>>> Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F f

Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F filing: New COLD UNP GPC positions, Added to QSR ELV, Exited VSAT AMCR ICLR, Cut GOOG WCC CRH WTW
Highlights from Q3 2025 filing as compared to Q2 2025 (all amounts are approximate):
  • New: COLD (3.6 mln shares), UNP (1.5 mln), GPC (1.4 mln)
  • Increased: QSR (8.25 mln shares from 4.1 mln shares), ELV (1.3 mln from 0.6 mln), EXP (940K from 676K), FERG (1.16 mln from 1.13 mln)
  • Maintained: FIS (3.8 mln shares), DG (2.7 mln)
  • Exited: VSAT (from 9.2 mln shares), AMCR (5.5 mln) ICLR (0.4 mln)
  • Decreased: GOOG (1.9 mln shares from 2.6 mln shares), WCC (1.5 mln from 2.2 mln), CRH (3.4 mln from 3.8 mln), WTW (1.1 mln from 1.3 mln)

>>> US After Hours Summary: STUB -20.3%, WYFI -11.9%, AMAT -4.3%, GLOB -3% lower

After Hours Summary: STUB -20.3%, WYFI -11.9%, AMAT -4.3%, GLOB -3% lower on earnings; WBD +3% on review of strategic alternatives following bids; UAA +1% expands restructuring plan

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: TOI +19.8% (also co-develops 'touchless' AI automation), OWLT +13.2%, OMER +13.1%, BZH +8%, FIGR +5.5% (also confidential submission of draft registration statement for proposed public offering of tokenized stock), REKR +4.5%, NMAX +2%

Companies trading higher in after hours in reaction to news: RNAC +5.1% (Phase 2 trial data of Descartes-08), GPRO +3.3% (CEO/Founder makes $2 mln investment), WBD +3% (initiates review of strategic alternatives; PARA, CMCSA and NFLX preparing bids for WBD, according to WSJ), ANGX +2.3% (animated musical DAVID earns nearly $3 mln), AMRX +2.1% (FDA approves its iohexol injection), CHRS +1.6% (files for $150 mln mixed securities shelf offering), UAA +1% (provides operating data; expands 2025 restructuring plan; to separate Curry Brand from Under Armour, ending partnership), CYBR +0.8% (CYBR shareholders vote to approve deal with PANW), HOOD +0.6% (October data), DRS +0.5% (Thailand Army contract win), DG +0.3% (names new COO), PCG +0.2% (announces EV collaboration), AAL +0.2% (Appaloosa takes new stake), NOC +0.2% (awarded a $303.6 mln Air Force contract), AII +0.1% (assumes 7,087 policies), INTC +0.1% (Appaloosa exits stake), TRC +0.1% (CEO issues letter), LMT +0.1% (awarded a $453.96 mln modification to Air Force contract)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: TSSI -34.5%, STUB -20.3%, CV -13.4%, WYFI -11.9%, BHST -9.5%, AMAT -4.3%, GLOB -3%

Companies trading lower in after hours in reaction to news: FOSL -13.8% (files for $150 mln mixed securities shelf offering), VSTM -8.6% (stock offering), PROF -4.6% (files for $150 mln mixed securities shelf offering), GRAL -2.6% (files mixed shelf offering; also files for offering by selling security holders), TRVI -2.5% (files mixed securities shelf offering), NBTX -1.3% (announces advancements for its next-wave Curadigm Nanoprimer platform), EL -1% (makes minority investment in Mexican luxury fragrance brand), CP -0.8% (new labor deal), ORCL -0.3% (Appaloosa exits stake), CMCSA -0.2% (PARA, CMCSA and NFLX preparing bids for WBD, according to WSJ), GD -0.2% (GD expands collaboration with Google Public Sector), BDTX -0.2% (files for $500 mln mixed securities shelf offering), SAIC -0.1% (organization restructuring, including consolidation of five groups into three), MODG -0.1% (expands license agreement with Perry Ellis), AMD -0.1% (Appaloosa takes new stake), DJT -0.1% (Jane Street Group discloses 3.7% stake)

FT : Aston Martin chair explored buyout of carmaker with Saudi fund

Aston Martin chair explored buyout of carmaker with Saudi fund
Canadian billionaire Lawrence Stroll discussed a deal with PIF for struggling luxury auto group

Aston Martin chair Lawrence Stroll has explored a deal with Saudi Arabia’s sovereign wealth fund to take the UK luxury carmaker private, as the struggling group seeks to raise additional funding amid expanding losses.  

The discussions between the Canadian billionaire and the Public Investment Fund, which is already Aston Martin’s second-largest shareholder with a 17 per cent stake, were in the early stages, according to three people with knowledge of the discussions.

