United States

• Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY
• Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ
• 18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be “industry acceptable” by 2027 

• Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  
• CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank
• Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.

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

• The third-quarter earnings release for EQT Corporation highlights both operational advancements and strategic decisions that continue to shape its financial performance.
• The company reported a robust $484 million in free cash flow, despite facing $21 million in one-time costs associated with the Olympus transaction.
• Over the past four quarters, EQT has generated over $2.3 billion in free cash flow at an average natural gas price of $3.25 per million Btu.

• Danaher Corporation’s third-quarter 2025 earnings showcased a balanced performance underpinned by solid demand in certain sectors, yet offset by ongoing challenges in others.
• The company reported total sales of $6.1 billion, achieving a core revenue growth of 3%.
• The quarter reflected Danaher’s resilience amid varied market conditions, leveraging its strong execution capabilities and strategic investments in innovation.

• Netflix’s recent earnings revealed several key insights about its performance, strategic directions, and challenges.
• The company demonstrated robust engagement and viewership metrics, setting records in its core markets like the U.S. and the U.K. Netflix reported a notable increase in ad sales, with expectations to more than double ad revenue for the year, marking it as the best quarter for ad sales so far.
• This growth reflects a positive response to the expansion efforts in advertising, including increased upfront commitments and the development of the Netflix Ads Suite.

• General Motors Company (GM) reported robust performance in the third quarter of 2025, marked by several noteworthy developments and shifts in strategy, even as it navigates a complex operating environment.
• Both positive and challenging aspects are highlighted in the results outlined during their latest earnings call.
• GM’s financial performance was strong, with a U.S. market share of 17%, the highest third-quarter market share since 2017.

• Crude oil futures were sharply higher Thursday after the US sanctioned Russian oil giants Rosneft and Lukoil, in a renewed bid to starve Moscow of revenues to fund its war with Ukraine.
• Front-month Dec25 ICE Brent futures were trading at $65.89/b (2053 BST) versus Wednesday’s settle of $62.59/b, while Dec25 NYMEX WTI was at $61.67/b against a previous close of $58.50/b.
• The announcement by the US Treasury was seen as the most decisive action yet during President Trump’s administration, with Lukoil and Rosneft directly controlling more than half of Moscow’s exports.

• Halliburton’s strong Q3 earnings and strategic entry into the data-centre power market have fueled a sharp rally, underscoring investor confidence in its evolving growth strategy.
• Halliburton’s partnership with VoltaGrid marks a strategic shift away from reliance on oil and gas and positions the company to tap into the rapidly expanding data-centre segment. 
• Halliburton’s strong performance sets a positive tone for upcoming oil and gas earnings, signalling resilient drilling activity, steady investment discipline, and higher margins and price realisations.

• Gold’s latest surge shows rising implied volatility but little sign of market stress, suggesting limited parallels with the explosive 1980 bull market.
• Tuesday’s correction was the largest selloff in 12 years and marked the end of a series of successively larger positive moves.   
• Rising implied vols and strong Call demand reveal active trading but not the manic levels typically seen near a major blowoff.

• LAM beats largely Sept-25 (15% above), Dec-25 guidance slightly above (4%), long-term drivers are concrete: $100bn in Data Center = 8bn in semi equipment, $40bn of NAND equipment to upgrade.
• LAM is gaining share (depo / etch growing faster than litho), is ahead in the new stuff (Moly ALD, dry resist EUV). YTD Net Income is up 44%. Very impressive.
• Among Semi Equipment stocks, LRCX is the best performer YTD: up 88%. LRCX is trading at +2.5 standard deviations: 30x forward EPS versus average 17x. Time to sell.

• Crude oil futures were trending higher Wednesday after markets finally found some support, coming after the heavy losses so far in October that had seen benchmarks challenge post-Covid lows.
• Front-month Dec25 ICE Brent futures were trading at $63.12/b (2034 BST) versus Tuesday’s settle of $61.32/b, while Dec25 NYMEX WTI was at $59.21/b against a previous close of $57.24/b.
• Prices rebounded on reports that talks between US President Donald Trump and Russian President Vladimir Putin had been put on hold, increasing the threat of sanctions on Russia and broader supply disruptions from attacks on infrastructure.

