Aggregator

What this list pre-supposes is: Actually, there are half a dozen later-period Marvel movies well worth watching.

The days of elite high school football players from Southern California thinking they need to leave the area to win big may be over. Not long after he picked USC, the nation’s top high school safety trumpeted the Trojans’ ability to keep top prospects close to home. San Diego native Honor Fa’alave-Johnson decided to stay...

Trade deadline day is here.

Los Angeles shelters euthanized 2,172 animals in early 2026, a 33% spike as overcrowded facilities pack 910 pets into space meant for just 737.

$400 Billion Pharma Megadeal? Jefferies Calls Potential AstraZeneca-Bristol Myers Merger A "Head Scratcher"

The Financial Times reported overnight that AstraZeneca has explored acquiring Bristol Myers Squibb in a potential megadeal that would create one of the world's largest drugmakers, with a combined market capitalization of nearly $400 billion.

The report cited people familiar with the matter, while both pharmaceutical giants declined to comment. Some Wall Street desks, however, are struggling to see the strategic rationale behind such a combination.

FT reported:

The companies have held discussions about a tie-up in recent months, according to people familiar with the matter. The talks could yield a deal in the near future but may be delayed or fall apart, the people said.

Bristol, valued at about $133 billion, would expand AstraZeneca's US presence but faces looming patent expirations for Eliquis and Opdivo, which together generate roughly half its sales. AstraZeneca, worth about $264 billion, has increasingly shifted its focus toward the US while retaining its London headquarters and primary listing.

The tie-up of the two could create one of the world's biggest pharmaceutical groups, valued at nearly $400 billion, and comes after AstraZeneca completed a direct listing in New York in June.

Jefferies analysts called the potential deal a "head scratcher," while analysts at HSBC said there would be meaningful headwinds in tying up both pharma giants.

Michael Leuchten at Jefferies provided clients earlier today with a first take on the media report:

AZN for BMS - would be more than a head scratcher

The FT reported overnight that AZN and BMY have been in talks about a potential combination. No details beyond talks have been provided by the FT. Given the strength of AZ's growth and innovation profile, we are a bit perplexed by the news. Of course, financial accretion can look good, and maybe more cash generation would allow for more R&D. But if there is one company that doesn't need financial engineering, it's AZ, in our view.

Sources report potential merger discussions with BMY: The FT reported that AstraZeneca and Bristol Myers Squibb have held discussions in recent months about a potential merger that would create a combined company worth approximately $400 billion, making it one of the largest pharmaceutical companies ever and among the largest mergers in corporate history. Sources indicated discussions have taken place, but a deal is far from certain and could still be delayed or abandoned. Neither company has commented on the article.

"Why" is perhaps not yet clear to us: We suspect that most people will focus on the potential to establish an even bigger oncology powerhouse, with the resulting portfolio likely the broadest in the industry. However, beyond the regulatory hurdles, we would argue that pipeline assets could be sourced elsewhere, as AZN has been doing, particularly in China. In addition, Bristol's cardiovascular portfolio is likely to be seen as incremental to AZN's, though the reason to pursue it is not clear to us. One consideration could be a strategic desire to move closer to the US market, given AZ recently changed its US listing. Perhaps more is more, with additional cash to spend on R&D, as when AZ bought Alexion, but using what would be a lot of premium equity to acquire a low-P/E business would seem drastic to us.

Portfolio overlap could attract regulatory scrutiny: Antitrust is likely the biggest hurdle, in our view. Both companies have sizable oncology businesses, and any transaction would likely attract scrutiny from US regulators and potentially require divestitures. There is perhaps also a political dimension: AstraZeneca would effectively be a UK-based acquirer of one of America's large pharmaceutical companies at a time when US policymakers are focused on domestic manufacturing and strategic industries. While this could be a way for AZN to continue expanding its US footprint, it would likely need to be carefully navigated to reduce friction.

Accretion is easy enough to achieve, but that is rarely a good way to judge major strategic moves: It is worth noting that Bristol's earnings multiple, approximately 11 times 2027 earnings, is lower than AZN's multiple of about 15 times. Bristol faces several key losses of exclusivity for products such as Eliquis and Opdivo, resulting in revenue and profit forecasts showing little or no growth in the coming years.

Combining with AstraZeneca would provide Bristol with access to a faster-growing portfolio and pipeline, particularly in oncology and rare diseases, while AZN could benefit from the interim cash generation of Bristol's legacy assets. However, we do not quite understand how this would clearly benefit AZ shareholders, who would see their growth diluted. The biggest issue, in our view, is that the BMY portfolio would add approximately $30 billion in losses of exclusivity before AZN's patent expirations occur after 2030.

