United States

• Samsung has scaled back its Texas fab plans from 44 billion to 37 billion, but the summit may bring a top-up with Intel and Amkor partnerships.
• Intel is shifting glass substrate patents to an Arm-like royalty model backed by SoftBank’s 2 billion stake and a 10 percent US government holding.
• Samsung’s partnership would show alignment with US semiconductor policy at a time when subsidies and political backing matter as much as technology.

• The company that describes its mission is to unlock the next era of financial, creative, and personal freedom filed for an IPO on August 15th.
• As of June 30, 2025, they serve approximately 523,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on their platform.
• Their total revenue was $98.1 million and $142.2 million and their net loss was $319.7 million and $158.5 million in 2023 and 2024, respectively.

• Dollar undervaluation has closed in the past three months, but institutional Fed credibility news has not had a durable effect on the price.
• Concerns about exceptionalism in US equity market strength potentially pushing the dollar higher are countered by better growth not being US exclusive and the impact of inflation on currency.
• Despite large inflows into US equities in June, the dollar fell substantially, raising questions about the relationship between flows and dollar strength.

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

• Owens Corning’s second quarter of 2025 demonstrated a blend of strategic advancement and lingering market challenges.
• The company reported a 10% revenue increase compared to the prior year, with revenues reaching notable highs due partly to the addition of its Doors business in May of the previous year.
• This addition reflects strategic diversification efforts to capture a larger share of the building products market in North America and Europe despite a softening market environment.

This Week’s Key Take Aways

• Lithium stock run may already be out of steam
• Like Oil, the Natural Gas markets appear well supplied and are showing near-term weakness.
• No love for North American lumber
• Copper continues to have us on edge, love the long-term story, but we have got to survive the short and medium term to get there.
• Renewable tax credit qualification has a new physical work standard; the race is on to build.

• Texas Pacific Land Corporation’s latest quarterly performance demonstrates resilience amid significant fluctuations in oil prices, underscoring its strong positioning in the energy sector.
• For the second quarter of 2025, Texas Pacific Land Corporation reported consolidated total revenue of $188 million, experiencing a notable growth compared to previous periods despite challenging market conditions.
• A key highlight was setting quarterly revenue records for produced water royalties and easements, as well as other surface-related income, which indicates the company’s robust revenue diversification strategy.

• Charles River Laboratories delivered a mixed financial performance in the second quarter of 2025, presenting some positive aspects alongside key challenges.
• The company experienced solid financial results, surpassing prior forecasts, primarily driven by impressive Discovery and Safety Assessment (DSA) outcomes.
• This segment benefited from strong bookings recorded in the first quarter, which provided significant momentum for the first half of the year.

• Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
• The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
• With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.

• Private equity giant Blackstone is bringing a system services company public in September. 
• Revenue increased $78.1 million, or 15%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
• As of June 30, 2025, they had $2.8 billion of backlog and awarded contracts, representing an increase of 29% over the same date last year.

• Primary operational goal for 2025 is to enter into multiple licensing agreements for human diagnostic applications, e.g. cancer & sepsis, emulating the strategy employed with the Nu.Q Veterinary Canine Cancer Test In addition, within Nu.Q NETs pillar, the commercial strategy to utilize the CE Mark has brought on 11 hospital networks in Europe that are ordering and re-ordering Nu.Q products for human application The final validation of the Lung Cancer study being conducted at National Taiwan University is planned for completion in late-2025.

• Intel has reached an agreement with the U.S. government, under which Washington will invest $8.9bn for a 9.9% equity stake in the company.  
• Intel benefits from the optics of government backing, which could help sentiment and prevent downside pressure on the stock in the short term, i.e. near-term optics positive, fundamentals unchanged. 
• TSMC’s Japan and Germany fabs were structured through co-investments and partnerships, with equity involvement only when tied to technology access (e.g., Sony CMOS JV). 

• In a high-stakes move to stay competitive in the rapidly evolving AI landscape, Meta Platforms is radically restructuring its artificial intelligence organization.
• The company is dismantling its existing Meta Superintelligence Labs (MSL) and splitting it into four specialized groups—focused on research, product, infrastructure, and superintelligence.
• This development follows months of internal tension and strategic uncertainty, culminating in a significant leadership pivot with the appointment of Scale AI’s founder Alexandr Wang as Meta’s new Chief AI Officer.

• After years of turbulence, Boeing is closing in on a potential mega-deal to sell up to 500 aircraft to China.
• This development comes at a time when the U.S. aerospace giant continues to wrestle with production inefficiencies, regulatory scrutiny, safety lapses, and supply chain instability.
• The proposed transaction—still contingent on easing trade tensions between the U.S. and China—would mark the largest commercial order since President Trump’s 2017 visit and may serve as the centerpiece of a broader trade agreement between the two economic superpowers.