• Nektar Therapeutics is back in Wall Street’s spotlight after reports and social media speculation suggested that pharmaceutical heavyweight Eli Lilly may be exploring a potential acquisition of the biotech company.
• Shares surged roughly 8% following the chatter, extending a 294% year-to-date rally that has lifted its market capitalization to over $1 billion.
• The speculation arrives at a pivotal time for Nektar, whose lead candidate, rezpegaldesleukin (REZPEG), has produced promising results in moderate to severe atopic dermatitis and is advancing toward Phase III readiness by early 2026.

• Honeywell is a diversified industrial leader poised to unlock shareholder value through the strategic spin-off of its high-margin Advanced Materials business, Solstice, in late 2025.
• The remaining company will be more focused on its core, high-performing segments—Aerospace, Building Automation, and Industrial Automation—which are aligned with powerful secular megatrends like energy transition and digitalization.
• While the company faces execution risks with the portfolio transformation and is exposed to macroeconomic cycles, its strong market positions, technological leadership, and consistent capital return program present a compelling long-term investment case.

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• Alnylam Pharmaceuticals (ALNY US), Monolithic Power Systems (MPWR US) and Seagate Technology Holdings (STX US) are the top 3 addition candidates with ALNY at the top.
• GLOBALFOUNDRIES (GFS US), CDW Corp (CDW US) and Biogen (BIIB US) are the top 3 deletion candidates with GFS at the bottom.
• Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.

• Clear Channel Outdoor Holdings surged 27% on October 17, 2025, following a Bloomberg report that Mubadala Capital, the asset management arm of Abu Dhabi’s Mubadala Investment Company, is exploring a potential acquisition of the billboard advertising company.
• This development comes amid mounting pressure from activist investor Anson Funds Management, which has been pushing for a sale to unlock shareholder value.
• Clear Channel, with a market capitalization of just over $700 million and approximately $6.4 billion in outstanding debt, has been aggressively restructuring its operations to focus solely on the U.S. market.

• Cardinal Infrastructure Group Inc. is an infrastructure investment company focused on acquiring, owning and operating core infrastructure assets across sectors such as transportation, energy, utilities and data-centers.
• Their revenue was $153.9 million and $187.9 million and their net income was $16.7 million and $16.1 million in the first half of 2024 and 2025, respectively.
• Today, they primarily operate in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas of North Carolina.

• The podcast discusses remitly, a digital remittance provider, and its potential for growth and investment opportunities.
• Mario Savelli from Marathon Partners shares insights on remitly’s business model and growth prospects compared to other companies like Wise.

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

• BillionToOne (BLLN US) set terms for its IPO on October 17th by offering 3.846 million shares at $49-$55 and to debut on November 6th.
• The underwriters have reserved up to 5% of the shares of Class A common stock through a directed share program. 
• There is a lot to like about this company including the explosive revenue growth and the narrowing losses.

• The demand & inventory correction lasted for 9 quarters (4Q22-4Q24) but we’re already past peak recovery in 4Q25. 2-3Q25 revenue growth was ~15% YoY, declining to 10% in 4Q. 
• 4Q guidance: revenues ok, weak EPS 1) higher tax rate 2) lower production loading. While management says that inventories are at a good level, TXN is cutting down production levels.
• Consensus is ~10% too high for 2026 & 27, Valuations not attractive, above average.

• Crude oil futures initially struggled Tuesday as global trade tensions and supply glut fears continued to drag on prices before a late-day rebound lifted benchmarks into positive territory on the day.
• Front-month Dec25 ICE Brent futures were trading at $61.37/b (2010 BST) versus Monday’s settle of $61.01/b, while Dec25 NYMEX WTI was at $57.32/b against a previous close of $57.02/b.
• Oil markets continued to face growing headwinds, including the latest round of anti-trade measures between Washington and Beijing, putting global economic growth at risk.

• We made a major mistake in our last newsletter, on CCCS. The big story in insider sales is the exit of private equity owner Advent International, not share sales by directors.
• Those sales exist, but in much smaller number than we reported.
• We remain concerned about the exit of directors, and we stand by our thesis that the stock is over-valued.

• Fluor Corporation shares have surged following reports that activist investor Starboard Value has taken a nearly 5% stake in the engineering and construction giant.
• The rally comes amid growing expectations that Starboard, led by Jeff Smith, will push Fluor to unlock value by exploring strategic alternatives for its 40% stake in NuScale Power, a small modular nuclear reactor (SMR) company that has seen its own stock skyrocket amid AI-driven power demand.
• With Fluor’s core business lagging and NuScale’s valuation surging, Starboard’s campaign centers on the market’s apparent mispricing of Fluor’s sum-of-the-parts.

