United States

• Pfizer and Novo Nordisk engaged in a heated battle for control over biotech company Metcera, which is developing innovative weight loss drugs
• Novo Nordisk, once seen as a leader in the obesity drug market, has recently faced challenges and a decline in stock price due to competition from Eli Lilly and a weaker drug pipeline
• Investors are closely watching the outcome of the bidding war between Pfizer and Novo Nordisk, as the future of the weight loss drug market could be lucrative and competitive

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• Golden Entertainment’s sale-leaseback with VICI involves 7 casinos, distributing 24.3m VICI shares to shareholders at 0.902/share.
• Chairman Blake Sartini’s privatization offer values RemainCo at $2.75/share, approximately 1x EBITDA, sparking activist opposition.
• Activists demand separate votes for transactions, citing inadequate RemainCo valuation and potential 33% upside to $39.5/share.

• Chinese purchases of US agricultural products are expected to increase gradually but may take time due to seasonality and price competitiveness
• US farmers may see more optimism in the 2026-2027 season as trade discussions with China improve and market participation increases
• The complex nature of US-China trade relations and the continued volatility in the agricultural markets make for a clouded outlook, but there is potential for growth and market shifts in the near future.

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• Trane Technologies delivered robust performance in the third quarter of 2025, exhibiting significant growth in key business segments despite challenges in certain markets.
• The company reported record quarterly bookings of $6 billion, reflecting a 13% year-over-year organic growth and expanding its adjusted operating margins by 170 basis points.
• Additionally, Trane Technologies achieved a 15% growth in adjusted earnings per share (EPS) and demonstrated robust free cash flow generation.

• Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.
• Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.
• Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.

• Apple Inc. reported robust financial results for the fourth quarter of fiscal year 2025, showcasing an impressive performance with total revenue reaching $102.5 billion, an 8% increase from the same period last year, marking a record for the September quarter.
• The company’s services sector set an all-time revenue record with $28.8 billion, reflecting a substantial 15% growth, largely driven by strong demand across developed and emerging markets.
• Additionally, the company saw a record earning per share (EPS) of $1.85, marking another significant achievement.

• Crocs, Inc.’s third quarter of 2025 revealed a complex performance landscape driven by strategic decisions and market conditions.
• The company, known for both the Crocs and HEYDUDE brands, demonstrated efforts to realign its operations toward long-term growth despite short-term challenges.
• On the positive side, Crocs, Inc. showcased strong profitability and cash flow in the quarter, which facilitated share repurchases and debt reduction.

• With an in-line 3Q’FY25 revenue, the next major catalyst for GRAIL Inc. is the Galleri PMA submission to FDA, which is expected to occur in 1Q’FY26.  
• The #1 MCED screening test maker has guided to cash burn of <$290M for FY25 and the company’s cash position of $850M+ provides runway into 2030.
• Despite Galleri’s early stage, I view GRAIL Inc. as a very high quality company, which is a clear leader in MCED testing market in the United States.

• AXT is a key manufacturer of specialty compound semiconductor substrates (InP, GaAs, Ge), which are critical for high-performance applications where silicon is inadequate, such as 5G, data centers, and AI.
• The company is currently navigating a cyclical downturn, reflected in recent financial losses and negative cash flow. However, recent quarterly results suggest a potential recovery, driven by strong demand for Indium Phosphide (InP) substrates used in data center and AI applications.
• Significant geopolitical risk exists due to the company’s reliance on its manufacturing facilities in China and the associated export permit requirements, which have previously caused revenue delays.

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• Arrow Electronics Inc. has demonstrated a mixed bag of performance and outlook in the latest quarter, indicating areas of strength as well as challenges that the company faces.
• The company’s revenue for the third quarter of 2025 reached $7.7 billion, marking a significant increase of $890 million year-over-year.
• This was above the midpoint of the guidance range and reflects a 13% growth compared to the previous year.

• November’s seasonal strength extends into the U.S. Thanksgiving period, where macro markets have tended to post positive returns.
• Despite the positive averages, dispersion in returns remains wide, reminding traders that seasonality is no guarantee.
• Positive seasonals can align with favorable trading setups, but timing and risk management remain key.

• Natera is a leader in the high-growth cell-free DNA (cfDNA) testing market, with a strong portfolio spanning women’s health (Panorama), oncology (Signatera), and organ health (Prospera).
• The company is experiencing rapid revenue growth, driven by the strong uptake of its Signatera test for cancer monitoring, and is demonstrating significant operational leverage with improving gross margins and a clear trajectory towards positive free cash flow.
• While the company’s proprietary SNP-based technology provides a competitive advantage, Natera faces significant risks related to reimbursement uncertainty, intense competition, and the need to achieve sustained profitability after a history of net losses.