• Amdocs recently announced its financial performance for the third quarter of fiscal year 2025, which showcased mixed results and highlighted the company’s strategic focus areas and operational achievements.
• The company recorded a revenue of $1.14 billion, marking a 3.5% increase in pro forma constant currency compared to the previous year.
• This was aided by significant contributions from various regions, most notably a record quarter in Europe.

• Following the recent COMEX-LME trade fiasco and the underwhelming TSF data, copper’s market sentiment was positively influenced by Fed Chairman Jerome Powell’s indication of a potential rate cut next month.
• We anticipate that this development could drive copper prices on the LME above $10,000 USD/ton in the near term, before a subsequent reassertion of fundamental factors.
• Earlier, there was downward pressure on copper prices due to China’s softening economic performance and the rising levels of inventory in the market.

• Duolingo’s second-quarter 2025 results illustrate a company in a robust growth phase, marked by strong financial performance and promising strategic developments, balanced with some areas requiring further attention.
• On the positive side, Duolingo continues to show impressive financial strength with record profitability and solid top-line growth across all subscription tiers.
• This performance has enabled the company to once again raise its full-year guidance, highlighting confidence in its ongoing strategy.

• Trimble’s second quarter of 2025 financial results demonstrate a mixed performance with notable strengths and some areas of challenge.
• Organized around its Connect & Scale strategy, the company reported a revenue of $876 million for the quarter, reflecting a 9% organic increase.
• The annual recurring revenue (ARR) hit $2.21 billion, marking a 14% organic rise, while earnings per share (EPS) grew by 15% to $0.71.

• CF Industries’ first half and second quarter of 2025 financial results reveal a mixture of operational successes and broader market challenges.
• The company reported an adjusted EBITDA of $1.4 billion for the first half, evidencing strong operational performance amidst a tight global nitrogen supply-demand balance.
• CF Industries has successfully launched the Donaldsonville Carbon Capture and Sequestration (CCS) Project, which began operations in July and is anticipated to generate significant returns due to tax benefits and low-carbon product premiums.

• Bio-Techne Corporation recently shared their financial outcomes for the fourth quarter and the fiscal year 2025.
• The company reported a solid quarter, with a 3% organic revenue growth driven mainly by the biopharma end markets, particularly among large pharmaceutical clients.
• This growth was attributed to the company’s products, such as automated proteomic analytical instruments and cell therapy solutions.

• Dutch Bros Coffee reported strong results for the second quarter of 2025, supported by robust performance across multiple business metrics and the execution of strategic initiatives.
• The company experienced a notable revenue growth of 28%, and system same-shop sales growth of 6.1%.
• Company-operated same-shop sales increased by 7.8%, driven by a 3.7% rise in transactions.

• Intel has agreed to convert US CHIPs Act funding (past & future) & Secure Enclave contracts into a 10% equity stake for the US Administration.
• The equity stake will comprise 433.3 million primary shares of Intel common stock at a price of $20.47 per share, a roughly 16% discount to their market value yesterday
• In his commentary on the deal, President Trump referred to Intel CEO Lip-Bu Tan as a victim, stating he came to the White House to save his job. Wow!

• As of August 2025, the smartphone war has shifted—hardware takes a backseat, and AI drives the battle.
• Google’s Pixel 10 has emerged as the AI leader, showcasing real-time voice translation, proactive features like Magic Cue, and intelligent photo tools.
• These aren’t experimental; they’re already in users’ hands.

• Zillow Group’s recent quarterly performance highlights several strategic advancements and operational successes alongside some challenges that offer a comprehensive view of its current and future growth trajectory.
• Zillow Group reported a 15% year-over-year increase in total revenue, reaching $655 million for the second quarter, surpassing their predicted outlook.
• This growth is an encouraging sign, especially when paired with the attainment of a positive net income for the second consecutive quarter.

• Fortinet’s second quarter of 2025 financial results reflect a strong and balanced performance, driven by its strategic focus on unified cybersecurity solutions and robust customer growth.
• Fortinet saw a 15% increase in billings to $1.78 billion, with revenue growing 14% to $1.63 billion, primarily fueled by its expanding market presence in unified Secure Access Service Edge (SASE) and AI-driven security operations.
• The company maintained a solid non-GAAP operating margin of 33%, indicating operational efficiency despite increased investment activities.

