WSJ : House Rejects Speaker Johnson’s Effort to Block Tariff Votes

House Rejects Speaker Johnson’s Effort to Block Tariff Votes
The vote is a stinging rebuke of GOP leadership that paves the way for challenges to Trump’s signature economic policy

  • House lawmakers rejected Speaker Mike Johnson’s attempt to block votes on resolutions disapproving President Trump’s tariffs.
  • The procedural step failed with 214 in favor and 217 opposed, with three Republicans joining all 214 Democrats.
  • This vote allows Democrats to bring resolutions challenging Trump’s tariffs to the House floor, potentially starting Wednesday.

WASHINGTON—House lawmakers on Tuesday rejected an attempt by Speaker Mike Johnson (R., La.) to block votes on resolutions disapproving of President Trump’s tariffs—a stinging blow to his leadership that paves the way for lawmakers to potentially rebuke Trump’s signature economic policy.

The procedural step failed with 217 opposed and 214 in favor, with three Republicans joining all 214 Democrats in voting against the measure, enough to sink it in the narrowly divided chamber.

The no votes came from Republicans across the ideological GOP spectrum: centrist Reps. Don Bacon of Nebraska and Kevin Kiley of California, as well as libertarian Rep. Thomas Massie (R., Ky.). The vote was kept open for about an hour as leadership looked to flip votes, but none of the defectors budged. Rep. Greg Murphy (R., N.C.) didn’t vote.

The vote means that Democrats will be able to bring resolutions challenging Trump’s tariffs to the House floor, setting up a series of high-profile votes that could begin as soon as Wednesday. Though Trump could veto any measure that reaches his desk, any successful vote would be a public repudiation of his tariff policy and would likely draw a furious reaction from the White House.

“Big step forward for Americans tired of paying more because of Trump’s tariffs,” said Rep. Suzan DelBene (D., Wash.) after the vote.

Johnson was trying to extend a moratorium on any tariff votes in the GOP-controlled chamber. Last year, he employed a procedural maneuver to block Democrats from bringing up votes on resolutions that would invalidate the emergency declarations that underpin many of the levies. Similar resolutions against his tariffs on Canada, Brazil and other global trading partners passed the Senate with Democratic and some Republican votes last year.

The timeline on Johnson’s blocking maneuver expired this month, prompting Democrats to ready a resolution disapproving of Trump’s tariffs on Canada, which the administration says are based on a national emergency stemming from the fentanyl trade, despite little of the drug actually coming from Canada.

Johnson on Tuesday tried to block the tariff resolutions again, putting a rule on the House floor that would have prevented any votes on them until August. But he was foiled by his razor-thin majority—now just 218-214 when all lawmakers are present—and the handful of pro-free-trade Republicans who have criticized Trump’s aggressive use of tariffs and their questionable legal underpinning.

Johnson, in a brief interview, said GOP leaders postponed the scheduled vote from Tuesday afternoon to Tuesday night to give him time to work to flip Republican votes. U.S. Trade Representative Jamieson Greer also met with some House members in the Capitol.

Republican leaders wanted to push the extension past the deadline of when the Supreme Court is expected to rule on the president’s authority to levy emergency tariffs. The ruling is expected by the end of June, when the court’s session ends.

“I think the sentiment is that we allow a little bit more runway for this to be worked out between the executive branch and the judicial branch, and we’ll see,” Johnson said at a press conference Tuesday morning.

Bacon listed two main reasons for his opposition: that Congress should retain its authority to levy taxes including tariffs and that these particular taxes are “generally bad policy.”

“I have a heavy heart opposing the majority here, but Republicans have opposed tariffs since WW2. I have not changed. I follow a moral compass, not a person, when it comes to key policies,” said Bacon, who is retiring at the end of this term.

Democrats could bring up resolutions challenging Trump’s tariffs as soon as Wednesday. The first will be a vote to disapprove of Trump’s tariffs on Canada, Democratic aides said this week, and could be followed by resolutions targeting tariffs against Brazil and other nations.

