Flash | 27 Jul 2026 10:16:05 ET │ 10 pages Nippon Shinyaku (4516.T) FDA briefing document for CAP-1002 FDA advisory committee leaves negative impresion CITI'S TAKE We see negative news for the investigational CAP-1002, for which Nippon Shinyaku and Capricor Therapeutics have an exclusive partnership to commercialize and distribute for Duchenne muscular dystrophy. The US firm has disclosed legal action against Nippon Shinyaku over commercialization preparations. Ahead of the FDA advisory committee meeting fo ...

Flash | CITI'S TAKE We update Vend estimates post 2Q, cutting FY26 revenues and EBITDA c. -1% factoring in the softer than expected 2Q result in Mobility. We make minor (<1%) changes to FY27–28 estimates. FY26 EPS increases 6% as we factor in the reported equity investment valuation adjustment. We remain broadly in line with the company's 2026 guidance, expecting around +6% Mobility growth and performance across other segments consistent with medium-term targets. Cost-saving guidance has been raised to NOK ...

Vi e w p o i n t | CITI'S TAKE The USDA released cold storage data for June (USDA data is on a ~3-4- week lag) on 7/24. On a trailing 3-month basis, total warehouse stocks were +1% y/y (vs. +0.5% y/y in May). Note that inventory levels usually peak in November and trough in May. USDA total warehouse stocks have now increased y/y for the past three months reversing a ~3 year negative trend. Despite the marginal uptick in inventories, tenants remain under pressure due to the struggling low-end consumer, and g ...

Flash | 27 Jul 2026 10:07:07 ET │ 13 pages Trip.com Group Ltd (TCOM.O) Key Takeaways from Investor Call Post Investigation Conclusion CITI'S TAKE Brian GongAC Trip.com hosted an investor call on 27 Jul after the investigation conclusion with presentation by Ms. Jane Sun, CEO, and Ms. Cindy Wang, CFO. Key takeaways: 1) the administrative ruling represents the end of the antitrust investigation, 2) TCOM will roll out a new multi-layer partnership framework with hotel partners to replace the previous tier 1 an ...

Vi e w p o i n t | 27 Jul 2026 10:25:47 ET │ 19 pages Roblox Corp (RBLX.N) RoMonitor Week 30 Update: CCUs Flat Sequentially CITI'S TAKE During week 30 (July 20 to July 26), RoMonitor suggests average peak CCUs were 16.4 million, down 15% versus the year-ago period and flat compared to the prior week. We still believe 2Q26 CCUs are consistent with the low- end of the firm's 2Q26 bookings guidance of $1.55 billion to $1.61 billion. In addition, the early 3Q26 CCU data are consistent with bookings of $1.87 bil ...

Flash | 27 Jul 2026 09:40:57 ET │ 10 pages Expand Energy Corp (EXE.O) With the acquisition, EXE would transform from N. America's largest natural gas producer to one of the leading integrated gas companies with a leadership position in marketing. EXE's combined portfolio will now consist of ~14bcfd of marketed volume supported by ~9bcfd of firm transport and 49bcf of storage. Buy See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Expand Energy Corp (EXE.O) 27 ...

Vi e w p o i n t | 27 Jul 2026 09:03:24 ET │ 15 pages US Economics +1-212-816-8830 veronica1.clark@citi.com Andrew Hollenhorst AC +1-212-816-0325 andrew.hollenhorst@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. n US Economics Inflation Weekly – Higher input costs are not pushing up consumer prices CITI'S TAKE As input costs rise, focus remains on the risk that final consumer prices will also rise to reflect higher costs. This has not been the c ...

27 Jul 2026 09:37:47 ET │ 9 pages Citi Express | Cracker Barrel Old Country Store Inc (CBRL.O) Surprise CEO Transition: From Tacos To Bloomin Onions - Former BLMN Leader Takes Over As New CEO This is a bit of a surprising move given the brand appeared to be gaining some SSS momentum after the 2025 logo issue and more recently worked to shore up the balance sheet/reverse past mistakes. Companies Mentioned: Cracker Barrel Old Country Store Inc (CBRL.O; US$53.71; 24 Jul 26; 16:00) Jon Tower, CFAAC +1-212-816-6 ...

Flash | 27 Jul 2026 09:28:56 ET │ 11 pages Brown-Forman (BFb.N) BFB Rejects Unsolicited Offer from Sazerac CITI'S TAKE Earlier today, BFB's board issued a statement announcing that the company had received an unsolicited proposal from privately- owned Sazerac, the #2 player in US spirits by volume, to acquire BFB. After taking into consideration the view of long-term shareholders (through Wolf Pen Branch, a collection of Brown family members representing the majority of BFB's Class A shares), BFB's board de ...

Flash | 27 Jul 2026 09:24:09 ET │ 12 pages US Pharmaceuticals and Biotechnology AstraZeneca 2Q26 EPS call readthrough: Raising the bar on convenience and differentiation +1-404-443-4701 geoffrey.meacham@citi.com Jarwei Fang +1-212-816-5127 jarwei.fang@citi.com Nishant Gandhi, Ph.D. +1-212-816-2513 nishant.gandhi@citi.com CITI'S TAKE AstraZeneca (covered by Graham Parry) reported 2Q26 revenue of $15.4B (-$39M vs. BBG cons) and adjusted diluted EPS of $2.63/sh (+$0.15/sh) while maintaining the full-year guida ...