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Estee Lauder is considering a takeover bid for Puig's Class B shares at 18-19 euros per share, according to sources. The potential deal, first announced in March, would create the world's largest premium beauty player by combining major brands including Tom Ford, Carolina Herrera, and Clinique. Negotiations continue with financial and governance issues still to be resolved.

• The proposed bid values Puig's Class B shares at 18-19 euros per share
• A merger would unite premium brands such as Tom Ford, Carolina Herrera, Rabanne, Jean Paul Gaultier, and Clinique under one company
• Financial and governance issues remain unresolved as negotiations between the two cosmetics companies continue

Wall Street opened lower on Wednesday, with the Dow falling 92 points and the S&P 500 down 0.18%, as investors awaited a Federal Reserve policy decision and major earnings reports from Big Tech companies including Amazon, Meta, Microsoft, and Alphabet. The cautious tone was amplified by surging oil prices above $104 per barrel amid escalating Iran tensions and questions about the sustainability of AI investments.

• The Fed's meeting is expected to keep rates unchanged and marks Chair Jerome Powell's likely final appearance before Kevin Warsh's succession, with markets watching for inflation commentary amid rising energy costs
• Oil prices surged over 4% (WTI above $104, Brent past $116) on reports of a US blockade on Iranian ports, adding pressure to inflation concerns
• Individual stock moves were sharp: Robinhood fell 12% on missed profit expectations, while NXP Semiconductors jumped 23% on strong guidance and Starbucks gained 6.1% after raising its annual profit forecast

AbbVie reported better-than-expected first quarter results on April 29, driven by strong sales of immunology drugs Skyrizi and Rinvoq, which are compensating for declining revenue from Humira following its 2023 patent expiration. The company raised its full-year earnings forecast as it successfully navigates the transition away from its former blockbuster drug.

• Skyrizi sales reached $4.48 billion (up 30.9% year-over-year) and Rinvoq sales hit $2.12 billion (up 23.3%), both exceeding analyst estimates, while Humira sales plunged 38.6% to $688 million due to biosimilar competition
• AbbVie's neuroscience portfolio revenue surged 26% to $2.88 billion, with Botox Therapeutic crossing $1 billion in quarterly sales for the first time
• The company raised its full-year adjusted earnings forecast to $14.08-$14.28 per share and reported Q1 revenue of $15 billion versus estimates of $14.72 billion

Regeneron Pharmaceuticals exceeded first-quarter profit and revenue estimates on April 29, driven by strong sales of its eczema drug Dupixent and cancer drug Libtayo. The results offset competitive pressures facing its blockbuster eye drug Eylea, which has encountered competition from cheaper alternatives and rival treatments.

• Dupixent sales surged 33% to $4.88 billion, beating analyst estimates of $4.59 billion, as the drug remains the highest prescribed biologic among U.S. dermatologists and pulmonologists
• Total Eylea sales fell 10% to $941 million due to competition, though the higher-dose Eylea HD version saw 52% growth to $468 million as Regeneron attempts to transition patients
• Total quarterly revenue reached $3.61 billion versus $3.49 billion expected, with adjusted profit of $9.47 per share, and the board authorized a new $3 billion share buyback program

Pfizer announced on April 29 that its blood cancer drug Elrexfio met the primary endpoint in a late-stage trial for multiple myeloma patients who received at least one prior treatment. The drug demonstrated clinically meaningful improvement in progression-free survival compared to standard care, potentially expanding its current FDA accelerated approval for more heavily pre-treated patients. Elrexfio generated $304 million in sales in 2025.

• Elrexfio currently has FDA accelerated approval for multiple myeloma patients with at least four prior treatment lines; the successful trial tested it in earlier-line patients (one or more prior treatments)
• The drug showed clinically meaningful improvement in progression-free survival versus standard care, though overall survival data was not yet available at interim analysis
• Multiple myeloma represents 1-2% of all cancers with over 32,000 new U.S. cases annually; Elrexfio recorded $304 million in 2025 sales

AstraZeneca will invest £300 million ($405 million) in the UK, Prime Minister Keir Starmer announced on Wednesday. This marks a reversal after the drugmaker previously pulled back projects in Britain, including plans in Cambridge, citing concerns about the business environment.

• The investment comes from Britain's largest company and represents a significant commitment after AstraZeneca had scaled back UK projects last year
• AstraZeneca had previously cited the business environment as a reason for pulling back, including abandoning investment plans at its Cambridge life sciences hub
• The announcement signals improved confidence in the UK's business climate under the current government

Cognizant Technology forecast third-quarter revenue below Wall Street expectations due to cautious client IT spending amid macroeconomic uncertainty. The company expects Q3 revenue of $5.45-$5.52 billion versus analyst estimates of $5.56 billion, while also trimming its full-year revenue outlook. The New Jersey-based IT services firm reported first-quarter revenue growth of 5.8% to $5.41 billion, meeting expectations.

