One company lit a fire under its shares with a repurchase plan, another stunned investors with a metastasis disappearing for nearly a year, while a biotech approval dream collapsed under the weight of a brutal second FDA rejection.

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Markets
Wall Street turned red on Tuesday as JPMorgan slid and dragged bank stocks lower, wiping out early gains. Even with slightly cooler inflation data, investors stayed cautious ahead of more earnings and as near-term Fed rate cuts still look unlikely.
DJIA [-0.80%]
S&P 500 [-0.19%]
Nasdaq [-0.10%]
Russell 2k [-0.13%]

Market-Moving News
Healthcare
Why Coverage, Not Science, Is the New Battleground

Amgen (NASDAQ: AMGN) is making a calculated move deeper into obesity care, not by launching a new drug, but by attacking the market’s most stubborn constraint, patient access.
The company has entered into a research collaboration with Ro to study how insurance rules, prior authorization requirements, and reimbursement gaps shape real-world access to GLP-1 obesity treatments across the U.S.
This is not a symbolic partnership. It is Amgen acknowledging a reality many drugmakers prefer to ignore.
If you qualify medically but cannot get coverage, the therapy might as well not exist.
Access Becomes Strategy
Using Ro’s large-scale telehealth data, Amgen will map where patients drop out of the treatment funnel and why.
That insight feeds directly into how future obesity drugs are developed, priced, and positioned with payers.
When you think about the next generation of obesity therapies, access design now matters as much as efficacy curves.
Why This Separates Amgen From the Pack
Most competitors are racing to be first to market or best in class. Amgen is preparing for what happens after approval, when insurers, employers, and regulators decide who actually gets treated.
Obesity is becoming a systemic problem, not just a molecular problem, and Amgen is choosing to solve the system early.
This move signals long-term thinking in a market that is about to get crowded, politicized, and far more cost-sensitive.

Banking
From Regional Giant to Full-Service Contender

U.S. Bancorp (NYSE: USB) just made one of its most consequential strategic moves in years, agreeing to acquire BTIG, a Wall Street brokerage and investment bank, in a deal valued at up to $1 billion in cash and stock.
This is not about headlines or deal volume. It is about repositioning.
By bringing BTIG in-house, U.S. Bancorp is expanding well beyond its traditional strengths in consumer, commercial, and payments banking and stepping decisively into capital markets where relationships, reach, and credibility matter.
Fee Engines Beat Rate Cycles
BTIG adds investment banking, institutional trading, equity research, and prime brokerage, all fee-driven businesses that behave very differently from spread-based banking.
If you have followed how banks smooth earnings through cycles, you know diversification like this reduces dependence on interest rates and makes revenue more durable.
This deal allows U.S. Bancorp to offer advice, underwriting, trading, and balance-sheet support under one roof.
You do not need to be a banker to see why that matters. When strategic conversations start earlier, the bank already in the room tends to win more wallet share.
Execution Risk Stays Contained
This is not a cold acquisition. U.S. Bancorp and BTIG have worked together for more than a decade, lowering integration risk and speeding execution.
This move signals that U.S. Bancorp is no longer content being labeled a strong regional bank. It wants to compete as a more complete financial institution, and this deal marks the start of that shift.

Unexpected Asset (Sponsored)
Warren Buffett is holding a record $325 billion in cash — not by choice, but because traditional value has vanished.
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Defense
Why $1B From Washington Changes Everything

L3Harris Technologies (NYSE: LHX) just secured one of the most consequential forms of backing a defense contractor can receive, a $1 billion U.S. government commitment to support the expansion of its rocket motor business.
The funding supports L3Harris’ plan to carve out its missile propulsion unit into a new, publicly listed company expected to debut in 2026.
That unit produces rocket motors for Patriot, THAAD, Tomahawk, and Standard Missile systems, hardware that now sits at the center of modern deterrence strategy.
Capacity Becomes National Security
Demand for missile propulsion has surged faster than global capacity can respond.
By stepping in directly, the U.S. government is prioritizing speed, reliability, and domestic control.
If you have been watching defense procurement closely, you can see the shift. Washington is no longer just buying equipment; it is shaping the industrial base behind it.
Why This Elevates L3Harris
L3Harris will retain majority control of the new entity, keeping it tightly linked to its broader defense portfolio while unlocking focused investment and execution.
You do not need to follow defense stocks daily to understand the advantage here.
Long-term volume visibility, reduced execution risk, and preferred supplier status are competitive edges that compound over years, not quarters.
And when you think about where future defense dollars flow, companies embedded this deeply into national priorities tend to stay there.

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Top Winners and Losers
Tryhard Holdings Limited [THH] $55.05 (+138.31%)
TryHard jumped after announcing a $10M share repurchase program, signaling confidence in its valuation and future cash flow.
Briacell Therapeutics Corp [BCTX] $10.92 (+43.12%)
BriaCell surged after reporting a durable complete resolution of a lung metastasis lasting 11 months in its Bria-OTS breast cancer study.
TTM Technologies [TTMI] $93.15 (+19.59%)
TTM Technologies jumped as investors positioned ahead of its Needham Growth Conference presentation, fueling momentum in the AI-linked hardware trade.

Atara Biotherapeutics, Inc [ATRA] $4.37 (-25.68%)
Atara extended losses after the FDA issued a second Complete Response Letter for EBVALLO, unexpectedly rejecting the single-arm ALLELE study as insufficient for accelerated approval.
Passage Bio Inc [PASG] $14.27 (-20.32%)
Passage Bio slid after CEO William Chou sold stock, fueling investor concern about insider confidence following the recent run-up.
Wealthfront Corp [WLTH] $10.47 (-16.84%)
Wealthfront dipped after reporting its first post-IPO earnings as investors reacted to rising expenses and softer profitability metrics, despite revenue growth.

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Setup Taking Shape (Sponsored)
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Everything Else
WTI is trading at its widest discount to Brent in eight months as expectations build for more Venezuelan crude hitting the U.S.
Strive is buying Semler Scientific in an all-stock deal, basically paying for the company’s bitcoin stash.
Wall Street slipped after JPMorgan warned a credit card rate cap could sting banks harder than advertised.
Oil jumped 3 percent after Trump scrapped talks with Iran, putting geopolitics back in the driver’s seat.
Boeing’s comeback is gaining altitude, posting its strongest annual jet deliveries since 2018.

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Elite Trade Club
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