• Global Payments Inc. has reported its second quarter 2025 earnings, showcasing progress across several business segments and initiatives.
• The company’s earnings for the quarter slightly surpassed expectations, with adjusted net revenue reaching $2.36 billion, marking a 5% constant currency growth when excluding dispositions.
• The adjusted operating margin improved by 130 basis points to 44.6%, with adjusted EPS increasing by 11%.

• Guess?
• Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim retailer’s four-decade history.
• The buyout, which offers shareholders $16.75 per share in cash—a 26% premium to the closing stock price on the day prior to the announcement—signals a new chapter for the company amid operational headwinds and evolving consumer behavior.

• STERIS plc’s first quarter of fiscal 2026 demonstrates a solid start to the financial year, with several key performance metrics showcasing both growth and resilience amidst challenging macroeconomic conditions.
• The company reported a 9% increase in total revenue, and an 8% rise in constant currency organic revenue growth, pointing to robust operational performance that was primarily driven by volume and a favorable pricing environment.
• This growth in revenue was accompanied by a slight increase in gross margin, up 20 basis points from the previous year to 45.3%.

• Symbotic Corporation recently reported its third-quarter financial results for fiscal year 2025.
• The company demonstrated a robust performance with a 26% year-over-year increase in revenue, reaching $592 million.
• This growth was attributed largely to the expansion and continued deployment of its 46 existing systems, alongside progress in Advanced Systems and Robotics (ASR) development.

• Alphabet’s Google, long synonymous with internet search, now stands at the edge of a seismic antitrust reckoning that could redefine the modern tech landscape.
• In a landmark case, U.S. District Judge Amit Mehta is preparing to issue a ruling that may compel Google to divest its Chrome browser and share its vast troves of search data with competitors.
• The Department of Justice argues that Google’s $26 billion in payments to be the default search engine on devices from Apple and Samsung effectively blocked competition, suppressing rivals like Microsoft’s Bing and DuckDuckGo. With AI now supercharging Google’s search capabilities, regulators see an urgent need to level the playing field.

• HubSpot’s Q2 2025 results delivered notable performance indicators, with various positive and challenging elements shaping the company’s current trajectory and future prospects.
• The output presents a balanced investment perspective rooted in these nuanced details.
• Positively, HubSpot reports an 18% year-over-year increase in revenue when adjusted for constant currency fluctuations, an uptick from the prior quarter.

• Uber Technologies Inc. has reported robust earnings for the second quarter of 2025, setting several new records.
• The company saw significant growth in its key metrics, with trips and gross bookings both increasing by 18%.
• This performance was underpinned by achieving all-time highs in adjusted EBITDA, GAAP operating income, and free cash flow.

• Viper Energy has recently completed the acquisition of Sitio Royalties, signaling a transformative moment in the royalty space.
• This all-equity transaction follows the approval by Sitio shareholders and adds meaningful scale and operational depth to Viper’s portfolio.
• The acquisition, which closed in mid-August 2025, is expected to immediately enhance cash available for distribution by 8%–10%, thanks to the incremental 43 days of Sitio contribution factored into Viper’s revised Q3 2025 production guidance.

• Emerson exhibited a mixed performance in its third quarter of 2025, attributed to both strategic advancements and external conditions impacting the overall business environment.
• The company’s underlying sales growth was modest, up by 3%, driven mainly by its process and hybrid businesses that grew at 3.5%, whereas discrete businesses posted a 2% growth year-over-year.
• Order growth was particularly notable in the Test & Measurement segment, which increased by 16%, signaling a recovery in that market.

• AppLovin has reported strong financial results for the second quarter of 2025, showing robust growth in both revenue and EBITDA.
• The company generated approximately $1.26 billion in revenue, marking a 77% increase year-over-year, and achieved an impressive adjusted EBITDA of $1.02 billion, representing an 81% margin.
• The primary driver of this growth was the company’s core gaming advertising business, although there was also notable performance within the e-commerce sector.

• Airbnb’s second-quarter 2025 earnings call presented a mixed yet promising landscape for investment consideration.
• The company reported robust financial results, marked by a notable increase in key metrics such as bookings, revenue, and margin, which indicate strong demand recovery, particularly in global markets outside the U.S. Despite a challenging economic environment at the beginning of the quarter, travel demand saw an upturn, with significant contributions from expanded offerings in home-sharing and the evolving services and experiences sector.
• 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.

• GXO Logistics Inc. reported a robust performance in the second quarter of 2025, with record revenues and increased guidance, signaling strong operational health and strategic advancements.
• The company achieved a record revenue of $3.3 billion, marking a 16% increase from the previous year, with organic growth contributing 6%, the highest in nine quarters.
• Adjusted EBITDA rose by 13% year-over-year to $212 million, leading GXO to raise its full-year guidance for adjusted EBITDA to a range of $865 to $885 million.