• Evommune (EVMN US) is set to offer 9.375 million shares at $15-$17 and is slated for a debut of November 6th on the NYSE.
• According to the prospectus, the underwriters have reserved up to 5% of the shares at the initial public offering price in a directed share program.
• The company has a handful of license agreements which could boost the profile of this biotech. 

• There is a good amount of froth in the market.
• The “Fear & Greed Index” has slipped into “Extreme Fear” which is usually a good contra-indicator.
• For what it’s worth, I’m still finding plenty of ideas that look attractive from a “bottom up” perspective.

• Cleveland-Cliffs saw its stock jump 21.5% in a single trading session following a Q3 2025 earnings report that significantly beat EBITDA expectations and unveiled a surprise strategic pivot toward rare earth minerals production.
• This dramatic move has reenergized investor enthusiasm, particularly as it aligns with broader U.S. policy goals of reducing critical mineral dependence on China.
• For the third quarter, the company reported adjusted EBITDA of $143 million versus Street estimates of $128 million, with revenue coming in at $4.7 billion.

Key points (machine generated)

• Forward Air Corporation is expected to be sold to a financial buyer within two months for around $40, offering a potential return of 30%.
• The market may be overly pessimistic about the sale’s likelihood and timing, underestimating the deal premium due to the strategic value of Forward Air’s assets.
• Despite challenges in executing a sale, analysts believe a sale is imminent, with the stock trading around $30.50, below pre-announcement levels.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• Anebulo Pharmaceuticals plans a significant reverse stock split to cash out small shareholders at $3.50 per share.
• The reverse split aims to reduce record holders below 300, avoiding SEC reporting and saving $1.3 million annually.
• The author, currently shorting the stock, warns of the $1.8 million costs of the transaction and advises independent research.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• Quest Diagnostics is a leading diagnostic health information provider in the U.S. with projected revenues of $9.9 billion in 2024, increasing to $11.2 billion by 2026.
• The company operates in a duopoly with LabCorp, granting it significant pricing power despite challenges like high fixed costs and complex reimbursement processes.
• Quest’s focus on dividends and share repurchases indicates strong investment appeal and potential for sustained profitability.

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.

• Gold’s rally shows signs of overextension but the volatility footprint differs from prior rallies.
• We exam major bull markets over the past 50 years to assess how the current move stacks up.
• Fund flows and the sources of buying pressure are analyzed to gauge the rally’s sustainability.

• The longer the US government shutdown continues, the more headwinds accumulate against the dollar and investor conviction remains low.
• Despite near term uncertainty, a dollar bearish outlook is maintained, with a focus on outside the US pro-cyclical growth metrics.
• Developments in US regional banks and escalating US-China trade tensions are key factors affecting global markets, with potential impacts on FX, risk events, and Eurodollar performance.

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

• Crude oil futures were again under pressure Friday after the latest selloff in the previous sessions sent prices tumbling to fresh five-month lows, coming amid proposed ceasefire talks in the Russia/Ukraine conflict.
• Front-month Dec25 ICE Brent  futures were trading at  $61.32/b (2055 BST) versus Thursday’s settle of $61.06/b, while Nov25 NYMEX WTI  was at  $57.22/b  against a previous close of $57.46/b.
• Prices had found some support in the previous session after US President Donald Trump said he had received a pledge from Indian Prime Minister Narendra Modi to halt imports of Russian crude oil.

Key points (machine generated)

• Toast faces concerns over overestimated unit economics as it expands into new verticals, particularly with Enterprise customers like Applebee’s.
• Projections for fiscal year 2026 appear unrealistic given Toast’s high valuation of approximately 45x forward EBITDA, risking market re-evaluation.
• Despite challenges with some software modules, Toast has significantly increased its market share among U.S. restaurants from under 5% to over 15%.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• Enterprise Products Partners (EPD) operates a comprehensive network for transporting and processing natural gas liquids, crude oil, and petrochemicals as a master limited partnership.
• EPD’s competitive edge comes from its vertically integrated system, enhancing market access and reliability for major industry customers, particularly in Texas and along the Houston Ship Channel.
• With a 7.0% yield and strong governance, EPD is well-positioned to benefit from U.S. petrochemical growth and maintains a stable distribution supported by robust cash flow.

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.

