Hi. I’m Dr Eugene J. Lucas. I’m board certified in internal medicine andobesitymedicine. In this video, I’ll review the benefits of high-protein diets.
For anyone trying to lose weight, a caloric deficit is required, which means that the amount of calories consumed is less than what is burned through rest and with activity.
Unfortunately, exercise does not burn as many calories as we would like, and hyperconsumable sources of calories are ever-present at low cost in our modern food environment.
A 30-minute brisk walk may burn 200 calories, but that can be entirely offset by consuming one candy bar or a single slice of pizza.There is no intervention that rivals the total body benefits provided by regular exercise, but it’s not an efficient weight loss strategy on its own for most people.
Apart from medications, how can you consume less? One strategy is referred to as a protein leverage diet. With consumption of calories that are high in protein, say 30-40 grams or more,greater fullness occurs as a result of increases in pro -satiety hormones such as GLP-1. These effects are modest when compared with semaglutide or tirzepatide, but they can still be beneficial over time as a means to achieve or maintain a caloric deficit.
Separately, vegetables and fiber-rich foods have also been found to generate more fullness relative to meals r ich in carbohydrates or fats.
Putting this all together, during meals, eat protein first, then vegetables or fiber-rich foods second, and the third position is for everything else. With high-protein diets plus this type of food order, you’ll be better able to maintain or enhance a caloric deficit, and this weight loss approachwill also include benefits for muscle mass, strength, and bone density.
The discovery of theCamp Hill virusmarks the first detection of a henipavirus in Alabama in North America. This event highlights henipaviruses, a group of highly dangerous pathogens known to cause severe, often fatal infections characterized by fever, respiratory symptoms, and cerebral edema. Thanks to advancements in genetic analysis, nearly 20 types of henipaviruses have been identified, with their presence noted on every continent except Antarctica.
Viral Outbreaks
The Hendra virus, identified in Australia in 1994, is the first henipavirus. This has resulted in seven known human infections, four of which were fatal. The Nipah virus, discovered in Malaysia in 1998, has proven even more lethal, causing 30 outbreaks in Southeast Asia, with over 600 infections and mortality rates reaching up to 100% in some cases.
In China, the Mojiang virus has been linked to the deaths of three mineworkers. Another virus, Langya, spread by shrews, caused an outbreak in which 35 individuals were infected, all of whom recovered from the infection.
Transmission Risks
Identified in tissue samples from short-tailed shrews in 2021, the Camp Hill virus is likely transmitted by bats through saliva or urine, with horses also being considered as potential carriers. Henipaviruses are highly adaptable and can infect a wide range of hosts, including bats, horses, monkeys, dogs, and rodents. While viruses such as measles only infect humans, henipaviruses exhibit greater flexibility, which poses a significant risk for transmission to humans.
To date, there have been no confirmed human cases of Camp Hill virus, but its potential spread remains a critical concern for epidemiologic surveillance.
Currently, there are no approved treatments or vaccines for henipaviruses. However, intensive research is underway for a vaccine against the Nipah virus, and new treatments, including monoclonal antibodies, are under development.
Conclusion
The global spread of henipaviruses and the emergence of new variants underscore the ongoing need for vigilant monitoring of zoonotic pathogens. Although only a few of these viruses have caused human infections to date, the risk for transmission remains. The World Health Organization has called for enhanced research and preventive strategies to identify and mitigate potential outbreaks.
Pain, nausea, and vomiting were the most frequently documented symptoms preceding unplanned acute care visits in patients with cancer, new research showed. Women, individuals from racial minority groups, and those with Medicaid insurance were more likely to have a high symptom burden, although men and White patients accounted for most of the visits.
METHODOLOGY:
Many patients with cancer require unplanned acute care, including emergency department (ED) visits and hospitalizations, due to complications from their disease or treatment. These encounters affect outcomes, quality of life, and healthcare costs. However, little is known about symptom patterns preceding such visits.
A cohort study conducted at a single tertiary-care institution analyzed outcomes from 28,708 adult patients with cancer who had symptoms documented in the 30 days before an acute care visit.
Researchers used natural language processing to scan clinical notes for symptoms recorded in the 30 days before an ED visit or hospital stay. High symptom burden was defined as more than 10 different symptoms noted during that time.
The primary outcomes were symptom burden and characterization of symptoms preceding acute care visits. Secondary outcomes included associations between symptom burden and sociodemographic characteristics (sex, race and ethnicity, age, and insurance type).