Though the Senate has already passed similar resolutions last year, any House-passed measures would still need to be considered by the Senate before going to the president. Congress is unlikely to have the votes to override a presidential veto.

WSJ : OpenAI Executive Who Opposed ‘Adult Mode’ Fired for Sexual Discrimination

OpenAI Executive Who Opposed ‘Adult Mode’ Fired for Sexual Discrimination
The executive, who was accused of sexual discrimination against a male employee, had raised concerns about upcoming launch of erotic content

  • OpenAI fired executive Ryan Beiermeister in January, citing sexual discrimination, after she opposed the planned AI erotica feature in ChatGPT, sources said.
  • Beiermeister, who led OpenAI’s product policy team, voiced concerns about the adult mode’s potential harmful effects and inadequate child-exploitation safeguards, sources said.
  • OpenAI’s plan to allow adult content has been defended by CEO Sam Altman but criticized by some researchers and advisers, sources said.

OpenAI has cut ties with one of its top safety executives, on the grounds of sexual discrimination, after she voiced opposition to the controversial rollout of AI erotica in its ChatGPT product.

The fast-growing artificial intelligence company fired the executive, Ryan Beiermeister, in early January, following a leave of absence, according to people familiar with the matter. OpenAI told her the termination was related to her sexual discrimination against a male colleague.

“The allegation that I discriminated against anyone is absolutely false,” Beiermeister said in a statement in response to a request for comment.

OpenAI said Beiermeister “made valuable contributions during her time at OpenAI, and her departure was not related to any issue she raised while working at the company.”

Beiermeister served as the vice president leading OpenAI’s product policy team, which develops rules for how people can use the company’s products and helps design the enforcement mechanisms for those policies.

Her ousting came ahead of OpenAI’s planned launch early this year of a mode that will allow users to create AI erotica in ChatGPT. The planned feature, which would permit adult-themed conversation including sexual topics for adult users, has drawn criticism from researchers at the company who have studied the ways some people develop unhealthy attachments to chatbots, according to some of the people. They have raised the prospect that sexual content could intensify the feelings some people have for the AI personas they view as companions.

Members of an advisory council on “well-being and AI” that OpenAI convenes regularly have also expressed opposition to adult mode and urged the company to reconsider plans to launch it, people with knowledge of those discussions said.

OpenAI Chief Executive Sam Altman has defended the move to expand the permissible content on his platform as a part of an effort to “treat adult users like adults.”

Before her firing, Beiermeister told colleagues that she opposed adult mode, and worried it would have harmful effects for users, people familiar with her remarks said.

She also told colleagues that she believed OpenAI’s mechanisms to stop child-exploitation content weren’t effective enough, and that the company couldn’t sufficiently wall off adult content from teens, the people said.

She is one of several employees within OpenAI who have expressed concerns about the launch of adult mode, people familiar with the matter said.

OpenAI has drawn more than 800 million users each week to ChatGPT in its campaign to build the most advanced artificial intelligence. The company now plans to monetize the engagement of those users with advertising. News Corp, owner of The Wall Street Journal, has a content-licensing partnership with OpenAI.

OpenAI has kept close tabs on competitors, and in December declared a “code red” after the surprising success and growth of Google’s Gemini chatbot.

Another competitor, xAI, has found that offering looser guardrails around sexual content in its Grok chatbot has helped drive engagement.

Beiermeister started at OpenAI in mid-2024 as a part of a wave of hires from Meta who viewed themselves as trying to change tech companies from the inside, people with knowledge of the matter said.

Beiermeister started a peer-mentorship program for women at OpenAI in early 2025. The program connected women from different parts of the company and helped them gather in small groups to discuss career strategies, according to people familiar with the matter.

