>>> US After Hours Summary: EAF +5.3% after closing manufacturing facility; MTUS

After Hours Summary: EAF +5.3% after closing manufacturing facility; MTUS -3% and GBX -1.5% lower on CEO transitions

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: None

Companies trading higher in after hours in reaction to news: EAF +5.3% (to permanently close Monterrey graphite electrode facility), EDIT +5.2% (files for $400 mln mixed securities shelf offering), GGG +2% (closes $447 mln cash acquisition of Valco Melton), TEVA +1.7% (intends to reach U.S. agreement on Medicaid drug pricing and supply chain security), MIR +1.3% (authorizes new $250 mln repurchase program), UAA +1.2% (files mixed securities shelf offering), EOSE +1.2% (stock offering by selling shareholders), AMRC +0.5% (unit breaks ground on Nebraska renewable natural gas facility), PL +0.4% (ships Tanager-2 and 18 SuperDoves to launch site), COLD +0.3% (closes $1.3 bln North American cold storage JV with EQT), BROS +0.2% (won't increase offer for Salad and Go sites)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: None

Companies trading lower in after hours in reaction to news: MTUS -3% (CEO to retire; COO named as successor), GBX -1.5% (CEO to retire; names successor), SYK -1.4% (signs definitive deal to acquire ZuriMED), AMC -0.8% (launches Leawood Films distribution venture), TXNM -0.7% (stock offering), ULCC -0.7% (to return 13 leased A320neo aircraft early), CRWD -0.6% (launches AI partner specialization for enterprise AI security ecosystem), BETR -0.5% (urges holders to reject Vishal Garg consent campaign), UPS -0.2% (several executive leadership changes; implements new operating model)

FT : Swiss lawmakers call for softer regulation in victory for UBS Proposal is a

Swiss lawmakers call for softer regulation in victory for UBS
Proposal is a boost for Switzerland’s largest bank and chief executive Sergio Ermotti

UBS has won a significant victory in its battle with the Swiss government, after influential lawmakers backed a major watering down of proposed regulations that would see requirements for the toughest form of capital slashed by half.

The decision is a boost for Switzerland’s biggest bank and its chief executive Sergio Ermotti, who called the government’s plans excessive, warning they would damage both UBS’s international competitiveness and Switzerland’s standing as a global financial centre.

At the heart of the dispute is a federal government proposal to force UBS to fully capitalise its foreign subsidiaries at its Swiss parent using common equity tier one (CET1), the highest-quality and most expensive form of bank capital. 

The dispute has become one of Switzerland’s biggest financial policy battles, casting uncertainty over UBS and its shareholders as they await clarity on the bank’s future capital requirements.

UBS’s $1.7tn of assets exceed the size of the entire Swiss economy, leaving policymakers grappling with how to make the bank safer without damaging the competitiveness of one of the country’s most important companies.

Under the compromise proposal, which was confirmed on Monday by government sources, UBS would still have to fully back its foreign subsidiaries, but would be allowed to meet up to half of the requirement with additional tier 1 (AT1) bonds rather than top-quality common equity.

JPMorgan analysts have previously estimated that under this scenario, UBS would only need to raise an additional $400mn in CET1 capital, while raising about $16bn of new AT1 bonds.

The government proposed the tougher rules as the centrepiece of an overhaul of banking regulation following the collapse of Credit Suisse in 2023, which ended with UBS taking over its longtime rival in an emergency rescue engineered by Swiss authorities.

Bern argues that the crisis exposed weaknesses in Switzerland’s “too big to fail” regime and that fully capitalising foreign subsidiaries would better protect the Swiss parent from losses elsewhere in the group, which also has a big presence in regions including the US and Asia.

But Switzerland’s push for tougher rules comes as other major financial centres, including the US, UK and EU, move to ease or simplify parts of their banking regulation in an effort to boost competitiveness.

AT1 bonds remain politically sensitive in Switzerland after regulators wiped out around SFr16bn of the instruments during the rescue of Credit Suisse, a decision that has been challenged by investors in the courts.

The move was ruled unlawful by the Federal Administrative Court last October and is now awaiting a decision from the Federal Supreme Court.

