Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world. </li>
<li>We expect two changes during the March 2026 regular rebalance. One intra-review index change is possible but unlikely before the regular rebalance is announced.</li>
<li>One name stands out as more interesting than the others.</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world. 
We expect two changes during the March 2026 regular rebalance. One intra-review index change is possible but unlikely before the regular rebalance is announced.
One name stands out as more interesting than the others.


Quiddity Leaderboard SP500/600 Mar26 Rebal: Base Date Is Less Than A Month Away

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>The $12.3bn acquisition of <a href="https://www.smartkarma.com/entities/dayforce-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Dayforce (DAY US)</a> by Thoma Bravo was completed today, 4 Feb.</li>
<li>
<a href="https://www.smartkarma.com/entities/ciena-corp" target="_blank" data-smartkarma-citation="entities:15442:1" rel="noopener">Ciena Corp (CIEN US)</a> is forecasted to be the primary replacement candidate of DAY in S&amp;P500 following a price surge of more than 170% over the past 6 months.</li>
<li>Other replacement candidates include <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> and <a href="https://www.smartkarma.com/entities/cheniere-energy-inc" target="_blank" data-smartkarma-citation="entities:16683:1" rel="noopener">Cheniere Energy (LNG US)</a> due to sector balance, and <a href="https://www.smartkarma.com/entities/coherent-inc" target="_blank" data-smartkarma-citation="entities:10180:1" rel="noopener">Coherent (COHR US)</a> due to market cap.</li>
</ul>


The $12.3bn acquisition of Dayforce (DAY US) by Thoma Bravo was completed today, 4 Feb.

Ciena Corp (CIEN US) is forecasted to be the primary replacement candidate of DAY in S&amp;P500 following a price surge of more than 170% over the past 6 months.
Other replacement candidates include Alnylam Pharmaceuticals (ALNY US) and Cheniere Energy (LNG US) due to sector balance, and Coherent (COHR US) due to market cap.


Ciena Corp (CIEN US): Poised for S&P500 Inclusion Amid Price Surge and Dayforce Acquisition

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>On September 8, 2025, EchoStar made headlines by announcing a landmark $17 billion agreement to sell its AWS-4 and H-block wireless spectrum licenses to Elon Musk’s SpaceX.</li><li>The deal, split evenly between cash and stock, marks SpaceX’s largest financial outlay to date and signals a dramatic push into the cellular connectivity space.</li><li>In addition to the spectrum acquisition, the agreement includes a long-term commercial arrangement between the two companies, enabling EchoStar’s Boost Mobile users to access Starlink’s Direct-to-Cell satellite services.</li></ul>

On September 8, 2025, EchoStar made headlines by announcing a landmark $17 billion agreement to sell its AWS-4 and H-block wireless spectrum licenses to Elon Musk’s SpaceX.The deal, split evenly between cash and stock, marks SpaceX’s largest financial outlay to date and signals a dramatic push into the cellular connectivity space.In addition to the spectrum acquisition, the agreement includes a long-term commercial arrangement between the two companies, enabling EchoStar’s Boost Mobile users to access Starlink’s Direct-to-Cell satellite services.

EchoStar Is Powering Up SpaceX’s Smartphone Dreams—& Inside The $17 Billion Shock Deal!

Podcast by Andrew Walker, a PM at Rangeley Capital, Yet Another Value Podcast

Yet Another Value Podcast

Podcast by Andrew Walker, a PM at Rangeley Capital

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

Event-Driven

<ul>
<li>AT&amp;T paid $22.7 billion for Spectrum from SATS, a third of their portfolio</li>
<li>Yummy Century Stocks discusses the significance of the Spectrum sale and the value trapped in SATS and DISH</li>
<li>Yummy Century Stocks estimated the value of the Spectrum to be around $8 billion, slightly higher than what AT&amp;T paid</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


AT&amp;T paid $22.7 billion for Spectrum from SATS, a third of their portfolio
Yummy Century Stocks discusses the significance of the Spectrum sale and the value trapped in SATS and DISH
Yummy Century Stocks estimated the value of the Spectrum to be around $8 billion, slightly higher than what AT&amp;T paid

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Yummy Century Egg's Guowei Zhang Echostar follow up $SATS

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Echostar is under review by the FCC regarding its spectrum licenses due to concerns over extended build-out deadlines.</li><li>The company aims to expand network coverage to 80% of the population by the end of 2025 amidst financial pressures.</li><li>The situation raises questions about potential implications for investors and the company's future viability.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Echostar is under review by the FCC regarding its spectrum licenses due to concerns over extended build-out deadlines.The company aims to expand network coverage to 80% of the population by the end of 2025 amidst financial pressures.The situation raises questions about potential implications for investors and the company's future viability.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Echostar Corp (SATS) - Wednesday, Jun 4, 2025

United States

EchoStar Corporation manufactures broadcast satellite receivers and antennas, and offers commercial satellite services.

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Echostar Corp A (SATS US)

Quiddity Leaderboard SP500/600 Mar26 Rebal: Base Date Is Less Than A Month Away

The base date is approaching next week and this is a good time to revisit the insight. Lamb Weston has replaced Molina Healthcare in our top...

Anjana Amarasuriya

Ciena Corp (CIEN US): Poised for S&P500 Inclusion Amid Price Surge and Dayforce Acquisition

CIEN replaced DAY in S&P500 migrating from MidCap at the close of 6 February with total passive fund volume of 30m shares and estimated net demand...

Dimitris Ioannidis

EchoStar Is Powering Up SpaceX’s Smartphone Dreams—& Inside The $17 Billion Shock Deal!

On September 8, 2025, EchoStar made headlines by announcing a landmark $17 billion agreement to sell its AWS-4 and H-block wireless spectrum...

Baptista Research

Yummy Century Egg's Guowei Zhang Echostar follow up $SATS

Host Andrew Walker welcomes back Wei from Yummy Century Stocks for a follow-up on EchoStar/Sats. They analyze the surprise $23 billion spectrum...

Yet Another Value Podcast

Echostar Corp (SATS) - Wednesday, Jun 4, 2025

The write-up examines Echostar's challenges following FCC Chairman Brendan Carr's concerns over its spectrum licenses and the pressure to expand...

Value Investors Club (VIC)

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