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• 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.

• Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025.
• The company reported a 54% increase in revenue year-over-year, driven by strong sales of key drugs like Mounjaro and Zepbound.
• These products showed significant market penetration, particularly in the U.S., where Lilly has captured a dominant share of the incretin analogs market.

• Twilio’s third-quarter results for 2025 reveal a mix of strong performance metrics and ongoing strategic advancements that could impact investors’ perspectives on the company.
• The company reported a record $1.3 billion in revenue, marking a 15% increase year-over-year, and $235 million in non-GAAP income from operations, both above expectations.
• This translates to a non-GAAP operating margin of 18%, albeit with a slight sequential improvement.

• In a landmark move underscoring its deepening AI infrastructure ambitions, Oracle has emerged as a central player in the $38 billion Jacquard AI data center financing project, a joint venture involving OpenAI and SoftBank.
• The initiative—dubbed “Stargate”—will be developed by Vantage Data Centers and consists of two massive AI facilities in Texas and Wisconsin.
• Oracle is not merely a tenant in this project; it has signed a 15-year lease agreement and committed to a $300 billion purchase contract with OpenAI, positioning itself as a critical AI infrastructure provider.

• Klook (KLK US), the largest pan-regional experiences platform in the APAC region, is seeking to raise between US$400 million through a NYSE IPO.    
• Founded in 2014, Klook connects travellers with merchants, providing a vast array of activities, tours, attractions, and other travel services across the globe.
• The investment case rests on market leadership, healthy GTV growth, establishing a path to sustainable profitability, improving FCF profile and a debt-free balance sheet.  

• Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
• Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
• In this note, we talk about the positive aspects of the deal.

• Magnolia Oil & Gas Corporation reported its third quarter 2025 financial and operating results, demonstrating a strong performance with notable production growth.
• The company achieved a record quarterly production rate of 100,500 barrels of oil equivalent per day, reflecting an 11% year-over-year increase.
• The production gains were particularly significant in the Giddings area, where oil production rose by nearly 5% compared to the previous year.

• First Solar’s third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges.
• On the one hand, the company reported record module sales of 5.3 gigawatts, reaching an earnings per share (EPS) of $4.24, in line with earlier projections.
• The firm also increased its gross cash position to $2 billion, bolstered by improved working capital and customer payments.

• Global copper demand is stabilising after months of weakness, even as inventories thin out. The ICSG now expects a 150,000-ton deficit in 2026, reversing its earlier forecast of a surplus.
• A softer dollar and expectations of continued Fed easing are improving the backdrop for commodities. The copper–gold ratio sits near 30-year lows, signalling room for mean reversion.
• The bullish setup hinges on growth holding up and exceeding the rate of growth of China. Electrification to be the biggest driver.

• AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
• Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
• Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.

• Atlassian Corporation Plc reported strong financial performance for the first quarter of fiscal year 2026, achieving total revenue growth of 21% year-over-year, amounting to $1.4 billion.
• A significant contributor to this growth was their cloud revenue, which saw a 26% increase to $998 million.
• Additionally, the company’s remaining performance obligations (RPO) grew impressively by 42% to $3.3 billion.

• Quanta Services has released their third quarter 2025 results reporting impressive figures with record growth in several financial metrics, including double-digit increases in revenue, adjusted EBITDA, and adjusted EPS compared to the previous year.
• The company’s backlog reached a record $39.2 billion, indicating robust demand and a strong position going into 2026.
• This growth can be attributed to heightened activity in their Electric segment and the broader infrastructural needs driven by the transformation within the energy sector.

• Viomi preannounced in August that its first-half revenues would exceed RMB 1.4 billion ($195 million), and this week, the company published its complete income statement for the first six months, which demonstrated strong performance in the company’s core market.
• We believe government policies in China drove a meaningful portion of the revenue growth in the first half.
• We are not expecting that this program renews in 2026, but we will adjust our model if that changes.

• Key F2Q26 takeaways include: 1) edging up our F2026 (Mar) EPS estimate by a penny to $0.02, while our F2027 forecast remains unchanged at $0.04, as a slightly flatter revenue growth trajectory is offset by more favorable margin assumptions 2) no change to our $1.00 price target suggesting meaningful upside potential from current levels, as ETST continues to trade at what we believe to be an unsustainably low valuation despite the company’s unique business model, compelling growth track record, improving profitability, and strong balance sheet and 3) balance sheet assets totaled $8.7 million, including cash of $1.2 million as of 9/30/25, up from $5.1 million a year ago, with net cash generated from operating activities of $1.2 million for the first six months of F2026.

