United States

• The earnings for Tempur Sealy in the second quarter of 2024 presents a mixed financial outlook, characterized by both positive achievements and challenging market conditions.
• The company reported a notable increase in net sales which approximate $1.2 billion, and adjusted EBITDA stood at $231 million, marking a year-over-year improvement of 6%.
• Adjusted earnings per share also saw growth, rising 9% to $0.63, alongside an improved leverage ratio.

• Mattel’s second quarter of 2024 presented a mixed set of results, reflecting both the challenges and strategic progress within the toy industry.
• In terms of financial performance, net sales slightly declined by 1% but were stable on a constant currency basis.
• This relatively flat sales trajectory indicates a degree of resilience amidst broader economic fluctuations, with the company managing to maintain its sales levels year-over-year.

• Vishay Intertechnology’s second quarter 2024 earnings reflect a mixed financial picture, characterized by modest revenue results and continuous investment in strategic initiatives aimed at long-term growth.
• The company reported a quarterly revenue of $741.2 million, which remained essentially flat compared to the previous quarter, with some positive contribution from acquisitions and specific regional demands, offset by decreases in major market segments such as automotive and industrial.
• The automotive sector experienced a significant downturn, with revenue dropping 6.7% quarter-over-quarter and 13.6% year-over-year, largely due to reduced orders from Tier 1 suppliers and OEMs in Europe and North America.

• Acasti Pharma is making progress in developing IV nimodipine for acute subarachnoid hemorrhages
• Lead asset GTX-104 is the primary focus of their development efforts
• Successful PIPE offering and enrollment in Phase 3 trial put Acasti Pharma on track for potential FDA approval

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• Group 1 Automotive’s second quarter of 2024 financial results generally mirrored the broader challenges and opportunities facing the automotive industry, marked by resilience amid disruptions and strategic expansions that promise future growth.
• The company navigated significant obstacles, including extreme weather events and a significant system outage from its dealership management service provider, CDK, which impacted its operations from June 19 to June 26.
• Despite these challenges, Group 1 Automotive managed to minimize the financial impact significantly, estimating a pretax income impact of the CDK incident at approximately $17 million or $0.97 in diluted earnings per share, along with one-time pretax compensation payments to employees amounting to $5.9 million or approximately $0.34 per dilute share.

• Planet Fitness has released its financial results for the second quarter, demonstrating solid growth figures, a testament to its strategic expansion and robust franchise model.
• The company marked this quarter with a few significant milestones and strategic shifts under the new CEO, Colleen Keating, who brings extensive experience in franchise businesses and real estate.
• One of the notable achievements this quarter was the growth in same-store sales by 4.2% and an increase in revenue by 5.1%.

• Cavco Industries, Inc.’s first quarter fiscal year 2025 earnings call commenced with the routine formalities.
• Bill Boor, President and CEO, detailed the company’s continued improvement in the factory-built housing sector, underscored by a significant 25% sequential increase in orders and a corresponding 20% hike in shipments.
• These metrics are encouraging indicators of robust market demand and operational execution.

• Boise Cascade’s second quarter 2024 earnings reflected a complex but strategically navigated economic landscape, manifesting both strengths and areas of concerns.
• The company reported a year-on-year decrease in net income from $146.3 million in Q2 2023 to $112.3 million in Q2 2024, alongside a slight decline in consolidated sales reaching $1.8 billion, down by 1% from the previous year.
• Despite a softer market environment characterized by elevated mortgage rates and broader economic uncertainties, the firm has pushed forward with essential growth projects and sustained its shareholder capital return strategy.

• Fastly’s Q2 2024 earnings highlighted a mix of positive developments and significant challenges facing the company.
• For the quarter, Fastly reported revenue of $132.4 million, which surpassed the midpoint of their guidance.
• This achievement was overshadowed by a concerning trend with some of Fastly’s largest customers, particularly in the media sector, where decreased traffic projections and an emphasis on cost reductions have led to lower revenue expectations for these key accounts.

• For the week ending 04/Oct, US crude inventories rose by 5.8m barrels, exceeding expectations of a 2m barrel build. However, gasoline and distillate stockpiles fell more than expected.
• US natural gas inventories rose by 82 Bcf for the week ending 04/Oct, higher than analyst expectations of a 73 Bcf buildup. Inventories are 5.1% above the 5-year seasonal average.
• Chevron and Shell experienced target price upgrades, while Schlumberger and Occidental’s target prices were cut. Notably, BNP Paribas downgraded Exxon to Underperform from Neutral.