• Cognizant reduced its annual revenue forecast to $22.11-$22.64 billion from prior expectations of $22.14-$22.66 billion, citing challenged discretionary spending and ongoing cost optimization efforts pressuring deal sizes
• The company launched 'Project Leap' in Q2 to accelerate its shift to an AI-driven model, expecting $200-$300 million in savings by 2026 but incurring $230-$320 million in restructuring charges primarily for workforce reductions
• Health sciences unit revenue of $1.58 billion missed estimates of $1.66 billion, while Financial Services led performance with the CEO noting sustained bookings momentum despite the complex macroeconomic environment

Italian pharmaceutical company Chiesi Group will acquire U.S.-listed KalVista Pharmaceuticals for approximately $1.9 billion in an all-cash deal, marking Chiesi's largest acquisition ever. The transaction strengthens Chiesi's rare disease portfolio, particularly with KalVista's oral treatment for hereditary angioedema, and expands its U.S. commercial presence. The deal is expected to close in Q3 2026 pending regulatory approvals.

• Chiesi will launch a tender offer at $23 per share, representing a premium to KalVista's $19.24 closing price on Tuesday
• The acquisition brings EKTERLY (sebetralstat), an oral on-demand treatment for hereditary angioedema, which will help Chiesi reach its 2030 revenue targets from a 2025 base of 3.6 billion euros
• Both companies' boards have unanimously approved the transaction, with Lazard advising Chiesi and Centerview Partners advising KalVista

Etsy exceeded first-quarter revenue expectations on April 29, reporting $631 million in marketplace revenue versus the $620.9 million analyst estimate. The online marketplace benefited from increased active buyers and higher spending per purchase, driven by lower-priced goods that appealed to inflation-conscious consumers. The company remains largely insulated from tariff pressures as about 90% of its sellers source supplies domestically.

• Gross merchandise sales rose 5.5% year-over-year to $2.5 billion, with GMS per buyer increasing 2%
• Etsy sold its Gen Z fashion resale platform Depop to eBay for nearly $1.2 billion in February
• The company forecast second-quarter GMS between $2.48 billion and $2.53 billion, while AI-driven traffic is growing rapidly but remains in low single digits

Italy's state lender Cassa Depositi e Prestiti (CDP), which owns approximately 19% of payments group Nexi, has stated it has no plans to sell its stake in the company. This position comes as private equity firm CVC Capital is reportedly in early stages of exploring a bid to take Nexi private.

• CDP controls its 19% Nexi stake through its unit CDP Equity and has had no contact with CVC regarding a potential transaction
• CVC Capital is in preliminary stages of considering a take-private bid for the Italian payments group
• The state lender's opposition to divesting could complicate any privatization efforts by CVC

Biogen cut its full-year profit forecast on April 29 due to acquisition-related charges from its recent purchase of Apellis Pharmaceuticals, though first-quarter earnings beat expectations. The company is focusing on newer Alzheimer's and rare-disease treatments to offset declining revenue from legacy multiple sclerosis drugs. The Apellis acquisition is expected to establish Biogen's presence in the kidney disease treatment market.

• Biogen expects 2026 adjusted profit of $14.25-$15.25 per share, below analyst expectations of $15.04 per share
• Leqembi Alzheimer's drug sales rose 74% year-over-year to $168 million, significantly exceeding analyst estimates of $131.03 million
• First-quarter adjusted earnings of $3.57 per share and revenue of $2.48 billion both topped expectations of $2.26 billion in revenue

SpaceX is preparing for what could be the largest IPO on record with a possible $1.75 trillion valuation, according to Reuters' review of its confidential pre-IPO prospectus. The filing reveals ambitious plans spanning AI data centers, lunar industries, and Mars colonization, but also discloses financial losses, heavy reliance on CEO Elon Musk, and significant risks around unproven technologies.

• SpaceX claims a total addressable market of $28.5 trillion (exceeding U.S. GDP), but lost money last year and faces questions about commercial viability of moon/Mars projects and orbital data centers
• The company's growth strategy depends critically on scaling its Starship rocket, which has faced explosive test failures and regulatory delays, with any setbacks potentially limiting execution of expansion plans
• SpaceX identifies Musk's leadership as an existential risk, noting he holds four titles, controls the board, and has compensation tied to targets as high as $7.5 trillion valuation and settling one million people on Mars

U.S. President Donald Trump and top officials met with oil and gas executives, including Chevron CEO Mike Wirth, at the White House on Tuesday to discuss energy issues amid ongoing Iran tensions, according to an Axios report. The meeting included Treasury Secretary Scott Bessent and key envoys, covering topics such as domestic production, Venezuela progress, oil futures, natural gas, and shipping.

