United States

• Nvidia’s H20 and upcoming B20 were launched to comply with China export controls, and have remained successful due to deficiencies and supply issues for Huawei’s Ascend AI accelerators.
• However, Nvidia’s China success will be short-lived due to increasing LLM compute requirements and no method for it to offer a more performance dense offering due to export controls.
• Not only will Huawei’s upcoming Ascend AI accelerator mitigate this issue, but it will likely also aim to address some of the other deficiencies of the Ascend platform too.

• Samsonite is a global luggage leader with three major brands: Samsonite, Tumi, and American Tourister
• Despite challenges during COVID, Samsonite has successfully executed a turnaround by closing stores and improving sales and margins
• The stock is undervalued in Hong Kong, with plans for a secondary US or European listing in the near future, potentially offering a 100% upside opportunity.

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

• Q224 revenues of $5.8 billion, +5.5% QoQ, +9% YoY and $100 million above the guided midpoint
• AMD forecasted current quarter revenues of $6.7 billion at the midpoint, up 15% QoQ and about the same YoY.
• AMD shares are up 9% in premarket trading, hardly the response one expected from a good but not amazing report. But why?

• Shell forecasts a decline in upstream production, gas price realisations, and refining margins. Its QoQ Revenue & EPS are expected to drop 4.3% and 21.7%, respectively.
• Shell anticipates Q2 post-tax impairments of USD 1.5 to USD 2 billion due to halting a biofuels plant in Rotterdam and divesting its Singapore refinery.
• On a brighter note, Shell anticipates higher chemical margins, increased marketing sales volume, and improved refinery utilisation rates in Q2.

• ATEN reported Q2 results with greater success in winning enterprise orders while North American service providers limited their spending. 
• Over the past year, ATEN has shifted more of its sales and marketing effort to winning enterprise customers, which should have more of a meaningful benefit to recurring revenue. 
• ATEN reported revenue of $60.1 million compared to our forecast of $62.7 million. The second quarter results were lower than first quarter numbers, which is rare to see for ATEN.

• We are trading the newly launched U.S. Ethereum spot ETFs.We have decided to allocate ten percentage points of our Crypto Portfolio from our Bitcoin holdings to purchase more Ether for a short-term trade.
• We are buying Ethereum (ETH) at $3,315.18 and selling part of our Bitcoin (BTC) position at $66,203.95.
• This trade will be reflected on the Crypto Portfolio page later today.

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We view Liberty Costa Rica’s ESG as “Adequate”. The score mirrors our assessment of parent Liberty Latin America (LLA), which discloses ESG-related information on a consolidated basis, without meaningful details on the bond-issuing credit pools that we cover (C&W Communications and Liberty Puerto Rico). 

We assess LLA’s Social and Governance pillars as “Strong” and “Adequate”, respectively, offsetting the “Weak” Environmental score. Controversies are “Immaterial” and Disclosure is “Adequate”. 

• We are reiterating our Buy rating, $25 price target and projections for a.k.a. Brands with the company announcing 2Q24 (June) results after the close on Wednesday.
• While 2Q is not a highly crucial period for the company, we believe management will be able to point to material progress on multiple fronts, from continued solid top line growth at Princess Polly, Culture Kings setting up for the shift to the “test and repeat” model and adding more exclusives to the mix, and Petal & Pup leveraging strong demand for dresses and new digital marketplace relationships.
• Further, we believe a.k.a. Brands is on track to open three new Princess Polly stores in 3Q24, with more on track for 2025.

• PJM published the Base Residual Auction results for the 2025-26 planning year that were the highest on record. PJM is the primary region TLN serves.
• TLN announced participation in the auction and cleared 6,820 megawatts of electricity at the auction price of $269.92 per megawatt. 
• TLN anticipates generating approximately $670 million in capacity revenue during the auction year. This compares to approximately $160 million run rate TLN had been reporting capacity revenue in recent quarters.

• TRS experienced a continuation of sales growing within its packaging and aerospace segments. TRS’s specialty products segment remains a laggard to the rest of the business with demand eroding. 
• The recovery within the packaging business should have been the main highlight of TRS’s Q2. However, the weakness within specialty products resulted in TRS missing our estimates for the quarter.
• We are updating our full year estimates after TRS lowered its adjusted EPS and sales guidance. 