• Life Time Group Holdings Inc. exhibited a robust performance in the second quarter of 2025, presenting a mixed bag for potential investors to consider.
• On the positive side, the company reported a significant 14% increase in total revenue, reaching $761 million.
• This growth was fueled by a 14% rise in membership dues and enrollment fees alongside a comparable 14.4% boost in in-center revenue.

• Advanced Energy Industries’ latest earnings results offer a comprehensive snapshot of the company’s performance and strategy as of the second quarter of 2025.
• The company reported a notable revenue increase of 21% year-over-year, driven largely by a strong demand for its data center power solutions.
• This marked the third consecutive quarter of year-over-year growth, suggesting a positive trajectory in business performance.

• McKesson Corporation’s first-quarter fiscal 2026 performance reflects strong operational and financial results.
• This period was marked by significant revenue growth, strategic acquisitions, and effective capital management.
• The company reported consolidated revenues of $97.8 billion, indicating a 23% increase from the previous year, largely driven by increased prescription volumes from retail national account customers and the addition of new strategic accounts.

• Qualys, Inc. delivered a mixed set of results for its second quarter of 2025, highlighting both strengths and challenges the company faces.
• For the second quarter, revenues grew by 10% to $164.1 million, showcasing a solid performance underpinned by strong strategic partnerships.
• The contribution of the channel was significant, making up 49% of total revenues with channel partners experiencing a robust growth rate of 17% compared to direct sales.

• The Mosaic Company recently shared its financial results for the second quarter of 2025, showcasing a mixed performance largely characterized by operational challenges but an optimistic future outlook.
• The company’s efforts to enhance operating efficiencies and asset reliability are starting to bear fruit, though certain operational interruptions have impacted short-term outcomes, particularly in the phosphates segment.
• For the quarter, The Mosaic Company reported net income of $411 million, a significant turnaround from last year’s net loss of $162 million.

• SoftBank widens its AI bet with a $2B stake in Intel, suffers a 12% dip over two consecutive days.
• Nvidia’s dominance has hyperscalers wary of lock-in. With Amazon and Microsoft building their chips, SoftBank’s move lands right as the market searches for alternatives.
• Can Son replicate Intel’s historic design-fab alignment in AI, or would execution risk outweigh his ecosystem-diversification logic?

• Salesforce is charging deeper into the AI frontier.
• On August 18, 2025, the CRM titan announced a definitive agreement to acquire Regrello, an AI-native startup that specializes in transforming fragmented business processes into orchestrated, automated workflows.
• The deal, expected to close in Salesforce’s fiscal Q3 2026, underscores the company’s commitment to building out its “agentic enterprise” vision—where human workers and AI agents collaborate in real time.

• Halozyme Therapeutics, Inc. reported its second quarter 2025 financial results, marking a period of robust growth.
• The company announced a 41% increase in total revenue, reaching $326 million, driven primarily by strong royalty revenue, which saw a 65% year-over-year rise to $206 million.
• The growth is attributed to the continued performance of blockbuster subcutaneous therapies such as DARZALEX, Phesgo, and VYVGART Hytrulo, which are enhanced by Halozyme’s ENHANZE technology.

• Hamilton Lane’s first quarter of fiscal 2026 showcased a multifaceted financial performance, marked by both growth and areas of concern.
• The company’s total asset footprint has seen a 5% year-on-year increase, reaching $986 billion, indicating robust growth across both specialized funds and customized separate accounts.
• These asset categories contributed significantly to the near $11 billion increase in Assets Under Management (AUM), now totaling $141 billion, reflecting a substantial 9% growth year-over-year.

• Snap Inc.’s financial results for the second quarter of 2025 offer a mixed bag of achievements and challenges.
• Positively, the company’s engagement metrics continue to demonstrate strong growth, with Monthly Active Users (MAUs) reaching 932 million, an increase of 7% year-over-year.
• This growth signifies Snap’s appeal, particularly among Gen Z and Millennial demographics.

• Newton Golf (NASDAQ: NWTG) is an innovative, technology driven golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories.
• The company went public in August 2023 raising $11.6 million in net proceeds.
• The company announced its entry into the golf shaft market in November 2023.

• Skyworks Solutions, Inc. reported its third quarter fiscal 2025 results, delivering above-expectation performance in key financial metrics, including revenue, earnings per share (EPS), and free cash flow.
• The company reported revenue of $965 million, which exceeded the high end of its guidance, owing to robust performance in both its Mobile and Broad Markets segments.
• The earnings per share of $1.33 and free cash flow of $253 million were also above guidance, marking a solid quarter for the company.

