Smartkarma Daily Briefs

• Jack Dorsey’s interest in understanding what was happening in neighborhoods led him to programming
• The original vision for Twitter was simply to be able to see what friends were doing and share updates
• The development of new features on Twitter, such as replies, hashtags, and retweets, was driven by how people were using the platform and their needs for public conversation and sharing information.

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• They are a commercial-stage, wearable medical device and digital healthcare company focused on transforming patient outcomes in cardiovascular disease.
• As of January 31, 2025, the ASSURE WCD is actively being prescribed by more than 550 hospitals and has been worn by over 17,000 patients.
• We anticipate this company to set terms (share size, price range) and debut in the last week of February or the first week of March. 

• SailPoint traded below the issue price for the majority of its first trading session and hit a low of $20.77 before rebounding to a $22.00 print at the close 
• The deal was more than 20-times oversubscribed and upsized its price range while on the road prior to pricing which makes the underperformance even more bizarre. 
• Given the overhang of the underperforming IPO, we will be downgrading our 30-day forecast.

• Ametek is a niche manufacturer of highly engineered products across a broad range of end markets
• Ametek’s major end markets include Medtech, aerospace/defense, power, automotive, semis/RD, and industrial, with significant diversification

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• Occidental is to report its Q4 earnings on 18/Feb and analysts project its revenue and EPS to fall by 2.6% YoY and 9.5%, respectively.
• As of 13/Feb, Occidental’s implied volatility (IV) stands at 32.89%, with an IV rank of 76.4% and an IV percentile of 91%.
• Occidental’s OI by strike for the 21/Feb expiry shows calls concentrated at strikes 50, 52.5, and 55, while puts dominate at 45 and 47.5.

• For the week ending 07/Feb, US crude inventories increased by 4.1m barrels, exceeding expectations of a 2.4m barrel build. Gasoline stockpiles surprisingly fell, while distillate stocks unexpectedly rose.
• US natural gas inventories fell by 100 Bcf for the week ending 07/Feb, beating analyst expectations of a 90 Bcf drawdown. Inventories are 2.8% below the 5-year seasonal average.
• BP’s Q4 net profit fell 48.5% QoQ and missed estimates by 2.5% due to weak refining margins. Chevron plans to trim workforce by 20% to cut costs. 

• When I originally recommended Magnera (MAGN) in November, my investment thesis could be summarized as follows: “trough valuation on trough earnings.”
• And after the company reported earnings, that thesis remains intact.
• In its most recent quarter Magnera reported y/y sales and EBITDA growth, suggesting that results have troughed.

• Nektar Therapeutics trades at 50% of its cash, with potential upside from its atopic dermatitis treatment and Dapirolizumab royalties.
• Rezpegaldesleukin’s re-analyzed EASI75 delta is 21%, potentially increasing to 43% due to data anomalies.
• NKTR’s litigation against Eli Lilly for data misanalysis could result in substantial compensation if settled.

• The company expects to conduct a capital raise that, along with the expected (and recent) exercise of outstanding warrants, could extend its cash runway significantly.
• Additionally, AEMD has made cost reductions and also stands to benefit from the up to 43.5% cash tax rebate on clinical trial-related R&D costs in Australia and lower costs of conducting clinical trials in India.
• Separately, while the company’s near-term focus is on assessing the Hemopurifier as a potential treatment for oncology, longer-term AEMD continues to view the device as a potential tool in the treatment of viruses, organ transplants and other medical areas.

• Other recent positive measures, in our view, include the appointment of several new directors to the board & that TRC reached a standstill agreement with a large shareholder that had voiced concerns about the company’s direction and operations.
• We view their agreement as a positive outcome of their discussions, particularly in light of the new board composition.
• The substantial need for industrial, commercial and residential space near TRC’s land — likely heightened by the upcoming opening of the nearby Hard Rock Hotel & Casino Tejon — underscores the attractiveness of TRC’s property, in our view.