United States

• Regardless of the circumstances, Intel Corp (INTC US) must select a new CEO and hope that a new strategy will turn the situation around.  
• A possible decision to spin off Altera could signal the possibility of Intel further breaking into several parts.
• For the near term, Intel must overcome financial and management challenges, and laying off 1/10 of its workforce is a short-term and necessary step.  

• Realize Volatility is a cause, not an effect, and can lead to inaction
• Options on iBit, the Bitcoin ETF, are becoming a critical industry risk management tool
• IBIT options have seen stunning volumes and substantial open interest, leading to price discovery and a growing liquidity ecosystem

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• Honeywell International has recently become the center of investor attention following mounting pressure from activist investor Elliott Investment Management.
• With a massive $5 billion stake, Elliott has called for the separation of Honeywell’s aerospace business, pushing the industrial giant toward a portfolio realignment.
• Honeywell’s board announced that it is actively considering a potential aerospace spin-off, signaling a possible strategic transformation.

• Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial intelligence (AI).
• As AI reshapes industries, Microsoft has found itself playing catch-up against Google, Amazon, and Meta, all of whom have already developed custom AI chips.
• By investing heavily in Nvidia’s cutting-edge Hopper GPUs, Microsoft has managed to build out a formidable AI infrastructure but at a significant cost.

• I have mentioned this before, and I am happy to emphasize it once again: the supply of block space far exceeds demand.
• There is simply not enough activity, use cases, or applications to fill the available block space across all smart contract-capable blockchains.
• This imbalance is why I firmly believe that adoption and network activity are the most critical factors for any blockchain seeking to compete with Ethereum, Solana, or the few other networks that have gained significant traction.

• Unum Group has reported its third-quarter 2024 financial performance, accentuating a strong overall operational landscape with both prospects and challenges.
• On the positive side, adjusted earnings per share (EPS) were reported at $2.13, contributing to over $1 billion in statutory earnings year-to-date.
• This performance aligns with Unum Group’s objective of achieving EPS growth of 10% to 15% for the full year, surpassing initial estimates.

• Bitcoin, Ethereum, and Solana are all incorporating ZK technology in different ways for various purposes.
• Muhammad discusses the development of FHE and its application in creating private ERC20 tokens for enhanced privacy and security.
• Each ecosystem (Bitcoin, Ethereum, Solana) is using ZK technology differently to address specific challenges and enhance functionality for users.

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• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• On December 18, 2024, MetaVia announced positive topline results from the Phase 2a clinical trial of DA-1241 in patients with presumed metabolic dysfunction-associated steatohepatitis (MASH).
• The results showed a statistically significant decrease in alanine aminotransferase (ALT) levels, the trials primary outcome, for DA-1241 100 mg at weeks 4 and 8 and statistically significant results were also seen in controlled attenuation parameter (CAP) and hemoglobin A1c.
• DA-1241 was well tolerated with only 35% of patients on the 100 mg dose reporting a treatment related adverse event (TEAE) compared to 28% on placebo.

• Investors pushed up EEX due to bullish trading recommendations by Nomura
• Nomura may have miscalculated net buying needed, leading to stock correction
• Correction in EEX is now seen as overdone, presenting undervalued opportunity for short-term trades and long-term investments

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Ryan Specialty Holdings reported a solid performance in its third quarter of 2024, with key financial metrics indicating overall positive momentum despite certain market challenges.
• The company achieved a 20.5% increase in total revenue, driven by a combination of 11.8% organic revenue growth and contributions from mergers and acquisitions.
• The quarter’s adjusted EBITDAC rose by 29.4% to $190 million, with margins expanding by 220 basis points to 31.5%.

• Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability challenges.
• Revenue rose by 33%, reaching $180.9 million, driven by growth in the Genomics and Data and Services segments.
• Notably, the Genomics unit growth accelerated to 23.9%, which shows a significant uptick from the previous quarter.