• Fed is expected to start easing cycle in September, potentially leading to a bullish trend for gold and silver
• Structural factors such as US fiscal deficit concerns, central bank reserve diversification, and geopolitical risks could continue to support gold prices
• Chinese physical gold demand has cooled, but other factors like western ETF demand and potential Indian import duty reduction may provide support for gold prices

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

• The size of the offering is expected to trigger intra-quarter implementations for both main global indices to be announced on 30 July and become effective 1 August.
• Free float increase is estimated to take place due to Thoma Bravo – Nasdaq’s major strategic shareholder – offering almost half of its stake equivalent to ~$2.7bn. 
• Total forecasted passive fund demand is ~5.3m shares, ~$368m and ~1.8 ADV. It is expected to materialize at close of 1 August 2024. 

• SYM had an increase in system costs. SYM’s management highlighted delays in construction of systems in the quarter resulting in the Company to taking back EPC work.   
• SYM suggests bringing the EPC work in-house would be more efficient. We do not agree. This creates additional headwinds as to timing and could create a new risk for SYM.  
• During the earnings call, SYM’s management referred to delays in permits and product delivery resulting in people not having anything to do. This is a characterization of a construction/contracting company.

• Tesla is a polarizing company with both enthusiastic supporters and skeptical critics.
• The company has the potential to become the most valuable in the world if it solves autonomous transportation.
• The debate around Tesla is focused on its Full Self Driving software, which has recently transitioned to a neural net architecture and is best experienced firsthand at a Tesla delivery center.

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.

• TotalEnergies missed Q2 revenue and EPS estimates by 7.3% and 7.2%, respectively, with a 7.4% YoY drop in net profit due to contracting refining margins.
• TotalEnergies’ hydrocarbon production hit 2.44 mboe/d in Q2, near the top of its guidance. Projects production in Q3 at 2.4-2.49 mboe/d.
• In Q2, TotalEnergies generated USD 7.8 billion in cash flow and completed USD 2 billion in buybacks. Authorized up to USD 2 billion in buybacks for Q3.

• Breadth continues to improve and Russell 2000 (IWM) small-caps and the Dow remain bullish, all while the S&P 500 and Nasdaq 100 (QQQ) are going through a pullback/consolidation phase.
• Considering the Russell 2000 vs. S&P 500 ratio is reversing a 3.5-year downtrend, we expect this trend of small-cap outperformance to continue for months or longer.
• With new risk-off signals emerging, potential pullback zones we would look for include 5100-5191 on the S&P 500 and $443-$449 on the QQQ, expecting a low near the election.

• BTC’s July surge highlights market volatility and potential Q3 consolidation.
• Spot ETF launches drive significant crypto inflows, influencing market dynamics.
• Upcoming token unlocks could impact market liquidity and trading conditions.

• In recent weeks, Bitcoin has shown signs of life, almost reaching $70,000 this morning.
• In our view, it is only a matter of time before we break through this psychological level.
• Enough about Bitcoin. As promised in last week’s Crypto Moves #36, this Crypto Crisp will focus on Ethereum ETFs.

• EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
• The company has two streams of possible revenue: from the treatments themselves and from the licensing of the AI technology.
• The company aims to be cash-flow neutral in 2024 and continues to develop relationships with major pharmaceutical companies, while also pushing treatments through the FDA approval process.

• Azitra is developing genetically engineered bacteria for therapeutic use in dermatology.
• The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications.
• Azitra’s lead candidate is ATR-12 for the rare disease Netherton Syndrome (NS).

• Tesla’s stock dropped 12% post Q2 earnings, due to a 7% decrease in auto revenue, reflecting broader financial struggles despite a 15% rise in quarterly EV deliveries.
• Trump’s potential repeal of EV subsidies could reduce EV sales by 27% by 2030, but Tesla’s lower reliance on imports may mitigate the effect of increased tariffs.
• Elon Musk’s $5 billion investment in his AI startup xAI raises concerns about potential distractions from Tesla, even as he leverages political shifts to benefit Tesla.

• Earnings Miss: Tesla’s Q2 revenue increased by 2% to $25.5 billion, but earnings per share were 52 cents, missing the forecast of 62 cents.
• Record Revenue in Energy: Tesla achieved record revenues and profits in its energy sector, with 130% QoQ growth in energy storage deployments and regulatory credit revenues.
• Stock Reaction & Competition: Tesla’s stock dropped over 8% after-hours, influenced by increased competition, production challenges, and a notable decline in auto revenue by 7% to $19.9 billion.

• ServiceNow’s second quarter of 2024 financial results indicate strong operational and financial momentum, with notable increases in important metrics despite a backdrop of an internal investigation and leadership changes.
• The management presented a robust narrative of growth, leveraging its GenAI strategy, which contributed significantly to their overall performance.
• The company reported a 23% year-over-year growth in subscription revenue at constant currency, surpassing their own guidance.

