Apple study exposes deep cracks in LLMs’ “reasoning” capabilities
Irrelevant red herrings lead to "catastrophic" failure of logical inference.
or a while now, companies like OpenAI and Google have been touting advanced "reasoning" capabilities as the next big step in their latest artificial intelligence models. Now, though, a new study from six Apple engineers shows that the mathematical "reasoning" displayed by advanced large language models can be extremely brittle and unreliable in the face of seemingly trivial changes to common benchmark problems.
The fragility highlighted in these new results helps support previous research suggesting that LLMs use of probabilistic pattern matching is missing the formal understanding of underlying concepts needed for truly reliable mathematical reasoning capabilities. "Current LLMs are not capable of genuine logical reasoning," the researchers hypothesize based on these results. "Instead, they attempt to replicate the reasoning steps observed in their training data."
Mix it up
In "GSM-Symbolic: Understanding the Limitations of Mathematical Reasoning in Large Language Models"—currently available as a pre-print paper—the six Apple researchers start with GSM8K's standardized set of over 8,000 grade-school level mathematical word problems, which is often used as a benchmark for modern LLMs' complex reasoning capabilities. They then take the novel approach of modifying a portion of that testing set to dynamically replace certain names and numbers with new values—so a question about Sophie getting 31 building blocks for her nephew in GSM8K could become a question about Bill getting 19 building blocks for his brother in the new GSM-Symbolic evaluation.
This approach helps avoid any potential "data contamination" that can result from the static GSM8K questions being fed directly into an AI model's training data. At the same time, these incidental changes don't alter the actual difficulty of the inherent mathematical reasoning at all, meaning models should theoretically perform just as well when tested on GSM-Symbolic as GSM8K.
Instead, when the researchers tested more than 20 state-of-the-art LLMs on GSM-Symbolic, they found average accuracy reduced across the board compared to GSM8K, with performance drops between 0.3 percent and 9.2 percent, depending on the model. The results also showed high variance across 50 separate runs of GSM-Symbolic with different names and values. Gaps of up to 15 percent accuracy between the best and worst runs were common within a single model and, for some reason, changing the numbers tended to result in worse accuracy than changing the names.
This kind of variance—both within different GSM-Symbolic runs and compared to GSM8K results—is more than a little surprising since, as the researchers point out, "the overall reasoning steps needed to solve a question remain the same." The fact that such small changes lead to such variable results suggests to the researchers that these models are not doing any "formal" reasoning but are instead "attempt[ing] to perform a kind of in-distribution pattern-matching, aligning given questions and solution steps with similar ones seen in the training data."
Don’t get distracted
Still, the overall variance shown for the GSM-Symbolic tests was often relatively small in the grand scheme of things. OpenAI's ChatGPT-4o, for instance, dropped from 95.2 percent accuracy on GSM8K to a still-impressive 94.9 percent on GSM-Symbolic. That's a pretty high success rate using either benchmark, regardless of whether or not the model itself is using "formal" reasoning behind the scenes (though total accuracy for many models dropped precipitously when the researchers added just one or two additional logical steps to the problems).
The tested LLMs fared much worse, though, when the Apple researchers modified the GSM-Symbolic benchmark by adding "seemingly relevant but ultimately inconsequential statements" to the questions. For this "GSM-NoOp" benchmark set (short for "no operation"), a question about how many kiwis someone picks across multiple days might be modified to include the incidental detail that "five of them [the kiwis] were a bit smaller than average."
Adding in these red herrings led to what the researchers termed "catastrophic performance drops" in accuracy compared to GSM8K, ranging from 17.5 percent to a whopping 65.7 percent, depending on the model tested. These massive drops in accuracy highlight the inherent limits in using simple "pattern matching" to "convert statements to operations without truly understanding their meaning," the researchers write.
In the example with the smaller kiwis, for instance, most models try to subtract the smaller fruits from the final total because, the researchers surmise, "their training datasets included similar examples that required conversion to subtraction operations." This is the kind of "critical flaw" that the researchers say "suggests deeper issues in [the models'] reasoning processes" that can't be helped with fine-tuning or other refinements.
The illusion of understanding
The results of this new GSM-Symbolic paper aren't completely new in the world of AI research. Other recent papers have similarly suggested that LLMs don't actually perform formal reasoning and instead mimic it with probabilistic pattern-matching of the closest similar data seen in their vast training sets.
