Category: 3. Business

(Bloomberg) — Asian stocks were primed to track Wall Street lower Friday, as optimism linked to the US government reopening was tempered by uncertainty over interest rates and equity valuations.

Equity-index futures for Japan and Hong Kong pointed to a weaker opening, while Australian shares fell more than 1% at the open. The S&P 500 closed 1.7% lower while the Nasdaq 100 declined 2.1% in Thursday’s session. The broad-based selling wiped 2.7% from a gauge of megacaps while the Russell 2000 benchmark of small firms lost 2.8% in New York trading.

Traditional havens offered little reprieve. The dollar, gold and Treasuries all fell Thursday, leaving the US 10-year yield five basis points higher as investors parsed commentary from Federal Reserve officials that cast doubt over a December rate cut. Also, the October jobs report will be released without a reading of the unemployment rate. Bitcoin sank below $100,000 and is down more than 20% since early October.

The moves dealt a fresh blow to risk sentiment, highlighted by heavy selling in high-flying tech giants amid mounting valuation concerns. Beneath the surface, some investors pointed to a rotation into more defensive sectors. With optimism over the US government’s reopening largely priced in, traders are now focusing on the upcoming wave of economic data, as the odds of a December rate cut slip below 50%.

“It’s an expensive market and expensive markets need lower rates to help justify today’s elevated valuations,” said Matt Maley at Miller Tabak + Co. “So, the idea that this could change quickly with so much data coming out all at once, this uncertainty is raising some fear in the marketplace.”

While President Donald Trump signed legislation to end the longest shutdown in US history, it may still take a while for the federal bureaucracy to fully restart. Even so, the October jobs report will skip the unemployment rate as household survey wasn’t conducted, US top economic adviser Kevin Hassett told Fox News’ America’s Newsroom.

Some traders may be concerned that the omission of key data due to the shutdown may bolster arguments for officials to stand pat. Currently, traders are pricing in about even odds the Fed will cut rates in December.

Chair Jerome Powell said last month that a reduction is “not a foregone conclusion,” with the decision to be premised on incoming information.

In separate statements, Fed Bank of St. Louis President Alberto Musalem said officials should move cautiously on rates with inflation running above target, while Cleveland counterpart Beth Hammack noted policy should remain “somewhat restrictive.” Minneapolis Fed President Neel Kashkari said he didn’t support the last cut and is undecided on December.

In Asia, investors await data due Friday on China’s home prices, retail sales and the jobless rate, following signs of sluggishness in the credit market. Bloomberg calculations based on data released by the People’s Bank of China on Thursday showed China’s credit expansion was the weakest in more than a year last month, dragged down by slower government bond sales and lackluster borrowing demand across the economy.

Meanwhile, Tencent Holdings Ltd. posted a faster-than-anticipated 15% rise in revenue, sustaining the steady growth that’s helped the social media leader attract investors despite eschewing splashy investments in AI infrastructure. Separately, Tencent struck a deal with Apple Inc. that will see the iPhone maker handle payments and take a 15% cut of purchases in WeChat mini games and apps, resolving a high-profile dispute.

Corporate News:

Verizon Communications Inc. is discussing plans to announce job cuts next week that could downsize the company by as much as 20%. A wave of voluntary and early retirement programs in Japan is on track to hit a four-year high, as companies from Panasonic Holdings Corp. to Japan Display Inc. try to balance an aging workforce with the need to boost competitiveness. Japan Airlines Co. has sought proposals from manufacturers for up to 70 regional and turboprop aircraft. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 8:16 a.m. Tokyo time Hang Seng futures fell 1.4% Australia’s S&P/ASX 200 fell 1.6% Currencies

The Bloomberg Dollar Spot Index fell 0.2% The euro was little changed at $1.1626 The Japanese yen was little changed at 154.61 per dollar The offshore yuan was little changed at 7.0976 per dollar The Australian dollar was unchanged at $0.6529 Cryptocurrencies

Bitcoin rose 1.5% to $100,248.01 Ether rose 2.1% to $3,245.46 Bonds

Australia’s 10-year yield advanced four basis points to 4.46% Commodities

West Texas Intermediate crude rose 0.2% to $58.82 a barrel Spot gold rose 0.1% to $4,175.98 an ounce This story was produced with the assistance of Bloomberg Automation.