• Broadcom Inc.’s financial results for the fourth quarter and fiscal year 2024 reveal a year marked by significant growth driven by strategic acquisitions and advancements in AI technologies.
• The company’s consolidated revenue for the fiscal year reached $51.6 billion, showcasing a 44% year-over-year increase.
• This growth was bolstered not only by strong organic growth of over 9% but also by the strategic acquisition and integration of VMware, which contributed notably to Broadcom’s financial achievements.

• $240K Target: Bitcoin is projected to reach $240K by late Q3–Q4 2025, driven by global liquidity, the halving, and institutional demand via spot ETFs.
• Liquidity Drivers: Bitcoin’s bull run will be fueled by U.S. fiscal easing, China’s liquidity injections, spot ETF demand, and the upcoming 2024 halving event.
• Strategic Timing: Historical patterns suggest Bitcoin will peak in late Q3–Q4 2025, driven by synchronized global liquidity expansion and institutional adoption.

• Nicola Tangen and Adena Friedman discuss the importance of integrity, transparency, and trust in the financial system
• Nasdaq’s vision is to be the trusted fabric for the world’s financial system, focusing on technology and partnerships
• Adena shares her leadership journey, emphasizing the importance of empowerment, curiosity, and kindness in leadership. She also highlights the lessons learned from Korean kickboxing, pottery, and pickleball in relaxation and personal growth.

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• ServiceTitan (TTAN US) is ineligible for the one Global Index for the next 12 months due to undisclosed shareholdings which remain locked for one year following the IPO.
• ServiceTitan (TTAN US) is ineligible for the next 6 months for the US and the other Global Index because it fails public voting rights.
• ServiceTitan’s earliest addition is forecasted for September 2025 in the one Global Index following the IPO lock-up expiry unless there is a material conversion of unlisted shares.

• Investors are disappointed with Citigroup’s lackluster profitability compared to other large US banks, leading to a low valuation of 0.65x TBV
• Potential for improvement as the company has excess capital and may be able to increase profitability to reach a 10% ROTE in the next two years
• Predictions suggest that if Citigroup reaches its targets, there could be a significant increase in share value, with TBV/share reaching $100 and EPS of $10 by 2026, presenting a compelling investment opportunity for those willing to take a risk on the bank’s future performance.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The Nasdaq-100 Index (NDX INDEX) dropped 3.6% following the FED’s communication of fewer than previously expected rate cuts in 2025. Quantitative analysis suggests that the Index is oversold.
• Implied volatility spikes up from low levels to above median levels. The Skew steepens considerably as traders brace for more downside.
• Risk Reversals are attractively priced right now in historic comparison. Parameters of a zero-cost risk reversal strategy are presented as an example.

• Investing in Sonos (SONO) is viewed as a potential opportunity for strong returns in the next few years, despite the company facing challenges.
• The company’s current situation is likened to Chipotle during its E. coli incident, where long-term investors saw significant gains.
• While not a traditional value investment, investing in Sonos at a lower price is considered an intriguing opportunity, and research on the company is recommended before making a decision.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• For the week ending 13/Dec, US crude inventories fell by 0.9m barrels, missing forecasts. Gasoline stocks rose more than anticipated, while distillate inventories declined more than expected.
• US natural gas inventories fell by 125 Bcf for the week ending 13/Dec, beating analyst expectations of a 123 Bcf drawdown. Inventories are 3.8% above the 5-year seasonal average.
• Major analysts lowered their 12-month PTs on Exxon, SLB, Halliburton, and Occidental. Also, Barclays downgraded its rating on Halliburton to Equalweight from Overweight.

• Sealed Air is undervalued and poised for a turnaround, with a price target of $49 per share
• The Protective segment has been underperforming due to ties to the PC market and economic indicators
• Sum-of-parts valuation method used, with different multiples applied to Protective and Food segments, indicating significant upside potential

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Synopsys reported a strong performance for its fourth quarter and fiscal year 2024, achieving record revenue and earnings.
• The company crossed the $6 billion revenue mark, with a 15% year over-year increase, driven by its strategic focus on high-growth segments like AI, silicon proliferation, and software-defined systems.
• Synopsys has expanded its bottom line significantly, with EPS growing at a 24% CAGR over the past five years.

