United States

• Palantir Technologies (PLTR US) is anticipated to be the largest addition following its eligibility, which was secured through a listing transfer from NYSE to Nasdaq just before the cut-off date.
• Super Micro Computer (SMCI US) is projected to exit the index despite its recent entry in July 2024, as it has ranked above the exit threshold of 125.
• ARM Holdings (ARM US) is not an expected deletion due to special ADR market cap treatment. Equinix Inc (EQIX US) is not an expected addition because it is a REIT.

• AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who  pulled off what many thought to be impossible
• Despite flawless execution and carving out a brand new $5 billion market segment within AI Acceleration, AMD’s share prices is down 44% from its 52 week high
• AMD will ultimately face headwinds from Arm but, for the time being, their growth will come from continuing to take market share from Intel and building on their Instinct platform 

• Gold (GOLD COMDTY) rebounded higher this week, after 2 weeks down, it is already getting  overbought according to our WEEKLY model, the remaining upside appears limited.
• If you are actively trading Gold, in this insight we will analyze the current Gold patterns and show you why it may be too late to enter the trade here.
• A better opportunity to enter LONG may come after another 1 or 2 weeks, when the market should pull back again.

• In September 2023, TON Foundation and Telegram announced a strategic partnership with the ambitious goal of onboarding 30% of Telegram’s active users to TON by 2028. Serving as the infrastructure layer, TON leveraged Telegram Mini-App to reach and engage Telegram’s vast user base.
• The success of Notcoin paved the way for activating Mini-App users through social games. Subsequently, users were introduced to crypto through airdrops of game-launched tokens and meme coins. To support this growth trajectory, the foundation has utilized TON Grants, The Open League, and offline events to align with these objectives.
• By July 2024, Telegram Mini Apps reached 500 million monthly active users (MAUs), elevating Telegram’s MAUs to a new peak of 950 million. By October, 30 million of these users had transitioned into the cryptocurrency world.

• Gentex Corp. proposed to buy all remaining shares of Voxx International Corp. for $5.50 per share, showing a 50% premium to the closing price
• The offer included acquiring additional shares from a Selling Director and a term sheet to buy a 50% stake in EyeLock, a subsidiary of VOXX
• Gentex, a company with a $7 billion market cap and 27% ownership in VOXX, is likely interested in EyeLock’s biometric technology for potential integration into their automotive vision systems.

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• Sui Network, a blockchain platform from Mysten Labs, is redefining scaling with its object-centric architecture, parallel execution model, and Move programming language.
• By combining innovative consensus mechanisms like Mysticeti and upgrades such as Adelie and Mahi-Mahi, Sui is advancing beyond traditional L1 architectures to support high-throughput and low-latency operations.
• Its ecosystem spans diverse sectors, from DeFi to gaming, while its robust tokenomics and cryptographic features enhance usability and security.

• Medtech focused on obstructive sleep apnea (OSA) treatment.
• Vivos commercializes proprietary oral appliances and support services for the treatment of OSA and associated conditions of dentofacial abnormalities, including snoring, temporomandibular joint dysfunction (TMD), and bruxism.
• The company’s Complete Airway Repositioning and/or Expansion (CARE) oral devices are patient preferred over market-leading CPAPs and have key FDA clearances that provide a competitive advantage over other oral appliances.

After the bell on 5 December, Wheaton Precious Metals (WPM) announced that it had entered into a definitive Precious Metals Purchase Agreement (PMPA, or stream) with Allied Gold regarding the Kurmuk gold project in Ethiopia. Under the terms of the stream, WPM will pay US$175m to acquire 6.7% (subject to conditions – see below) of the payable gold produced from Kurmuk at 15% of the spot price of gold until 220koz has been delivered, at which point, the percentage will drop to 4.8%.

• The WTR Sustainable Index was down 2.0% W/W versus the S&P 500 Index (up 1.0%), the Russell 2000 Index (down 1.1%), and the Nasdaq Index (up 3.3%).
• Energy Technology (13.8% of the index) was down 3.3%, while Industrial Climate and Ag Technology (48.3% of the index) was down 0.8%, ClimateTech Mining was down 4.1%, and Advanced Transportation Solutions (20.7% of index) was down 1.9%.
• Top 10 Performers: LEV, GRB, TGEN, HTOO, NGPHF, MVST, AZRE, EGT, MXL, HYSR

• Grace is a clinical-stage, biotechnology company focused on rare disease.
• Its lead program, GTX-104, is a novel injectable formulation of nimodipine for the treatment of aneurysmal subarachnoid hemorrhage (aSAH).
• Other programs include GTX-102 for Ataxia Telangiectasia & GTX-101 for postherpetic neuralgia.