©2025 Bloomberg L.P.

Samsung Electronics today hosted the Silicon Valley Future Wireless Summit 2025 in Mountain View, California under the theme “Unlocking New Possibilities with AI-Centric Networks.”

The summit attracted approximately 100 distinguished participants, including representatives from major telecommunications operators, manufacturers, government agencies and academia. Following the official launch of 6G standardization discussions by the 3rd Generation Partnership Project (3GPP) in June, the industry has shifted its focus toward developing next-generation technologies that integrate AI into 6G communications. Samsung demonstrated its leadership in future communication technology at the event, unveiling achievements in AI-native technologies deployed in actual systems.

“We are focusing on integrating AI into communication systems to maximize user experience and network operational efficiency,” said JinGuk Jeong, Executive Vice President and Head of the Advanced Communications Research Center at Samsung Research. “Through the Silicon Valley Future Wireless Summit, we will expand collaboration with the telecommunications industry and continue our efforts to advance next-generation communication technology.”

AI-Driven Innovation in Wireless Communications, With Full-Scale AI-RAN Technology Validation

The summit commenced with keynote presentations from telecommunications industry experts, followed by three main sessions: “New AI-Driven Services,” “AI Radio Innovation” and “AI Network Innovation,” along with technology demonstrations. Each session included a lecture on the topic, as well as panel discussions that facilitated dynamic exchanges between participants through Q&A sessions and active debates.

The “New AI-Driven Services” session focused on new wireless network services enabled by AI technology. The session came within the context of the industry having reached a consensus on the potential for AR∙XR and Integrated Sensing and Communication (ISAC), among others.

The “AI Radio Innovation” session covered the latest developments in AI-RAN and wireless network performance optimization through AI. Furthermore, active discussions were held on AI-RAN as a core technology for 6G communications.

The “AI Network Innovation” session featured in-depth discussions on the various impacts of AI-native communication technology extending from wireless networks to wired networks and servers. Participants learned how AI will be utilized in network automation, resource management optimization and predictive maintenance to maximize network operational efficiency.

The technology demonstration session that closed out the day showcased AI-RAN technology jointly developed by Samsung and its partners. Attendees showed particular interest in the validation results demonstrating how base station communication equipment with AI-RAN autonomously makes determinations and adjustments to optimize network quality.

Leading the Development of AI-Native Next-Generation Communications Through Global Partnerships

Samsung is expanding its collaboration on 6G and AI-native communication technology with global partners, including telecommunications carriers, research institutes and consortia.

This year, the company has initiated collaboration with domestic carriers in Korea like KT — as well as global companies and research institutes such as SoftBank and KDDI Research — to enhance future communication quality. It is also participating in the Verizon 6G Innovation Forum, a global consortium leading the way in 6G technology development and commercialization.

Going forward, Samsung plans to further strengthen collaboration with global partners and continue research on the convergence of AI and communications technology to solidify its leadership in next-generation communications technology.

Story Continues

Exton, PA, Nov. 13, 2025 (GLOBE NEWSWIRE) — The 2025 Market Dynamix™: Psoriatic Arthritis and Ankylosing Spondylitis/Non-Radiographic Axial Spondyloarthritis (EU5) studies from Spherix Global Insights reveal a rapidly evolving treatment landscape, as rheumatologists expand use of next-generation IL-17 and JAK inhibitors while preparing for the arrival of new oral and multi-pathway agents.

Across both psoriatic arthritis (PsA) and axial spondyloarthritis (axSpA), the IL-17A/F pathway, targeted by UCB’s Bimzelx (bimekizumab), continues to gain ground, with EU5 rheumatologists rating it the most efficacious IL-17 mechanism. Recent prescription trends show accelerating uptake, with Bimzelx’s recent prescription share doubling its overall current share – a signal of imminent further growth. Across PsA, ankylosing spondylitis (AS), and non-radiographic axial spondyloarthritis (nr-axSpA), Bimzelx is steadily narrowing the gap with Novartis’ Cosentyx (secukinumab) and Eli Lilly’s Taltz (ixekizumab), supported by perceptions of superior efficacy across both joint and skin domains via dual cytokine inhibition.

