United States

• Ciena Corporation delivered strong results in its fiscal third quarter of 2025, showcasing significant top-line growth and improved profitability metrics.
• The company reported revenues of $1.22 billion, outpacing the high end of its guidance and representing a 30% increase year-over-year.
• The gains were driven by broad-based demand, particularly from cloud providers and service providers, with reported strong orders setting a new quarterly record for Ciena.

• The company priced a full-size offering of 34.04 million shares at $23.50, the midpoint of the $22–$25 range, raising more than $750 million.
• Shares opened at $25.35, a 7.8% premium to the issue price, but that initial pop quickly evaporated. The stock closed its opening session at $22.00.
• Over the next 30 days, we expect investors to remain cautious, with many likely trimming exposure until upcoming quarterly results offer greater clarity.

• Rubrik’s recent quarterly performance showcased a notable blend of robust growth and strategic initiatives, presenting both opportunities and challenges for investors.
• Key positives highlighted in the earnings call include impressive top-line growth and strong financial metrics.
• The company reported a 36% year-over-year increase in subscription Annual Recurring Revenue (ARR), reaching over $1.25 billion.

• Samsara Inc. has demonstrated considerable growth in the second quarter of fiscal 2026, with key financial metrics reflecting the company’s strong market position and strategic direction.
• The company reported an Annual Recurring Revenue (ARR) of $1.6 billion, representing a 30% year-over-year increase.
• Notably, customers contributing over $100,000 in ARR accounted for nearly $1 billion, growing by 35% from the previous year.

• GitLab’s second quarter of fiscal year 2026 results highlight both achievements and challenges for the company.
• The company experienced a significant revenue growth of 29% year-over-year, reaching $236 million, demonstrating strong demand for its AI-native DevSecOps platform.
• Additionally, GitLab reported an impressive non-GAAP operating margin of 17%, reflecting effective cost management and operational efficiency.

• Chewy’s latest financial performance in the second quarter of fiscal year 2025 showcased solid growth, with net sales increasing by approximately 9% year-over-year to $3.1 billion, surpassing the upper end of the company’s guidance range.
• This growth is particularly noteworthy in a market environment characterized by low to midsingle-digit industry growth, highlighting Chewy’s ability to capture market share.
• The company’s Autoship program, especially in consumables and health categories, played a significant role, generating $2.58 billion in customer sales and constituting 83% of total sales for the quarter.

• Docusign continues to demonstrate resilience and innovation as evidenced in its Q2 Fiscal 2026 performance.
• Revenue reached $801 million, marking a 9% year-over-year growth, with billings up by 13% year-over-year to $818 million.
• The company’s strategic focus on platform innovation, particularly through its AI-native Docusign Intelligent Agreement Management (IAM) platform, has contributed positively to this growth.

• Sprinklr, a company specializing in customer experience management software, reported $212 million in total revenue for the second quarter of fiscal year 2026, marking an 8% year-over-year growth.
• Subscription revenue accounted for $188.5 million, reflecting a 6% increase.
• The company achieved a record $38.2 million in nonGAAP operating income, resulting in an 18% operating margin, indicating improved cost management.

• Guidewire Software Inc. reported its fourth-quarter and fiscal year 2025 results, showcasing notable achievements in cloud transformation while addressing key challenges in the insurance software sector.
• Guidewire’s transition to a cloud-based model continues to drive growth, with Annual Recurring Revenue (ARR) increasing by 19% and fully ramped ARR advancing by 22% on a constant currency basis.
• Surpassing the $1 billion ARR milestone is a significant achievement, underlining Guidewire’s strong market position.

• Faraday Future to spin-off its “Crypto Flywheel” / C10 Treasury assets into a separate entity (CXC10), enabling independent fundraising and clearer strategic focus.
• Post separation, Faraday Future remains an EV story, focused on vehicle development, production milestones, and shared mobility initiatives.
• The separation of the volatile, high-risk crypto assets from the EV business will reduce investor confusion and may uplift valuation by removing any conglomerate discount.

