United States

• TaskUs privatization bid at $16.50/share faces opposition; market anticipates improved offer before September 10 shareholder vote.
• Apiam Animal Health receives A$0.88/share takeover offer; largest shareholder supports, board likely to recommend upon binding agreement.
• Banxa shareholders approve OSL Group acquisition; regulatory consents pending, closing expected Q4’25–Q1’26, spread at 21%.

• Axon reported strong Q2 earnings with 30% year-over-year growth and strong performance in both connected devices and software segments
• The company has been exceeding growth expectations, with 14 consecutive quarters of over 25% growth and 6 consecutive quarters of over 30% growth
• Axon has been focusing on leveraging AI technology to improve efficiency for police officers and drive growth in their software and services segment

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• Asian gasoline market saw strengthening in mid August, with cracks rebounding to around $10 per barrel
• Demand for non oxygenated low sulphur blend stocks increasing, driven by policy changes in Australia and the Middle East
• Malaysia’s subsidy increase for 95 RON gasoline impacting interron spreads and market volatility, potential challenges in transitioning to Eurofi standard gasoline by 2027

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• Gold (GOLD COMDTY) has been flat since April but started to take off after mid-August.
• Question: from a purely tactical perspective, is it still a good time to buy Gold? The precious metal is massively overbought at the moment, according to our model.
• Our tactical forecast: Gold (GOLD COMDTY)could go a bit higher, but it is so overbought that the short-term upside is probably limited. 

• Autodesk, a prominent player in the design and make software space, has demonstrated robust second-quarter performance for fiscal year 2026.
• The company exceeded expectations across several key financial metrics, including revenue, non-GAAP earnings per share, billings, non-GAAP operating margin, and free cash flow.
• Consequently, Autodesk has raised its guidance for the entire fiscal year, highlighting its optimistic outlook despite an uncertain geopolitical, macroeconomic, and policy environment.

• DICK’S Sporting Goods recently reported a strong performance in its second quarter of 2025, showcasing a 5% increase in comparable store sales, supported by growth in average ticket size and transactions.
• This builds upon the company’s past success, including a 4.5% comp increase in the previous year and a 2% increase in 2023.
• One of the notable highlights was the expansion of gross margins by over 30 basis points, underscoring effective inventory and pricing strategies.

• Affirm Holdings, Inc. delivered a robust performance in its fourth quarter of fiscal 2025, marking significant progress in several key areas.
• The company reported a record in key metrics, despite it not being the traditional peak quarter, indicating strong business momentum.
• Affirm’s growth is attributed to its continued focus on underwriting precision and consumer engagement, alongside significant contributions from its 0% APR products that are effectively attracting new customers and encouraging repeat usage.

• Klarna shares are set to start NYSE trading on 10 September; the issue price range implies a market capitalisation of USD12.8bn to USD13.6bn; we believe that its valuation looks underwhelming
• The Klarna IPO valuation versus its peers does, however, show Affirm’s very stretched valuation and we downgrade it to a sell; we upgrade Kakao Pay to a neutral from sell
• We keep PagSeguro, PayPal and Nexi on the buy list for their value credentials; we believe that PayPal is also the best value of the major BNPL players

• Aon plc, a global leader in insurance brokerage and consulting services, is undergoing strategic realignment that has reignited acquisition speculation.
• On September 3, 2025, the company confirmed it would divest the majority of its NFP wealth businesses—namely Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth—to private equity firm Madison Dearborn Partners for approximately $2.7 billion.
• The transaction, expected to close in late Q4, will yield around $2.2 billion in after-tax proceeds and remove $127 million in trailing twelve-month EBITDA from Aon’s books.

• CrowdStrike Holdings, Inc. presented its fiscal second-quarter 2026 results, highlighting several positive outcomes and some challenges.
• Key highlights included a robust quarter marked by record Q2 net new Annual Recurring Revenue (ARR) of $221 million, ending ARR of $4.66 billion, and record operating income of $255 million.
• The company’s total revenue grew by 21% year-over-year, reaching $1.17 billion, exceeding expectations.

• What is Happening: VanEck shifts GDX’s US$19.5bn benchmark to MVGDX on 19 Sept 2025, cutting constituents from ~62 to 44 with stricter purity and liquidity rules.
• Impact: Estimated US$10bn turnover; Zijin excluded, Pan American added, Amman included short-term but copper-driven revenue mix riks future exclusion under MVGDX’s ≥50% threshold.
• What to Do: Fade Zijin’s mechanical exclusion, stay cautious on Amman, and rotate into high-purity beneficiaries (Agnico Eagle, Pan American Silver, Shandong Gold) likely to gain weight.