Still, the new research highlights just how fragile this kind of mimicry can be when the prompt in question pushes it in a direction that doesn't precisely match any training data. It also highlights the inherent limitations in trying to perform high-level reasoning without any underlying model of the logic or world behind it. As Ars' Benj Edwards put it in a July story about AI video generation:
One of the reasons OpenAI's GPT-4 turned heads in text synthesis is that the model finally reached a size where it was large enough to have absorbed enough information (in training data) to give the impression that it might be able to genuinely understand and model the world when, in reality, a key aspect of its success is that it "knows" far more than most humans and can impress us by combining those existing concepts in novel ways. With enough training data and computation, the AI industry will likely reach what you might call "the illusion of understanding" with AI video synthesis eventually...
We're likely seeing a similar "illusion of understanding" with AI's latest "reasoning" models, and seeing how that illusion can break when the model runs in to unexpected situations.
AI expert Gary Marcus, in his analysis of the new GSM-Symbolic paper, argues that the next big leap in AI capability will only come when these neural networks can integrate true "symbol manipulation, in which some knowledge is represented truly abstractly in terms of variables and operations over those variables, much as we see in algebra and traditional computer programming..." Until then, we're going to get the kind of brittle "reasoning" that can lead AI models to fail mathematical tests in ways that calculators never do.
Universal Plans Early Summer Launch of New Park With Marquee Harry Potter Ride
Wizard-battle attraction is expected to be a major draw as Universal takes on Disney
Universal is readying its attack on Disney’s DIS 0.16%increase; green up pointing triangle theme-park stronghold in Florida.
The company is planning for its 750-acre Universal Epic Universe park to be fully opened as early as Memorial Day weekend of next year—earlier than expected—with tickets on sale as soon as this month, according to people familiar with the matter.
If successful, Universal’s new park could be a major broadside in the theme-park wars, which have intensified in recent years as live entertainment has become more central to generating growth at big media companies like Comcast—Universal’s CMCSA 0.61%increase; green up pointing triangle parent company—and Disney.
Universal said it hasn’t yet confirmed an opening date. The timing of the planned opening could change.
Meeting that Memorial Day target would enable Universal to take advantage of a full summer-vacation season and would be a coup in the company’s long-running rivalry with nearby Walt Disney World. Universal had long said the park was likely to open in summer 2025, though fans and theme-park-industry watchers grew worried earlier this year when the company rolled out a series of updates that listed the opening date as simply 2025.
In the early stages of the park’s opening, Universal plans to require that visitors purchase multiday passes in order to enter Epic Universe, travel agents briefed on the plans said. Those passes would also include admission to Universal’s other Orlando parks, including Universal Studios Florida, these agents said. Ticket holders would be able to spend only one of the days at Epic Universe, in part because demand is anticipated to be high and the company wants to avoid overcrowding, they said.
The approach could prod visitors into spending multiple days at Universal’s properties and make it harder for some visitors to justify buying passes to Disney’s parks during the same Florida trip, which is a common move for many families.
Universal Epic Universe could snatch about one million visitors from Disney during 2025 and 2026 and boost overall attendance at Universal’s three parks in the area by more than eight million, according to estimates made this year by MoffettNathanson.
“They want people there for more than a weekend,” said Jennifer St. Gelais, owner of Practically Perfect Vacations, a Massachusetts-based travel agency that has received updates from Universal about ticketing plans.
Both Universal and Disney have reported slowing growth in their theme-park divisions after an explosion of pent-up demand following the Covid-19 pandemic.
Revenue and income at Universal’s theme parks both fell in the second quarter from a year earlier, as many tourists were choosing to travel internationally or go on cruises instead of to theme parks, said Michael Cavanagh, president of Universal parent Comcast.
One of the most ambitious elements of Universal Epic Universe is a new Harry Potter-themed area set in the 1920s Paris of the Fantastic Beasts movies. The area is slated to include full-scale replicas of street facades.
The section is anchored by a new attraction based on the Ministry of Magic from the Harry Potter movies—a Capitol-type building of sorts for the wizarding world. Guests visiting the attraction, known as Harry Potter and the Battle at the Ministry, will ride in multidirectional elevator cars and watch as Potter and his wizard pals battle villain Dolores Umbridge and her allies, the Death Eaters, according to preview videos released by Universal and some of the people familiar with the plans.
The attraction is one of the most technically complex Universal has ever built, and seeks to compete on quality with the best rides in the world.
