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Saab supplies products and services for military, defense, and civil security. The company operates in four segments: aeronautics, dynamics, surveillance, and Kockums. Aeronautics involves the manufacturing and support of defense and commercial aerial systems. Dynamics produces combat weapons and defense training and management systems. Surveillance supplies security services, and creates traffic management technology and aviation parts. Kockums offers solutions for naval missions. Over three fourths of Saab's sales are from the defense sector. The company sells to multiple geographic regions, but over half of its sales come from Europe.

Saab AB

<a href="https://www.astrazeneca.com/media-centre/press-releases/2025/statistically-significant-clinically-meaningful-batura-phase-iii-trial-provide-evidence-airsupra-standard-care-as-needed-rescue-treatment-asthma.html" title="https://www.astrazeneca.com/media-centre/press-releases/2025/statistically-significant-clinically-meaningful-batura-phase-iii-trial-provide-evidence-airsupra-standard-care-as-needed-rescue-treatment-asthma.html">https://www.astrazeneca.com/media-centre/press-releases/2025/statistically-significant-clinically-meaningful-batura-phase-iii-trial-provide-evidence-airsupra-standard-care-as-needed-rescue-treatment-asthma.html</a>

Biotech

News

General

AstraZeneca Announces Statistically Significant And Clinically Meaningful BATURA Phase III Trial Results Provide New Evidence For Airsupra As Standard Of Care For As-Needed Rescue Treatment In Asthma; Says Airsupra Demonstrated A 47% Reduction In The Risk Of Severe Exacerbations In Mild Asthma Compared With Albuterol Alone