• AvePoint (AVPT US)  is looking to raise around US$207m to enable it to undertake a secondary listing on SGX.
• This deal represents 9.5 days of ADV and ~6% of shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• China’s refined copper output is projected to contract 4–5% this month—the first seasonal decline since 2016—driven by smelter inefficiencies and concentrate shortages.
• Exchange inventories show divergence: LME and SHFE stocks are falling while CME stocks rise, amplifying regional supply tightness and premium volatility.
• CME Copper futures show strengthening bullish momentum, with RSI above 50 and MACD nearing a bullish crossover, signaling improving market sentiment.

• Shares of Kenvue Inc., maker of Tylenol, dropped roughly 10% in early September 2025 after media reports—primarily from The Wall Street Journal—indicated that U.S. Health Secretary Robert F.
• Kennedy Jr. will release a forthcoming HHS report that likely links prenatal use of acetaminophen (Tylenol’s active ingredient) to autism.
• This decline followed investor concern over what such a regulatory conclusion could mean for Kenvue’s reputation, sales, litigation exposure, and overall risk profile.

• Kraft Heinz will separate into two independent publicly-traded companies via a tax-free spin-off  expected to close in H2 2026
• The two entities : Global Taste Elevation Co. focusing on sauces, spreads, seasonings, shelf-stable meals and North American Grocery Co.  centered on staples sold in North America
• The move is designed to disentangle distinct brand portfolios, so each can pursue clearer growth, margin and capital-allocation strategies.

• While Rubrik reported all key operating metrics and cash flow above expectations for 2Q’FY26, shares sold off over 10% on heavy volume.
• +35% y/y 3Q’FY26/+25% y/y 4Q’FY26 revenue growth guide raises questions about next FY27, in my view. Rubrik stock continues to trade at a premium valuation.  
• Given the trends in the quarter and guidance, I believe the cybersecurity company can achieve and sustain 25%+ y/y revenue growth in FY26, FY27 and FY28.

• In 2017, Apollo Global Management took the University of Phoenix’s parent company, Apollo Education Group, private in a deal valued at roughly $1.1 billion.
• Their net revenue was $709.8 million and $749.8 million and their net income was $105.1 million and $116.4 million in the first three quarters of fiscal 2024 and 2025, respectively.
• An IPO for Phoenix Education is set for the last week of September or potentially the first half of October.

• Bank of America Corporation reported robust second-quarter results that highlight strong organic growth across its varied business segments.
• The bank saw a 4% year-over-year increase in revenue, reaching $26.6 billion, alongside a 7% growth in net income to $7.1 billion.
• Earnings per share increased by 7%, reflecting effective cost management and growth strategies.

• Wells Fargo & Company, in its second quarter of 2025 results, showcased a balanced mix of progression in growth strategies and sustained financial discipline.
• The net income of $5.5 billion, translating to $1.60 per diluted share, was an improvement from both the previous quarter and the same period last year.
• This growth indicates consistent execution amidst a transitioning phase post asset cap removal.

• Citizens Financial Group reported its second quarter 2025 results, showcasing several financial highlights and strategic initiatives that reflect its current operational state and future outlook.
• The company experienced a 3.3% increase in net interest income (NII) quarter-over-quarter, mainly driven by a net interest margin (NIM) expansion of 5 basis points to 2.95%.
• There was also notable fee income growth of 10% linked quarter, paced by wealth management, card, and mortgage operations.

• Paramount Skydance is preparing to launch one of the most ambitious takeover attempts in Hollywood’s history: a majority cash bid to acquire Warner Bros. Discovery, backed by the vast fortune of Larry Ellison.
• Fresh off the August 2025 completion of their own merger, Paramount and Skydance are positioning themselves for another transformative leap.
• Warner Bros. Discovery, with an enterprise value of roughly $71 billion and a library that includes DC Comics, Harry Potter, HBO, and CNN, represents a target more than twice the size of Paramount’s own $19 billion market capitalization.

• We will be putting products on TSMC you know, forever, really. TSMC is a great partner for us. Obviously everyone understands that their support and technology are great. 
• 18A is actually a good node for us. We want to milk that node  We won’t get peak volume on 18A until the 2030 timeframe.
• Kevork Kechichian joined Intel as head of the Data Center Group. He will lead Intel’s data center business across cloud and enterprise, including the Intel Xeon processor family

Key points (machine generated)

• The article highlights Potbelly (PBPB) as a promising investment opportunity in the fast-casual restaurant sector.
• Under CEO Bob Wright, Potbelly has made operational improvements leading to increased average-unit volumes and profit margins.
• The author believes Potbelly is shifting from a turnaround story to a growth stock, with potential for shares to double.