• Keysight Technologies reported its fiscal third-quarter results for 2025, demonstrating strong execution and resilience in its operations.
• The company achieved a robust 11% year-over-year revenue increase, reaching $1.4 billion, with earnings per share at $1.72, surpassing previous guidance.
• Order growth was also positive, with a 7% increase, supported by growth across both the Communications Solutions Group (CSG) and Electronic Industrial Solutions Group (EISG).

• NCino’s latest financial results for the second quarter of fiscal year 2026 present a nuanced picture of the company’s performance and strategic direction.
• The company, which offers cloud-based solutions for financial institutions, reported total revenues of $148.8 million, representing a 12% increase year-over-year.
• Subscription revenues showed a notable 15% rise, reaching $130.8 million.

• Macro assets reveal shifting volatility landscapes, with inexpensive implied vols, seasonal headwinds, and notable divergences across key markets.
• Seasonal pressures are turning negative, with September historically weaker, while risk-reward spreads highlight CSI300 strength and SPASX200 vulnerability.
• Implied vols remain inexpensive across most assets, with NKY, Nifty, and SPASX200 near historic lows despite shifting market dynamics.

• Box, Inc.’s latest earnings for Q2 FY 2026 highlight a blend of growth and strategic transformation through AIdriven offerings.
• The company reported revenue of $294 million, which reflects a year-over-year growth of 9%, or 7% in constant currency, surpassing their guidance.
• This growth is attributed to an uptick in customer adoption of Box’s AI and advanced workflow solutions.

• MongoDB’s recent financial performance in the second quarter of fiscal year 2026 illustrates a robust growth trajectory balanced by strategic challenges and opportunities.
• The company reported total revenue of $591 million, up 24% year-over-year, surpassing guidance expectations.
• The growth is majorly driven by Atlas, MongoDB’s cloud database service, which saw a 29% increase in revenue year-over-year, comprising 74% of total revenues.

• Analog Devices, Inc. (ADI) recently reported a strong third quarter for fiscal year 2025, exceeding its revenue and earnings expectations and reflecting double-digit growth across all major end markets.
• The company’s performance illustrates the resilience and diversity of its business model amid ongoing geopolitical and macroeconomic uncertainties.
• A notable highlight is the accelerated recovery in ADI’s industrial sector, which saw robust performance.

• Workday, Inc. announced its second quarter fiscal year 2026 results, highlighting a mixed bag of financial performance, product innovation, and strategic initiatives designed to strengthen its foothold in the cloud-based enterprise software market.
• The company reported a 14% year-over-year increase in subscription revenue, totaling $2.169 billion, and a non-GAAP operating margin of 29%.
• Total revenue rose to $2.348 billion, marking a 13% growth driven largely by robust demand across several verticals, geographies, and customer segments.

• Zoom Video Communications Inc. reported its second quarter fiscal year 2026 earnings, demonstrating a blend of strengths and areas of caution for investors.
• The company achieved a relatively robust revenue growth of 4.7% year-over-year, totaling $1.217 billion, exceeding the upper range of their projections by $17 million.
• A significant contributor to this performance was the 7% growth in the enterprise segment, which now comprises 60% of total revenue.

• NVIDIA Corporation’s recent earnings for the second quarter of fiscal 2026 highlighted a record quarter in terms of total revenue, driven by widespread adoption of its comprehensive product suite across various sectors.
• The company reported a total revenue of $46.7 billion, surpassing its expectations with substantial growth noted in its data center segment, which increased by 56% year-over-year.
• The rollout of new technology, including the Blackwell platform and GB300 systems, was cited as a key driver of this growth, facilitating NVIDIA’s expansion in the AI infrastructure space.

• The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
• The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 22.9% resulting in a round-trip trade of US$10.2bn.
• The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.

• Klarna is getting ready to complete its IPO on the New York Stock Exchange.
• Klarna is offering 34.3 million shares at $35 to $37 per share. At the high end of the IPO price range, the company would be able to raise $1.27 billion.
• Our base case valuation is 5.4% lower than the low end of the IPO price range. Given the lack of upside, we have a Negative View of the Klarna IPO. 

• Nvidia’s performance in the industry show was okay, with the stock being slightly off and mixed reactions from analysts.
• The company is continuing to grow at a significant rate, but there are concerns about AI market trends and China relations.
• Questions surround Nvidia’s potential deal with China, with uncertainties about revenue sharing and government involvement.