• Asia’s Group II base oils prices rise versus gasoil prices to highest in more than a month for heavy grades, highest since Q2 2025 for light grades.
• Rising base oils margins point to firm supply-demand fundamentals, incentivizing refiners to maintain or raise output.
• Incentive to raise output follows rise in base oils exports from Asia’s largest suppliers to thirteen-month high in Sept 2025.

• Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended, suggesting a potential benefit to patients while being treated the study is designed to examine whether an increased number of Hemopurifier treatments can help extend positive patient responses.
• The company’s goal is to build its database supporting development of the Hemopurifier as an oncology treatment and this data appears to support that goal.
• It will be important to monitor whether these observations are reproducible as the study progresses, as it is early in the clinical trial to draw definitive conclusions and the data from Cohort 1 is not statistically significant.

• Crude oil futures opened the week softer as benchmarks continued to struggle in the face of global trade tensions and a looming supply glut.
• Front-month Dec25 ICE Brent futures were trading at $60.84/b (2012 BST) versus Thursday’s settle of $61.29/b, while Nov25 NYMEX WTI was at $56.86/b against a previous close of $57.54/b.
• Prices continued to bump around five-month lows amid concerns over a recent escalation in the trade conflict between the US and China.

• Global base oils margins rise in response to increasingly lower crude oil prices.
• Mostly-steady outright prices magnify impact of lower crude oil prices.
• Firmer margins and steady outright prices point to stronger-than-usual fundamentals for the time of year.

• GRAIL Inc., a healthcare company whose mission is to detect cancer early when it can be cured, announced detailed results from its registrational PATHFINDER 2 study.
• Samsung C&T and Samsung Electronics also made a ~$110M equity investment in GRAIL at a price of $70.05 per share of common stock.
• I expect GRAIL shares to outperform the market as solid performance from its Galleri test continues and investors are confident that the first MCED test will receive FDA approval.

• Gold’s rally shows signs of overextension but the volatility footprint differs from prior rallies.
• We exam major bull markets over the past 50 years to assess how the current move stacks up.
• Fund flows and the sources of buying pressure are analyzed to gauge the rally’s sustainability.

• The longer the US government shutdown continues, the more headwinds accumulate against the dollar and investor conviction remains low.
• Despite near term uncertainty, a dollar bearish outlook is maintained, with a focus on outside the US pro-cyclical growth metrics.
• Developments in US regional banks and escalating US-China trade tensions are key factors affecting global markets, with potential impacts on FX, risk events, and Eurodollar performance.

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

• Crude oil futures were again under pressure Friday after the latest selloff in the previous sessions sent prices tumbling to fresh five-month lows, coming amid proposed ceasefire talks in the Russia/Ukraine conflict.
• Front-month Dec25 ICE Brent  futures were trading at  $61.32/b (2055 BST) versus Thursday’s settle of $61.06/b, while Nov25 NYMEX WTI  was at  $57.22/b  against a previous close of $57.46/b.
• Prices had found some support in the previous session after US President Donald Trump said he had received a pledge from Indian Prime Minister Narendra Modi to halt imports of Russian crude oil.

Key points (machine generated)

• Toast faces concerns over overestimated unit economics as it expands into new verticals, particularly with Enterprise customers like Applebee’s.
• Projections for fiscal year 2026 appear unrealistic given Toast’s high valuation of approximately 45x forward EBITDA, risking market re-evaluation.
• Despite challenges with some software modules, Toast has significantly increased its market share among U.S. restaurants from under 5% to over 15%.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• Enterprise Products Partners (EPD) operates a comprehensive network for transporting and processing natural gas liquids, crude oil, and petrochemicals as a master limited partnership.
• EPD’s competitive edge comes from its vertically integrated system, enhancing market access and reliability for major industry customers, particularly in Texas and along the Houston Ship Channel.
• With a 7.0% yield and strong governance, EPD is well-positioned to benefit from U.S. petrochemical growth and maintains a stable distribution supported by robust cash flow.

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.

• Asia’s Group II base oils prices rise versus gasoil prices to highest in more than a month for heavy grades, highest since Q2 2025 for light grades.
• Rising base oils margins point to firm supply-demand fundamentals, incentivizing refiners to maintain or raise output.
• Incentive to raise output follows rise in base oils exports from Asia’s largest suppliers to thirteen-month high in Sept 2025.

• Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended, suggesting a potential benefit to patients while being treated the study is designed to examine whether an increased number of Hemopurifier treatments can help extend positive patient responses.
• The company’s goal is to build its database supporting development of the Hemopurifier as an oncology treatment and this data appears to support that goal.
• It will be important to monitor whether these observations are reproducible as the study progresses, as it is early in the clinical trial to draw definitive conclusions and the data from Cohort 1 is not statistically significant.

• Crude oil futures opened the week softer as benchmarks continued to struggle in the face of global trade tensions and a looming supply glut.
• Front-month Dec25 ICE Brent futures were trading at $60.84/b (2012 BST) versus Thursday’s settle of $61.29/b, while Nov25 NYMEX WTI was at $56.86/b against a previous close of $57.54/b.
• Prices continued to bump around five-month lows amid concerns over a recent escalation in the trade conflict between the US and China.

• Global base oils margins rise in response to increasingly lower crude oil prices.
• Mostly-steady outright prices magnify impact of lower crude oil prices.
• Firmer margins and steady outright prices point to stronger-than-usual fundamentals for the time of year.

• GRAIL Inc., a healthcare company whose mission is to detect cancer early when it can be cured, announced detailed results from its registrational PATHFINDER 2 study.
• Samsung C&T and Samsung Electronics also made a ~$110M equity investment in GRAIL at a price of $70.05 per share of common stock.
• I expect GRAIL shares to outperform the market as solid performance from its Galleri test continues and investors are confident that the first MCED test will receive FDA approval.

• Levi Strauss & Co. presented a solid performance for its fiscal third quarter of 2025, characterized by notable revenue growth and strategic business transformations.
• The company reported a fourth consecutive quarter of high single-digit organic revenue growth, underscoring its continued momentum.
• A key driver of this success is Levi Strauss & Co.’s shift towards a direct-to-consumer (DTC) approach, as the DTC channel posted a strong 9% increase in sales, powered by higher units per transaction, average unit retail, and full-price sales.

• GitLab shares surged sharply — up roughly 11 % in intra day trading — after market rumors surfaced that Datadog is exploring a potential acquisition offer above $60 per share.
• The news emerged from financial media reports, citing insiders that Datadog is working with bankers to evaluate a bid over $60.
• The spike reflects renewed investor speculation about a takeover possibility, following a prior wave of M&A interest in 2024 when GitLab was reported to have entertained sale discussions.

• Domino’s Pizza, Inc. reported its financial results for the third quarter of 2025, marked by strategic growth and various initiatives under its “Hungry for MORE” strategy.
• The company experienced significant growth in its U.S. market across several key performance areas, including carryout, delivery, and order count, ultimately resulting in increased market share.
• The results were bolstered by several key promotions, particularly the “Best Deal Ever,” which was a cornerstone of Domino’s success during the quarter.

• Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.
• Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.
• We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.

• Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.
• The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.
• This result aligns with its strategy to leverage Delta’s brand power, focusing on improving the customer experience and enhancing operational reliability.

• CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
• During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
• The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

• Live and feeder cattle futures gapped lower on the open Friday, with some feeder cattle contracts touching even limit down – as panic selling hit the complex.
• The reason for the panic selling: president Trump.
• In an announcement on Thursday evening, Trump hinted that there could be a near-term deal reached to lower beef prices. How exactly such a deal would look like isn’t clear, though.

• The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries.
• In Q2 2025, Quanta posted impressive results including double-digit revenue and earnings growth, a record $35.8 billion backlog, and raised its full-year guidance for revenue, adjusted EBITDA, and EPS.
• These gains were underpinned by rising electricity demand as data centers and AI infrastructure proliferate nationwide.

• CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
• During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
• The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

• They are a bank holding company headquartered in Jefferson City, Missouri. As of June 30, 2025, they had total balance sheet assets of $19.1 billion.
• Net income totaled $186.2 million, an increase of $14.9 million, or 8.7%, compared to $171.3 million for the six months ended June 30, 2024.
• Hile regional bank IPOs have generally been well-received in recent years, recent market sentiment toward the sector has turned more cautious, suggesting a more measured investor response this time around.