• The Nasdaq 100 Index (NDX) selling lead the index straight into OVERSOLD territory on December 18th.
• The sell off is overdone, our DAILY NDX model suggests a high probability LONG trade for Thursday.
• High volatility may affect trades, triggering stops and making it difficult to hold without taking the risk of big losses, Vertical Spreads (Bull PUTs) are a better instrument choice.

• GM announced it will no longer continue to fund its loss making Cruise subsidiary, effectively ending its RoboTaxi ambition. Market reaction? Nothing.
• Microsoft has already announced it will write off its $800 million investment made back in 2021 when Cruise was valued at $30 billion
• Root cause? The tsunami that was triggered by Cruise’s botched response to an accident in October 2023. 

• Oracle Corporation’s recent earnings for the second quarter of fiscal year 2025 highlighted a strong performance driven by significant growth in their cloud services segment.
• Total revenue reached $14.1 billion, reflecting a 9% increase from the previous year, while non-GAAP earnings per share were reported at $1.47, marking a 10% growth year-over-year.
• Such results slightly surpassed expectations, given the challenging currency fluctuations owing to a strengthening U.S. dollar.

• Bank OZK (OZK US) has more CRE loans to total loans of any US bank at 72% in 3Q24
• Risks of CRE loans are real now and historically, they have high loss rates, in bad times
• The bank is seeing a surge in NPAs , but its credit costs are lagging – make up in 4Q24?

• C3.ai reported its second-quarter fiscal year 2025 results, reflecting a continuation of strong performance with several noteworthy highlights and challenges.
• The company posted total revenue of $94.3 million, representing a 29% year-over-year increase, which exceeded the high end of their revenue guidance.
• Notably, subscription revenue rose by 22% to $81.2 million, making up 86% of total revenue, while professional services revenue was $13.2 million.

• Adobe’s recent earnings release reflects a period of consistent growth and innovation, demonstrating both strengths and challenges.
• For the fiscal year 2024, Adobe achieved record revenue of $21.51 billion, marking an 11% year-over-year increase.
• This growth was fueled by robust performance across its business segments, most notably within its Digital Media and Digital Experience divisions.

• IMMR reported fiscal Q2 (October) after having changed its fiscal year end to April. IMMR changed its fiscal year end after the purchase of approximately 11 million shares of BNED.  
• The quarter was continuation of IMMR reporting increased revenue from fixed rate royalties while per unit royalties declined slightly from the prior year.   
• IMMR reported revenue of $14.1 million compared to our estimate of $10.1 million. We were not expecting a large bump in fixed royalties like IMMR reported in the quarter.  

• We are reiterating our Buy rating, $23 price target and projections for Guess?
• after visiting stores in the Metro New York City and Long Island.
• As we near the heart of Holiday party and event season, Guess?

• The third quarter 2024 earnings results for Macy’s, Inc. present a mixed picture of the company’s financial health and operational strategy.
• On the positive side, Macy’s showed resilience with sales of $4.7 billion, reflecting a decline of only 2.4% from the previous year, aligned with the company’s expectations.
• Notably, the performance of Macy’s First 50 locations exhibited a 1.9% increase in comparable sales, marking three consecutive quarters of growth.

• Bitcoin has reached a new all-time high, surpassing $107,000 and steadily moving toward $110,000, as we predicted in Crypto Moves #55.
• That note remains highly relevant.
• Among the three most notable developments of the past week, MicroStrategy has been “QQQ’d.” Find out what that entails below, along with the other two standout pieces of news and the key charts shaping the market as we head into one of the last weeks of 2024.

• Our outlook remains bullish and we see the market in the midst of a significant end-of-year rally that we have been expecting since mid-October.
• We continue to expect support at 20-day MAs on $SPX and Nasdaq 100 (QQQ), while support at current levels or the 50-day MA is likely on the Russell 2000 (IWM).
• Market dynamics continue to improve, giving us confidence that this bull run is likely to go at least another month into mid-January, and quite likely beyond.