• Ligand Pharmaceuticals holds a portfolio of revenue, royalty and milestone generating assets that have been vetted by its internal investment team.
• Ligand considers individual biopharmaceutical products, platforms, companies & income streams in its opportunity set.
• It targets late-stage and commercial income-producing assets when making investments.

• On October 9, Rio Tinto agreed to acquire Arcadium Lithium through a Jersey scheme of arrangement for $5.85/share, a 90% premium, valuing Arcadium’s diluted share capital at $6.7 billion.
• As of October 4, Arcadium shares on the NYSE had fallen by approximately 54.1% since listing. Rio Tinto is taking advantage of low lithium prices to acquire high-quality lithium assets.
• The offer price is generous: 17.3x 25e EBITDA vs. closest comparable Albemarle Corp (ALB US) at 12.2x 25e EBITDA. Gross spread is 5.1%. I set my PT at $5.85. Long.

• TRS has three operating segments where the smallest has already been going through a sales restructuring period and we are now expecting a slowdown in TRS’s aerospace business.  
• Aerospace had been growing at double-digit rates in recent years, but in recent months the two largest aerospace customers have been going through their own ordeals
• TRS’s current valuation gives little value for what each segment could be worth. There have been two aerospace IPOs with similar businesses to TRS’s aerospace business. 

• Arrow distributes semiconductors, electronic components, and IT hardware/software to value-added resellers globally
• With 600 suppliers and 210,000 customers, Arrow simplifies the supply chain process for both parties
• Focus on cheap electronic components with some high-value semiconductors like GPUs; plays a crucial role in aggregating customer demand

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• 3Q24 production was 15,160 bbl/d. This is well above expectations of 13 mbbl/d.
• While the river levels were at record lows, PetroTal has maximized the barge fleet capacity during the quarter.
• Production during the first week of October was 10.7 mbbl/d. With the end of the dry season in sight, production is expected to return to capacity by mid-November, 

• Sila Realty Trust is a healthcare real estate investment trust focused on medical office buildings
• Despite high-quality portfolio and low debt levels, Sila’s stock is undervalued
• Potential buying opportunity with strong lease profile and attractive valuation, especially if interest rates rise

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• We are reiterating our Buy rating, projections and $30 price target for JAKKS Pacific after meeting with management and viewing the company’s product offerings.
• We believe momentum has remained strong at JAKKS Pacific, driven by strong sales of core items, expansion into new categories/licenses and continued excitement over the upcoming Holiday movie slate.
• Further, with JAKKS now net cash positive, the company is well positioned to strategically expand and potentially return capital to shareholders.

• Seaboard Corporation is an agribusiness conglomerate owned by the Bresky family for over a century
• Recent downturn in operating income due to losses in pork business, but historically maintained 11% ROE
• Stock price of $3,062 trades at low 0.64x book value, potential for 100% return if company achieves 8% ROE in next three years and returns to historical book value ratio of 1.2x

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• TBPH prioritizes shareholder value and is trading at a discount to its NAV
• The company is an attractive investment opportunity for value investors
• TBPH has a strong focus on maximizing shareholder value, valuable assets, and potential for significant upside

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• We are initiating coverage of Sable Offshore (SOC) with a Sell Rating and $6 target.   
• SOC is attempting to restart oil production off the coast of Santa Barbara, California that is unlikely to gain the necessary regulatory approvals to move forward.   
• The offshore oil platforms, previously owned by XOM, have been shut down since 2015. SOC acquired the assets on the expectation it could win approval to restart production. 

• The $SPX continues to hold below 5783, the upper-end of an important target/resistance area (5670-5783) we’ve discussed since our 8/13/24 Compass, just after SPX hit our 5100-5191 “expected pullback zone.”
• The current “breakout” above 5670 is an extraordinarily weak one, which suggests a false breakout/bull trap is brewing; SPX has spent nearly three weeks above 5670, with zero upside follow-through.
• As long as the SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives.

• The crypto market showed some positive momentum over the weekend.
• We will not repeat ourselves on why we are highly bullish going into this fourth quarter, so we will spare you that for now.
• What is notable is the steady stream of major financial institutions announcing new digital asset services on a weekly basis.