• US oil and gas rig count increased by three to 589 for the week ending 26/Jul, rising for the second consecutive week.
• US oil rig count rose by 5 to 482, marking the first increase since May. Gas rigs fell by 2 to 101, following a rise of 3 the previous week.
• In July, the total US rig count increased by 8, the first monthly rise since February and the largest since November 2022.

• AT&T offers a range of telecommunications services, including wireless, fiber, and broadband
• The company’s market position, technological advancements, and capital return potential make it a strong investment opportunity
• Despite being undervalued, AT&T has a significant presence in Latin America and expects steady EBITDA growth

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.

• Enphase Energy reported solid financial outcomes for the second quarter of 2024, driven by robust demand for its products and effective inventory management.
• The company achieved a revenue of $303.5 million, reflecting shipments of approximately 1.4 million microinverters and 120 megawatt-hours of batteries.
• This performance was supported by an overall end market demand valued at around $396 million for the quarter.

• Chipotle Mexican Grill Inc. reported its financial results for the second quarter of fiscal 2024, presenting a robust performance underscored by significant sales growth and strategic corporate initiatives.
• The company highlighted an 18% increase in sales, reaching nearly $3 billion, driven largely by an 11.1% comparable sales growth.
• This impressive sales figure was further bolstered by a 24% growth in in-store sales.

• WM presented its financial outcomes for the second quarter of 2024, underscoring a period of significant operational strength and strategic alignment towards its long-term growth objectives.
• WM reported a historical high with a 30% operating EBITDA margin, driven by efficiencies from technological investments and a robust pricing strategy.
• The company’s commitment to leveraging its expertise across various platforms was evident, particularly with its planned acquisition of Stericycle, which is expected to complement and expand its service offerings in the medical waste industry.

Immix Biopharma has received a grant of US$8m from the California Institute for Regenerative Medicine (CIRM) to advance clinical development of its lead CAR-T asset, NXC-201, in relapsed/refractory amyloid light chain amyloidosis (r/r ALA). We believe that this backing from the government agency not only bolsters the company’s capital position (cash runway estimated to extend to Q425), but also provides external endorsement of its efforts towards developing the first outpatient CAR-T treatment while addressing the unmet medical need in ALA. We remind readers that Immix recently dosed the first patient in the US as part of the Phase Ib NEXICART-2 trial, which plans to complete enrollment (expected n=40) by end-2025. If the data are supportive, we expect the company to follow it up with a Biologics License Application (BLA) submission to the FDA.

• Commodity Popcorn Markets During the week, I saw a tweet by the legendary commodities trader Peter Brandt.
• The technical part of Kucrop Analytics institutional commodity research arm is heavily influenced by Peter Brands Research, as well as Larry Williams Research.

• Both look at markets very different and have a strong track record.

• In June of 2024, GRAIL, a market leader in early cancer detection, spun off from Illumina into an independent publicly traded company.
• Following the spin-off, Illumina retains up to ~15% ownership interest in GRAIL and continues to fund GRAIL’s operations and R&D with disposal funding of ~$974M.
• I view GRAIL as a market leader in the MCED testing market and uniquely positioned to be very effective in detecting some of the most aggressive early-stage cancers.

• The Texas Instruments had a mixed Q2, reporting revenue of $3.8 billion, a 4% sequential increase but 16% YoY decline.
• This contrasted with their optimistic revenue predictions for Q3, forecasting in the range of $3.94 billion to $4.26 billion.
• This could have been due to the decline in Analog revenue by 11% YoY, Embedded Processing by 31%, and its Other segment by 22% from YoY quarter.

• The ‘Financial Viability’ (GAAP earnings) criterion is the main obstacle that keeps companies out of the S&P 500 and overall S&P 1500.
• Uber Technologies (UBER US) and Crowdstrike Holdings (CRWD US) are past examples of companies that got added to S&P 500 after passing the GAAP Earnings criterion.
• Marvell Technology (MRVL US) and Snowflake (SNOW US) are currently ineligible for S&P 500 inclusion due to failing the GAAP Earnings eligibility requirement. 

• The updated business analysis of Kimberly-Clark reveals a mixed financial landscape rooted in strategic endeavors and market-specific challenges, which calls for a calculated evaluation for potential investors.
• During the second quarter of 2024, Kimberly-Clark underscored a strategic focus on driving volume and mix-driven gains, particularly evident in significant geographies such as the U.S., China, and the U.K. This initiative aligns with their innovation-led growth strategy aiming at revitalizing their “Powerhouse” categories, which is indicative of their proactive response to market demands and consumer preferences.
• 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.