• ATNI, a telecom company, has been overlooked due to industry setbacks
• Company’s businesses are healthy and poised for growth in revenue and EBITDA in 2025 and beyond
• Expected free cash flow inflection point could lead to increased dividends, stock repurchases, and debt reduction, potentially doubling stock value in two years based on projected 2026 estimates

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Astronics Corporation is an aerospace components manufacturer specializing in electrical power systems, seat motion systems, and automated test systems.
• The company presents a low-risk investment opportunity at 6x normalized EBITDA, despite challenges in the commercial aerospace sector.
• With a focus on Aerospace and Test Systems products, Astronics remains an attractive investment option in the aerospace and defense industry.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Mission Produce Produce buys, ages, packages, and distributes avocados through facilities in the US, Canada, Mexico, and the UK with around 1,000 suppliers
• Majority of avocado volume sourced from Mexico, California, and Peru, with top 10 customers accounting for 60% of sales
• Company considered low-quality, volatile business with minimal cash flow generation and projected lower earnings in F2025, overpriced based on normalized earnings estimates

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• US natural gas prices rose 6.6% for the week ending 13/Dec, driven by rising LNG exports, despite downward pressure from milder winter forecasts.
• Henry Hub Put/Call volume ratio rose to 1.10 from 1.06 (06/Dec) the previous week as put volumes rose by 21.5% WoW, while call volumes increased by 16.5%. 
• Henry Hub OI PCR fell to 0.83 from 0.84 compared to last week. Call OI rose by 5.4% WoW, while put OI increased by 4.8%.

• Burnham Holdings, Inc. stock has appreciated by 39% in the past five years with a 9.4% annual dividend yield
• The company is considered significantly undervalued with strong business performance and new product development in the electric heating market
• With a low price-to-earnings ratio of 6.2, a recent dividend increase, and a current 7.1% dividend yield, BURCA is an attractive and safe investment choice in a low-yield environment

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Historic Coffee Price Rally During the week Coffee Futures hit a new all-time high.
• Supply concerns continue to fuel the rally in a strongly backwardated futures market.
• The drought that El Niño weather brought over to Brazil over the last summer continue to be persistent.

• Crude Oil (CL1) has been steadily downtrending since June 2022. More recently (from the start of October) a flat bottom started to form, with attempts to rise higher.
• The front-month future (Feb25) is range bound at the moment, between 71 (top) and 66 (bottom).
• Our models see a strong barrier at 73, and a decent support at 67 for the next 2 weeks, check the insight to get all the details.

• We are reiterating our Buy rating, $58 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.
• We believe momentum has remained on the rise at Build-A-Bear stores, with continued strong sales of key Holiday driven characters (from Glisten to Sanrio, Stitch and Holiday costumes), new TikTok driven crazes (Sugar Cookie Capybara), compelling new characters (Bluey and Bingo) and movie driven properties, including a new “furry friend” for the upcoming Sonic 3 movie launch.
• As such, and with gift cards sure to drive full price post-Xmas selling, we reiterate our Buy rating and $58 price target for BBW.

• Constituent changes to the S&P 500 INDEX and capping changes will result in a round-trip trade of US$17.7bn across the Select Sector indices and the S&P500 Equal Weight Index.
• There is over US$500m to trade in Broadcom (AVGO US), Tesla (TSLA US), Apollo Global Management (APO US), Amazon.com Inc (AMZN US) and Workday Inc Class A (WDAY US). 
• Broadcom (AVGO US) swings from a small net buy to a large net sell following the rally in the stock last week.

• Infrastructure is crucial for the transition to a low carbon economy and the advancement of the economy, requiring urgent repairs to aging infrastructure such as roads, bridges, and airports.
• Private capital plays a key role in investing in infrastructure assets, with a focus on operational improvements and creating value for investors.
• The growing demand for investment in infrastructure, especially in the areas of AI and data centers, presents significant opportunities for private sector funding and operational enhancements.