Based on a back-of-the-envelope calculation, near-term earnings accretion could be in the double digits, subject to synergies and transaction structure. However, that accretion would diminish as BMY's earnings decline through 2031.

HSBC analyst Rajesh Kuma also provided clients with color:

The news: An FT article (2 August 2026) states that Astrazeneca is in talks with Bristol Myers Squibb "to combine…according to people familiar with the matter". The article further adds "The talks could yield a deal in the near future but may be delayed or fall apart, the people said". Neither company has commented on the report.

HSBC view – key issues: We are unclear on the basis of this news article. The reported "strategic rationale" for a deal is that it would improve AstraZeneca's US footprint in a material manner. Further, there could be synergies in combining the oncology and cardiovascular portfolios. The first challenge is likely to be around the antitrust issues, in oncology and, to a lesser extent, in cardiology. Both BMS and AstraZeneca are leading companies in the immuno-oncology space with competing assets and pipelines in the space. The combined scale, rebate wall and pipeline (which seems to be aligned with different next-generation mechanisms of action) could in theory be very compelling. Although the argument that Opdivo's patent cliff is imminent, and that AstraZeneca does not have a Vegf-bispecific in pipeline could be offered, the scrutiny would likely be intense.

Second, BMS faces meaningful LOE headwinds, while AstraZeneca has an attractive pipeline, which the market views as best-in-class in the space. Further, the company has a well established US presence with its manufacturing, sales force and commercial footprint. The arguments around AstraZeneca expanding its US presence via a deal seem to be an unlikely basis for a combination.

Third, AstraZeneca has been focused largely on bolt-on deals, which investors value as they typically come with manageable risk profiles. Large-platform acquisitions in the sector have rarely worked, tend to increase financial gearing and can be dilutive for equity holders. Investors are unlikely to be excited about any such deal.

In conclusion, we think that the basis for such deal a seems to be flimsy, both strategically and commercially. We rate AstraZeneca and BMS Hold, with unchanged TPs of 13,750p and USD60, respectively.

Bank of America analyst Jason Gerberry also provided initial thoughts on the merger report:

FT merger report light on details; initial thoughts

We provide our initial thoughts on tonight's Financial Times (FT) report that AstraZeneca (AZN; covered by Sachin Jain) has reportedly held talks exploring a potential combination with Bristol Myers Squibb (BMY), if correct, this could create a pharma duo with $400 billion combined market cap. The report is light on deal specifics but indicates talks have been ongoing for months and that an agreement could materialize soon, but delay or deal collapse remain explicitly cited scenarios.

The timing is notable given BMY's approaching several large patent losses of exclusivities and multiple important Phase 3 readouts expected over the next six to nine months; with BMY the smaller party, these pending pipeline events could influence valuation and raise questions around any risk-sharing mechanism.

The FT report does not provide a definitive deal structure or premium, but report notes any transaction would likely involve both cash and shares. Strategically, the most direct commercial overlap appears to be in marketed PD-1/PD-L1 inhibitors, but Opdivo's late-2028 LOE limits the duration of that issue.

From a deal synergy (or FTC/regulatory approval) perspective, both companies have meaningful pipeline and/or marketed drugs across solid tumors, including ADCs, hematology, cardiovascular/renal disease, but we do not see major overlap in specific drug categories within those areas. Pharma merger deals involving bids above $100 billion are rare, with only a few attempted in the prior decade that failed to be consummated - highlighting various risks involved in deals of this size/cross-border.

The merger report reads highly uncertain and neither party has commented on the potential transaction. Thus we await more details. Our Buy on BMY remains around pipeline risk/reward.

Shares of AstraZeneca in London trading are down around 5%, while Bristol Myers Squibb in US premarket trading is up around 6%.

Tyler Durden Mon, 08/03/2026 - 07:45

The singer was scheduled to star in the musical opposite her “Wicked” co-star Jonathan Bailey at London’s Barbican Centre next summer.

The singer was scheduled to star in the musical opposite her “Wicked” co-star Jonathan Bailey at London’s Barbican Centre next summer.

The Dodgers are only guilty of trying to win, and win big.

A former World Wrestling Entertainment star turned Tennessee mayor just choke-slammed a $1 million deal to install hundreds of Flock Safety cameras across his home county. Knox County Mayor Glenn Jacobs — who had a 30-year wrestling Hall of Famer career as Kane Kane — has “paused” the local sheriff’s plans to install 270 Flock...