• Outlook for 2025 across commodities sectors discussed
• Bullish view on gold, base metals, and agricultural commodities
• Neutral to bearish outlook on oil prices for 2025 and 2026

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• The Circuit podcast discusses the uncertainty surrounding Intel’s future leadership and strategic direction
• Ben and Jay analyze the board’s role in Intel’s challenges and debate the company’s path forward
• The podcast ends on a hopeful note, with Jay expressing optimism about Intel’s 14A technology and the potential for success in the future

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• Discussion of ins and outs of option pricing and market risk
• Examples of price volume spirals in meltdown and melt up scenarios
• Exploration of value and instability in market dynamics

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• Export restrictions have impacted the trade between China and the US, with potential for increased support for mineral imports from Canada
• The incoming Biden administration may focus on boosting domestic mineral recovery and supply chain security
• The copper market is facing challenges with potential oversupply, while cobalt prices are set for the worst year in history due to stagnating demand and increasing output.

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• Trump is gradually building a team to “make America great again” in the crypto space—a move that certainly cannot come soon enough.
• The most significant news from the past week includes the following highlights.
• Trump Names David Sacks as White House AI and Crypto Czar’ at Bloomberg

• Blueprint Medicines Corporation, during its third quarter of 2024 financial results presentation, highlighted both promising developments and ongoing challenges.
• The company reported robust revenue growth, primarily driven by the performance of AYVAKIT, which achieved $128.2 million in net product revenue, marking a 137% year-over-year increase.
• This strong performance led the company to raise its annual revenue guidance to between $475 million and $480 million, positioning AYVAKIT on track for substantial long-term revenue, potentially exceeding $2 billion.

• The US oil and gas rig count rose by 7 to 589 for the week ending on 06/Dec, rising for the first time in four weeks
• For the week ending 29/Nov, US oil production rose to 13.51m bpd from 13.49m bpd the week prior. US output edged past its record high of 13.5m bpd.
• The number of active US oil rigs rose by five to 482, while the US gas rig count rose by two to 102.

• Bio-Rad Laboratories, Inc. presented a mixed set of results for the third quarter of 2024, reflecting ongoing challenges and some positive developments across its business segments.
• The company reported net sales of $650 million, a 2.8% increase from the previous year on a reported basis, attributed largely to its Clinical Diagnostics segment.
• On a currency-neutral basis, sales increased by 3.4% year-over-year, driven primarily by a 6.4% increase in the Clinical Diagnostics group led by strong demand for quality control products, especially in the Asia Pacific region.

• WTI futures dropped 1.8% for the week ending 06/Dec, as concerns of oversupply in 2025 offset the impact of OPEC extending cuts and rising geopolitical tensions.
• WTI options Put/Call volume ratio jumped to 1.24 from 0.82 (29/Nov) last week, as call volume rose by 19.8% WoW while put volume surged by 81%.  
• WTI OI PCR remained unchanged at 0.88 from last week. Call OI rose by 3.3% WoW, while put OI increased by 3.6%.

• US natural gas prices dropped 8.5% for the week ending 06/Dec, driven by volatile weather forecasts, which predicted a warmer-than-expected winter.
• Henry Hub Put/Call volume ratio fell to 1.06 from 1.47 (29/Nov) the previous week as put volumes fell by 20.6% WoW, while call volumes increased by 10.2%. 
• Henry Hub OI PCR rose to 0.84 from 0.83 compared to last week. Call OI rose by 5.3% WoW, while put OI increased by 6.7%.

• Constituent changes to the S&P 500 INDEX and capping changes will result in a round-trip trade of US$15.9bn across the Select Sector indices and the S&P500 Equal Weight Index.
• The Select Sector index trackers and S&P 500 Equal Weight trackers will need to buy Apollo Global Management and Workday, adding to the buying from S&P 500 INDEX trackers.
• The flows will change over the next week as stock prices move around and final capping is done after the close on 13 December.

• There are 2 changes for the S&P 500 INDEX, 2 changes for the S&P Midcap400 Index and 6 changes for the S&P SmallCap600 Index at the December rebalance.
• Apollo Global and Workday will have large flows from S&P 500 INDEX trackers while AppLovin misses out. The SPX adds will have large inflows from the Select Sector index trackers too.
• The outright adds are up a lot in the after-hours and there could be further upside over the next couple of weeks as positioning ramps up.

• Pat Gelsinger took to X to invite us to join him in 24 hours of “praying and fasting” for Intel’s 100k employees to help them navigate “this difficult period”
• This is an unprecedented move never before seen in the semiconductor world, albeit we suspect that IBM may have dabbled in something similar to resurrect their 2nm process prowess
• This coming Thursday is the proposed date. Don’t expect miracles, this could take until the following Monday for the full impact to manifest itself in terms of share price appreciation

• On Friday post-close, S&PDJI announced the changes to the S&P500, S&P MidCap400, and S&P SmallCap600 Indices. The S&P500 names will get added to/deleted from the S&P500 Equal-Weight Index too.
• Apollo Global Management (APO US) and Workday Inc Class A (WDAY US) are IN to the S&P500. Qorvo Inc (QRVO US) and Amentum Holdings (AMTM US) are demoted to SmallCap600.
• There is a theoretical quantity to trade, and an expected quantity to trade

• Just two days ago, Bitcoin surged past the $100,000 milestone for the first time, reaching a peak of $104,000.
• This achievement is highly significant, not only because it represents a critical psychological threshold but also due to the immense media attention such milestones attract.
• Historically, this kind of coverage has often spurred increased interest from retail investors, who may be prompted to purchase Bitcoin as a result.