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• Alphabet (NASDAQ: GOOGL) has been consistently undervalued in the market despite strong revenue and earnings growth
• The company’s average forward P/E multiple over the past 15+ years has been just 21.7x, even though it has consistently outperformed the S&P 500
• Currently trading at a discounted valuation of around 17x 2025E EPS, Alphabet has been mispriced for most of its 20-year history

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• In this insight, we provide a list of 70 prominent companies in the USA, Europe, and the Middle East that could complete their IPOs in 2025.
• This is a comprehensive, REFERENCE GUIDE to help clients so that they could get a broad view of the major IPOs that could get completed in these regions in 2025.
• Some of the most prominent potential IPOs in these regions next year include Starlink, SpaceX, Stripe, Open AI, Klarna, Five Holdings, Monzo, and Ethiad Airways.

• UiPath reported its financial results for the third quarter of fiscal 2025, surpassing its guidance on all crucial financial metrics.
• The company concluded the quarter with an Annual Recurring Revenue (ARR) of $1.607 billion, marking a 17% increase driven by a net new ARR of $56 million.
• Quarterly revenue reached $355 million, and the company achieved a non-GAAP operating income of $50 million.

• The US oil and gas rig count remained unchanged at 589 for the week ending on 13/Dec, after rising by seven the previous week.
• For the week ending 06/Dec, US oil production rose to a new high of 13.63m bpd from 13.50m bpd the week prior.
• The number of active US oil rigs was steady at 482, while the US gas rig count rose by one to 103.

• Coinbase has managed to weather the crypto winter well by reporting net profits consecutively for 4 quarters.
• Its share price has shot up recently as the whole crypto market became exuberant, thanks to Trump’s re-election, but still below the IPO debut price of $381.
• Our thesis remains the same as when the stock was trading as low as ~$68 in May 2022: Coinbase to become an indispensable platform for Web 3, esp. first-time users.

• Signet Jewelers’ third quarter fiscal 2025 earnings report presents a nuanced outlook on the company’s current standing and its future trajectory.
• The company has demonstrated a mixed performance, showing improvements in certain areas while encountering challenges in others.
• One of the notable positives from the report is Signet’s continued sales momentum, as indicated by the sixth consecutive quarter of sequential same-store sales improvement, despite an overall decline of 0.7% in same store sales.

• Wayfair has 4k primary customers and multiple brands under their umbrella
• Their business model involves offering a wide selection of furniture and home goods at competitive prices
• Wayfair is positioned to benefit from current market conditions and has potential for growth and profitability in the coming years

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• In a recent special call arranged by the management, Exxon Mobil has unveiled an ambitious strategy that could reshape its future and redefine its standing in the energy sector.
• Despite concerns about falling oil prices and industry-wide cautious spending, Exxon is doubling down on capital-intensive projects while expanding into emerging markets like carbon capture, hydrogen production, and advanced battery materials.
• The company’s bold moves include acquiring Pioneer Natural Resources for $60 billion, ramping up investments in the Permian Basin, and launching data-center-specific natural gas projects equipped with carbon capture technology.

• The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
• There will be no index changes for the December 2024 rebal event.
• We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.

• Laser focus, transparency and adoption of a “say do” approach to measuring success are now the order of the day at Intel
• Data Center roadmap not in good shape and if IFS can’t deliver, MJ won’t hesitate to outsource DC products to TSMC alongside existing Client products.
• Gaudi is not a mass market product, Falcon Shores won’t be great either but we will listen, learn, iterate and fail quickly. Watch out NVIDIA !

• China TSF disappointed expectations, coming in at 2.34 trillion RMB (down 5% YoY), compared to the median forecast of 2.7 trillion RMB by the street.
• Comex premiums significantly strengthened, with alot of market participants turning bullish with the imminent return of Donald Trump to power on the 20th of January 2025.
• We initiated on First Quantum Minerals (FM CN). For more details, read our insight: First Quantum Minerals (FM CN): Call Option on Cobre Panama? 

