Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- BA -2.4% (issues downside Q3 revenue guidance; making important strategic decisions to restore the company;to reduce the size of its total workforce by roughly 10%; expects 777x first delivery in 2026)
Other news:
- BTU -1.5% (provides update on Centurion metallurgical coal mine development)
- AMGN -1.2% (positive Barron's article)
- EG -1% (positive Barron's article)
Gapping up
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- NRIX +2.8%
Other news:
- IVA +70.4% (announces financing of up to €348 million to advance the NATiV3 Phase 3 MASH study)
- LBPH +50.6% (to be acquired by Lundbeck (HLUYY) for $60.00 per share in cash)
- JSPR +25.8% (reports preliminary data from the Company's ongoing SPOTLIGHT Phase 1b/2a study of subcutaneous briquilimab)
- RILY +17.8% (establishes partnership with Oaktree in the Great American Group Businesses)
- BLCO +8.7% (Blackstone (BX) and TPG considering joint bid for BLCO, according to FT; receives FDA approval for full range of enVista Envy)
- SUUN +8.4% (plans 7-Megawatt Solar Project in Development by SolarBank in Pennsylvania)
- VNDA +8.3% (Cycle Pharmaceuticals mulling acquisition of VNDA, according to Bloomberg)
- VRA +6.9% (Board of Directors unanimously approves the adoption of a limited duration shareholder rights to guard against "abusive tactics so that no person, entity or group can gain a control or control-like postion")
- RDHL +5.6% (Secures U.S. Government Funding through BARDA to Advance Opaganib for Ebola Treatment)
- SIRI +3.9% (Berkshire Hathaway's (BRK.A / BRK.B) Warren Buffett bought 3,564,059 shares at $22.96 - $25.14 worth approx. $86.7 mln)
- RDW +3.2% (prepares for a major European satellite delivery in the fourth quarter as international customer demand increases)
- BNTC +2.7% (Reports Positive Data from Two Subjects Treated with Low-Dose BB-301 in Phase 1b/2a Study Presented at 29th Annual Congress of the World Muscle Society)
- ODV +2.4% (closes final tranche of non-brokered private placement for total aggregate proceeds of $34.5 mln)
- GATO +1.6% (disclosed material elements of the Company's June 21, 2024 response to a comment letter issued by the SEC, dated June 6, 2024, relating to the SEC's review)
- NTRA +1.5% (positive Barron's article)
- TMHC +1% (positive Barron's article)
Research Calls I
-
Upgrades:
- Affirm (AFRM) upgraded to Neutral from Underperform at Wedbush; tgt $45
- AptarGroup (ATR) upgraded to Buy from Hold at Jefferies; tgt raised to $215
- Easterly Government Properties (DEA) upgraded to Buy from Hold at Jefferies; tgt raised to $15
- Elastic (ESTC) upgraded to Outperform from Mkt Perform at William Blair
- Equinor (EQNR) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt $25.80
- Flutter Entertainment (FLUT) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $295
- Ibotta (IBTA) upgraded to Buy from Neutral at Goldman; tgt $87
- SentinelOne (S) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $32
- TC Energy (TRP) upgraded to Overweight from Neutral at JP Morgan
- Upstart (UPST) upgraded to Neutral from Underperform at Wedbush; tgt raised to $45
-
Downgrades:
- Amer Sports (AS) downgraded to Equal Weight from Overweight at Wells Fargo; tgt raised to $19
- Amgen (AMGN) downgraded to Hold from Buy at Truist; tgt raised to $333