• We are reiterating our Buy rating, $40 price target and projections for JAKKS Pacific after meeting with company management.
• We believe, with easy 1H2025 comparisons, the initial strength of the Moana 2 premiere, a continued focus on key emerging growth drivers (international, ABG collaboration) and basic blocking and tackling, JAKKS is well positioned to continue to drive upside.
• Further, with the company debt free and registering material free cash flow, there remains opportunities to return capital to investors.

• ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.
• The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  
• I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  

• On December 5, 2024, MediciNova, Inc. (MNOV) announced a study update and interim analysis from the Phase 2b/3 COMBAT-ALS trial were scheduled to be presented at the 35th International Symposium on ALS/MND.
• As of Nov.
• 15, 2024, 217 participants had been enrolled and 183 participants were assigned to either MN-166 or placebo.

• NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
• The technology involved also has the potential to more efficiently get other treatments to the needed area.
• The company is also expanding its potential treatments with ExoPTEN and announced preclinical results that showed promise in repairing optic nerve damage.

After a couple of transitional years, Pan American Silver (PAAS) is in a much better position to deliver more consistent operational and cost performance as the Yamana assets are integrated, La Colorada ventilation issues are resolved and the asset portfolio is largely streamlined. We are upgrading our estimates on higher commodity price assumptions and raising our valuation to US$26.0/share. The stock has been derated on improving earnings momentum and is now trading at below average historical multiples. The recent M&A provides additional valuation support.

• Intuitive Surgical, Inc. reported robust third-quarter financial results for 2024, reflecting both significant positive developments and some areas of challenge.
• The company demonstrated strong global growth in its key product lines, particularly the da Vinci systems, which is central to its operation.
• On the positive side, Intuitive displayed robust procedure growth at 18% year-over-year, with contributions especially strong in the U.S., Japan, Germany, France, and the U.K. Notably, the introduction of the da Vinci 5 system, which launched in March 2024, saw promising early adoption with 188 installations and over 12,000 procedures completed.

• Information provided is for informational purposes only, not investment advice
• Author may hold a long position in securities mentioned
• Investors advised to seek professional advice before making investment decisions based on this material

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• EMCOR Group’s third-quarter 2024 results reflect significant revenue growth, robust operating income, and a strong backlog of projects, underscoring its strategic expansion into resilient market sectors.
• The company reported record revenues of $3.7 billion, showing a 15.3% increase year-over-year, and operating income surged by 54.7% to $363.5 million.
• Diluted earnings per share also rose considerably from $3.57 in the third quarter of 2023 to $5.80 this quarter.

• Rubrik, cybersecurity company and leader in the segment of enterprise backup and recovery software solutions, delivered a high quality beat and raise in 3QFY25.
• Stock indicated up 20%+ during regular trading session on heavy volume. Rubrik raised guidance for FY25 total revenue to $861M at the midpoint, implying ~37% growth.
• Moreover, the company generated positive FCF, achieved strong growth at scale and surpassed $1B+ in subscription ARR, a big milestone.

• Lancaster Colony Corporation reported its fiscal year 2025 first-quarter results, showing modest growth with some challenges.
• Consolidated net sales increased by 1.1% to a record $467 million, while gross profit rose by 1.9% to $111 million.
• A key highlight was the record gross profit, marking positive operational efficiency, although the operating income decreased slightly due to higher selling, general, and administrative (SG&A) expenses.

• Intapp, Inc. concluded its fiscal first quarter of 2025 on a strong note, showcasing substantial growth in cloud annual recurring revenue (ARR) and laying a strong foundation for future expansion.
• A key highlight was the 27% year-over-year growth in cloud ARR, reaching $309 million, which now comprises 74% of the company’s total ARR of $417 million.
• SaaS revenue also increased by 30% year-over-year to $77 million, driving total revenue up by 17% to $119 million.

• DigitalOcean, a cloud infrastructure provider aimed at developers, startups, and SMBs, achieved steady progress in its third quarter of 2024.
• The company reported revenue growth of 12% year-over-year, propelled by the success of its core cloud offerings and substantial gains in its AI/ML platform.
• Despite facing challenges from earlier price adjustments and acquisitions, DigitalOcean demonstrated robust growth in annual run rate revenue of $798.3 million, marking a consistent 12% increase year-over-year.

• Ares Management (ARES US) entered into a definitive agreement a $3.7 billion acquisition of GLP Capital Partners’ international operations.
• The acquisition is structured with a mix of cash and stock, including performance incentives.
• The deal, subject to regulatory approvals, will impact Ares’ presence in a global and a major US index, potentially creating significant passive demand.