• Introduction (If you hate my story-telling, please scroll to the Background section) A lady once asked me a thought provoking question, “why have children?”
• Redirecting my gentle gaze to the ceiling and stressfully clasping a chunk of hair on the back of my head, I pondered and dug deep, with the intent of conjuring an impressive answer.
• The testosterone in me blurted, “to pass down the huge wealth I would amass some day, my children are my legacy!” and my traditional Eastern roots interrupted, “so someone would take care of me when I’m old and decrepit!”

• United Parcel Service, Inc. (UPS) returned to volume growth in the U.S. market in the second quarter of 2024, marking a significant shift following nine quarters of decline.
• This achievement was largely a result of the company’s strategic efforts, including its emphasis on small and medium sized business (SMB) sectors and strategic acquisitions like Estafeta, which bolstered its position in Mexico.
• This move is expected to enhance UPS’s logistics orchestration capabilities, particularly as regional manufacturing shifts closer to the United States.

• Mr. Cooper has seen impressive growth in the past 5 years, with shares up around 392%
• The market often misunderstands Mr. Cooper as cyclical, volatile, and rate-sensitive, but the company’s business model is “naturally hedged”
• The current low-rate environment and undersupply of housing in the US present growth opportunities for Mr. Cooper, making it a recommended investment according to the author’s detailed analysis.

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.

• Freeport-McMoRan’s second quarter results underscore both strengths and areas for further improvement within its operations and strategic initiatives.
• As a dominant player in the copper industry, the company continues to benefit from strong global demand for copper, essential for various sectors like electrification and renewable energies.
• Freeport-McMoRan highlights robust EBITDA of $2.7 billion and an impressive $2 billion in operating cash flow, driven by steady production volumes and recovering commodity prices.

• IQVIA’s business fundamentals remain strong, achieving a 5% revenue growth rate and 8.6% growth in adjusted diluted earnings per share in the second quarter of 2024.
• The company’s revenue and earnings growth were driven by robust performances across their business segments, such as Technology & Analytics Solutions (TAS) and the Clinical segment.
• In the TAS segment, IQVIA reported growth of about 3% in the first quarter and 4% in the second quarter, excluding COVID-19 and foreign exchange impacts.

• Comcast’s second quarter earnings call highlighted various areas of performance in the company’s operations.
• On the broadband front, despite the competitive market conditions prevalent in recent quarters, Comcast’s strategy has been consistent, focusing on generating considerable broadband revenue growth through a balance between rate and volume.
• With an established customer base of 32 million subscribers, the company is implementing market segmentation.

• Cadence Design Systems, Inc. reported strong results and exceeded expectations for their second quarter of 2024, with broad-based momentum seen across their product portfolio.
• The company also posted stronger bookings than anticipated, leading to a strong backlog, demonstrating the robust demand for their innovative products.
• Cadence updated its revenue guidance for the year to over 13% year-over-year growth, reflecting its strong performance.

• Tesla remains a polarizing entity in the stock market, consistently capturing the imagination of investors with its bold vision and ambitious projects.
• The company’s latest earnings highlighted both its impressive achievements and notable challenges, leaving a mixed bag for potential investors, resulting in the stock going down.
• On the positive side, Tesla continues to lead the electric vehicle (EV) market with record revenues and promising advancements in autonomous driving technology.

• Verizon Communications Inc. had a successful second quarter of 2024 as the company reports strong results, with wireless service revenue climbing 3.5% year-over-year, adjusted EBITDA rise by 2.8%, and free cash flow increasing by 3% compared to last year.
• In addition, the company’s customer-centric measures such as myPlan and Verizon Business Complete are resonating with its consumers, leading to further growth and stronger customer relationships.
• The company’s impressive results follow its commitment to innovation and the implementation of a brand refresh, signifying its evolution and future visions for connectivity.

• Visa Inc.’s fiscal third quarter of 2024 reveals a strong financial position, but also indicates room for improvement.
• Net revenue was $8.9B, notching a 10% YoY increase and included a 12% YoY rise for EPS, indicating an increased level of profitability.
• One of Visa’s strongest areas this past quarter has been its focus on global client engagement, resulting in a 3-pt increase in their global Net Promoter Score (NPS) to 76.

• AST SpaceMobile has recently made headlines with a significant leap in its ambitious mission to build the world’s first space-based cellular broadband network.
• The company has announced the successful completion and upcoming shipment of its first five commercial satellites, marking a pivotal milestone that has already caused its stock to surge by nearly 25%.
• These satellites, known as Bluebirds, are set to provide unprecedented global connectivity directly to standard mobile devices, bridging the digital divide and offering broadband services in previously unreachable areas.