UBS, which has publicly criticised the rules, said the original measure would require it to hold about $20bn in additional capital. The bank described the proposal as excessive, disproportionate and out of line with international standards.

Monday’s recommendation suggests UBS has made significant headway with lawmakers. But any change to the government’s proposal will ultimately need to win the support of both houses of parliament, leaving several stages of the fight still to come.

The nonbinding nod from the more business-friendly Economic Affairs and Taxation Committee in the upper house is only the first step in a parliamentary process that is expected to run for months. The full upper house is due to debate the reforms in mid-September, when lawmakers can accept, reject or change the recommendation. The proposals would then go to the lower house, where they are expected to be considered later this year.

The government has previously rejected allowing UBS to meet the new requirement with a mix of equity and debt, arguing that anything short of full backing with CET1 capital would be ineffective. The finance ministry declined to comment on Monday’s recommendation. UBS did not respond immediately to a request for comment.

WWD : John Galliano Retrospective at The Met Canceled "I do not want the debate

John Galliano Retrospective at The Met Canceled
"I do not want the debate surrounding me to place The Met in a difficult position," the designer said in a post on his Instagram account.

The John Galliano retrospective that was to be The Met’s next spring exhibition at the Costume Institute is not going ahead.

“After much reflection and discussion with The Met and all those involved, I have decided, with great sadness, that it is best for the exhibition not to take place at this time,” the designer said in a post on his Instagram account, referring to the discussion around his controversial past since the show was announced in late July. “I do not want the debate surrounding me to place The Met in a difficult position or to distract from the remarkable work of the Costume Institute.

The Met's Controversial Plans for a John Galliano Show Prompts Praise from Some Fashion Insiders
“I also recognize and respect that an exhibition honoring my work would be painful for some,” he continued. “I remain fully accountable for the pain caused by my words in the past, particularly the hurt I caused to the Jewish and Asian communities, and I remain deeply sorry for it. I understand that meaningful atonement is not achieved through an exhibition, institutional recognition or a single public gesture. It is a continuing responsibility, demonstrated through listening, learning and one’s conduct over time.”

Only two living fashion designers have been given solo monographic retrospectives at the Costume Institute: Yves Saint Laurent in 1983 and Rei Kawakubo in 2017.

“Following thoughtful discussions with John Galliano, we have together decided not to proceed with the exhibition,” Max Hollein, director and chief executive officer of The Metropolitan Museum of Art, said in a brief statement Monday.

The museum added that information on a new spring Costume Institute exhibition and the 2027 Met Gala will be revealed at a later date.

The “John Galliano: Horizons” exhibition was to run from May 9, 2027, to Jan. 9, 2028, and focus on “one of the most inventive and influential designers of the past four decades.”

The retrospective was to address the “rupture caused by his antisemitic, racist and anti-Asian conduct in 2010 and 2011,” which led to his dismissal from Christian Dior and his eponymous label, and his conviction by a Paris court for “public insults based on race, religion, ethnicity or origin.”


The exhibition was also to highlight his “subsequent treatment for substance addiction and his later public acknowledgment of his actions,” according to The Met.

However, pressure has been mounting on the museum to cancel the show. In recent days The New York Times ran a front-page story about the growing furor around the planned exhibit, partially sparked by a letter from Julie Menin, the speaker of the New York City Council. She sent a letter to Hollein, curator Andrew Bolton and Anna Wintour last week, calling the planned exhibit “a serious mistake.” Numerous donors and supporters of the museum also expressed opposition.

On Monday, after the show was called off, Menin issued a statement that “at this rising time of antisemitism, [the plans] had served as a gut punch to the Jewish community. This is the correct decision, as the harm and pain this was causing was simply unacceptable.”

“Museums such as The Met must be held to a high standard of inclusiveness and tolerance, and I am pleased that they have listened to the concerns I have raised and reacted with the right decision,” she continued. “As the daughter of a Holocaust survivor, and as the first Jewish speaker of the New York City Council, this decision was personal to me, and the Jewish community and I felt a strong obligation to speak out.”