WSJ : Activist Investor Pushes Warner to Walk Away From Netflix Deal

Activist Investor Pushes Warner to Walk Away From Netflix Deal
Ancora builds a roughly $200 million stake in Warner Bros. Discovery and favors a deal with David Ellison’s Paramount Skydance

  • Activist investor Ancora Holdings has acquired a $200 million stake in Warner Bros. Discovery and opposes its $72 billion Netflix deal.
  • Ancora believes Warner inadequately considered Paramount Skydance’s $78 billion all-cash offer of $30 a share.
  • Ancora plans to buy more shares and might launch a proxy fight if Warner’s board doesn't negotiate with Paramount.

Activist investor Ancora Holdings has built a roughly $200 million stake in Warner Bros. Discovery WBD 2.17%increase; green up pointing triangle and is planning to oppose Warner’s deal to sell its movie and television studios and HBO Max streaming service to Netflix NFLX 0.91%increase; green up pointing triangle, according to people familiar with the matter.

Ancora, which could announce its position as soon as Wednesday, believes that Warner failed to adequately engage with David Ellison’s Paramount Skydance PSKY 1.50%increase; green up pointing triangle after it made a rival all-cash offer for the entire business, including its cable-network group, at $30 a share, the people said.

The arrival of an activist, even with a small stake in the company, will add yet another dose of uncertainty and drama to an already drawn-out fight for the Hollywood studio. Netflix has signed a $72 billion deal, but Paramount, which is bidding nearly $78 billion for the whole company, has gone straight to shareholders and threatened to wage a board fight at the same time.

Ancora, a roughly $11 billion fund that has a history of lobbying in the middle of deals, emailed Warner Chief Executive Officer David Zaslav on Tuesday to say that it is considering launching its own proxy fight if Warner’s board doesn’t negotiate the best deal for shareholders with Paramount, the people added.

Warner has a market value of roughly $69 billion as of Tuesday, making Ancora’s stake in the company less than 1%. But Ancora plans to continue buying Warner shares, the people familiar with the matter added, and, even with a small stake, it adds a voice that could help rally other investors around opposing the Netflix transaction.

Many shareholders remain on the fence over which deal is better and are anticipating the offers could be revised further. A shareholder vote is expected next month.

Netflix agreed in December to pay $27.75 a share in cash for Warner’s studios and HBO Max streaming service. That would leave investors also holding shares in Discovery Global, a new company housing Warner’s cable networks, which it plans to spin off later this year. Paramount’s hostile bid for all of Warner Discovery includes its cable-networks unit that includes CNN, TNT, Food Network and other channels.

Warner has consistently rebuffed Paramount’s offer, arguing Netflix’s deal has greater value, more secure financing and a cleaner path to regulatory approval.

Paramount on Tuesday enhanced its hostile offer, including agreeing to pay the $2.8 billion termination fee Warner would owe Netflix should that deal collapse. Paramount also said it was adding a “ticking fee” of 25 cents a share, which it would pay to Warner shareholders for each quarter its deal hasn’t closed, starting in January 2027.

If Ancora were to proceed with nominating director candidates, it would focus on replacing individuals with ties to Zaslav, the people familiar with the matter said. Ancora has privately questioned the Warner CEO about whether he favored the Netflix deal to obtain an executive role with the streaming company after the transaction closes, they added.

Ancora has antitrust concerns about the Netflix deal it calls “uncertain and inferior.” And it questions the Discovery Global spinoff, which would put $17 billion in Warner debt on the company’s cable-TV networks, which have a declining number of viewers, according to a presentation from the activist seen by The Wall Street Journal.

In that presentation, Ancora defends Paramount’s viability as a buyer, pointing to the record of Ellison and his father, the billionaire Oracle co-founder Larry Ellison. It also said it expects Paramount to receive swift antitrust approval.

Many investors and analysts still largely expect Paramount could increase its $30-a-share offer. Analysts at Raymond James said in a recent note to clients that “many WBD shareholders still expect PSKY has not made its best and final offer, and will raise its bid by ~$2-3 per share.”