•  A chemical used in tire manufacture has been causing controversy since 2020.  
•  The United States Tire Manufacturers Association (USTMA) is investigating a series of potential alternatives, following new legislation from California that requires any company selling tires in California to either declare that they do not contain 6PPD, or demonstrate that they are seriously seeking alternatives.  
• As of now, no major fines have been imposed on tire manufacturers specifically for 6PPD use, but there is growing regulatory scrutiny, particularly in regions like the Pacific Northwest where environmental harm has been documented.

• ExxonMobil’s Q3 revenue is expected to rise 6.3% YoY and 3.7% QoQ but its EPS is anticipated to fall 11% YoY and 5.6% QoQ.
• Management expects upstream earnings to decline by USD 0.6-1 billion due to falling crude oil prices. Earnings from the energy products segment are also projected to drop significantly.
• Exxon expects production in 2024 to be around 4.3 Moebd, with 1.2 Moebd coming from the Permian. The total capex for the year is estimated at USD 28 billion.

• Kaanapali Land is a company that owns 4,000 acres of land on Maui in Hawaii, near the Kaanapali resort community
• The company operates in the agricultural sector, focusing on coffee cultivation, and has a market capitalization of $59 million
• Controlled by JMB Realty, Kaanapali Land is facing challenges with regulatory issues and delays in land development, exacerbated by the Maui wildfires in August 2023.

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• Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.
• Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.  
• The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.

• US natural gas prices fell by 1.65% for the week ending 04/Oct, ending a streak of five straight weekly gains. The decline was due to expectations of softening demand.  
• Henry Hub Put/Call volume ratio fell to 0.98 (04/Oct) from 1.03 the previous week as put volumes fell by 20.2% WoW, while call volumes declined by 16.7%.
• Put OI increased for contracts expiring in October and November, while call OI rose for expiries in December, January, February, and March.

• WTI futures rose by 9.1% for the week ending 04/Oct, its strongest weekly gain since October 2022. The surge was led by escalating tensions between Israel and Iran.
• WTI options Put/Call volume ratio fell to 0.64 (04/Oct) from 0.76 (27/Sep) as call volume jumped by 120% WoW while put volume grew by 86.6%.
• WTI OI PCR fell to 0.76 for the week ending 04/Oct from 0.77 last week. Call OI rose by 11.4% WoW, while put OI grew by 10.4%.

• In our initiation, we highlighted that NBPE is uniquely focused in the co-investment sector of PE.
• Our report underlined why this sector has especially appealing return, cashflow, asset selection, risk management, and GP access characteristics.
• In this note, we review how the manager, NB, adds value in this attractive market.

• Intel is struggling, with a dismal stock performance and job cuts
• The company’s risky and capital-intensive strategy may not be sustainable
• The core business is no longer sufficient to support their strategic goals, leading to financial challenges and market share loss.

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• S&P 500 futures down 33 basis points, showing signs of exhaustion
• US dollar index up 67 basis points, driven by euro reversal
• China’s unexpected outperformance in equities may be linked to US stimulus actions and coordination

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• This month, I had the privilege of attending an investment conference, where I engaged with many successful value investors and independent thinkers.
• During one conversation, an investor jokingly remarked that everyone seems to have shifted toward “quality growth investing,” while he and Mr. Robotti appear to be among the few who still favor cyclical stocks, such as Tidewater Inc.
• Although I don’t generally shy away from cyclical stocks, I recognize the immense challenge of navigating the capital cycle by investing in companies that seem on the brink of failure.

• Option prices are a valuable tool for studying market trends and risk premium
• Gold’s unique properties make it a valuable asset for portfolio diversification and defense against government chaos
• The oil VIX index, OVX, provides insights into market risk and volatility in the oil market, with potential implications for broader market trends

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• Labor market data challenges notion of slowing labor demand and jolts
• Fed policy expectations shift to 25 basis point cut in November
• Uncertainty in policy outcomes causing high policy uncertainty and potential for large market moves

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• The US oil and gas rig count declined by two to 585 for the week ending 04/Oct, marking the seventh drop in eight weeks.
• The US oil rig count fell by five to 479, its lowest since 19/Jul. Gas rigs rose by three to 102, marking its third straight weekly gain.
• For the week ending 04/Oct, US energy producers added two rigs in Texas but cut three in New Mexico and one each in Louisiana and Oklahoma.  

• The WTR Sustainable Index was up 0.6% W/W versus the S&P 500 Index (up 0.2%), the Russell 2000 Index (down 0.5%) and the Nasdaq Index (up 0.1%).
• Energy Technology (13.2% of the index) was down 1.6%, while Industrial Climate and Ag Technology (46.3% of the index) was up 0.5%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (21.2% of index) was up 2.0%.