• The latest financial report from Graphic Packaging Holding Company (GPK) offers a range of insights into both the achievements and challenges experienced by the company during the third quarter of 2024.
• The company, a global leader in sustainable consumer packaging, has shown resilience in a volatile market environment but also faces certain headwinds.
• In terms of performance, Graphic Packaging reported third-quarter sales of $2.2 billion, with an adjusted EBITDA of $433 million, reflecting a solid EBITDA margin of 19.5%.

• Ingersoll Rand reported its Q3 2024 financial results, showcasing a mix of strong performance and growth challenges, against a backdrop of macroeconomic uncertainty.
• The company recorded significant results, achieving record orders and revenue increases, with adjusted EBITDA margins expanding by over 200 basis points and free cash flow margins reaching 20%.
• Despite these achievements, Ingersoll Rand acknowledged that the challenging macro environment has impacted customer order timing and site readiness, leading to adjustments in revenue expectations for the full year.

• While the overall market continues to hit All-time High almost every other day, Lulu has been battling the skeptics for much of this year.
• There is still a long way to go, but with the stock now up almost 50% over the last three months, Mr. Market has likely started acknowledging that the bear narratives perhaps went a bit too far.
• Glancing through the numbers for 3Q’24 may seem eerily similar to 2Q’24, but management’s tone was much more upbeat in tonight.

• Marvell Technology Inc. reported its third quarter of fiscal year 2025 earnings, indicating a mix of positive growth and strategic shifts.
• The company’s revenues reached $1.516 billion, exceeding guidance by $66 million and showing a 19% sequential increase, driven by heightened demand in the AI sector and strong execution.
• On a year-over-year basis, revenue grew by 7%, marking a return to growth, with data center applications, notably in AI, accounting for 73% of total revenues.

• Bumble, the parent company of the popular dating app, recently released its third-quarter earnings for 2024.
• The results reflect a mixed quarter where Bumble managed to meet its revenue expectations but still operates within the challenges of an evolving business.
• On the positive side, Bumble achieved total revenue of $274 million, which, while representing a slight 1% decline, fell within the provided outlook range.

• The quarter for Campbell’s Company presented a mixed picture, marked by both accomplishments and hurdles.
• Starting with the positives, the company reported a 10% increase in net sales, largely driven by the inclusion of recently acquired Sovos Brands.
• Rao’s, a part of Sovos, showcased exceptional performance with in-market consumption growing robustly at 15%, helping boost the overall results for Campbell’s Meals and Beverages division.

• Chewy, Inc.’s third quarter results for fiscal year 2024 reveal a mixed performance, showcasing both strengths and areas for potential improvement.
• On the positive side, Chewy reported net sales of $2.88 billion, marking an approximate 5% increase year over year.
• This growth exceeded the high end of the company’s net sales guidance range.

• Core & Main, a leader in the water infrastructure sector, reported strong fiscal 2024 third-quarter results, demonstrating both growth and resilience amidst challenging conditions.
• The company achieved record quarterly sales exceeding $2 billion and adjusted EBITDA of $277 million, driven by a combination of organic growth and strategic acquisitions.
• Sales grew by nearly 12%, reflecting both the company’s expansion efforts and robust demand across its core markets.

• Dollar Tree’s third-quarter fiscal 2024 results reflect both advancements and challenges as it navigates a changing retail landscape and continues its strategic transformation.
• The company reported consolidated net sales of $7.6 billion, marking a 3.5% year-on-year increase.
• This was largely driven by stronger performances in their Dollar Tree and Family Dollar segments, both of which experienced improved sequential comparable sales.

• Five Below recently announced its third quarter results for fiscal year 2024, reflecting a blend of positive strides and ongoing challenges.
• The company reported a 15% increase in sales, reaching $844 million, slightly surpassing its guidance with a comparable sales growth of 0.6%.
• Adjusted earnings per share stood at $0.42, an improvement over the previous year.

• Hormel Foods Corporation recently held its fourth quarter earnings call, delivering a mix of positive developments and some areas of concern.
• The company’s financial performance in fiscal 2024 reflected its strategic shift and operational initiatives, which helped manage a challenging macroeconomic environment and exhibited the resilience of its portfolio and team.
• From a positive perspective, Hormel Foods reported a year of solid execution of its strategic initiatives, which included introducing innovative products across its portfolio, expanding its market presence, and reinvesting in its well-established brands like Hormel Black Label, Jennie-O, SPAM, and Applegate.

• nCino, a cloud-based software provider for the financial services industry, reported its third-quarter fiscal 2025 financial results, highlighting both achievements and challenges.
• The company’s revenue grew by 14% year-over year, reaching $138.8 million, with subscription revenue contributing $119.9 million, also a 14% increase.
• Driving this growth was strong sales performance in the U.S. market, particularly within community and regional banks, as well as the enterprise segment.