• BP expects lower realised refining margins and weak oil trading to hurt earnings, with a refining margin contraction to reduce earnings by USD 500-700 million.
• The company anticipates impairments ranging from USD 1-2 billion in Q2, including charges related to the ongoing review of its Gelsenkirchen refinery in Germany.
• BP projects its upstream production to remain broadly flat sequentially, with stable oil output and a slight decrease in gas and low-carbon energy production.

• Steel Dynamics achieved notable results in the second quarter of 2024, with some mixed performances across different operational aspects.
• The company saw total revenues of $4.6 billion, a slight decline from the previous quarter, primarily attributed to a fall in steel prices which more than offset the stable shipment volumes.
• Correspondingly, there was a contraction in the steel metal spread which resulted in a 26% reduction in operating income, totaling $559 million, compared to the previous quarter.

• Netflix reported its financial performance for the second quarter, highlighting key metrics that provide insights into its current standing and future direction.
• The company reported earnings per share of $4.88, exceeding Wall Street’s expectation of $4.74.
• Revenue for the quarter stood at $9.56 billion, slightly above the anticipated $9.53 billion.

• The United Airlines Holdings second quarter 2024 earnings emphasized its strategic navigation through the industry’s capacity and demand fluctuations, where it maintained a leading position thanks to optimized operational tactics and strategic foresight.
• Revenues increased by 5.7% year-over-year, totaling $15 billion, albeit with Total Revenue per Available Seat Mile (TRASM) decreasing by 2.4% due to a significant 8.3% increase in capacity.
• This disparity between revenue growth and capacity magnification underscores the industry challenge of matching supply with demand efficiently.

• Kinder Morgan Inc. recently discussed various insights and forecasts regarding its business and the broader market context in which it operates.
• The company provided a detailed analysis of trends and operational activities, revealing both positive developments and challenges.
• This summary outlines the central points that might influence investment decisions related to Kinder Morgan.

• Marsh McLennan, a global professional services firm reported strong financial results for the second quarter of 2024.
• The results demonstrated the company’s ability to deliver growth in the short term while simultaneously investing for long-term sustainability.
• Marsh McLennan posted a 6% increase in underlying revenue growth on top of 11% in the same period last year, reflecting strong execution across Risk and Insurance Services (RIS) and Consulting.

• Mattel, Inc. experienced a significant boost in its stock price after news surfaced that the private equity firm L Catterton had made a takeover bid for the toy manufacturing giant.
• This development has attracted the attention of investors and fueled discussions about potential changes in the toy industry’s landscape, especially in relation to its long-time rival, Hasbro.
• Let’s delve into Mattel’s business operations and explore the potential valuation it could achieve through this deal.

• Omnicom recently presented its results for the second quarter of 2024, highlighting a mix of positive dynamics coupled with the challenges inherent in a complex operational landscape.
• One notable strength in the results is the recorded 5.2% organic growth, spearheaded by a formidable 6.3% growth in the U.S. market.
• This growth was primarily driven by robust performances in advertising, media, and experiential disciplines.

• Alcoa’s revenue increased sequentially to $2.9 billion, driven by higher alumina and aluminum prices.
• In the Alumina segment, third-party revenue saw a 5% rise due to increased average realized prices, despite lower shipments.
• The Aluminum segment reported a 16% increase in third-party revenue, attributed to higher prices and increased shipments.

• Yesterday’s Google’s earnings may have been bit of “meh” at first glance, but there were nuggets in the call that may have important implications for the broader market.
• Network segment continues to struggle, but the rest of the businesses continue to grow at healthy double digit rate.
• Search revenue growth surpassed YouTube ads revenue growth last quarter. For the first time, Cloud posted >$10 Bn quarter while maintaining high 20s growth YoY.

• Alphabet’s revenue jumped 14% YoY to $84.74B, exceeding the $84.19B forecast, fueled by strong digital ad sales and cloud services demand.
• Net income rose 28.6% to $23.6B, surpassing the $22.9B estimate, reflecting effective cost management and revenue growth despite margin concerns.
• YouTube’s ad revenue fell short of expectations, growing slower than Q1 due to increased competition and tougher year-on-year comparisons, impacting overall share performance.

• US crude inventories fell for the fourth straight week, with a 3.7 mb drawdown. Gasoline stocks dropped by 5.6 mb, the largest decline since March.
• As of 19/Jul, US natural gas inventories were up 8.4% YoY and 16.4% above the 5-year seasonal average.
• TotalEnergies’ Q2 revenue fell 5.2% YoY, missing estimates by 7.3%. EPS dropped 7.5% YoY and missed estimates by 7.2%.

