European stocks hit a two-month high, boosted by progress in US-Iran talks

As of press time, the stock has dropped more than 10%, trading at $10.77.

As of press time, the stock has fallen by over 1.3%, trading at $13.805.

Latest Update October 9 – The Financial Times reported on Thursday that Starbucks (SBUX.O) has explored a potential acquisition of Chipotle (CMG.N). This move would bring CEO Brian Niccol back to the Mexican burrito chain he once led. Starbucks declined to comment, saying the company remains "fully focused" on its business turnaround. Chipotle's stock fell about 4% to $31.32 on Friday, after surging 6.2% in the previous trading session. Limited strategic rationale BTIG expressed "high skepticism," stating that the deal does not make sense operationally, would cause significant dilution for Starbucks shareholders, and would disrupt management operations. "Over the years we've heard many stories about multi-brand acquisitions... but few have materialized, and even fewer have succeeded," BTIG noted. William Blair pointed out that Starbucks’ $9.4 billion net debt as of June makes it difficult to finance an acquisition and could push the combined company’s leverage ratio to about six times—considered high for the restaurant industry. D.A. Davidson stated the probability of the deal succeeding is 20% or less, given the significant differences between the brands and the apparent lack of clear synergies. Raymond James noted that due to the low overlap in menus, supply chain benefits are likely limited, while performance among multi-brand restaurant platforms has been mixed. eMarketer’s Suzy Davidkhanian commented that Niccol's familiarity may reduce execution risk, but investors might still see the deal as a "costly distraction" during Starbucks’ transformation. (For the convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Automated translation may be inaccurate or fail to include necessary context; Reuters does not guarantee the accuracy of automated translated text and provides it solely for readers’ convenience. Reuters accepts no responsibility for any damage or loss resulting from the use of automated translation functions.)

October 9 - ** Shares of pharmaceutical company Biogen (BIIB.O) rose 2.4% to $223.71 ** UBS raised its price target from $240 to $270 and reiterated a "Buy" rating ** Third-quarter revenue is expected to reach $2.69 billion, with earnings per share (EPS) at $2.11, both slightly above market consensus ** Third-quarter sales of Alzheimer's drug Leqembi are predicted to be $200 million, in line with market expectations, and the recently launched subcutaneous formulation is projected to become a key growth driver starting in 2027 ** Biogen is now more optimistic about ophthalmology drug Syfovre than it was at the time of acquiring Apellis (link), and is optimizing its commercialization strategy ** Late-stage clinical data for lupus drug litifilimab due later this year and data on cutaneous lupus erythematosus expected in the first half of 2027 are seen as key catalysts ** Furthermore, late-stage clinical results for kidney drug felzartamab, expected in the first half of 2027, are anticipated to provide further upside, and clinical trials by Eli Lilly (LLY.N) for presymptomatic Alzheimer's may produce positive spillover effects ** Including intraday fluctuations, the stock is up 26.3% year-to-date.