>>> Caribou Biosciences announces positive results from its ongoing ANTLER phase

Caribou Biosciences announces positive results from its ongoing ANTLER phase 1 clinical trial evaluating vispacabtagene regedleucel, an allogeneic anti-CD19 CAR-T cell therapy, in patients with relapsed or refractory B cell non-Hodgkin lymphoma (2.42)
  • Data demonstrate efficacy and durability of vispa-cel, an allogeneic anti-CD19 CAR-T cell therapy, are on par with autologous CAR-T cell therapies in the confirmatory cohort (N=22) and with longer-term follow-up on patients who received optimized vispa-cel (N=35).
    • 82% ORR, 64% CR rate, 51% PFS at 12 months in patients prospectively enrolled in partial HLA matching confirmatory cohort (N=22).
    • 86% ORR, 63% CR rate, 53% PFS at 12 months in patients who received vispa-cel with an optimized profile (N=35).
  • Vispa-cel is generally well-tolerated, allowing for administration in the outpatient setting.
  • Data highlight vispa-cel's potential as best-in-class allogeneic CAR-T cell therapy for LBCL.
  • Conference call and webcast scheduled for today at 8:00 am ET

>>> uniQure received feedback from the U.S. Food and Drug Administration during

uniQure received feedback from the U.S. Food and Drug Administration during a recent pre-Biologics License Application meeting regarding AMT-130, an investigational gene therapy for Huntington’s disease (67.69)
  • Though final meeting minutes have not yet been received, based on the discussions at the meeting, uniQure believes that the FDA currently no longer agrees that data from the Phase I/II studies of AMT-130 in comparison to an external control, as per the prespecified protocols and statistical analysis plans shared with the FDA in advance of the analyses, may be adequate to provide the primary evidence in support of a BLA submission. This is a key shift from prior communications with the FDA in multiple Type B meetings over the past year. Consequently, the timing of the BLA submission for AMT-130 is now unclear.
  • uniQure expects to receive final minutes within 30 days of the meeting and plans to urgently interact with the FDA to find a path forward for the timely accelerated approval of AMT-130.
  • The FDA granted AMT-130 Breakthrough Therapy designation based upon data from the Phase I/II studies compared to external controls in April 2025 and Regenerative Medicines Advanced Therapy designation in May 2024.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • HKD -7.8%, VERX -4.6%, BRKR -3.7%, BCRX -3.1%, MSEX -2.7%, KOS -2.5%, SPR -1.3%, KRYS -1.3%, AXSM -1.2%
Other news:
  • ALVO -23.3% (receives FDA Complete Response Letter for AVT05 Biosimilar Application; lowers FY25 revs guidance)
  • KMB -14.1% (Kenvue to be acquired by Kimberly-Clark Corporation (KMB) in cash/stock deal)
  • TMQ -3.8% (files mixed securities shelf offering)