AbbVie’s Rinvoq (upadacitinib) remains the leading JAK inhibitor across all three indications, maintaining strong growth despite persistent safety concerns tied to the JAK class. Rheumatologists across the EU5 report earlier use of Rinvoq following TNF failure and perceive it as the most versatile oral option currently available.

Johnson & Johnson’s Tremfya (guselkumab) remains the most recognized IL-23, bolstered by recent evidence confirming its ability to inhibit structural joint damage, a differentiator that reinforces its long-term positioning.

Beyond established mechanisms, attention is turning toward the broader PsA pipeline, where enthusiasm is strongest for Bristol Myers Squibb’s Sotyktu (deucravacitinib, TYK2), viewed as the most promising upcoming oral agent with broad reach potential. EU5 rheumatologists estimate one in five PsA patients could be appropriate candidates upon approval, with most anticipating use within six months of launch. If approved, Sotyktu is expected to compete directly with existing oral agents such as Rinvoq, Xeljanz, and Otezla.

Rheumatologists also report growing awareness of Johnson & Johnson’s oral IL-23 candidate icotrokinra, which has attracted interest for potentially extending IL-23 class efficacy into a convenient, oral format.

In axSpA, familiarity remains highest for established oral agents like Jyseleca (filgotinib), but excitement is building around MoonLake’s sonelokimab, a tri-specific IL-17A/F nanobody expected to deliver deeper efficacy in difficult-to-treat patients.

Looking forward, nearly all EU5 specialists expect emerging mechanisms to significantly reshape practice within five years, led by expanding IL-17, IL-23, and TYK2 use. Rheumatologists continue to emphasize demand for oral, once-daily options and simplified regimens that improve patient adherence and system efficiency.

About Market Dynamix™

Market Dynamix™ is an independent, data-driven service focused on understanding the evolving dynamics of specialty markets poised for disruption. Leveraging quantitative and qualitative research, the service evaluates current treatment approaches, unmet needs, and likely impact of pipeline agents over a three-to-five-year horizon.

About Spherix Global Insights  

Spherix is a leading independent market intelligence and advisory firm that delivers commercial value to the global life sciences industry, across the brand lifecycle.  

The seasoned team of Spherix experts provides an unbiased and holistic view of the landscape within rapidly evolving specialty markets, including dermatology, gastroenterology, rheumatology, nephrology, neurology, ophthalmology, and hematology. Spherix clients stay ahead of the curve with the perspective of the extensive Spherix Physician Community.  

As a trusted advisor and industry thought leader, Spherix’s unparalleled market insights and advisory services empower clients to make better decisions and unlock opportunities for growth.  

To learn more about Spherix Global Insights, visit spherixglobalinsights.com or connect through LinkedIn.   

For more details on Spherix’s primary market research reports and interactive dashboard offerings, visit or register here: https://clientportal.spherixglobalinsights.com  

Spherix Global Insights Contacts  

Lynn Price, Rheumatology Franchise Head

lynn.price@spherixglobalinsights.com

NOTICE: All company, brand or product names in this press release are trademarks of their respective holders. The findings and opinions expressed within are based on Spherix Global Insight’s analysis and do not imply a relationship with or endorsement of the companies or brands mentioned in this press release. 

BALTIMORE, Nov. 13, 2025 /PRNewswire/ — Under Armour, Inc. (NYSE: UAA, UA) today announced the expansion of its previously disclosed fiscal 2025 restructuring plan and increased its fiscal 2026 adjusted operating income outlook.

Expansion of Fiscal 2025 Restructuring Plan

Previously, the company anticipated incurring up to $160 million in pre-tax restructuring and related charges in connection with its fiscal 2025 restructuring plan. Following further review, Under Armour’s Board of Directors has approved an additional $95 million in restructuring actions, the primary benefits of which will be realized in future periods. This includes the separation of the Curry Brand from Under Armour, further contract terminations, incremental asset impairments, and additional employee severance and benefits costs.