• GoodRx operates a leading digital healthcare platform in the U.S., capitalizing on the opaque and high-cost prescription drug market by offering price transparency and discounts, primarily earning revenue from Pharmacy Benefit Managers (PBMs).
• The company faces a highly competitive and evolving landscape with threats from direct competitors, large new entrants like Amazon, and disruptive models such as Mark Cuban’s Cost Plus Drugs, alongside significant reliance on a concentrated number of PBM partners.
• Future growth hinges on diversifying revenue streams beyond prescription transactions into pharma manufacturer solutions, subscription services (GoodRx Gold), and telehealth (GoodRx Care), while navigating regulatory risks and strengthening direct relationships with pharmacies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• OpenAI just signed a deal with Broadcom to deploy ten gigawatts of OpenAI designed AI accelerators targeted to start in H2 2026, and to complete by end of 2029.
• OpenAI’s AMD & Broadcom deals undermine the credibility of the NVIDIA deal. Where exactly is all the money going to come from?
• In partnering with AMD and Broadcom, OpenAI has given huge credibility to AMD as a GPU competitor and Broadcom as a custom accelerator competitor. Two big headaches for NVIDIA. Ouch!

• Their revolutionary single molecule NGS (smNGS) platform achieves what was once thought impossible – detecting and precisely quantifying genetic targets with single-molecule sensitivity.
• For the year ended December 31, 2024, they generated revenue of $152.6 million, representing 113% year-over-year growth, with a gross margin of 53% and net loss of $41.6 million.
• BillionToOne has raised nearly $400 million in equity funding prior to its IPO, complemented by debt financing, and continues to innovate within prenatal, oncology, and rare disease testing markets. 

• Evommune is a clinical-stage biotechnology company focused on developing therapies for chronic inflammatory diseases.
• Their most advanced clinical-stage product candidate, EVO756, is a potent and highly selective oral small molecule antagonist of MRGPRX2, a receptor predominantly found on mast cells and peripheral sensory neurons.
• The company is backed by many well-known sector dedicated investors including RA Capital. 

• S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8 billion.
• The transaction, announced in October 2025, marks another major step by S&P to extend its footprint beyond public markets and deepen its capabilities across private markets.
• Expected to close either later in 2025 or early 2026, the deal is subject to regulatory approvals and customary closing conditions.

• Merit Medical Systems has made headlines with its definitive agreement to acquire the C2 CryoBalloon technology from Pentax for $22 million—$19 million in upfront cash and up to $3 million in milestone-based contingent payments.
• This move, expected to close in Q4 2025, marks a strategic push by Merit into the gastrointestinal (GI) endoscopy space, targeting patients with Barrett’s esophagus and other GI disorders.
• This asset purchase follows a broader industry trend of tuck-in acquisitions aimed at boosting specialty portfolios while maintaining capital discipline.

• BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
• The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
• BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.

• Estée Lauder Companies is reportedly exploring a divestiture of its cosmetics brand Too Faced, according to a recent Axios Pro report.
• Acquired in 2016 for $1.45 billion, Too Faced was once seen as a critical pillar of Estée’s efforts to appeal to younger, trend-conscious consumers through multibrand retailers like Sephora and Ulta.
• However, performance in the color cosmetics category has lagged, especially following pandemic-related disruptions and intensifying competition from newer indie entrants.

• In a bold move to extend its footprint in the enterprise IT services space, International Business Machines Corporation (IBM) has announced a definitive agreement to acquire Dallas-based Cognitus, a niche SAP S/4HANA services provider.
• The financial terms of the deal remain undisclosed, but the strategic rationale appears clear.
• With this acquisition, IBM aims to bolster its SAP consulting capabilities, especially in complex and regulated sectors such as aerospace, energy, and manufacturing.

• Portrait Research helps identify businesses that fit specific frameworks
• Customized research reports can be generated using Portrait
• Amphenol is an industrial giant in the business of making connectors, sensors, and interconnect systems for various electronic applications

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

• Broadcom shares surged nearly 10% after the semiconductor and software giant announced a landmark deal with OpenAI to build and deploy 10 gigawatts of custom AI accelerators.
• Under this multibillion-dollar agreement, OpenAI will design the chips while Broadcom provides connectivity and Ethernet components—a strategic collaboration set to roll out from late 2026 through 2029.
• This announcement came just weeks after a broader AI spending spree by OpenAI, including contracts with Oracle, Nvidia, and AMD.

• Bloom Energy’s second quarter 2025 results highlighted both robust growth and certain areas of strategic focus.
• The call was led by CEO K.R. Sridhar, who shared that this was the most profitable second quarter in the company’s history.
• Bloom Energy is seeing increased demand driven by the shift towards AI and data center needs for reliable and rapidly deployable power solutions.