• Ashford Inc. has approved a going dark transaction offering $5.00 cash per share to common stockholders with fewer than 10,000 shares
• Potential profits of $2,300 using 9,999 shares represent a 4.8% return, annualizing to 19.2% due to a projected July closing
• AINC is a hotel management company led by Monty Bennett, and the transaction is subject to a stockholder vote and IRA Waiver Proposal, with directors and executive officers expressing their support.

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.

• P10 is an alternative asset manager providing access to private markets, charging fees on committed capital over a 10-to-15-year period.
• Recent decrease in cash margins due to factors like strategy mix shift and CEO transition has led to P10 trading at a highly discounted multiple of AUM and revenue.
• Valuation uncertainty and disappointing growth forecasts for 2024 may be offset by potential for growth and re-rating of equity with new CEO focused on improving FPAUM and margins.

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.

• Embecta is in an intricate phase as strategists contemplate its potential as an acquisition target.
• Analyzing Embecta’s scenario involves balancing an array of factors highlighted during its thorough earnings discussion.
• On the positive side, Embecta has displayed a robust earnings performance in the fiscal second quarter of 2024, with a total revenue growth of 3.6% on an as-reported basis and 4.5% on a constant currency basis.

• The U.S.-based Ethereum spot ETFs were launched on Tuesday, concluding their second trading session yesterday.
• Since the launch, Ethereum has declined slightly both in dollar terms and relative to Bitcoin.
• Despite this situation, there is nothing to fear – in fact, quite the opposite, as we will demonstrate in today’s Crypto Moves.

• Perfect Corp. provides an AI and machine learning based B2B SaaS platform for virtual try on and marketing of beauty and fashion products as well as six mobile apps sold B2C for makeup suggestions, try-on, tutorials, photo and video editing and most recently, Gen AI creation and editing.
• It is expanding its offering to new verticals and has strong IP as well as the largest database for AI training in the industry.
• It has a dominant market share and serves almost all the major beauty brands worldwide.

• We are updating our estimates to reflect actual 2Q24 NYMEX reference prices of $80.66/bbl for oil and $2.32/MMBtu for natural gas.
• Oil accounts for 78% of our 2Q24 oil production estimate and 98% of our 2Q24 revenue estimate.
• Management’s FY24 production outlook is 43.0-47.0 MBOE/d (Figure 1). 1Q24 production averaged 49.7 MBOE/d (80% oil). 

• IMPP is a shipping company that spun off in May 2021 with 4 ships, raising $140 million through 5 offerings
• Company has a strong balance sheet with net tangible equity of $360 million, over $140 million in net cash and $40-50 million in earnings power
• Shorting IMPP is effectively shorting cash with 3.8 million shares sold short and a borrow rate of -45%, potential for high returns with possible target stock price of $7-8 later in the year

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 S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.
• We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.

• Chevron’s Q2 revenue is set to dip 0.6% YoY, with EPS projected to drop 4.5% YoY on the back of lower refinery margins and natural gas prices.
• Higher Brent crude prices and strong production may help Chevron partially offset Q2’s challenges.
• Unplanned downtime at two Australian LNG plants during Q2 raises concerns about a drop in production.

• Amer Sports (AS US) raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range.
• Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
• In this note, we talk about the upcoming lock-up expiry and deal dynamics.

• Meta is expected to report a 58% YoY increase in EPS to $4.71, with revenue climbing 20% YoY to $38.29B, driven by robust ad performance.
• Meta plans a 20% cut in Reality Labs’ budget through 2026, aiming to save $3B while shifting focus to upcoming hardware production.
• In Q1, increased daily active users and a 6% rise in average ad prices have boosted Meta’s ad revenue, despite heightened competition and regulatory pressures. Likely to continue.

• We are reiterating our Buy rating, $37 price target and projections for Guess?
• after visiting stores in Long Island and the Metropolitan New York City area.
• With the return of hot and humid weather, we believe Guess?

• Axon sells a public safety technology ecosystem that includes three main product groups, TASERs, body-worn cameras and other sensors, and evidence software, amongst a host of other software services, including virtual reality training.
• Axon’s solutions really seek to solve three of the biggest problems facing public safety, too many officers and too many suspects are dying from gunshots.
• Axon solves for this is as the monopoly provider of TASERs globally. A TASER can be used as an alternative to firearms to temporarily incapacitate a suspect so that they may be restrained with a much, much lower chance of doing physical harm.