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)

• DFDV is a closed-end digital asset fund providing liquid exposure to Solana and select DeFi protocols, currently valued at 5x its net asset value.
• The fund holds 609,000 shares of Solana, totaling approximately $85 million, with a per-share value of around $4.00 compared to a market price of $28.
• DFDV lacks a recurring revenue model, depending on asset appreciation and market sentiment, with a complex ownership structure affecting its market dynamics.

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.

• F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in cash.
• The deal, expected to close in the fourth quarter of fiscal 2025, comes on the heels of F5’s strongest product revenue growth in over a decade, buoyed by data center modernization, hybrid multi-cloud adoption, and increasing AIrelated workloads.
• CalypsoAI, headquartered in Dublin, Ireland, specializes in adaptive real-time AI security solutions, including red-teaming at scale and advanced data protection for enterprises deploying generative and agentic AI.

Key points (machine generated)

• The author has a positive outlook on Reddit (RDDT US) as a strong multi-year investment post its public debut.
• Reddit is modernizing its platform and exploring new revenue streams, while currently generating $1.4 billion in annual revenue with significant growth potential.
• Despite some analyst concerns, the author believes risks are overstated and projects a diluted free cash flow of over $12 per share by 2030, indicating a compelling investment opportunity.

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.

• The company that describes itself as an operator of the largest global secondary ticketing marketplace will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
• According to guidance the deal is considered “multiple-times oversubscribed” with continued 1-on-1 conversions. The underwriters state that there is currently no price sensitivity in the book.
• With growth mixed and debt burdens high, we view this IPO as one to approach with caution.

• Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.
• According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions. 
• At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.

• Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.
• According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering. 
• While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.

• OPEC’s Group of Eight discussed unwinding production cuts and increasing oil production, led by Saudi Arabia to bring energy prices down
• OPEC’s cooperation with non-OPEC producers, including Russia and Kazakhstan, resulted in a 2 million barrels per day production cut in late 2022
• Dr. Anas Alhaji, Energy Outlook Advisors managing partner, discussed OPEC’s actions and outlook on oil prices in an interview with Macro Voices host, Eric Townsend

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

• During the week, Anglo American bought the Canadian copper miner Teck Resources – creating a $50 billion copper giant. The company will be rebranded to Anglo Teck.
• With the deal, the company expects to give shareholders close to 70% copper exposure.
• Anglo Teck will hold a portfolio of producing operations, including “six world-class copper assets, alongside high-quality premium iron ore and zinc businesses.” 

• Why does Intel Corp (INTC US)’s current CFO state “Intel will use TSMC basically forever”? 
• From Taiwan Semiconductor (TSMC) – ADR (TSM US)’s perspective, they have always maintained a “no competition with customers” principle.  
• Another question remains: who will adopt Intel’s 14A technology in 2027-28?  

• StubHub Holdings, the world’s leading live event marketplace, is expected to price its initial public offering on Tuesday.
• The 20+ times oversubscribed offering may raise up to ~$850M at the high end of the range at $25.00 per share.
• The American online ticketing giant plans to use net proceeds from the offering to repay ~$550M of existing indebtedness outstanding.

• Oracle is on a mission to rival the Big Three cloud providers and its cloud ambitions are part of a theme that will determine GDP growth in the US and globally as a whole.
• They are guiding for a 10x revenue increase in cloud computing in just four years which would transform Oracle Cloud from a nobody with 3% market share to a leading player with a business larger than AWS is today.
• Most importantly, this guidance is based on contracted revenue, i.e. revenue that their customers (most importantly OpenAI) basically only can get out by declaring bankruptcy.

Key points (machine generated)

• Clarivate operates in three main segments: Academia & Government, Intellectual Property, and Life Sciences & Healthcare.
• Academia & Government is the largest revenue contributor at 49-52%, followed by Intellectual Property at 29-33%, and Life Sciences & Healthcare at 13-17%.
• About half of Clarivate’s revenues come from the higher education sector, including the top 50 universities worldwide.

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.