• TeraWulf has captured Wall Street’s attention with a high-stakes move to raise $3.2 billion via senior secured notes due in 2030—marking one of the largest bond deals relative to market capitalization in 2025.
• The capital will finance the rapid buildout of its Lake Mariner data center in upstate New York, which is now tied to a landmark hyperscale hosting deal with Fluidstack, underpinned by Alphabet’s Google.
• The bond offering, representing more than half of TeraWulf’s $5.7 billion market cap, comes on the heels of transformative transactions that position the company at the center of next-gen AI infrastructure.

• Global oil demand growth remains Asia-led. However, surging non-OPEC supply and swelling inventories threaten price stability, even as China’s stockpiling and resilient consumption cushion downside pressure.
• EIA, OPEC, and IEA see diverging oil market paths, with non-OECD demand strong but excess supply, high inventories, and soft gas prices signalling a market leaning toward surplus.
• While Asia powers demand growth, mounting supply from the U.S. and OPEC+, and elevated inventories weigh on prices, keeping crude markets stable yet tilted bearish into 2026.

• Honeywell (HON) will spin off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025. 
• Solstice is a leading global supplier of environmentally sustainable refrigerants, electronic materials, and specialty chemicals.
• The business has historically grown at roughly a 4% CAGR and is positioned to benefit from several long-term tailwinds — including semiconductor expansion, data center growth, industrial onshoring, and regulatory phase-downs of high-GWP refrigerants.

• Navitas Semiconductor has become one of Wall Street’s most explosive semiconductor stories of 2025, surging over 60% in just four days after announcing deeper collaboration with Nvidia on next-generation AI power infrastructure.
• Following a 21% gain on Monday and another 17% on Tuesday to $11.63, the gallium nitride (GaN) and silicon carbide (SiC) chipmaker has cemented itself as a critical player in the AI hardware supply chain.
• The company’s new power devices will enable Nvidia’s planned 800-volt data center architecture—designed to support megawatt-scale AI computing platforms with superior efficiency and scalability.

• Stellantis has announced the most significant investment in its corporate history—a $13 billion commitment to its U.S. operations aimed at expanding domestic vehicle production by 50% and launching five new models over a four-year span.
• This bold initiative, unveiled by newly appointed CEO Antonio Filosa, marks a pivotal moment for the automaker as it seeks to counter steep U.S. and European sales declines and reverse its sliding market share.
• Stellantis sold 1.3 million vehicles in the U.S. in 2024, with nearly 600,000 of them imported.

• Crude oil futures were lower Thursday as a sharp retreat in US crude runs unwound earlier gains stemming from US President Donald Trump’s claims he had persuaded India’s Prime Minister to halt purchases of Russian crude.
• Front-month Dec25 ICE Brent futures were trading at $61.18/b (2013 BST) versus Wednesday’s settle of $61.91/b, while Nov25 NYMEX WTI was at $57.60/b against a previous close of $58.27/b.
• Trump said late Wednesday that Indian PM Narendra Modi had pledged to stop buying oil from Russia, while the President said he would seek a similar commitment from China.

• Intel Corp (INTC US) will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.
• U.S. President Trump’s investment in Intel Corp (INTC US) has so far generated about a 48.5% return, which raises the question — what’s next?
• That said, we continue to believe that Intel Corp (INTC US) must demonstrate real performance improvements before claiming a full turnaround.

• Lennar (LEN) announced an exchange offer on October 10, 2025 whereby investors can exchange their LEN shares for shares of Millrose Properties (MRP), Lennar’s land bank spin-off.
• To incentivize the exchange, LEN investors will receive $106.43 of value in MRP shares for every $100 of value in LEN shares.
• I expect the exchange offer to be oversubscribed, However, there is an odd lot provision such that any L:EN shareholders with 99 shares or less (odd lot provision) will not be prorated.

• Applied Digital jumped 28% on Friday after reporting stronger-than-expected earnings and announcing a landmark lease expansion with AI hyperscaler CoreWeave.
• The rally caps off a year-to-date stock surge of 391%, positioning Applied as one of the top-performing infrastructure stocks in 2025.
• For the quarter ended August 31, the company posted an adjusted net loss of $0.03 per share, dramatically narrower than the $0.16 loss expected by Wall Street.