  • CAAS -3.7% (subsidiary Hubei Henglong Automotive Systems Group signed a strategic cooperation memorandum of understanding with KYB-UMW Sdn Bhd in Malaysia) CMS -2.3% (proposes offering of $750 million of convertible senior notes due 2031)
  • CVI -1.5% (files mixed securities shelf offering)
  • IMAX -1.5% (proposes convertible senior notes offering for the partial refinancing of outstanding 2026 notes, working capital, share repurchases or other general corporate purposes)
  • CRBG -1% (CFO resigns)
  • SO -0.9% (plans to sell 35 million equity units in a public offering)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • LQDA +11.2%, MD +9%, CMPO +8.3%, FRPT +7.7%, IDXX +7.6%, TGTX +6.2%, FUBO +4.5%, ARES +2.1%, BNTX +2%, NSSC +1.9%, KTB +1.8%, AMG +1.7%, BRK.B +0.9%
Other news:
  • CRBU +74.8% (to host webcast to report new data updates from two allogeneic CAR-T Cell Therapy programs in Lymphoma and Multiple Myeloma)
  • BNTC +34.6% (provides positive interim clinical study results for BB-301 Phase 1b/2a clinical trial and receives FDA Fast Track Designation for BB-301)
  • IREN +23.3% (secures $9.7 billion AI cloud contract with Microsoft)
  • KVUE +21.6% (Kenvue to be acquired by Kimberly-Clark Corporation (KMB) in cash/stock deal; KVUE beats by $0.02, misses on revs; reaffirms FY25 EPS guidance)
  • ECX +13% (secures up to $150 million to advance strategic growth initiatives and strengthen liquidity)
  • WULF +5.9% (announces closing of $1.025 billion 0.00% convertible notes offering; co intends to use the net proceeds to fund a portion of the cost of construction of a data center campus in Abernathy, Texas and for general corporate purposes)
  • CIVI +3.8% (SM Energy and Civitas Resources (CIVI) announce $12.8 billion all-stock merger)
  • IDCC +3% (wins injunction against Disney (DIS) in German patent case)
  • MOLN +2.9% (to present updated data from Phase 1/2a trial of MP0533 in AML at ASH Annual Meeting)
  • HCM +2.3% (highlights pipeline and business progress at R&D Updates Event)
  • APLD +2.2% (files for 1,035,197 share common stock offering by selling shareholders)
  • UAN +1.9% (files mixed securities shelf offering)
  • OBIO +1.8% (files for 8,027,890 share common stock offering by selling shareholders)
  • SM +1.8% (SM Energy and Civitas Resources (CIVI) announce $12.8 billion all-stock merger; also reported earnings)
  • WLK +1.5% (files mixed securities shelf offering)
  • NIO +1.5% (Oct deliveries)
  • XPEV +1.2% (Oct deliveries)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • CRBU +140.1%, KVUE +22.2%, IREN +21%, LQDA +10.3%, MD +7.2%, FRPT +6.9%, IDXX +5.6%, CIVI +5.2%, WULF +4.6%, SM +3.2%, CMPO +3.2%, BNTX +2.9%, IDCC +2.5%, HCM +2.2%, OBIO +1.8%, WLK +1.7%, APLD +1.5%, NIO +1.4%, MOLN +1.3%, BRK.B +1.3%, ECX +1.2%, UAN +1.1%, XPEV +1.1%, L +1.1%, BLTE +0.9%, TS +0.9%, ARES +0.9%
  • Gapping down:
    • ALVO -23.3%, KMB -17.8%, CAAS -3.7%, NAT -3.3%, HKD -3.1%, TMQ -2.7%, MSEX -2.7%, KOS -2.5%, CVI -1.5%, IMAX -1.5%, SPR -1.3%, SO -1.2%, CRBG -1%, BTBT -0.8%

