The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1304 ET - Approximately half of the 20 million circulating bitcoin is unprofitable, says Cex.io in a note. Even with bitcoin stabilizing around the low-$60k area, roughly 10 million bitcoin market-wide is still worth less than when it was originally minted or purchased. "The underlying picture has not healed and half of Bitcoin supply is still sitting at losses," says the firm, adding that even with this in mind, bitcoin may not have found its lowest price levels. The amount of bitcoin with unrealized losses echoes conditions seen in 2018 and 2022, both major bear markets, Cex.io says. But the firm also notes that the outflow of money from bitcoin ETFs has slowed down significantly. Bitcoin is down 1.1% to $65,724. (kirk.maltais@wsj.com)
1228 ET - Eli Lilly acquired 4E Therapeutics, an Austin-based neuroscience company, 4E says. The company is developing treatments for chronic pain, working on compounds aimed at offering meaningful pain relief while avoiding the central nervous system effects that come with many existing therapeutics, it says. "Lilly's clinical development, translational, and global commercial capacity -- and its deep commitment to tackling the challenges of chronic pain for patients -- make it the right home for realizing the full potential of this work for patients," 4E's co-founder Joe Price says. The companies did not disclose the terms of the deal. (kelly.cloonan@wsj.com)
1221 ET - The takeoff of the space sector -- and the industrial gasses space companies need to launch rockets -- could meaningfully boost Linde's growth over the next several years, UBS analysts write. They revise their total estimate for Linde's commercial space sales through 2030 from nearly $3 billion to around $1.3 billion, based on a lower starting sales point. Including the commercial aerospace business, that number rises to around $2.2 billion, which would represent an additional 30 to 70 basis points of annual growth for the full company. Space stocks have rallied in recent weeks, fueled by excitement around the SpaceX initial public offering. (elias.schisgall@wsj.com)
1125 ET - Roku founder and CEO Anthony Wood isn't going anywhere after his company is acquired by Fox. Wood highlights the continued participation in the upside of the combined company through the stock portion of the $25 billion deal consideration, Morgan Stanley analysts say in a research note. "We note that while Wood holds >50% voting power in Roku through Class B shares, FOX will pay equal consideration for both Class A and Class B ROKU shares," they write. Wood is additionally expected to remain involved in the combined company following closing and join Fox's board. Meanwhile, Fox has emphasized the strategic importance of Roku remaining an open, partner-friendly ecosystem moving forward. (connor.hart@wsj.com)
1120 ET - Fox's roughly $25 billion deal for Roku, will accelerate its strategy to increase exposure to streaming and connected TV, Morgan Stanley analysts say in a research note. "The acquisition of Roku would expand Fox's position from content owner and distributor into platform ownership, providing direct access to >100 million streaming households," the analysts write. They note those households are largely in the U.S., and that international markets present an emerging growth opportunity. "We believe the combination has the potential to boost FOX's content reach through Roku's distribution and provide value through Roku's first-party data," the analysts write. "While some peers are making a bet on owning content assets, Fox is making a clear bet on the future of distribution." Fox shares fall an additional 5% on Tuesday, falling sharply on Monday. (connor.hart@wsj.com)
1111 ET - Cryptocurrency is paring yesterday's gains, driven in part by cutting risk ahead of the first FOMC meeting led by new Fed chair Kevin Warsh. The outlook on interest rates has changed greatly, with the market now expecting rate hikes in the future. For cryptocurrency, it appears that momentum coming from the peace deal announced over the weekend in the U.S.-Iran conflict has quickly expired. Even with higher prices yesterday, bitcoin ETFs showed a net outflow of roughly $65 million, showing that hedge funds are still hands-off when it comes to the top cryptocurrency. Bitcoin falls 1.4% to $65,535, ethereum slides 2.2% to $1,775, XRP is down 4.2% to $1.21, and solana falls 3% to $72.62. (kirk.maltais@wsj.com)