The Anti-Defamation League’s chief executive officer and national director Jonathan Greenblatt added: “With antisemitism at crisis levels, The Met honoring John Galliano at this moment was misguided, and even Galliano ultimately recognized what The Met should have done from the start. This was the wrong move at the wrong moment. Timing matters.”

Wintour has long been a supporter of Galliano’s and pushed for a Costume Institute exhibit devoted to his career. Such an exhibition gained fresh urgency with his triumphant spring 2024 Artisanal collection for Maison Margiela, a theatrical tour de force that proved his unrivaled mastery of couture techniques, his extraordinary imagination — and his unerring grasp of the zeitgeist.

On Monday, even as the show was canceled, Wintour refused to hedge in his support of the designer or admit that she had overreached in pushing for a show of his career. “John’s decision that the exhibition devoted to his work should not take place at this time is very courageous and a measure of the man he is,” she said in a statement. “I believe this is the right decision and both he and the museum have my full support.”

Andrew Bolton, curator in charge of The Met’s Costume Institute, echoed the sentiment: “I believe deeply in the responsibility of museums to examine difficult histories with rigor, candor and care. I also recognize the pain and concern this exhibition has caused.”

While Galliano wound up his 10-year collaboration with Maison Margiela in December 2025, having delivered thrills, cultural moments and business progression galore, Galliano is to return to the fashion spotlight this fall when he launches his first season collection as part of a two-year partnership with Zara.

A launch event has been scheduled for Sept. 30 during Paris Fashion Week.

In his post, Galliano expressed his gratitude to the museum an its key stakeholders for proposing the exhibition.

“To have my creative journey considered by an institution that I have admired throughout my life moved me more deeply than I can express,” he wrote. “I would also like to express my deepest gratitude to all those who have guided, supported and accompanied me throughout these 15 years of sobriety and recovery from alcoholism and addiction.

“My gratitude to The Met, Max, Andrew and Anna remains profound and enduring,” he added. “Their generosity, humanity and belief in the importance of fashion as art, culture and history, as well as their understanding of human fragility and the possibility of growth, will remain with me always.”

The Information : Why CoreWeave Is The Best Neocloud Buy

Why CoreWeave Is The Best Neocloud Buy

The Takeaway
  • CoreWeave trades at 2.2 times 2028 revenue, a discount to rivals.
  • Company projects $12.9 billion revenue this year, largest in sector.
  • CoreWeave demonstrates superior capital efficiency over competitors.

What does Wall Street have against CoreWeave? Shares of the neocloud have been stalled for the past 12 months, even as the stocks of rivals such as Amsterdam-based Nebius and Australia-based Iren have soared. That’s despite the fact that CoreWeave is the furthest along in building a business to compete with more established cloud firms.

CoreWeave is now trading at just 2.2 times its expected 2028 revenue, well below both Nebius and Iren, which are both trading at around 2.7 times, according to analyst estimates compiled by S&P Global Market Intelligence. We’re looking at 2028 revenue because by then all three will have begun delivering on recent contracts they have signed with customers.

That gap offers an opportunity for risk-tolerant investors looking to bet on the AI boom. CoreWeave has the biggest business, expected to generate $12.9 billion in revenue this year, about 4 times the revenue of Nebius, which in turn is about 4 times that of Iren.

CoreWeave currently has the most data centers in operation—at least 51—and says it has 1.5 gigawatt of active power as well as 3.7 more GW under contract, most of which is scheduled to come online in the next four years, according to its latest investor disclosures. But its rivals are catching up. Nebius is targeting more than five GW of contracted power by the end of the year, the company has said, while Iren expects to have 1.2 GW online by the end of next year.

CoreWeave’s valuation discount likely reflects concerns that it is overdependent on a handful of big customers, most notably Microsoft, which once accounted for nearly all its revenue and still accounts for more than a third of its business. Other big customers include Meta Platforms and OpenAI.

The problem for CoreWeave is that some of the big tech firms may move away from using its services in the future. Microsoft, for instance, which relies more on outside cloud firms than its rivals do, is investing heavily in expanding its own network of data centers.