Since late December 2024, there's been a renewed buzz around Japanese equities. Major institutions like JP Morgan, BlackRock, and several hedge funds have been increasing their exposure to Japanese Equities. However, when we apply the Adhishthana Principles our proprietary system, the picture looks far less bullish than popular sentiment would suggest.
While fund inflows and near-term outperformance have indeed supported the Nikkei 225, our readings indicate that this might be premature optimism. According to the Adhishthana model, Japanese equities may not offer compelling long-term upside until late 2028 or early 2029.
<h3 class="wp-block-heading">What the Adhishthana Principles Reveal</h3>
<figure class="wp-block-image aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1200" height="542" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050720/NIKKEI-Chart.png" alt="NIKKEI 225 Adhishthana Weekly Chart" class="wp-image-13055" style="width:788px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050720/NIKKEI-Chart.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050720/NIKKEI-Chart-300x136.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050720/NIKKEI-Chart-1024x463.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050720/NIKKEI-Chart-768x347.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">Fig. 1 NIKKEI 225 Weekly Chart</figcaption></figure>
When we ran the Adhishthana cycles on the weekly Nikkei 225 chart, we found the index currently in Phase 11 (C11) of the standard 18-cycle Adhishthana framework. Since it corrected below its C10 midpoint, this implies the peak creation of Himalayan Ascent is already complete. Depending on how C12 unfolds, which begins on August 4, 2025, we anticipate a sell-off rather than a breakout, supporting a more cautious stance.
Looking at the monthly chart, the Nikkei is currently in Phase 5 (C5). While Phase 1 through 4 aligned with the model, Phase 5 has deviated, particularly since it failed to test the Phase 4 low of 24,681. This break in adherence to the model&#8217;s progression suggests a lack of confirmation for sustained bullish momentum.
As per the monthly cycle, we recommend avoiding major exposure until Phase 6 completes its first 24 bars on January 31, 2029. Post that we'll have the Level of Nirvana, giving us a clearer long-term picture.
<h3 class="wp-block-heading">Nikkei 225 Constituents Reflect Similar Weakness</h3>
<figure class="wp-block-image aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="928" height="568" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051817/Adhishthana-Dash.png" alt="Adhishthana Dashboard" class="wp-image-13061" style="width:562px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051817/Adhishthana-Dash.png 928w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051817/Adhishthana-Dash-300x184.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051817/Adhishthana-Dash-768x470.png 768w" sizes="(max-width: 928px) 100vw, 928px" /></figure>
A deeper look at key Nikkei components validates the broader caution:
<figure class="wp-block-image aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1200" height="644" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050836/Fast-Retailing.png" alt="Fast Retailing Adhishthana Weekly Chart" class="wp-image-13056" style="width:783px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050836/Fast-Retailing.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050836/Fast-Retailing-300x161.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050836/Fast-Retailing-1024x550.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050836/Fast-Retailing-768x412.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">Fig. 2 Fast Retailing Co Ltd. Weekly Chart</figcaption></figure>
Fast Retailing is in Phase 13 of 18. While the bullish move from May 2022 was fueled by "The Adhishthana Himalayan Formation," the structure's ascent is now achieved. Until Phase 14 concludes, the risk-reward is not compelling.
<figure class="wp-block-image aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1200" height="620" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050943/Tokyo-electron.png" alt="Tokyo Electron Adhishthana Weekly Chart" class="wp-image-13057" style="width:805px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050943/Tokyo-electron.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050943/Tokyo-electron-300x155.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050943/Tokyo-electron-1024x529.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19050943/Tokyo-electron-768x397.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">Fig. 3 Tokyo Electron Weekly Chart</figcaption></figure>
Tokyo Electron, also in Phase 13, failed to break its Phase 11 high during Phase 12. This typically signals limited upside in the current phase. 
<figure class="wp-block-image aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1200" height="574" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051109/Advantest-corp.png" alt="Advantest Adhishthana Weekly Chart" class="wp-image-13058" style="width:801px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051109/Advantest-corp.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051109/Advantest-corp-300x144.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051109/Advantest-corp-1024x490.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051109/Advantest-corp-768x367.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">Fig. 4 Advantest Corp Weekly Chart</figcaption></figure>
Advantest Corp is in Phase 3, a Yajna formation cycle, which explains its correction since January 27. We expect mild bullish behavior only until November 24, 2025, before a new assessment is required. 
<figure class="wp-block-image aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1200" height="568" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051207/Softbank-Group-Corp.png" alt="SoftBank Group Corp Adhishthana Weekly Chart" class="wp-image-13059" style="width:807px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051207/Softbank-Group-Corp.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051207/Softbank-Group-Corp-300x142.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051207/Softbank-Group-Corp-1024x485.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051207/Softbank-Group-Corp-768x364.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">Fig. 5 SoftBank Group Corp Weekly Chart</figcaption></figure>
SoftBank is likewise in Phase 13. We're avoiding exposure here until July 27, 2025, awaiting clarity in Phase 14. 
<figure class="wp-block-image aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1200" height="509" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051250/Kiddi-Corporation.png" alt="Kiddi Corporation Adhishthana Weekly Chart" class="wp-image-13060" style="width:825px;height:auto" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051250/Kiddi-Corporation.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051250/Kiddi-Corporation-300x127.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051250/Kiddi-Corporation-1024x434.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/05/19051250/Kiddi-Corporation-768x326.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><figcaption class="wp-element-caption">Fig. 6 Kiddi Corporation</figcaption></figure>
KDDI Corp, in Phase 11, may still be in the early stages of a Himalayan formation, but we're advising clients to wait until the phase concludes due to expected near-term corrections. We expect a sell-off sometime towards the end of Phase 11 or the onset of Phase 12. 
<h3 class="wp-block-heading">Strategic Portfolio Guidance</h3>
Combining weekly and monthly outlooks, and correlating individual component phases back to the Nikkei index, the Adhishthana model does not support increasing exposure to Japanese equities at this stage. Our next key portfolio checkpoint is February 21, 2027, when Weekly Phase 14 on the Nikkei completes. The critical long-term signal arrives on February 1, 2029, when the Nirvana level will be identified on the monthly charts. Which will guide our exposure for the next 40 years.&nbsp;
Despite the institutional push, many of our clients are using the current strength to reduce, not increase, their Japanese equity positions. The Adhishthana Principles suggest caution at current levels.&nbsp;

Asia

Equities

Global

Opinion

Why Institutional Optimism On Japanese Equities Could Be Mistimed

WIIM

ZIM Integrated Shipping Services shares are trading higher after the company reported Q1 financial results and beat its EPS and revenue estimates.