• Since our last newsletter addressing concerns about Schlumberger NV (SLB) dated in October of 2023, the company’s share price has fallen by 41% on an absolute basis, while the S&P 500 is up 50.4% over the same period.
• For a company with a market capitalization of $49.2 bln, this is significant.
• Our primary concerns were that SLB had potential write offs related to outstanding receivables from its Mexican PEMEX customer as well as continued exposure to Russia.

• Shift4 Payments recently reported its financial results for the second quarter of 2025, reflecting both positive developments and some potential challenges.
• The company’s strategic initiatives, international expansion, and recent acquisitions underscore its growth trajectory while simultaneously posing integration and execution risks.
• In terms of financial performance, Shift4 Payments achieved 25% year-over-year growth in payment volumes, surpassing $50 billion for the first time.

• Astera Labs, in its second quarter of fiscal year 2025, showcased robust financial performance and strategic advancement in its market positioning.
• The company reported revenue of $191.9 million, reflecting a 20% increase from the previous quarter and a notable 150% year-over-year rise.
• This substantial revenue growth was attributed to increased demand in both its signal conditioning and switch fabric product lines, notably with the Scorpio P-Series switches.

• The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
• The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
• With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.

• Intel is suddenly at the center of a high-stakes drama.
• Just this month, the Trump administration reversed its public criticism of CEO Lip Bu Tan—who had been accused of being “conflicted” due to his past China ties—and moved into “constructive discussions” about a possible government equity stake in the company .
• That shift followed a White House meeting that apparently reset the tone, with Trump calling Tan’s journey “amazing” after once demanding his resignation .

• Jacobs presented strong fiscal third-quarter 2025 results, with both adjusted EPS and revenue targets meeting or surpassing expectations.
• The quarter was marked by a 25% increase in adjusted EPS to $1.62, buoyed by net revenue growth of 7% and substantial year-over-year margin expansion.
• The company’s backlog grew 14% to a record $23 billion, and bookings maintained a positive trajectory, positioning Jacobs favorably for upcoming quarters.

• Broadridge Financial Solutions presented a robust financial performance in its fiscal fourth quarter and full year 2025 results, signaling positive momentum and strategic positioning for future growth.
• The company reported a 7% increase in recurring revenue on a constant currency basis and an 11% growth in adjusted earnings per share (EPS), in line with its long-term objectives.
• This financial achievement was complemented by the strategic execution in key areas such as democratization and digitization of governance, capital markets innovation, and modernization of wealth management.

• The recent financial results for International Flavors & Fragrances Inc. (IFF) reveal a balanced but challenging landscape for the company, marked by both growth strides and headwinds across various business segments.
• In the second quarter of 2025, IFF reported a revenue increase of over 3% year-over-year, reaching just above $2.75 billion.
• Additionally, the adjusted operating EBITDA grew by approximately 6% to $552 million, with a margin improvement of 50 basis points.

• US commerce secretary Howard Lutnick confirmed that the US Administration is pursuing a strategy of converting CHIPS Act funding into equity stakes with Intel acting as its guinea pig
• It seems clear that Mr. Lutnick is bent on applying the same formula with other beneficiaries of US CHIPs Act funding
• CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion & chaos. Who or what’s next?

Key points (machine generated)

• Comtech plans to announce the sale of its Public Safety / NG911 business unit, which has significant revenue and EBITDA.
• The business unit’s valuation could range from $400 million to $800 million, impacting Comtech’s financial standing and debt alleviation.
• A higher sale price could provide up to $300 million in net cash, greatly enhancing Comtech’s equity value.

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.

• Ukraine’s leading digital operator with 24m mobile and 1.1m broadband users, providing critical national infrastructure and direct exposure to the country’s recovery and EU-aligned digital renewal.
• Uklon as a transformative asset. With 100m+ annual rides and 100k drivers, Uklon adds unicorn potential and positions Kyivstar to anchor high-frequency platforms powering Ukraine’s next economic chapter.
• Robust financial profile with re-rating upside: US$1.2bn 2025E revenue, US$647m EBITDA, zero debt; trading at 5.2x EV/EBITDA vs peer 6.5x, with upside from ARPU convergence and reconstruction.