The same is true of Meta, which is spending hundreds of billions on building its own data centers, and Google, also a CoreWeave customer. Google executives have said the company’s use of outside cloud firms was a “bridging strategy” until the data center capacity it is building is ready.

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Nebius, in contrast, said early on it was targeting companies such as big financial institutions rather than relying solely on business from the big cloud firms, said Paul Meeks, managing director and head of technology research at Freedom Capital Markets, who owns shares in all three neoclouds and has lately been adding to his position in CoreWeave.

The good news is that CoreWeave is diversifying its customer base. As of June 30, the company said its biggest customer accounted for 36% of revenue, down from 71% a year earlier. The next two customers account for 36% between them. In comparison, Nebius said that as of Dec. 31, its biggest customer accounted for 25% of its revenue, and the next biggest contributed 15%.

CoreWeave signed a deal with hedge fund Jane Street, one of its investors, in April and inked a new, multibillion-dollar agreement this month with another one, Hudson River, according to Bloomberg.

The emphasis on CoreWeave’s customer concentration misses some of its advantages. For one thing, the ultimate driver of success in renting computing capacity will likely come down to which companies can actually build and deliver additional capacity on schedule. Given that CoreWeave has managed to get more capacity up and running, potential customers are likely to trust that it can deliver more reliably than its rivals.

CoreWeave is also far more efficient with its capital. In the June quarter, for every dollar of revenue it generated, it spent the lowest amount on capital expenditures, with a ratio of 2.5. Nebius’ and Iren’s ratios were both over 9 times for their most recent quarters. While none of the three is currently generating free cash flow, it’s possible CoreWeave’s early lead could help it get to that point faster.

Investors may be worried about CoreWeave’s financial exposure. As of June 30, its net debt—excluding cash—was 8.2 times its earnings before interest, taxes, depreciation and amortization for the previous 12 months, according to data from S&P Global Market Intelligence.

In comparison, Nebius’ equivalent ratio was only 4.7. Iren’s is much higher, as it is only now gearing up its business. Its ratio as of June 30 was 50.6, according to S&P.

But these figures will change quickly as contracts translate into revenue. As of June 30, CoreWeave’s had a backlog of contracts still to be recognized in revenue of $103.7 billion, 80% of which are set to be recognized within four years. That was up from $60.7 billion at Dec. 31.

As a result, CoreWeave’s Ebitda is expected to double to $7.5 billion for calendar year 2026 compared to where it was for the 12 months ending June 30. For calendar 2027, analysts project that CoreWeave’s Ebitda will more than double to $16.6 billion, making its debt look much more manageable.

Nebius executives said the company’s committed backlog was “more than $40 billion.” Iren executives said on Thursday the company was on track to have $4 billion worth of annualized recurring revenue under contract with its customers by the end of this year.

Meanwhile, analysts project that Iren’s Ebitda will hit $2 billion in the next 12 months, compared with just $34.7 million for the past 12 months. Nebius’ Ebitda is expected to rise to $1.4 billion this year and $6.4 billion next year.

“At the end of the day, all three of these companies are quite similar in their capabilities, and it’ll come down to who can actually build it,” Meeks said. His bottom line: “CoreWeave is the best buy, just simply on valuation.”

Others agree. CoreWeave’s “discounted valuation relative to neocloud peers appears disconnected with its leadership position,” wrote analysts with Truist in a report this week.

FT : The City Without Jews — Douglas Smith on life inside Vienna’s catastrophe A

The City Without Jews — Douglas Smith on life inside Vienna’s catastrophe
An extraordinary archive gives a victim’s eye view of how the Nazis eradicated Europe’s most thriving Jewish community

Vienna was once a city in which Jews did not have to be Jews. To be Viennese meant stepping beyond the limits of one’s identity into a cosmopolitan world of Kultur, where race and religion could be hidden behind a veil of refinement and achievement.

It was an ideal that built the Austrian capital into one of the great centres of Jewish life in Europe in the late 19th century. There Jews excelled in art, science, finance and much else. The more they succeeded, the louder the shrill cries of antisemites grew. But they seemed a marginal sect.

