Daily Brief United States: Intel Corp, Gold, Comcast Corp Class A, Westinghouse Electric Company, Dollar Index, Crude Oil, Honeywell International, Euronet Worldwide, CoreWeave and more

• 3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.
• Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.
• The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.

• Our strategy approach is to filter various information sources and apply our clear investment process on top of it.
• There are two reasons for us to enter a trade: …our quant system tells us to do so …or we make a discretionary manager decision based on market fundamentals that the quant system will only grasp with a time-lag
• While not only moving sideways, the oil complex is currently drastically underperforming other parts of the commodity complex.

• Comcast’s planned spin-off of Versant Media creates two sharper investment profiles – broadband and infrastructure (Comcast ex-Versant) versus content and networks (Versant) – enabling clearer strategic focus and capital discipline.
• Post-Spin, Comcast retains $117B revenue and 30% margins, while Versant will have $7B media portfolio with 40% EBITDA margins.
• Our sum-of-the-parts (SOTP) valuation assigns 6.0× to Comcast and 8.4× to Versant, implying combined equity value of $146.5B, or $39 per share.

• Westinghouse Air Brake Technologies Corporation (Wabtec) reported strong financial results for the third quarter of 2025, showcasing significant growth in various operational metrics and continued strategic progress.
• The company’s performance was characterized by an 8% increase in sales compared to the previous year, reaching $2.9 billion.
• Both the Freight and Transit segments contributed to this growth, bolstered by the acquisition of Inspection Technologies at the beginning of the quarter.

• Verizon Business offers a new My biz plan with customizable mobile options starting at $25 per line
• Odd Thoughts podcast discusses big market stories, including the fall of the dollar, rise in gold prices, and enthusiasm for AI in the stock market
• Hyun Sung Shin of the Bank for International Settlements discusses the unusual market trends of the year and their implications.

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• Crude prices were mixed Friday, but consolidated the sharp rally driven by new US sanctions on Russia’s top oil producers, as both benchmarks headed for their biggest weekly gain since June.
• Front-month December ICE Brent was up to $66.01/b at 2011 BST, while December NYMEX WTI dipped slightly to $61.58/b , after jumping more than 5% on Thursday.
• The pullback followed Washington’s sanctions on Rosneft and Lukoil, which together account for roughly half of Russia’s crude output and exports.

• Honeywell will complete the tax-free spin-off of its Advanced Materials division as Solstice Advanced Materials Inc. (Nasdaq: SOLS) on October 30, 2025.
• We value HON(ex-SOLS) at $228/share on a SOTP basis. We value Solstice at $60/share based on 10.9× FY2026E EBITDA of $1.0B, implying ~31% upside to the when-issued price of $45.75
• SOLS has greater upside potential at current levels. Given its smaller market capitalization, index rebalancing flows post-listing could trigger near-term technical selling pressure, which may provide even better entry point.

During this episode of SSOI podcast, I spoke with Colin King of Circle City Capital. Colin runs Value Don’t Lie where he shares his highest conviction ideas. In this episode, Colin and I discuss NCR Atleos Corporation (NATL), Aumovio SE (AMVO), and Solstice (SOLS).

• Global monetary shifts and diversification from the U.S. dollar are creating a favorable environment for gold, supported by central bank activity and strong physical demand.
• The market is showing signs of declining volatility after a recent price drop, suggesting an opportune moment for strategic options trading.
• Careful consideration of resistance levels and downside risks is key to optimizing this particular market strategy.

• CoreWeave priced a downsized IPO — 37.5 million shares at $40.00 — well below the marketed $47–$55 range.
• He debut was muted (opened at ~$39 and closed at the $40 IPO price), but the stock ripped higher in the weeks that followed and peaked at $187 in June.
• By late October CoreWeave ranked among the top performing 2025 IPOs, sitting behind Circle Internet Group and Karman Holdings in aftermarket returns.