Cleveland-based Ancora has a history of pushing for deals, both publicly and behind the scenes. In 2024, it built a huge stake in Norfolk Southern and later won seats on the railroad operator’s board before the company agreed to be acquired by Union Pacific for almost $72 billion. It also recently privately pushed bubble-wrap maker Sealed Air to sell itself, before the business agreed to be bought by CD&R.

FT : Activist investor takes aim at Warner Bros deal with Netflix

Activist investor takes aim at Warner Bros deal with Netflix
Ancora Holdings accused WBD board of failing to give proper consideration to rival bid from Paramount

Activist investor Ancora Holdings has taken a $200mn position in Warner Bros Discovery and intends to oppose the Hollywood studio’s agreed $83bn sale to Netflix.

Ancora is expected to argue that WBD’s board has not given adequate consideration to a rival bid from Paramount, according to people familiar with the matter. The company could outline its case in a filing as soon as Wednesday.   

The group’s stake in WBD is less than 1 per cent but Ancora is expected to buy more of the shares. It is also considering launching a proxy battle to enlist support from other investors. 

It marks the latest twist in the battle to land one of Hollywood’s biggest deals, as David Ellison’s Paramount has continued to try to win WBD away from Netflix.

Ancora has previously waged activist campaigns against industrial groups. It opposed US Steel’s agreement last year to sell to Nippon Steel, which ultimately was approved. It also pushed for transport group CSX to pursue a merger following a deal between railways Union Pacific and Norfolk Southern.

Paramount on Tuesday sweetened its $108bn hostile bid for WBD by offering shareholders an additional fee to compensate them if regulators delay completion of the transaction.  

Under the new proposal, WBD investors would receive an extra $0.25 a share — about $650mn — in quarterly payments should the deal fail to close by the end of 2026. Paramount said its enhanced proposal highlighted its confidence in securing approvals.

Paramount stopped short of raising its offer for WBD — a move that analysts say is necessary to sway more shareholders. WBD’s board last month rejected Paramount’s bid, calling it “inadequate”.  

WBD plans a shareholder vote on the Netflix deal by early spring.

If Paramount decides to increase its bid, it would probably do so before the shareholder vote, said people briefed about the matter.

Netflix is facing a US government antitrust review into the WBD deal. Last week co-chief executive Ted Sarandos faced questions in the US Senate over the deal.   

The Wall Street Journal first reported Ancora’s plans. WBD declined to comment. Ancora did not respond to a request for comment.

>>> US After Hours Summary: TDC +16.3%, NET +11.7%, DIOD +10.8%, LSCC +7.7% high

After Hours Summary: TDC +16.3%, NET +11.7%, DIOD +10.8%, LSCC +7.7% higher on earnings; BETA +18.3% as AMZN discloses new position; MAT -25.2%, ANGI -21.4%, RPD -20.6%, MBC -15.3%, LYFT -15.2% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: STIM +45.2%, MNTN +35%, TDC +16.3%, NET +11.7%, DIOD +10.8%, LSCC +7.7%, KVYO +5.6%, HNGE +4.2%, JHX +4.2%, AEIS +3.9%, BL +3.3%, RRR +3.3%, GXO +2.6%, VREX +2.4%, EW +1.7%, UPST +1.5% (also names new CEO), WELL +0.7%, ADC +0.4%, F +0.4%