• Klarna Group (KLAR US) is ineligible for US indices due to incorporation and headquarters in the UK, a foreign listing in the US and a majority of assets in Sweden.
• Klarna Group (KLAR US) is ineligible for EU indices due to a sole listing in the US.
• Klarna Group (KLAR US) can achieve inclusion in Global indices given an eligible nationality and following the lock-up expiry which increases float cap and public voting rights.

• UFP Industries, Inc. has reported its second-quarter financial results for 2025, reflecting a continued trend of challenging market conditions.
• The company reported revenues of $1.8 billion, a decrease of 3.5% compared to the previous year.
• Declines in both unit volumes and pricing were noted across its business segments, although recent acquisitions provided some offsetting positive impacts.

Key points (machine generated)

• FIP offers a long-term investment opportunity with potential value in its business segments exceeding current market capitalization.
• After a stock price increase from $3 to $10, FIP has recently fallen to $6.40, indicating segments may be undervalued and could lead to a 2-3x increase.
• Factors contributing to FIP’s undervaluation include its small market cap, low trading volume, spin-off status, limited analyst coverage, and a conglomerate structure.

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.

• LFVN reported 4QFY25 adjusted EPS of $0.17 versus $0.14, up 21.4% and in line with our forecast. FactSet consensus was $0.18. All % changes are Y/Y.
• Sales in the quarter increased 12.6% to $55.1MM, below our forecast for $59.0MM and FactSet consensus of $56.9MM.
• Management’s implied 4QFY25 sales range was $54.6-61.6MM so it was at the lower end of management’s previous expectations as well. 

• Legence sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.
• Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back.
• This type of steady aftermarket performance highlights clear institutional support, with buyers adding positions both below and above the issue price on day one.

• Lam Research Corporation’s recent financial performance and strategic direction offer a balanced picture of its current and future potential.
• The company reported impressive results for its June 2025 quarter, with revenues and profitability reaching the upper end of guided ranges.
• Significantly, gross margins exceeded 50% for the first time since the merger with Novellus, and earnings per share hit a new company high.

• Western Digital Corporation reported strong fourth-quarter fiscal 2025 financial results, showcasing increased demand driven chiefly by the data center market, predominantly through hyperscale customers.
• The company generated $2.6 billion in revenue, which constituted a 30% yearly increase, and achieved a non-GAAP gross margin of 41.3%.
• This result was driven by the mix shift toward higher capacity drives and effective cost management.

• Tesla’s recent unveiling of its Megapack 3 and the all-new Megablock could mark a pivotal moment in its shift from being seen purely as a carmaker to a vertically integrated energy company.
• While Tesla’s robotaxi launch and AI developments have dominated headlines, the energy division—specifically industrial battery storage—is quietly becoming a major pillar.
• The Megablock is a fully integrated, utility-scale energy solution, reducing construction costs by 40% and installation times by 23%.

• Old Dominion Freight Line’s recent financial performance reveals both challenges and opportunities.
• Despite a declined revenue in the second quarter of 2025, totaling $1.41 billion, representing a 6.1% decrease from the previous year, the company has managed to sustain yield growth.
• This growth is embodied by a 3.4% increase in less-than-truckload (LTL) revenue per hundredweight, although LTL tons per day fell by 9.3%.

• U.S. tariffs intensify strain on the petrochemical sector, shielding domestic producers while redirecting Chinese exports into Asia and leaving European firms most exposed.
• Trade barriers amplify oversupply pressures, benefiting U.S.-centric petrochemical firms, granting Middle Eastern players new market share, and pushing Chinese exporters into low-margin Asian markets.
• Global petrochemicals face a reset, exposing Europe’s vulnerabilities, capping Asian gains, and reinforcing domestic advantages for American producers.

• Oracle Corporation has catapulted into the center of the artificial intelligence (AI) race with a landmark $300 billion cloud infrastructure deal with OpenAI, positioning itself as the new backbone of AI computing.
• The agreement, which spans five years starting in 2027, is one of the largest cloud contracts in history and has already helped Oracle lock in a record $455 billion in remaining performance obligations (RPO).
• This unprecedented backlog of contracted revenue reflects surging demand from major AI players including Meta, xAI, NVIDIA, and AMD.

• Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.
• Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.
• Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.

• United Parcel Service, Inc. (UPS) presented its financial results for the second quarter of 2025, highlighting several strategic and operational dynamics affecting the company.
• The outcomes were shaped by complex macroeconomic factors, including shifting trade policies and evolving market demands.
• In terms of financial performance, UPS reported consolidated revenue of $21.2 billion, with an operating profit of $1.9 billion and an operating margin of 8.8%.