• Top 10 Performers: PEV, EVGO, NXH, EAF, CRE, AZRE, SPI, BNET, GIGA, PLL

• Disaster Averted – But Not Solved The European Commission has proposed to delay the Deforestation free products regulation (EU DR) by 12 months.
• The law has been in place since May 2023, and was due to enter into effect on 30 December 2024.
• EU DR requires that targeted commodities (cattle, cocoa, coffee, palm oil, rubber, soy, wood) and relevant products sold in the EU must not be produced on land that was deforested after 2020.

• POET Technologies is a startup disrupting the photonics industry with a new technology that eliminates parts of an optical transceiver and replaces them with a single integrated device which is smaller, cheaper, faster, more scalable and with much lower power consumption than the current solutions.
• It has a $50M joint venture with Sanan IC to make and sell optical engines to data centers and telecom.
• Its solution can be produced at wafer scale, eliminating costly manual steps, and allowing it to be easily produced in large quantities and at low cost.

• A diversified environmental technology company focused on developing and providing solutions for air, water, and soil purification.
• Arq is a leading producer of powdered activated carbon (PAC) and is expanding into the faster-growing and higher-margin granular activated carbon (GAC) market, which should drive significant EBITDA growth in the coming years.
• Focus on execution and cash flow. Since new CEO Bob Rasmus took the helm in 2H23, Arq has delivered improving performance with its foundational and cash-generating PAC business through operational efficiencies, better contracting terms, and penetration of new markets.

• Cerebras Systems, a high-growth Ai chip maker and hardware company that builds AI supercomputers with scalable architecture, has filed for an IPO on the Nasdaq.
• The AI company plans to raise up to $1B in upcoming IPO. Citigroup and Barclays are the lead bankers on the offering. 
• Cerebras Systems may become the biggest disruptor since NVIDIA. The company’s growth is exceptionally high for any AI chip maker.

• Cerebras presently derives up to 87% of its revenue from G42
• Microsoft gatecrashed Cerebras party with a $1.5 billion investment in G42 to “accelerate AI development and global expansion”
• G42 “severed its ties” with China in advance of the Microsoft investment

• With China’s slew of stimulus measures released last month, we are confident that copper prices will break 10,000 USD/ton soon. 
• The COMEX spread with LME has now started to build up to over 300 USD/ton, signaling that macro funds are getting bullish on copper.
• We continue to like the equity route to play copper with pure plays like Southern Copper (SCCO US) , Ivanhoe Mines (IVN CN), and Teck Resources (TECK US).

• Helix Energy Solutions has emerged as a prime candidate for strategic acquirers and financial sponsors exploring opportunities in the offshore oil and gas industry.
• The company, which provides specialized services such as well intervention, robotics, and production facilities, is exploring its strategic options, including a potential sale.
• Helix’s latest quarterly earnings call revealed a significant improvement in revenue and profitability, alongside strong operational performance across its key segments.

• Google’s AI infrastructure spending remains a priority, with capex exceeding $12 billion per quarter, highlighting aggressive expansion in cloud and AI-driven services.
• Competition from Meta and TikTok has pressured Google’s advertising, especially YouTube. Q3 performance will gauge its ability to maintain dominance in digital ads.
• Ongoing antitrust trials pose a long-term risk to Google’s business operations, particularly in search and advertising. Potential regulatory action could impact future growth strategies.

• NVIDIA (NASDAQ: NVDA) is on the brink of yet another significant leap in AI computing with its latest Blackwell GPU, as CEO Jensen Huang recently emphasized in an interview with CNBC.
• Describing the demand as “insane,” Huang noted that Blackwell is already in full production and on track to be released to data centers for AI applications, with consumer availability slated for 2025.
• The company’s growth, particularly in its Data Center division, has been fueled by AI workloads, driven by GPU computing, networking platforms, and accelerated AI demand.

• Reservoir Media, a company known for its engagement with talent and diverse music assets, delivered mixed results in its first quarter of fiscal year 2025.
• Like many companies in the music industry, it is navigating a complex landscape influenced by digital transformations and global market trends.
• On the positive side, Reservoir Media experienced notable growth in its Music Publishing segment, showing a 15% increase in revenue.