The Ministry of Magic ride is aimed to be what is known in the industry as an “intent-to-visit” attraction—a ride that visitors consider to be worth the price of admission just on its own—said Jim Hill, who runs a theme-park-industry publication and hosts several theme-park podcasts.
“It’s a moonshot,” Hill said.
Epic Universe, which Comcast announced in 2019 and was delayed more than a year by the pandemic, is set to include Super Mario Bros. and How to Train Your Dragon themed areas in addition to Harry Potter. Two other areas will include attractions based on new characters and story lines: Celestial Universe—which has an outer-space theme—and Dark Universe, based on monsters from classic movies like “Frankenstein” and “The Wolf Man.”
Universal is hoping that tourists at Epic Universe will be drawn in by large-scale, marquee attractions, like the Donkey Kong roller coaster in Super Nintendo World. That area builds on the success of Universal Pictures’ and Illumination’s “The Super Mario Bros. Movie,” which was last year’s highest-grossing animated film, earning $1.36 billion at the global box office.
In August, Disney announced a slew of new rides and expansions to its Florida theme parks that theme park chief Josh D’Amaro described as finalized ideas that would all eventually be built, rather than “blue sky” ideas that are still in the conceptual stage. He described one such expansion as the biggest “in the park’s entire history.”
More recently, Disney has announced promotions at its Florida parks that extend through the early part of next year’s summer season, including a low-price water park pass and $200-a-night hotel discounts for visitors who buy park passes in packages that include stays at Disney-owned hotels.
Disney Chief Executive Bob Iger said at a May investor conference that when Universal expanded in the past, it brought more visitors to Orlando.
“It’s not something that should be distracting to us or anxiety-provoking,” Iger said of Universal’s new park.
LONDON, Oct 15 (Reuters) - Portugal's main power utility EDP EDP.LS initiated merger discussions with London-listed peer SSE SSE.L earlier this year, but talks did not progress, three people with familiar with the matter told Reuters.
The proposed deal would have created one of Europe’s largest utilities, with the companies' combined market value exceeding $44 billion, though still smaller than leaders Iberdrola IBE.MC and Enel ENEI.MI.
EDP made the approach before the summer, driven by the prospect of creating an asset portfolio that would be broader in scope, two of the people said. SSE’s management declined the proposal, preferring to focus on investing to grow the company independently, the people added.
Talks ended around June, one of the people said, speaking on condition of anonymity because they were not authorized to speak publicly.
EDP declined to comment. SSE said it does not comment on market speculation.
‘Chess queen’ stars as world’s best compete in London
puzzle: White failed to win. Can you do better?
Switzerland’s “chess queen”, the former women’s world champion Alexandra Kosteniuk, starred when leading grandmasters competed in two major events in London last week and this.
The 40-year-old scored the winning point in the $1mn Tech Mahindra Global Chess League when she won on time for Triveni Continental Kings against PBG Alaskan Knights. Next, she produced the upset of Monday’s opening round of the €58,000 WR Masters Cup when she defeated Uzbekistan’s world No6 Nodirbek Abdusattorov, who had a winning position but appeared to forget the en passant capture rule at move 32. However, the Uzbek won their return game, then reached the next round after a tiebreak.
Overall, the verdict on the GCL, now in its second season, was mixed. It brought some of the best GMs to London in a highly competitive format, but the time limit of 20 minutes each for the entire game, without any per move increment, produced a strong random element to the results.
Last week’s article related how the world No1, Magnus Carlsen, lost on time in a winning position against the rising talent Alireza Firouzja. In their return game the roles were reversed, as Firouzja’s clock went to 0.00 in a drawn position. In both cases the margin of defeat was approximately one second, as was also the case when China’s Tan Zhongyi overstepped against Kosteniuk.
The GCL’s objective is to popularise chess on television and other mainstream media, but the absence of a genuine geographical identity for the teams is a drawback. Triveni won for the second year running, but fielded only one player who also took part in 2023.
The WR Masters Cup also has an innovatory format. It is a 16-player knockout at slow classical time rates, compressed into four days by games at 10am and 5pm, with an Armageddon tiebreak, where a draw counts as a win for Black, at 10pm.
The Cup, unlike the GCL, had two English participants: the youngest ever UK grandmaster Shreyas Royal, 15, who drew his first game against India’s former world champion Vishy Anand before losing the second, and the nine-year-old prodigy Bodhana Sivanandan, who was outclassed by the world No5 Arjun Erigaisi.