• Steady loss of market share to AMD in x86 PC and Server. Single design win for the GPU Max, overall no AI or Accelerator roadmap.  
• Steady deterioration of the financials. Collapse in NON-GAAP Operating Profits, leading to negative Free Cash Flow, leading to increasing Net Debt. 
• Most damaging, IMO was during 3Q24 conference call (1st Nov 2024) when the CFO David Zinsner said: don’t expect a recovery before 2026. CEO Gelsinger was gone 1 month later. 

• If you haven’t heard the news, Pat Gelsinger is “retiring.” The reality is this was not a retirement but a firing of Pat.
• His brief stint of 1386 days was surprising because not only was he the most technically competent CEO of the last few bad apples at Intel, but he was also among the shortest.
• Pat has by no means been perfect, and the conference at UBS kind of showed the frustrations that the board likely had with Pat.

• Michael discusses the journey from being a non-believer in bitcoin to a strong advocate and investor in the asset class
• He compares his investment strategy in bitcoin to Warren Buffet’s investment in Apple, emphasizing the importance of owning and holding onto assets
• Michael explains his belief that there are three ways to make money: making something, trading something, or owning something, and highlights his focus on owning and holding assets as a key to success.

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• Tesla has shortened its supplier payment cycle to about 90 days in 2024, continuing to outpace rivals in financial efficiency and supplier relations.
• Tesla’s Shanghai factory, where 95% of parts are sourced locally, reflects the company’s deep integration with China’s supply chain.
• The move highlights Tesla’s unique approach to balancing cost-cutting and supplier support in an industry under strain from intense competition, price wars and shifting dynamics between automakers and parts providers.

• OPEC+ extends crude oil supply cuts to the end of 2026, a year longer than planned. It also pushed its planned output hikes by three months to April 2025.
• OPEC+ revised its output hike plan, reducing monthly increases to 138k bpd over 18 months, down from 180k bpd over 12 months.
• OPEC+ approved a 300k bpd output increase for the UAE, starting in April 2025 through September 2026, delayed from the original January 2025 start.

• Management estimates that HighPeak’s D,C,E,&F costs are ~$2 million lower for a well that recovers a similar volume of oil than the average central Midland Basin well.
• The combination highlights the return proposition for HighPeak’s acreage, as recovering similar oil volumes for less than 75% of the D,C,E,&F cost equates to a capital-efficient asset base.
• New wells drilled during 2024 in the northern and northeastern extension areas have expanded Flat Top’s development core, adding new inventory.

• We are initiating coverage of Herbalife Ltd. The company has differentiated itself in its ability to successfully change with the times and capitalize on the shifting market dynamics in a period when many have not.
• Herbalife’s independent distributors’ daily methods of operations (DMOs) have evolved, including the creation of a footprint of Nutrition Clubs that offer daily consumption options to customers, which gives the company’s products a sizable worldwide brick-and-mortar infrastructure in towns and neighborhoods where consumers live and work.

• Following the 2016 US Federal Trade Commission (FTC) consent order, Herbalife changed its compensation plan in the US so that distributor commissions were predominantly based on the demonstration of a sale to an end consumer, thereby eliminating the pyramiding risks associated with almost all multi-level marketing (MLM) business models.

• LifeVantage’s new MindBody GLP-1 System for weight loss is built upon the science that the company is predicated on, nutrigenomics and activating the body’s natural processes.
• The products, which have been in development for well over a year, activate the L-cells in the body that are responsible for the production of the GLP-1 hormone.
• In July, LifeVantage received results from in vitro testing it had done that were encouraging. 

• We are reiterating our Buy rating, raising our price target to $58 (from $41) and increasing our FY25 projections after Build-a-Bear reported a highly impressive 3Q, remained conservative in their guidance, continued to aggressively return capital to shareholders and raised expectations for franchised and commercial store unit expansion.
• We believe Build-A-Bear management continues to leverage their experiential offerings to drive global growth and position the company to capture even more upside via new products and categories.
• Given our further confidence in the potential for margin and revenue expansion, we believe BBW is more than worthy of a premium multiple, and are raising our price target to $58 (from $41), or 8.6X our new FY25 EBITDA projection.

• 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.
• The rankings used for the December 2024 index rebal event will be based on yesterday’s (4th December 2024) opening prices. Announcement date will be 
• Inside we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review. 

• Coinbase Global (COIN US) can be the unexpected addition by transition because of a high liquidity score and a close distance below the estimated transition threshold.
• Lennox International (LII US) is the main candidate for addition by migration due to having the highest average mcap score and passing eligibility metrics.
• Illumina Inc (ILMN US) has a muted conviction for addition because of ineligible earnings and a recent deletion from the index.