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

• Breadth has expanded significantly in recent weeks with the Russell 2000 (IWM) breaking above major 2.5-year resistance at $210; $210 is now critical support moving forward.
• Technology/Large-Cap growth/Nasdaq 100 (QQQ) has consolidated after getting extended, and with June 12 gap support on QQQ getting filled/breaking today, it appears this pullback is likely to continue.
• The SPX is breaking its 20-day MA. June 12th gap at 5375-5409 is potential support, but it appears a pullback in the SPX and QQQ may be headed to 5191/$449.

• Credit spreads have traded in a tight range despite various market events
• High yield spreads have tightened throughout the month
• Macro factors like growth, inflation, and Fed policies are more important for credit markets than the political environment

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

• We are reiterating our Buy rating, projections and $24 price target for JAKKS Pacific with the company announcing 2Q24 (June) results after the close on Wednesday.
• While we do not expect, nor have we projected, a strong 2Q, we do believe management will be upbeat on a number of key fronts, including: 1) Cleaning up inventory levels in anticipation of Holiday strength and new launches; 2) gearing up for more normalized Halloween costume demand; 3) initial launches for The Simpsons lines to key domestic and international retailers; 4) progress on the international expansion front; 5) the initial shipments for the Authentic Brands partnership and 6) potential demand for Moana 2 and Sonic the Hedgehog 3 Holiday movies.
• Further, we expect the balance sheet has remained debt free, cash rich and management will provide an update on potential return to shareholders.

• Enrolled first subject in feline oral disease study, paving way for animal health opportunity.
• The randomized, double- blind Veldona animal study will enroll 30 cats with feline chronic gingivostomatitis (FCGS) at a single Taiwan clinical site.
• Two dosage groups, a low dose (6,000 IU) and high dose (12,000 IU), will be evaluated. The first enrolled subject will be dosed later this week. 

• First, the crypto market has seen substantial gains in the past week, particularly Bitcoin, which is now trading at $67,000 for the first time since mid-June, having previously traded as low as $53,500.
• Please do not make the mistake of thinking that we cannot go higher in the near future.
• Let us reiterate the bullish outlook we have put forward in what feels like forever.

• Schlumberger’s revenue grew 12.9% YoY and beat estimates by 0.7%, while its net profit rose by 7.65% YoY and beat estimates by 2.9%.
• Revenue from North America grew 3% sequentially but fell 6% YoY due to lower drilling activity in the US.
• Management expects low single-digit sequential revenue growth in Q3 2024 and free cash flow in H2 2024 to be higher than in H1 2024.

• NVIDIA Corporation, a titan in the semiconductor industry, has been at the forefront of artificial intelligence (AI) innovation, primarily due to its cutting-edge GPUs that power everything from deep learning algorithms to complex simulations.
• As the company approaches its earnings report, investors are keenly observing the performance of its AI-driven products amidst a backdrop of global market dynamics and regulatory challenges.
• The company’s recent advancements, such as the “Blackwell” chip series, promise significant improvements in processing speed and efficiency.

• Halliburton’s Q2 revenue rises by 0.6% YoY, held back by an 8% YoY decline in revenue from North America. It missed its revenue estimates by 1.9%.
• Strong performance from the international operations more than offset the slowdown in North America. Revenue from international markets rose 8% YoY.
• For 2024, Halliburton forecasts a 10% YoY increase in international revenue, while North American revenue is expected to decline by 6-8% YoY.

• Travelzoo (TZOO) is an online club for travel enthusiasts, featuring travel deals from airlines, hotels, cruiselines, vacations, and vouchers for offers from local businesses.

• TZOO has 223 employees, TZOO boasts 30 million members, 8 million mobile app users and 5 million social media followers, and publishes deals from over 5,000 travel, entertainment and local providers.

• In 2020, due to the pandemic, which decimated travel generally, TZOO’s revenues declined ~50% and the company lost $1/sh. 

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.

• ACRE is a commercial real estate REIT sponsored by Ares Management Corp, a major investment manager with over $400 billion in assets.
• ACRE has a $2.2 billion portfolio of 47 loans in various sectors, but has been underperforming compared to competitors in the commercial mortgage REIT space.
• Despite underperformance, ACRE and Ares Management are actively working to improve the situation and potentially increase returns for investors.

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.

• Arrowhead Pharmaceuticals delivered a comprehensive update on its operational and financial developments for the fiscal second quarter ended March 31, 2024.
• A major focus for the company during this period has been its expanding presence in the cardiometabolic space, where substantial investments have been channeled to advance clinical and pre-commercial activities.
• In these endeavors, significant strides were made with plozasiran and zodasiran, their leading drug candidates designed to tackle diseases associated with lipid disorders.