• GE HealthCare has deepened its push into precision medicine with a strategic agreement to acquire icometrix, a Belgium-based firm specializing in AI-powered brain imaging analysis.
• The deal, announced in September 2025, highlights GE HealthCare’s increasing commitment to neurological diagnostics and advanced clinical decision support tools.
• Although the financial details remain undisclosed and the transaction is still subject to regulatory clearance, GEHC intends to fund the acquisition entirely with cash on hand.

• SentinelOne’s recent earnings call made headlines with a major milestone: the company’s Annual Recurring Revenue (ARR) surpassed $1 billion, growing 24% year-over-year, while its net new ARR hit record levels.
• This momentum is underpinned by strong customer traction across emerging solutions like Purple AI, Singularity Data, and its cloud-native security stack.
• Riding this wave of innovation and expansion, SentinelOne is now reportedly eyeing Observo AI as a potential acquisition target.

• Anglo American (AAL LN) – BHP Group Ltd (BHP AU) fails in May 2024; 17 months later, Anglo American (AAL LN) – Teck Resources (TECK US) merge.
• The Anglo Teck portfolio will have more than 1.2 million tonnes of annual copper production, anchored by six world-class copper assets with more than 70% copper exposure.
• The company will divest its non-core assets, including DeBeers, steelmaking coal, nickel, and other similar assets, and pivot to consolidating/growing its copper operations.

• Figure Technology Solutions priced 31.5M shares at $25.00, coming $3 above the upwardly revised $20–$22 range.
• According to our sources, the deal was considered multiple-times oversubscribed — north of 25-times oversubscribed. 
• With strong financials, a proven founder, and outsized demand, the name has near-term trading appeal — but consolidation around the low-to-mid 30s is likely as hype cools.

• HLF has a network of more than 2 million distributors and is unique among direct sellers by having a hybrid model that includes more than 60,000 brick-and-mortar locations worldwide in the form of its distributors’ nutrition clubs.
• This unique infrastructure provides a strong foundation to build a premier, technology-driven health and wellness platform.

• Today’s technology-driven platforms interact with customers on one end and service providers on the other, bringing the two together to create a marketplace.

• The market for real-world AI is projected to be a significant driver of both enterprise and consumer AI adoption. While the enterprise AI market size is estimated to reach $450 billion by 2030, targeting industries such as manufacturing, logistics, healthcare, energy, and finance, the consumer AI market size is projected to reach $674.49 billion by 2030.
• IoTeX is a modular L1 blockchain and middleware platform connecting various centralized and decentralized real-world data sources to AI models and applications.  It empowers a decentralized agentic economy by enabling secure, scalable, and privacy-focused interactions between devices, humans, dapps, and AI agents.
• IoTeX’s unique strength lies in its three-layered real-world AI tech stack: data ingestion layer for connecting various centralized and decentralized data sources (APIs, modular DePIN infrastructure), data verification & processing layer for data aggregation, formatting, indexing, and proving (Quicksilver), and Adaptive AI core layer for domain-specific and foundation model training and AI inferences (Realm).

• LB Pharmaceuticals (LBRX) priced an upsized IPO of 19.0 million shares at the midpoint of the range, $15.00. Shares opened at $19.00, delivering a +26.7% gain at first trade.
• Existing shareholders in previous rounds were likely anchoring the stock and providing stabilization in its debut.
• We expect short-term trading to follow the broader biotech sector trend, with catalysts tied directly to clinical and regulatory developments.

• Horizon Aircraft (NASDAQ: HOVR) is an early-stage aerospace OEM that is developing a hybrid electric vertical takeoff and landing (“eVTOL”) aircraft for the regional air mobility market.
• Horizon Aircraft’s recently released 10-K revealed the steady progress the company has made over the past year (roughly doubling its staff) and a recent capital raise has given the company adequate capital to fund operations for at least the next twelve months.
• The market frenzy in the eVTOL space has cooled with most of the stocks in the industry trading 25-50% below their August highs but still well above the Spring 2025 lows.

