United States

• Markel Group’s recent financial performance presents a nuanced picture of its strategic initiatives and operational dynamics.
• On the positive side, the company has demonstrated resilience in its various business segments, showing strong potential for sustainable growth.
• Markel’s comprehensive approach to capital allocation has been characterized by strategic investments and share repurchase activities, which are expected to yield favorable returns over the long term.

• The TJX Companies, Inc. delivered solid financial results for the second quarter of fiscal year 2025, citing exceptional execution of their flexible off-price business model and strong customer transaction-driven sales growth across all divisions.
• The company’s ongoing commitment to delivering excellent value and an exciting merchandise assortment continues to resonate with consumers globally.
• This effectively reflects in the company’s decision to raise the full year guidance for both pretax profit margins and earnings per share.

• Zacks Small-Cap Research Note for CareCloud, Inc. (CCLD)

• First American Financial Corporation reported its financial results for the first quarter of 2025, highlighting several key points across its segments and offering insight into its future strategy amidst recent leadership changes.
• The financial performance indicates strong growth in certain segments but also poses challenges, particularly in the core title and escrow business impacted by broader market conditions.
• The company reported GAAP earnings of $0.71 per diluted share and adjusted earnings of $0.84 per diluted share, indicating a robust financial position despite some revenue pressures.

• Globe Life’s first-quarter 2025 financial results present a mixed bag of outcomes, reflecting the intricate dynamics of the insurance sector amidst broader economic uncertainties.
• The company reported a net income of $255 million or $3.01 per share, up from $254 million or $2.67 per share in the same quarter last year.
• The net operating income was slightly higher than internal projections at $259 million or $3.07 per share, representing a 10% increase year-over-year.

• The Hanover Insurance Group reported its first-quarter performance, reflecting both positive strategic implementations and ongoing challenges.
• Key takeaways from the results indicate a strong start to the year, with an operating return on equity reaching 17.2%, despite the impacts of significant catastrophe events like Californian wildfires and severe convective storms.
• The company’s response to these losses underscores effectiveness in catastrophe mitigation strategies.

• Kinsale Capital Group reported its first quarter 2025 results, indicating a mixed performance amidst a competitive insurance landscape.
• The company’s operating earnings per share increased by 6% from the prior year, with gross written premium rising by 8%.
• Kinsale’s reported combined ratio stood at a strong 82%, driven by disciplined underwriting and a low-cost model, despite significant challenges from natural catastrophes, such as the California Palisades wildfire.

• The Hartford Financial Services Group reported a strong start to 2025, characterized by solid financial performance despite facing significant challenges such as the January California wildfires.
• The company demonstrated robust growth across its business segments, highlighting its effective risk management and strong underwriting capabilities.
• However, there are also areas that present ongoing challenges and risks that investors should be aware of.

• Lincoln Financial Group recently conducted its earnings call, revealing a mixed performance and strategic orientation for the quarter.
• The company seems to be balancing immediate challenges with a long-haul strategy aimed at enhancing the business’s resilience and profitability.
• On a positive note, Lincoln Financial reported a 14% increase in adjusted operating income compared to the previous year, demonstrating solid execution despite volatile markets.

• Centene Corporation recently reported its financial outcomes for the first quarter of 2025, detailing both its present achievements and future expectations.
• The highlights of their performance reveal a complex interplay of growth prospects and operational challenges within the different segments it operates.
• For the first quarter, Centene achieved an adjusted diluted EPS of $2.90, aligning with prior forecasts.

• U.S. Bancorp reported first-quarter 2025 earnings with earnings per share of $1.03 and a return on tangible common equity of 17.5%.
• The company demonstrated progress on its strategic priorities, achieving a year-over-year positive operating leverage of 270 basis points on an adjusted basis.
• This improvement was driven by disciplined expense management, momentum across fee businesses, and modest margin expansion.

• The recent earnings call for Wells Fargo & Company presented a generally solid performance for the first quarter of 2025, reflecting progress against its strategic priorities amidst a challenging economic environment.
• With net income at $4.9 billion, or $1.39 per diluted common share, the company reported a 16% increase in earnings per share compared to the previous year.
• Despite a decline in revenue due to lower net interest income, Wells Fargo managed to grow fee-based revenue across various sectors, illustrating the benefit of its investment diversification strategy.