Morgan Stanley analyst Bob Huang maintains Ryan Specialty Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RYAN#NYSE">RYAN</a>) with a Overweight and raises the price target from $78 to $80.

Price Target

Analyst Ratings

RYAN

Morgan Stanley Maintains Overweight on Ryan Specialty Hldgs, Raises Price Target to $80

Sunrun shares are trading lower amid reports that the company may face an earlier end to its tax credits.

Citigroup analyst Scott Gruber maintains Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) with a Neutral and raises the price target from $42 to $44.

Citigroup Maintains Neutral on Occidental Petroleum, Raises Price Target to $44

KT-621, a potent, selective, oral STAT6 degrader, demonstrated comparable or superior activity to dupilumab in a newly disclosed preclinical chronic asthma model reversing disease progression
KT-621 Phase 1 healthy volunteer SAD/MAD trial completed with data to be reported in June 2025
KT-621 BroADen Phase 1b trial in moderate to severe atopic dermatitis (AD) ongoing with data expected in 4Q25
Two parallel Phase 2b trials in AD and asthma planned to start in 4Q25 and 1Q26, respectively
WATERTOWN, Mass., May 19, 2025 (GLOBE NEWSWIRE) -- <a href="https://www.globenewswire.com/Tracker?data=ir2Vj3zElLJx9JDnLlTWpeimwJd7lWvFMeJkbQr8yOO6owzBCJ2VXguG4rKo_PAs-xh4iCoaY9LNaw9cv8sC8udiq6Zrjaq2_uZ5CTlMRY8=">Kymera Therapeutics, Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KYMR#NASDAQ">KYMR</a>), a clinical-stage biopharmaceutical company advancing a new class of oral small molecule degrader medicines for immunological diseases, today announced the presentation of additional preclinical data for KT-621, its potent, selective, oral STAT6 degrader and the first STAT6 targeted medicine to enter clinical development. The new asthma efficacy mouse model data showed both prevention of disease progression as well as reversal of established disease, building upon the compelling preclinical characterization of KT-621 as a potential once daily, oral treatment for asthma and other Th2 allergic and atopic diseases. These data were presented at the American Thoracic Society (ATS) International Conference being held May 16-21, 2025, in San Francisco, CA.

KYMR

Kymera Therapeutics Presents Addl Preclinical Data For KT-621, Oral STAT6 Degrader At American Thoracic Society International Conference

TECX

Tectonic Therapeutics shares are trading higher after the company announced it presented full Phase 1b results for TX45.

CTMX

CytomX Therapeutics shares are trading higher after the company announced it dosed its first patient in the Phase 1 study of CX-801 plus KEYTRUDA.

Accenture (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) has outperformed the market over the past 20 years by 5.73% on an annualized basis producing an average annual return of 14.05%. Currently, Accenture has a market capitalization of $199.93 billion. 
Buying $1000 In ACN: If an investor had bought $1000 of ACN stock 20 years ago, it would be worth $14,285.59 today based on a price of $319.14 for ACN at the time of writing.
<h3>Accenture's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1747671311_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

$1000 Invested In Accenture 20 Years Ago Would Be Worth This Much Today

Citigroup analyst Scott Gruber maintains California Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>) with a Neutral and raises the price target from $36 to $44.