• Leidos’ second quarter results for 2025 reflected both positive growth and notable challenges.
• The company recorded robust revenue growth of 4.8% year-to-date, achieving record profitability with a 15.2% EBITDA margin and a 28% increase in operating cash flow for the quarter.
• These achievements were realized amidst a dynamic market environment and were attributed to Leidos’ strategic focus, centered on five growth pillars under their North Star 2030 strategy: space and maritime, energy infrastructure, digital modernization and cyber, mission software, and managed health services.

• Intel just announced that SoftBank has agreed to buy $2 billion worth of Intel stock, details here. 
• The shares are likely newly issued, meaning dilution of existing shareholders. Markets didn’t care and shares rose >5% in after hours trading. 
• $2 billion is a far cry from the $40 billion former CEO Craig Barrett thinks Intel needs. Could this be the first of similar deals with US semiconductor/technology companies?

• Monetary support may temporarily ease Intel’s current financial difficulties, but the ultimate solution lies in securing technical support from manufacturing.  
• We remain curious how the U.S. government will devise a solution for Intel if the company ultimately cannot provide the necessary support for U.S. Fabless players.
• We are bearish on Intel Corp (INTC US)’s current position and do not believe financial support alone can help the company overcome its challenges.

• Despite a 307% surge in revenue, CoreWeave’s extended six-year GPU depreciation schedule flatters its profitability while masking faster asset wear-down.
• Despite ballooning into a $30 bn market cap, CoreWeave is weighed down by debt and lease obligations; Q2 interest expense exceeded operating profit, with CRWV netting $290 m in losses. 
• The Aug 15 IPO lock-up expiry triggered insider selling via $1 bn+ block trades, driving a 35% stock plunge and spiking short interest.

• Marriott International, Inc. reported its second-quarter 2025 financial results, revealing both positives and areas of concern.
• The company showed resilience amid global macroeconomic uncertainty by delivering strong performance metrics that surpassed previous earnings guidance.
• The company’s global RevPAR (revenue per available room) increased by 1.5%, with particular strength observed in regions like APAC (Asia-Pacific) and EMEA (Europe, Middle East, and Africa), demonstrating a 9% and 7% rise, respectively.

• Guided down: ASML, Applied Materials, Tokyo Electron. Revised up: LAM. A number of reasons are mentioned for a slower outlook. China slowdown. TSMC lumpy. Export licenses. Geo-Globo uncertainty. 
• Yes, But: 1) Chinese firms bought too much equipment in 2022-24  2) Logic Capex of Intel Samsung will decline further  3) Chinese SPE vendors are gaining share 
• AI is real, HBM is real, SOCAMM is real, but TSMC and SK Hynix are not revising up Capex in 2025. Expect higher Capex in 2026 and 2027. 

• Arista Networks presented a robust financial performance in its second quarter of fiscal year 2025, reflecting substantial growth and strong market positioning, albeit with some areas of challenge and scrutiny.
• The company reported a record revenue of $2.2 billion for the quarter, surpassing expectations by $100 million and marking a 30.4% increase year-over-year.
• This impressive performance was driven by robust demand across its product sectors, particularly within the AI, cloud, and enterprise domains.

• The latest earnings call for Amgen Incorporated presented a mixed bag of outcomes and strategic updates, reflecting on both the company’s strengths and challenges.
• On the positive side, Amgen reported a notable 9% increase in quarterly revenues, driven primarily by a robust 13% rise in product volumes.
• This volume growth appeared broad-based, with 15 different products recording double-digit sales growth, suggesting a welldiversified product portfolio and effective market penetration, particularly in cardiovascular and rare diseases, inflammation, and oncology.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
• We will maintain our bullish outlook as long as market dynamics remain healthy and the SPX is above 6028-6059. Short-term supports on SPX include 6400-6410, 6200, 6100-6150, and 6028-6059.
• SPX is testing 6400-6410 now, but QQQ and IWM are violating short-term supports at $572 and $226, respectively. This makes us believe we could see some near-term downside; buy pullbacks.

• I expect relatively stable revenue in fiscal 2026 (flat to slightly down), barring a macro shock.
• However, with progress on synergies (65% of the $55MM net synergy target expected to be realized in fiscal 2026) and Project CORE (more on this below), I believe adjusted EBITDA and free cash flow will grow.
• I continue to be impressed with the management team. Their focus is on generating cash, shaped by their experience running Berry under several different private equity sponsors (Goldman Sachs, JPMorgan, Apollo).

• With the timeline to launch a study in India similar to the one being conducted in Australia significantly longer than AEMD had initially anticipated, the company has decided not to move forward in India at this time.
• AEMD will continue to focus on the ongoing oncology study in Australia, where it benefits from attractive economic that are expected to help reduce costs, lower risk & accelerate time to market.
• When appropriate, the company continues pre-clinical research and analysis of the Hemopurifier in areas outside of oncology when expenses associated with these efforts are de minimis.