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• Nvidia’s operating cash fell to $15.4B from $27.4B last quarter, even as net income climbed to $26.4B.
• Receivables jumped to $5.7B with Days Sales Outstanding at 54 days, while accrued liabilities flipped to a $4B drag.
• The balance sheet shows a company pushing more product out than cash is coming in; the predicament arising from Nvidia’s revenue booking model.

Key points (machine generated)

• Dell’s ISG recorded $38.4 billion in FY2023 but faced a 12% revenue decline to $33.9 billion in FY2024 due to macroeconomic challenges.
• In FY2025, ISG rebounded with a 29% revenue increase to $43.6 billion, fueled by demand for AI-optimized servers and storage solutions.
• ISG is integral to Dell’s AI infrastructure strategy, collaborating with partners like NVIDIA and Nokia to enhance AI offerings and maintain low-teens operating margins.

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)

• Air Lease is trading at 0.9 times its book value and is expected to double its earnings in three years.
• Factors contributing to earnings growth include new aircraft deliveries, increased yields from extended leases, and the end of lower-rate COVID-era leases.
• A potential stock buyback announcement is anticipated due to the company’s excess capital position.

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.

• Via Transportation will offer 10.7 million shares at $40-$44 and is scheduled to debut on Friday, September 12th.
• Wellington Management has indicated an interest in purchasing up to $100 million in shares of Class A common stock in this offering.
• With a large addressable market and solid revenue numbers, the company is positioned nicely for growth in the future. 

• We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&P 500 (SPX) is above 6028-6059.
• Shorter-Term, the SPX violated its 3.5-month uptrend yesterday, but managed to rally back to the breakdown level by yesterday’s close. 
• We would not yet call this a decisive breakdown, and we are on the lookout for a potential reclaim back above this uptrend at the 6425-3430 level. Or consolidation?

• We are reiterating our Buy rating, projections and $4 price target for Vince Holding with the company announcing 2QFY25 (July) results after the close on Wednesday.
• We believe the company has continued to offer compelling styles in both the wholesale and retail channels, even in the face of higher tariffs, which have somewhat altered the product flows for the Spring/Pre-Fall collections.
• Further, we expect the impact of higher tariffs, which did not coincide with material price increases in 2Q, to be the largest negative this quarter, with the bottom line impact increasingly offset going forward from price and sourcing shifts.

Key points (machine generated)

• CODI’s portfolio includes strong performers like BOA and Marucci, but Lugano’s unexpected financial misstatements led to a 60% drop in equity.
• The preferred securities B and C are now appealing, offering yields of 13-14% at about 60% of face value, with a significant equity cushion.
• The Lugano incident raises concerns about potential implications for other members of CODI’s externally managed team.

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.

• On the 15th July, Geely Auto (175 HK), China’s second-largest carmaker, firmed a cash or scrip Offer for 62.8%-held ZEEKR (ZK US), a premium Chinese electric vehicle manufacturer
• ZEEKR has traded through the cash terms US$26.87/ADS from the onset; but at a discount to the scrip terms. The scrip spread has widened recently. 
• The Offer is low-balled. However, Geely’s stake plus Li Shufu (founder)’s 10.61% holdings push the Offer through. Geely’s EGM is this Friday (7th July). Li (41.34%) is required to abstain. 

• Hesai Group (HSAI US), a global leader in LiDAR solutions, is seeking to raise US$300 million through an H Share listing.
• On 9 February 2023, Hesai listed on the Nasdaq, raising US$190 million at US$19.00 per ADS.
• The investment case is based on a solid competitive positioning, high growth, emerging profitability, declining cash burn, and a reasonable valuation.

• Klarna will offer 34.3 million shares at $35-$37 and is scheduled to debut on Wednesday (9/10).
• Total revenue for the six months ended June 30, 2025 increased by $199 million, or 15% (17% on a like-for-like basis), compared to the six months ended June 30, 2024.
• A “buy-now, pay-later” competitor, Affirm Holdings (AFRM US), has been trading extremely well since April.

• Robinhood Markets (HOOD US) and Emcor Group Inc (EME US) are the main candidates for addition due to consistently high eligibility scores.
• Microstrategy Inc Cl A (MSTR US) or AppLovin (APP US) is forecasted to be the third addition, with sector balance acting as the limiting factor.
• CRH (CRH US) recently regained eligibility following positive August earnings and could be a surprise addition if the tech sector is excluded.