• Janux Therapeutics has taken the biopharmaceutical industry by storm with its recent announcement of groundbreaking results from its Phase 1 clinical trial of JANX007, a tumor-activated T-cell engager targeting advanced prostate cancer.
• The data reveals a stunning 100% PSA50 response rate among heavily pretreated patients, with 63% achieving PSA90 and 31% achieving PSA99—a significant milestone in prostate cancer treatment.
• The company has prioritized the development of second- and third-line therapies for metastatic castration-resistant prostate cancer (mCRPC), aiming to address a substantial unmet need in oncology.

• Business Breakdowns series delves into SpaceX with investor Luke Ward from Bailey Gifford
• Focus on SpaceX’s business model, cost curve of launches, and potential future of the space economy
• SpaceX is a business and technology innovator, with a focus on economic sustainability and funding additional technology innovation to expand market capabilities, such as with Starlink.

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• OPEC+ will meet today (05/Dec), following a postponement from 01/Dec, to decide whether to delay planned output increases further.
• The postponement caused market jitters, with WTI and Brent futures falling 1.1% and 0.6%, respectively, on 29/Nov. The uncertainty eased as the delay was attributed to scheduling conflicts.
• For the week starting 02/Dec, WTI and Brent crude oil futures rebounded, rising 0.9% and 0.8%, respectively, driven by expectations of OPEC+ delaying planned output hikes due to price declines.

• General Motors (GM) is navigating turbulent waters as it steers towards an electric vehicle (EV)-focused future.
• Recent developments, such as the sale of its stake in a Michigan battery cell plant for $1 billion to LG Energy Solution, underline GM’s efforts to streamline its operations and adapt to evolving market conditions.
• Meanwhile, the company announced a significant write-off of $2.8 billion for its Chinese joint venture with SAIC Motor and an additional $2.7 billion restructuring charge to address declining profitability in one of its largest markets.

• Super Micro Computer (SMCI) has been in the spotlight recently, with its stock experiencing wild swings amid developments that have left investors divided.
• On one hand, a special committee investigation concluded there was no evidence of fraud or misconduct, a finding that alleviated fears sparked by Ernst & Young’s resignation as its auditor.
• This positive news was coupled with robust growth in AI-driven revenues, innovative liquid-cooled server solutions, and ambitious manufacturing expansion plans.

• Investors are cautious about EPR Properties due to concerns about the movie theater industry’s impact on its financial performance
• EPR has a diversified portfolio, strong lease metrics, and potential for growth in other leisure sectors
• Despite short-term industry challenges, EPR Properties offers long-term value and potential for growth with solid underlying property fundamentals and a track record of success

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• Microchip Technology reported its second-quarter fiscal year 2025 financial results amidst a challenging macroeconomic environment.
• The company faced a sequential net sales decline of 6.2% to $1.164 billion.
• Excluding a $13.3 million benefit from the settlement of a legal matter with a licensee, net sales declined by7.3%.

• Earlier this week, at the UBS Global Technology Conference, Intel CFO and co-interim CEO David Zinsner declared that the company’s “core strategy remains intact”
• Recently onboarded GM of IFS Dr. Naga Chandrasekaran, explained that while 18A remains on track, there are still “many milestones” to be met before it ramps in H225
• He also admitted that 18A is more geared towards HPC, is skewed in favour of Intel Products and that 14A will likely be more suitable for the broader semiconductor ecosystem

• Gelsinger’s IDM 2.0 strategy will be up for debate by Intel’s BoD. Most likely it will be largely scaled back 
• The new CEO’s options will be limited by the legal agreements in place with Brookfield & Apollo, along with the restrictions imposed by the US DOC 
• Possible CEO candidates are the current Globalfoundries CEO, Tom Caulfield, former Intel board member Lip-Bu Tan and former Intel executive Stacy Smith, who recently joined Intel’s BoD

• Key regional partner for Veldona; a good start for Ainos’ out-licensing strategy.
• Ainos entered a strategic partnership with Taiwan Tanabe Seiyaku for Veldona in Sjogren’s syndrome.
• Under a memorandum of understanding (MOU), the collaboration aims to advance Veldona development by leveraging Taiwan Tanabe’s established expertise in drug manufacturing and Taiwan market promotion. 

• ECVT has gone through several business divestments and acquisitions over its history and the latest news suggests management is not content. 
• The timing is a surprise given the segment is to serve ECVT’s growth trajectory. The segment houses new technologies that should begin to contribute to sales in coming quarters.   
• Advanced materials and catalysts is also the segment that owns the 50% stake in JV Zeolyst, which has been core of issues this year related to ECVT’s adjusted EBITDA performance.   

• Telomir Pharmaceuticals is a preclinical stage company focused on the science of lengthening telomere caps, which the company believes will extend human lifespans and improve quality of life as people age.
• Preclinical tests showed that the company’s signature therapy, Telomir-1, appeared to address insulin resistance and achieving reversal to near pre-diabetic levels.
• These results add to previous testing results showing a myriad of potential life improving and extending benefits.