• Weatherford International delivered another strong quarter, driven by significant year-over-year growth in revenue and improved operational efficiencies.
• The company reported a 15% increase in revenue compared to the same period last year, with the international business showing remarkable strength, particularly in the Middle East, North Africa, and Asia regions, which grew by 32%.
• Sequentially, revenue remained flat, which is notable given the typical seasonal decline expected in the first quarter.

• Smartsheet has recently been in the news for fielding buyout interest.
• The company reported its First Quarter of Fiscal Year 2025 earnings with positive developments, demonstrating steady improvements.
• The company showcased an expansion, notably reaching a total of 72 customers with annualized recurring revenue (ARR) over $1 million, marking a 50% increase from the previous year.

• Range Resources Corporation showcased a robust set of financial and operational results in the first quarter of 2024, as detailed in the recent update.
• The company’s strategic initiatives have been closely aligned with industry demands and market conditions, facilitating a balanced approach towards capital allocation, operational efficiency, and shareholder returns.
• Range Resources reported successful operational outcomes with a focus on driving operational improvements and efficiency across the board.

• Azure Revenue Growth: Microsoft’s Azure revenue soared 21% YoY to $26.7B in Q3 2024, driven by advanced AI capabilities and increased enterprise adoption.
• AI & Personal Computing: AI-driven Copilot+ PCs and hybrid AI solutions are reshaping the market, with AI-capable PC shipments projected to rise from 19% in 2024 to 60% by 2027.
• Gaming + Activision: The $68.7B Activision acquisition boosted gaming revenue by 51% YoY, with Game Pass subscribers exceeding 30M and expanding Microsoft’s position in cloud gaming.

• US oil and gas rig count increased by two to 586 for the week ending 19/Jul, rising for the second time in the last three weeks.  
• US oil rig count fell by 1 to 477, declining for the second straight week. Gas rigs rose by 3 to 103, after falling by one the week prior.
• The EIA has increased its US crude production forecasts in its latest STEO report, raising them by 0.8% YoY for 2024 and 0.4% YoY for 2025. 

• Take aways: China will flood markets with copper supply
• Copper har decoupled from macro fundamentals according to our PCA tool
• It’s a tuck or war between positioning and fundamentals in metals. Crude tumbling despite all time highs in global flight data and crowded congestion

• We are initiating coverage of Symbotic (SYM) with a Sell Rating and $10 target. 
• The latest quarterly report from SYM suggests there could be little in the form of catalysts with the biggest news being related to a business owned by the CEO
• We believe investors are putting too much reliance on SYM generating revenue from Wal-Mart (WMT) even though WMT is also using SYM’s competition for warehouse automation. 

• Boise has transformed under new management since spinning off from OfficeMax in 2013
• Strategic acquisitions and investments have shifted focus towards higher-margin products
• Repurposing lumber/plywood capacity for engineered products and closer integration between segments have positioned Boise for strong cash flow returns

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.

• We are reiterating our Buy rating, $10 price target and projections for Vera Bradley after visiting Long Island and Connecticut Vera Bradley locations.
• With the launch of the New Day on July 11th, Vera Bradley entered a new era for their main line stores, with new fabrics, new looks, lighter and brighter fixtures, a new logo and a new spokesperson (Zooey Deschanel).
• When the shock of the new has passed, the look and offerings are impressive and, we believe, when fully launched, will satisfy both the traditional Vera Bradley shopper looking for exciting patterns and features and drive new, younger customers that will be attracted to the compelling fashion, combinations, colors and versatility of the offerings.

• Short Centrus and long Silex Systems and Cameco to hedge against commodity price and uranium enrichment hype risk
• Centrus underperforming and expected to trade lower due to potential ban on Russian imports
• Long positions in Cameco and Silex Systems could offset risks and benefit from increased demand for Western enrichers

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.

• We remain optimistic about CXW’s new business activities, operating improvements and cost containment efforts.
• Over time, we expect occupancies at CXW facilities to continue to increase, the pending ICE termination of services at CXW’s South Texas Family Residential Center notwithstanding, as ICE & multiple government entities seek capacity.
• CXW also continues to strengthen its balance sheet, with a 2Q24 debt offering concurrent with a tender offer for 2026 8.25% notes.

• CTA Positioning Update The latest CTA picture by UBS shows that managed money is currently maxed long coffee and oil and max short corn, soybeans cotton and lean hogs.
• The contrarian ideas would speculate on the exact opposite of this positioning. On the other hand, the data currently suggests only slight changes in the current positioning.
• On the other hand, the data currently suggests only slight changes in the current positioning.