• HIT recently introduced a key expansion of its Do-It-Yourself Benefit System (eDIYBS) to extend capabilities to employers with 150 or more & is extremely encouraged about the prospects.
• HIT also is testing a 3-year rate hold solution – expected to launch in 1Q26 – that it expects to boost customer retention and provide additional offerings for its distribution partners, and with JV partner AlphaTON Capital plans to jointly develop a blockchain-enabled healthcare insurance claims processing platform, HITChain, to address inefficiency and fraud in the domestic healthcare: claims processing space, lower administrative costs and improve transparency.

• L3Harris Technologies reported positive financial results in its third quarter of 2025, highlighting both significant opportunities and challenges.
• The company reported revenue of $5.7 billion, reflecting strong organic growth of 10% across its four segments, marking its position as a formidable player in the defense sector.
• This growth was attributed largely to increased volume on existing programs, new program ramps, and heightened international demand, with the company noting a book-to-bill ratio of 1.2, indicating a healthy pipeline.

• Namib Minerals outlined operational guidance for 2025, targeting 24-25Koz of gold and adjusted EBITDA of $22-26M, while focusing on grade optimization and throughput improvement at its How Mine.
• Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin.
• We initiated coverage on NAMM (see here), highlighting its strong growth potential as it advances two restart projects.

• Omega Healthcare Investors is a leading real estate investment trust (REIT) specializing in skilled nursing facilities (SNFs), positioned to benefit from powerful long-term demographic tailwinds of an aging population.
• The company’s triple-net lease model is designed to provide stable, predictable cash flows, supporting a historically strong dividend. However, this model’s success is heavily reliant on the financial health and operational stability of its tenant operators.
• Key risks to the investment thesis include the significant dependence on government reimbursement policies (Medicare and Medicaid), which are subject to change, and the persistent operational challenges faced by SNF operators, such as rising labor costs and staffing shortages.

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• Light & Wonder (LNW US) will be delisted at the close of tomorrow US time (two trading days left) and shares converted to Australian CDIs.
• After studying the matter we have amended our assumptions on how flows work. More net selling than expected in November, irksome uncertainy in December, more buyback flows in the meantime.
• The stock was higher on earnings in Australia, skipped a day, then skipped another day, then jumped in the US yesterday. 

• Introducing the all new Adobe Acrobat Studio with AI powered PDF spaces
• Fairlife milk, a phenomenon in the dairy industry, known for being healthier and having longer shelf life
• Protein craze in the beverage industry, highlighted by Fairlife and other protein drinks at Starbucks

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• Generation Bio (GBIO) is undergoing a strategic review with potential outcomes including liquidation, reverse merger, or sale, with insiders owning 22%.
• Sotherly Hotels (SOHOO) is being acquired by two PE firms, with preferred shares trading at a wider spread than common shares.
• LakeShore Biopharma (LSBCF) signed a definitive privatization agreement at $0.90/share, with closing expected in Q1 2026.

• FMC is a global leader in the crop protection market, with a strong, patent-protected portfolio, particularly in high-value insecticides. The company’s pure-play focus on agricultural sciences distinguishes it from more diversified peers.
• The company is currently navigating a severe industry-wide downturn caused by unprecedented inventory destocking in key channels, which has significantly impacted recent revenue and profitability. This cyclical headwind is masking underlying end-user demand.
• Management has initiated a strategic growth plan and restructuring program aimed at navigating the current challenges, driving cost savings, and capitalizing on the eventual market normalization. Future growth is expected to be driven by new product launches from its R&D pipeline and expansion in its Plant Health (biologicals) business.

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• Sprouts Farmers Market released a set of financial results for the third quarter of 2025 that presents a mixed picture for current and potential investors.
• The company reported total sales of $2.2 billion, marking a 13% increase compared to the same quarter in the prior year.
• Comparable store sales rose by 5.9%, indicating growth despite challenging market conditions.

• The US dollar remains strong despite ongoing government shutdown and uncertain economic data
• Eurodollar shows resilience and potential for growth due to positive PMI data in Europe
• Range-bound trading expected for Eurodollar with potential for upside breakout depending on US data and market conditions

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• Monolithic Power Systems Inc. (“the company”) in its third quarter of 2025, reported a banner quarter, achieving record revenue levels of $737.2 million, marking sequential growth of 10.9% and an 18.9% increase from the same period in the prior year.
• This outcome underscores the efficacy of their diversified market approach and strategic innovations aimed at addressing specific customer needs across a variety of segments.
• On a positive note, the company has demonstrated a robust capacity for growth, amplified by its successful penetration into multiple market segments.

