Daily Brief United States: Gold, USD, Vf Corp, Iridium Communications, Bitcoin Pro, Ebay Inc, Vera Bradley, Select Energy Services , Bitcoin and more

• Fund Managers Are Long Commodities Again Be careful if you’re heavily long commodities at the moment.
• The Bank of America survey usually always works as a great contra sentiment indicator.
• If fund managers are heavily long commodities – prices tend to top out.

• Strong dollar not seen as a problem for the US or the Fed, more concerning for the rest of the world
• Unlikely to see coordinated global intervention due to high hurdles and lack of exceptional circumstances
• Dollar CNY stability due to PBOC holding it down, may welcome cooling pressures on the currency from Japan and Korea verbal interventions

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

Key points

• VFC is a large apparel company with iconic brands such as The North Face and Vans
• Shares are currently undervalued following a disappointing FY23, with estimated fair value of $40/share
• Strong brands and opportunities for portfolio rationalization and margin improvement make VFC a potential growth opportunity with new management in place.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• IRDM reported first quarter results with equipment revenue providing the necessary lift to total revenue for IRDM to beat consensus estimates
• IOT subscribers continued to rise in the quarter with IRDM disclosing it has entered into a two-year agreement with a major IOT partner that provides revenue clarity for both parties.
• IRDM reported first quarter revenue of $203.9 million compared to our estimate of $197.7 million. The reason for the outperformance was due to equipment revenue

• Halving Dynamics: Bitcoin’s imminent halving reduces issuance, influencing short-term price movements amidst evolving market narratives.
• Liquidity Catalyst: Bitcoin thrives in liquidity upcycles, offering a hedge against currency debasement and driving sustained market growth. 
• Bitcoin’s Resilience: Engineered precision and apolitical nature underline Bitcoin’s strength as a censorship-resistant alternative amid global economic uncertainties.

• eBay has the potential to become a trillion-dollar AI powerhouse in e-commerce
• Offers anti-inflationary savings and eliminates fraud risks
• Seen as undervalued with high growth potential compared to Amazon

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• We are reiterating our Buy rating, $10 price target and projections for Vera Bradley after visiting stores in Connecticut and Long Island.
• As expected, with the implementation of the “New Day” program to completely shift the chain to management’s vision in July nearing, we are already seeing material changes, with an emphasis on reducing categories and clearing in-store goods aggressively to make way for a completely new look in the mainline and outlet stores.
• Further, product newness flows have been materially shifted, with minimal April newness and a material flow of product in both outlets and main line stores set for Mother’s Day.

• Select Water Solutions provides a suite of solutions to meet the full life cycle water needs of customers in nearly every major producing region in the US.
• In 2023, the Permian region contributed 48% of total revenue.
• Select’s business is segmented in three reportable segments: Water Infrastructure, Water Services, and Chemical Technologies. 

• In recent weeks, the crypto market has responded markedly negatively to geopolitical tensions before rebounding almost fully, as seen again this past weekend.
• We believe the tensions between Israel and Iran are calming down, and we anticipate the market will soon agree.
• As the market adjusts, we simultaneously expect an end to tax season effects, improving USD liquidity, while other technicalities such as the repo market will arguably likewise improve liquidity.