TAKEAWAY:
Overall, 70,606 acute care encounters were observed, and 854,830 symptoms were documented before an acute care visit. Men had 53.6% of the acute care encounters, and White patients had about 56.6%.
The top 10 most common documented symptoms were pain (7.54%), nausea (6.74%), vomiting (5.79%), fatigue (5.26%), constipation (3.93%), fever (3.39%), generalized muscle weakness (3.32%), extremity edema (3.28%), dyspnea (3.12%), and headache (2.92%).
Women (adjusted odds ratio [aOR], 1.14); patients of Asian (aOR, 1.22), Black (aOR, 1.17), and American Indian or Alaska Native (aOR, 1.21) races; and Medicaid-insured patients (aOR, 1.10) were significantly more likely to have a documented high symptom burden.
Patients aged 65 years or older (aOR, 0.96) and those without insurance (aOR, 0.58) were significantly less likely to have a documented high symptom burden preceding an acute care visit.
IN PRACTICE:
“This analysis highlights differences in cancer symptom documentation across racial, sex, and socioeconomic subgroups, suggesting potential areas of disparities. This raises attention to the potential need to develop targeted interventions to ensure equitable access to health care for improved symptom management,” the authors wrote.
SOURCE:
This study, led by Chichi Chang, MEng, Bakar Computational Health Sciences Institute, University of California San Francisco, was published online in JAMA Network Open.
LIMITATIONS:
The limitations included retrospective design, single-center study, potentially incomplete data, and a predominantly White and insured population. Natural language processing methods could have limitations in accurately capturing complex clinical documentation. Repeated visits by the same patients might have biased symptom data.
DISCLOSURES:
This study received support from a National Cancer Institute of the National Institutes of Health grant, a Conquer Cancer Career Development Award, and a University of California San Francisco Computational Cancer Award. One author reported providing paid services to Epi-Vant Consulting, outside the submitted work. Another author reported receiving grants from Roche, outside the submitted work.
A novel investigational endoscopic procedure targeting the duodenum appears beneficial in improving glycemic parameters in people with type 2 diabetes (T2D).
In a new dose-finding study, the re-cellularization via electroporation therapy (ReCET, Endogenex) improved insulin sensitivity, beta-cell function, and other glycemic parameters at 12 and 48 weeks in 51 individuals with T2D. “The findings suggest that duodenal mucosal and submucosal recellularization are key therapeutic targets in type 2 diabetes management,” said Barham Abu Dayyeh, MD, director of Interventional Gastroenterology at Cedar-Sinai Hospital, Los Angeles, in a presentation at Digestive Disease Week (DDW) 2025.
The outpatient technique is based on pulsed electrical fields, or electroporation, which do not use heat. “It’s nonthermal regeneration, not just ablation. It’s regeneration of the duodenum as a treatment target that could potentially modify type 2 diabetes,” Abu Dayyeh told Medscape Medical News.
Separately at DDW, Abu Dayyeh presented results from an artificial intelligence–based analysis of duodenal biopsies from 111 individuals with T2D and 120 control individuals without diabetes, demonstrating distinct mucosal features associated with metabolic disease, significant inflammation in the deep mucosa and submucosa with increased fibrosis, and gut-barrier dysfunction. The authors termed this set of abnormalities “diabetic duodenopathy.”
Abu Dayyeh likened the duodenum to a “conductor” of the “dysfunctional orchestra” of metabolic disease that includes T2D. “It’s tasked with integrating signals from the food that we eat and from our microbiome and communicates that metabolic response to downstream organs like the pancreas, liver, and adipose tissue.”
Currently, he said, “We use treatments that work downstream on components of this dysfunctional orchestra. So we work on the violinist and the flute player, but we do not go upstream to say maybe there’s an opportunity to put the orchestra conductor back in synch…We manage blood glycemia by lowering it, rather than looking at upstream disease-modifying targets that could reverse the course so you require less insulin and less medication.”
Abu Dayyeh envisions the ReCET procedure as an option for people struggling to control T2D with standard medications, or for early use to avoid or delay medications, particularly insulin. But it won’t replace medications. “On the contrary, I see it as enhancing and complementing medications,” he said.