Citigroup Maintains Neutral on California Resources, Raises Price Target to $44

Wall Street's <a href="https://www.benzinga.com/topic/billionaires">billionaire brigade hit</a> turbulence in the first quarter of 2025. From Warren Buffett to George Soros, even the most iconic names couldn't dodge the drawdowns as markets rotated and profit-taking weighed down performance.
Buffett's Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) <a href="https://whalewisdom.com/dashboard2/search/fund_performance_search">saw </a>a -2.52% return on an equal-weighted basis in the first quarter, trailing its own 3-year and 5-year annualized returns of 7.10% and 10.90%, respectively. The world's most famous value investor remains heavily concentrated &#8211; 89% of his $258 billion portfolio sits in the top 10 holdings &#8211; but that concentration didn't provide a cushion in a volatile quarter.
Carl Icahn fared even worse. The activist legend posted a brutal -10.15% quarterly return &#8211; by far the worst among the billionaire cohort. Despite nearly 98% portfolio concentration, Icahn&#8217;s equal-weighted decline highlights how even conviction bets can backfire. His 5-year return of 15.99% is respectable, but the near-term pain is undeniable.
Read Also: <a href="https://www.benzinga.com/general/biotech/25/05/45471704/icahn-ramps-up-bets-on-genes-and-jets-illumina-stake-jumps-450-jetblue-holding-grow-90">Icahn Ramps Up Bets On Genes And Jets: Illumina Stake Jumps 450%, JetBlue Holding Grow 90%</a>
Soros, known for macro mastery, couldn't escape the downturn either. His fund returned -1.81%, despite maintaining a more diversified approach across 287 holdings. While Soros&#8217; 3-year return of 13.11% remains solid, the first quarter slip suggests even global tacticians weren't spared by the market's crosscurrents.
Bill Ackman's Pershing Square also struggled, dropping -2.72% in the first quarter. With a razor-sharp portfolio of just 12 holdings &#8211; and an eye-popping 99.5% concentration &#8211; Ackman's approach didn't offer much defense this quarter. His 5-year annualized return of 16.88% still towers over peers, but the first quarter was a rare off note.
Bottom line? 
The billionaire investors who thrived on bold bets and long-term conviction were handed a reality check. The first quarter wasn't about who&#8217;s biggest &#8211; it was about who could adapt. And for once, the billionaires blinked.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/hedge-funds/25/05/45447966/ray-dalios-bridgewater-dumps-spy-trims-nvidia-meta-alphabet-bearish-vibes">Ray Dalio&#8217;s Bridgewater Dumps SPY, Trims Nvidia, Meta, Alphabet — Bearish Vibes?</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Hedge Funds

Buffett, Ackman, Icahn Take A Beating As Billionaires Weather Q1 Chaos

Nabors Industries shares are trading lower after Barclays downgraded the stock from Equal-Weight to Underweight and cut its price target from $53 to $28.