• Legence Corp set terms for its IPO and will offer 26 million shares at $25-$29 and is scheduled to debut on Friday, September 12th.
• The company is private-equity backed by BlackStone and PE-backed deals have struggled, broadly speaking, in 2025. 
• From 2021 to 2024, their revenues grew at a CAGR of approximately 39% and as of June 30, 2025, they had $2.8 billion of backlog and awarded contracts.

• Gemini will offer 16.67 million shares at $17-$19 and is scheduled to debut on Friday, September 12th.
• The underwriters have reserved up to 1,666,667 shares of Class A common stock, or 10% of the shares offered by this prospectus, for sale through a directed share program. 
• A $400 million growth equity round valued Gemini at $7.1 billion in November 2021. This funding round is significantly below that higher round. 

• Global base oils prices hold firm versus feedstock/competing fuel prices.
• Margins hold firm at time of year when fundamentals are typically weaker.
• Firm margins incentivize refiners to maintain high base oils output.

• Black Rock Coffee Bar (BRCB US) is set to offer 14.7 million shares at $16-$18 equating to a valuation of up to $861 million at the high-end of the range.
• Wellington Management has indicated an interest in purchasing up to $30.0 million in shares of Class A common stock in this offering.
• Store revenue has increased by the mid 20% in the 1H 2025 and the expansion plan is aggressive. At first glance, we like the risk-reward of this deal.

• Figure Solutions is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.
• Duquesne Family Office LLC has indicated an interest in purchasing up to an aggregate of $50 million of shares as an anchor order.
• Figure has grown quickly and profitably, with net income of $29 million and Adjusted EBITDA of $83 million, for the six months ended June 30, 2025.

Key points (machine generated)

• SmartRent, Inc. specializes in smart home automation for the rental housing industry and went public in August 2021 through a $2.2 billion merger.
• The company has expanded its product offerings and serves 15 of the top 20 multifamily property owners in the U.S.
• Despite growth, SmartRent’s stock has declined approximately 75% since a critical analysis published on January 30, 2024.

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.

• ICLN has surged more than 35% since April, driven by record renewable generation, strong corporate earnings, and institutional inflows.
• Investors and banks are rotating capital from fossil fuels into clean energy, signalling structural shifts and fuelling the rise of solar and renewables.
• Global clean energy investment, led by solar, points to the early stages of a solar super cycle, positioning ICLN as a prime long-term play.

• Klarna Group plc, a first mover in the BNPL space and AI-powered fintech company, is targeting an IPO valuation of between $13B and $14B, according to Reuters.
• A Swedish founder-led decacorn is preparing for a roadshow after Labor Day this week. They intend to raise up to ~$1B and start trading in September.
• $13B-$14B IPO valuation is cheap vs. peers and implies ~68% discount to Affirm. Klarna’s last down round was a $800M venture round in July of 2022 at a ~$6.7B valuation.

• Market pricing is not expecting a rate cut at the ECB September meeting, but further easing may still be on the table later in the year.
• Swap spreads typically narrow in August, but this year they have been stable, potentially due to French political developments.
• Seasonality and potential volatility could still drive narrowing in swap spreads in the near term, despite weakening relationships with German swap spreads.

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• Market Structure Signals Stability: Gold futures have remained range-bound near technical resistance, with intraday volatility compressing—suggesting a market more likely to drift than break.
• ETF and Vault Flows Show Steady Demand: Sustained inflows into the SPDR Gold Trust and consistent London vault holdings point to underlying investor interest, even without aggressive price action.
• Positioning Data Reveals Divergence: Commercial hedgers are easing short exposure while speculative players show mixed sentiment, hinting at a market caught between caution and latent bullishness.

• AppFolio offers software for real estate managers to help run their businesses, including leasing, rent collection, accounting, and maintenance requests
• The company reported a 19% growth in both core services and value-added services, with 8.9 million units under management
• AppFolio’s pricing model charges based on a unit basis, incentivizing all members of an organization to use the software and increasing customer retention. Total customers increased by 6% to 21,400.