In a borough where the median price of an apartment hovers over $1 million, landing a Manhattan pad for just 10% of that sounds like a fever dream.

It’s hard to find a better example of a failed trade law than the Jones Act — which has now slashed US cargo-ship production to just a few vessels a year, while China’s building more than 4,000. President Donald Trump and Congress need to prioritize a repeal of this 100-year-old protectionist legislation ASAP. The law...

The Iranian government flat-out rejected President Trump's claim that new negotiations were due to get underway later Monday, with officials stating that no talks were taking place or scheduled.

Pentagon Plans AI Data Centers At Military Bases Across Multiple Branches

By Adam Gramegna of Military.com

At Dugway Proving Ground in Utah, on ground the Army's own contracting documents describe as previously used for grazing, a company owned by two of the largest investment firms in the world is preparing to build a data center.

That site sits about an hour's drive from the nearest community, on the installation where the U.S. military conducts its primary chemical and biological weapons testing. Three parcels there total roughly 3,466 acres. One of them, about 1,201 acres, is already spoken for.

A worker prepares a plot of land for an AI data center a retired power plant being refurbished to provide electricity for the facility rises in the distance Tuesday, March 24, 2026, in Independence, Mo. (AP Photo/Charlie Riedel)

It is one of at least a dozen military installations the Army and the Department of the Air Force have opened to commercial data center developers over the past year and a half. Two of those deals are real; the rest are still proposals.

Land-for-Computing

In late March, the Army conditionally selected two companies to enter exclusive negotiations to build and operate commercial hyperscale data centers on Army land.

Carlyle, the global investment firm, was picked for roughly 1,384 acres at Fort Bliss, Texas. CyrusOne, a data center operator jointly held by funds managed by KKR and BlackRock, was picked for the parcel at Dugway. Each project is estimated to cost about $2 billion, according to the Financial Times.

The companies will be responsible for financing, building, operating, maintaining and eventually decommissioning the facilities, the Army said, on what it called "underutilized but non-excess Army land at no upfront cost to taxpayers." In exchange for the land, the service gets access to computing power.

It all runs through the Army's Enhanced Use Lease program, driven by a Trump executive order directing agencies to open non-excess federal land to data center development. The U.S. Army Corps of Engineers is handling lease negotiations and environmental review.

"AI is a strategic asset for the Army," Army Secretary Dan Driscoll said in the March announcement. "It is a force multiplier, supports future transformation and requirements, keeps the Army ahead of our adversaries, and generates resiliency across the force." Driscoll told the Wall Street Journal that the Fort Bliss facility would be "the first hyper-scale data center that the Pentagon has ever done."

United States Army Corps of Engineers headquarters in Norfolk, Virginia in 2016 (Wikimedia). Which Bases and How Close to Housing?

Only Fort Bliss and Dugway have been awarded so far, and even those remain conditional, pending negotiation. Beyond them, federal contracting documents show the Army considering data centers at Fort Hood, Texas, and Fort Bragg, N.C.

The Department of the Air Force put out its own call in 2025 for private AI data center projects on unused land at Arnold Air Force Base, Tenn., Edwards Air Force Base, Calif., Joint Base McGuire-Dix-Lakehurst, N.J., Davis-Monthan Air Force Base, Ariz., and Robins Air Force Base, Ga.

More recently, it sought bidders for facilities at Joint Base Elmendorf-Richardson, Eielson Air Force Base and Clear Space Force Station in Alaska. Acreage varies enormously; for example, Fort Hood has 207 acres on offer. Fort Bliss has nearly seven times that.

Dugway is remote by design, although not every site is. Contracting documents show the Army weighing a parcel at Fort Hood within a half-mile of residential and commercial property, and several potential locations at Fort Bragg within one mile of civilian areas and a half-mile of civilian housing.

Proximity to the population is what has made data centers a heated topic in the civilian world. Nearly $156 billion in projects nationwide have been delayed or canceled after local opposition, according to Data Center Watch.

In Virginia, which holds the world's highest concentration of the facilities, a state-funded study found residents' monthly energy bills could rise by $14 to $37 by 2040.

Army Officials Say They're Ready

"So I think the difference between us, the Army, doing a data center, and say Meta or Google, is we're part of the communities that are there, and we are going to engage with them on a routine and regular basis to look for solutions that work for everyone, right?" Col. John Oliver, executive officer for Deputy Army Under Secretary Dave Fitzgerald, told Defense One. "Because, yes, we understand that there's been consternation with data centers."