Asked to comment, Ali Aminian, MD, professor of surgery and director of the Bariatric and Metabolic Institute at the Cleveland Clinic, Cleveland, told Medscape Medical News, “Diabetes is a heterogeneous disease complex with numerous pathophysiological derangements. Although diabetic duodenopathy can be seen in some patients with diabetes, that wouldn’t explain the entire story behind diabetes pathogenesis in all people with diabetes. In a subgroup of people with duodenal involvement in their disease process, endoscopic procedures targeting the duodenum may play a role in the future.”
Glycemic Parameters Improve
The new study, called REGENT-1, was a multicenter, open-label, single-arm dose escalation of three levels of energy delivery in patients who had T2D for 10 years or less with A1c levels 7.5%-11% despite the use of one or more noninsulin glucose-lowering medications. Procedural success, defined as treatment of at least 6 cm of duodenum, was achieved in 100% of participants.
From a baseline A1c of 8.6%, there were dose-response drops at weeks 12 and 48 by energy delivery, with significant reductions at week 48 of 1.00 and 1.70 percentage points, respectively, among the 18 who received the middle dose and the 21 given the highest dose. Body weight also dropped in all three groups in a dose-response way, from 1.2% with the lowest to 6.2% with the highest energy delivery.
In mixed-meal tolerance testing, glucose area under the curve, homeostatic model assessment for insulin resistance, sensitivity index, beta-cell function, and disposition index (a measure of beta-cell response to insulin resistance) were all reduced from baseline at 48 weeks after ReCET, reaching statistical significance with the highest energy dose.
There were no device- or procedure-related serious adverse events.
Based on a literature search, Abu Dayyeh found that modern glucagon like peptide-1 receptor agonist medications have a stronger effect than ReCET or Roux-en-Y gastric bypass (RYGB) on beta-cell function (increases by 239% with semaglutide and 314% with tirzepatide vs 50% with ReCET and 74% for RYGB). However, ReCET procedure produced superior results for both insulin sensitivity (+487% for ReCET and +326% for bypass vs 30% and 62%, respectively for semaglutide and tirzepatide) and disposition index (+1032% for ReCET, +667% with tirzepatide, +642% for RYGB, and +367% for semaglutide).
Aminian commented, “The findings of this single arm clinical trial are promising. The next step is to incorporate a blinded control group who undergoes an endoscopy without any therapeutic intervention.”
In fact, such a study is underway. Results of “a multicenter, randomized, double-blind, sham-controlled study for assessing the safety and effectiveness of endoscopic intestinal re-cellularization therapy in individuals with type 2 diabetes (ReCET)” are expected in late 2026.
In the meantime, Amanian said about the current findings, “I’d argue that the observed improvement in diabetes parameters can be related to more intensive medical therapy during follow-up in this single arm study.”
In the trials, the procedure takes 30 minutes to an hour to perform. However, as the technology improves, “the vision of this is to be a 20-minute outpatient procedure eventually,” Abu Dayyeh said.
He envisions that eventually the procedure will become as accessible as colonoscopy is now, and that primary care physicians and endocrinologists would similarly refer patients to a gastroenterologist or surgeon to have it done. “They do the procedure and send your patient back, hopefully with a less complex management strategy, so you could manage them more efficiently without escalating care.”
Abu Dayyeh is a co-inventor of the ReCET procedure, with the technology licensed by the Mayo Clinic. He is a consultant for and/or reported receiving research support from Boston Scientific, Olympus, Medtronic, Metamodix, BFKW, Apollo Endosurgery, USGI, Endogastric Solutions, Spatz, and Cairn. Aminian had received grants and personal fees from Medtronic and Ethicon. He serves as a consultant for Medtronic, Ethicon, and Eli Lilly.
A once daily, 50 mg dose of efruxifermin reduced fibrosis at 96 weeks in patients with compensatedcirrhosisdue to metabolic dysfunction-associated steatohepatitis (MASH) compared with placebo, but it did not significantly reduce fibrosis at 36 weeks (primary endpoint), according to results from the phase 2b SYMMETRY trial.
Efruxifermin is a long-acting, bivalent fibroblast growth factor 21 analogue. At 96 weeks of treatment, a statistically significant 29% of patients had at least one stage of fibrosis improvement without MASH worsening (secondary outcome) compared with 11% on placebo.
Results also suggested improvements in MASH-related histologic findings, non-invasive markers of liver injury and fibrosis, as well as markers of glucose and lipid metabolism at 96 weeks. Now the 50 mg dose of efruxifermin is being investigated in phase 3 development.