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• A quick synoptic look at the tactical setups for the indices, stocks, commodities and bonds we cover, week September 1 – September 5. The MODEL SUPPORT/RESISTANCE data file is attached.
• OVERBOUGHT at the WEEKLY Close: Alphabet (GOOG US) , BYD (1211 HK) , S&P/ASX 200 , CSI 300 Index (SHSZ300) , Gold (GOLD COMDTY) 
• OVERSOLD at the WEEKLY Close: Meta (META US) , Nasdaq-100 , NVIDIA Corp (NVDA US) , Fast Retailing (9983 JP)

• Yorkville Acquisition (YORKU) and Renatus Tactical Acquisition (RTAC) are SPACs with ties to the current administration and crypto space.
• Mayne Pharma (MYX:AX) faces a legal battle with Cosette Pharmaceuticals over a merger, with a hearing set for September 22.
• Lifeway Foods (LWAY) is under pressure from activists for a sale to Danone, with a standstill agreement until September 15.

• The report highlights how Somnia is addressing the long-standing challenges that have hindered blockchain gaming — from network congestion and unpredictable gas fees to poor user experience and security risks.
• While most blockchains struggle to support complex, consumer-grade apps, Somnia introduces an EVM-compatible network specifically optimized for gaming and other high-throughput use cases.
• By rethinking infrastructure at the base layer, Somnia enables scalability, predictable costs, and seamless UX, laying the foundation for richer onchain applications.

• Honeywell’s spin-off of its Advanced Materials business, to be named Solstice Advanced Materials (SOLS), is scheduled for completion in Q4 2025.

• Solstice recently filed its Form 10 Information Statement and confirmed Q4 timing. Here is the slide deck that was published at the time of the announcement last fall.

• An investor day is planned for October 8, 2025, in New York City, where Honeywell will provide further details on Solstice’s business strategy and growth prospects.

• Alphabet Inc. Class A is a leading global technology conglomerate headquartered in the United States, best known as the parent company of Google.
• The company maintains a dominant international presence across key sectors such as online search, digital advertising, cloud computing, and artificial intelligence.
• The Company’s shares are listed οn the Nasdaq Composite stock market Ιndex since August 19, 2004 and are included among the companies with the higher market capitalization globally.

• Major agencies now align on a possible consensus: the crude market is entering a phase of structural imbalance.
• Inventory builds and shifting producer strategies are setting the stage for a market environment not seen in years.
• Historical parallels suggest that the coming quarters may test price resilience more than recent memory.

• Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally.
• The company operates in two segments, Automotive and Energy Generation & Storage.
• The Company’s shares are listed in the Nasdaq Composite Index under the symbol ‘TSLA’ since June 29, 2010 and are included among the companies with the higher market capitalization globally. 

• JFrog reported their financial results for the second quarter of 2025, highlighting continued growth and strategic execution.
• Total revenue for the quarter was $127.2 million, marking a 23% increase year-over-year, with cloud revenue growing by 45% to $57.1 million.
• This growth highlights JFrog’s successful strategy of converting customers with usage above minimum commitments into annual contracts, reinforcing the predictability of revenue streams and strategic focus on cloud services.

• In a stunning geopolitical development, ExxonMobil has reportedly engaged in secret discussions with Rosneft—Russia’s largest state-owned energy company—regarding a potential return to the Sakhalin-1 oil and gas project.
• These talks, led by Exxon Senior Vice President Neil Chapman, signal a possible energy détente between Washington and Moscow, tied to broader negotiations aimed at ending the war in Ukraine.
• The meetings were held under U.S. Treasury Department licenses that allow for discussions on stranded assets and involved back-channel diplomacy, including conversations between Exxon CEO Darren Woods and former President Donald Trump.

• Deere & Company’s third-quarter earnings report presents a mixed outlook for the company, marked by ongoing challenges due to global uncertainties and shifting market dynamics, tempered with strategic operational efficiencies and modest positive trends in some segments.
• The segments of Production and Precision Agriculture, Small Agriculture and Turf, and Construction and Forestry each tell a distinct story of both struggle and strategic positioning.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Cytokinetics presented its Q2 2025 earnings and strategic updates, which highlighted significant operational milestones and challenges.
• The company’s focus remains on advancing its pipeline of muscle biology-focused therapies, particularly within cardiology.
• A key development is the ongoing regulatory process for aficamten, a treatment for obstructive hypertrophic cardiomyopathy (oHCM).

• Crocs, Inc. reported a solid performance in the second quarter despite facing ongoing market volatility.
• The company achieved revenues of $1.1 billion, reflecting a 3% growth from the previous year.
• Revenues for the Crocs brand alone rose by 4%, reaching $960 million, with a notable 16% growth in international markets.