• Crude oil futures opened the week slightly higher on growing optimism that the US government shutdown was close to ending, while Iraqi output could be under after Lukoil declared force majeure at the West Qurna-2 oilfield.
• Front-month Jan25 ICE Brent futures were trading at $64.07/b (2130 GMT) versus Friday’s settle of $63.63/b, while Dec25 NYMEX WTI was at $60.14/b against a previous close of $59.75/b.
• Prices ticked higher Monday after the US Senate on Sunday passed the first stage of a deal that would end the government shutdown, underpinning the broader financial risk-on sentiment.

• US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance work.
• Sufficient availability of supply in recent weeks, even during plant-shutdown, points to signs of already-slower demand during that period.
• Expected rise in supply would coincide with time of year when domestic consumption typically slows anyway.

• Celanese is a global leader in the production of acetyl products and high-performance engineered polymers, holding strong market positions in both segments. However, the company is currently navigating significant headwinds, including a high debt load from the Mobility & Materials acquisition and weak demand in key end markets like automotive and construction.
• Recent financial performance has been challenged, highlighted by a significant drop in net income and large impairment losses. In response, management is aggressively focused on cost reduction, increasing cash flow to deleverage the balance sheet, and driving growth through its Engineered Materials pipeline.
• The forward outlook balances the risks of a cyclical downturn and increased competition against an attractive valuation and management’s strategic actions to streamline operations. The company projects $1 to $2 of EPS growth in 2026, driven by cost savings and new business, suggesting potential for recovery if macroeconomic conditions stabilize.

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• Dupont (DD) spin off its electronics business, Qnity (Q), early this week.

• DQnity will be one of the world’s largest pure-play electronic materials companies, with a portfolio spanning semiconductor fabrication materials and advanced electronics/interconnect solutions.

• Qnity’s Semiconductor Technologies division creates consumable products that are used during semiconductor manufacturing.

• Navan (NAVN US) went public on 30 October 2025 right before the December 2025 cut-off for a US IPO index addition with a current market cap of $4.5bn.
• Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria before the lock-up expiry.
• Inclusion in Global indices is expected in February 2026, prior to lock-up expiry, and September 2026 following lock-up expiry.

• Generation Bio’s net cash is projected at $7.6/share, 50% above the current price, with limited ongoing cash burn.
• The company completed restructuring, retaining seven employees, and is considering liquidation, reverse merger, or sale options.
• Major shareholders include Atlas Venture Life Science (12.4%), T. Rowe Price (12.6%), Moderna (8.7%), Fidelity (6.9%), and BlackRock (5.1%).

• Crude oil futures nudged higher Friday but were heading for a second week of losses, albeit modest, with the market unable to shake off the gloom surrounding predictions of a massive oversupply in Q1.
• Front-month Jan25 ICE Brent futures were trading at $63.72/b (2005 GMT) versus Thursday’s settle of $63.38/b, while Dec25 NYMEX WTI was at $59.84/b against a previous close of $59.53/b.
• The oversupply narrative amid soaring supplies and tepid demand growth has taken hold of markets this week, overshadowing geopolitical concerns.

• Upwork is strategically pivoting to higher-value enterprise clients and leveraging Artificial Intelligence (AI) to drive growth, which is translating into improved profitability and strong cash flow generation.
• The company operates in the rapidly expanding freelance platform market, benefiting from secular tailwinds such as the shift to remote work and the increasing adoption of flexible talent solutions by businesses globally.
• While facing intense competition and macroeconomic sensitivity, Upwork’s established two-sided network of freelancers and clients provides a significant competitive advantage, though its ability to consistently translate this into high returns is still developing.

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• Artivion is a niche leader in aortic repair, demonstrating strong revenue growth driven by its key product families: On-X mechanical heart valves, aortic stent grafts, and surgical sealants. The company is showing a clear trajectory towards sustained profitability, with recent quarters indicating positive net income and strong EBITDA margin expansion.
• The company’s growth strategy is centered on product innovation and market expansion, highlighted by the promising clinical data and U.S. launch of the AMDS Hybrid Prosthesis for acute aortic dissections. This, along with other pipeline products like Arcevo, is expected to unlock significant market opportunities and drive future growth.
• Despite its strong top-line performance, Artivion has a history of net losses and faces significant risks. These include intense competition from larger, better-resourced medical device companies, the inherent uncertainties of clinical trials and regulatory approvals, and potential operational disruptions such as the recently disclosed cybersecurity incident.

