Lazard beat fourth-quarter profit estimates on Thursday, fueled by strong growth in its advisory and asset management businesses, while the investment bank named insider Tracy Farr as chief financia... ...

Fund-Raising and Dealmaking Will Dominate Private Asset Managers' Earnings - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Fund-Raising and Dealmaking Will Dominate Private Asset Managers' EarningsBy [Bill Alpert]ShareResize---ReprintsIn th ...

Core Themes - The annual JPMorgan Healthcare Conference highlighted key themes such as drug pricing, patent cliffs, and dealmaking as drugmakers strategize for 2026 and beyond [1][2][3] Drug Pricing - Recent drug pricing agreements under Trump's "most-favored-nation" policy are expected to have a modest impact on businesses, reducing uncertainty for drugmakers [6][7] - Sanofi's CEO indicated that while there is an impact from the pricing deal, the company believes it can manage it effectively [7] - AstraZeneca's CFO noted that the initial effects of its drug pricing deal are limited, affecting a specific Medicaid population and representing a low single-digit percentage of global sales [9] - Pfizer's CEO stated that the pricing deals could pressure European countries to increase drug prices, suggesting that companies might stop supplying medicines to countries that refuse to pay more [10] Patent Losses and Dealmaking - Pharmaceutical companies are focusing on dealmaking to offset potential revenue losses from patent expirations, with an estimated $300 billion at stake as blockbuster drugs lose exclusivity [3][11] - Merck's CEO expressed confidence in growing through the loss of exclusivity for its top-selling drug, Keytruda, projecting $70 billion in sales from new products by the mid-2030s [13] - Bristol Myers Squibb is preparing for the loss of exclusivity for its drug Eliquis, which generated $13.3 billion in sales in 2024, and aims to deliver up to 10 new products by the end of the decade [14][15] Vaccine Rhetoric - Concerns were raised regarding changes to U.S. immunization policy under Health and Human Services Secretary Robert F. Kennedy Jr., with executives expressing disappointment over the reduction in recommended vaccinations for children [19][20] - Pfizer's CEO noted that the changes have no scientific merit and could lead to increased disease rates, although he does not believe it will impact the company's bottom line [20] - Sanofi's CEO acknowledged the scrutiny of vaccines aligns with expectations ahead of the 2024 election, emphasizing the importance of sticking to factual evidence [21]

Wall Street’s dealmaking boom didn’t slow at Goldman Sachs (GS) in the fourth quarter. Goldman reported net income of $4.6 billion, or $14.01 earnings per share, a 12% increase from the fourth quarter of last year. The outcome far exceeded analyst expectations, which did not include Goldman's deal to pass its Apple (AAPL) credit card portfolio to JPMorgan Chase (JPM) that was disclosed last week. The handoff included a $2.12 billion net benefit reflecting a release of loan loss reserves tied to the port ...

JPMorgan Chase & Co. (NYSE:JPM) is set to report its fourth-quarter results before markets open on Tuesday, kickstarting the bank earnings season. Leading analysts expect the company to set the tone for the entire industry in 2026, with several key catalysts lining up. Dealmaking Set To Replace Rate-Driven Profits? “The story for 2026 is really going to be about deal-making,” said Alexis Garcia, Senior Editor at Investor’s Business Daily, noting that investment banking and trading revenue will be a key hi ...

Core Viewpoint - JPMorgan Chase & Co. is expected to set the tone for the banking industry in 2026 as it prepares to report its fourth-quarter results, with a focus on deal-making and investment banking revenue as key highlights [1][2]. Group 1: Earnings and Market Position - Analysts anticipate that deal-making will replace rate-driven profits in 2026, with a significant emphasis on investment banking and trading revenue [2]. - JPMorgan is expected to benefit from major IPOs, including SpaceX's rumored $1.5 trillion offering, which could provide insights into the bank's positioning for large-scale offerings [3]. - The bank's earnings growth is projected to slow down in 2026 due to interest rate cuts, shifting the focus to deal flow and equity underwriting as potential growth drivers [4]. Group 2: Analyst Ratings and Valuation - BofA Securities analyst Ebrahim H. Poonawala raised JPMorgan's price target to $362 per share from $350, indicating an 11% upside from current levels and maintaining a "Buy" rating [5]. - The stock is considered undervalued relative to its market and technology leadership, strong profitability, and ample capital, with forecasts of $95 billion in core net interest income and 6% year-over-year revenue growth for 2026 [6]. - JPMorgan's current valuation stands at 15.46 times forward earnings and 5.09 times sales, significantly lower than the S&P 500's price-to-earnings ratio of 28.15 [7]. Group 3: Stock Performance - Shares of JPMorgan Chase closed at $324.49, down 1.43% on Monday, but showed a slight increase of 0.07% overnight [8]. - The stock has a poor score on Momentum and Growth in Benzinga's Edge Stock Rankings, yet it maintains a favorable price trend in both short and long terms [8].

Core Insights - The stock market in 2025 is experiencing a buoyant phase, leading to a surge in dealmaking, particularly in the enterprise software sector, where large acquirers are capitalizing on declining share prices to make acquisitions [1] Group 1: Market Trends - The enterprise software sector has seen heightened activity in mergers and acquisitions as companies take advantage of lower valuations [1] Group 2: Analyst Background - Gary Alexander has extensive experience in technology companies, having worked on Wall Street and in Silicon Valley, and has been an adviser to several seed-round startups [1] - He has been a contributor to Seeking Alpha since 2017 and has been featured in various web publications, with his articles reaching audiences through popular trading apps like Robinhood [1]

America’s largest banks are on the way to close the year 2025 with historic stock prices, strengthening balance sheets and regulatory freedom, per a Yahoo! Finance report — and investors in banking ETFs are taking notice. • JPMorgan Chase stock is showing upward bias. Where is JPM stock headed?Bank stocks are performing well as compared to other stocks in the market.One major gauge that follows the largest lenders in the country is the KBW Bank Index (BKX), which is up 30% year to date, outperforming the S& ...

It was a busy year for dealmaking in 2025. In the latest CFO Briefing newsletter, finance chiefs discuss their outlook for 2026 (spoiler alert, another good year) https://t.co/OvYufRH6Kc ...

Dealmaking activity in the Asia-Pacific technology sector is likely to continue its strong momentum into the first half of next year, according to UBS Group https://t.co/M2kpIec6nR ...