• Broadridge Financial Solutions has displayed robust financial performance and maintained consistent growth in its earnings, backed by a strategy focused on transforming and digitizing the financial services industry.
• The company’s fiscal year 2024 concluded with a significant uplift in closed sales and improved earnings per share (EPS), demonstrating resilience and agility in a fluctuating market environment.
• 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.

• Cable One’s Q2 2024 earnings reflected a transformative period for the company amidst evolving market challenges and the ending of the Affordable Connectivity Program (ACP).
• A crucial aspect highlighted was the ending of ACP, which resulted in the loss of about 4,000 customers from an approximate total of 48,000 affected customers.
• Despite these challenges, Cable One managed to sustain customer growth trends positively, leveraging their robust network and local market initiatives to mitigate losses.

• Clear Secure remains steadfast in its commitment to grow its member base, enhance the customer experience, and improve its financial stability, with several significant developments detailed in the fiscal second quarter 2024 earnings call.
• The company reported robust growth, adding 2.3 million new members, and highlighted its innovative projects, like the implementation of new technologies to make travel and identity verification smoother and more integrated.
• 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.

• The latest earnings for Corpay outlined a comprehensive narrative of the company’s financial performance for the second quarter of 2024, its progress in addressing challenges, and strategic actions aimed at shaping its business landscape.
• Starting with financials, Corpay reported that its Q2 2024 revenue stood at $976 million, marking a 7% increase, excluding the impact from the Russian market.
• The adjusted cash EPS was announced to be at $4.55, up by 14%, also excluding Russia.

• Darden Restaurants, Inc. has reported its financial performance for the first quarter of fiscal year 2025, exhibiting mixed results that underscore the prevailing challenges and operational strides within the competitive dining industry.
• Despite burgeoning industry headwinds and a dip below expectations for the quarter, Darden’s strategic maneuvers and robust brand portfolio continue to fortify its market position.
• 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.

• FactSet, a global financial data and software company, recently disclosed its fourth quarter and full-year fiscal 2024 results.
• The company reported an annual organic ASV plus professional services growth of $104 million or 4.8%, a figure aligning with its forecasts.
• Its total annual revenue climbed to $2.2 billion while adjusted operating margin improved to 37.8%, and adjusted earnings per share (EPS) increased to $16.45, evidencing a 12.3% growth.

• General Mills noted a slight improvement in the macro environment, with North America Retail categories experiencing some growth.
• However, this wasn’t attributed significantly to a permanent shift in consumer behavior towards more at-home food consumption, but rather a reaction to current economic stresses where at home meals remain a more economical option for consumers than eating out.
• 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.

• For weeks, we have been anticipating October with optimism, given multiple positive factors for the crypto market.
• Among these is the conclusion of the U.S. Dollar liquidity squeeze in September, which we expect to be followed by increasing liquidity from this month onward.
• In Monday’s edition of Crypto Crisp, we outlined additional reasons for our bullish outlook on crypto throughout the fourth quarter.

• Donaldson Company has reported a record-breaking financial performance for the fiscal year 2024, achieving high sales, margins, and EPS.
• The company surpassed $3.5 billion in sales and reported an operating margin of 15.4%, delivering an adjusted EPS of $3.42 which reflects a 13% year-over-year growth.
• This robust performance was underpinned by strong cash conversion over 97%, and the return of $286 million to shareholders through dividends and buybacks.

• Upstart’s second quarter 2024 financial results reflect a period of transformation and recovery under challenging macroeconomic conditions.
• The company, led by CEO Dave Girouard, expressed confidence in the progress Upstart has made in returning to sequential growth and EBITDA profitability, despite the continued absence of significant macroeconomic improvements.
• This optimism is grounded in internal developments, particularly in artificial intelligence (AI) model enhancements, revived funding strategies, and augmented operational efficiency.

• Diodes Incorporated’s second quarter of fiscal year 2024 showcased performance exceeding prior expectations as demand began to recover, particularly noted in the computing market in Asia.
• The improvement in distributor inventory levels, marked by a sequential decrease in channel inventory weeks, was also a positive development.
• The company highlighted significant growth in point-of-sale (POS) across 3C markets (Computers, Communication, and Consumer Electronics), maintaining a steady revenue stream from automotive and industrial products which collectively accounted at 41% of total revenue.