• We are reiterating our Buy rating, $6 price target and projections for Vera Bradley with the company announcing 3QFY25 (October) results before the open on Wednesday.
• We believe 3Q, the first full quarter of operations after the relaunch of the Vera Bradley brand in both the main line and outlet stores, remained a key learning experience, as management, after dramatically shifting the entire main line store and materially changing the outlets, begins to calibrate feedback to maximize the shifts and begin to attract a wider customer base.
• While we remain cautious in our projections in the nearer term, we believe the shifts will help revive Vera Bradley and drive strong returns in the longer term.

• Volition’s Nu.Q Vet Canine Cancer Screening Test now available in 17 countries, particularly by Antech on its Element I+ diagnostic point-of-sale platform (in the U.S., Europe, Australia, India & Singapore) and by Fujifilm Vet Systems (Japan).
• A Data Room that contains all clinical studies and other data related to Capture-PCR (human cancer detection method) and Nu.Q NETs for human sepsis has been set up to support licensing discussions and negotiations with interested parties.
• Research continues on developing biomarkers for multiple cancers in proof of concept studies.

• ADEA announced a licensing agreement with AMZN setting the path for greater free cash flow in 2025. ADEA has previously mentioned it was close to signing two major licensing agreements.   
• We assume ADEA’s full year guidance includes catch-up revenue associated with the license since AMZN was never a licensee before.   
• ADEA had already signed several video streaming licenses, but AMZN would serve as the largest to date. It gives the investment story a stronger foundation.

• • 3Q24 production was 1,047 boe/d.
• Zephyr has re-iterated its FY production guidance of 1,100-1,300 boe/d.
• We are cautiously assuming 1,100 boe/d.

• On November 18, 2024, NeuroBo Pharmaceuticals, Inc. (NRBO) announced a strategic realignment with a name change to MetaVia Inc. (MTVA).
• The change became effective on November 29, 2024.
• We are republishing the latest research report under the MTVA ticker.

• OPT reported preliminary 2QFY25 results and reaffirmed previous guidance of achieving profitability in 4Q25.
• The company expects 2QFY25 revenue to come in at more than $2.0 million compared with $0.9 million in 2QFY24.
• Net loss is expected to be lower at ~$4.0 million compared with $7.2 million last year, driven by a 40% reduction in operating expenses due to lower third-party spending and higher revenue.

• Abercrombie & Fitch’s latest quarterly performance showed strong results, effectively capitalizing on consumer demand and strategic execution across multiple facets of their business.
• The company reported a record net sales figure of $1.2 billion for the third quarter, marking a 14% increase from the previous year, alongside a comparable sales rise of 16%.
• The operating income also witnessed a 30% growth year-over-year, driven by a 170 basis point improvement in operating margin to 14.8%.

• Urban Outfitters, Inc. reported a promising performance for Q3 of fiscal 2025, with total sales reaching a record $1.4 billion, a 6% rise compared to the previous year.
• This growth was primarily driven by strong performances from its Anthropologie and Free People brands, both of which posted mid-single-digit positive retail segment comps, which counterbalanced a high single-digit decline at Urban Outfitters.
• Nuuly, the company’s fashion rental business, also saw robust double-digit revenue growth, credited to a 51% rise in average active subscribers.

• Equity Commonwealth is in late-stage liquidation; a $19/share dividend is set for December 6, with a remaining distribution expected in Q1 2025 between $1-$2/share.
• The Denver property, 17th Street Plaza, is expected to sell for $142 million, with potential risks of sale delays beyond Q1 2025.
• Wind-down expenses are estimated at $0.40-$0.50/share, mainly for executive compensation, with contingency reserves expected to be under $10 million.

• NetApp’s recent earnings for the second quarter of fiscal year 2025 reflects a strong performance with both opportunities and challenges evident in the company’s results.
• Key aspects of the company’s current position and future outlook can be synthesized as follows: NetApp demonstrated significant growth in its all-flash storage segment, showing a 19% year-over-year increase, and enjoyed solid momentum in cloud storage services, which helped drive revenue beyond expectations.
• The reported revenues reached $1.66 billion, showing a 6% increase compared to the previous year.

• Copart, Inc. delivered their first-quarter fiscal 2025 results amidst significant environmental challenges and dynamic industry trends.
• The firm exhibited strong performance, particularly in their insurance segment and response to natural disasters, while also experiencing some cost increases related to capacity expansion and hurricane preparation.
• A critical highlight was Copart’s adept response to consecutive hurricanes in the southeastern United States, notably Hurricanes Helane and Milton.

• Dell Technologies Inc. reported solid results for the fiscal year 2025 third quarter, demonstrating both strengths and challenges across its various segments.
• The company achieved a revenue of $24.4 billion, marking a 10% increase year-over-year, driven by strong growth in its Infrastructure Solutions Group (ISG) thanks to robust demand for AI servers and traditional servers.
• Diluted earnings per share (EPS) reached $2.15, reflecting a 14% rise, while cash flow from operations was $1.6 billion.

