REIT Rallies 301% after Court Ruling 🚀

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

Stocks ended Thursday’s session with mixed results. The Dow and S&P 500 slid lower, while the Nasdaq managed to eke out a thin gain. The Russ2K also fell on the session.

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Market-Moving News 📈

Bank of America Probed for Sharing Insider Information with Indian Investors

Bank of America [BAC] is under investigation following allegations from a whistleblower that its Asian division shared nonpublic information with investors before a stock sale in India.

This practice, known as "front running," gives certain investors an unfair advantage, potentially leading to significant profits. Documents reviewed by The Wall Street Journaldetail these claims.

India Stock Sale Under Scrutiny 🇮🇳
The allegations center around a $200 million stock sale involving Aditya Birla and Sun Life. Bankers allegedly informed investors via WhatsApp before the deal went public. Such actions are illegal in India and violate the bank’s internal policies.

More Deals Questioned 🔍
The complaint also highlights concerns over other transactions, including a $500 million IPO for FirstCry and a $300 million rights offering for PNB Housing Finance. The whistleblower claims similar practices were involved, casting a wider shadow on the bank’s operations.

Internal Investigation Launched 🧐
Bank of America has hired Clifford Chance and J. Sagar & Associates to investigate. Lawyers have already started interviewing key staff involved in the deals. While the bank says it’s taking the claims seriously, no evidence has been found to support the allegations so far.

Transportation Department Investigates Airline Loyalty Programs ✈️

The U.S. Transportation Department is intensifying its investigation into the loyalty programs of the four largest U.S. airlines. American Airlines [AAL], Delta [DAL], Southwest [LUV], and United [UAL] are being asked to provide records on practices that the department says may be unfair or deceptive, particularly in how they manage reward points and fare transparency.

Key Issues Highlighted 📊
The probe focuses on several concerns: sudden changes to the value of points, a lack of transparency in pricing, fees associated with redeeming or transferring rewards, and the potential reduction of competition due to airline mergers. These practices, the department argues, may make it more difficult and expensive for consumers to redeem their points.

Airlines Respond to the Inquiry 💬
Transportation Secretary Pete Buttigieg emphasized the need for transparency, stating that these programs often allow airlines to unilaterally change the value of rewards.

Airlines for America, representing the carriers, argued that loyalty programs encourage competition. Delta and Southwest have stated that they will cooperate with the inquiry, with Southwest noting that its Rapid Rewards points do not expire.

Financial Impact and Consumer Frustration 💸
Frequent flier programs are a critical revenue stream for airlines, generating billions annually. However, many travelers have mixed feelings about these programs.

While they provide valuable perks and free flights for loyal customers, changes in redemption rules and fluctuating point values often cause frustration. The Transportation Department has been looking into these issues for months and has met with 11 airlines as part of a broader review.

Verizon Strikes $9.6 Billion Deal to Reacquire Frontier’s Fiber Network

Verizon [VZ] has agreed to reacquire fiber-optic lines from Frontier Communications [FYBR] in a $9.6 billion all-cash deal. This transaction, which includes debt, values the deal at $20 billion. The purchase will return to Verizon many of the assets it sold to Frontier back in 2016, expanding its reach across 25 states and adding over 2 million fiber connections. This acquisition positions Verizon to serve a combined 10 million fiber-optic customers.

Strategic Fiber Expansion 🌐
By integrating Frontier’s network, Verizon plans to expand its fiber reach to 30 million locations by 2026. This move bolsters Verizon’s standing in broadband and strengthens its consumer base, particularly in regions where it already offers its Fios fiber services. According to Verizon’s consumer-division chief Sowmyanarayan Sampath, combining broadband and mobility creates added value for both the company and its customers.

Competition Heats Up 🔥
The deal comes as Verizon faces increased competition from both traditional telecom rivals like AT&T and T-Mobile and cable-TV companies offering low-priced wireless services. Frontier’s CEO, Nick Jeffery, hailed the acquisition as a “vote of confidence for the future of fiber.” Verizon will now need to balance the cost of this acquisition alongside its existing financial commitments, including its $45 billion investment in 5G spectrum.

Frontier’s Transformation 📈
This acquisition is a reversal for Frontier, which bought Verizon’s assets in 2016 but later struggled financially, filing for Chapter 11 bankruptcy in 2020. After restructuring, Frontier focused on building a next-generation fiber network. The deal also follows pressure from activist investor Jana Partners, which urged Frontier to explore strategic options, including a sale. With the backing of major investors like Ares Management and Cerberus Capital, Frontier has now come full circle in its journey.

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Wheeler REIT [WHLR] $4.14 (+301%)
rallied after a US Court of Appeals affirmed the dismissal of a punitive case against the company.

Eastside Distilling [EAST] $1.44 (+89.4%)
signed a merger agreement with Beeline Financial Holdings, a privately-held mortgage technology company.

Hoth Therapeutics [HOTH] $1.26 (+77.4%)
plans to expand a first-in-human phase 2a study of HT-001 for skin toxicities related to epidermal growth factor receptor inhibitors.

Singularity Future [SGLY] $2.48 (+63.1%)
pulled back after rallying for several days, despite no news to explain the sudden reversal.

Big Tree Cloud [DSY] $4.12 (+33.0%)
suffered a sudden pullback after closing higher for the past eight consecutive trading session.

Baiyu [BYU] $1.01 (+32.6%)
continued to trade lower after suffering massive losses in Wednesday’s session.

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Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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