Immix Biopharma’s US-based NEXICART-2 trial continues to make steady progress through the clinic, with the company reporting that the trial has advanced to the dose expansion level of 450m cells, after completing the 150m cell cohort. The Phase Ib/II trial is assessing Immix’s lead CAR-T asset NXC-201 as a first-in-class outpatient treatment for relapsed/ refractory amyloid light chain amyloidosis (r/r ALA). We highlight that both chosen doses in NEXICART-2 trial had elicited complete responses in the prior NEXICART-1 trial, which was based in Israel. We view the latest update as an encouraging sign that the current clinical trial is progressing as anticipated and we believe that the initial data readout, expected within Q424, could represent a near-term catalyst for investor attention.

• Five Below’s second-quarter results for fiscal 2024 reflect a period of significant changes and challenges alongside the initiation of strategic shifts aimed at repositioning the company for future growth.
• Under the interim leadership of Kenneth Bull, following a recent CEO transition, the company undertook a detailed review of its operations and business strategy.
• This quarter’s earnings reveal some concerning trends but also highlight areas where management is actively working to steer the business back to its growth track.

• BP’s revenue is expected to rise 7% QoQ but fall 5% YoY while EPS is anticipated to drop 7% QoQ and 19% YoY.
• Management projected lower upstream production for Q3 compared to Q2, including in high-margin regions. However, retail fuel sales are expected to increase on stronger seasonal demand.
• In 2023, BP allocated over 30% of its total expenditure to charging stations, biofuels, hydrogen fuels, and fuelling stations, a significant rise from just 3% in 2019.

• JFrog’s second quarter 2024 financial results highlight a scenario of mixed outcomes that underscore the robust yet challenging aspects of its operational and financial maneuvers.
• JFrog’s CEO, Shlomi Ben Haim, and CFO, Ed Grabscheid provided detailed insights into the company’s performance and strategic pivots intended to harness emerging market opportunities and address existing challenges.
• 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.

• Huntington’s second quarter of 2024 financial results demonstrated a robust performance, underpinning the company’s ability to navigate challenges while seizing growth opportunities.
• Revenue for the quarter reached $3 billion, marking a 6.8% year-over-year increase, driven largely by the exceptional growth of the Mission Technologies segment, which posted a 19% revenue increase from the previous year.
• This segment’s book-to bill ratio stood at 1.15, indicating healthy future revenue from confirmed contracts.

• Commvault’s fiscal first quarter of 2025 signaled a robust beginning to the year, reflecting significant growth across various metrics.
• The company reported a 13% increase in total revenue, reaching $225 million, complemented by a 17% rise in total Annual Recurring Revenue (ARR) to $803 million.
• Noteworthy was the Subscription ARR, which saw a 27% acceleration to $636 million, and the SaaS ARR, which surged by 66% to $188 million.

• Netflix recently hit an all-time high on the stock market, capitalizing on the chaos in the entertainment industry
• The company was initially seen as a renegade tech startup, leading the streaming market with its first mover advantage
• After reporting a loss in subscribers, Netflix announced plans to launch an advertising-supported business to combat competition in the streaming wars.

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• Facebook’s original vision Pro demo showcased impressive technology with custom silicon and high miniaturization, but it is still far from being a consumer product.
• Comparisons were made between Facebook’s demo and Apple’s vision Pro, highlighting different approaches to hardware development and philosophies.
• Despite debates on shipping products and final designs, both companies are pushing the boundaries of technology and advancing towards a glasses form factor for AR/VR.

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• With its Danaher Corp (DHR US) heritage, Veralto (VLTO US) has built a foundation based on durable and recurring sales growth, high profitability, and strong cash generation.
• Veralto’s products and services are mission-critical yet account for less than 1% of client costs, leading to high switching costs and ensuring customer retention and financial resilience through economic cycles.
• Veralto holds market leadership in both its Water Quality (WQ) and Product Quality & Innovation (PQI) segments, which positions it well for the increasing regulatory and environmental demands. .

• Peabody is a global coal company operating in the US and Australia, offering exposure to both thermal and metallurgical coals
• Despite recent success and a positive recommendation, the stock has lagged behind other coal companies
• With a current share price of $23.40, market cap of $2.9bn, and strong FCF yield of around 30%, Peabody presents a promising risk/reward opportunity in the current market environment

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• BigCommerce, headquartered in Austin, Texas, conducted its earnings call for the second quarter of 2024, marking significant strides in the company’s growth amidst challenging business environments.
• This complex economic landscape presents both opportunities as well as challenges which BigCommerce aims to strategically navigate.
• As reported, BigCommerce’s revenue for the quarter was slightly under $82 million, reflecting an 8% year-over year increase.