• 4imprint’s order is backed by a 360-degree guarantee, arrives as expected and on time, with free samples, expert support, and total confidence
• Ether, unlike Bitcoin, is seen as a 90s tech stock that could potentially change the tech and internet industry
• Ether ETFs have doubled in assets in one month, reaching about 20 billion total, but still only make up 13% of Bitcoin ETF assets

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

• Kyndryl, a prominent player in mission-critical enterprise technology services, presented its earnings results for the first fiscal quarter ending June 30, 2025.
• The company’s financial performance showcased notable progress alongside certain challenges, reflecting the ongoing transformation and strategic initiatives implemented since the spin-off from IBM.
• The company reported revenue of $3.7 billion for the quarter, an increase on a reported basis but a decline of 2.6% in constant currency.

• Dollar index has been consolidating for the last two months, leading to uncertainty
• Conditions for dollar bearishness still intact, with US real yields heading lower and growth slowing down
• Potential catalysts for dollar weakness include Fed capitulation to dovish side or Russia Ukraine resolution impacting energy prices and trade relations.

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

• Allison Transmission’s recent earnings call highlighted a mix of strategic initiatives, industry achievements, and both financial performance and adjustments that are significant to potential investors.
• The acquisition of Dana Incorporated’s Off-Highway business reflects a key strategic move to broaden the company’s global reach, diversify its markets, and optimize its operational efficiencies.
• This transaction, which carries a purchase price of approximately $2.7 billion, is expected to extend Allison Transmission’s capabilities into additional markets, such as agriculture and construction, while promising significant synergy benefits of up to $120 million annually.

• BWX Technologies, Inc., presented robust financial results for the second quarter of 2025, showcasing a strong operational performance that exceeded expectations.
• The key highlights of the quarter include double-digit growth in adjusted EBITDA and earnings per share, alongside substantial free cash flow.
• A significant contributor to the company’s promising outlook is the recently closed acquisition of Kinectrics, expanding BWXT’s capabilities in the nuclear power and energy infrastructure markets.

• Sterling Infrastructure delivered an impressive performance in the second quarter of 2025, showing significant growth in revenue, earnings, and margins, while also enhancing its financial outlook for the remainder of the year.
• The company reported a 21% increase in overall revenue, driven largely by its E-Infrastructure and Transportation Solutions segments, which grew by 29% and 24% respectively.
• Sterling’s strategic emphasis on scaling high-margin businesses, particularly in the data center market, stands out as a catalyst for its robust financial results.

• AECOM’s third-quarter performance for fiscal 2025 highlighted several key accomplishments, challenges, and strategic insights that are crucial in evaluating the company’s investment profile.
• As disclosed in their earnings call, AECOM achieved record results across multiple financial metrics, including a 6% year-over-year increase in organic net service revenue (NSR) with an 8% increase in the Americas segment alone, indicating robust fundamentals in its core markets.
• 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.

• Waters Corporation reported a robust financial performance for the second quarter of 2025, showcasing strong sales growth, enhanced product innovation, and strategic expansion into high-growth areas.
• The company achieved a 9% sales increase as reported, and 8% on a constant currency basis.
• This success was fueled by growth in their LC and mass spectrometry portfolios, and double-digit growth in recurring revenue streams such as services and consumable chemistry.

• OIH’s oilfield services focus, bullish technicals, and rebound history position it to outpace XLE, provided crude prices avoid a sharp near-term downturn.
• Since April, OIH has steadily recovered with higher lows, outperforming XLE on the back of a technical rebound and strengthening oil services fundamentals.
• The rebound was led by Baker Hughes, OIH’s second-largest holding, after a Q2 beat driven by expanding gas and LNG technology services, while SLB and Halliburton lagged.

• On August 14, 2025, Abeona Therapeutics, Inc. (ABEO) announced financial results for the second quarter of 2025 and provided a business update.
• The company reported that the U.S. launch of Zevaskyn (prademagene zamikeracel), which was recently approved by the U.S. Food and Drug Administration (FDA) for the treatment of wounds in adult and pediatric patients with recessive dystrophic epidermolysis bullosa (RDEB), is on track and the first patient is scheduled to be treated in the third quarter of 2025.
• Abeona indicated that approximately 50 patients have been identified thus far that would likely be good candidates for Zevaskyn treatment, and the company is planning to have capacity to treat 10-14 patients before the end of 2025 and 10 patients/month by mid-2026.