• American International Group (AIG) presented its first quarter of 2025 results, showcasing a mix of achievements and challenges that yield insights for potential investors.
• The company’s performance was framed by significant strategic moves, including the deconsolidation of Corebridge Financial in mid-2024, which has reorganized its financial statements to treat Corebridge’s historical results as discontinued operations.
• AIG reported an adjusted after-tax income of $702 million or $1.17 per diluted share for the period.

• Cincinnati Financial Corporation’s first quarter of 2025 was marked by significant challenges and notable resilience in certain areas.
• Faced with widespread weather-related catastrophes, the company reported a net loss of $90 million, primarily driven by a substantial increase in catastrophe losses estimated at $356 million after taxes.
• Despite these setbacks, Cincinnati Financial saw growth in its property casualty premiums by 11%, demonstrating its ability to maintain momentum amidst adverse conditions.

• Aflac Incorporated reported its financial results for the first quarter of 2025 with mixed outcomes across its Japan and U.S. operations.
• For the quarter, Aflac achieved net earnings per diluted share of $0.05, notably impacted by net investment losses.
• Conversely, its adjusted earnings per diluted share stood at $1.66, remaining consistent with the previous year.

• Euler’s differentiated design, which combines isolated vaults with pooled asset markets, enables bespoke collateral positioning and niche-token lending
• Picks-And-Shovels strategy to exploit the current stable coin market growth
• Team Quality & Innovation: Dr Michael Bentley’s lead team explores opportunities and ships fast

• Citigroup has released its fourth quarter earnings for 2024, showcasing a notable rise in net income by almost 40% to $12.7 billion for the full year, indicating positive momentum across key business segments.
• This performance was coupled with a revenue increase of 5% excluding divestitures, supported by a 17% uptick in fee revenue, and an efficiency ratio improvement by 340 basis points, which highlights the company’s operational improvements.
• However, certain macroeconomic challenges remain persistent, such as China’s slower-than-anticipated growth and Europe’s underperformance.

• Allstate Corporation’s first-quarter 2025 performance highlighted a combination of solid revenue growth and strategic efforts to enhance market share in personal property-liability while expanding customer protection.
• The company’s revenues rose impressively by 7.8% year-over-year to $16.5 billion, with a notable net income of $566 million.
• Adjusted net income stood at $949 million or $3.53 per diluted share, reflecting strong operational efficiency and capital management, yielding a 23.7% return on equity over the past 12 months.

• JPMorgan Chase reported solid financial performance in its first quarter of 2025, with net income standing at $14.6 billion on revenues of $46 billion.
• This reflected an 8% increase year-over-year.
• Earnings per share were pegged at $5.07, and the firm’s return on tangible common equity (ROTCE) solidified at a robust 21%.

• BNY Mellon reported robust financial results for the first quarter of 2025, showcasing significant year-over-year growth across key financial metrics.
• The company achieved an Earnings Per Share (EPS) of $1.58, marking a 26% increase from the previous year on a reported basis, and 22% when excluding notable items.
• Total revenue rose by 6% to $4.8 billion, underpinned by a 3% increase in fee revenue and an 11% growth in net interest income.

• We won’t be generation heads-down forever. Handsets are impractical as our primary device to interact with information technology.

• When we use them, we lose touch to the real world. Headsets are the obvious next step to allow for a more integrated experience.

• Meta has been betting on the handset-to-headset transition for more than a decade. And they have been doing so with courage and determination.

• Figma (FIG US) filed for an IPO on the NYSE on July 1st for a debut later this month. 
• Their revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-over-year growth.
• Adobe’s acquisition of Figma collapsed in December 2023 after regulatory hurdles paving the way for this IPO. 

• Brightstar Lottery (fka IGT) announced a better than expected capital return program following the closing of the Apollo transaction.
• Brightstar will pay a $3 special dividend (7/14 ex date) and buy back $500MM of stock.
• Brightstar is in a quiet period, but I would expect it to aggressively buy back stock following its earnings report on July 29, 2025.