• Senior attendees included White House Chief of Staff Susie Wiles, Treasury Secretary Scott Bessent, and envoys Steve Witkoff and Jared Kushner
• Discussion topics ranged from domestic energy production and oil futures to natural gas, shipping, and developments in Venezuela
• The meeting occurs as the administration addresses energy fallout related to Iran, though Reuters could not immediately verify the Axios report

Oil prices surged on Wednesday with Brent crude topping $115 per barrel and WTI climbing above $103 as President Trump threatened to extend the U.S. blockade of Iranian ports, raising fears of prolonged disruption through the Strait of Hormuz. The rally marks Brent's seventh consecutive positive session amid an ongoing U.S. and Israeli-led war against Iran that began February 28. Energy markets also reacted to the UAE's unexpected decision to exit OPEC.

• Brent crude futures rose 3.5% to $115.13 per barrel while WTI futures climbed 3.7% to $103.69, with WTI gaining more than 49% since the Iran conflict started on February 28
• Trump plans to intensify economic pressure by preventing shipping to and from Iranian ports, deepening concerns about disruption through the strategically vital Strait of Hormuz
• The UAE's exit from OPEC is viewed as eroding the group's oil market influence, though analysts say near-term price drivers remain focused on Persian Gulf developments and potential resumption of flows through Hormuz

China's independent refiners continue importing Iranian oil despite fresh U.S. sanctions, though purchases are slowing due to severely negative refining margins of minus $77 per ton. Chinese teapots buy approximately 90% of Iran's oil shipments, importing a record 1.8 million barrels per day in March, but worsening economics and Iranian oil prices flipping from discount to premium are eroding demand.

• Chinese refining margins hit a one-year low at minus 530 yuan ($77.50) per metric ton as government-regulated fuel prices lag crude cost increases
• Iranian Light oil prices shifted from discount to premium versus ICE Brent for the first time, reducing buyer appetite for previously discounted barrels
• U.S. imposed sanctions on Hengli Petrochemical, one of China's largest independent refineries, though an estimated 140-155 million barrels of Iranian oil remain in transit outside the blockade zone

President Donald Trump threatened Iran via Truth Social on Wednesday with an AI-generated image of himself holding a gun, demanding the country 'get smart soon' on signing a non-nuclear deal. The post comes amid a blockaded Strait of Hormuz and stalled negotiations, with Iran proposing to reopen the strait in exchange for lifted U.S. port blockades while postponing nuclear talks.

• Trump canceled planned U.S. negotiator travel to Pakistan last weekend, stating 'we have all the cards' and Iran must come to the U.S. if they want to talk
• Oil futures rose sharply after the post, with WTI up 2.82% to $102.75 and Brent up 3% to $114.62, amid supply concerns following UAE's announced OPEC exit on May 1
• The White House rejected Iran's proposal to separate the Strait reopening from nuclear negotiations and was expected to return with a counteroffer

Finland's Kone has agreed to acquire German rival TK Elevator for €29.4 billion ($34.4 billion), creating the world's largest elevator maker in one of Europe's biggest recent takeover deals. The transaction, combining two century-old companies, is expected to generate €700 million in annual synergies but faces potential antitrust challenges.

• The deal will overtake U.S. and Swiss competitors to create the global elevator industry leader, with estimated annual synergies of €700 million
• TK Elevator was acquired by private equity firms Advent and Cinven for approximately €17 billion in 2020 after separating from Thyssenkrupp
• Competitor Schindler has indicated it is prepared to challenge the merger before antitrust authorities due to competitive concerns

The European Commission has charged Meta Platforms with violating the Digital Services Act, alleging Facebook and Instagram fail to adequately prevent children under 13 from using their platforms. The charges follow a two-year investigation, with findings showing 10-12% of children under 13 in Europe use these services despite age restrictions. Meta faces potential fines of up to 6% of global annual turnover if found guilty.

• The EU found that 10-12% of children under 13 in Europe currently use Facebook and Instagram, despite Meta's stated age restrictions
• Meta must change its risk assessment methodology and strengthen measures to detect and remove minors from its platforms
• Violations of the Digital Services Act can result in fines up to 6% of a company's global annual turnover

Lloyds Banking Group reported a 33% increase in first-quarter profit to 2 billion pounds ($2.70 billion), surpassing analyst expectations of 1.84 billion pounds. The British lender achieved this growth by increasing lending income and reducing operating costs, and confirmed it remains on track to meet full-year performance targets.

• Statutory profit before tax reached 2 billion pounds for January-March, up from 1.52 billion pounds in the same period last year
• Results exceeded the average analyst estimate of 1.84 billion pounds, representing a significant beat on expectations
• Profit growth was driven by higher lending income combined with operating cost reductions

British luxury carmaker Aston Martin reported a narrower first-quarter loss and secured a new funding deal worth 50 million pounds ($67.52 million) from its top investor. The announcement signals improved financial performance and continued investor support for the struggling automaker.

• Aston Martin's Q1 loss decreased compared to the previous period, showing operational improvement
• The company secured £50 million ($67.52 million) in new funding from its lead investor
• The funding injection provides additional liquidity as the luxury carmaker works to strengthen its financial position