• Alphabet Inc., the parent company of Google, has long been a dominant force in the tech world, leveraging its search, cloud, and AI capabilities.
• Recent announcements, including the development of its custom quantum computing chip “Willow,” the launch of Gemini 2.0 AI models, and its partnership with Samsung for mixed-reality headsets, have spurred investor optimism.
• These developments come against the backdrop of an earnings call highlighting impressive revenue growth and expanding AI applications across search, cloud services, and autonomous driving.

• Brown-Forman has reported its financial results for the first half of the fiscal year 2025, accompanied by a strategic update on its executive leadership transition.
• The company’s reported net sales showed a decline of 5%, while organic net sales remained consistent when adjusting for divestitures and foreign exchange impacts.
• Despite these mixed results, Brown-Forman maintains its fiscal year guidance for organic net sales and operating income growth.

• Cheniere Energy reported its third-quarter 2024 financial results, reflecting solid business performance and opportunities as well as challenges within the liquefied natural gas (LNG) market.
• The company highlighted key accomplishments, including robust financial metrics, increased guidance for the year, and advancements in their long-term projects.
• Cheniere generated approximately $1.5 billion in consolidated adjusted EBITDA, with distributable cash flow at around $820 million and net income at approximately $900 million for the third quarter.

• Cogent Communications Holdings reported its third-quarter 2024 financial results marked by efforts to optimize costs and streamline operations following the acquisition of Sprint Global Markets.
• A substantial achievement of $165 million in cost savings out of a target of $220 million was noted, attributed to synergies between the merged entities.
• Revenue for the quarter stood at $257.2 million.

• Cooper Companies reported a record revenue year for fiscal 2024, achieving $3.9 billion primarily driven by strong performances from its two main divisions, CooperVision and CooperSurgical.
• Each division marked record revenues, with CooperVision contributing $676 million in Q4, a 9% increase, largely due to its silicone hydrogel lenses like MyDay, Biofinity, and clariti.
• The division continues to hold a strong market position, especially in torics, multifocals, and myopia management despite a soft end to the quarter for the contact lens market.

• DocuSign recently reported its third-quarter fiscal 2025 results, reflecting both promising advancements and ongoing challenges.
• The company delivered an 8% year-over-year growth in revenue, reaching $755 million, driven primarily by improvements in its core business.
• Subscription revenue mirrored this at $735 million.

• Dollar General’s third quarter results for fiscal 2024 present a mixed picture of operational resilience amid challenging external conditions and internal initiatives aimed at enhancing financial and operational metrics.
• The company’s performance during the quarter was impacted by several hurricanes in the Southeast, which the management noted as significant in terms of employee deployment and store operations, though the overall sales impact was minimal.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Foot Locker’s third-quarter financial performance fell short of the company’s expectations, resulting in a more conservative full-year outlook.
• The company reported a modest increase in comparable sales of 2.4% for the quarter, driven primarily by gains in Foot Locker and Kids Foot Locker banners, along with a return to positive territory for Champs Sports and WSS banners.
• However, this progress did not translate as strongly as anticipated into overall sales growth, leading to an adjustment in earnings guidance.

• GitLab’s recent quarterly results reveal a complex, yet promising landscape for the company.
• GitLab reported arevenue increase of 31% year-over-year, reaching $196 million for the third quarter of fiscal year 2025.
• The company exceeded profitability guidance with a non-GAAP operating margin of 13.2%, up more than 1,000 basis points from the prior year.

• Guidewire Software’s recent earnings for the first fiscal quarter of 2025 provides insightful details on the company’s strategic initiatives and financial performance.
• The company reported a strong start to the fiscal year, emphasizing momentum in cloud adoption and strategic international growth.
• On the positive side, Guidewire Software demonstrated robust performance with total revenue reaching $263 million, marking a 27% year-over-year increase.

• ServiceTitan, a provider of field service management software for home service businesses, priced its IPO at $71.00/share and raised ~$625M.  
• ServiceTitan IPO has seen robust demand among institutional investors. The company boosted its initial price range to $65.00 to $67.00 per share.
• The offering was priced above the price range, valuing ServiceTitan at ~$6.5B. The stock jumped ~42% on first day as a public company and closed at $101.00 on Thursday.