>>> Kenvue to be acquired by Kimberly-Clark Corporation (KMB) in cash/stock deal

Kenvue to be acquired by Kimberly-Clark Corporation (KMB) in cash/stock deal; KVUE beats by $0.02, misses on revs; reaffirms FY25 EPS guidance (14.37)
  • Kimberly-Clark Corporation (KMB) and Kenvue (KVUE) announced an agreement under which Kimberly-Clark will acquire all of the outstanding shares of Kenvue common stock in a cash and stock transaction that values Kenvue at an enterprise value of approximately $48.7 billion, based on the closing price of Kimberly-Clark common stock on October 31, 2025.
  • Under the terms of the agreement, which has been unanimously approved by each company's Board of Directors, Kenvue shareholders will receive $3.50 per share in cash as well as 0.14625 Kimberly-Clark shares for each Kenvue share held at closing, for a total consideration to Kenvue shareholders of $21.01 per share, based on the closing price of Kimberly-Clark shares as of October 31, 2025. Upon closing of the transaction, current Kimberly-Clark shareholders are expected to own approximately 54% and current Kenvue shareholders are expected to own approximately 46% of the combined company on a fully diluted basis.
  • Total anticipated run-rate synergies of $2.1 Billion; expected to be accretive to KMB"s adjusted EPS by year 2.
  • Attractive financial profile. Based on current projections, the combined company would generate 2025 annual net revenues of approximately $32 billion and approximately $7 billion of adjusted EBITDA. Strong execution and synergy realization will position the combined company to achieve an industry-leading growth and financial profile. Kimberly-Clark is committed to maintaining a robust credit profile consistent with its current rating, with significant financial flexibility to drive strategic capital investment for long-term growth.
  • Clear path to strong cost and revenue synergies. Kimberly-Clark and Kenvue have identified approximately $1.9 billion in cost synergies and approximately $500 million in incremental profit from revenue synergies, partially offset by reinvestment of approximately $300 million. The cost synergies are expected to be captured in the first three years following closing, and the revenue synergies are expected to be captured within four years post close. Kimberly-Clark expects $2.5 billion of cash costs to achieve these synergies, invested within the first two years post close.
  • Compelling value creation for all shareholders. The transaction is expected to deliver immediate value creation to Kenvue shareholders from $6.8 billion in upfront cash consideration. The enhanced financial profile of the pro forma company is expected to deliver compelling value to all shareholders. The total consideration represents an acquisition multiple of approximately 14.3x Kenvue's LTM adjusted EBITDA2 or 8.8x including expected run-rate synergies of $2.1 billion, net of reinvestment.
  • As part of the transaction, Kimberly-Clark has received committed financing from JPMorgan Chase Bank, N.A. and intends to fund the cash component of the transaction consideration through a combination of cash from its balance sheet, proceeds from new debt issuance, and proceeds from the previously announced sale of a 51% interest in its International Family Care and Professional ("IFP") business.
  • The transaction is expected to close in the second half of 2026, subject to the receipt of Kenvue and Kimberly-Clark shareholder approvals, regulatory approvals and satisfaction of other customary closing conditions. As part of Kimberly-Clark's evaluation of this transaction, the Company carefully considered all risks and opportunities, working with some of the world's foremost scientific, regulatory, legal and other experts.
  • KVUE Reports Q3 (Sep) earnings of $0.28 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.26; revenues fell 3.5% year/year to $3.76 bln vs the $3.82 bln FactSet Consensus.
  • KVUE reaffirms guidance for FY25, sees EPS of $1.00-1.05, excluding non-recurring items, vs. $1.03 FactSet Consensus. KVUE Net sales and Organic sales are expected to be down low-single-digits, assuming approximately neutral impact from foreign currency translation. Adjusted operating income margin is expected to decline year-over-year.

>>> Europe : Brokers Upgrades & Downgrades - 3rd of November 2025 V3(++)

>>> Up
* A2A Raised to Overweight at Morgan Stanley; PT 3.25 euros
* Allianz Raised to Buy at BofA; PT 410 euros (++)
* Apple PT Raised to $250 from $220 at HSBC
* Apple Raised to Buy at GF Securities; PT $308
* BP PT Raised to 525 pence from 475 pence at Citi
* BP Raised to Outperform at Grupo Santander; PT 520 pence
* Cisco Raised to Buy at UBS; PT $88 (++)
* DNO Raised to Buy at SB1 Markets; PT 15 kroner
* Dunelm Raised to Outperform at RBC; PT 1,300 pence
* Fuchs Raised to Buy at mwb research AG; PT 45 euros (++)
* Italgas PT Raised to 10.50 euros from 9 euros at RBC
* Kion PT Raised to 71 euros from 64 euros at JPMorgan
* Linde Raised to Buy at Seaport Global Securities; PT $500 (++)
* Mercedes Raised to Buy at DZ Bank; PT 64 euros
* Meta Raised to Buy at Accountability Research; PT $855 (++)
* Netflix Raised to Buy at President Capital Management; PT $1,300
* Netflix Raised to Outperform at KGI Securities; PT $1,350 (++)
* Nvidia PT Raised to $350 from $250 at Loop Capital (++)
* Raiffeisen Raised to Reduce at AlphaValue/Baader
* Richemont Raised to Buy at HSBC; PT 190 Swiss francs
* Sage Group Raised to Hold at Canaccord; PT 1,100 pence (+)
* SocGen Raised to Buy at Kepler Cheuvreux; PT 61.90 euros (++)

>>> Down
* Alma Media Cut to Hold at Nordea
* Bechtle Cut to Add at AlphaValue/Baader
* FLSmidth Cut to Hold at Nordea
* Frasers Group Cut to Sector Perform at RBC
* Fugro Cut to Sell at Van Lanschot Kempen; PT 7.30 euros (+)
* Italgas Cut to Neutral at Grupo Santander; PT 10 euros
* Marimekko Cut to Hold at Nordea
* Pennon Cut to Neutral at Citi; PT 542 pence
* Redeia Cut to Neutral at Mediobanca SpA; PT 17 euros
* Rigetti Computing Cut to Neutral at B Riley; PT $42
* Solaria Energia Cut to Underweight at Morgan Stanley
* Strategy PT Cut to $535 from $620 at TD Cowen

