United States

• Whole Earth Brands, a sustainable sweetener firm, has seen a slowdown in growth, tightening margins, and rising debt since going public.
• Despite the odds, the company is countering these challenges with a strategy that includes cost reduction, improved distribution, and portfolio expansion.
• A recent buyout proposal from the company’s largest shareholder has added a new dimension to the company’s future. 

• This is our first report on one of the largest insurance companies, the Allstate Corporation.
• The company had a mediocre quarterly result and saw a 26% year-over-year increase in total revenues, totaling $13.8 billion.
• This was fueled by a rise in premiums, investment income, and realized capital gains, with total premiums showing a 9% year-over-year growth to reach $12.5 billion, driven by growth across all segments, especially the auto insurance segment which grew 11% year over year.

• This iThis is our first report on a global custodian and asset management behemoth, Bank of New York Mellon Corp.
• This After a surge in deposit balances following recent market fluctuations, BNY Mellon finished the quarter slightly higher than its starting point.
• The company’s broader liquidity platform, managing over $1.3 trillion of cash and short-term investments, witnessed growth in most channels.

• This is our first report on global beverage giant, Molson Coors Beverage Company. has exhibited commendable resilience this quarter, particularly with their premium light brands in the U.S.
• Their brands, Coors Light and Miller Lite, registered double-digit revenue growth, significantly aided by their first Super Bowl campaign in over three decades.
• We initiate coverage on the stock of Molson Coors Beverage Company with a ‘Hold’ rating.

• This is our first report on State Street, a prominent provider of asset servicing and other financial services in the U.S.
• The company experienced a varied market performance in the second quarter due to continued strength in developed equity markets, weakness in emerging markets, and a subdued market environment.
• State Street onboarded $1.2 trillion of Assets Under Custody/Administration (AUC/A) primarily through the State Street Alpha platform, underscoring its effectiveness.

• Levi Strauss managed to exceed analyst expectations in terms of revenue as well as earnings.
• Starting with Levi’s brand, they increased market share this quarter, establishing share leadership in the United States among the important 18- to 30-year-old target consumer group, and they continue to increase share in women’s denim bottoms.
• The Levi’s brand increased by 9% in the quarter, with their men’s bottoms business reaching a significant level in Q1 and women’s bottoms generating its highest revenue of any quarter.

• DISH’s results were a major disappointment as the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street.
• In the last quarter, the company faced a cybersecurity incident, leading to disruptions in its network and operations.
• Financially, the incident resulted in approximately $30 million in expenses for remediation and additional support, impacting DISH TV disconnects and churn.

• Peloton Interactive delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.
• Their management believes they are in a considerably better situation from the cost structure standpoint.
• We give Peloton Interactive, Inc. a ‘Hold’ rating with a revised target price.

• CF Industries Holdings managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.
• The company had net earnings of $560 million for the first quarter of 2023.
• We give CF Industries Holdings, Inc. a ‘Hold’ rating with a revised target price.

• FMC delivered a mixed result in the recent quarter, with revenues below market expectations but it managed to surpass the analyst consensus in terms of earnings.
• North America experienced a substantial quarter with significant sales growth, driven by high customer demand, price increases, and a favorable product mix.
• Despite revised market conditions, FMC’s management is confident about achieving revenue growth through pricing gains, new product offerings, and expanded market access.

• On July 12th, MariMed stormed Boston Harbor to protest the unfair tax treatment of US cannabis companies.
• The Boston Tea Party was a protest in 1773 where American colonists dumped British tea into the harbor to protest unfair taxation.
• It fueled the push for independence and played a crucial role in the lead-up to the American Revolution.

• Pure Storage managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
• Q1 operating earnings of approximately $20 million exceeded expectations, despite higher-than-expected salary expenditures and their first sales kickoff event since 2020.
• Besides, despite the positive initial reception to FlashBlade//E, Pure Storage expects a modest revenue increase in the second half of the year.