• We are reiterating our Buy rating, $40 price target and projections for JAKKS Pacific as we look at key trends for 2H2025 and beyond.
• With toy production, especially on the lower end, firmly established in China, and with limited near term options, JAKKS will, as they have done throughout their 30-year history, have to transform to maximize overall returns.
• We believe management has the financial firepower, relationships and product offerings to maintain their strong market position and once again quickly return to driving solid top and bottom line growth.

• We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we look at key trends for 2HFY25 and beyond.
• We believe Lands’ End is poised to move into the next phase of the transformation of the company into a higher margin, higher return global brand, as the recently launched licensing initiatives begin expanding the overall category levels, as opposed to shifting prior owned categories into licensing relationships which, while driving higher return on assets, led to YoY revenue declines.
• Further, with continued international expansion (both owned and licensed) on tap, further key wins at Lands’ End Outfitters and the potential to continue to drive higher returns (and sales) in the core business as the company shifts the business model, we believe Lands’ End remains well situated to drive further top and bottom line upside, and we reiterate our Buy rating and $20 price target.

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.

• NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
• The technology involved also has the potential to more efficiently get other treatments to the needed area.
• The company announced results from preclinical testing that showed higher doses of ExoPTEN resulted in subjects regaining mobility after a spinal cord injury.

• Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system.
• The company announced that enrollment in the Phase 1b study of Gemini in CKD patients will be completed this month and top line results will follow shortly.
• Investors should take a look at REVB before the positive results start coming in.

• Spectral AI is developing an AI-guided predictive medical device that employs multispectral imaging (MSI) to estimate a wound’s capacity to heal.
• The company is pursuing indications in burn and diabetic foot ulcers (DFUs) with the former receiving support from BARDA & other government agencies.
• Spectral is distinguished by its combination of MSI and AI to improve diagnoses.

• Transcat (NASDAQ: TRNS) is a roll-up of companies that serve the pharmaceutical, aerospace, utilities, oilfield, and other industries with measurement equipment, calibration services, and sales.
• TRNS sells and rents equipment and maintains a fleet of vans that it dispatches to client premises to adjust their measuring equipment.
• Listed since 1972, the company has never paid a dividend and has no plans to do so.

• Global upstream oil and gas development spending is expected to decline by about 1.1% to $543 billion, with reductions in all regions except the Middle East
• Major Chinese National Oil companies, US E&P operators, and Russian companies like Gazprom are all cutting their capital spending in response to lower oil prices and increased costs due to tariffs
• Despite strategic shifts towards low carbon projects, there is a significant reduction in investment in these areas, with upstream investment not seeing any benefits

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

• Market participants should look at a bigger picture view of positioning in US equities, rather than narrow metrics like IMM or market participants only
• European countries, as well as Canada and Australia, are large holders of US equities, with pension funds being major players
• Australian pension funds have over 800 billion in US equities, with a flow rate of 1.2% of GDP going into foreign equities, and have low FX hedge ratios which could be raised in the future

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

• McGraw Hill is backed by Platinum Equity and is looking to potentially debut in July. 
• For the fiscal years ended March 31, 2025, 2024 and 2023, they generated revenue of $2,101.3 million $1,960.5 million and $1,947.8 million, respectively.
• The education sector in which this company operates in is one that has “mixed feelings” amongst IPO investors.

• COMEX spreads blew out to over 2,500 USD/ton (a ~25% premium) last night as President Trump announced a likelihood of a 50% import tariff on the metal. 
• We believe this move will deplete inventories further at the LME (to be shipped to the COMEX) and lead to a rally in copper prices on the LME as well.
• Follow our prior insight, Copper Breaches 10k USD: Easy Journey to 11k USD/Ton On Lower Inventories In The Short Term 

• U.S. Copper Market Gap: 1.3 Mt refined copper supply gap due to limited 0.4 Mt refining capacity against 1.7 Mt demand, despite 1.1 Mt mined ore.
• Impact on Market and Users: 50% tariff may raise prices 15–25%, adding $200–400/vehicle and 3–5% construction costs, while boosting refining investment.
• Way Forward: Expand refining capacity, streamline permitting, and ensure policy stability to process exported ore and cut import reliance by 2030.