While tariffs on trade are nothing new, they appear to be leading a new wave of unpredictability for policy shifts that are making it more challenging than ever for long-term sustainability in the US jobs market. With more international firms seeking to take advantage of career uncertainty, the United States may face a battle to retain its talent.&nbsp;
Although the <a href="https://www.benzinga.com/markets/25/05/45484675/trumps-tariff-challenge-amid-rising-price-concerns-president-tells-walmart-to-eat-the-tariffs">90-day reprieve that President Trump</a> granted for his reciprocal tariffs, along with a later postponement of his escalating trade war with China, has helped to calm nerves, it could lead to added misery in July when the trade levies are expected to resume.&nbsp;
The President is actively negotiating trade deals with many affected nations, but it appears that the age of tariffs is fully upon us, and many industries are coming to terms with the macroeconomic impact of higher import costs and their implications for different industries.&nbsp;
For some of the nation's brightest talent, tariff uncertainty, coupled with other policy shifts in the age of Trump 2.0, has only helped to strengthen the lure of employment overseas or remote work via employer of record (EOR) services.&nbsp;
<h2 class="wp-block-heading">Measuring the Impact of Tariffs</h2>
Although we're yet to see tariffs on trade impact the US economy in full force, there are already clear signs of domestic firms battening down the hatches in preparation for industry volatility.&nbsp;
According to Bloomberg estimates, employers added 130,000 jobs in April, falling well below March's 228,000 listings. While these figures are still a little higher than the 114,000 average throughout January and February, they point to a higher level of uncertainty among firms that would otherwise be looking to recruit new talent. 
Worryingly, a survey from payroll processor ADP suggested that there were just 62,000 private-sector job gains in April, pointing to tariffs dampening job growth domestically.&nbsp;
Other policy issues have also impacted the ability of US firms to hire talented international graduates.&nbsp;
Because the US tech sector is dependent on international graduates on OPT and STEM visas, we're seeing more firms struggle with new compliance challenges, onboarding delays, and DHS rejections at higher levels than ever before.&nbsp;
One Fortune 500 company reportedly <a href="https://www.linkedin.com/pulse/tech-under-siege-tariffs-talent-what-comes-next-jobslink-inc-ss3gf">lost 22 hires</a> in the last quarter due to visa issues after offer letters were signed.&nbsp;
With artificial intelligence developments transforming traditional job roles in the United States at scale, more businesses appear to be waiting to assess the full extent of Trump's reciprocal tariffs and their implications for supply chains and scaling strategies before going ahead with their growth plans.&nbsp;
However, it's also worth noting that financial markets in the United States responded overwhelmingly positively to a climbdown from reciprocal tariffs in recent weeks, and particularly to a de-escalation on the trade war with China.&nbsp;
This has helped domestic businesses to recapture some lost optimism about the future of cross-border trade and to revisit hiring plans throughout sectors like financial analysis, investment strategy, and tech development. Signs suggest that talent acquisition for cybersecurity and data analytics could also flourish in a lower tariff environment.&nbsp;
<h2 class="wp-block-heading">The Lure of Overseas Stability</h2>
We're also seeing evidence of tariff uncertainty triggering a shift in where and how innovation occurs. Geopolitical barriers to collaborations between universities and research institutions, particularly those involving the <a href="https://www.benzinga.com/topic/us-china-relations-0">US and China</a>, are adversely affecting the flow of ideas and expertise across borders.&nbsp;
These restrictions could create parallel research paths and the duplication of efforts as talent hubs diversify beyond US borders.&nbsp;
Should talent continue to explore opportunities beyond destinations like the United States, it could lead to more domestic employees taking on opportunities elsewhere, creating distributed centers of excellence rather than dominant hubs in leading locations.&nbsp;
We're already seeing signs of this effect taking shape, with more US employees looking overseas for employment opportunities.&nbsp;
In the first quarter of 2025, United States workers <a href="https://fortune.com/europe/2025/04/16/trump-brain-drain-talent-us-applicants-uk-jobs/">made up 8.5% of the total foreigners</a> interested in UK jobs, representing a significant increase of 2.4% over the same period one year ago. This makes the US the fastest-growing job group interested in UK employment.&nbsp;
With more than 4,000 scientists from US research institutions like the Centers for Disease Control (CDC), the National Institutes of Health (NIH), the National Oceanic and Atmospheric Administration (NOAA), and the National Institute of Standards and Technology (NIST), losing their jobs in the wake of budget cuts, the exodus of talent to China appears to be gathering momentum already. 
China has already sought to attract newly unemployed US scientists, and the successful recruitment of domestic talent could transform the science and technology landscape at a significant pace.&nbsp;
Also waiting in the wings is Europe, in which the European Commission has launched a Choose Europe for Science program that will invest more than $500 billion between 2025 and 2027 in attracting researchers and scientists, with the United States a particular focal point. This trend may also lead to more foreign businesses <a href="https://remotepeople.com/countries/united-states/doing-business-in-the-united-states/">expanding into</a> the United States to be able to get all of that talent. 
<h2 class="wp-block-heading">US Talent Depends on Tariff Outcome</h2>
With the world circling around US talent across different sectors, the outcome of the tariff uncertainty in July and August, when <a href="https://www.benzinga.com/25/04/44622346/trumps-reciprocal-tariff-math-a-masterclass-in-economic-absurdity">reciprocal tariffs</a> with trading partners are due to return in full force, is likely to carry major implications for the future of domestic workers.&nbsp;
The United States remains a dominant presence in many fields, including tech and science, but the tariff and macroeconomic landscape are changing at a rapid pace.&nbsp;
With the stakes as high as they've ever been, overcoming tariff uncertainty should be an essential hurdle to overcome for the Trump administration in order to rebuild jobs market confidence.
Disclosure:&nbsp;On the date of publication, Dmytro Spilka did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer. Dmytro Spilka does not intend to make a trade in any of the securities mentioned above in the next 72 hours.