• Nvidia Corp. on Tuesday asserted its commitment to fair competition, after China’s market regulators opened an antitrust investigation into the U.S. chip giant over suspected violations linked to a 2020 deal.
• The probe, announced on Monday by the State Administration for Market Regulation (SAMR), concerns Nvidia’s compliance with the country’s Anti-Monopoly Law and conditions tied to its $6.9 billion acquisition of Israeli network-equipment maker Mellanox Technologies Ltd.
• The deal — the largest acquisition Nvidia has ever made — faced intense scrutiny from Chinese regulators, who conditionally approved it after nearly a year-long process.

• OPEC cut its 2024 demand growth forecast for the fifth consecutive time this year. It lowered its 2024 and 2025 forecast 11.5% and 5.8%, respectively.
• The EIA and IEA lowered their 2024 demand projections by 10.1% and 8.7%, respectively. However, they raised their 2025 projections by 5.7% and 11.1%, respectively.
• The EIA reduced 2024 and 2025 price forecasts for WTI and Brent, citing higher non-OPEC+ production and subdued demand, which are expected to drive global inventory builds after Q1 2025.

• For the week ending 06/Dec, US crude inventories fell by 1.4m barrels, beating expectations of a 1m barrel decrease. However, gasoline and distillate stocks rose more than expected again.
• US natural gas inventories fell by 190 Bcf for the week ending 06/Dec, beating analyst expectations of a 175 Bcf drawdown. Inventories are 4.6% above the 5-year seasonal average.
• Wells Fargo raised its 12-month PT for Chevron but lowered targets for Shell and Occidental. Exxon targets a CAGR of 10% in earnings and 8% in cash flow through 2030.

• It should come as no surprise that inflation dominated headlines throughout 2022 and 2023.
• This was largely because central banks around the world, including the U.S. Federal Reserve (Fed) and the European Central Bank (ECB), had to respond to rising inflation by aggressively increasing interest rates.
• The chart below highlights these interest rate changes.

• 79% of ELTs consumed by end-use markets, up 10.5%
• Tire-derived fuel tops ELT use, followed by ground rubber
• Sumitomo Rubber USA announces closing of Buffalo plant

• The GIG economy has been viewed as a disruptor to the direct selling channel with respect to the business opportunity.
• However, GIG concepts are top-down, have a specific formula, and assign tasks to their independent contractors for a fee, while direct sellers are micro-entrepreneurs who find a way to build their own businesses.
• Herbalife has been successful in taking some of the best business models developed by distributors at a local level, and then globalizing them, such as. the Nutrition Clubs that arose in Mexico in the early 2000s.

• Ocean Power Technologies has secured a new partnership in Latin America with $3 million in purchase order commitments over three years.
• This new agreement adds to a previous $1.5 million order, bringing the total to $4.5 million.
• The partnership will involve the deployment of OPT’s WAM-V unmanned surface vehicles (USVs) for hydrographic applications and other diverse tasks.

• Culp posted another tough quarter (1), as industry conditions remain challenged.
• The firm posted an adjusted EPS loss of $0.28, $0.10 below our estimate and $0.09 below the prior year on weaker-than-expected earnings.
• As we said in our update after the release, this shortfall may have been unexpected, but it’s certainly not surprising to anyone who has been following the space. 

• The risk to INOD experiencing a sequential decline in spending activity in the near-term could have been alleviated from the continued spending in artificial intelligence (“A.I.”).   
• AMZN and GOOGL have their internally developed processors ready for high performance deep learning. The new chips suggest A.I. training is not going anywhere and could expand in 2025.   
• INOD’s revenue growth has been predominantly from one customer. This should begin to change in 2025. 

