Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

SPDR S&P Oil & Gas Exploration / Technical Analysis

Weak market dynamics continue to be counterbalanced by the fact that there is an absence of breakdowns at the index and Sector level; even the weakest Sectors such as Energy (XLE, XOP, RYE) and Transportation (IYT, XTN, JETS) are holding above key supports. Until we start to see breakdowns at the Sector and index level, we remain constructive overall.Charts highlighted: XOP, JETS, S&amp;P 500, IWM, IWC, WTI Crude Oil, Copper, US dollar, CMCSA, CHTR, LBRDA, AMT, SBAC, ACN, INFY, EQIX, WIT, CTSH, IT, WM, RSG, WCN, and ROL

Weak market dynamics continue to be counterbalanced by the fact that there is an absence of breakdowns at the index and Sector level; even the weakest Sectors such as Energy (XLE, XOP, RYE) and Transportation (IYT, XTN, JETS) are holding above key supports. Until we start to see breakdowns at the Sector and index level, we remain constructive overall.Charts highlighted: XOP, JETS, S&amp;P 500, IWM, IWC, WTI Crude Oil, Copper, US dollar, CMCSA, CHTR, LBRDA, AMT, SBAC, ACN, INFY, EQIX, WIT, CTSH, IT, WM, RSG, WCN, and ROL

U.S. Equity Index and Sector Breakdowns Remain Absent; Buying Communications & Services Stocks

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).</li><li>Liberty shareholders received 0.20 shares of GCI Liberty common stock per Liberty Broadband common share. Regular way trading starting on July 15, 2025.</li><li>GCI Liberty is the leading telecom provider in Alaska. The remoteness and harshness of the Alaskan landscape provides a moat around its business.</li></ul>

In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).Liberty shareholders received 0.20 shares of GCI Liberty common stock per Liberty Broadband common share. Regular way trading starting on July 15, 2025.GCI Liberty is the leading telecom provider in Alaska. The remoteness and harshness of the Alaskan landscape provides a moat around its business.

<ul><li>The big news this week is Liberty’s spin-off GCI Liberty began trading</li><li>On July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse Morris Trust (RMT) spin-merger: BD will spin off its Biosciences &amp; Diagnostic Solutions (BDS) business into a new subsidiary (SpinCo) and immediately merge SpinCo with Waters Corporation (WAT).</li><li>Under the deal terms, Waters will pay ~$4.0B cash (funded by new debt) plus stock; BD shareholders receive the $4B cash and ~39.2% of the combined company (Waters shareholders ~60.8%).</li></ul>

The big news this week is Liberty’s spin-off GCI Liberty began tradingOn July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse Morris Trust (RMT) spin-merger: BD will spin off its Biosciences &amp; Diagnostic Solutions (BDS) business into a new subsidiary (SpinCo) and immediately merge SpinCo with Waters Corporation (WAT).Under the deal terms, Waters will pay ~$4.0B cash (funded by new debt) plus stock; BD shareholders receive the $4B cash and ~39.2% of the combined company (Waters shareholders ~60.8%).

<ul><li>In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal.</li><li>Under the merger agreement, each Liberty Broadband common share will convert into 0.236 share of Charter common stock (plus cash for fractional shares), and each Liberty preferred share will convert to a new Charter preferred share.</li><li>As part of the deal, Liberty Broadband will spin off its fully owned Alaska telecom business (GCI, LLC) to Liberty shareholders before the Charter merger closes.</li></ul>

In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal.Under the merger agreement, each Liberty Broadband common share will convert into 0.236 share of Charter common stock (plus cash for fractional shares), and each Liberty preferred share will convert to a new Charter preferred share.As part of the deal, Liberty Broadband will spin off its fully owned Alaska telecom business (GCI, LLC) to Liberty shareholders before the Charter merger closes.

Weekly Update (GCI, IGT/BRSL, Greenblatt)

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Liberty Broadband is a holding company for shares of Charter Communications</li><li>Short-term arbitrage bet on collapse of structure through merger with Charter</li><li>Opportunity to make 10-12% over short time horizon with low probability of negotiations collapsing</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Liberty Broadband is a holding company for shares of Charter CommunicationsShort-term arbitrage bet on collapse of structure through merger with CharterOpportunity to make 10-12% over short time horizon with low probability of negotiations collapsingThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Liberty Broadband Corp (LBRDA) - Monday, Oct 14, 2024

United States

Liberty Broadband Corporation invests in communication companies. The Company has principal assets in TruePosition and Time Warner Cable.

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Liberty Broadband A (LBRDA US)

U.S. Equity Index and Sector Breakdowns Remain Absent; Buying Communications & Services Stocks

Until we start to see breakdowns at the Sector and index level, we remain constructive overall. Charts highlighted: XOP, JETS, S&P 500, IWM, IWC,...

Vermilion Research

GCI Liberty Spin-off Deep Dive

In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).

Richard Howe

Weekly Update (GLIBK, BDX, WAT)

The big news this week is Liberty’s spin-off GCI Liberty began trading. On July 14, 2025, Becton Dickinson (BDX) announced a tax-free Reverse...

Richard Howe

Weekly Update (GCI, IGT/BRSL, Greenblatt)

In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal. Under the...

Richard Howe

Liberty Broadband Corp (LBRDA) - Monday, Oct 14, 2024

Liberty Broadband is a holding company for shares of Charter Communications. Short-term arbitrage bet on collapse of structure through merger with...

Value Investors Club (VIC)

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