The company estimates that its total global basketball business, including Curry Brand, will approximate $100 million to $120 million in revenue for fiscal 2026. In connection with the separation of the Curry Brand, the company does not anticipate a significant effect on its consolidated financial results or profitability.

The expansion of the restructuring and transformation plan brings the total estimated restructuring and related charges to up to $255 million, consisting of:

• Up to $107 million in cash-related charges, consisting of approximately $34 million in employee severance and benefits costs, and $73 million related to various transformational initiatives.
• Up to $148 million in non-cash charges, consisting of approximately $7 million in employee severance and benefits costs, and $141 million in contract terminations, facility, software, and other asset-related charges and impairments.

As of September 30, 2025, Under Armour had incurred approximately $147 million of restructuring and related charges ($82 million cash; $65 million non-cash). The plan is expected to be substantially complete by the end of fiscal year 2026.

Updated Fiscal 2026 Outlook

Under Armour is raising its fiscal 2026 adjusted operating income outlook, provided on November 6, reflecting the expected financial benefits of the company’s expanded restructuring and transformation initiatives and ongoing operational efficiency improvements. On a GAAP-basis, the company now expects an operating loss of $56 million to $71 million versus its previous expectation of operating income of $19 million to $34 million. Adjusted operating income is now expected to reach $95 million to $110 million, compared to the prior range of $90 million to $105 million. All other components of the company’s outlook remain unchanged.

Non-GAAP Financial Information

This press release discusses the company’s “adjusted” forward-looking estimates for the fiscal year ending March 31, 2026. Management believes this information is valuable for investors seeking to compare the company’s operational results across different periods, as it provides clearer insight into its underlying performance by excluding these impacts. Adjusted financial measures exclude the effects of the company’s fiscal year 2025 restructuring plan, its associated charges, and related tax effects. Management states these adjustments are not essential to the company’s core operations. The reconciliation of non-GAAP figures to the most directly comparable GAAP financial measure is included in the supplemental financial information accompanying this release. These supplemental non-GAAP financial measures should not be viewed in isolation; they should be considered alongside the company’s reported results prepared in accordance with GAAP. Additionally, the company’s non-GAAP financial information may not be comparable to similar measures reported by other companies.

About Under Armour, Inc.

Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor, marketer, and distributor of branded athletic performance apparel, footwear, and accessories. Designed to empower human performance, Under Armour’s innovative products and experiences are engineered to make athletes better. For further information, please visit http://about.underarmour.com. 

Forward-Looking Statements

Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding our share repurchase program, future financial condition or results of operations, growth prospects and strategies, potential restructuring efforts (including the scope, anticipated charges and costs, the timing of these measures, and the anticipated benefits of our restructuring initiatives), expectations related to promotional activities, freight, product cost pressures, foreign currency effects, the impact of global economic conditions including changes in trade policy and inflation on our results of operations, liquidity and use of capital resources, the development and introduction of new products, the execution of marketing strategies, benefits from significant investments, and impacts from litigation or other proceedings. In many cases, you can identify forward-looking statements by terms such as “may,” “will,” “could,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “outlook,” “potential,” or the negative of these terms or other comparable terminology. The forward-looking statements in this press release reflect our current views about future events. They are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe the expectations reflected in the forward-looking statements are reasonable, they are inherently uncertain. We cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Several important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to: changes in general economic or market conditions (such as rising inflation and potential impacts of changes and uncertainties related to government fiscal, monetary, tax and trade policies) that could influence overall consumer spending or our industry; the impact of global events beyond our control, including military conflicts; and the effects of changes in the global trade environment, such as the imposition of new tariffs and countermeasures thereto, on our profitability; increased competition that may cause us to lose market share, lower product prices or significantly increase marketing efforts; fluctuations in the costs of raw materials and commodities we use in our products and supply chain (including labor); our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business; changes in the financial health of our customers; our ability to effectively develop and launch new, innovative, and updated products; our ability to accurately forecast consumer preferences and demand for our products and to effectively manage our inventory; our ability to successfully execute any restructuring plans and achieve expected benefits; loss of key customers, suppliers, or manufacturers; our ability to further expand our business globally and drive brand awareness and consumer acceptance of our products in other countries; our ability to manage the increasingly complex operations of our global business; our ability to effectively market and maintain a positive brand image; our ability to successfully manage or achieve expected outcomes from significant transactions and investments; our ability to attract key talent and retain the services of our senior management and other key employees; our ability to effectively meet regulatory requirements and stakeholder expectations with respect to sustainability and social matters; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; any disruptions, delays or deficiencies in the design, implementation, or application of our global operating and financial reporting information technology system; our ability to access capital and financing required to manage our business on terms acceptable to us; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; risks related to foreign currency exchange rate fluctuations; our ability to comply with existing trade and other regulations; risks related to data security or privacy breaches; the impact of global or regional public health emergencies on our industry and our business, financial condition and results of operations, including impacts on the global supply chain; and our potential exposure to and the financial impact of litigation and other proceedings. The forward-looking statements here reflect our views and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect unanticipated events.