• We are reiterating our Hold rating on Vera Bradley and slightly reducing our projections for 2HFY26 and FY27 after the company released 2QFY26 (July) results which were below expectations on the top line but materially better on the EBITDA and bottom lines, as the company was able to leverage some key product wins against very easy comparisons (expectations).
• More importantly, new management laid out their five pillars to revive the Vera Bradley, including: 1) sharpening the brand, 2) a true omnichannel experience, 3) outlet 2.0; 4) operations focus and 5) re-imagining how Vera Bradley works.
• Management believes these shifts will reposition the brand to re-attract older customers and position Vera Bradley for new generations, along with a return to higher overall profitability and consistent top line growth.

• FLWS recently reported its 4QFY25 results and held its first earnings call with Adolfo Villagomez in his role as CEO, who outlined his strategic priorities for the company.
• 4QFY25 results indicate that the business has stabilized following two quarters of missing expectations.
• Sales of $336.6MM declined 6.7%, but beat our estimate for $324.3MM and FactSet consensus of $330.0MM. 

• We are reiterating our Buy rating and raising our projections for Vince Holding after the company reported solid 2Q results, with inline top line and material bottom line upside, as the company’s product offerings were very strong and drove increases in full price selling, despite disruptions from tariffs which led to delayed shipments.
• Further, initial 3Q guidance reflected strong demand for the company’s new Fall lines and the potential to offset a material portion of the higher tariff impact with a more balanced supply chain and selected price increases.
• We believe Vince remains a key fashion winner with the product and customer base to drive higher pricing, continued new store growth and to capture a wider piece of the overall wholesale channel market, As such, we remain upbeat on the potential for further upside as the tariff shocks abates, and we reiterate our Buy rating and $4 price target for VNCE.

• There are 3 constituent changes for the S&P 500 INDEX (SPX INDEX) in September. There are capping changes for the Select Sector indices and the Equal Weight Index too.
• The round-trip trade is US$19.6bn with a big chunk from the Equal Weight Index, Technology Select Sector SPDR (XLK US) and Communication Services Select Sector SPDR Fund (XLC US). 
• The largest flows are expected in AppLovin (APP), Robinhood Markets (HOOD), Trade Desk (TTD), NVIDIA (NVDA), Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT US), Exxon Mobil (XOM) and Chevron (CVX).

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

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

• The wide $25-$29 range allows for valuation discussion amongst investors and the company. 
• From 2021 to 2024, their revenues grew at a 39% CAGR and have a $2.8b backlog, however debt overhang remains a concern. 
• We believe price sensitivity is likely to play a factor and a muted opening is potentially on deck.

• Automatic Data Processing, Inc. (ADP) reported strong financial results for the fourth quarter of fiscal 2025, characterized by a solid revenue increase and expansions in both margin and earnings per share (EPS).
• Revenue growth for the fourth quarter was reported at 8%, with an adjusted EBIT margin expansion of 40 basis points, while adjusted EPS increased by 8%.
• For the entire fiscal year, the company achieved 7% revenue growth, a 50 basis point rise in EBIT margin, and a 9% increase in adjusted EPS.

• Mattel, Inc. reported its second quarter 2025 financial results, showcasing a mixed performance characterized by specific strengths and challenges.
• Overall, net sales decreased by 6% as compared to the previous year, both in reported terms and constant currency.
• However, the company demonstrated operational efficiency by expanding its adjusted gross margin by 200 basis points to 51.2% and maintaining its adjusted earnings per share at $0.19, consistent with the last year.

• Token costs no longer drop meaningfully with scale, and inference remains a fixed, expensive burden.
• Rather than delivering major performance gains, GPT-5 appears to be a cost-routing shell, underperforming in several benchmarks.
• With $115B in projected losses and hardly any visible scale-based leverage, OpenAI’s only path forward is monetisation.

• Klarna’s IPO issue price of USD40 implies a market capitalisation of USD15.1bn and, according to financial press reports, the IPO was twenty-five times over-subscribed
• The Klarna IPO valuation metrics, versus its peers, still serves to highlight Affirm’s very stretched valuation and we stand by our Affirm sell rating
• On the positive side, we highlight PayPal as also the best value play of the major BNPL participants; we also like PagSeguro and Nexi

• Shows cointegration with traditional gold assets but trades 24/7, on-chain
• Plays into the growing interest in on-chain real world assets (RWAs)
• For on-chain portfolios, a small XAUt sleeve can cut volatility and drawdowns.