Government

Regulations

Markets

How Tariff Uncertainty Is Driving A US Talent Exodus

CINT

CI&T shares are trading higher after JP Morgan upgraded the stock from Neutral to Overweight and announced a price target of $7.

Citigroup analyst Scott Gruber maintains APA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APA#NASDAQ">APA</a>) with a Neutral and raises the price target from $15 to $18.

Citigroup Maintains Neutral on APA, Raises Price Target to $18

RXST

RxSight shares are trading higher after Wells Fargo upgraded the stock from Equal-Weight to Overweight and raised its price target from $17 to $25.

Citigroup analyst Andrew Schmitt maintains Repay Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RPAY#NASDAQ">RPAY</a>) with a Neutral and lowers the price target from $8 to $4.5.

RPAY

Citigroup Maintains Neutral on Repay Holdings, Lowers Price Target to $4.5

PGRE

Paramount Group shares are trading higher. The company announced it will hold a strategic alternatives review in order to maximize shareholder value.

Legendary investor and hedge fund manager Michael Burry recently doubled down on his investment in cosmetics giant Estée Lauder Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>). Burry's move could reflect a strategic bet on the so-called &#8220;Lipstick Index,&#8221; which suggests consumers turn to more affordable luxuries like cosmetics<a href="https://www.benzinga.com/markets/25/05/45484735/michael-burry-makes-major-portfolio-shift-holding-only-one-asset-he-deems-recession-proof"> during economic downturns.</a>
What To Know: According to its most recent SEC filing, Burry's hedge fund Scion Asset Management doubled its stake in Estée Lauder in the first quarter of 2025. The investment firm purchased an additional 100,000 shares in the world&#8217;s second-largest cosmetics company, bringing its total holdings to 200,000 shares. 
Read Next: <a href="https://www.benzinga.com/news/legal/25/05/45471661/coinbase-under-sec-investigation-for-overstatement-of-user-numbers?utm_source=articleShare">Coinbase Under SEC Investigation For Overstatement Of User Numbers&nbsp;</a>
Burry shot to fame after correctly predicting and reaping a massive profit from the US property market meltdown of 2008, which sparked a worldwide financial crisis. His extraordinary move at the time to take on Wall Street titans and wager against an overheated housing market has been captured in Michael Lewis&#8217;s book &#8220;The Big Short&#8221; and a <a href="https://en.wikipedia.org/wiki/The_Big_Short_(film)">Hollywood movie</a> by the same name.
<h3 class="wp-block-heading">Burry&#8217;s Latest Positions</h3>
Burry closed out all of Scion's long positions in Chinese tech companies and opened short positions in several of the same stocks including Alibaba Group Holdings, Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>). Scion also opened a short position in Trip.com Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCOM#NASDAQ">TCOM</a>), the largest online travel agent in China.
In fact, Estée Lauder is the hedge fund's only remaining long position.&nbsp;
Burry's investment in the cosmetics company could be viewed as a play on the Lipstick Index, which holds that even during a recession, consumers will continue to purchase cosmetics as affordable indulgences.
"The Lipstick Index doesn't just apply to lipstick. The theory behind the Lipstick Index is that when money is tight, consumers substitute costly purchases with cheap luxuries like lipstick," Kevin Shahnazari, founder of FinlyWealth, told LevelFields. "In the 2008 recession, cosmetics sales increased, showing that even in tough times, individuals crave tiny comfort purchases that give psychological boosts without a hefty financial outlay," Shahnazari added.
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This image was generated using artificial intelligence via Midjourney.

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