• Qorvo delivered a strong result and managed an all-around beat in the last quarter.
• Qorvo maintained factory production at unusually low quantities, which resulted in underutilization effects that adversely affected margins.
• In the quarter, Qorvo expanded its design engagements with automotive Tier 1s for 5G network access devices.

• Qualys managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
• Revenues increased by 15% to $130.7 million, with the channel continuing to contribute more and now accounting for 43% of overall revenues, up from 41% a year earlier.
• Patch Management and CyberSecurity Asset Management contributed 10% of LTM bookings and 16% of LTM new bookings in Q1.

• The S&P500 E-Mini (ES) is approaching a DAILY resistance level at a point in time where it could perform a quick reversal – a SHORT trade opportunity.
• Watch the 4483-4525 price area, today is the 3rd consecutive day up, the reversal could begin in that area, today or tomorrow.
• The probability for a quick reversal, after 3 days up, in the 4483-4525 price area, is between 67% to 79%, depending on the resistance levels reached.

• Colgate-Palmolive’s share price performance over the past few years is not as grim as it might look on the surface.
• Improving gross margin remains the only game in town for future shareholder returns, according to the company.
• Colgate-Palmolive Company (NYSE:CL) is rarely seen as an attractive investment opportunity as the company significantly underperformed the S&P 500 and the consumer staples sector in particular over the past 5-year period.

• Marsh & McLennan managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
• The company had significant growth in most of its businesses, market sectors, and geographical areas, with Marsh, Guy Carpenter, and Mercer all experiencing faster underlying growth than in the previous quarter.
• Guy Carpenter’s revenue was $1.1 billion, driven by solid growth in all areas and worldwide specializations, reflecting tighter reinsurance market conditions.

• Moderna’s move into China helps ease its current performance difficulties. But China has its own regulations/policies on vaccines. Whether Moderna can successfully adapt/stand out in China remains to be seen.
• The entire vaccine industry in China is expected to undergo significant changes. We listed the companies in this industrial chain that would benefit from the successful signing with Moderna.
• An important signal behind this deal is that while significant differences remain at the top, mutually beneficial business cooperation between China and US will continue, providing investors with additional options/confidence.

• NTGR has spent the last two years adjusting to a consumer spending environment post pandemic and should begin to show greater benefits of the new business strategy 
• The inventory rebalancing at NTGR’s main retailers is mostly sorted out and NTGR has been putting greater emphasis on its super premium wireless systems
• NTGR’s ability to generate free cash flow this year should improve investor sentiment in owning the stock.

• Block’s share price has remained relatively flat over the past year, but that’s hardly good news.
• The highly supportive outside environment was not able to propel the share price anywhere near its previous highs.
• When adjusting for risks, Block remains as one of the worst performers within its peer group, according to analysts.

• Sonos delivered a positive result and managed an all-around beat in the last quarter.
• The reported revenues were slightly ahead of expectations, although there was a decrease compared to the previous year.
• Sonos observed softening demand in the home theater category due to macroeconomic factors and increased competition but managed to gain market share.

• SS&C Technologies delivered a mixed set of results for the previous quarter with revenues above analyst expectations but below-par earnings.
• With a focus on innovation and investment in key areas, SS&C Technologies saw growth in various segments, including alternatives, global investor and distribution services, retirement, and the Institutional and Investment Manager segment.
• SS&C Technologies’ strong financial performance and customer satisfaction are anticipated to position the company as a trusted partner in the financial services sector.

• Stanley Black & Decker delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.
• Stanley Black & Decker generated free cash flow of $1.1 billion, up 36% year-over-year, and returned $1.2 billion to shareholders through dividends and share repurchases.
• We give Stanley Black & Decker a ‘Hold’ rating with a revised target price.

