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The Price Moved, the Company Did Nothing
Intel's shares fell 5.7 per cent on 28 September. There was no earnings warning. There was no filing. There was no product recall, no executive departure and no guidance change. The analysis attached to the move said it appeared tied to a broader semiconductor selloff and to profit-taking rather than to anything Intel had announced. Investors who had been sitting on gains in the sector decided, more or less simultaneously, to take some off the...
The Third Offer Was the Small One
Nippon Paint shares rose on Monday 5 October after the Japanese paintmaker agreed to buy AkzoNobel's Southeast Asia decorative paints business for 1.35 billion dollars. Taken alone, that is a modest transaction. Taken as the third item in a sequence, it is something closer to a lesson. In the spring of 2026, Nippon Paint approached AkzoNobel alongside Sherwin-Williams with a proposal to buy the entire Dutch group, valued at 12.5 billion euros....
The Bonus and the Chart in the Same Room
Orora, the Australian packaging group, is heading into its annual meeting facing shareholder anger over executive bonus arrangements, with a board spill motion in prospect after a year that has been genuinely difficult by any reading. The numbers behind the mood are not in dispute. For the 2026 financial year the company reported a statutory net loss after tax of 616.6 million Australian dollars, which included a significant item expense of...
The Cost of Money and the Cost of Moving
On 28 September, bond yields pushed higher and pulled American stocks further from their record. Within that move, airlines and other companies with large fuel bills fell hardest. American Airlines dropped 2.5 per cent as crude rose. Two prices moved in the same direction on the same afternoon, and the combination is what matters. Rising yields mean borrowing is more expensive, for governments, for companies and for households through mortgages...
The Barrel Is Reading the Room
Iran put a proposal on the table at the end of the United Nations General Assembly week. It centred on ending the war across several fronts, lifting the naval blockade, removing sanctions, ending restrictions on Iranian oil exports and releasing frozen assets, in exchange for reopening the Strait of Hormuz. Trump rejected it within hours, posting that he did not like it and that it was totally unacceptable. Tehran responded that its offer had...