• Keurig Dr Pepper (KDP) has jolted the global beverage industry with a bold two-step maneuver that may reshape its corporate DNA.
• In a surprise announcement, KDP revealed plans to acquire global coffee giant JDE Peet’s for an enterprise value of $23 billion, followed by a spin-off to create two stand-alone public companies—Global Coffee Co. and Beverage Co. The all-cash acquisition is priced at a 20% premium to JDE Peet’s market price and values the target at approximately 13x 2026 EV/EBITDA pre-synergies or 10.5x post-synergies.
• KDP aims to finalize the acquisition by the first half of 2026 and pursue a tax-free spin-off of the coffee business soon thereafter.

• Polaris Inc. has announced the sale of its iconic Indian Motorcycle business to private-equity firm Carolwood LP, a move expected to reshape the powersports manufacturer’s strategic focus.
• The divestiture, expected to close in Q1 2026, will result in a $1.00 uplift to Polaris’s annualized adjusted earnings per share (EPS), according to company statements.
• Indian contributed roughly $478 million, or 7% of revenues over the trailing 12 months ending June 30, 2025.

• SPDR Gold Shares (GLD) is the largest and most liquid physically-backed gold exchange-traded fund (ETF) in the world, offering investors a convenient and cost-effective way to gain exposure to the price of gold bullion.
• The investment thesis for GLD is directly tied to the outlook for the price of gold, which is influenced by macroeconomic factors such as inflation, interest rates, geopolitical uncertainty, and central bank demand.
• While GLD provides direct exposure to gold, investors should be aware of its expense ratio, the tax treatment of collectibles for U.S. investors, and the inherent volatility of the underlying asset.

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• BELFB trades at a 25% premium to BELFA; both share classes have identical economic rights but different voting and dividend structures.
• The BELFB premium may be influenced by AI data center excitement, better liquidity, and recent credit facility amendments.
• Share class arbitrage lacks a clear catalyst and timeline; previous price gaps closed within a year or longer.

• Amazon stands as a dominant force in both e-commerce and cloud computing (AWS), positioning it uniquely to capitalize on the secular growth trends of digital retail and cloud adoption.
• The company’s strategic imperative is centered on artificial intelligence, with significant investments in proprietary technology and foundational companies like Anthropic, aiming to secure a leadership position in this transformative field and drive long-term value, particularly through AWS.
• While the growth outlook is robust, Amazon faces significant headwinds from intensifying global competition, mounting regulatory pressure in the U.S. and Europe, and execution risks associated with its ambitious, capital-intensive investments.

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• Installed Building Products has made headlines with its latest strategic move: the acquisition of Echols Glass & Mirror and Vanderkoy Bros. Announced in October 2025, these acquisitions together contribute over $16 million in annual revenue and are part of a broader 2025 initiative that has added $55 million in acquired revenue to date.
• This expansion effort comes during a time of elevated interest rates and persistent housing affordability challenges, which have slowed single-family starts across the U.S. IBP, however, remains focused on geographic expansion and end-market diversification as it positions itself to weather current headwinds.
• The company is targeting over $100 million in acquired revenue for the year and views bolt-on acquisitions as a means to expand both regional presence and complementary product offerings.

• CCC Intelligent Solutions Holdings Inc. (CCCS) is a low-growth software business from which executives are raking as much value as possible before they depart.
• Apparently understanding that there is little growth left in the core business of assessing auto-insurance claims, CCCS recently borrowed heavily to buy a tangentially related, loss-making company for around 15x revenue, or $665.6 mln net of cash acquired, then said on a call that the acquisition is “immaterial.”
• The reality is a slow-growth company whose aggressive practices in low-balling insurance assessments are straining customer relationships with their insurers.

• Rigel Pharmaceuticals is a commercial-stage biotechnology company focused on hematologic disorders, cancer, and rare immune diseases. Its lead product, TAVALISSE® (fostamatinib), is approved for chronic immune thrombocytopenia (ITP) and is driving revenue growth.
• The company is expanding its commercial portfolio with the addition of GAVRETO® and REZLIDHIA®, which are expected to contribute significantly to future revenue streams. The pipeline includes promising candidates like R289, an IRAK1/4 inhibitor, which has received Orphan Drug and Fast Track designations from the FDA.
• Rigel has demonstrated a strong growth trajectory with a significant increase in year-over-year revenue and has achieved profitability. The company’s strategy of reinvesting profits into its pipeline and strategic collaborations positions it for potential long-term value creation.

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