Jefferies has reiterated its ‘Underperform’ rating on shoemaker On Holding (NYSE:ANON) after the company announced a leadership overhaul that will see co-founders David Allemann and Caspar Coppetti take on dual roles as executive co-chairmen and co-CEOs, while current CEO Martin Hoffmann departs.
The broker framed the move as a reaction to mounting operational complexity and intensifying competition, particularly from Nike, rather than a signal of strength. Management said the change is aimed at driving the “next phase of global expansion,” but Jefferies argued it reflects a more defensive posture.
Shares of Arm Holdings PLC (NASDAQ:ARM) jumped more than 18% on Wednesday after the company unveiled its first in-house processor aimed at artificial intelligence workloads.
The UK-based semiconductor firm, long known for licensing chip designs rather than manufacturing its own silicon, introduced the new processor, called the AGI CPU, at its “Arm Everywhere” event in San Francisco.
Sarepta Therapeutics Inc (NASDAQ:SRPT) shares surged almost 26% to about $22 after the biotechnology company shared early clinical results from two of its investigational siRNA therapies for neuromuscular diseases, showing dose-dependent muscle exposure and favorable tolerability.
Phase 1/2 studies of SRP-1001 for facioscapulohumeral muscular dystrophy type 1 (FSHD1) and SRP-1003 for myotonic dystrophy type 1 (DM1) demonstrated that the αvβ6 integrin-targeted delivery platform achieved high concentrations in muscle tissue without dose-limiting toxicity.
Merck & Co Inc (NYSE:MRK, XETRA:6MK) announced on Wednesday that it will acquire US biotech firm Terns Pharmaceuticals (NASDAQ:TERN) for $53 per share in cash, valuing the company at approximately $6.7 billion.
This marks Merck’s third multibillion-dollar acquisition in the past year as the company looks to strengthen its portfolio ahead of its top-selling cancer drug Keytruda losing patent protection in 2028.
Cognyte Software (NASDAQ:CGNT) shares jumped almost 13% after the firm reported strong fourth quarter results and issued upbeat guidance.
The company posted revenue of $106.2 million for the three months ended January 31, up 12.4% from a year earlier and above analyst expectations of $103.74 million.
Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF, FRA:FLM1) said on Wednesday it had reported strong initial assay results from its Phase 3 diamond drill program at the Berenguela silver-copper-manganese deposit in southern Peru, prompting the company to expand the scope of the campaign.
The Vancouver-based miner released results from 17 drill holes totalling 1,061.6 metres, part of an initial 45-hole, 3,000-metre program.
Algernon Health (CSE:AGN, OTCQB:AGNPF, FRA:AGW0) on Wednesday announced “NovaScan Neuroimaging Clinics” as the new brand name for its planned US network of brain PET scanning centers, with the first location set to open in Davie, Florida.
The company said the clinics will feature the US Food and Drug Administration-cleared CareMiBrain system, a standalone PET scanner designed specifically for brain imaging and not integrated with computed tomography (CT).
Shares of Chewy Inc (NYSE:CHWY) rose over 14% at the open on Wednesday after the online pet retailer reported fourth-quarter and full-year results that highlighted record profitability and issued a confident outlook.
Chewy posted full-year net sales of $12.6 billion, up 8.3% on a normalized basis, while fourth-quarter revenue came in at $3.26 billion, supported by what the company described as high-quality growth.
Paychex Inc (NASDAQ:PAYX) reported fiscal third quarter 2026 results that exceeded expectations, sending shares of the human capital management firm almost 4% higher before Wednesday’s opening bell.
For the quarter ended February 28, adjusted EPS rose 15% year-over-year to $1.71, beating estimates of $1.67, while total revenue increased 20% to $1.81 billion, topping expectations of $1.78 billion, driven by growth across its core business segments.
Braemar PLC (LSE:BMS, OTC:BSEAF) shares fell 5.3% to 212p after the shipping and energy broker reported a drop in revenue and profits for the year to February 2026, despite finishing the year in line with expectations.
The Middle East conflict is creating a mixed picture for shipping, with higher freight rates but lower volumes in certain markets, the company said.
Ethernity Networks Ltd (AIM:ENET, OTCQB:ENETF), the AIM-listed semiconductor company, has reported growing revenues from its Tier-1 US defence and aerospace customer, sending its shares up 44% to 0.0039p.
The company, which supplies data processing chip technology for networking appliances, said it recognised $0.2 million in revenue from the customer during the first quarter of 2026.