• In Crypto Moves #44 from September 19, we stated that Ethereum would shine again.
• This prediction appears to be steadily materializing.
• Since the U.S. Presidential election, Ethereum has regained some of the ground it has lost against Bitcoin during the year.

• WTI futures dropped 4.6% for the week ending 29/Nov, driven by easing Middle East tensions and higher US gasoline and distillate inventories.
• WTI options Put/Call volume ratio fell to 0.82 from 0.87 (22/Nov) last week, as call volume fell by 17.9% WoW and put volume dropped by 22.4%.  
• WTI OI PCR inched up to 0.88 from 0.86 compared to last week. Call OI rose by 1.3% WoW, while put OI increased by 4.5%.

• Guess, Inc. reported its third-quarter fiscal 2025 results amidst several positive strides and challenges.
• The company’s revenue grew by 13% to $739 million, primarily driven by the acquisition and integration of rag & bone and a modest increase from its core business.
• However, the stronger U.S. dollar affected revenues negatively, alongside weakened performance in some regions.

• Agilent Technologies, Inc. recently reported its fourth quarter results for fiscal year 2024.
• The company generated revenues of $1.701 billion, marking roughly 1% growth in reported figures, with core growth remaining flat despite challenging market conditions.
• Notably, Agilent’s total company book-to-bill ratio exceeded one, indicating a steady market recovery and positioning for continued improvement into 2025.

• No stated reason for Mr. Gelsinger’s shock resignation as Intel’s CEO. 
• CFO and CCG leaders named as interim co-CEO’s with the latter also assuming a newly created role as CEO of Intel’s Products (CCG, DCAI & NEX)
• It’s the beginning of the end for Intel as we used to know it

• Starbucks’ CEO of China denied the rumor that Starbucks will sell its Chinese businesses.
• Chow Tai Fook closed 239 stores from March to September.
• SAIC and Volkswagen will extend their joint venture to 2040.

• The US oil and gas rig count fell by 1 to 582 for the week ending on 27/Nov, reporting a third consecutive weekly fall.
• For the week ending 22/Nov, US oil production rose to 13.49m bpd from 13.2m bpd the week prior. US output inched close to its all-time high of 13.5m bpd.
• The number of active US oil rigs fell by two to 477, the lowest since July. Conversely, the US gas rig count rose by one to 100.

• We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop with the company announcing 3QFY24 (October) results before the open on Thursday.
• We believe, with a very strong Halloween season, the launch of commercial and franchised stores beginning to drive operating momentum, new products and a solid start to the Holiday season, management will be upbeat on current and future trends, and we believe Street expectations for 3Q and FY24 (and our price target) could prove conservative.
• As such, we are reiterating our Buy rating and $41 price target for BBW.

• Goldman Thinks Commodities Will Outperform in 2025 Gold will rally to a record next year on central-bank buying and US interest rate cuts, according to Goldman Sachs – putting out a price target of $3.000 USD till end of 2025.
• The bank sees a sideways market in crude as its base case.
• The bank sees a sideways market in crude as its base case. “In our baseline forecast, we continue to see oil prices as range-bound, with Brent likely to stay in a $70-$85/bbl range. I

• We are reiterating our Buy rating, $20 price target and projections for Lands’ End with the company announcing 3QFY24 (October) results before the open on Thursday.
• We believe, with a continued emphasis on reducing discounting, rolling out new products and features to create compelling product (and category) stories and expansion on the licensing and digital marketplace arenas, Lands’ End has continued to shift the overall story to driving higher returns and creating the ability to achieve higher overall revenue.
• Further, with a deepening international focus and material emerging opportunities in the Outfitters uniform and embroidery business, we believe Lands’ End continues to rapidly improve their overall business model, and we reiterate our Buy rating and $20 price target for LE.

• Zacks Small-Cap Research Note for Sky Quarry Inc (SKYQ)

• Information provided is for informational purposes only, not investment advice
• Author may hold long positions in mentioned securities, subject to change
• Author is a trader, not obligated to inform readers of transactions, seek expert advice before making investment decisions

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• Vaalco’s asset portfolio combines a mix of long- and short- cycle growth opportunities in every country in which it operates.
• Management sequences the capital investment cycles to ensure the company commits capital to projects that have been sufficiently derisked to avoid overcommitting and with an eye to shortening the time from investment to production.
• Its budgeting process is anchored by the goal of supporting a sustainable dividend

• Evolution’s framework is focused on marrying acquisitions of long-lived shallow decline producing assets complemented by organic growth opportunities to grow the underlying business and support its dividend.
• The company’s 45th consecutive quarterly dividend is scheduled to be paid on December 31, 2024, in the amount of $0.12/share. The current yield is 8.2%.
• Ongoing development in the Chaveroo oilfield in the Permian Basin is expected to contribute incremental oil volumes in Evolution’s fiscal fourth quarter (June).