• Mike Green explains how leveraged products on MSTR resemble a short straddle in their rebalancing requirements
• The two times leveraged long products, MSTU and MSTX, are unique due to their large size and underlying asset volatility, creating potential volume amplifying feedback loops
• The leveraged complex has contributed to the large premium of MSTR to the value of its bitcoin holdings, impacting ETFs forced to use options market due to limited leverage from swap providers

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Novanta Inc.’s third quarter of 2024 results reflect a mixed performance driven by a challenging macroeconomic environment, customer-related timing issues, and some positive business developments.
• The company reported revenue of $244 million, an increase of 10% year-over-year, though organic growth was flat.
• Adjusted gross margins were 46%, a slight decline from the previous year due to the dilution from the Motion Solutions acquisition, although core business margins improved by 70 basis points.

• BlackLine’s recent quarterly performance showcases a mix of both robust achievements and ongoing strategic challenges.
• The company, co-led by Owen Ryan and Therese Tucker, has demonstrated its ability to exceed revenue and profitability targets, reflecting effective strategic execution.
• A significant achievement this quarter was the record free cash flow generation, indicating strong financial health and potential for reinvestment in growth initiatives.

• International Flavors & Fragrances Inc. (IFF) exhibited robust financial performance in its third quarter of 2024, showcasing a significant upward trend across its business units.
• IFF achieved a notable growth in revenue, surpassing $2.9 billion, reflecting a 9% increase on a comparable, currency-neutral basis.
• This growth was driven by high single-digit to double-digit volume improvements across various segments, notably in the Nourish, Health & Biosciences, Scent, and Pharma Solutions units.

• Marathon Petroleum Corporation reported third quarter earnings per share of $1.87 with a refining utilization rate of 94%.
• The company continues to deliver solid performance in its refining and marketing (R&M) segment, boasting a 96% capture rate, a 2% improvement quarter-over-quarter, reflecting strong commercial performance.
• The refining operating costs were at $5.30 per barrel, a slight increase primarily due to decreased throughputs and higher project expenses linked to intensified turnaround activity.

• Interview with Michael Dell, founder of Dell Technologies, discussing his journey and insights in the tech industry
• Dell started his tech career at a young age, working in a Chinese restaurant and later upgrading computers
• Dell shares his thoughts on entrepreneurship, technology development, and the future impact of AI in various industries

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• NVIDIA Corporation, the global AI and semiconductor powerhouse, has found itself in the crosshairs of China’s antitrust regulators.
• Amid an escalating tech war between the U.S. and China, Beijing’s State Administration for Market Regulation has launched an investigation into NVIDIA’s compliance with antimonopoly laws concerning its $6.9 billion acquisition of Mellanox Technologies in 2020.
• This probe comes on the heels of the U.S. imposing stricter export controls on advanced semiconductor technologies, further intensifying the global tech rivalry.

• GlobalFoundries’ third-quarter fiscal year 2024 results provide a comprehensive overview of its financial performance and strategic initiatives.
• The company reported revenue of $1.739 billion for the quarter, reflecting a 7% sequential growth, albeit a 6% decline year-over-year.
• This revenue growth is commendable given the challenging industry conditions with lower factory utilization levels around mid-70s.

• Accolade’s recent earnings disclosure offers a comprehensive perspective on its current market positioning and performance, highlighting several important facets relevant to understanding its investment potential.
• The company, which focuses on healthcare advocacy and personalized solutions, detailed its second-quarter fiscal 2025 results, underscoring both areas of confidence and concern for investors.
• Accolade reported quarterly revenue of $106.4 million, exceeding its guided range.

• Macy’s Inc. has been in the spotlight recently as Barington Capital disclosed a stake in the iconic department store chain, pushing for a series of strategic changes aimed at enhancing shareholder value.
• This follows a history of activist investor interest in Macy’s, reflecting its ongoing struggles in a challenging retail environment.
• While Macy’s management has reaffirmed its commitment to its “A Bold New Chapter” turnaround plan, Barington’s proposals focus on optimizing real estate assets, cutting capital expenditures, and exploring strategic alternatives for its premium brands, Bloomingdale’s and Bluemercury.