Mazen Noureddin, MD, MHSc
Academic-clinician Mazen Noureddin, MD, MHSc, of the Sherrie and Alan Conover Center for Liver Disease and Transplantation at Houston Methodist Hospital, Texas, presented the findings here at the at the European Association for the Study of the Liver (EASL) Congress 2025. The work was published simultaneously in The New England Journal of Medicine.
Noureddin said that, for the first time, they showed “significant, unprecedented improvement in fibrosis” on the regimen. He added that the “histologic improvement in fibrosis corroborated with non-invasive tests, presenting an overall picture of liver injury and function that suggests liver health is maintained or slightly improved by efruxifermin compared to placebo.”
Despite being a major cause of liver failure and transplantation, there are currently no approved therapies that reverse fibrosis in MASH-related cirrhosis. Efruxifermin has shown antifibrotic effects in earlier studies of patients with less advanced disease (F2-F3 fibrosis). Now, this phase 2b, randomized, placebo-controlled, double-blind trial, shows efficacy and safety with efruxifermin in patients with MASH who had biopsy-confirmed compensated cirrhosis at stage 4 fibrosis.
The Trial
SYMMETRY was conducted across 45 sites in the US, Mexico, and Puerto Rico. It enrolled 181 adults with biopsy-confirmed compensated cirrhosis due to MASH (Child-Pugh A), 80% of whom had diabetes and obesity. Patients were at high risk for hepatic decompensation.
Participants were 18-75 years of age, had liver histologic features consistent with MASH, and had compensated cirrhosis (stage 4 fibrosis with a Child-Pugh score of 5 or 6). They also had type 2 diabetes or two components of metabolic syndrome comprising obesity, dyslipidemia, elevated blood pressure, and elevated fasting glucose level. Approximately 80% of the patients had biopsy-confirmed MASH.
Patients received weekly subcutaneous efruxifermin (28 mg or 50 mg) or placebo in a 1:1:1 ratio. Liver biopsies were obtained at weeks 36 and 96 and were included in the intention-to-treat and safety analyses. Overall, liver biopsy data were available for 154 patients at week 36 and for 134 patients at week 96.
The primary endpoint comprised a reduction of at least one stage of fibrosis without worsening of MASH at week 36, while the same measure comprised the secondary outcome at week 96.
At 36 weeks, in the intent-to-treat analysis, a reduction in fibrosis without worsening of MASH was seen in 8/61 patients (13%) in the placebo group, 10/57 patients (18%) in the 28 mg efruxifermin group (95% CI, -11 to 17; P = .62), and 12/63 patients (19%) in the 50 mg efruxifermin group (95% CI, -10 to 18; P = .52).
Referring to the 36-week completer analysis, Noureddin reported, “We see here, 24% in the 50 mg group compared with 14% in those on placebo [and 22% on the 28-mg dose]. When they continue treatment up to 96 weeks, we saw up to 39% improvement [50-mg dose] in fibrosis by one stage without worsening of MASH compared to 15% placebo [and 29% with 28 mg]. This is a difference of 24% [between placebo and 50 mg] that was statistically significant [P < .01],” he reported.
In the intent-to-treat analysis, at week 96, a reduction in fibrosis without worsening of MASH occurred in 7/61 patients (11%) in the placebo group, in 12/57 patients (21%) in the 28 mg efruxifermin group (95% CI, -4 to 24), and in 18/63 patients (29%) in the 50 mg efruxifermin group (95% CI, 2-30). “It was up to 29% in the 50 mg compared with 11%, and that’s an 18% statistically significant difference [P < .05].”
The proportion of week 36 responders who sustained response to week 96 were 50% (n = 4), 67% (n = 6), and 75% (n = 9), in the placebo, 28 mg, and 50 mg groups, respectively. Expanded response (non-response at week 36 but response at week 96) was 8% (n = 3), 19% (n = 6), and 26% (n = 9) respectively.
“This emphasizes the role of ongoing treatment in cirrhotic patients,” said Noureddin. He also added that they saw “consistent responses across multiple baseline subgroups for the primary histological endpoint and at week 96 with the 50 mg.”