Alleged chess cheating always makes headlines. Last weekend Kirill Shevchenko, the 22-year-old Ukrainian-born, Romanian world No 69, was expelled from the Spanish team championship after being accused of using a cell phone to analyse in the toilet. His results. a win and a draw, were both registered as losses. Shevchenko became a grandmaster at age 14, and is the strongest chess player ever to be sanctioned for cheating.
Perhaps significantly, he also won chess.com’s online Titled Tuesday last week with what was described then as an “impressive” performance.
It is a strange case, not least because many grandmasters compete in national leagues, with fees calculated more by their titles and ratings than by their results in that league’s games or matches. The reward in this alleged case would have been just a few extra rating points against the very real risk, which happened, of an opponent noticing absences from the board and complaining to the arbiter.
France warns it could block €15.5bn Sanofi consumer health deal
Proposed sale of controlling stake to US private equity group has sparked backlash in country
France’s industry minister has said that the option of blocking a €15.5bn deal to sell Sanofi’s consumer pharmaceuticals division to US private equity fund Clayton, Dubilier & Rice is “absolutely on the table” if the government’s requirements are not met.
“Legally, we can oppose it,” industry minister Marc Ferracci said on France Inter radio on Tuesday as a political backlash against the potential deal flared. He added that the government was asking the French pharmaceutical company and the proposed buyer for commitments on employment, industrial footprint, volume productions in France and research and development. “If these commitments are not made, there are options in the regulatory code for blocking this sale.”
The requirements by French officials are not new and were previously expressed during the sale process, but they have taken on a political dimension since Sanofi announced CD&R’s offer had triumphed over a consortium led by French private equity group PAI last week.
The deal, which values the business at €15.5bn and would be one of Europe’s biggest this year, is not yet closed and negotiations are continuing between the parties.
Under the terms being discussed, Sanofi would keep a 50 per cent stake in the consumer business — dubbed Opella — but would sell a 50 per cent controlling stake to CD&R. Ministers this week also raised the possibility that a state investment entity, such as Bpifrance, could also take a stake to act as a guarantor for French interests.
On Monday finance minister Antoine Armand assured during a visit to a Sanofi factory with Ferracci, that Doliprane — a brand of paracetamol produced by Sanofi — “will continue to be produced in France”.
Sanofi’s divestment of its consumer business has sparked a backlash because France typically is protective about foreign takeovers of its largest companies, and also because instances of shortages affecting medicines such as insulin and childhood vaccines have risen fourfold to reach about 1,600 in 2023, according to a report by the French senate.
During the Covid-19 pandemic, the government rationed paracetamol, which is the most frequently bought medicine in the country. Sanofi itself came under fire for failing to produce a Covid vaccine despite being one of the top vaccine makers in the world at the time.
While CD&R appears poised to clinch the transaction, people close to PAI have argued that the French nature of the fund could help assuage some of the sovereignty concerns. However, PAI is working with far less financial firepower compared with CD&R, which raised a record €26bn last year.
PAI teamed up on its offer with partners including Singapore’s GIC and the Abu Dhabi Investment Authority to give it more financial muscle, but it means PAI would be a minority within the consortium it leads.
Someone with knowledge of the proposed deal said that the political reaction in France was “not unexpected and not unusual” given “there are well-known social processes in France”, particularly when there was “seen to be an outside buyer”. They added: “Doliprane is a very important French product — it’s made in France and is in every medicine cabinet.”
CD&R and PAI declined to comment.
Critics also argue that Sanofi’s mooted deal undermines President Emmanuel Macron’s years-long push to reshore pharmaceutical production in the name of winning back sovereignty in important areas of the economy and creating more industrial jobs. In 2020, Macron set a goal of reviving paracetamol production in France, including its active ingredient which Sanofi sources from Asia, within three years — a goal that has not been met.
The spat has become an unwanted problem for the new minority government led by Prime Minister Michel Barnier, forcing it into the uncomfortable position of arguing that a divestment does not break Macron’s earlier promises.
Politicians from across the spectrum have come out against the deal. About 60 lawmakers from the three parties within Macron’s own centrist group have signed an open letter addressed to the finance minister saying the divestment “completely contravenes” the “priority” of making France more self-reliant in healthcare. They called on the ministry to “immediately activate an inspection of the proposed operation so as to evaluate the need to block it or not”.