• SunPower delivered a mixed set of results for the previous quarter with revenues above the analyst consensus estimates.
• Despite challenges like unfavorable weather conditions in California and increased costs, its management remains confident in achieving its financial goals.
• SunPower added many new customers, with revenue experiencing notable growth driven by price increases.

• Sunrun delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.
• Sunrun’s outlook includes guiding growth in solar energy capacity installed and an expected increase in storage attachment rates.
• This service is designed to optimize the value of solar energy following California’s latest solar policy, the net billing tariff.

• Teladoc Health managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
• Consolidated revenue grew by 11% year-over-year, exceeding their guidance range, and their consolidated adjusted EBITDA also exceeded expectations.
• We give Teladoc Health a ‘Hold’ rating with a revised target price.

• McCormick managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.
• The company’s sales performance reflects the strength of its diverse worldwide portfolio as well as the successful implementation of its strategy.
• Additionally, McCormick is extending into the quickly developing Mexican aisle with Cholula’s true Mexican flavor in new formats.

• US 10 year cleared the 4.90% resistance threshold as the market reprices Fed policy. This yield pop will have lasting effects.
• 3.85% is the key support with to supply rally energy.
• Short term target comes in at 4.20% and MT resistance at 4.70% (but not in a strait line). A staircase move is expected.

• Oddity Tech, the owner of popular and fastest-growing global brands IL MAKIAGE and SpoiledChild, set terms for an upcoming IPO. The company offers ~10.5M Class A shares. 
• Selling shareholders (private equity firm L. Catterton and Oran Holtzman, Co-founder & CEO) offer ~8.77M Class A shares, while Oddity Tech offers ~1.75M Class A shares.
• The net proceeds from the sale of Class A shares will be ~$41M. Oddity Tech will not receive any proceeds from the sale of shares by the selling shareholders. 

• Moderna Inc (MRNA US) has submitted marketing authorization applications for the investigational RSV vaccine, mRNA-1345, in Europe and Australia and initiated submission process in the U.S.
• Moderna anticipates to launch RSV vaccine in 2024 in US. Each year in US, approximately 60,000–120,000 older adults are hospitalized, and 6,000–10,000 of them die due to RSV infection.
• This year, FDA has already approved two RSV vaccines, Arexvy from GSK and Abrysvo from Pfizer, which are scheduled to be launched in the U.S. by this fall.

• Last week, bankrupt crypto lender Celsius gained court approval to convert its altcoin holdings into more liquid BTC and ETH as part of its restructuring plan.
• The company has reportedly moved some of its holdings to market maker Wintermute and stablecoin issuer Paxos.
• As of end-March, Celsius held more than $2B in BTC, ETH and stETH and a mixed bag of liquid and illiquid altcoins, including $240mn of its own CEL token.

• Kraft Heinz delivered a positive result and managed an all-around beat in the last quarter.
• In the quarter, the company introduced It Has to be HEINZ, a new worldwide campaign that represents the brand’s first unification under a single creative approach.
• We give The Kraft Heinz Company a ‘Hold’ rating with a revised target price.

• Interpublic Group of Companies managed to exceed analyst expectations in terms of revenue as well as earnings.
• The company’s organic revenue before billable expenses was down 20 basis points compared to last year’s extremely high first-quarter organic increase of 11.5%.
• We give the Interpublic Group of Companies a ‘Hold’ rating with a revised target price.

• Jabil delivered a strong result and managed an all-around beat in the last quarter.
• The company’s growth was driven by improved profitability in electric vehicles, healthcare, renewable energy infrastructure, and cloud sectors.
• The healthcare sector also presents opportunities for Jabil, with increasing interest from OEMs seeking outsourcing manufacturing solutions.

• Juniper managed to exceed analyst expectations in terms of revenue as well as earnings.
• The enterprise business exhibited significant momentum, with double-digit revenue growth in key segments.
• Additionally, Juniper experienced strong growth in its Mistified segment, propelled by Mist AI.