Stroll led a £540mn rescue package in 2020, promising to restore Aston Martin’s place as “one of the pre-eminent luxury car brands in the world”. Despite repeated fundraising and multiple changes of leadership, the company continues to be saddled with high debt and has issued two profit warnings this year as sales declined.

Shares in Aston Martin are down 99 per cent since its disastrous initial public offering in London in 2018.

In a statement to the Financial Times, Aston Martin said the company was “not in talks with PIF about being taken private”.

Earlier this year, Aston Martin raised £52.5mn by selling 75mn new shares to Stroll’s consortium, which increased its stake in the group to 33 per cent from 28 per cent. China’s Geely and Germany’s Mercedes-Benz also own stakes in the carmaker. 

Stroll last year brought in Adrian Hallmark as chief executive in the hope that he would replicate the turnaround he engineered at Bentley when he ran the Volkswagen-owned luxury car brand.

Since then, the company has come under pressure from the global trade war unleashed by US President Donald Trump. It issued its second profit warning for the year in early October, also blaming a slower than expected rollout of its hybrid Valhalla supercar model and sluggish demand in China following Beijing’s tax crackdown on the super-rich. 

For the July to September quarter, Aston Martin’s operating loss doubled from a year earlier to £56.1mn while its net debt increased 14 per cent to £1.4bn, as the group was hit by US tariffs and weak demand in China. It had a free cash outflow of £415mn for the first nine months of the year.


In an interview in March, Stroll said his additional investment in Aston Martin earlier this year was a demonstration of his “unwavering support” but analysts had questioned whether he was seeking to reduce his exposure owing to the group’s failure to generate steady cash and profits. 

PIF has struggled with its other automotive investments. It spent $1bn in US electric-car maker Lucid in 2018 but has been forced to pour in billions more into the start-up as it made heavy losses and burnt cash in developing its vehicles.  

Lucid also has a deal to supply its electric vehicle power train and battery systems to Aston Martin, although the launch of the UK carmaker’s first electric car has been pushed back until the early 2030s.

The PIF is seeking to build an EV manufacturing hub in Saudi Arabia as part of the kingdom’s wider plans to diversify its economy away from dependence on oil revenues.

The fund has also signed a deal with China’s Foxconn to launch its own local EV brand called Ceer, and launched a joint venture with Korea’s Hyundai Motor to build cars in the same location at King Abdullah Economic City on the Red Sea coast.

The PIF declined to comment. Stroll did not immediately respond to a request for comment. 

The Information : Waymo Speeds Up

Waymo Speeds Up

Next time you’re barreling down a highway and you get stuck behind someone driving at the speed limit, don’t honk or flash your lights. It might be a Waymo self-driving car! The Alphabet-owned robotaxi business announced Wednesday that its cars will now drive on freeways in the San Francisco Bay Area, Los Angeles and Phoenix, a major advance for the service. It’s a reminder that, while Elon Musk makes extravagant promises about the potential of Tesla’s robotaxi service, Waymo is actually living the dream.

Waymo has been operating in all three cities for quite a while, in addition to Atlanta and Austin, Texas, where its cars are available on the Uber service. It plans to expand to Dallas, Denver, Washington, Nashville, Tenn., Miami, San Diego and London next year, with several of those new markets operating through partners such as Avis or Lyft. That expansion should drastically accelerate the already rapid growth in paid rides. On Tuesday, Guggenheim Securities published a report partly based on new California DMV data estimating that Waymo had 4.3 million monthly rides overall in the third quarter, up from 3.5 million in the second quarter.

Can Tesla catch up? It still hasn’t taken a human safety driver out of its cars, although Musk said recently he hopes to remove that person from its cars in parts of Austin in the coming months. And as my colleague Theo Wayt reported recently, Tesla hasn’t yet applied for the permits required for robotaxi service in a couple of states where it plans to begin offering service soon. Presumably by some point in 2026, Tesla will expand the markets where it offers robotaxi service, perhaps without a human safety driver, putting it on an equal footing with Waymo. But by that point, the Alphabet-owned unit could be operating in even more markets.

Musk has a lot of incentive to make Tesla’s robotaxi a success. To collect his full $1 trillion pay package, Tesla has to put a million Tesla robotaxis into commercial operation. Anecdotally, the Tesla self-driving experience is on a par with Waymo’s, at least according to AI researcher Andrej Karpathy (a onetime top Tesla AI executive), who posted his views today on X. It’s possible Tesla could gain market share by undercutting Waymo on fares: Waymo’s cars, including the self-driving tech, are costly to produce—see this story for details. That translates into higher fares compared with Uber, at least. That should change soon, given that Waymo last year struck a deal to incorporate Hyundai vehicles in its fleet, which should bring down costs compared to the current Jaguar vehicles it currently uses. Then again, Tesla’s own studies suggest its robotaxi might never be profitable.