Core Viewpoint - Shutterstock has received notice from the UK's Competition and Markets Authority (CMA) regarding their intent to refer the proposed merger with Getty Images to a Phase 2 review unless acceptable undertakings are provided to address competition concerns [1] Company Overview - Shutterstock operates as a global creative platform, providing high-quality creative content and solutions powered by a vast network of creators and advanced technology [2] Merger Details - The proposed merger between Shutterstock and Getty Images is currently under scrutiny by the CMA, which may lead to a more in-depth review process if competition concerns are not adequately addressed [1] - Shutterstock remains committed to the merger and is actively engaging with the CMA and Getty Images to secure necessary clearances [1]

A new merger wave has begun in America. Like its predecessors, it is energised by technological promise, enthusiastic credit markets, willing politicians and striving bosses https://t.co/dShU2R7bXJ ...

Core Insights - Commercial Metals Company (CMC) reported Q4 fiscal 2025 earnings per share (EPS) of $1.35, up from 90 cents year-over-year, and adjusted EPS of $1.37, exceeding the Zacks Consensus Estimate of $1.32 [1][9] - Net sales for the quarter reached approximately $2.11 billion, a 5.9% increase year-over-year, surpassing the Zacks Consensus Estimate of $2.04 billion [1][9] - The company announced an agreement to acquire Foley Products Company for $1.84 billion, which will enhance its portfolio in precast applications and position it as the third-largest player in the U.S. [8][10] Financial Performance - The cost of goods sold increased by 2.9% year-over-year to $1.72 billion, while gross profit rose by 21.6% to $393 million [2] - Core EBITDA for Q4 was $291 million, reflecting a 32.9% increase from the previous year [2] - For fiscal 2025, adjusted EPS was $3.13, a 24% decline from $4.13 in fiscal 2024, but still above the Zacks Consensus Estimate of $3.09 [6] Segment Performance - The North America Steel Group generated net sales of $1.62 billion, up from $1.56 billion year-over-year, with adjusted EBITDA of $239 million compared to $203 million [3] - The Europe Steel Group's revenues increased by 18.5% to $263 million, with adjusted EBITDA improving to $39 million from a negative $3.6 million [4] - The Emerging Businesses Group reported net sales of $222 million, up from $195.5 million, with adjusted EBITDA rising by 19.1% [5] Cash Flow and Balance Sheet - CMC's cash and cash equivalents at the end of fiscal 2025 were $1.04 billion, up from $0.86 billion at the end of fiscal 2024 [7] - Long-term debt increased to $1.31 billion from $1.15 billion year-over-year [7] - Cash generated from operating activities was $715 million, down from $899.7 million in the previous fiscal year [7] Future Outlook - CMC anticipates that finished steel shipments in the North America Steel Group will follow normal seasonal trends in Q1 fiscal 2026, with an expected rise in adjusted EBITDA margins [12] - The Emerging Businesses Group is expected to see a sequential decline due to seasonality but an increase year-over-year [13] - Overall, financial results for Q1 fiscal 2026 are projected to align with Q4 results [13] Market Performance - CMC's shares have decreased by 0.5% over the past year, contrasting with the industry's growth of 5.5% [14]

Core Viewpoint - Boston Scientific is acquiring the remaining equity in Nalu Medical for approximately $533 million in cash, enhancing its chronic pain treatment portfolio [1][2] Group 1: Acquisition Details - The acquisition provides Boston Scientific access to Nalu's neurostimulation device, which utilizes peripheral nerve stimulation (PNS) for targeted pain relief [1][3] - This year, Boston Scientific has made several acquisitions, including a $443 million payment for Bolt Medical [2] - The deal is expected to be immaterial to Boston Scientific's adjusted profit in 2026 but slightly accretive in 2027, with increasing benefits thereafter [5] Group 2: Product and Market Insights - Nalu's therapy employs mild electrical impulses to disrupt pain signals before they reach the brain and features a miniaturized, battery-free implant powered wirelessly [3] - The device received FDA clearance for PNS in 2019 and for spinal cord stimulation (SCS) in 2020 [4] - Analysts note that Nalu's PNS system is more robust compared to competitors, indicating potential market share gains, while expectations for SCS are more conservative due to Boston's existing offerings [4] Group 3: Market Reaction - Following the announcement, shares of Boston Scientific rose approximately 1% in early trading [5]

Core Insights - JP Morgan and Rothschild & Co have emerged as the leading financial advisers in the Middle East & African (MEA) region for mergers and acquisitions (M&A) during the first three quarters of 2025, with JP Morgan leading by value and Rothschild & Co by volume [1][2] Group 1: JP Morgan's Performance - JP Morgan's advisory services were linked to transactions totaling $56.5 billion in Q1-Q3 2025, marking a significant improvement from not being in the top 10 by value in the same period of 2024 [1][3] - A key transaction contributing to JP Morgan's top position by value was the acquisition of Electronic Arts by a consortium of investors for approximately $55 billion [3] Group 2: Rothschild & Co's Performance - Rothschild & Co improved its ranking by deal volume from second place in Q1-Q3 2024 to the top position in Q1-Q3 2025, having been involved in six deals [2] - In the volume rankings, KPMG secured the second position with five deals, while Rand Merchant Bank also had five deals but with lower deal value [4] Group 3: Other Advisers - Qatalyst Partners ranked second in value with advisory roles in deals worth $25 billion [3] - Houlihan Lokey and William Blair each advised on $2.5 billion worth of deals, while Goldman Sachs followed with $2.2 billion [4]

