Daily Briefs

• Geopolitical risks are resurfacing in grain and oilseed markets
• Weather-related risks are impacting agricultural markets, particularly in the US and South America
• US grain export demand is strong, but dry conditions may lower yield potential and delay planting in South America, causing prices to rise

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• Intel Corporation, once the unchallenged leader in the semiconductor space, has recently found itself in a precarious position.
• With its stock prices plummeting and revenues falling, Intel is struggling to regain its footing in a market dominated by foreign giants like TSMC and Samsung.
• The U.S. government, through multiple initiatives and significant financial commitments, has stepped in to rescue the beleaguered company, seeing it as crucial to both national security and economic competitiveness.

• Innovation trends and patent filings within the food industry saw significant upswing over the year in the areas of natural ingredients and methods to manufacture vegan proteins.
• Ingredion Ingredion Inc (INGR US) has a leadership position in  the fast growing Clean Label, Sugar Reduction and Plant-Based Protein Technologies
• On a relative basis the stock despite better profitability metrics trades at a discount to the country-sector median and on an absolute basis at about 20% discount to FV.

• US natural gas prices inched by 1.3% for the week ending 13/Sep, as the uptrend moderated following the impact of Hurricane Francine. Production cuts lifted prices last week.   
• Henry Hub Put/Call volume ratio rose to 1.45 (13/Sep) from 1.19 the previous week as put volumes rose by 45.4% WoW, while call volumes grew by 19.2%.
• Put volume and OI surged for contracts expiring on 25/Sep, Oct, and Nov. Call OI rose for expiries on Dec, Jan, Feb, and Mar.

• US oil and gas rig count rose by eight to 590 for the week ending 13/Sep, the first increase in five weeks and the largest weekly gain in a year.
• US oil rig count increased by five to 488 after staying flat for three straight weeks. Gas rigs rose by three to 97, marking its first increase in four weeks.
• For the week ending 13/Sep, US energy producers added three rigs each in Louisiana, Oklahoma, and Wyoming. Conversely, they cut two rigs each in California and Pennsylvania.

• We are initiating coverage of Cadrenal Therapeutics, Inc. (CVKD) with a valuation of $30.00.
• Cadrenal is a clinical stage biopharmaceutical company developing tecarfarin, a novel oral and reversible anticoagulant intended to prevent deaths due to blood clots in patients with rare cardiovascular conditions, including those with left ventricular assist devices (LVADs), end-stage kidney disease (ESKD) with atrial fibrillation (AFib), and mechanical heart valves with difficult to control time in therapeutic range (TTR).
• The company will be meeting with the FDA to discuss the design of a Phase 3 clinical trial of tecarfarin in patients with LVADs. Cadrenal has also been in discussion with Abbott, the maker of the only LVAD for sale in the U.S., regarding the Phase 3 trial, which we anticipate initiating in the first half of 2025.

• Singular Genomics Systems, Inc. stands at an interesting crossroads with the recent acquisition interest shown by Deerfield Management.
• Known for its innovative approach in genomics, specifically its G4® Sequencing Platform and the upcoming G4X™ Spatial Sequencer, Singular Genomics has garnered attention in the competitive genomics space.
• Despite its modest financial performance, with only $0.7 million in Q2 revenue and a negative gross profit, its cutting-edge technology and increasing customer interest make it a potentially valuable asset.

• 23andMe, the renowned genetic testing and health data company, has recently garnered significant attention with its co-founder and CEO, Anne Wojcicki, expressing openness to considering third-party acquisition offers.
• This comes on the heels of her ongoing efforts to take the company private, despite the board’s rejection of her initial proposal.
• With a combination of promising proprietary assets and a shaky financial trajectory, 23andMe finds itself at a crossroads.

• WTI futures gained 1.45% for the week ending 13/Sep, as Hurricane Francine offset demand concerns. The smaller-than-expected build in US crude inventories aided in the rebound.
• WTI options Put/Call volume ratio increased to 1.30 (13/Sep) from 1.17 the week prior as call volume fell 36.6% WoW while put volume fell by 29.9%.
• WTI OI PCR dipped to 0.76 for the week ending 13/Sep from 0.78 on 06/Sep. Call OI rose 7.6% WoW and put OI picked up by 4.7%.

• Squarespace, a leading platform in website design and digital services, has attracted attention from private equity firm Permira with a revised buyout bid of $46.50 per share, valuing the deal at $7.2 billion.
• While this offer comes after concerns from proxy advisory firm ISS that the initial sale process undervalued the company, Permira’s renewed interest signals a strong belief in Squarespace’s long-term growth potential.
• Squarespace presents an attractive opportunity given its strong financial performance, with a 19% year-over-year revenue increase and a growing base of over 4.9 million subscriptions.