Companies trading higher in after hours in reaction to news: RBKB +21.9% (adopts plan of conversion and reorganization), BETA +18.3% (AMZN discloses new position in BETA), NKTR +3.6% ($300 mln stock offering), CAMT +2.9% (received a $25 mln Hawk systems order), GLTO +2.2% (stock offering), TFPM +1.5% (to unlock the gold-dominant E44 deposit at Northparkes), LTM +1.4% (Jan passenger traffic), SOLS +1% (expands uranium conversion production), RCL +0.2% (increases dividend), CRM +0.2% (to acquire Cimulate), BAM +0.1% (files mixed securities shelf offering)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: MAT -25.2% (also to acquire full ownership of Mattel163; licensing deal with Paramount for Teenage Mutant Ninja Turtles brand), ANGI -21.4%, RPD -20.6%, MBC -15.3%, LYFT -15.2% (also authorizes new $1 bln share repurchase program), ALAB -10.2% (also enters transaction with AMZN under which Amazon may acquire up to 3,262,299 shares; also names new CFO), LEU -9.1%, FRSH -7.2%, PEGA -7%, HOOD -6.5% (also names new CFO), ZG -4.6%, MIR -4.3%, RMBS -3.8%, GILD -3.2% (also increases dividend), OI -1.8%, NSP -0.9% (also reorganization; expected to result in job cuts of 4% of non-sales positions), DEI -0.1%

Companies trading lower in after hours in reaction to news: RILY -2.8% (stock offering by selling shareholders, relates to warrants), CURB -2.3% (commences 8 mln share offering), APAM -1.9% (reports January AUM), TIGO -0.9% (acquires Telefonica operations in Chile jointly with NJJ), ZENA -0.7% (files for $250 mln mixed securities shelf offering), FBRT -0.4% (names new CEO), PLTR -0.2% (extends collaboration with Airbus), FRMI -0.2% (secures a $500 million financing)

The Information : ChatGPT Shopping Could Get Complicated Fast

ChatGPT Shopping Could Get Complicated Fast

The Takeaway
  • State sales tax obligations could hinge on how AI apps structure payments
  • OpenAI recently picked a new software vendor to handle credit card data
  • Stripe currently handles all OpenAI payments, but OpenAI may bring in other processors

OpenAI has touted shopping inside ChatGPT as a major business opportunity as it tries to raise tens of billions in fresh cash. Meanwhile, the company is still nailing down some online commerce basics.

That includes figuring out the best way to navigate state sales taxes—people working on commerce inside OpenAI still haven’t decided how it should handle the collection of sales taxes for purchases made through its site, two people who have talked with them said.

OpenAI started adding checkout features inside ChatGPT late last year, selling some goods inside the app from merchants that use commerce services like Etsy or Shopify. Those firms handle the processing of the transactions, including most of the work around sales taxes. For its shopping expansion to really take off, however, ChatGPT would likely need to list a wider range of goods, including big brands, potentially forcing it to handle more of the transaction processing itself—including the collection of sales taxes.

That could mean building its own capabilities to collect and remit taxes, as well as adding tax compliance staff. And if OpenAI does build a significant shopping business down the road, it could be the target of state audits. Other online firms have been hit with assessments on prior periods when states have decided they should be collecting sales taxes.

The tax questions are part of broader hurdles for OpenAI as it tries to turn shopping into a meaningful source of revenue from ChatGPT’s mostly nonpaying users. The company’s early efforts have required it to confront some of the unglamorous details of online retail, such as standardizing product data in a way AI can reliably understand, and it has leaned on other commerce firms including Shopify and Etsy to make that process smoother.

Marketplace facilitator tax laws, adopted by dozens of U.S. states over the past decade, often require apps that connect buyers and sellers to collect and remit sales taxes even if the apps don’t own the inventory, depending on how the sale is structured. Marketplaces sell many other retailers’ wares across a wide variety of products, whereas individual retailers, like a luggage brand or footwear seller, have a more limited focus.

Amazon and other large marketplaces have spent years arguing over when marketplaces, as opposed to individual sellers, must collect sales taxes. States, meanwhile, have increasingly pushed that responsibility onto marketplaces through court rulings.

Online marketplaces need to master thousands of sometimes shifting tax rules across states. For instance, different states might tax apparel at different rates based on whether the item is considered a necessity or a luxury good, or might offer tax holidays or breaks on items below a certain price level. Big marketplaces are also a prime target for state audits due to their size.