- AppLovin (APP) downgraded to Neutral from Buy at Goldman; tgt raised to $150
- ArcBest (ARCB) downgraded to Hold from Buy at TD Cowen; tgt lowered to $114
- AutoZone (AZO) downgraded to Sell from Buy at Goldman; tgt lowered to $2917
- BASF AG (BASFY) downgraded to Neutral from Buy at UBS
- Bridge Investment Group (BRDG) downgraded to Hold from Buy at TD Cowen; tgt raised to $10.50
- Canada Goose (GOOS) downgraded to Underweight from Equal Weight at Wells Fargo
- Caterpillar (CAT) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $332
- Duolingo (DUOL) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
- Expeditors Intl (EXPD) downgraded to Sell from Hold at TD Cowen; tgt lowered to $106
- First Busey Corp (BUSE) downgraded to Equal-Weight from Overweight at Stephens
- KeyCorp (KEY) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $17
- Kura Oncology (KURA) downgraded to Hold from Buy at Stifel; tgt lowered to $19
- Marten Transport (MRTN) downgraded to Mkt Perform from Outperform at Raymond James
- Triumph Group (TGI) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $12
- Turnstone Biologics (TSBX) downgraded to Neutral from Buy at BofA Securities
- V.F. Corp (VFC) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $15
- Yelp (YELP) downgraded to Neutral from Buy at Goldman; tgt lowered to $38
-
Others:
- Adecoagro S.A. (AGRO) initiated with a Neutral at UBS; tgt $12
- Alpine Income Property Trust (PINE) initiated with a Neutral at UBS; tgt $19
- Amentum Holdings (AMTM) initiated with a Buy at Truist; tgt $31
- Apple (AAPL) added to Evercore ISI's Tactical Outperform list
- Astrana Health (ASTH) initiated with a Buy at TD Cowen; tgt $66
- Diamondback Energy (FANG) resumed with a Neutral at Citigroup; tgt $195
- Element Solutions (ESI) initiated with a Buy at Seaport Research Partners; tgt $33
- FirstEnergy (FE) initiated with a Hold at Jefferies; tgt $46
- ICU Medical (ICUI) initiated with a Hold at Jefferies; tgt $183
- Jamf Holding (JAMF) initiated with an Equal-Weight at Morgan Stanley; tgt $20
- MindMed (MNMD) resumed with an Outperform at Leerink Partners; tgt $20
- NCR Voyix Corporation (VYX) resumed with a Neutral at Goldman; tgt $14
- NETSTREIT (NTST) initiated with a Buy at UBS; tgt $19
- PG&E (PCG) initiated with a Buy at Jefferies; tgt $24
- Regal Rexnord (RRX) initiated with a Buy at Citigroup; tgt $200
- Shoals Technologies (SHLS) initiated with an Equal Weight at Wells Fargo; tgt $46
- Stoke Therapeutics (STOK) resumed with an Outperform at Leerink Partners; tgt $18
- Surgery Partners (SGRY) initiated with a Buy at UBS; tgt $38
- Tenax Therapeutics (TENX) initiated with a Buy at Guggenheim; tgt $16
- Timken (TKR) initiated with a Neutral at Citigroup; tgt $90
- Vistra Corp. (VST) initiated with an Outperform at Exane BNP Paribas; tgt $231
Early premarket gappers
-
Gapping up:
- LBPH +46.2%, RILY +11.8%, RDW +7.6%, VRA +6.9%, SIRI +5.5%, NRIX +4.1%, BLCO +3.5%, BNTC +2.7%, NTRA +2.5%, CG +2.2%, NNDM +1.3%, GSK +1.1%, TMHC +1%, CCEC +0.8%, BRK.B +0.5%
-
Gapping down:
- UVE -3.2%, BA -2.1%, SUUN -1.8%, AMGN -1.1%, EG -1%, BTU -0.8%, IP -0.5%, TOL -0.5%
Architect Lauren Rottet Is Designing the Ultimate Luxury Spa Experience
The celebrated interior architect talks about her design philosophy, her upcoming spa project at the Wynn in the U.A.E., being inspired by the Met Museum’s Manus x Machina exhibition and more.

