Daily Brief United States: Lumexa Imaging Holdings, Fair Isaac Corp, DoubleVerify, APA , Intel Corp, Alphabet , Wealthfront Corporation, Comstock , Hydrofarm Holdings Group Inc, IDEXX Laboratories and more

• Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.
• As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.
• Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.

• Fair Isaac Corporation (FICO) presented an earnings report for the fourth quarter of 2025 that highlights both the strengths and challenges facing the company.
• Revenues for the quarter reached $516 million, a 14% increase compared to the previous year, and for the full fiscal year, revenues totaled $1.991 billion, up 16% year-over-year.
• In their software segment, revenues were $204 million, with a mixed outlook.

• Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.
• Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.
• Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.

• APA Corporation’s third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment.
• They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs.
• In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies.

• Apple (AAPL US) may outsource iPad CPU production to Intel in 2027.
• U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. 
• The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.

• Alphabet maintains a dominant position in the digital advertising market through its Google Search and YouTube platforms, which continue to be the primary revenue and profit drivers for the company.
• Strategic investments in Google Cloud and Artificial Intelligence (notably the Gemini models) are positioned as the next major growth engines, aiming to diversify revenue streams and compete with other technology giants.
• The company faces significant and growing regulatory scrutiny globally, particularly concerning antitrust issues in its advertising and search businesses, which poses a material risk to its operations and future growth.

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• Wealthfront targets digital-native high earners, with 1.3 million funded clients and $88.2 billion in platform assets, driving strong client retention and organic growth.
• The IPO offers 34.6 million shares at $12–$14, raising $255.2 million, with proceeds supporting working capital, debt repayment, and potential acquisitions.
• The company demonstrates robust financial performance: 26% year-over-year revenue growth, 36% net income margins, and a proven product-led growth strategy supported by strong client engagement.

• Top line and margins come in weaker than expected. 
• Hydrofarm reported 3Q25 results that included net sales of $29.4MM, down 33.3% Y/Y, driven primarily by a 32% decline in volume/mix and (1%) Y/Y price change.
• Adjusted gross margin of 18.8% declined sequentially and was down meaningfully versus 24.3% in 3Q24 as lower manufacturing production volumes compressed margins, despite a positive mix and largely stable prices. 

• Here’s your monthly look at the analysts’ investment ideas – and how they’ve done so far. Plus, the plays that Russell, Theodora, Reda, and Stéphane are watching now.
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• Our investing ideas have delivered an average absolute annualized return of 46%, outperforming their benchmarks by 22%, with a “hit rate” of 84%.