• In August 2024, Klaytn (backed by South Korea’s Kakao) and Finschia (developed by Japan’s LINE Tech Plus) merged to form the Kaia chain, a Layer 1 blockchain aimed at becoming Asia’s leading Web3 ecosystem.
• LINE, the leading messaging app in Japan, Thailand, and Taiwan, boasts approximately 200 million high-value monthly active users, with over 80% penetration in key markets, and is partnering with Kaia to deliver a rich Web3 experience on its platform.
• The key initiative of the Kaia-LINE NEXT partnership to onboard users from Web2 to Web3 is the Mini Dapp ecosystem, which mirrors the Telegram-TON partnership’s Game-Token-DeFi strategy, with the Kaia foundation driving developer engagement.

• Longeveron is focusing on using its primary treatment, Lomecel-B, to fight a rare pediatric heart birth defect that devastates families but continues to receive good FDA news regarding its treatment for Alzheimer’s Disease.
• The company announced that its primary drug, laromestrocel, has been approved for a Phase 2 trial for the treatment of Pediatric Dilated Cardiomyopathy.
• This expands the potential market for treatment and provides hope for thousands of patients.

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.

• US base oils supply could stay tighter at start of Q3 2025 after plant-maintenance work in domestic and overseas markets cuts availability in Q2 2025.
• US base oils supply lags demand in April 2025 for third month, cutting stocks to eight-month low.
• Persistent supply-shortfall triggers fastest drop in stocks over three-month period since September 2020, when US was in midst of Covid-related supply disruptions.

• We are reiterating our Buy rating, $65 price target and projections for Build-A-Bear as we look at key trends for 2HFY25 and beyond.
• We believe the company remains ideally positioned, with multiple drivers in store, internationally and third party operations to register top and bottom line upside for 2H and beyond, and to continue to capture further margin expansion.
• Further, we believe there remains online opportunities to continue to expand the overall Build-A-Bear universe.

• Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.
• The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.
• With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.

• The company describes itself as a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions.
• For the years ended December 31, 2024 and 2023, they recognized revenue of $27.2 million and $13.8 million, respectively, representing year-over-year growth of 97.2%.
• The area in which this company operates in is one that is traditionally well-received by IPO investors.

• Crude oil soared on conflict and sank just as fast on ceasefire. Prices surged to a 5-month high following the U.S. strikes on three Iranian nuclear facilities.
• June’s price action was driven by geopolitical shocks, not sustained fundamentals. Oversupply concerns remain dominant.
• On 05/Jul, eight key members of OPEC+ alliance agreed to raise oil output in August. Instead of the anticipated 411kbpd increase, the group opted for a steeper hike of 548kbpd.

• Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it’s likely to exceed $1B.
• I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.
• I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.

• Asia’s base oils price-premium to Singapore gasoil price stays at elevated levels for heavy grades, lower-than-usual levels for light grades.
• Base oils margins incentivize refiners to maintain higher production levels for heavy grades, and to consider adjusting production levels for light grades.
• Any such moves to maintain or adjust output would coincide with rise in regional production capacity following completion of most plant-maintenance work.

• During the week, Trump muscled his Big Beautiful Bill through a divided congress. With that, the bill got passed even right before 4th of July.
• The nearly-900 page bill includes a tax-cut and spending package that is projected to increase the national debt by $3.3 trillion over a decade.
• Cost-saving to reduce the government debt seems to be completely from the table. The DODGE department seems compared to this bill like a joke.

• The company, better known as NielsenIQ, describes itself as a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers.
• The company is private equity backed with a majority stake owned by Advent International.
• With revenues over the last three months relatively flat versus the year prior, it will be “interesting” to see how (or if) the market “embraces” this company. 

• They have grown their revenues by 57% to $344 million in 2023 and by 75% to $603 million for the year ended December 31, 2024.
• The company that describes itself as operating a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners.
• The insurance sector in which this company operates in is one that is traditionally well-received by IPO investors and has been so far in 2025.