Belmond Cap Juluca Spa by Guerlain, designed by Lauren Rottet.
From the St. Regis to Goldman Sachs and Viking Cruises, architect Lauren Rottet’s client’s designs include a vast array of more than 50 hotels, restaurants, office buildings and luxury private residences across the world.
And while her design experience is across the architecture space, one of Rottet’s specialties is her ability to design the ultimate luxury spa experience. Some previous notable projects include Canyon Ranch’s Texas and Massachusettes locations, the Four Seasons Chicago with Augustinus Bader and the Belmond Cap Juluca Guerlain Spa in Anguilla. Currently, Rottet’s eponymous studio is working with the Wynn on its spa for the new Al Marjan Island in the U.A.E., slated to open in 2027.
What makes Rottet’s design practice stand out is her exploration in the pursuit of bringing nature inside — creating biophilia, “the innate desire for humans to be connected to nature and other life forms” and biomimicry, “emulation of models, systems and elements of nature for the purpose of solving problems.”

Lauren Rottet at Artemest Milan for her special design of The Living Room at L’Appartemento.
Courtesy Photo
Born and raised in Waco, Texas, Rottet is a veteran of the industry and previously was at prominent firm Skidmore Owings & Merrill; she later opened her own firm, Rottet Studio, in 2008. Rottet also has her own line of furniture and lighting called Rottet Collection and created a special design of The Living Room at L’Appartemento for Artemest Milan this past April.
Rottet said she was attracted to designing interiors because it was more challenging and fulfilling as a mix of both psychology and art. “People spend most of their time inside and their interiors reflect who they are and how they want to live, work or vacation,” Rottet told WWD.
Speaking about her design philosophy and how it’s evolved, Rottet said that she looks to creating interiors that are “stimulating, thought-provoking, inspiring” and healing through their “calmness, balance and light.”

Canyon Ranch in Lenox, Mass.
Canyon Ranch
When creating a luxury experience at the spa she designs, Rottet notes that luxury means different things to different people but an unforgettable experience is a must. “A luxury spa experience is about relaxation stimulation, discovery and at the end of the day unparalleled satisfaction both mentally and physically.”
When it comes to creating a strategic design to influence the type of clientele that luxury spas are looking to attract, the manipulation of space and experience to support the brands and create an unforgettable experience is Rottet’s role.
She also notes that design encompasses everything — the guests’ experience from the phone call or online booking, the arrival outside the venue and the smell that lingers after the guests have finished their treatment or returned home.

Guerlain products displayed at the Belmond Cap Juluca Spa, by Guerlain.
Victor Stonem
Design has a large impact on consumers — when entertaining a well-designed space, they gain respect and trust for the company and, in turn, invest in more treatments and products being offered. By gaining the trust of guests at the spas through a good design, service and product, people will be willing to pay more to get the whole package.
Creating the ultimate spa experience requires Rottet to meticulously plan out the self care experience from beginning to end. The usage of natural and artificial light is a key element of Rottet Studio design projects — and the usage of visual movements through reflection, refraction, texture and shapes.
Rottet points to The Met Museum’s 2016 exhibition, “Manus x Machina: Fashion in the Age of Technology” as highly influential in her work. The exhibition looked at the merging of the manus (hand, or more specifically haute couture in fashion) and machina (machine) to redefine what fashion means in the modern age — and in Rottet’s approach, she said she’s constantly using the exhibition’s use of materials, forms and architectural beauty as a point of reference.

LivNordic spa on the Viking Cruise’ Star cruise ship.
Eric Laignel
“I am highly influenced by fashion when it is game-changing and reflects the state of the year, economy and issues that are pertinent in the world like art does,” Rottet said. “I go to all the best international art shows and I always see a consistency in the theme or expression of the work — no matter where the artist lives and works.”
Another major piece to the puzzle is providing cultural context to her projects; throughout Rottet’s process of working with hotels, she researches the city and region, its history and how the area has changed over time, local food, fashion and its people.
Different locations also lend different light qualities for Rottet to play with — Aspen light gives fabrics a violet look, while San Francisco gives off aqua blues. When bringing her materials to the hotel’s location, she examines them under the location’s natural light.

Reception area at Canyon Ranch in Fort Worth, Texas.
Shaun Menary
At the Guerlain Spa at Belmond’s Cap Juluca Anguilla, Rottet said the entire island’s elements felt like a spa with Guerlain wellness properties of water, salt and botanicals naturally found. On the North side of the island were shallow crystalline salt ponds where its indigenous Caribbean tribe, the Arawak, harvested salt for its cooking and healing properties — a treatment for harvesting salt is available at the spa.
With Anguilla’s natural healing rocks of limestone and coral stone, the guests of the hotel and spa are meant to be barefoot — with Caribbean nature immersing its guests throughout the entire experience.
Many of Rottet Studio’s projects for spas are in collaboration with major brands such as Guerlain and Augustinus Bader — the team also does extensive research into the customers, logos, colorways, motifs and moods of the brands they work with.
“When we first started to design the spa for Guerlain at Cap Juluca, we studied the ancient and current medicinal healing properties of the endogenous salts, stones and tropical,” Rottet said. “We studied Guerlain’s history, its place with royalty, their wellness philosophy and the individual products. Our spa design, Guerlain’s treatments and experiences have been customized to connect the guest with the energy and rhythms of the sea. The turquoise ocean view makes a stunning backdrop to Guerlain’s Orchidée Impériale deep cobalt blue containers.”