Two requirements attached to these projects do not apply to commercial builds off base. Proposals must include net-zero water usage and a power plan that does not draw on the local electrical grid. Bidders were also required to describe plans for "local outreach and engagement" and to assess "any risks or opposition" to the project.

The Defense Department's own procurement documents, obtained by the trade publication Data Center Dynamics, rate the water risk for the El Paso area as "Extremely High." Data centers consume water to cool their servers. Fort Bliss is where the Army wants its flagship.

Army officials want the project to be a net contributor rather than a net drain. In the spring, Fitzgerald traveled to Fort Bliss for a listening session with the commander of the 1st Armored Division, community members, El Paso Water, El Paso Electric and Carlyle. One idea on the table is having the developer drill a new well to feed the city's desalination plant, offsetting what the data center uses.

"We are encouraging Carlyle to do that, so actually make it net-positive," Oliver told Defense One. "We don't know if that's an engineering solution that we can actually get to yet, but we're actively working toward that as a part of the process."

Darrell M. West, a senior fellow at the Brookings Institution who studies data center development, said the approach is sound, and that communities which have accepted the facilities tend to be the ones told the full details in advance.

"People want to know up-front, you know, where the energy is coming from, how much water is being used, how much the overall cost is going to be, and what the noise levels are," West said.

Congress Not Settled

Rep. Cory Mills, a Florida Republican, secured a provision in the House version of the fiscal 2027 defense authorization bill. This bill bars the Defense Department from leasing land for data centers unless developers agree not to install equipment containing components made in China, Russia, Iran or North Korea. The restriction covers certain printed circuit boards, advanced semiconductors and chipsets the department considers a security risk.

"Honored to pass this amendment to protect our military installations from Chinese components being used in data centers on our installations," Mills wrote on X.

The Army objected. The measure would create a "federal land penalty," a service official told Federal News Network, imposing rules on companies building on installations that would not apply to identical projects built anywhere else. "We want Congress to incentivize companies to build on secure federal land, rather than creating barriers that drive them away," the official said.

Rep. John Garamendi, a California Democrat, proposed requiring the Pentagon to evaluate a data center's energy and water consumption, noise and light pollution, and effects on security and supply chains before finalizing any deal. House Armed Services Republicans rejected it.

"We're not opposed to data centers," Garamendi said. "We just want to make sure that if we're going to put a data center on a federal facility, that federal facility is not going to be degraded by the data center."

His questions were installation questions. "Is there encroachment on training and operations and the physical and supply chain of security?" he asked.

Senate Armed Services Republicans defeated a separate Democratic amendment that would have blocked leasing until the Pentagon finalizes a data center strategy. House appropriators, meanwhile, adopted language acknowledging that data centers "place significant strain on energy and water resources and communities have resisted such projects."

Available Information

For anyone stationed at or living near one of these installations, several things are known for sure. Only two projects have been awarded, and both remain conditional. Fort Hood, Fort Bragg and the Air Force sites are solicitations, not commitments.

Initial operating capability at Fort Bliss is projected for fiscal 2027 and at Dugway for fiscal 2029. That is when the first capability comes online, not when a finished campus exists. Oliver has described the long-term vision as a campus with a commercial side, a classified military data side, and onsite power generation.

The Army Corps of Engineers is conducting the environmental review at both awarded sites. Developers must build independent power that does not tap the local grid and meet net-zero water usage. Excess power generated on base could potentially be sold back to civilian grids.

The Association of Defense Communities has scheduled further discussion of military data center development at its Installation Innovation Forum in October 2026.

Tyler Durden Mon, 08/03/2026 - 07:20

Xbox consoles now cost significantly more in the UK, with one model increasing in price by 43%.

The good Samaritan being hailed as a “hero” for firing upon Idaho In-N-Out gunman Chad Williams in the middle of his deadly drive-thru rampage had trained for such a moment for years after witnessing another mass shooting.

"It's very creepy! It's very scary for women," a mom whose two daughters were among the tens of thousands of images seen on his account without their knowledge.

Governor Who? Incumbent Kathy Hochul is atop the Democratic Party ticket in the Nov. 3 election, but her name is nowhere to be found on the websites of Long Island Democratic candidates running with her, a Post review found.

Gael Monfils will try to put on a show at the Canadian Masters.

Kai named Adele's 2010 hit 'Rolling in the Deep' as the song that 'defined' her year.

Two sources familiar with the matter said the under-fire Swiss-Italian sports suit will hold a call with Donald Trump's top diplomat just after 9am Eastern Time.