• Dupont (DD) management gave guidance on its last earnings call that it remains on track to separate its electronics business on November 1, 2025.
• Given that it is a Saturday, I expect regular way trading to begin on November 3.

• The spin-off of the electronics business will be step one of Dupont’s 3-part breakup which was announced in May 2024.

• Coherent Corp has announced a strategic divestiture, selling its Aerospace and Defense (A&D) business unit to private equity firm Advent International for $400 million.
• The transaction, disclosed on August 13, 2025, marks a critical pivot in Coherent’s broader portfolio optimization initiative.
• As part of this deal, Coherent will relinquish approximately 550 employees and 10 global operational sites tied to the A&D division.

• Lifeway Foods’ Q2 results show 10% sales growth and 18% volume increase, enhancing leverage in Danone negotiations.
• Renatus Tactical Acquisition’s stock declined by 6% amid speculation on crypto treasury strategy, maintaining attractive risk-reward profile.
• WideOpenWest buyout concluded at $5.2/share, offering 65% premium to recent levels, despite undervaluation concerns.

• Based on 25Q2 sales data of Semaglutide and Tirzepatide, the penetration rate of both T2D and weight loss indications is approaching ceiling. The inflection point of GLP-1 market has arrived.
• When the gap of clinical progress in EU/US markets is too large, these drugs may not even be on the same tier, and thus do not constitute substantive competition.
• Novartis has approached Avidity Biosciences with an acquisition offer. We think price range of $9-11B is justified by 3-5x peak sales multiples and strategic urgency.

• Diamondback Energy reported its second-quarter 2025 results, showcasing its consistent focus on enhancing shareholder value through operational efficiencies and strategic asset management.
• The company continues to leverage its expertise in acquiring and optimizing assets, particularly in the Permian Basin, where it has historically demonstrated proficiency in cost reduction and improved execution.
• One of the highlights of the quarter included successful integration of previous acquisitions, notably Endeavor, which was executed smoothly without operational disruptions.

• Hillenbrand’s fiscal third-quarter results for 2025 present a complex picture of strategic maneuvers amidst persistent economic challenges.
• On one hand, Hillenbrand has advanced its strategic objectives, focusing on simplifying its portfolio and reducing debt, evidenced by the divestiture of the Milacron Injection Molding & Extrusion (MIME) business and the sale of its minority interest in TerraSource.
• These divestitures generated a total of $380 million in net proceeds, which were channelled towards debt reduction, thereby enhancing the company’s balance sheet.

• IDEXX Laboratories, Inc. reported robust financial results for the second quarter of 2025, underpinned by strong execution, particularly in their Companion Animal Group (CAG) business.
• The company’s revenue increased 11% as reported and 9% organically.
• Growth was driven notably by advancements in their CAG Diagnostic Recurring Revenues, which benefited from significant CAG instrument sales and a strong international performance.

• Ingredion Incorporated reported its second-quarter results for 2025, showcasing mixed financial performance with both positive and negative aspects influencing its strategic outlook.
• The company achieved a historic milestone with an adjusted operating income of $273 million, marking its highest ever for a second quarter, bolstered by a 1% increase from the previous year and a 12% increase during the first half of 2025.
• However, net sales declined by 2% due to the pass-through of lower corn costs, highlighting some challenges in its operational efficiency and pricing strategy.

• The earnings report for Moderna, Inc.’s second quarter of 2025 presents a multifaceted picture of the company’s current financial health and strategic endeavors.
• Beginning with the financial landscape, Moderna reported revenues of $2.1 billion and experienced a loss of $0.8 billion, which aligns with the company’s expectations given the seasonal nature of its respiratory vaccine business.
• Notably, the company managed to reduce its cost of sales and SG&A by 35% compared to the previous year, indicating a strong commitment to financial discipline.

• nVent Electric plc delivered a strong performance in its second quarter of 2025, with both sales and adjusted earnings per share (EPS) surpassing prior guidance.
• The company’s strategic transformation towards focusing on higher-growth, electrical connection, and protection markets is yielding positive results.
• Notably, sales rose by 30%, including 9% organic growth, driven primarily by the infrastructure vertical, which saw a significant increase owing to heightened demand for data solutions and data centers.

• ONEOK’s financial results for the second quarter of 2025 underscore a mixed but somewhat promising performance, characterized by both strategic accomplishments and challenges in handling market volatility.
• The company reported a significant increase in adjusted EBITDA, marked by a 12% rise from the previous quarter, attributed to efficient synergy capture and a robust supply-demand balance.
• This performance suggests the integration of assets is beginning to yield positive earnings, an important step forward for the company.