• SoundHound exhibited a noteworthy performance in the second quarter of 2025, recording its strongest ever quarterly revenue of $42.7 million, a significant surge of 217% compared to the previous year.
• This growth was primarily driven by substantial advancements in their diverse business verticals: automotive, AI customer service for enterprises, and AI solutions for the restaurant industry.
• The company highlighted its strategic acquisition initiatives, which have effectively enhanced growth trajectories and solidified its position as a key player in the conversational AI sector.

• Aptiv is no stranger to transformation.
• Once pegged as a traditional auto-parts supplier, the company is now orchestrating a strategic pivot that could redefine how Wall Street values its business.
• The upcoming spin-off of its Electrical Distribution Systems (EDS) unit, slated for early 2026, aims to carve out a clearer identity for the remaining core business: a high-growth platform deeply entrenched in advanced safety, automation, electrification, and digital edge computing.

• Coherent Inc.’s fourth quarter and full fiscal year 2025 results reflect both strong performance and some areas of challenges.
• The company experienced a robust fiscal year with revenue hitting a record $5.81 billion, marking a 23% year-over-year increase.
• This growth was propelled significantly by the company’s data center and communications business, with data center revenue alone increasing by 61% from the previous year.

• dLocal Limited’s latest earnings report for Q2 2025 highlights a period of strong financial performance, business expansion, and strategic enhancements, although it is tempered by certain macroeconomic risks and strategic decisions impacting the bottom line.
• On the positive side, the company posted record results across its key financial metrics.
• Total Payment Volume (TPV) reached an all-time high of $9.2 billion, marking a 53% year-over-year increase.

• Avery Dennison Corporation, a global materials science and manufacturing company, reported its second quarter results ending June 28, 2025.
• The company delivered adjusted earnings per share (EPS) of $2.42, aligning with the previous year’s results.
• This performance was achieved amid a challenging macroeconomic environment, characterized by trade policy changes impacting its operations, especially within the apparel and retail sectors.

• Nvidia beat revenue expectations by 1.5% with $46.7 billion in revenue; data centre growth underwhelmed, with compute slipping sequentially.
• Blackwell is ramping at full speed, while Rubin’s six chips have already taped out at TSMC, keeping Nvidia’s annual launch cadence intact.
• Inventory jumped to $15B, and China licenses remain uncertain, leaving little margin for error.

Key points (machine generated)

• Trinseo has historically been viewed as a high-risk investment due to its troubled history and significant leverage.
• Recent improvements in its balance sheet and liquidity position, including over $450 million available through 2025, indicate a potential shift in investment outlook.
• The alignment of bid-ask expectations for asset sales suggests a positive recovery potential for Trinseo in the next 12-18 months.

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.

• Keurig Dr Pepper, following the close of the JDE Peet’s acquisition, plans to separate Global Coffee Co. via a tax-free spin-off to KDP shareholders
• Post separation, the parent will retain North American refreshment beverages portfolio (Dr Pepper, Canada Dry, 7UP, A&W, energy/functional, RTD alcohol adjacencies).
• We view KDP’s two-step transaction as value accretive for shareholders, creating two investable profiles that should appeal to distinct shareholder bases.

• Acushnet Holdings Corp.’s Q2 2025 results reveal a steady performance characterized by growth in specific segments, balanced by challenges in others, influenced by external factors such as tariffs and global economic conditions.
• With worldwide net sales increasing by 5% to $720 million and adjusted EBITDA rising by 9%, the company succeeded in leveraging its strengths in Golf Equipment and Gear.
• Positives from the quarter include significant growth in the Golf Equipment segment, driven by the successful launch of new Pro V1 golf ball models and momentum in GT Metals and hybrid clubs.

• EQT Corporation’s Q2 2025 results illustrate the company’s operational proficiency and financial resilience, amid challenging market conditions characterized by lower natural gas prices.
• During the quarter, EQT maintained impressive production levels at the high end of its guidance, attributed to exceptional well productivity and compression project performances.
• The rigorous management of capital expenditures, which came in $50 million below the lower end of expectations, underscores EQT’s operational efficiency and cost-control measures, driving significant cash flow despite an unfavorable legal settlement.

• Evergy, Inc. reported strong performance in the second quarter of 2025, with adjusted earnings per share (EPS) of $0.82, surpassing its internal forecasts despite unfavorable weather impacts.
• The company’s full-year guidance for adjusted EPS remains intact at $3.92 to $4.12, with expectations to meet the midpoint of this range.
• Notably, Evergy emphasized robust operational reliability and regulatory achievements across Kansas and Missouri, highlighting successful agreements on several key projects including new natural gas plants and solar farms.

