TripAdvisor, Bitmine, WolfSpeed, BYD and AstraZeneca

Shares in TripAdvisor (TRIP) were in the red in after hours trading after surging by 16% in Thursday's session as it was revealed by the Wall Street Journal that activist investor Starboard Value has built a 9% stake in the online travel-review company.

Starboard Value, an investment firm run by Jeff Smith, has a stake valued at around $160m (£117m), which would make it one of the top shareholders in the company.

Tripadvisor (TRIP) shares have been flat since the start of the year after plunging more than 30% in 2024. Last year, the travel review and booking company said it created a special committee to explore potential options.

Starboard Value has gained a reputation for pushing for changes such as new CEOs and cost cuts by acquiring significant shares in companies. The firm has pushed for changes at pharmaceutical company Pfizer (PFE) and design-software maker Autodesk (ADSK).

Bitcoin miner Bitmine (BMNR) lost over 10% in after hours trading after surging by 130% in the previous session as it revealed a $250m private placement offering to fund an Ethereum (ETH-USD) treasury strategy.

Thomas Lee, chairman of Bitmine (BMNR), said that stablecoins are “the ‘ChatGPT’ of crypto” and that he expects ether (ETH-USD) to appreciate thanks to their adoption. “Ethereum is the blockchain where the majority of stablecoin payments are transacted […] and thus, ETH should benefit from this growth,” he said.

Until this month, the firm’s treasury strategy focused on accumulating bitcoin (BTC-USD).

News that Wall Street strategist Tom Lee is joining Bitmine (BMNR) in a push to make Ethereum's ether (ETH-USD) token central to Bitmine's crypto holdings has helped kick off a massive rally for the stock. The company's share price is up roughly 2,450% over the last week.

Shares in Wolfspeed (WOLF) fell in after hours trading on Friday, pulling back after a surge of more than 50% following the semiconductor company’s unexpected Chapter 11 bankruptcy filing, a move that is typically interpreted as a sign of financial distress.

The market reaction stood in stark contrast to the usual response to insolvency announcements. Analysts said the sharp rally likely reflected a combination of speculative interest and investor optimism over the company’s restructuring plan.

Rather than signalling a collapse, Wolfspeed's (WOLF) bankruptcy filing is being framed by management as a strategic reset. The creditor-backed plan will reduce the company’s debt by $4.6bn and cut annual interest expenses by 60%, according to the firm.

With over 97% of senior secured noteholders already on board, Wolfspeed (WOLF) said it expects to emerge from bankruptcy by the end of the third quarter with $1.3bn in liquidity to support its operations.

Investors are betting that the leaner capital structure will allow the NYSE-listed group to refocus on its core silicon carbide business, a key component in electric vehicles and next-generation power electronics, and eventually restore its competitive position in the market.

Shares in BYD (BYD) slipped in Hong Kong trading on Friday, as investors digested reports that Beijing may be preparing to intervene in the intensifying price war that has gripped China’s electric vehicle (EV) sector.

The world’s largest EV maker reported a 31% increase in sales for the first half of the year, delivering 2.1 million vehicles, according to a filing with the Hong Kong Stock Exchange. Nearly half of those were pure electric models, with the remainder made up of plug-in hybrids. The company stopped producing internal combustion engine vehicles in 2022.

Despite the strong headline figures, pressure on margins has grown. BYD (BYD) came under criticism in late May after launching another round of price cuts, prompting several rivals to follow suit. In a thinly veiled rebuke, the chairman of Great Wall Motors warned that the sector “could come under threat if it continues on the same trajectory”.

The China Association of Automobile Manufacturers has also weighed in, urging fair competition and healthy development of the industry, and noting that major discounts by a single automaker had triggered a new price war panic.

Investors appeared to interpret the comments as a signal that authorities may take a more active role in calming the market, potentially through new regulation or coordinated guidance.

Shares in AstraZeneca (AZN.L) edged lower in London on Friday, despite the drugmaker securing a significant regulatory milestone for its cancer portfolio.

The European Commission has approved Imfinzi for use before and after surgery in patients with muscle-invasive bladder cancer, making it the first immunotherapy cleared for this indication in Europe. The approval follows clinical trial results showing the drug reduced the risk of recurrence by 32% and cut the risk of death by 25%. After two years, 82% of patients treated with Imfinzi were still alive.

Michiel Van der Heijden, who led the research, said this approach could be a game changer, as nearly half of patients normally see their cancer return even after chemo and surgery.

Despite the positive data, AstraZeneca (AZN.L) shares have come under pressure in recent days amid reports that chief executive Pascal Soriot has privately floated the idea of relocating the company’s headquarters to the US. AstraZeneca, the UK’s most valuable listed company, has long criticised the domestic investment climate.

In January, it scrapped plans to invest £450m in a vaccine manufacturing facility in northern England, citing a reduction in government support. A move to shift its primary listing overseas would be a fresh blow to the London Stock Exchange (LSEG.L), which has struggled to retain several high-profile companies in the face of transatlantic valuation gaps.

This Friday, US markets are closed for the Independence Day holiday.

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