markets

Claire Yubin Oh3/24/26

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.

While 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 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 SMFG is “treating as a test case for integration and a form of due diligence,” the FT reported.

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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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