The Viennese writer Hugo Bettauer satirised their ambitions in his best-selling 1922 novel The City Without Jews. In his telling, the Jews are expelled from Austria amid popular jubilation, accompanied by a sea of swastikas and cries of “Heil!” But it all goes awry and the Jews are invited back to Vienna to save it. Bettauer described it as “a very amusing little novel” written as “a most frivolous, thoroughly unserious mischief-maker”.

In 1925 Bettauer was shot dead in his office by a young Nazi. Eight years later Hitler took power in Germany. In 1938 he swallowed Austria whole, extending a shroud of official antisemitism over Vienna. Just four years later the new authorities declared it Judenrein — a city without Jews.

There is little levity in historian Douglas Smith’s The City Without Jews. It is no novel, but a true account of how one of Europe’s largest Jewish populations was annihilated. It is a depressingly familiar story within the wider context of the Holocaust, but one that Smith has brought alive with forensic detail and a truly gripping narrative focused on the life and relations of Mignon Langnas. 

Within her story, “one of loss, fear, terror, despair, longing, and even hope, is written the larger history of Austria’s Jews under the Nazis”. Smith has told it in unprecedented detail with access to her family archive.

Mignon and her family moved to Vienna at the beginning of the first world war from Austrian-ruled Galicia (now split between Poland and Ukraine). They built a life in the capital. Mignon married Leon Langnas in 1928. He built a business. They had two children. Siblings, cousins, aunts, uncles and friends — many of whom feature as characters throughout — did the same.

After the Anschluss their lives began to crumble, each in their own way. The state no longer saw them as citizens, but as Jews. Their businesses — like Leon’s lumberyard — were expropriated. Neighbours and employees turned on them. They were beaten and humiliated by uniformed men, forced to scrub the streets on their hands and knees.

It did not take long for most Viennese Jews to realise they had to leave. Nor did it take long for the Nazis to repurpose the city’s official Jewish community into an instrument for emigration. Despite labyrinthine bureaucratic hurdles, it would facilitate the escape of around 120,000 Austrian Jews by 1940. That included Leon and Mignon’s two children, but not Mignon herself.

America’s entry into the war in late 1941 meant “Vienna’s Jews were effectively cut off from the outside world” just as the Nazi regime turned to more radical methods of destruction. Trains began to carry away Vienna’s Jews by the thousands in 1941, intensifying in 1942. At the end of that year there were only 7,989 Jews left in Vienna. There had once been 200,000.

Mignon was one of the few who remained. She served as a nurse for the official Jewish community from 1940. It gave her protection, but her survival was also largely luck. In January 1945 the family home was struck by an American bomb. She stood a few steps away from death.

Mignon Langnas survived the war alongside a few thousand other Viennese Jews. But unlike in Bettauer’s novel, there was no triumphant recovery. Sixty-six thousand had perished in the Holocaust. Most of the rest had left, never to return. Mignon was among them.

Most had nothing to return to. Cosmopolitan Vienna had been replaced by a decidedly more provincial city where Jews reminded people of uncomfortable history everyone did their best to forget. Smith’s book hopes to ensure it will not be.

FT : Prediction platform Kalshi bans ex-US Congress member for manipulation

Prediction platform Kalshi bans ex-US Congress member for manipulation
Regulator says George Santos made public statements to boost the value of his own bets on whether he would attend the State of the Union address

Prediction market operator Kalshi said it banned former Congress member George Santos for life after a US regulator accused him of manipulating a contract on whether he would attend the annual State of the Union address.

Santos placed bets in February and made public statements to influence prices, eventually earning close to $18,000 on the wagers, Kalshi said in its disciplinary action on Monday.

Santos received the first-ever ban on the platform “given his lack of co-operation”, said a spokesperson for Kalshi, which also levied a fine of more than $71,000.

Prediction markets such as Kalshi and Polymarket are under pressure to crack down on insider trading after a series of high-profile manipulations on the platforms, which allow users to place bets on outcomes across a wide range of events, including elections, weather and sports.

The platforms have exploded in popularity as retail investors have become a large and dominant force in financial markets. Day traders have flocked to venues where they can make high-octane bets using instruments such as perpetual derivatives and leveraged exchange traded funds.