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• Electric aircraft company BETA Technologies (BETA US) went public on 4 November 2025 on NYSE and has a current market cap of over $7.5bn.
• Inclusion in US indices is expected in December 2025 and March 2026, as the security meets US eligibility criteria before the lock-up expiry.
• Earliest inclusion in Global indices is expected in February and June 2026, with potential delay due to free float and float cap constraints during the lock-up period.

• BILL Holdings shares have bottomed out near $40 per share after Starboard Value and Elliott Management built large stakes in the American SMB back-office pioneer.
• BILL Holding shares significantly underperformed in 2025 with shares down ~44% over the year versus a 21% gain on the Nasdaq.
• I see further room for upside on potential launching new intelligent AI agents, partnerships with software providers, disciplined expense management and operating efficiency.

• Lantheus is a leader in radiopharmaceutical offerings in oncology & precision diagnostics.
• It offers a portfolio of diagnostic & therapeutic products directly & via partnerships & licensing.
• The primary revenue driver is Pylarify, a PET tracer for PSMA-expressing prostate cancer.

• StepStone Group is a global private markets investment firm, providing customized investment solutions, advisory, and data services across private equity, real estate, infrastructure, and private debt.
• The firm is well-positioned to benefit from the long-term secular growth in private markets, driven by increasing investor allocations seeking diversification and higher returns.
• Key growth drivers include the expansion of its private wealth platform, which offers higher fee rates, and continued global expansion, although the company faces risks from market volatility and increasing regulatory scrutiny.

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• In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it here.
• My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. 
• The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.

• EchoStar’s recently amended agreement to sell its unpaired AWS-3 spectrum licenses to SpaceX for $2.6 billion in SpaceX stock represents a pivotal shift in its operational and strategic trajectory.
• Building on a previous September deal where EchoStar committed to transferring AWS-4 and H-block licenses to SpaceX for up to $17 billion (half cash, half stock), this new AWS-3 transaction strengthens both firms’ long-term ambitions.
• For EchoStar, this move not only unlocks immediate financial runway and positions it to operate more flexibly but also furthers its transformation from a spectrum-heavy, capital-intensive business into a leaner, investment-focused entity.

• Cognex Corporation reported strong financial results for the third quarter of 2025, showcasing a solid strategic direction and improved operational efficiencies.
• The company’s focus on AI technology for industrial machine vision is evident in its performance and the introduction of innovative products like the SLX, aimed at enhancing logistics applications.
• Positive aspects from the results include achieving double-digit revenue growth and reaching the highest adjusted EBITDA margin since Q2 of 2023.

• Tyler Technologies reported strong third-quarter 2025 results, with revenues growing by nearly 10% year-over-year.
• This growth was driven by a 20% increase in SaaS revenue and an 11.5% rise in transaction revenue.
• The company has maintained a steady pipeline of business, supported by stable RFP and demo activities, suggesting a resilient demand in the public sector for Tyler’s solutions.

• BlackLine, a leader in financial automation solutions, recently announced its Q1 2025 earnings results, highlighting both opportunities and challenges as the company navigates its ongoing journey towards growth and market expansion.
• The company reported a total revenue increase of 6% year-over-year, reaching $167 million, with strong subscription and services revenue performance.
• However, the financial results are a mix of positives and certain areas that might require attention.

• Bio-Rad Laboratories’ financial performance for the third quarter of 2025 was characterized by modest revenue growth, constrained by headwinds in various segments.
• The company reported net sales of approximately $653 million, a slight increase from $650 million in the third quarter of 2024 on a reported basis but a 1.7% decrease on a currency-neutral basis.
• This outcome was primarily influenced by challenges in the academic research and biotech funding sectors, which impacted the Life Science segment.

• Avantor’s recent quarterly earnings report provides a mixed view of the company’s current performance and strategic outlook.
• Avantor experienced a 5% decline in quarterly revenue year-over-year, with reported revenue of $1.62 billion.
• The decline primarily affects the Laboratory Solutions and Bioscience Production segments.

• Clean Harbors reported its third-quarter 2025 results, which showcased a mixture of strengths and challenges, leaving investors with a nuanced investment thesis.
• The company’s performance was marked by a year-over-year growth in revenue and adjusted EBITDA, driven primarily by increased waste volumes and pricing gains across the network, although macroeconomic factors presented headwinds.
• Positively, Clean Harbors achieved a consolidated adjusted EBITDA margin improvement of 100 basis points, reaching 20.7%, a sign of effective pricing and cost-saving strategies.