Core Viewpoint - Bank First Corporation has received all necessary regulatory approvals to proceed with its merger with Centre 1 Bancorp, which is set to close on January 1, 2026, pending customary closing conditions and shareholder approval from Centre [1][2]. Group 1: Merger Details - The merger will allow Bank First to operate under a unified brand, enhancing its commitment to long-term growth and community-focused banking [2]. - Following the merger, First National Bank and Trust will operate as a division of Bank First until a system conversion is expected in the second quarter of 2026, after which all branches will transition to the Bank First name [2]. Group 2: Company Profiles - Bank First Corporation, headquartered in Manitowoc, Wisconsin, has total assets of approximately $4.4 billion and offers a range of financial services including commercial, mortgage, and consumer lending [3]. - Centre 1 Bancorp, based in Beloit, Wisconsin, operates The First National Bank and Trust Company, which has a strong presence in southern Wisconsin and northern Illinois, focusing on full-service banking and exceptional customer service [4].

Core Viewpoint - Huatian Technology plans to acquire 100% of Huayi Microelectronics through a combination of share issuance and cash payment, aiming to enhance its capabilities in the semiconductor power device sector [1][2]. Group 1: Company Overview - Huayi Microelectronics is one of the few high-tech enterprises in China that integrates research and design, packaging testing, reliability verification, and system solutions for power devices [1]. - The company has a strong R&D team with international experience in semiconductor power device design and core packaging testing technology [1]. Group 2: Business Strategy - Huayi Microelectronics employs a "design + packaging testing" dual-driven business strategy, leading the semiconductor power device market in Shaanxi Province in terms of revenue and market share for 2024 [2]. - The design business focuses on high-performance power devices such as SGTMOS and TrenchMOS, serving clients like BYD, DJI, and H3C across high-growth sectors including automotive and renewable energy [2]. Group 3: Financial Performance - Since 2025, Huayi Microelectronics has seen a continuous increase in quarterly profits, with an expected net profit of over 30 million yuan in Q3 2025, representing a more than 80% quarter-on-quarter growth [2]. - The company anticipates sustained positive performance due to effective cost reduction measures, rising capacity utilization, and stable customer relationships [2]. Group 4: Strategic Benefits of the Acquisition - The acquisition will allow the listed company to quickly enhance its packaging testing business and expand its offerings in power device packaging, covering various segments including integrated circuits and discrete devices [3]. - This transaction is expected to create a second growth curve by extending the R&D, design, and sales of proprietary power device products across automotive, industrial, and consumer grades [3]. - The integration aims to maximize customer resource value and enhance customer loyalty by providing comprehensive products and services [3].

And let's get right to the banks with Bank of America and Morgan Stanley headlining today's results. Some stellar performance now that the market has opened as well. Morgan Stanley up nearly 7%.That call is still ongoing. Uh Ted Pick was just talking about the golden age of investment banking which I think you can see really reflected in these results. They beat on all metrics essentially except for expenses.But you know in terms of their three major businesses big beats relative to expectations. Investment ...

Core Insights - Morgan Stanley's profit exceeded estimates in Q3, driven by a surge in dealmaking, with the investment banking pipeline at "all-time highs" [1][2] - The company's shares rose by 6.7% and have increased by 32% this year [1] Financial Performance - Q3 profit reached $4.6 billion, or $2.80 per share, surpassing expectations of $2.10 per share [6] - Total quarterly revenue was a record $18.2 billion, exceeding expectations of $16.7 billion [6] - Investment banking revenue rose by 44%, contributing significantly to the record revenue [3] Business Segments - The equities business maintained its number one position, with strong performance noted in Q3 [2][4] - Wealth management assets reached $8.9 trillion, approaching the goal of $10 trillion, with a pre-tax margin of 30.3% [3] Market Conditions - Global mergers and acquisitions activity surpassed $3 trillion this year, supported by a resilient U.S. economy and favorable market conditions [4] - The CFO indicated improved GDP expectations and lower debt costs for companies, contributing to a positive outlook for deal-making [5]

Core Insights - Morgan Stanley's profit exceeded market expectations in Q3, driven by a significant increase in dealmaking and record revenue [1][2] - The investment banking pipeline is at "all-time highs," with potential for breaking 2021 deal volume records next year [1][3] Financial Performance - The bank's profit surged to $4.6 billion, or $2.80 per share, surpassing expectations of $2.10 per share [7] - Total quarterly revenue reached a record $18.2 billion, exceeding expectations of $16.7 billion [7] - Investment banking revenue increased by 44% to $2.11 billion compared to the previous year [8] Wealth Management - Wealth management assets under management reached $8.9 trillion, approaching the goal of $10 trillion, with a pre-tax margin of 30.3% [2][6] - A strong wealth management business is expected to support ongoing investment banking activities [6] Market Conditions - Global mergers and acquisitions activity surpassed $3 trillion this year, fueled by a resilient U.S. economy and favorable market conditions [3] - The CFO noted improved GDP expectations and lower debt costs for companies, alongside a resumption of the Federal Reserve's rate-cutting cycle [4] Stock Performance - Morgan Stanley shares rose 4.1% in premarket trading and have gained 23.6% year-to-date [5]