11% from 2024 to 2027, reaching $232 million, with expectations of profitability by 2027 [8] - Potential catalysts for growth include an antitrust case against Fox News, promotion through Trump Media's Truth+ platform, and increased viewership during the 2026 U.S. midterm elections [9][10][11] Strategic Initiatives - Newsmax plans to invest up to $5 million in Bitcoin and Trump Coin, representing 15% of its cash reserves, to strengthen its balance sheet [12] Investment Considerations - With a current market cap of $1.3 billion, Newsmax's valuation at 7 times this year's sales suggests it may not be an attractive investment compared to better-managed companies in the market [13]

Core Insights - Alphabet Inc.'s Google and Wiz Inc. have received a significant advancement in their $32 billion acquisition deal as the US government has concluded its investigation, allowing the companies to move forward with the merger [1][2]. Group 1: Acquisition Details - The acquisition was initially announced in March, and the Justice Department opened an in-depth probe in June, which has now been concluded [1][2]. - The early termination of the review indicates that US antitrust agencies no longer see the investigation as a barrier to closing the merger [2]. Group 2: Regulatory Context - Despite the DOJ's conclusion, the deal remains under scrutiny from other antitrust regulators, highlighting ongoing regulatory challenges for the companies [2]. - The timing of the early termination is notable, as the FTC had previously stated it would not grant such terminations during the US government shutdown [3]. Group 3: Broader Implications - The DOJ's decision to end its review provides a temporary relief for Google, which is currently facing antitrust scrutiny globally, including rulings against its monopolistic practices in online search and display advertising technology [4]. - A federal judge in Virginia is expected to make a decision regarding the potential forced sale of parts of Google's ad tech business, indicating ongoing legal challenges [4].

Core Points - Epic Games has reached a comprehensive settlement with Google, potentially concluding a five-year legal battle regarding the Play Store for Android apps [1][2] - The settlement aims to enhance the competitiveness of the Android platform for both users and developers [2] - The specific terms of the settlement are sealed and require approval from US District Judge James Donato [4] Group 1: Legal Context - Epic Games previously won a significant legal victory when a federal appeals court upheld a jury verdict that deemed Google's Android app store an illegal monopoly [3] - The ruling from October 2024 mandated Google to dismantle barriers that prevent competition in its app store, including allowing rival third-party app stores [5] - Google faced challenges in appealing this ruling, which is part of ongoing antitrust trials affecting various aspects of its business [6] Group 2: Financial Implications - Epic Games initiated lawsuits against both Google's Play Store and Apple's App Store in 2020 to challenge high commission rates on in-app transactions, which ranged from 15% to 30% [7] - The proposed settlement would reduce Google's commission rates to between 9% and 20%, depending on the transaction [7]

Antitrust Litigation - Google and Epic Games settled their antitrust dispute regarding app distribution and monetization on Android phones [1]

Financial Data and Key Metrics Changes - For Q3 2025, the company recorded revenues of $16.7 billion, a decrease of 7% operationally compared to the same period last year, primarily driven by a decline in COVID products [23] - Reported diluted earnings per share (EPS) was $0.62, while adjusted diluted EPS was $0.87, exceeding expectations due to strong gross margin and cost management performance [24] - Adjusted gross margin for the quarter was approximately 76%, reflecting product mix and strong cost management [25] Business Line Data and Key Metrics Changes - Non-COVID product performance was solid, growing 4% operationally compared to the same period last year, with significant contributions from Eliquis, the Vyndaqel family, and Nurtec [23][24] - The Vyndaqel family achieved 7% year-over-year global operational growth, while Padcev saw 13% year-over-year global operational growth [14][15] - The company’s recently launched and acquired products generated $7.3 billion in revenue, growing approximately 9% operationally year-over-year [24] Market Data and Key Metrics Changes - In international markets, the Vyndaqel family achieved 40% growth in total patients on treatment, while Nurtec led the oral CGRP class in primary care penetration in the U.S. [15] - The Prevnar family of vaccines saw 17% year-over-year international operational growth, with strong performance in pediatric pneumococcal vaccination [16] - The company expects the lung cancer market to reach approximately $70 billion by 2023, with significant growth potential in its lung cancer portfolio [12] Company Strategy and Development Direction - The company is focused on strategic investments in innovation and growth, highlighted by the proposed acquisition of MedSera and the licensing agreement with 3SBio [6][8] - The company aims to enhance its R&D pipeline and commercial capabilities, particularly in the high-growth therapeutic area of obesity [8] - The recent agreement with the U.S. government aims to lower prescription drug costs while allowing the company to invest in U.S. manufacturing [7][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value for patients and shareholders, despite challenges in the COVID product line [5] - The company raised its adjusted diluted EPS guidance for the full year 2025, reflecting strong performance and improved cost structure [33] - Management noted that the agreement with the U.S. government will not impact 2025 guidance but may affect the 2026 financial outlook [32] Other Important Information - The company expects to achieve $1.5 billion in savings from its manufacturing optimization program by the end of 2027 [26] - The gross leverage at the end of Q3 was approximately 2.7 times, with expectations to return to target levels post-MedSera acquisition [31] - The company plans to provide guidance for 2026 by the end of the year [35] Q&A Session Summary Question: Insights on Vyndamax performance amid competition - Management acknowledged new competition but emphasized Vyndamax's unique benefits and strong market access, noting that volume growth was offset by gross-to-net headwinds [41][42] Question: Legal process regarding MedSera acquisition - Management stated that it is difficult to comment on the timing of legal proceedings but reiterated their belief that Novo's acquisition attempt is anti-competitive [48][50] Question: Plans if MedSera acquisition does not proceed - Management confirmed ongoing efforts to identify potential acquisition candidates across therapeutic areas, regardless of the MedSera outcome [52][54] Question: Dynamics of Paxlovid pricing - Management clarified that there were no significant changes in Paxlovid pricing, attributing variations to channel mix rather than material price changes [74] Question: Guidance on COVID-19 sales for the year - Management indicated that achieving the previously stated $9 billion in COVID sales is uncertain, depending on potential future COVID waves [87][90] Question: Pricing strategy for GLP-1 medicines - Management acknowledged that competition is driving prices down and that their calculations for the MedSera acquisition took this into account [94] Question: Delay in initiation of pivotal trial for pneumococcal vaccine - Management explained that the delay is due to ongoing discussions with the FDA regarding study designs and endpoints, with plans to align pediatric and adult studies [100]