Far-right National Rally president Jordan Bardella said the divestment continued the “fire sale of France”, a reference to other big companies that have been sold to foreign buyers only to be hit with lay-offs, such as the 2014 sale of Alstom’s energy business to General Electric. “The risk to our health sovereignty and employment are considerable; it would be incomprehensible for the state to let this happen,” Bardella said.
20VC closes new $400M fund to ‘make Europe great again’ says Harry Stebbings
Harry Stebbings, the U.K. podcaster who broke into the world of tech with his 20-minute interviews of venture capitalists and founders, has parlayed that fame into becoming a VC himself. Stebbings has now closed his third investment vehicle, and it’s his biggest yet: 20VC, a firm named after the podcast series, has closed a $400 million fund.
At a time when European technology companies continue to lag behind their U.S. counterparts at almost every stage of investment, 20VC’s new fund will focus on backing startups in the region, using Stebbings’ media nous and connections to bring more attention to them.
“I’m really fed up of everyone shitting on Europe,” he said in an interview earlier today. “We have unbelievable companies, and we have incredible people. We need to make Europe great again. MEGA!” he added with a giggle.
About $125 million of the fund will be dedicated to seed investments, and $275 million will go to Series A rounds. The fund is yet to be deployed, Stebbings said, as 20VC is still investing out of its second fund, which raised $140 million in 2021.
The new fund was raised in four weeks, which is a relatively quick turnaround considering the constraints that continue to swirl around venture capital.
There are a few other notable takeaways from the news:
- Despite the tough climate for founders, this is a reminder that there is money out there for investing, and the pot is clearly still growing.
- Europe remains an interesting opportunity for U.S. limited partners when it comes to startups. Stebbings pointed out that a majority of the backers in this fund are from the U.S., and more than half of that is institutional money. “I would never get into MIT as a student,” Stebbings said. “I’m thrilled that they decided to give me money to invest.”
- European VCs have a strong suit to play when it comes to connecting with European startups.
Venture capitalist firms like Accel, as well as successful founders who have become investors, have an established presence in London and the wider region. Yet, a number of such investors are still putting money into 20VC. Why? Stebbings has put a very personal face onto his firm, and he helps investors hedge their bets.
In all, 20VC said 40 founders from companies like Atlassian, Candy Crush, Canva, Capital One, Datadog, Deliveroo, Eventbrite, Iconiq, Procore, Spotify, UiPath and Vinted invested in the fund. Also investing were general partners from Accel, Benchmark, Coatue, Cyberstarts, Founder Collective, Founders Fund, Khosla, NEA and TCV and Thrive.
“We are the feet on the ground for the U.S. funds too,” he said.
Stebbings has tapped into the zeitgeist around being an online creator who has built a successful business around his content. In his case, that business is in the area of venture capital, but he leverages his profile to help open doors and get in on term sheets.
“The media platform has really helped,” he said. 20VC was essentially a “micro VC” when it debuted in 2020, with just $8.3 million to invest, typically to piggy back on seed rounds. Now it gets upwards of 50 million views on TikTok and YouTube — large numbers for what is effectively VC and startup inside baseball. “Having your Sam Altman’s on the show, your Marc Benioff’s, it makes a big difference. Founders do really want to take your money.”
Stebbings himself is not a technologist by training — he was at university studying law when he started 20VC and dropped out when it all took off. He makes no attempts to hide this.
“I don’t follow technology,” he said when I asked him if any categories are standing out right now. “I follow great entrepreneurs. I think it’s absolutely bullshit that we think we’re smarter than markets. If there’s one thing we have to learn, it is that great founders shape markets. And if that’s the case, my job is to simply find the best founders before anyone else.”
Beyond that, his selling point from early on has been that he brings operational experience to his portfolio companies.
“20 VC has done over £10 million in revenue and is a very profitable and sustainable business,” he said. “No, I’m not a technology founder, but I am an operator. I work seven days a week, 15 hours a day, and I have done for years.”
Now, that has been widened out, with 20VC operating what Stebbings describes as “sub-funds” in categories like sales, product and growth. These have teams also run by people with operator experience, who have their own carry and seek out companies (and founders) that look interesting and could benefit from their practical advice in these areas.
Despite breaking the mold for how VCs are formed, Stebbings has yet to change the economics of VC. It remains “like any other market,” he said. “One percent of the companies make 90 percent of the gains.”