• Bausch + Lomb recently held its third-quarter 2025 financial results presentation, highlighting several aspects of its performance and strategic focus.
• The company demonstrated notable growth across its various segments, driven by innovative product offerings and rigorous execution.
• Revenue for the quarter reached $1.281 billion, marking a 6% year-over-year increase.

• CarMax’s second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market.
• The company reported total sales of $6.6 billion, down 6% compared to the previous year, mainly due to lower volume.
• Retail unit sales declined by 5.4%, while used unit comps fell by 6.3%.

• Omada Health reported stronger than expected 3Q25 revenue of ~$68M (consensus: $61.2M) and management provided guidance for 2025 revenue of $251.5M-$254.5M, +49% y/y at midpoint.  
• The chronic disease management company introduced Meal Map, a new AI-powered nutrition tool integrated within the Omada Health’s cardiometabolic programs.
• I’m updating OMDA model estimates in my insight to reflect the company’s 3Q25 results, management guidance, and trends in the digital therapeutics space.

• Serve Robotics is a key player in the nascent autonomous sidewalk delivery market, with a strategic focus on last-mile food and grocery delivery.
• The company’s growth is underpinned by significant partnerships with major food delivery platforms, Uber Eats and DoorDash, providing immediate access to a large volume of orders.
• While experiencing rapid revenue growth, the company remains unprofitable with significant cash burn, highlighting the high-risk, high-reward nature of this emerging industry. The path to profitability hinges on successful fleet expansion, operational efficiency, and navigating regulatory landscapes.

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• Shutterstock is strategically pivoting towards generative AI and data services to counter the secular threats to its core stock content business, a move critical for future growth but with an uncertain payoff.
• While recent acquisitions like Envato are boosting subscriber numbers and revenue, organic growth in the core content segment is declining, and margins are under pressure from a shifting business mix and competitive intensity.
• The company’s strong dividend yield and high momentum score reflect shareholder returns and recent market cap growth, but these are juxtaposed against a challenging long-term decline in net income and cash flow, indicating a high-risk, high-reward transition period.

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• Rollins, Inc. has reported its third-quarter results for 2025, highlighting several key areas of growth and operational efficiency.
• The company experienced a total revenue growth of 12%, driven by organic growth of 7.2%.
• Acquisitions, including Saela, further contributed to these results.

• TSMC’s advanced-node wafer costs are rising sharply, with 2nm pricing now 50% above 3nm and multi-year price hikes expected; margin pressures likely for fabless players like Qualcomm, MediaTek, and AMD.
• U.S. fab expansion eroding TSMC’s cost advantage; production reportedly 30–50% more expensive than in Taiwan. This opens the door for Intel and Samsung as geopolitical and cost dynamics shift.
• Presently, TSMC remains irreplaceable in yield and process leadership, but one key moat may no longer be unchallenged; foundry competition to reshape over the next three years.

• Entergy Corporation, an integrated energy company engaged in electric power production and distribution, released a largely positive third-quarter earnings report, showcasing strong financial performance and strategic progress in regulatory and business matters.
• The company reported an adjusted earnings per share of $1.53, prompting it to narrow the 2025 guidance range upwards by $0.10 at the lower boundary due to solid results and strategic flex spending.
• This financial robustness underpins the company’s sustained confidence in its long-term growth outlook which projects an annual EPS growth rate of greater than 8% through 2029.

• Microsoft reported a robust financial performance for its fiscal year 2026 first quarter, underscoring its leadership in the burgeoning cloud and AI sectors.
• The company’s revenue reached $77.7 billion, an 18% increase from the previous year, driven significantly by Microsoft Cloud, which generated $49.1 billion, up 26% year-over-year.
• This growth was attributed to strong demand for Azure and AI-driven solutions, particularly through strategic partnerships like that with OpenAI.

• The latest earnings call for Otis Worldwide Corporation reveals a mixture of positive growth metrics and ongoing challenges, providing a comprehensive overview for potential investors.
• On the positive side, Otis reported a return to growth, with organic sales increasing by 2% in the third quarter, driven primarily by the Service segment, which increased by 6%.
• Modernization sales showed a significant jump, with organic sales climbing 14%, reflecting a robust demand and effective order backlog conversion.

• Chipotle Mexican Grill’s third-quarter performance for fiscal 2025 reveals a mixed picture.
• The company reported a 7.5% increase in sales, reaching $3 billion, though same-store sales increased by only 0.3%.
• Digital sales contributed significantly, making up 36.7% of total sales.