UNDER ARMOUR, INC.
Outlook for the Year Ending March 31, 2026
(Unaudited; in millions)

The table below reconciles the company’s condensed consolidated statement of operations, in accordance with GAAP, to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company’s use of non-GAAP financial measures, see “Non-GAAP Financial Information” above.

SOURCE Under Armour, Inc.

Under Armour to Focus on Core Brand Comeback 

BALTIMORE, Nov. 13, 2025 /PRNewswire/ — Under Armour, Inc. (NYSE: UAA, UA) and Stephen Curry today announced plans to separate Curry Brand from Under Armour, ending a partnership that has redefined performance product and athlete-led storytelling for more than a decade. Under Armour, with a disciplined focus on its namesake brand, will develop new UA Basketball products and continue to support athletes and programs across every level of the game. 

Under the separation, Curry will become independent of Under Armour. UA will release the Curry 13 – the final Curry Brand x Under Armour shoe – in February 2026 as planned, with additional colorways and apparel collections available through October 2026.

“It’s been an incredible privilege to work with Stephen, who as President of Curry Brand has been much more than an ambassador – he’s become a thoughtful and strategic business leader,” said Kevin Plank, Founder and CEO of Under Armour. “Together with our teammates, he helped build something rare: a brand with credibility, community impact, and product that performs at the highest level. For Under Armour, this moment is about discipline and focus on the core UA brand during a critical stage of our turnaround. And for Stephen, it’s the right moment to let what we created evolve on his terms. We’ll always be grateful for what he’s brought to the UA team.” 

Launched in 2020 as an extension of Stephen Curry’s longtime partnership with Under Armour, Curry Brand has combined performance innovation with community investments – especially in youth sports and underfunded basketball programs – while serving as a global platform for both parties’ on and off-court values. Through this partnership, Under Armour expanded its Project Rampart youth sports and education initiative to Oakland, and it will continue to support those efforts. 

“Under Armour believed in me early in my career and gave me the space to build something much bigger and more impactful than a shoe. I’ll always be grateful for that.” said Stephen Curry. “Curry Brand was created to change the game for good and over the past 5 years, we successfully changed the game for kids, for communities, and for basketball. What Curry Brand stands for, what I stand for and my commitment to that mission will never change, it’s only growing stronger. I’m excited for a future that’s focused on aggressive growth with a continued commitment to keep showing up for the next generation.” 

“This move lets two strong teams do what they do best,” Plank added. “Under Armour is focused on product innovation and performance for athletes at every level. Curry Brand gets the independence to determine its own future. That’s good for Stephen and good for UA.” 

About Under Armour, Inc.

Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor, marketer, and distributor of branded athletic performance apparel, footwear, and accessories. Designed to empower human performance, Under Armour’s innovative products and experiences are engineered to make athletes better. For further information, please visit http://about.underarmour.com.

SOURCE Under Armour, Inc.