>>> Initiation
* Cie Financiere Rated New Neutral at Oddo BHF
* Helvetia Reinstated Buy at Kepler Cheuvreux; PT 236 Swiss francs (++)
* Meds Apotek Rated New Buy at ABG; PT 64 kronor
* MFE Rated New Overweight at JPMorgan; PT 5.80 euros
* Rheinmetall Rated New Buy at Rothschild & Co Redburn (+)
* Snowflake Rated New Outperform at GuoSen
* Swiss Life Reinstated Hold at Kepler Cheuvreux (++)

>>> Call
* A2A Upgraded at Morgan Stanley on Data Center Optionality
* Allianz Shares Gain as BofA Upgrades on Attractive Valuation (++)
* Cie Financiere Tradition Fundamentals Priced In, Oddo is Neutral
* Dunelm Set For Growth Acceleration, Raised to Outperform at RBC (+)
* FLSmidth Slides as Nordea Cuts to Hold on Transition (++)
* Nestle Shares Discount Too Much Risk, Raised to Buy at Berenberg
* Solaria Energia Cut at Morgan Stanley, Little Margin for Error
* JPMorgan Stock Strategists See Further Upside to AI Capex (++)

SCMP : Chariots of wire: China flexes humanoid robot muscle at National Games wi

Chariots of wire: China flexes humanoid robot muscle at National Games with torch relay
Kuavo is the latest humanoid to carry the torch for China’s robotics ambitions, running 100 metres to pass the baton at the National Games


In a world first, China has taken further strides in showcasing its prowess in robotics and artificial intelligence after a humanoid robot completed a torch relay segment with lifelike running movements.

The 1.47-metre-tall biped, named Kuavo, ran about 100 metres while holding a 1.6kg torch in its right hand.

It received the flame from retired badminton champion Yu Yang at Shenzhen’s Civic Centre on Sunday and passed it to the next runner, Wang Yuning, a local high school student with a passion for rocket science.

The event formed part of the 2025 National Games torch relay, which spans Guangzhou, Shenzhen, Hong Kong and Macau, and features 200 participants drawn from sports, education and technology circles.
While this was not the first time robots have joined a games relay, none of the previous displays could hold a torch to Kuavo.

A bipedal machine featured at the 2018 Winter Olympics in South Korea’s Pyeongchang, but its role was largely a controlled demonstration – walking briefly and cutting through a wall on cue.

Robots were showcased at the Tokyo 2021 Olympic relay and the Beijing 2022 Winter Olympics – the first using a wheeled design and the second an underwater model – however, neither matched Kuavo’s advanced autonomy, stability or motion control.

Kuavo was developed by Shenzhen-based start-up Leju Robot, part of a new generation of Chinese firms pushing humanoid design towards real-world application.

Leju chief executive Chang Lin told state broadcaster CCTV that the robot relied on the 5G-Advanced network for communication during the relay and ran fully autonomously, with no human operator nearby.

Leju vice-president Ke Zhendong said engineers had fine-tuned the robot’s load-balancing algorithm to keep its centre of gravity stable during running, counteracting the extra weight of the torch, according to the 21st Century Business Herald newspaper.

The company is now preparing for an initial public offering (IPO) on a mainland stock exchange, with Orient Securities acting as its adviser. It aims to complete its listing preparations by June 2026, according to a filing with regulators.

Its move follows that of industry leader Unitree Robotics, which plans to file IPO documents by the end of this year.

Last week, Unitree founder Wang Xingxing and AgiBot co-founder Peng Zhihui joined an advisory board of the Shanghai Stock Exchange, underscoring Beijing’s growing interest in nurturing its domestic robotics champions.

China’s robotics industry has been extending its reach into sports.

In September, Beijing hosted the inaugural World Humanoid Robot Games, attracting 280 teams from 16 countries to compete in 26 events from sprinting to gymnastics and football. Earlier this year, the capital also staged the world’s first half-marathon featuring humanoid robot participants.