• Asia’s base oils demand could weaken in coming weeks amid seasonal slowdown in consumption.
• Signs of more prolonged and widespread drop in regional lube consumption from year-earlier levels would magnify impact of seasonal slowdown.
• Weaker demand in recent months cushions impact of tighter regional supply during that period.

• Global base oils values mostly hold firm versus feedstock/competing fuel prices, even as they remain down from recent highs in Q2 2025.
• Firm base oils margins coincide with strong diesel premium to crude oil that incentivizes refiners to boost output of the motor fuel.
• Any such move would likely impact light-grade base oils more than heavy grades, whose firm margins incentivize refiners to maintain high output of the product.

• Yorkville Acquisition (YORKU) is a new SPAC sponsored by Yorkville Advisors, with Trump Media executives on its board.
• Banxa (BNXA:V) merger with OSL Group offers a 23% spread; shareholder vote scheduled for August, pending regulatory approval.
• Lifeway Foods (LWAY) board overhaul process initiated by major shareholders; management contests legality, potential buyout talks with Danone.

• Fortive (FTV) spun off Ralliant (RAL) on Monday June 30, 2025. Shareholders received a share of RAL for 3 shares of FTV owned.

• Ralliant generated $2.2B of revenue in 2024.

• Key segments: 56% of sales in Sensors & Safety (power‑grid monitors, defense, critical-environment sensors) and 44% in Test & Measurement (electronic instrumentation, systems, software).

• This follows our insight, Copper Breaches 10k USD: Easy Journey to 11k USD/Ton On Lower Inventories In The Short Term. 
• Informal miners are disrupting Peruvian copper transport at the Las Bambas (320 kt annual production) and Constancia (110 kt) mines owned by MMG (1208 HK) and Hudbay Minerals (HBM CN). 
• Peru is the third largest copper producing country in the world (2.6 million tons or 10% of global production), and so following these disruptions is critical. 

• Fortive (FTV) spun off 1 share of Ralliant (RAL) for each 3 shares owned.
• As such, Ralliant has 113MM shares outstanding and a market cap of $5.1BN and enterprise value of $6.1BN.
• The rationale for the spin-off is to separate the “BadCo” (Ralliant) from the “GoodCo” (Fortive RemainCo).

• GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%, amounting to $214.5 million.
• The company’s non-GAAP operating margin reached a commendable 12.2%, a significant improvement from the previous year’s negative margin.
• GitLab’s CEO, Bill Staples, emphasized the strategic positioning of its AI-native, cloud-agnostic DevSecOps platform, which caters to the entire software development lifecycle and supports a unified data store for contextual AI.

• Jabil Inc. presented a strong performance in its third quarter of fiscal year 2025, surpassing expectations in multiple financial metrics.
• The company reported net revenue of $7.8 billion, marking a 16% increase year-over-year and exceeding earlier guidance by $800 million.
• This boost was primarily attributed to the Intelligent Infrastructure sector, particularly in AI-related revenue, supporting robust demand in cloud and data center infrastructure markets.

• Chewy Inc., a prominent player in the pet e-commerce space, presented an overall positive first-quarter performance for fiscal year 2025, emphasizing growth initiatives and financial health.
• Chewy reported an 8.3% year-over-year increase in net sales, reaching $3.12 billion, surpassing their guidance estimates.
• This growth was largely driven by robust demand across consumables and health and wellness product categories, with a notable year-over-year hardgoods sales increase of 12.3%.

• Tan’s continuation of IDM 2.0 marks a pragmatic recalibration. By focusing on margin recapture and tailored customer models, Intel’s ambitions are not just about competing with TSMC at scale.
• Intel’s 18A node was never intended as a mass-market foundry product; it was a strategic, internal milestone to reestablish process credibility, with commercial foundry ambitions anchored in 18A-P and 14A.
• Intel’s future hinges less on market share and more on executing a credible, margin-accretive foundry model.  It could well emerge as a second-source alternative in a geopolitically fragmented supply chain.

