In today’s briefing:
- SSI 2024 Review: Strategic Refinements, Key Investment Updates, and Performance Insights
- JPM – Exceptional Core Income Strength, ALM Is Excellent, HFD for US Banks Supports Outlook
- U.S. Rig Count Steady for the Fourth Consecutive Week
- AutoZone Inc.: A Tale Of Supply Chain Optimization and Tariff Management! – Major Drivers
- Nike’s Shocking Struggles: Will CEO Elliott Hill’s Turnaround Strategy Work?
- [US Nat Gas Options Weekly 2025/01] Henry Hub Drops Amid Volatile Weather and Demand Forecasts
- American Eagle Outfitters: Expansion of Aerie Stores & New Categories As A Key Growth Catalyst! – Major Drivers
- [US Crude Oil Options Weekly 2025/01] WTI Rises for Second Straight Week on Improved Demand Outlook
- BBW: 2025 Signposts: Drivers Apparent; Reiterate Buy Rating, $58 Price Target
- BCLI: Plans Coming Together for Phase 3b Trial of NurOwn in ALS
SSI 2024 Review: Strategic Refinements, Key Investment Updates, and Performance Insights
- SSI’s 2024 Tracking Portfolio saw a 1% loss, prompting a refined categorization of investment ideas for 2025.
- Kronos Bio terminated its Genentech partnership, impacting NAV estimates and suggesting potential sale or reverse merger.
- Pacific Current Group announced a buyback proxy, with shareholder meeting set for January 30, impacting NAV estimates.
JPM – Exceptional Core Income Strength, ALM Is Excellent, HFD for US Banks Supports Outlook
- There are few large US banks where quarterly net interest income is more than 1.6x higher now on average than in late FY19 and early FY20
- JPM demonstrates some of the best asset-liability management (ALM) of any major bank in the US
- Other risks and parts of the business appear to be very well managed too, including credit risk and operating costs
U.S. Rig Count Steady for the Fourth Consecutive Week
- The U.S. oil and gas rig count remained unchanged for the fourth straight week at 589 for the week ending on 03/Jan.
- For the week ending 27/Dec, U.S. oil production moderately fell to 13.57m bpd from 13.59m bpd the week prior.
- The U.S. oil rig count declined by one to 482, while active gas rigs increased by one to 103. Producers added one rig in Texas and cut one in Louisiana.
AutoZone Inc.: A Tale Of Supply Chain Optimization and Tariff Management! – Major Drivers
- AutoZone’s first quarter results for 2025 present a mixed bag of outcomes shaped by challenging economic conditions and strategic focus on growth initiatives, both domestically and internationally.
- The overall sales for the quarter grew by 2.1% year-over-year, reaching $4.3 billion, with a marginal improvement in overall same-store sales, up by 1.8%.
- Within the U.S., the company experienced subdued growth in domestic same-store sales at 0.3% and a 3.2% rise in commercial sales.
Nike’s Shocking Struggles: Will CEO Elliott Hill’s Turnaround Strategy Work?
- Nike Inc. is at a pivotal moment as new CEO Elliott Hill endeavors to reverse a persistent sales slump and restore the company’s dominance in the highly competitive sportswear market.
- Hill, who returned to Nike after a three-decade career with the company, has pledged to refocus on sports-centric innovation and strengthen the brand’s core offerings.
- However, his task is compounded by significant missteps from his predecessor, John Donahoe, and mounting competitive threats that threaten Nike’s market position.
[US Nat Gas Options Weekly 2025/01] Henry Hub Drops Amid Volatile Weather and Demand Forecasts
- U.S. natural gas prices dipped 0.9% for the week ending 03/Jan, as robust early-week gains were eroded by volatile weather forecasts.
- Henry Hub Put/Call volume ratio jumped to 1.37 from 1.05 (27/Dec) the previous week as call volumes increased by 86.4% WoW, while put volumes surged by 141.6%.
- Henry Hub OI PCR rose to 0.87 from 0.85 compared to last week. Call OI inched up by 4.9% WoW, while put OI increased by 8.5%.
American Eagle Outfitters: Expansion of Aerie Stores & New Categories As A Key Growth Catalyst! – Major Drivers
- American Eagle Outfitters reported a positive performance for the third quarter of 2024, continuing the momentum seen in the earlier part of the year.
- The company’s focus on its “Powering Profitable Growth” strategy seems to be paying dividends, as evidenced by a 3% growth in comparable sales for the quarter.
- This continued momentum across both brands and various sales channels reflects a strong brand positioning among its target demographics.
[US Crude Oil Options Weekly 2025/01] WTI Rises for Second Straight Week on Improved Demand Outlook
- WTI futures rose 4.8% for the week ending 03/Jan, led by improving outlook on China and declining U.S. crude oil stockpiles.
- WTI options Put/Call volume ratio rose to 1.03 from 0.97 (27/Dec) last week, as call volume grew by 57.9% WoW while put volume increased by 68.1%.
- WTI OI PCR rose to 0.93 from 0.89 last week. Call OI inched up by 4.1% WoW, while put OI rose by 8.9%.
BBW: 2025 Signposts: Drivers Apparent; Reiterate Buy Rating, $58 Price Target
- We are reiterating our Buy rating, $58 price target and projections for Build-A-Bear Workshop as we look ahead to 2025.
- After a series of records in 2024, driven by continued product innovation, third party/international franchisee store expansion, subtle shifts in the owned store base and further operating improvements, we believe Build-A-Bear is poised to drive even higher overall returns (already among the best in specialty retailing) and remain among the key leaders in experiential retailing; even after reaching all-time highs in 2024, we believe BBW, trading at 11.2 our FY25 EPS, remains undervalued, and we reiterate our Buy rating and $58 price target.
BCLI: Plans Coming Together for Phase 3b Trial of NurOwn in ALS
- On December 30, 2024, BrainStorm Cell Therapeutics, Inc. (BCLI) held a conference call to provide a corporate update.
- The company remains on track to conduct a Phase 3b trial of NurOwn in patients with amyotrophic lateral sclerosis (ALS) to support a potential Biologics License Application (BLA) filing.
- During 2024, BrainStorm reached agreement with the FDA on a Special Protocol Assessment (SPA) and the CMC aspects of the upcoming trial, which significantly de-risks the regulatory aspects of the program.
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