Nearly all participants (99% on efruxifermin and 97% on placebo) reported adverse events. Any serious adverse events were reported in 26%, 24%, and 18% in the 28 mg, 50 mg, and placebo groups, respectively. Gastrointestinal side effects were most common: diarrhea (42%, 54%, and 30% on 28 mg, 50 mg, and placebo, respectively), nausea (30%, 46%, 30%, respectively), and increased appetite (16%, 40%, 7%, respectively) and mostly of mild-to-moderate nature. Administration-site reactions (erythema) were also more common with efruxifermin (13%, 16%, and 6%, respectively). After week 36 and prior to week 96, discontinuations due to adverse events were 0%, 2%, and 3% in the placebo, 28 mg, and 50 mg, respectively. “After week 36, there were very few discontinuations due to side effects,” reported Noureddin.
Poor bone health is a common complication of cirrhosis, and across all treatment groups, 43% of participants had osteopenia at baseline, but only 4% were treated with bisphosphonates. Placebo-adjusted, significant relative reductions in bone mineral density (-5%) for spine and hip were observed for both treatment groups at week 96 or about 2%-3% per year. The number of participants experiencing fractures was equal across all treatment groups, added Noureddin.
Commenting on the study, delegate and chairman of the Global NASH Council, Zobair M Younossi, MD, professor and chairman of the department of medicine at Inova Fairfax Medical Campus, Fairfax County, Virgina, told Medscape Medical News, “The key to this whole area is that there are treatments that have been developed for non-cirrhotic MASH, F2 and F3, but there is currently nothing that is positive for people with cirrhosis and MASH. This study shows there is improvement in all categories even in those with diabetes and even when they are controlled for some alcohol consumption.” He added, “I think that the best aspect of this is that it gives us a potential treatment for those patients who are at highest risk for bad outcomes in MASLD, which are those with cirrhosis.”
The study was supported by Akero Therapeutics. Noureddin declared grants, consultant roles, and stock options from many pharmaceutical companies, including Akero. Younossi reported no relevant financial relationships.
The findings were presented during a dedicated session on AI and hepatology, May 8, 2025, at the EASL Congress 2025.
opens in a new tab or window annual meeting, several studies explored the potential role of surgery in managing metastatic prostate cancer.
In this exclusive MedPage Today video, Jeremy Slawin, MD, of the Baylor College of Medicine in Houston, highlighted these developments, and discussed how emerging findings might redefine the surgical approach in this traditionally non-surgical disease space.
Following is a transcript of his remarks:
One of the studies that related to prostate cancer that has really interested me as a urologist involves the surgical care of metastatic prostate cancer. So the standard treatments for metastatic prostate cancer for decades have been treatments that go to the whole body, things like androgen deprivation therapy [ADT] and other medications that can treat multiple sites of disease. But there are some ongoing trials looking at, is there a role for surgery in this setting as well?
And I think probably the most well-known one is called the SWOG 1802 trialopens in a new tab or window, or the Southwest Oncology Group number 1802 trial. And what they're looking at is for patients who have metastatic prostate cancer, is getting those kinds of standard treatments alone, or getting one of those standard treatments with the addition of surgery to remove the prostate where the metastatic disease is kind of stemming from, is adding surgery beneficial to those patients?
They're also looking to see if radiation therapy is going to be helpful. But essentially the crux of this study is the standard systemic therapy alone versus systemic therapy with additional treatments to the prostate going to be equivalent or potentially better with treating the prostate. And as urologists, we are the surgical kind of providers, really, who care for prostate cancer. And this is a great interest, I think, to a lot of urologists to see if there's a role for us in this disease space when previously it's really been solely managed by medical oncologists.
Again, as urologists, we're wondering, is there a role for surgery in these patients who have metastatic prostate cancer? So at our VA hospital, we've been working on the STARPORT trialopens in a new tab or window, which is looking at if you give treatment to the metastatic lesion, is that helpful?
Again, the standard-of-care treatment for metastatic prostate cancer has been just ADT and these systemic agents alone, and we're looking at randomizing patients to that standard regimen versus getting that, and in addition, getting treatment to the metastatic lesion in question. So if you have a lymph node that has spread from the prostate, does surgically removing that lymph node or providing radiation therapy to that lymph node provide some benefit?
That trial is also ongoing. We don't have the results of that just yet, but I think, again, urologists are very intrigued at the potential roles for surgical management of a disease that historically has never really involved any surgical management.
At MarketScreener, we have had an internal list of companies in special situations in Europe for several years now. Here are 25 of them, including the latest addition: LVMH.