• According to our sources, the deal is multiple-times oversubscribed, with strong participation from long-only investors and continued one-on-one conversions.
• They currently have 689 customers but believe they have a serviceable customer total of more than 63,000.
• The platform is scalable and the “land-and-expand” strategy has been effective with a CAGR of 50% in the last four years.

Key points (machine generated)

• Host Hotels & Resorts, Inc. is the largest publicly traded hotel REIT with 43,000 rooms across 81 properties.
• The company faces challenges from a broken business model, reflected in its discount to net asset value and market expectations.
• There is potential for a 40-80% upside by restructuring assets into coherent portfolios to attract better buyers.

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.

• Premier Inc, a healthcare group purchasing and technology company, has recently become the subject of acquisition interest from private equity firm Patient Square Capital.
• Founded by former KKR executive Jim Momtazee, Patient Square is exploring a potential deal to take Premier private, according to reports.
• Discussions are still at an early stage with no certainty that a transaction will occur, but financing efforts are underway.

• United Airlines Holdings’ second-quarter 2025 earnings showcased a mix of operational triumphs and challenges.
• The company reported earnings per share (EPS) of $3.87, aligning with guidance while slightly ahead of market expectations, despite operational disruptions at Newark Airport and a challenging macroeconomic environment.
• Positive developments included the successful management of operational issues at Newark, which had suffered from cancellations and delays due to FAA technology outages and staffing shortages.

• Zepp Health Corporation’s financial performance in the second quarter of 2025 showcased a noteworthy yearover-year revenue increase by 46%, reaching $59.4 million, driven predominantly by sales contributions from the Amazfit brand.
• This marked the company’s first year-over-year revenue growth since Q2 2021, signifying potential effectiveness in their strategic business transformation.
• A crucial point of success was the performance of their adventure-focused T-Rex smartwatch series and the introduction of new products like the Balance 2 and Helio Strap, which appear to have expanded their market presence and contributed to financial growth.

• HCA Healthcare’s latest financial results for the second quarter of 2025 demonstrated robust performance, characterized by a notable 24% increase in diluted earnings per share as adjusted.
• The revenue growth of 6.4% was a key highlight, driven by a mixture of increased service demand, an improved payer mix, and stable patient acuity levels.
• From an operational standpoint, HCA Healthcare experienced a stable environment that contributed to enhanced margins.

Key points (machine generated)

• QuidelOrtho is undervalued, trading over 50% lower than peers due to transitory challenges.
• Challenges include normalization of COVID-19 revenue, poor post-merger integration, and leadership issues.
• Market confidence was harmed by the delayed Savanna product launch and investor concerns over tariffs.

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.

• Deckers Brands, the parent company of popular footwear brands HOKA and UGG, has delivered a noteworthy start to its fiscal year 2026, surpassing market expectations.
• In the first quarter, the company reported a 17% increase in revenue, reaching $965 million, and a 24% rise in diluted earnings per share to $0.93.
• Such performance was largely driven by the robust sales from its flagship brands, especially in international markets despite a challenging domestic environment in the United States.

• US base oils demand could ease in face of downward price-pressure and healthy availability of supply.
• Buyers that built stocks as buffer against supply-disruptions during Atlantic hurricane season could start to tap those volumes before seeking additional supplies.
• Demand could face more downward pressure if buyers are wary about exposure to further drop in prices.

• American Airlines Group reported its second-quarter 2025 financial results, highlighting a strategic focus on expanding its range while maintaining stability amidst a turbulent market.
• The airline achieved an adjusted pretax profit of $869 million, translating to earnings per share of $0.95, marking the high end of its prior guidance.
• The company generated record revenue of $14.4 billion, demonstrating resilience in a fluctuating demand environment.

• The underwriters raised the price range from $17–$19 to $24–$26, one of the largest upward revisions in recent memory.
• The underwriters re-filed a prospectus and added a $50 million concurrent private placement with Nasdaq on Tuesday morning.
• From our years of experience in IPOs and short-term forecasting, one rule stands above the rest: deal dynamics.

• US base oils export-price premium to VGO falls close to lowest level this year.
• Price-premiums fall to bottom of relatively narrow range since late last year.
• Narrow price-range over extended period suggested that any pressure from surplus supply remained manageable during that period.

• Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
• We have looked at the deal dynamics in our previous note. 
• In this note, we talk about the deal structure and updates since then.

• Global oil demand remains relatively healthy with little signs of a near term global recession
• Sanctions on Russia and Iran could impact oil supply, but buyers are finding ways to navigate around restrictions
• Non-OPEC supply is expected to outpace global demand, leading to a surplus and potentially pushing prices into the 60s by year end.

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

• Commerce network Klarna Group will offer 34.3 million shares at $35-$37 and to debut on Wednesday (9/10).
• The direct comp, Affirm, posted a strong quarter but some of Klarna’s metrics are on par or potentially stronger than its competitor. 
• The valuation, both relative to peers and compared with prior “bloated” rounds, looks far more reasonable this time.

• Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.
• The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.
• IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.

• FT Intermediate (FIGR US) is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.
• A key driver is Figure Connect, its blockchain-based marketplace launched in mid-2024, which has already transacted $1.3 billion in HELOC volume with 27 marketplace participants onboarded.
• The company can significantly reduce middle men and has been gaining market share but still have just a small piece of this large pie.

• Meanwhile, the other commodity cohorts are now deeply “undervalued” when compared to the price of gold.
• Commodities excluding gold, relative to gold prices, have fallen to their lowest level since 2021, according to a graphic by Topdown Charts…
• In the latest UBS CTA-flow analysis, the investment bank says that it “expects more agricultural buybacks in the coming weeks.” 

Key points (machine generated)

• The author predicts a significant breakout for silver due to a 50-year cup and handle formation.
• Gold has been favored by central banks, especially in Asia, while silver has faced challenges from rising real interest rates.
• Silver’s growth potential is emphasized, with $2 trillion in above-ground silver compared to gold’s $22 trillion valuation.

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)

• PINS is undervalued and transforming under new management for growth in the global advertising market.
• AI integration is enhancing the platform’s visual catalog and user relevance for advertisers.
• Management is focusing on advertiser tools and financial discipline to improve return on ad spend (ROAS).

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)

• NB Bancorp (NBBK) is acquiring Provident Bancorp, enhancing its pro forma valuation.
• Post-merger, NBBK trades at 77% of tangible book value, with projected EPS for 2026 nearing $2 due to cost savings.
• NBBK has repurchased 5% of its shares at $19.07 and plans another 5% buyback despite a current share price of $15.98.

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.

• StubHub will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
• The company is currently not profitable and revenues had only grown 3% in the 1H of 2025 and has a large amount of indebtedness.
• This deal has been highly-telegraphed with the original filing happening in March but the IPO was put on pause after market volatility in April.

• California based Figma Inc. reported another strong quarter, but shares sold off over 20% given an early lockup release of some ~11.4M Class A shares.
• I estimate ~$630M worth of Figma shares became eligible for sale on the second trading day immediately following public release of earnings for the 2Q’FY25.
• I think selling pressure in Figma stock is expected to ease as valuation improved and VC shareholders agreed to extend their lockup with respect to ~54% of Class A shares.

• This is a follow-up on our piece 10 days ago Rate Cut To Spur Copper Performance In The Short-Term to Over 10K USD/Ton. 
• Copper, trading above USD 9,800/ton, appears poised to breach USD 10,000/ton; prospective rate cuts and supply deficits support upside, partially offset by elevated exchange inventories.
• Southern Copper (SCCO US) and Antofagasta PLC (ANTO LN) are our favorite names. The restart of the Cobre Panama mine (although low probability) could boost First Quantum Minerals (FM CN).

• TaskUs is being privatized by Blackstone and founders at $16.50/share, opposed by activists and ISS, expecting improved offer.
• TaskUs projects $75-$120 million free cash flow in 2025, potentially funding the buyout with minimal additional investment.
• TaskUs specializes in premium BPO services, showing strong growth in Trust & Safety and AI Services segments, less vulnerable to automation.

• On September 2, 2025, Kraft Heinz (KHC) announced that it will be breaking up into two companies.
• The news comes a decade after the infamous merger of two of the biggest names in packaged foods that was orchestrated by Warren Buffett and Brazilian private equity firm 3G Capital Partners.
• North American Grocery Co would encompass many of the traditional Kraft products.