“Most importantly, they just need to understand what the tax implications are,” said Michael Wasser, a managing director at EY focused on state and local taxes, who was speaking about AI firms’ commerce tax strategies in general. “And from our perspective, it’s always wise to understand that before you do it, so that we’re not in a position of trying to help a client once they’re already in hot water.”

OpenAI says in its terms of service that merchants are the ones ultimately facilitating transactions and are responsible for the sales they make through ChatGPT. But state marketplace tax laws supersede those designations, and they often focus in part on how much control an app has over collecting payments, where the rules can be murky.

To be considered a marketplace, “in most instances, they have to be involved in some way in processing payments—collecting payments directly or indirectly is how most states phrase it,” Wasser said. “‘Indirectly’ is a fairly ambiguous term. So there’s a lot of negotiation, a lot of speculation as to where those lines are.”

Ultimately, state determinations will likely come down to how exactly any AI app structures its commerce and payments business. “The devil’s really in the details, just in terms of how each business model is set up,” Wasser said.

Payments Possibilities

Though those tax issues remain an open question inside OpenAI, the company has also already started making changes in how its payments are set up that could give it a greater role in online transactions.

So far, online payment giant Stripe has provided all of OpenAI’s payment infrastructure, including storage of sensitive data like credit card numbers. But in recent weeks, OpenAI struck a deal with a new software vendor to store payment data on secure external servers not tied to a specific payment firm, two people familiar with the vendor discussions said.

That change brings OpenAI slightly deeper into payments in a subtle, behind-the-scenes way. Though an external firm is storing the card data, OpenAI would receive a masked version of the payment information through a process known as tokenization, which it would then pass on to merchants, the people said.

The switch will likely take place before the end of the first quarter, one of the people said.

Moving the card data to an independent card storage provider would also make it easier for OpenAI to bring on merchants that use a wider range of processors beyond Stripe, such as large independent retailers. Currently, the merchants selling through ChatGPT can only receive payments processed through Stripe. In practice, for now that means merchants that also use Etsy and Shopify with Stripe handling the payments.

By separating card storage from Stripe, OpenAI will also be able to potentially work with a wider range of firms to process the payments it collects for software sales, including the recurring subscription fees it charges ChatGPT users, which could help it bring down costs and boost margins. Stripe also currently handles all of OpenAI’s billing and payments for sales of its own software, but OpenAI is weighing bringing in other processors once it has completed the move, one of the people said.

If OpenAI uses more payment processors, Stripe could end up getting a smaller slice of the billions OpenAI plans to collect from its subscription business, including the more than $25 billion in subscription revenue it has projected for next year. Stripe didn’t have a comment.

Adding more payment processors is a natural progression for many companies as they grow. But that would still be a blow for Stripe, which specializes in helping developers set up online payments easily and has gained a significant foothold in the market by getting in early with firms like Shopify and Instacart.

FT : The shingles vaccine may have a dementia upside

The shingles vaccine may have a dementia upside
Research suggests it could prevent and slow the progress of cognitive decline

The shingles vaccine could, at a stretch, be labelled an accidental blockbuster. It does its intended job of fending off the varicella-zoster virus, which causes both chickenpox and shingles, but a growing body of evidence hints it also protects against dementia, particularly among women.

Over the past year, data from separate vaccine rollouts in Wales, Australia, Canada and the US suggests it can delay the onset of dementia, slow down its progress and cut the risk of death among those already diagnosed. Despite the vaccine being aimed at the over-50s, the 39-year-old researcher leading some of the analyses is so convinced by the data that he has had the jab himself.

Pascal Geldsetzer, assistant professor of medicine at Stanford University, is now trying to set up a clinical trial to prove it is cause and effect, not mere correlation. “It’s extremely exciting because this is an inexpensive one-off intervention, not a medication that has to be taken every day or an exercise and diet regimen you have to stick to for decades,” he told me.

The unexplained connection between shingles vaccination and lowered dementia risk matters for several reasons: it highlights the power of “natural studies”, which harness mass observational data; it shows how repurposing vaccines and therapies can offer hope where novel offerings are falling short; it implicates viruses in neurodegenerative diseases; and it reveals the potential wider gains of vaccination at a time when public confidence is wobbling.