• TripAdvisor has been thrust back into the spotlight following activist investor Starboard Value’s disclosure of a 9% stake in the company.
• The move comes on the heels of major strategic shifts at the travel-review giant, including the completion of its buyout of Liberty TripAdvisor Holdings, the removal of its dual-class share structure, and a renewed push to stabilize its legacy business while scaling up its Viator and TheFork segments.
• The investment, estimated at around $160 million, instantly made Starboard one of TripAdvisor’s top shareholders and sent the stock surging more than 16% on the news.

• Oracle Corporation has reported a strong performance for its fourth quarter and fiscal year 2025, surpassing expectations in terms of both revenue and earnings per share (EPS).
• The company’s results reflect significant momentum in its cloud transition, which has been a strategic focus for several years.
• On the positive side, Oracle has demonstrated robust growth across its cloud offerings.

• Alphabet is making headlines once again—this time for a groundbreaking deal that could reshape the future of clean energy.
• In one of the largest commercial commitments yet to nuclear fusion, Google has signed an agreement with Commonwealth Fusion Systems (CFS) to purchase 200 megawatts of electricity from the company’s first commercial fusion power plant, ARC, currently under development in Chesterfield County, Virginia.
• This deal marks a major endorsement of fusion power as a viable long-term solution to the surging energy needs of hyperscale technology companies.

• CLEAR has reported its fiscal first quarter results for 2025, showing a mixed performance that reflects both growth opportunities and some challenges.
• The company, known for its secure identity platform, emphasized continued progress in expanding its products and services, especially in the travel sector, while also navigating broader macroeconomic uncertainties.
• Starting with the positives, CLEAR reported strong membership growth, with total members on its network reaching 31.2 million, a 42.3% increase year-over-year.

• CarMax delivered robust results in its fiscal 2026 first quarter, showcasing strengths and pinpointing areas for growth.
• Positives included achieving its fourth consecutive quarter of positive retail unit comp growth and double-digit earnings per share (EPS) expansion, marking a 42% increase in EPS year-over-year.
• This growth was attributed to a 9% increase in total retail unit sales, solid retail gross profits per used unit at a historic high, and an effective omnichannel shopping model that blends in-store and online customer experiences.

• The J.M. Smucker Company’s recent earnings provide a mix of insights into both the challenges and strategic maneuvers that are shaping its fiscal 2025 outlook.
• The company is grappling with significant cost pressures, notably from increased green coffee costs and the impact of tariffs, which has somewhat reshaped its earnings expectations.
• Despite these hurdles, Smucker is employing a balanced approach, taking firm steps to maintain market share and profitability through pricing strategies and focused marketing investments.

• Verint Systems Inc. presented its Q1 2026 earnings results, showcasing a strong beginning to the fiscal year.
• The company reported accelerated annual recurring revenue (ARR) growth of 6%, with total revenue of $208 million and non-GAAP diluted earnings per share (EPS) of $0.29, both surpassing guidance expectations.
• This positive performance was primarily attributed to the company’s expanding AI momentum, led by its AI-powered bots and CX automation platform.

• Netflix, once the poster child for prestige TV and high-budget scripted series, is now rewriting its own playbook.
• In a strategic pivot to broaden its appeal, the streaming giant is aggressively moving into unscripted entertainment, including music competitions, celebrity interviews, global live events, and talent shows.
• Among the most notable developments, Netflix is set to debut Building the Band, a reality competition blending the secrecy of Love Is Blind with the structure of The Voice, hosted by Backstreet Boys’ AJ McLean.

• For the week ending 27/Jun, U.S. crude inventories rose by 3.8m barrels (vs. expectations of a 3.5m barrel decline). Gasoline stockpiles rose more than expected.
• The EIA reported a 55 Bcf storage build, while analysts forecasted a 48 Bcf increase. Storage levels are 6.2% above the five-year average but 5.6% below year-ago levels.
• BlackRock may offload its gas pipeline stake back to Aramco, while JP Morgan cut its 12-month PT on SLB and Goldman Sachs did the same for Halliburton.

