Daily Brief United States: Light & Wonder , NVIDIA Corp, Sotherly Hotels , Meta, Crude Oil, Figma, Bloom Energy Corp, Chemed Corp, Kimberly Clark, Chevron Corp and more

• In August, Light & Wonder (LNW AU) / Light & Wonder (LNW US) announced that the company would give up its US listing and move to an ASX Primary Listing.
• The NASDAQ delisting has been confirmed (as expected) for 12 November. October saw significant CDI conversions. More have come in the last few days. 
• This creates a significant, and interesting set of index events to track. 

• In the past several days, one of the biggest news splash in the global financial markets has been Michael Burry taking huge bearish positions on Palantir and NVIDIA.
• Prices of Palantir and Nvidia are down 6.3% and 3.6%, respectively from 31 October to 6 November. Nikkei and KOSPI are down 2.9% and 2%, respectively in the same period.
• The risks surrounding CIRCULAR DEALMAKING involving OpenAI have become even more significant.  Amid these uncertainties, Michael Burry is taking action with his uber bearish positions on Nvidia and Palantir. 

• Sotherly Hotels is being acquired by Kemmons Wilson Hospitality Partners and Ascendant Capital Partners, with common shares priced at $2.25 each.
• Preferred shares SOHOB, SOHOO, and SOHON have a 12-14% spread to offer price, with conversion options post-merger.
• The merger isn’t subject to financing conditions, with funding commitments from Apollo and Ascendant-affiliated entities.

• CoStar’s revenue grew 20% year over year, with strong growth in residential segments such as Apartments.com and Homes.com
• Elevated sales and marketing expenses account for 50% of revenue, raising questions about sustainable growth and margin levels
• Management is optimistic about gaining momentum and investing in two-sided marketplace platform for future success, but concerns remain about long-term profitability and valuation metrics.

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• The WTI Crude futures market currently trades with persistent and significant opposing market forces actively holding the price within a defined trading range.
• Long-Term supply/demand bearishness and a strong geopolitical risk premium create a price floor, which could be further supported by recent decisions by OPEC+
• This structural back-and-forth in price action creates a window to execute a strategic options trade monetizing implied volatility levels.

• Figma Inc. reported a strong quarter pushing shares up over 5% after-hours as billings growth saw a significant acceleration and management raised guidance for FY25.
• Revenue increased 38% YoY and growth of paid customers with ˃$100K in ARR accelerated to 44% YoY due to the adoption of new Figma products.
• I think the stock could find a bottom above $40/shr. as valuation fell closer to Adobe’s ~$20B bid. Figma is one of the fastest growing SaaS companies with best-in-class metrics.

• Bloom Energy’s recent quarterly earnings call highlighted both strong achievements and ongoing challenges.
• The company reported its fourth consecutive quarter of record revenue, driven largely by significant demand for its on-site power generation solutions, particularly in AI and data center markets.
• Bloom Energy has positioned itself as a key player in this industry by leveraging its innovative fuel cell technology.

• Chemed Corporation’s third quarter results for 2025 indicate a mixed performance for its two main operating units, VITAS Healthcare and Roto-Rooter.
• The quarter’s outcomes largely aligned with management’s expectations, highlighting both strengths and challenges within the company.
• At VITAS, the hospice care segment, net revenue reached $407.7 million, a year-over-year increase of 4.2%.

• Kimberly-Clark, a prominent name in the consumer goods sector, delivered a robust performance in its latest earnings report for the second quarter of 2025.
• The company demonstrated strong momentum, particularly in the area of organic sales growth, bolstered by the most significant volume quarter it has experienced in five years.
• A core driver of this growth was Kimberly-Clark’s ability to gain market share across several key categories in its largest markets, with notable success in China and broader global applications of their strategic playbook.

• Chevron demonstrated strong operational momentum in Q3 2025, with record worldwide production of over 4 million barrels of oil equivalent per day with upside from the Hess integration.
• The stock is trading at a premium valuation with a challenging but achievable growth path in terms of annual growth rates and revenues.
• Given the current valuation and financial outlook, the upcoming Investor Day on November 12, 2025, presents a short-term window to potentially put on a single stock options strategy.