The studies focus mostly on the Zostavax vaccine, a live attenuated form of the varicella-zoster virus (in many countries, Zostavax has now been superseded by the more effective Shingrix vaccine). The virus causes chickenpox in childhood and can reactivate later to cause shingles, a painful rash that can have long-term effects including hearing loss and blindness. Older people and those with weakened immune systems are most at risk.

In 2013, Wales rolled out Zostavax to those aged 70-79 on September 1. The cut-off meant that anyone turning 80 after that date could get jabbed but everyone older, even by one day, never became eligible.

As Geldsetzer puts it, that policy created “these beautiful comparison groups. If you take 1,000 people born one week, and compare them to 1,000 people born a week later, there shouldn’t be anything [systematically] different between them except for their probability of getting the shingles vaccine.”

The two groups in Wales, comprising over 280,000 people, did show a striking difference over the next seven years: the vaccine-eligible group were 20 per cent less likely to receive a dementia diagnosis. Eric Topol, a US researcher who writes the Ground Truths medical blog, surveyed the evidence and concluded recently: “If this vaccine was a drug and reduced Alzheimer’s by 20 per cent, it would be considered a major breakthrough.” One study published last month in The Journals of Gerontology even suggested a link with slower biological ageing.

It is unclear why women benefit more than men and unknown whether the dementia advantage comes from keeping the shingles virus battened down or from a more general vaccine-induced polishing of the immune system. It could be both. Research from 2024 showed that the newer Shingrix vaccine and RSV vaccine are both linked to an even greater reduction of dementia risk, attributed to an immune-boosting ingredient. One theory is that the vaccines somehow reduce inflammation, which might otherwise prime brain cells to go rogue or reactivate viruses. It is unclear, though, how these findings relate to people who have already had shingles, nor whether a jab would lower their dementia risk.

Geldsetzer is now looking to fund a clinical trial on Zostavax to answer those questions and as a step towards regulatory approval. In November, the Alzheimer’s Society, together with scientists at the University of Exeter, also identified Zostavax as a promising candidate.

The UK recently announced plans to lower the age of eligibility for Shingrix to 60; the UK Health Security Agency said vaccine advisers do weigh up off-target benefits and had noted the link. Topol thinks over-50s should consider it. Zostavax, meanwhile, is out of patent. You can’t help but hope that this (relatively) cheap shot — with potentially profound implications for patients, medicine and future dementia research — is on the money.

>>> Europe : Brokers Upgrades & Downgrades - 10th of February 2026 V3(++)

>>> Up
* Aixtron Raised to Buy at Jefferies; PT 27 euros
* Arkema Raised to Buy at Goldman; PT 71 euros
* Aspo Raised to Buy at Evli Bank; PT 8.50 euros (+)
* Evonik Raised to Buy at Goldman; PT 18 euros
* Huddled Group Issued 40.3M Shares at 1.75p Each Via Subscription
* Lanxess Raised to Neutral at Goldman; PT 23 euros
* Nykode Therapeutics Raised to Buy at ABG; PT 4.50 kroner
* Palantir Raised to Buy at Daiwa; PT $180
* Sobi Raised to Outperform at BNP Paribas; PT 475 kronor
* Sobi ADRs Raised to Outperform at BNP Paribas; PT $27
* Symrise Raised to Buy at Goldman; PT 83 euros
* Thomson Reuters Raised to Outperform at RBC; PT C$170.82
* UniCredit Raised to Overweight at Morgan Stanley; PT 95.50 euros