Augustinus Bader spa at the Four Seasons Chicago.
Courtesy Photo
As for the future of design in the luxury spa and hospitality industry? Rottet foresees that customers will become more addicted to the experience beyond the physical environment of a hotel or a spa. One such way is through hotels creating highly curated gift shops with sought-after items such as ski jackets, bathing suits, beach bags, sandals and glasses that create memories for the consumer to keep coming back.
Another forecast by Rottet is that more resort spas will customize treatments to be one with the surrounding natural elements in their region such as limestone, coral, salt or gold and botanicals like lavender, chamomile, pomegranate and aloe vera.
“The luxury guest wants to experience and discover things they do not have and they spend their money on things that bring them good memories. They pay for counseling and guidance to do the right thing to keep themselves healthy. The clever spas will figure out how to be their health and beauty coach 24/7 all year round,” Rottet said.
TPG and Blackstone team up to bid for eyecare company Bausch + Lomb
Deal could be among year’s largest private equity buyouts as contact lens maker looks to split from indebted parent
Private equity groups TPG and Blackstone have teamed up to work on a joint bid for eyecare company Bausch + Lomb, according to people familiar with the matter.
If it goes through, the deal could be one of the largest private equity buyouts of the year, with Bausch + Lomb’s enterprise value including debt totalling $11.5bn as of market close on Friday. Several other private equity funds assessing bids have dropped out of the process.
Bausch + Lomb was put up for sale to resolve an impasse over a separation from its heavily indebted parent company.
TPG and Blackstone have long been considered the front-runners to take the business private, as before Bausch + Lomb publicly listed in 2022 the private equity groups had expressed interest in buying the business, the people added. TPG already owns ophthalmology company BVI Medical.
People familiar with the bidding said offers are expected to value the company at an enterprise value of between $13bn and $14bn, or up to $25 per share. Bausch + Lomb closed Friday trading at $19.47.
A sale process was kicked off for Bausch + Lomb, led by advisers at Goldman Sachs, in an attempt to resolve a feud between shareholders and creditors of its parent company Bausch Health, which owns 88 per cent of Bausch + Lomb. Bausch + Lomb’s chief executive is famed dealmaker Brent Saunders, who sold Allergan to AbbVie for $63bn.
Formal bids are expected by as early as the end of the month. However, it is still possible a deal may not occur, the people said.
Blackstone, TPG and Bausch + Lomb declined to comment. Goldman did not immediately respond.
A spin-off process ground to a halt as losing its more profitable subsidiary threatened to leave Bausch Health insolvent because of a $21bn debt pile, and was opposed by lenders, including Apollo Management, Elliott Management, GoldenTree Asset Management and Silver Point Capital.
Shares in Bausch + Lomb are up 25 per cent to $19.47 since the Financial Times reported last month that the eyecare company was up for sale. Bonds in Bausch Health have also traded strongly as a sale would allow the company, formerly known as Valeant, to pay down its debts.
Bausch Health has about $10bn worth of maturities coming due before the end of 2027 — with the highest priority being a $2.4bn fixed-rate loan due next year. How Bausch Health’s key shareholders — including Wall Street titans Carl Icahn and John Paulson — would spend the proceeds of the sale is unclear. But one idea under discussion is to pay themselves a special dividend after paying down the near-term debt, according to two people. But this move would likely rankle creditors.
Representatives for Icahn declined to comment, while Paulson & Co did not immediately respond to a request for comment.
Bausch + Lomb is projected to generate nearly $860mn in adjusted earnings before interest, taxation, depreciation and amortisation from $4.7bn in revenues this year, nearly three-fifths of which comes from sales of contact lenses and dry eye drugs Xiidra and Miebo. The company also sells surgical equipment to ophthalmologists.
Doubts over Bausch Health’s performance and solvency have been added to by its lead drug — Xifaxan, a gastrointestinal medication — coming off patent by 2029. Bausch Health’s market value has risen by nearly 26 per cent to just under $2.9bn after the sale process was first reported, but remains well below its value before the company faced legal challenges over its Xifaxan patents.