• Celsius Holdings has delivered a robust performance in the second quarter of 2025, with significant revenue growth driven primarily by its recent acquisition, the Alani Nu brand.
• Total revenue rose by 84% year-over-year to $739.3 million, a substantial increase facilitated by a strong gain from Alani Nu, which contributed $301.2 million.
• Meanwhile, Celsius-branded products continued their growth trajectory with a 9% increase, reflecting successful innovation and expanded distribution networks.

• GoDaddy’s second quarter results for 2025 present a distinct mixture of outcomes reflective of the company’s focused execution and challenges within the broader business landscape.
• Notably, the company’s adoption and integration of AI, specifically their Agentic AI, have been highlighted as significant growth levers.
• Nevertheless, as with all financial assessments, understanding both the positives and potential headwinds is crucial for painting a comprehensive picture.

• Green Plains (GPRE) is a biorefining company that converts renewable crops like corn into ethanol and other low-carbon sustainable ingredients through fermentation and patented ag technologies.
• This year, the company announced a shift from innovation to commercialization of key technologies, focusing on growth opportunities in low-carbon and sustainable products.
• GPRE is an early mover in ethanol carbon capture and sequestration (CCS). 

• Gen Digital’s first quarter fiscal year 2026 results reflect a mix of positive growth dynamics and strategic challenges.
• The report highlights several key themes influencing the company’s performance, including product innovation, strategic acquisitions, and evolving market dynamics.
• On the positive side, Gen Digital has demonstrated impressive revenue growth, with reported bookings and revenue increasing over 30% year-over-year.

• AI is becoming more integrated into daily life, including potential use for planning holidays and making payments
• Visa is focusing on innovation to redefine the future of payments, with a history of adapting to new technologies and consumer expectations
• Visa’s chief Product officer discusses the company’s vision for the future of consumer payments and the opportunities they see in the market

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

• Palo Alto Networks (PANW US) is acquiring CyberArk Software Ltd (CYBR US) in a $25B stock-and-cash deal, with shareholders receiving $45 plus 2.2005 PANW shares per CYBR share.
• The transaction is expected to close in the second half of Palo Alto’s fiscal 2026 (February–July 2026), subject to customary regulatory approvals and CyberArk shareholder consent.
• Upon completion, the deal will trigger significant passive flows, with an upweight of Palo Alto Networks (PANW US) and the removal of CyberArk Software Ltd (CYBR US) from relevant indices.

• Doximity, a professional network for physicians, recently reported its fiscal 2026 first-quarter results.
• The company posted a revenue of $146 million, marking a 15% year-over-year increase, exceeding its guidance by 4%.
• The adjusted EBITDA was $80 million, translating to a 55% margin, which was above the guidance range, reflecting a 21% year-on-year growth.

• Block, Inc.’s latest earnings report for the second quarter of 2025 provided key insights into the company’s ongoing strategies, progress, and operational challenges.
• Showing signs of a return to growth mode, the company reported a gross profit of $2.5 billion, up 14% year-over-year, and an adjusted operating income of $550 million, reflecting a 38% increase.
• This indicates an expansion in margins to a new peak of 22%.

• EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions.
• Key highlights of the report include a solid year-over-year revenue increase of 18% to $1.353 billion, with organic constant currency growth of 5.3%.
• This marks the third consecutive quarter of positive organic growth amidst a challenging macroeconomic environment.

• MACOM Technology Solutions Holdings (MACOM) reported its third fiscal quarter of 2025 results showing a strong performance, with revenue reaching $252.1 million, reflecting a 6.9% quarter-on-quarter increase.
• Adjusted earnings per share (EPS) were $0.90, marking a new record for the company.
• The company demonstrated strong cash generation, ending the quarter with $735 million in cash and short-term investments, reflecting solid financial health.

• MP Materials reported a significant transformation in its operations and strategic positioning during the second quarter of 2025.
• The company has embarked on strategic partnerships with the Department of Defense (DoD) and Apple, marking a new chapter in its operational history.
• These partnerships serve as significant validations of MP Materials’ strategic mission and reflect substantial steps towards enhancing its supply chain capabilities and vertical integration.

• Alliant Energy has reported its second quarter financial results for 2025, showcasing a notable performance amidst ambitious growth objectives and strategic investments.
• The company announced ongoing earnings of $0.68 per share, a healthier position than the $0.57 per share reported in the same quarter last year, driven by successful capital investment programs and improved electric and gas sales.
• The company reaffirms its full-year 2025 earnings guidance range of $3.15 to $3.25 per share and maintains a long-term annual earnings growth target of 5% to 7%.

