(Michael M. Santiago/Getty Images) |
|
|
A luxury electric vehicle maker set a new Guinness World Record after one of its cars traveled 749 miles on a single charge, beating out last month’s record set by a Mercedes-Benz that traveled 649 miles. Who is the new world record holder? |
Check your answer.
The S&P 500 was modestly lower and the Nasdaq 100 marginally higher on Tuesday, while small caps made back some of Monday’s big losses with a 0.7% gain. The difference between the high and low price for the S&P 500 relative to Monday’s close was just 0.4%, the smallest range since Valentine’s Day and the second-narrowest of the year so far. |
|
|
- The actual terms of the deal specify that someone who owns one share of Core Scientific will receive 0.1235 shares of CoreWeave when the transaction goes through, currently slated for the fourth quarter. That fixed ratio means those fractional shares of CoreWeave would be worth $20.40 at the time of the announcement.
- Alas, it’s not so simple. As of yesterday afternoon, CoreWeave was trading at about $154.30, with Core Scientific around $14.40. Applying the fixed exchange ratio, Core Scientific “should” be trading at about $19.06.
-
Normally, this is where you’d expect merger arbitrageurs to step in and remedy this massive discrepancy. Buy Core Scientific, short CoreWeave, and profit once the deal goes through.
|
|
|
The devil is always in the details. In sum, Core Scientific’s management hitched their wagon to CoreWeave to trade at a premium; put themselves in a position for downward pressure on the company’s stock, possibly lowering the ultimate value they’ll get for selling; and left seemingly no practical way for shareholders or potential shareholders to arb this away for a while.
|
|
|
These days, it feels like everyone’s talking about crypto. And it might sound like rocket science. But it doesn’t have to. If you’re curious about crypto and not sure where to begin, try Grayscale.
Grayscale has been educating investors on crypto for over a decade. Their deep expertise in managing crypto investment products means they can help you understand the basics of blockchain or dive deeper into smart contracts, NFTs, and more.
Learn more at grayscale.com/crypto-journey. Grayscale. Invest in your share of the future.1 Investing involves risk and possible loss of principal. |
|
|
So far, President Trump’s tariffs have spared the pharmaceutical industry, but the threat remains. Just yesterday, Trump raised the possibility of an eye-popping 200% tariff on imported drugs “very soon,” a figure that would put many patients at risk of not being able to afford critical medications. Of course, Trump also said the companies would have “a year, year and a half” before those tariffs would go into effect.
In any case, it appears Eli Lilly isn’t taking any chances with its top revenue driver: |
- Lilly’s blockbuster diabetes and weight-loss shots, Mounjaro and Zepbound, are made in Ireland.
- Nearly all of the imports for that category since 2018 had a final destination of Indiana, where Lilly is based.
-
And as of this May, the US has imported nearly 3x as many peptides and protein-based hormones (the category that GLP-1s fall under) from Ireland as it did in 2024, as you can see in this stunning chart.
|
|
|
Shortages of weight-loss meds may not seem like the most pressing issue, but for the big players, they’re huge profit drivers that have also shown promise in areas like treating addiction and sleep apnea, among others. Additionally, Eli Lilly and Novo Nordisk, the maker of Ozempic, also want to avoid their popular meds falling back into the “shortage” categorization that allowed companies like Hims & Hers to sell copycat drugs. That not only ate into profits but also turned into a messy public breakup for some involved.
|
|
|
Grindr has decided to build a side hustle selling pills — very specific pills that appeal particularly to their audience. The clue of what it’s selling comes from the new name of its telehealth brand: Woodwork. And unlike the first ads of the ’90s, which used a former GOP presidential candidate to promote a little blue pill, Grindr’s ads are not afraid to lean into lumberjack-coded models holding logs in suggestive places.
See the ad-volution. |
|
|
Yesterday’s Big Daily Movers |
|
|
|