• BellRing Brands, created through acquisitions by Post Holdings, has experienced substantial growth, with its stock price increasing from $20 to $59 since its last write-up on VIC over four years ago.
• While some brands like Powerbar and Dymatize have underperformed, Premier Protein has been a standout success for BellRing Brands.
• With anticipated sales of $2 billion and EBITDA of $410 million for fiscal year 2024, BellRing Brands is viewed as a compelling investment opportunity with a promising future and reasonable valuation.

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• Modine Manufacturing Company reported a strong start to Fiscal 2025, showcasing significant growth and operational successes across its segments.
• The company’s proactive strategic initiatives, including acquisitions and the implementation of a transformative 80/20 business strategy, have evidently positioned it well for sustainable growth.
• However, adjustments in performance expectations in specific segments highlight the ongoing adaptation to market conditions.

• PRGO has resolved 90% of its challenges and is on track to address the remaining issues soon
• Predicted rise in earning power by 2025 could boost estimates and valuation, with potential for $3.5 EPS and $45 price target
• New CEO has shown progress in addressing issues, setting new expectations, and implementing cost-cutting measures, making PRGO an attractive investment opportunity with limited downside risk

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• The third quarter was the first time EB generated traffic from its relationship with TikTok. 
• EB’s traffic has remained elevated, and the attention turns to how many event creators EB was able to generate through the increase in traffic.   
• The number of event creators has declined over the past year due to EB charging for all events posted. The pricing model has changed with EB reintroducing a free option. 

• Eagle Materials commenced the fiscal year 2025 with strong financial performance, reflected by a record-setting quarterly revenue of $609 million and an impressive 16% increase in earnings per share.
• This quarter’s achievements are notably linked to strategic operational efficiency and a reactive approach to overcoming environmental challenges, particularly adverse weather conditions, which had varied impacts across different regions.
• 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.

• I’m not going to write about the technical side at all, as I expect Dylan Patel’s team at SemiAnalysis to do a much better job than I can do alone.
• However, I want to note some of the funniest aspects because landmines are everywhere for this IPO. Of course, it’s driven by G42, but it’s much worse than you think. Here’s the prelim S-1.
• G42 is pretty much the only customer.

• The report from Delphi Digital discusses significant macroeconomic changes, including the Federal Reserve’s move to lower interest rates and China’s liquidity injections, creating a positive environment for risk assets such as cryptocurrencies.
• In the crypto markets, there is growing optimism as BTC shows signs of a trend reversal and altcoins stage rallies.
• ETF inflows, particularly in BTC, are increasing after a slow summer.

• We are reiterating our Buy rating, projections and $3 price target for Vince after meeting with management in their European headquarters and touring the Galeries Lafayette shop in shop in Paris.
• We believe, with the company now well capitalized and acting in a materially more strategic fashion, the European opportunities, from owned stores to additional wholesale to category expansion, position Vince to drive material international growth going froward.
• When coupled with strong product offerings and what we believe are material opportunities in the domestic market, we believe Vince is ideally positioned to register material top and bottom line growth, and we reiterate our Buy rating and $3 price target for VNCE.

• BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies.
• The company announced that it was initiating an important clinical trial to study BioREtain in diabetic foot ulcers, which is a condition impacting millions.
• Additionally, the company announced it has filed an important document to further its quest to start trading on the Nasdaq stock exchange.

• The WTR Sustainable Index was up 3.5% W/W versus the S&P 500 Index (up 0.6%), the Russell 2000 Index (down 0.1%) and the Nasdaq Index (up 1.1%).
• Energy Technology (13.5% of the index) was up 3.3%, while Industrial Climate and Ag Technology (46.3% of the index) was up 1.1%, ClimateTech Mining was up 4.2%, and Advanced Transportation Solutions (21.0% of index) was up 8.4%.
• Top 10 Performers: VIHD, NNOMF, WAVE, EGT, NVVE, CPWHF, VLI, XPEV, MP, DNMR

• IN8Bio is a clinical-stage, oncology-focused biotechnology company using ?d T cells against solid and hematological tumors.
• Its pipeline is built on the DeltEx platform & drug-resistant immunotherapy (DRI) technology which have produced clinical candidates targeting leukemia & GBM.
• INB-100 is evaluating leukemia in a Ph1 study, while INB-200 & INB-400 are Ph1 and Ph2 assets evaluating GBM.