• Honeywell submitted a Form 10 registration statement to the SEC on August 21, formally initiating the planned separation of Solstice Advanced Materials as a standalone company
• The new entity will focus on specialty materials such as refrigerants, semiconductor materials, protective fibers, and healthcare packaging.
• Honeywell retains Aerospace Technologies, Industrial Automation, Building Automation, and the non-Advanced-Materials pieces of Energy & Sustainability Solutions.

• Genpact Limited’s financial performance in the second quarter of 2025 presented a mix of strengths and potential challenges for investors to consider.
• The company reported a revenue of $1.25 billion, marking a 7% year-over-year increase, showing robust growth across its business segments.
• Profitability also improved, with gross margin expanding by 50 basis points and adjusted operating income margin increasing by 40 basis points over the previous year.

• 2Q26 (Jul-25) revenue growth 56% YoY, despite a sharp decline in China revenue (-24% YoY). No H20 revenues from China. H20 charges normalize, margins improve, Net Income 5% above Consensus. 
• 3Q26 revenue growth stable at 54% YoY, not including any H20 revenues from China. Upside from H20 at $2-5bn, max revenue growth 68% YoY. 3Q guidance ~3% above Consensus.   
• The stock is not expensive. Trading at its average 47x trailing PEx, 33x forward. Very little risk to Consensus expectations over FY26-28. 

• The company built a unified, cloud-native platform to solve the challenge of securing and accelerating the digital interactions of enterprises filed for its IPO on August 22nd. 
• . As of July 31, 2025, they had 4,317 customers, a 21% year-over-year increase from 3,571 customers as of July 31, 2024.
• The company’s revenue jumped 30.7% from the 1H of 2025 versus 1H of 2024. 

• Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
• The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  
• Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  

• Gevo is focused on making cost-effective, scalable, drop- in fuels and chemicals.
• These include low-carbon ethanol, synthetic aviation fuel (SAF), renewable natural gas (RNG), and other products.
• Gevo’s strategy is to have profitable and scalable carbon-abating operations that transform output, like corn, and ethanol from rural communities into products that satisfy significant global demand, like SAF. 

• Soluna recently announced it has passed the major milestone of 1 GW of clean energy generation.
• The company is accelerating its mission to make clean computing the standard for AI and Bitcoin by expanding its data center platform with a 2.8-GW power pipeline.
• Soluna has reached a 1-GW milestone with the launch of two new projects in Texas: Project Fei and Project Gladys. 

• Tuya reported another solid quarter in a challenging environment, with revenue of $80.1 million, up 9% Y/Y. Gross margin increased Y/Y by 40 bps to 48.4%, while PaaS revenue increased 7% Y/Y to $58.1 million.
• Cash and equivalents decreased to $1,006 million due to a cash dividend and the company has no debt.
• Management had noted that the rollercoaster of 1Q25 could continue, and it seems to have done just that.

• The second quarter of 2025 was notable for APA Corporation, reflecting significant operational and financial strides.
• The company reported consolidated net income of $603 million, with an adjusted net income at $313 million, indicating strong financial health.
• The quarter’s performance benefited from asset sales in New Mexico and effective trading operations, and the company noted a marked improvement in operational efficiency across its portfolio.

• Last week, I spoke to the CFO of Unit Corp and wanted to share a brief update (full notes from my call below).

• The big surprise this quarter was that production GREW (+16% y/y in the quarter). I’ve become used to seeing 10% to 15% annual declines, and while management had guided that production would start to flatten out given increased drilling activity, it was still very nice to see.

• The company is in the process of drilling 2 net new wells this year and results have been quite strong.

• Atlassian reported strong financial results for the fourth quarter of fiscal year 2025.
• The company achieved over $5.2 billion in revenue and generated more than $1.4 billion in free cash flow, maintaining a balanced Rule of 40+ performance.
• The company’s customer base grew to over 300,000, with a significant increase in deals over $1 million in annual contract value, indicating a robust enterprise sales performance.

• Choice Hotels International reported its second-quarter 2025 financial results, reflecting both strategic advancements and noticeable challenges.
• The company reported significant achievements, with adjusted EBITDA hitting $165 million, marking a year-over-year increase.
• This was driven by a more than 2% net increase in global rooms, including a 3% rise in more revenue-intensive rooms.