• KLA managed to exceed analyst expectations in terms of revenue as well as earnings.
• The company’s revenue exceeded the guidance range and represented 6% year-over-year growth.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• The bitcoin halving is officially insight, expected to occur in late April 2024.
• Unlike bitcoins competitors for money like the US dollar or British pound, its monetary policy is programmatic, simple, immutable and transparent to its holders.
• The upcoming halving will reduce the block subsidy to 3.125 BTC a block, trimming bitcoins issuance rate to 0.9%.

• Chinese autonomous driving chip maker (SoCs) Black Sesame Technologies (BLACKSES HK) has filed for HKEx IPO and plans to raise around US$200m which will be spent on R&D and  commercialisation.
• According to Frost & Sullivan, Black Sesame was ranked the third largest provider of automotive- grade high computing power SoCs, based on shipment in 2022.
• The company is in early stages of commercialisation, and the top line has expanded significantly in 2022 with launch of SoCs in 2021. Black Sesame’s earnings show significant growth potential.

• The company’s international sales growth is somewhat of a hidden asset, as the arena is underserved.
• Lululemon’s regional brand exposure is expanding with new store openings.
• The stock is theoretically undervalued, which is why the stock is undervalued.

• Amazon has significantly underperformed the broader equity market, in spite of the recent rally.
• The narrative for generative AI is strong, but the share price is currently driven by other factors.
• Margin improvements are being priced-in, which significantly limits any potential upside, without monetary conditions becoming supportive.

• China accounts for over half of the automaker’s global sales.
• There is also potential for Chinese brands to encroach on European markets.
• Tesla’s valuation could be impacted by protectionism and nationalism, with questions over how China will tolerate overseas competitors in its electric vehicle market.

• The stock has surged by more than 60% since the turn of the year.
• The company’s acquisition strategy has resulted in significant market share and an ever-improving profit & loss statement.
• The stock’s PEG ratio of 0.26 speaks volumes.

• Three Arrows Capital famously blew up because of a series of bad trades, primarily Luna and GBTC.
• What happened to Luna is obvious: it went to 0 because of UST’s flawed peg maintenance mechanism.
• The GBTC situation was a bit more complex: “Grayscale allowed big investors like 3AC to purchase shares directly by giving Bitcoin to the trust.

• Q2 deliveries were solidly higher versus expectations, thanks to Tesla’s 11th hour fire sales on top of fire sales to move sluggish inventory. 
• The trouble is, this likely slashed already shrinking profitability while excess inventory continued to grow.
• Margins & profits probably can’t recover as more aggressive measures already are needed in Q3 just to sustain sales.

• The second week in a row of good vibes. The crypto market is basking in a period of optimism, fueled by the momentum generated from the influx of numerous ETF filings.
• Bitcoin and Ethereum, the leading cryptocurrencies, have experienced sustained upward trends in their values.
• As a result, the vision of an interconnected on-chain, off-chain financial system is rekindled, and the hopes of a seamless integration of traditional and digital economies emerge again, with record inflows of capital into crypto to feed this hypothesis.

• United Rentals continues to perform well as the risk of a recession grows.
• The share price is not expensive as profitability and utilization rates remain strong.
• United Renters remains a sold long-term opportunity, but near-term risks should not be ignored, but United Rental remains a selling long- term opportunity.

Ahead of its H123 results and an anticipated period of increased business activity in the second half of the year, we present a preview of SIGA Technologies, which continues to have strong fundamentals (despite the bearish macro environment) with several potential inflection points on the horizon. The nearest catalysts, in our opinion, are the upcoming TPOXX deliveries to the US strategic national stockpile (which we expect in Q3/Q423) and data readouts from the post-exposure prophylactic (PEP) label expansion trials, anticipated in Q323, positive results from which could materially expand SIGA’s addressable market. With a strong balance sheet and potential incremental income generation for shareholders (via dividends and buybacks), we believe that SIGA has a resilient business case in the biotech space.