International Public Partnerships (INPP) has announced the partial disposal of its Public-Private Partnerships (P3) investment providing family housing for US service personnel. The £30m proceeds take INPP’s realisation proceeds over the last 18 months to c £260m (or c 10% of INPP’s portfolio value), with all exits in line with or slightly above previous carrying values. The sale proceeds will be used to support the recently increased and significantly accretive share buyback programme and towards funding its existing £35m near-term investment commitments across the transport, education and digital sectors (which INPP’s manager expects to be drawn until end-2025).

• Recent policy changes in China have sparked a surge in commodity prices and stock markets
• China’s focus on stimulating the real economy over asset prices sets them apart from Western policies
• Chinese government has implemented measures such as interest rate cuts and lower bank reserve requirements to boost liquidity and investment

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• We have emphasized multiple times that we have been eagerly anticipating the fourth quarter of this year, driven by numerous factors that make us extremely bullish.
• With September’s liquidity squeeze now behind us, we expect U.S. Dollar liquidity to rise significantly through the remainder of the year.
• Additionally, there are several other strong tailwinds: robust seasonal trends, Chinese stimulus measures, the post-fourth Bitcoin halving phase—which historically delivers substantial returns—the possibility of positive focus on crypto during the U.S. presidential election, and a market that tends to thrive in a low-interest-rate environment, many of the reasons for which were discussed in Crypto Moves #42.

• Tesla aims for 462,000 deliveries in Q3 2024, with analysts predicting actual numbers could reach 470,000 units. This increase highlights strong demand, particularly in China.
• Vehicle registrations in China rose nearly 20% QoQ, driven by the Model Y’s popularity. Despite expiring subsidies, Tesla expects Q3 deliveries to exceed its previous best quarter by 5%.
• Tesla’s stock is up only 4.85% year-to-date, significantly lagging the S&P 500’s 21% rise. Factors include declining EV demand, price cuts affecting margins, and increased competition.

• Global liquidity trifecta: US, China, and Japan’s policy shifts hint at a bullish environment for risk assets, including crypto.
• BTC’s trend reversal? Early signs of a market shift suggest a potential breakout as investor sentiment changes.
• Solana ecosystem is gaining momentum—real-world applications and a booming DeFi landscape are setting the stage for a strong 2024.

• $SPX remains below 5783, the upper-end of important target/resistance area we’ve discussed for a month+ (5670-5783). 5670 was prior all-time high set in July, while 5783 is 2% above 5670.
• It’s hard to call it a “decisive” breakout if SPX isn’t even 2% above its prior high.  In 2007, SPX made a top after climbing 1-2% above its prior high.
• The 2007 topping analog has tracked the current market almost perfectly, with similar backdrops to today including new Fed cutting cycle, recession indicators going off, yield curve un-inverting, defensives outperforming

• KULR Technology Group, Inc. develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications.
• Currently, it is focused on high performance aerospace and Department of Defense applications, such as space exploration, satellite communications, and underwater vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electric vehicles, 5G, cloud computer infrastructure, consumer and industrial devices.
• It is also applying its zero-vibration technology to fans in commercial markets which could be a large revenue opportunity.

• KULR Technology Group, Inc. develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications.
• Currently, it is focused on high performance aerospace and Department of Defense applications, such as space exploration, satellite communications, and underwater vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electric vehicles, 5G, cloud computer infrastructure, consumer and industrial devices.
• It is also applying its zero-vibration technology to fans in commercial markets which could be a large revenue opportunity.

• CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
• First half 2024 product sales improved 12% from last year while product gross margins rose to 75%.
• The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners during cardiac surgery.

• Coterra Energy held its 2024 Earnings Call, reporting robust results for the second quarter.
• The company highlighted strong financial performance alongside diligent execution of operational strategies, despite facing a 42% drop in realized natural gas prices between Q1 and Q2 2024.
• Ensuing from this price drop, revenue only saw a modest 12% decline, illustrating Coterra Energy’s resilience and strong market positioning.

• IDEXX Laboratories recently reported its financial results for the second quarter of 2024.
• The company saw organic revenue growth of 7%, driven by a 7% increase in Companion Animal Group (CAG) Diagnostic recurring revenues and a 10% growth in its water business.
• Despite facing macroeconomic and sector-specific challenges, including a 2% decline in U.S. same-store clinical visit growth, IDEXX demonstrated resilience by leveraging solid execution strategies such as high premium instrument placements and gains in veterinary software and diagnostic imaging revenues.