Daily Brief United States: FuelCell Energy , Applied Materials, Fermi, Paychex Inc, MapLight Therapeutics, Gold, Autozone Inc, Nike, Phoenix Education Partners, Soybean Active Contract and more

• FuelCell Energy, Inc. (FuelCell Energy) recently reported its financial results for the third quarter of fiscal year 2025.
• The company demonstrated significant revenue growth, reporting $46.7 million, a 97% increase compared to the previous year.
• This increase was primarily driven by strong product revenues, notably from the delivery of replacement modules to Gyeonggi Green Energy Company (GGE) in South Korea and sales to Ameresco.

• The U.S. government has introduced new export restrictions targeting the shipment of advanced chipmaking equipment to China.
• These rules, enforced by the Bureau of Industry and Security, have landed a heavy blow on Applied Materials, the world’s largest supplier of semiconductor manufacturing equipment.
• The company now anticipates a significant $710 million revenue shortfall: $110 million in Q4 2025 and an additional $600 million in 2026.

• Fermi (FRMI US) went public on 1 October with a free float of ~5% and closed at $28.60 on 3 October, resulting in a company valuation of $17bn.
• The security is expected to be added to US-R 1000 in December 2025.
• Inclusion in other US and Global indices is anticipated in 2026 following lock-up expiry that increases the free float above minimum thresholds.

• Paychex, a leading provider of human capital management solutions, has reported a strong start to its fiscal year 2026.
• The company achieved a 17% revenue increase alongside a 5% growth in adjusted diluted earnings per share in the first quarter.
• This robust performance is attributed to successful integration with its recent acquisition, Paycor, and sustained demand for Paychex’s human capital management solutions despite a challenging macroeconomic environment.

• Maplight Therapeutics set terms for its IPO and can debut on the Nasdaq as early as October 27th. 
• Maplight is offering 17.25 million shares at $17.00 with the lead underwriters on the transaction being Morgan Stanley, Jefferies, Leerink and Stifel. 
• The company’s decision to wait through the 20-day effectiveness period amid the government shutdown underscores both patience and confidence in its investor base.

• After the remarkable bull market in frozen orange juice concentrate futures (OJ) between 2022 and 2024, the market topped out during the early days of 2025.
• Since then, the market corrected 60% from its highs. But for the most part of 2025 the market is actually in a consolidation phase.
• From a chart perspective, the market offers now an interesting setup

• AutoZone is under scrutiny following a high-profile insider transaction that coincided with its fifth consecutive earnings miss.
• On September 24, Scott Murphy, AutoZone’s Vice President and Controller, exercised long-standing options to acquire 2,860 shares and immediately liquidated them in a series of transactions totaling approximately $12 million.
• This sale occurred shortly after the company reported earnings that again fell short of Wall Street expectations—primarily due to an $80 million LIFO charge that cut into profitability.

• The recent financial results for NIKE, Inc.’s first quarter of fiscal 2026 present a complex picture characterized by a mix of progress and challenges.
• The company has been implementing its “Win Now” strategy, focusing on sports and aligning its operations to better serve athletes.
• This approach has aimed to drive momentum in key areas such as running, North America, and wholesale partnerships.

• Management anticipates revenue growth of 5.6–6.1% with stronger performance in the second half, supported by high retention.
• The offering was smartly sized to balance investor demand with available float—an important consideration for a deal that could have otherwise been a challenging sell.
• They anticipate paying a cash dividend of $0.84 per year which results in a 2.6% yield if the offering prices at the midpoint of the $31-$33 range.

• China holding large soybean inventories and US soybean exports to China at zero for the 2025-26 marketing year
• President Trump late in addressing trade issues with China, leaving US farmers and exporters struggling to recapture market share
• US seeing strong exports of corn and wheat due to competitive prices, with potential exemptions for certain agri products from tariff rates in trade deals

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