Let's start with some generalities about what we mean by "special situation." This stockmarket concept is quite broad. It refers to a company that finds itself in an unusual position, creating a distortion compared to the average publicly traded company. On the negative side, there are large discounts, disaffection, strategic errors, and other setbacks. On the positive side, there may be rumors of a takeover or split, or the company may be a phoenix rising from the ashes. There may also be a whole series of events ranging from the arrival of an activist shareholder to the takeover of a competitor, a disruptive innovation, bad buzz, or an exorbitant valuation. Yes, because a special situation can involve investing in both buying and selling.
In any case, this is the type of company that would be prudently avoided in a traditional portfolio. However, these atypical profiles sometimes become prime hunting grounds for investors on the lookout for speculative opportunities, provided they are exploited at the right time: there is a fine line between an incredible opportunity and a value trap. Consequently, these investments are not without risk. The outcome is often binary: it either works or it doesn't. Special situations require close monitoring, a clear understanding of the company's internal dynamics, and a healthy dose of tolerance for volatility. For some, it is an opportunistic strategy. For others, it is the art of going against the grain, where you try to see value where the market still only sees problems.
Here are 25 European stocks in special situations:
AMS-Osram The Austrian equipment manufacturer, which has undergone multiple mergers, is going through a difficult period. Cost cutting, refocusing, and asset disposals are all part of the group's efforts to regain momentum at a time when its main market, the automotive industry, is not in the best shape. The latest operating performance is encouraging, but the debt burden continues to weigh on results.
Atos The former star of French IT has converted its colossal debt into shares, wiping out its shareholders in the process. Taken over by a new management team, which is working to prevent the announced dismantling, the company is showing signs of improvement, but from a very low base and in an extremely fragile state. Management must pull off the feat of simultaneously improving profitability, reassuring customers, and restoring shareholder and market confidence. No longer a lottery ticket, but not yet a solid investment.
Azelis The specialty chemical distributor is making a series of acquisitions as part of an ambitious consolidation strategy. This quest for critical mass has contributed to its high debt, which has long weighed on its stock performance. The market also assigns a fairly high discount compared to its closest peer, IMCD, because its financial results are often erratic. Azelis is one of those stocks that analysts love but which struggle to shake off their bad reputation.
Ayvens Société Générale's long-term car rental subsidiary, formerly known as ALD, appears to be suffering from the double blow of low valuations in the automotive and financial sectors. Presented as a core asset by management in 2023, alongside BoursoBank, Ayvens nevertheless attracted the interest of big names in private equity at the end of 2024.
BP Plc The British oil major is a textbook case for this selection. The company is under pressure from activist funds, while, according to the latest rumors, it is being courted by Shell. Although these companies were historically of comparable size, Shell is now worth nearly twice as much as BP on the stock market. This is a speculative aspect to watch.
Carrefour In an ultra-competitive environment, Carrefour is seeking to reposition itself through rationalization, digitalization, and possible capital movements. With rumors of mergers, asset sales, and share buybacks, the retailer remains a key player in Europe... albeit at a discount. Carrefour is worth less than €9bn, or one-tenth of its revenue!
Clariane Formerly Korian, Clariane is trying to turn the page on the crisis in the medical-social sector by seeking to present itself in a better light than its rival Emeis (formerly Orpea, see below). Asset sales, strategic refocusing, and regaining confidence: a profound transformation, but one that is being closely monitored. The market is speculating that these companies are "too essential for the government to let them go under," despite their somewhat deteriorated fundamentals.
Continental The German group is in the process of completing the split that everyone has been expecting. High-margin tires on one side, non-tire automotive parts on the other. In this context, investors expect the core business to be revalued once it has been stripped of its low-margin activities. There may still be room for something, as the sector searches for the bottom of the cycle.
Douglas The cosmetics distributor, known for its Nocibé brand, is one of the biggest flops among recent IPOs. The share price has fallen from $26 to less than $10 in a year! Financial performance has been extremely poor and investors have fled the stock. Special situation: it would be hard to do worse.
Emeis Formerly Orpea, renamed to erase the stigma of a high-profile scandal. With new management, financial restructuring, and renewed credibility, the healthcare group is moving forward on a narrow path that is still fraught with obstacles, but with a healthier management team than its predecessor. This is a bet on the strategic status of nursing home operators in France, as with Clariane.