Kalshi and others have in particular faced criticism and resistance in the US from state officials, who argue that wagers on the platforms amount to gambling that is subject to oversight by local governments.

The platform has argued that its event contracts are similar to derivatives instruments and should be overseen by US financial regulators.

Kalshi had earlier reported suspicious trading by Santos to the US Commodity Futures Trading Commission, who announced civil penalties against the former politician in July. Santos bet “yes” on the contract about his attendance and later posted on social media about the outfit he would wear to it, according to the regulator. Prices on the “yes” position rose, and he exited and booked a profit of $3,448.

He later bought a “no” position while posting on social media that he planned to go. When he then posted that he was stuck at an airport, the “no” position became profitable and he exited, earning $14,391. Santos did not ultimately attend the address.

Santos served as the Congress member for a district in Long Island, New York, before he was expelled for lying about his résumé and background. He later pleaded guilty to wire fraud and aggravated identity theft and was sentenced to more than seven years in prison before President Donald Trump commuted his case.

On Monday, he shot back at the prediction market on X: “Hey @Kalshi thanks for the lifetime ban from your gambling platform. Let’s see how much longer you guys are around for.”

The CFTC has publicly charged several high-profile cases of insider trading on prediction markets, including a complaint against a US soldier who generated more than $400,000 in profits from wagers using classified information about the mission to capture then-Venezuelan president Nicolás Maduro.

In July, regulators accused Trump’s longtime teleprompter operator of placing prediction market bets about the president’s statements in public speeches. The regulator settled charges on Friday, ordering him to pay a total of $172,000 and imposing a three-year trading ban.

>>> Eli Lilly slips lower after adding precision-immunology platform in $2.875 b

Eli Lilly slips lower after adding precision-immunology platform in $2.875 bln Merida deal (LLY)
Eli Lilly (LLY) is edging lower despite agreeing to acquire Merida Biosciences for up to $2.875 bln in cash and reporting encouraging one-year Phase 3b data for Taltz used with Zepbound in patients with psoriatic disease and obesity. The muted reaction suggests investors view the precision-immunology platform and combination results as potentially valuable long-term opportunities rather than immediate earnings catalysts, particularly because MER511 remains in Phase 1, the acquisition’s upfront payment is undisclosed, and the Week 52 analyses were exploratory.
  • Merida develops engineered Fc-based biologics designed to bind and selectively clear pathogenic antibodies through the body’s natural antibody-complex clearance mechanisms while also targeting the B cells producing them. Its therapies are intended to preserve protective immune function and avoid broad immunosuppression, although that potential still requires clinical validation.
  • Lead candidate MER511 is being evaluated in the Phase 1 NEXUS study for Graves’ disease, with thyroid eye disease representing an additional potential opportunity because both conditions involve TSH-receptor autoantibodies. Merida also has IND-enabling programs for IgE-mediated allergic diseases -- including food allergy, asthma, atopic dermatitis, and urticaria—and primary membranous nephropathy.
  • The $2.875 bln maximum includes an upfront payment and contingent milestones, limiting visibility into LLY’s near-term cash outlay and the value assigned to clinical success. Closing is expected in 4Q26, subject to customary conditions and regulatory approvals, after which LLY will determine the transaction’s GAAP accounting treatment and incorporate the deal into its financial guidance.
  • At Week 52, 30.6% of psoriasis patients receiving Taltz plus Zepbound achieved complete skin clearance and at least 10% weight loss versus 4.4% with Taltz alone; in psoriatic arthritis, 39.2% achieved ACR50 and at least 10% weight loss versus 1.7%. Disease-specific outcomes also favored the combination, and no new safety concerns emerged, but the Week 52 analyses were prespecified exploratory objectives without multiplicity control, while the open-label studies have not yet been published in a peer-reviewed journal.
  • Merida adds a potentially reusable platform across antibody-driven diseases, extending LLY’s business-development push beyond diabetes and obesity. Meanwhile, the TOGETHER trials could broaden tirzepatide’s role across obesity-associated inflammatory diseases and reinforce the connection between metabolic intervention and immunology treatment.