ESTĒE LAUDER store at Beijing Daxing International Airport

Front of Estée Lauder retail store at Beijing Daxing International Airport (Getty Images)

Estée Lauder says it is in talks to buy Puig Brands

The American beauty giant is in the midst of a turnaround plan that it says will cost up to $1.6 billion. Shares in each company went in opposite directions on the news.

J. Edward Moreno

Estée Lauder fell sharply in the last 30 minutes of trading yesterday, closing down nearly 8% after the company confirmed that it is in talks to purchase Puig Brands, a Spanish competitor with a market value of over $10 billion.

After rumors circulated about a potential tie-up, the American beauty giant said in a statement on Monday that it "is in discussions regarding a potential business combination with Puig, in which the two companies would potentially merge their businesses," but didn't confirm any potential terms of the deal or a price tag.

Puig, which owns brands like Rabanne and Charlotte Tilbury, reported €5 billion (~$5.8 billion) in sales in 2025, compared to about $14.6 billion for Estée Lauder. The Spanish-listed company saw its shares jump more than 12% on Tuesday morning.

Estée Lauder is down 25% for the year, with it's most recent earnings report showing that restructuring costs and tariffs ate at its profits. The company is in the midst of turnaround plan that it says will cost up to $1.6 billion.

Claire Yubin Oh2h

Jefferies rises after report of potential takeover from Japan’s SMFG

Jefferies jumped 10% in premarket trading on Tuesday after the Financial Times reported that Japan’s second-largest lender, Sumimoto Mitsui Financial Group, is working on plans for a possible takeover of the US investment bank.

Whilst any potential move is not imminent, SMFG has assembled a small team to prepare if a continued drop in Jefferies’ share price creates an opportunity, according to the Financial Times, citing people familiar with the matter. Jefferies’ stock has fallen roughly 40% since the start of the year before today’s move, bringing bringing its market cap to around $8 billion — a fraction of Tokyo-listed SMFG, which is worth ~$124 billion.

SMFG’s banking subsidiary already holds a minority stake in Jefferies, after taking a 5% position in 2021 which was then increased to ~20% last September with a $912 million investment. The two banks have also recently launched a joint venture in Japan, which the FT reported that SMFG is “treating as a test case for integration and a form of due diligence.”

Tasha Matsumoto

16h

Stocks jump as Trump postpones strikes on Iranian energy infrastructure

A heat map of the S&P 500 was bright green on news of a potential ceasefire on energy asset strikes.

Cowboy Riding a Bull - stock illustration

Matt Phillips22h

Palantir pops as its Maven AI targeting system made “official program” for DOD

Palantir jumped Monday following reports that the US military is making official its long-term commitment to buying and using Palantir’s AI-powered data analysis and targeting program.

Reuters’ David Jeans reported over the weekend:

“Palantir’s Maven artificial intelligence system will become an official program of record, Deputy Secretary of Defense Steve Feinberg said in a letter to Pentagon leaders, a move that locks in long-term use of Palantir’s weapons-targeting technology across ‌the U.S. military.

In the March 9 letter to senior Pentagon leaders and U.S. military commanders, Feinberg said embedding Palantir’s Maven Smart System would provide warfighters ‘with the latest tools necessary to detect, deter, and dominate our adversaries in all domains.’”

Key benefits of being named an “official program of record” include eligibility for permanent funding from the Department of Defense. The designation also implies a long-term commitment to a technology, which significantly decreases competitive threats from alternate military contractors and vendors.

In other words, being a “program of record” implies significant long-term cash flow in the future from the US Treasury to Palantir, and thus the market reaction.

Exclusive: Pentagon to adopt Palantir AI as core US military system, memo says

“Palantir’s Maven artificial intelligence system will become an official program of record, Deputy Secretary of Defense Steve Feinberg said in a letter to Pentagon leaders, a move that locks in long-term use of Palantir’s weapons-targeting technology across ‌the U.S. military.

In the March 9 letter to senior Pentagon leaders and U.S. military commanders, Feinberg said embedding Palantir’s Maven Smart System would provide warfighters ‘with the latest tools necessary to detect, deter, and dominate our adversaries in all domains.’”

In other words, being a “program of record” implies significant long-term cash flow in the future from the US Treasury to Palantir, and thus the market reaction.

J. Edward Moreno3/23/26

Lawmakers to introduce bill banning sports contracts on prediction markets: WSJ

Sports-betting stocks rose after The Wall Street Journal reported that a bipartisan pair of lawmakers are seeking to ban Commodity Futures Trading Commission-regulated companies from offering sports-related contracts on prediction markets.

Reportedly sponsored by Sens. Adam Schiff, D-Calif., and John Curtis, R-Utah, the bill would prevent companies like Kalshi or Polymarket’s US arm from posting event contracts related to the outcome of sporting events, a market that accounts for a sizable chunk of their volumes.

Prediction markets have emerged as competitors to sports-betting platforms, which are primarily regulated at the state level, and companies like DraftKings and Flutter Entertainment have risen on the news in premarket trading.

Meanwhile, Robinhood Markets and Interactive Brokers, which both offer prediction markets covering sports and other contracts, ticked down on the news before President Trump’s latest Iran announcement sent much of the stock market jolting higher, with futures on the S&P 500 rising more than 3% in a matter of minutes.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions. I own Robinhood stock as part of my compensation. Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Exclusive | Lawmakers to Introduce Bipartisan Bill Banning Sports Bets on Prediction Markets

Hyunsoo Rim

3/23/26

Stocks jolt higher after Trump says US will postpone Iran energy strikes for a “five day period”

Global equity markets were sharply in the red once again until President Trump posted on Truth Social, detailing a five-day break from strikes on Iranian energy infrastructure after “productive” talks.