• Ambarella Inc., the Santa Clara-based semiconductor designer known for its AI-enabled imaging chips, is reportedly exploring strategic options—including a potential sale.
• The company has engaged bankers and quietly approached potential acquirers, according to Bloomberg.
• Shares of Ambarella surged over 21% on the news, pushing its market capitalization to approximately $2.6 billion.

• Peraso Inc. reported its financial performance for the first quarter of 2025, unveiling a combination of significant advancements and continuing challenges faced by the company.
• The firm’s revenues reached $3.9 million, up from $2.8 million in the same quarter of the previous year, showing a clear year-over-year growth.
• This expansion was driven primarily by increased shipments of millimeter wave (mmWave) products, indicating their growing market acceptance.

• Pinterest, once seen as an also-ran in the social media race, is quietly engineering one of the most data-driven comebacks in the digital advertising world.
• With its Q1 2025 results showing a 16% year-over-year revenue increase to $855 million and monthly active users (MAUs) hitting a record 570 million (+10% YoY), Pinterest is demonstrating clear traction.
• The platform’s focused evolution—from a passive pinboard to an AI-powered visual discovery engine with deep commerce integrations—is attracting attention across investor circles.

• Core Scientific’s first quarter fiscal year 2025 results highlight its strategic pivot towards high-density colocation infrastructure, driven largely by its significant agreements with CoreWeave.
• This strategic focus is shaped by the growing demand for advanced computing capabilities informed by AI-driven infrastructures, representing both opportunities and challenges for the company’s future.
• A pivotal point in Core Scientific’s strategy is its collaboration with CoreWeave, which underpins its expansion into AI-focused datacenter infrastructure.

• The real point of Reuters’ article on Intel CEO “new” Foundry strategy is, imo, to pre-announce the possibility of a very large write off 
• TSMC discontinues GaN doesn’t matter, it’s not even 1% of revenue. 1) Auto demand is slow, GaN is lower margins, lot of competition  2) management has better things to do 
• UMC 6nm rumor, maybe yes but most likely with Intel’s manufacturing after 2030. UMC and Intel first start with 12nm in 2027-28.

• Across markets realized volatility generally came in below implied, making June favorable for volatility sellers.
• July has historically rewarded vol sellers; we reference a prior Insight on volatility during Trump’s first term highlighting a large deviation from average in July.
• Average July returns are mixed, but there are clear standouts among the macro markets.

• The culture of trading has shifted, with people enjoying losing money and constantly looking for prices on various assets
• Robinhood caught the wave of this cultural shift with its user-friendly interface and introduction of free stock trading during the pandemic

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

• FX volumes expected to remain steady in the next month and a half before potentially increasing later in Q3
• Dollar risk reversals are priced expensively for puts, suggesting the need for alternative option structures
• Consideration of bullish yen option trades in lower beta crossian underlyings like CNH as alternatives to dollar yen positions due to stretched spec positioning and high carry costs

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

• On Monday, June 30, Meta CEO Mark Zuckerberg announced the creation of Meta Superintelligence Labs, staffing it with a host of leading researchers from the likes of OpenAI and Google 
• With astronomical hiring bonuses and lucrative compensation packages, this newly assembled team will struggle to gel and likely drive an exodus of existing Meta AI employees elsewhere
• Yann LeCun is sidelined in the MSL memo. He believes LLMs are not the way to achieve human-level AI. It appears that Mark Zuckerberg disagrees. Let’s see…

• OPEC maintained steady demand forecasts, while the IEA and EIA cut 2025 growth estimates. All agencies see limited near-term catalysts for a meaningful rise in global oil demand.
• OPEC, EIA, and IEA project rising oil supply, driven by non-OPEC producers and near-term OPEC+ overproduction.
• The EIA remains bullish on Henry Hub gas prices, forecasting strong demand and tightening supply through late 2025.

• Two weeks ago, we flagged our Tanker Equity Basket as a potentially interesting place to look for opportunities.
• The week after we flagged it, the basket bounced, presumably on events in the Middle East, and this week has given back most of those returns.
• The basket has now fallen below the 10-day moving average and is bouncing along the 200-day moving average.