Grifols The Spanish biotechnology group is facing accounting allegations and high debt. The fundamentals remain relatively solid, but the image has been tarnished. A textbook case for investors who like to bet against the odds, especially as a few funds are circling with a view to a takeover, notably Brookfield, which has already been rebuffed in the past.
Havas The Amsterdam-listed company, which was spun off from Vivendi, is very poorly valued. The market has not yet digested the group's separation: there may be something to explore there.
Ithaca The North Sea oil and gas producer, owned by Israel's Delek and Italy's ENI, is trading at relatively low levels despite being an opportunistic consolidator in the sector. The company is on the lookout for acquisitions.
John Wood The British oil engineering company, which is in a delicate situation, is nevertheless attracting interest due to its rather rare positioning. Sidara, the Dubai-based company, recently made a new informal offer of GBX 35, but the stock continues to trade below this level, a sign that the market does not have much confidence in the outcome of the transaction.
Kering The luxury goods giant is having doubts. Gucci is stalling, and other brands are struggling to compensate. The group is playing the creative renewal card, but the markets are wondering: Kering is in transition, and it shows. The next one will surprise you...
LVMH We are adding LVMH to the "special situation" list because the company's current slump has brought its valuation back to reasonable levels and rumors of a split between LV (fashion) and MH (beverages) are beginning to circulate again. Discounts and rumors of capital transactions usually go hand in hand.
Novo Nordisk The Danish champion in diabetes and obesity treatment was breaking record after record on the stock market when something went wrong. So much so that Eli Lilly's rival has become cheap again. Investors punished the clash between their dreams of exponential profits and the growing competition in the field of obesity treatments. To make matters worse, politics has complicated the situation, with Donald Trump targeting Denmark and imported drugs. That's a lot to take in.
Ocado The British company is a hybrid player, both a food distributor and a provider of integrated logistics solutions for its own needs and those of third parties. This dual status is both an advantage and a disadvantage. Its model is as fascinating as it is worrying: radical innovation and global partnerships, but still no profitability in sight. Could this be the time? Analysts predict break-even in 2027.
Puma A relatively strong brand globally, but lagging behind its major rivals Nike and Adidas in terms of performance. Not to mention competition from new entrants and the uncertainty caused by the dictates of social media. Puma is a bit like the Kering of mass-market fashion. Will the new CEO, who previously worked at Adidas, manage to turn things around?
Reckitt The British consumer products group is going through a turbulent period. A leader in several segments, it has experienced problems with certain innovations and its latest major acquisition (Mead Johnson) has encountered difficulties. The stock is at the same level as ten years ago. In an attempt to revitalize the company, management has launched the sale of some of its household cleaning brands (Calgon, Air Wick, etc.) to focus on its most profitable assets, such as Durex, Strepsils, and Veet.
Rémy Cointreau The spirits group is suffering from a post-Covid hangover, particularly in China. However, the company, which has been trading at nearly 15-year lows, remains a unique asset with global visibility. For the time being, investors are staying away, fearing the double blow of the Sino-US slowdown caused by the trade war.
RWE The German energy company is in the crosshairs of activist fund Elliott, known for its pugnacity. The investor has taken a 5% stake, congratulating the company for reducing its investment program while urging it to buy back more shares. This is likely to shake things up within the group.
Swatch The Swiss watchmaker has been the sick man of the European luxury segment for years. With a diverse portfolio and dependence on Asia, the future remains unclear, but ideas have been floated to shake up the sleeping beauty. Why not a delisting orchestrated by the Hayek family? This rumor regularly resurfaces on the market, but it is gaining momentum as the share price approaches its lowest level since the 2008 financial crisis!
Ubisoft The video game publisher is struggling to recover after several commercial failures and Tencent's partial withdrawal. With rumors of a takeover and a series of restructurings, Ubisoft remains in the spotlight, a weakened prey in an industry undergoing consolidation. Things have finally started to move recently when the publisher created a subsidiary with Tencent to house its strong brands. Small shareholders would have preferred a more radical move, but this may be the beginning of something.
Viridien Formerly CGG, the company has refocused on geophysical services and is proving the market statistics wrong, which suggest that companies that engage in multiple debt-for-equity swaps to avoid bankruptcy always end up hitting a brick wall. It is a cyclical niche, dependent on oil, but one that is attracting funds seeking industrial recovery.