1108 ET - U.S. airline ticket prices for the month of May were 26.7% higher than they were a year earlier, Morgan Stanley analysts say in a research note, citing federal data. Pricier flights have been the norm this spring, with May's year-over-year price increase marking an acceleration from a nearly 15% jump in March and a more than 20% surge in April, the analysts say. This isn't a surprise, given what airline executives have been saying since the war in Iran sent fuel prices soaring, they say. There will probably be another double-digit percentage price hike in June and through the summer months, the analysts say. Since demand is still looking robust and jet fuel prices are normalizing, it remains to be seen how sticky this fare momentum will be, they say. (dean.seal@wsj.com)
1035 ET - Several drugmakers are working on a new class of drugs to treat many debilitating autoimmune diseases, and Switzerland's Roche could emerge as the leader, Bernstein analysts say in a research note. The so-called anti-TL1A drug class seems underappreciated by investors, but the market for these medicines could be valued at $66 billion in 2040, according to Bernstein. U.S. drugmaker Merck is likely to be the first, with late-stage data on its tulisokibart drug candidate for irritable bowel disease due next year, the analysts say. Nevertheless, Roche is expected to become the market leader thanks to afimkibart, they add. Duvakitug--which is being developed by France's Sanofi and Israel's Teva--might have a convenience advantage, but is forecast to take the No. 3 spot, Bernstein says. The Stoxx Europe 600 Health Care index falls 0.45%. (adria.calatayud@wsj.com)
1018 ET - UniCredit's pursuit of Germany's Commerzbank has the potential to result in a major earnings boost, and this prospect seems mispriced, Bank of America's Antonio Reale and Rohan Datta say in a note. If the Italian bank achieves 50% control of Commerzbank it would be able to incorporate the German bank's results in its own accounts, Bank of America says. If UniCredit ends up with full ownership of Commerzbank, its adjusted net profit could rise to 20.5 billion euros by 2030, from 10.1 billion euros last year, they estimate. Bank of America raises its target price on UniCredit's stock to 100 euros from 92 euros, and calls it its top pick within European Union banks. UniCredit shares rise 4.1% to 77.66 euros. (adria.calatayud@wsj.com)
1007 ET - The reopening of Hormuz could see an early surge in tanker activity as around 118 laden vessels trapped inside the Gulf could be the first to exit, generating a sharp but temporary spike in transits over the first 10-15 days, according to Kpler's analysts. The key uncertainty is how quickly new vessels will re-enter the region. In a fast-return scenario, flows could rebound rapidly and even briefly exceed pre-war levels if security concerns fully dissipate, though this outcome is considered unlikely, Matt Wright and Panagiotis Krontiras say. In the base case, recovery will be more gradual, with transits rising from around 15 per day initially to 40 by month-end, with tankers accounting for around 60%. (giulia.petroni@wsj.com)
0946 ET - U.A.E. stocks rise as local markets reopen after the U.S.-Iran deal announcement. Easing tensions could support the Gulf Cooperation Council markets through stronger foreign inflows, improved confidence and a more supportive earnings backdrop, says Milad Azar of XTB MENA. The Dubai Financial Market General Index rises 1.7% and Abu Dhabi's benchmark index gains 1.6%. The two U.A.E. markets were closed Monday for a public holiday. Saudi Arabia's Tadawul All Share Index is up 0.5%. (farhan.rafid@wsj.com)
0936 ET - Banco Santander is the biggest eurozone bank by market value and still has potential to grow, Keefe, Bruyette & Woods's Hugo Cruz and Ben Maher say in a note. In Europe, the market seems to reward scale, and the Spanish bank seems best placed among its peers to claim the crown for scale, the analysts say. Santander has strong local franchises, but the global businesses it recently built up have the greatest potential to drive revenue growth, cost savings and capital generation, they add. KBW lifts its target price on Santander's stock to 13.30 euros from 11.80 euros previously. Shares rise 1.3% to 11.60 euros. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
June 16, 2026 13:04 ET (17:04 GMT)
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