• BWX Technologies, Inc. (BWXT) reported its first quarter 2025 financial results, illustrating both robust performance and future growth opportunities.
• The highlights of the quarter included double-digit revenue, EBITDA, and earnings per share growth compared to the previous year.
• This strong performance was attributed to effective execution and an increased pace of work, along with strategic wins in both commercial and government operations.

• SmartRent’s first quarter earnings call for 2025 highlights several dynamics at play in the company’s pursuit of sustainable growth and value creation.
• The company, well known for its Internet of Things (IoT) technology, aims to transform property operations and enhance resident experiences.
• SmartRent’s approach involves extensive IoT device integration, a software platform compatible with third-party systems, and deployment expertise tailored to retrofit environments.

• Yorkville Acquisition and Lutnick’s SPACs are politically connected, targeting speculative capital tied to Trump’s administration and crypto.
• Mayne Pharma’s merger with Cosette faces legal challenges over a material adverse change, with a court hearing set.
• Lifeway Foods may be sold to Danone; shareholder campaign aims to overhaul the board for negotiations.

• Jim Chanos discusses Bitcoin treasury companies and their flaws on Bloomberg Audio Studios Podcasts Radio News
• Companies are continuing to adopt the strategy of using treasury to buy Bitcoin
• The value of companies like MicroStrategy is being inflated by the appreciation of their Bitcoin holdings

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

• Even if Intel Corp (INTC US) ceases marketing 18A to new customers, the company will still fulfill existing foundry commitments.
• In response to the 18A dilemma, Intel’s initial solution is to redirect resources toward the development of 14A, a next-generation process where Intel hopes to gain an edge over TSMC.
• In addition to the strategic realignment of the foundry business, Tan’s broader efforts include refreshing Intel’s leadership team.

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.

• Focus on diversifying the revenue base. As we discussed in our initiation of coverage, SURG has been actively working on diversifying the revenue base.
• We see the company as four different startups—wireless MVNO/MVNE, Lifeline telecom services, prepaid top-ups, and Clearline Mobile—all focused on underserved communities with distribution through neighborhood stores and bodegas.
• SURG’s differentiation is in how they all come together at the points of presence (PoPs), and yet, they represent different independent revenue streams.

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.

• While maintaining rigid cost controls generally (OpEx declined 26% y/y in FY 25), AEMD continues pre-clinical research and analysis of the Hemopurifier in areas outside of oncology.
• Results from a preclinical ex vivo study were published in bioRxiv in May 2025 and demonstrate that the Hemopurifier removed 98.5% of platelet-derived extracellular vesicles (PD-EVs) from human plasma.
• This supports moving forward with the ongoing oncology study in Australia, launching a similar study in India and also point to other potential applications of the Hemopurifier in EV-associated diseases.

Despite rapid advancements in cancer treatments, effective diagnostics for early screening and disease monitoring continue to be an unmet need. This is felt acutely in lung cancer, which is the leading cause of cancer-related death worldwide, with only 20% of cases diagnosed at an early stage. VolitionRx, a diagnostics company focused on the detection of life-altering diseases, such as cancer, continues to build clinical evidence for its Nu.Q® Cancer test as a multi-pronged diagnostic tool to enhance screening, treatment selection and disease monitoring in lung cancer. By detecting circulating nucleosomes associated with tumor activity, Nu.Q Cancer offers a compelling low-cost, quick-turnaround cancer screening and monitoring alternative/complement to existing diagnostic tools, particularly complex and time-consuming biomarker-based blood tests requiring expensive next-generation sequencing (NGS).

• CULP posted 4QFY25 adjusted EPS of ($0.07), beating our estimate by $0.03, on strong gross margin gains in mattress fabrics on the back of management’s restructuring gains despite softer-than-expected revenue.
• Upholstery fabrics revenue was down 8.9%, even as management noted strength (and potentially market share gains) in the contract/hospitality side of the upholstery business.
• On the residential side of upholstery, it was continued weak industry-wide demand (slow housing, mortgage rates, consumers pulling back from discretionary durable spend) and the continued hangover from one large customer’s order timing that pulled sales forward in early FY25.