>>> Down
* 1&1 Cut to Neutral at UBS; PT 27.60 euros
* AB InBev Cut to Hold at ING; PT 66.20 euros
* Biotalys Cut to Accumulate at KBC Securities; PT 5.10 euros (+)
* Bittium Cut to Sell at OP Corporate Bank; PT 30 euros (++)
* Coloplast Cut to Hold at Equita; PT 500 kroner (+)
* Clariant Cut to Sell at Goldman; PT 8 Swiss francs
* E.On Cut to Hold at Berenberg; PT 18.10 euros (+)
* E.On ADRs Cut to Hold at Berenberg; PT $21.40 (+)
* Estee Lauder Cut to Hold at HSBC; PT $106
* Faron Pharma Cut to Reduce at Inderes
* Givaudan Cut to Sell at Goldman; PT 2,900 Swiss francs
* Ilkka Oyj Cut to Reduce at Inderes; PT 4 euros
* IONOS Group SE Cut to Neutral at UBS; PT 28 euros
* Jungfraubahn Cut to Add at Baader Helvea; PT 320 Swiss francs
* Lea Bank Cut to Hold at Pareto Securities; PT 17 kronor (++)
* Linde Cut to Hold at DZ Bank; PT $460 (++)
* Merck KGaA: Downgrade to Hold at Deutsche Bank
* Nordex Cut to Neutral at Citi; PT 37 euros
* Novartis Cut to Hold at DZ Bank; PT 127 Swiss francs (++)
* S&U Cut to Add at Peel Hunt; PT 2,460 pence (+)
* Safestore Cut to Reduce at Kepler Cheuvreux (+)
* Shurgard Cut to Hold at Kepler Cheuvreux (+)
* Umicore Cut to Neutral at Goldman; PT 21 euros

>>> Initiation
* ACS: Structural growth at peak multiples - Initiate with HOLD at Deutsche Bank, PT 86.70
* AUTO1 Rated New Sell at Dr. Kalliwoda Equity Research
* Byggmastare Anders Rated New Accumulate at Inderes; PT 66 kronor (+)
* Cicor Tech Rated New Buy at Berenberg; PT 180 Swiss francs (+)
* Drax Rated New Neutral at Goldman; PT 947 pence
* Eco Animal Health Rated New Buy at Cavendish; PT 150 pence (+)
* James Fisher Reinstated Buy at Singer Capital Markets (++)
* Mitchells & Butlers Assumed Buy at Deutsche Bank; PT 325 pence (+)
* Technip Energies Reinstated Neutral at UBS; PT 35 euros
* Titania Holding Rated New Buy at Arctic Securities; PT 15 kronor

>>> Call
* Aixtron Surges as Jefferies Upgrades ‘Underappreciated AI Play’ (++)
* Bechtle Shares Extend Drop as DZ Bank Lowers PT on 2026 Outlook
* Drax Rated New Neutral at Goldman on Data Center Upside Risks (++)
* Lanxess Leads Europe Chemical Gains as Goldman Goes Pro-Cyclical (++)
* Nordex Cut to Neutral From Buy at Citi as ‘Bar High After Rally’ (+)
* Thomson Raised to Outperform at RBC After Last Week’s Slump (++)
* Thule Stock Should Rise as Beat Looks Supportive, Says Jefferies(+)
* *UBS WEALTH STRATEGISTS DOWNGRADE S&P 500 IT SECTOR TO NEUTRAL (++)
* UniCredit Upgraded at Morgan Stanley Amid Target Increases (+)
* United Internet Drops After UBS Downgrades 1&1 and Ionos Group (++)

>>> Ferrari beats by €0.05, beats on revs (336.13)

Ferrari beats by €0.05, beats on revs (336.13)
  • Reports Q4 (Dec) earnings of €2.14 per share, excluding non-recurring items, €0.05 better than the FactSet Consensus of €2.09; revenues rose 3.8% year/year to €1.8 bln vs the €1.77 bln FactSet Consensus.
  • Shipments of 3,152 units, down 173 units.
  • " ... Demand for Ferrari remains very solid and is managed with discipline in every market reflecting our exclusivity model: our order book extends towards the end of 2027. We remain true to our identity: forward-looking and defined by our will to progress".