• Meta Platforms, Inc. recently reported its financial performance for the third quarter of 2025.
• The company showcased robust user engagement across its suite of applications, with 3.5 billion people using one or more Meta apps daily.
• Instagram reported an impressive 3 billion monthly active users, marking a significant milestone.

• eBay’s third-quarter financial performance for 2025 highlighted a balance of strengths and areas for potential improvement.
• The company’s gross merchandise volume (GMV) grew by 8% year-over-year, amounting to $20.1 billion, and revenue increased by over 8% to $2.82 billion.
• Furthermore, non-GAAP earnings per share rose over 14% to $1.36.

• Cognizant Technology Solutions recently reported their Q3 2025 results, showcasing significant performance that suggests both enhancements in their operational capabilities and efforts to position themselves within the burgeoning AI landscape.
• Revenue for the quarter reached $5.4 billion, reflecting a 6.5% increase year-over-year in constant currency.
• This growth marks the fifth consecutive quarter of organic revenue increase, highlighting the company’s robust performance across multiple sectors and geographies.

• BillionToOne priced above range at $60.00 and opened at $100.00, closing up 81.6% at $108.94.
• The deal was more than 20x oversubscribed, driven by strong long-only and healthcare demand
• Backed by top-tier investors and partnerships with Johnson & Johnson, BLLN’s profitability and precision platform stood out in a choppy IPO market.

• In August, Light & Wonder (LNW AU) / Light & Wonder (LNW US) announced that the company would give up its US listing and move to an ASX Primary Listing.
• The NASDAQ delisting has been confirmed (as expected) for 12 November. October saw significant CDI conversions. More have come in the last few days. 
• This creates a significant, and interesting set of index events to track. 

• In the past several days, one of the biggest news splash in the global financial markets has been Michael Burry taking huge bearish positions on Palantir and NVIDIA.
• Prices of Palantir and Nvidia are down 6.3% and 3.6%, respectively from 31 October to 6 November. Nikkei and KOSPI are down 2.9% and 2%, respectively in the same period.
• The risks surrounding CIRCULAR DEALMAKING involving OpenAI have become even more significant.  Amid these uncertainties, Michael Burry is taking action with his uber bearish positions on Nvidia and Palantir. 

• Sotherly Hotels is being acquired by Kemmons Wilson Hospitality Partners and Ascendant Capital Partners, with common shares priced at $2.25 each.
• Preferred shares SOHOB, SOHOO, and SOHON have a 12-14% spread to offer price, with conversion options post-merger.
• The merger isn’t subject to financing conditions, with funding commitments from Apollo and Ascendant-affiliated entities.

• CoStar’s revenue grew 20% year over year, with strong growth in residential segments such as Apartments.com and Homes.com
• Elevated sales and marketing expenses account for 50% of revenue, raising questions about sustainable growth and margin levels
• Management is optimistic about gaining momentum and investing in two-sided marketplace platform for future success, but concerns remain about long-term profitability and valuation metrics.

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• The WTI Crude futures market currently trades with persistent and significant opposing market forces actively holding the price within a defined trading range.
• Long-Term supply/demand bearishness and a strong geopolitical risk premium create a price floor, which could be further supported by recent decisions by OPEC+
• This structural back-and-forth in price action creates a window to execute a strategic options trade monetizing implied volatility levels.

• Figma Inc. reported a strong quarter pushing shares up over 5% after-hours as billings growth saw a significant acceleration and management raised guidance for FY25.
• Revenue increased 38% YoY and growth of paid customers with ˃$100K in ARR accelerated to 44% YoY due to the adoption of new Figma products.
• I think the stock could find a bottom above $40/shr. as valuation fell closer to Adobe’s ~$20B bid. Figma is one of the fastest growing SaaS companies with best-in-class metrics.

• Bloom Energy’s recent quarterly earnings call highlighted both strong achievements and ongoing challenges.
• The company reported its fourth consecutive quarter of record revenue, driven largely by significant demand for its on-site power generation solutions, particularly in AI and data center markets.
• Bloom Energy has positioned itself as a key player in this industry by leveraging its innovative fuel cell technology.

• Chemed Corporation’s third quarter results for 2025 indicate a mixed performance for its two main operating units, VITAS Healthcare and Roto-Rooter.
• The quarter’s outcomes largely aligned with management’s expectations, highlighting both strengths and challenges within the company.
• At VITAS, the hospice care segment, net revenue reached $407.7 million, a year-over-year increase of 4.2%.

• Kimberly-Clark, a prominent name in the consumer goods sector, delivered a robust performance in its latest earnings report for the second quarter of 2025.
• The company demonstrated strong momentum, particularly in the area of organic sales growth, bolstered by the most significant volume quarter it has experienced in five years.
• A core driver of this growth was Kimberly-Clark’s ability to gain market share across several key categories in its largest markets, with notable success in China and broader global applications of their strategic playbook.