That might not be such a bad thing, though. “We can do more to normalise that in Europe, encouraging trying and failing,” he said.
For VCs, that extremely uneven math ironically might spell more opportunity for big wins, not less, in his opinion. “Venture returns, on the whole, will go down, [but] for 1% of firms, they will be much, much bigger than ever, and better than ever, because the size of the outcomes is so much larger than ever,” he predicted.
That said, Stebbings is still waiting for his “MEGA” payout. A lot of the firms he’s invested in are still relatively young, the IPO market is still pretty dead, and some of the startups on its portfolio still point to the U.S. focus 20VC had when it started off.
The closest, Stebbings said, is probably Tripledot, the London-based gaming studio that appears to be valued at just over $1 billion, per PitchBook, and last raised in 2022.
Research Calls I
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Upgrades:
- Advance Auto (AAP) upgraded to Outperform from Neutral at Wedbush; tgt $55
- Ardagh Metal Packaging S.A. (AMBP) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $5
- ASE Technology (ASX) upgraded to Buy from Neutral at UBS
- Bausch + Lomb (BLCO) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $25
- BOK Financial (BOKF) upgraded to Buy from Neutral at DA Davidson; tgt raised to $124
- Con Edison (ED) upgraded to Buy from Neutral at Citigroup; tgt raised to $116
- Doximity (DOCS) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $52
- Duke Energy (DUK) upgraded to Outperform from Neutral at Mizuho; tgt raised to $121
- Meritage (MTH) upgraded to Neutral from Underperform at Wedbush; tgt raised to $195
- Revvity (RVTY) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $140
- SM Energy (SM) upgraded to Buy from Hold at TD Cowen; tgt lowered to $60
- Wells Fargo (WFC) upgraded to Accumulate from Neutral at Phillip Securities
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Downgrades:
- American Intl (AIG) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $84
- American Water Works (AWK) downgraded to Neutral from Outperform at Mizuho; tgt raised to $140
- AppFolio (APPF) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt lowered to $193
- Boeing (BA) downgraded to Hold from Buy at DZ Bank; tgt $152
- Ciena (CIEN) downgraded to In-line from Outperform at Evercore ISI; tgt $65
- CMS Energy (CMS) downgraded to Neutral from Outperform at Mizuho; tgt lowered to $72
- Commvault Systems (CVLT) downgraded to Neutral from Buy at Guggenheim
- Comstock (CRK) downgraded to Sell from Hold at Siebert Williams Shank; tgt $9
- Enphase Energy (ENPH) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $100
- Etsy (ETSY) downgraded to Sell from Neutral at Goldman; tgt lowered to $45
- Lennox Int'l (LII) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
- Magnolia Oil & Gas (MGY) downgraded to Hold from Buy at Siebert Williams Shank; tgt $30
- Mobileye Global (MBLY) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $11
- Noble Corporation (NE) downgraded to Hold from Buy at The Benchmark Company
- Prosperity Bancshares (PB) downgraded to Neutral from Buy at DA Davidson; tgt lowered to $78
- Transocean (RIG) downgraded to Hold from Buy at The Benchmark Company
- Valaris (VAL) downgraded to Hold from Buy at The Benchmark Company
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Others:
- Airbnb (ABNB) added to Evercore ISI Tactical Outperform list
- Alphabet (GOOG/L) added to Evercore ISI Tactical Outperform list
- Bruker (BRKR) initiated with an Overweight at Barclays; tgt $75
- Cadence Design (CDNS) initiated with a Buy at Berenberg; tgt $320
- Constellation Energy (CEG) initiated with a Neutral at Citigroup; tgt $284
- DHT (DHT) initiated with a Buy at BTIG Research; tgt $16
- Expedia Group (EXPE) added to Evercore ISI Tactical Outperform list
- German American Bancorp (GABC) initiated with an Overweight at Stephens; tgt $45
- HEICO (HEI) initiated with a Neutral at UBS; tgt $277
- Lemaitre Vascular (LMAT) initiated with a Neutral at Cantor Fitzgerald; tgt $96
- MarineMax (HZO) initiated with a Buy at The Benchmark Company; tgt $40
- Monro Muffler (MNRO) initiated with an Equal-Weight at Stephens; tgt $31
- Synopsys (SNPS) initiated with a Buy at Berenberg; tgt $660
- Valvoline (VVV) initiated with an Overweight at Stephens; tgt $49