• Chevron demonstrated strong operational momentum in Q3 2025, with record worldwide production of over 4 million barrels of oil equivalent per day with upside from the Hess integration.
• The stock is trading at a premium valuation with a challenging but achievable growth path in terms of annual growth rates and revenues.
• Given the current valuation and financial outlook, the upcoming Investor Day on November 12, 2025, presents a short-term window to potentially put on a single stock options strategy.

• In Q126, Microsoft recorded $4.1 billion in net losses from investments in OpenAI, up from $688 million in the year ago quarter.
• The newly updated partnership between Microsoft and OpenAI has many clauses contingent on when (not if) AGI gets declared. Since AGI has no actual definition, an expert panel will decide. 
• Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a touchy subject, apparently

• Expand Energy’s latest quarterly results highlight both positive strides and challenges within the company’s operations and strategic outlook.
• The company has pursued capital efficiency, managing to reduce costs significantly while increasing production, particularly in the Haynesville region.
• Expand Energy has demonstrated an impressive cost reduction in well expenses by over 25% and outperformed peers with year-to-date costs 30% lower, thanks to optimized development and completion designs.

• Zebra Technologies reported its third-quarter 2025 results, surpassing its initial outlook.
• The company posted $1.3 billion in sales, representing a year-on-year increase of 5%.
• Adjusted EBITDA margin improved slightly by 20 basis points to 21.6%, and non-GAAP diluted EPS rose by 11% to $3.88.

• Xylem Inc., a leading global water technology company, reported solid results in the third quarter of 2025.
• The company demonstrated strong financial performance with notable growth across its segments and has adjusted its full-year outlook upwards due to ongoing robust demand and efficient execution of its strategic initiatives.
• Positively, Xylem registered an increase in revenue across all its segments, with a marked double-digit growth in both Measurement and Control Solutions (MCS) and Water Solutions and Services (WSS).

• NCR Atleos (NATL) is a 2023 spin-off that is focused on the ATM market.
• It is benefiting from banks outsourcing their ATM operations which is driving high margin growth (ATMaaS revenue up 32% and backlog up 105% in the last quarter).
• The company is going to grow earnings at a 20% rate for the foreseeable future. 

• Good 3Q25, good 4Q guidance, optimism that the Server CPU market is growing faster, new GPU MI400 (2H26) will re-accelerate growth. Plus some price increase or higher ASP. Not controversial.
• More controversial is Consensus expecting OP margin to jump from 24% (2025) to 31% (2027). There will be leverage as Data Center AI revenues grow – but it looks optimistic.
• Valuations are elevated (41x 2026 EPS) for good reasons 1) Server share gains 2) rapid AI growth 3) higher ASP. After a vertical rally, the share price needs some room.

• Teradyne Inc. reported robust financial results for the third quarter of 2025, with a notable revenue growth of 18% and a significant increase in non-GAAP EPS by 49%.
• This performance was primarily driven by heightened demand for semiconductor tests related to AI applications.
• The UltraFLEXplus platform, which is tailored for high-performance processors and networking devices, has seen increased use due to the complexities of AI devices, indicating the strategic advantage of Teradyne’s focused R&D investments.

• In the third quarter of 2025, Neurocrine Biosciences reported robust financial and operational performance.
• The period was marked by $790 million in net product sales, a 28% year-over-year increase, driven by their flagship drugs INGREZZA and CRENESSITY.
• INGREZZA, used for treating tardive dyskinesia and Huntington’s chorea, saw continued growth attributed to recent expansions of the sales force and improved patient access, resulting in record new patient starts and prescriptions.

• Veralto Corporation delivered a robust yet nuanced performance in the third quarter of 2025, reflecting significant progress across its key business segments amidst a continually evolving macroeconomic landscape.
• The company reported a 5.1% increase in core sales and an 11% growth in adjusted earnings per share, propelled by strong execution within its Water Quality and Product Quality & Integrity (PQI) sectors.
• Despite navigating challenges such as global trade policy shifts, Veralto raised its full-year adjusted earnings per share guidance, showcasing resilience and adaptability.

• Exzeo priced mid-range at $21.00 and traded flat, signaling a disciplined and stable market entrance.
• Profitable, zero-debt insurtech spin-off from HCI boasting 50%+ EBITDA margins and $195M ARR.
• Expanding beyond 13 states into major markets; poised for sustainable, high-margin growth under proven leadership.