United States

• For the week ending 13/Sep, US crude inventories dropped by 1.6m barrels, surpassing the expected 0.2m barrel decline. Gasoline stockpiles grew less than forecasted, while distillate inventories rose more.
• US natural gas inventories rise 58 Bcf for the week ending 13/Sep, more than analyst expectations of a 53 Bcf buildup. Inventories are 8.6% above the 5-year seasonal average.
• Chevron, Occidental Petroleum, and Exxon Mobil see target price cuts. DBS Bank initiated a Buy rating on Schlumberger and Halliburton.

• The Middleby Corporation, during their Second Quarter 2024 earnings call, presented a mixed scenario reflecting both strengths in strategic growth areas and the overarching pressure from macroeconomic conditions.
• The discussion, led by CEO Timothy FitzGerald and supported by executives including CFO Bryan Mittelman and Chief Technology and Operations Officer James Pool, provided insights into various segments of the company’s operations.
• 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.

• Robert Half, a global provider of specialized staffing and consulting services, reported its second quarter 2024 earnings, showcasing a blend of strengths and challenges within its business operations.
• The company reported consolidated revenues of $1.473 billion, reflecting a 10% decrease from the previous year on both reported and adjusted bases.
• This decline aligns with broader industry trends, where client and candidate caution is being observed amid macroeconomic uncertainties and interest rate concerns.

• Tetra Tech’s third quarter earnings for fiscal year 2024 presented a robust picture of the company’s financial health and operational achievements.
• The company reported a significant increase in net revenue, up 12% reaching $1.11 billion, setting a record for any quarter in the company’s history.
• Additionally, Tetra Tech marked a substantial EBITDA growth of 32% to $129 million, evidencing a stronger margin improvement relative to revenue growth.

• FTI Consulting’s latest earnings for the second quarter of 2024 reflect a period of robust performance and expansion.
• The company reported an impressive revenue growth of 12%, predominantly attributed to organic sources, and a notable increase in adjusted EBITDA by 27% year-over-year.
• While the quarter saw certain one time factors influencing the results, such as a lower-than-expected tax rate, the company’s management highlighted a strong operational performance across most of its operating segments and geographies.

• Knight-Swift Transportation, a prominent player in the transportation and logistics industry, recently disclosed its financial outcomes for the second quarter of 2024.
• The results reveal a mixed performance characterized by both operational challenges and strategic progress.
• This analysis endeavors to unpack the nuances of the earnings, providing a balanced perspective on Knight-Swift’s current standing and future outlook.

• Landstar Systems, Inc.’s second-quarter performance in 2024 reflected resilience against a backdrop of continuing challenges in the freight market characterized by soft demand and surplus truck capacity.
• Despite these market conditions, the company managed to surpass the midpoint of its projected earnings, indicative of its robust business model and strategic operational adjustments.
• As it navigates the latter half of the year, Landstar remains committed to spurring growth through focused initiatives and capital investment in technology and fleet enhancements.

• WESCO International Inc. recently reported its financial results for the second quarter of 2024, showcasing a complex financial picture amidst a challenging economic environment.
• The global provider of supply chain solutions and electrical products experienced a slight decline in overall sales, which did not fully meet the company’s expectations.
• The total organic sales decreased by less than 1%, influenced by a mixed and multi speed economic background.

• WEX’s Q2 2024 results present a mixed bag of performance and outlooks reflecting challenges alongside achievements.
• The company registered a record quarterly revenue of $673 million, an 8% year-over-year increase, attributable to growth across all three segments.
• Adjusted net income per diluted share was $3.91, marking an 8% climb from the previous year.

• WillScot, during their Second Quarter 2024 earnings call, presented mixed financial results with an array of strategic initiatives paving the way forward.
• CEO Bradley Soultz pointed out solid quarterly performance aligned with the company’s long-term targets, driven mostly by robust demand for larger-scale projects across various sectors such as industrial, manufacturing, energy, data centers, and infrastructure.
• These sectors demonstrate an anticipated continued demand for WillScot’s modular product solutions, notably the company’s innovative FLEX offerings, extending beyond 2025.

• Intuitive Machines is at the forefront of space exploration, specializing in lunar services and infrastructure, with a strong reliance on governmental contracts such as NASA.
• The company’s recent $4.82 billion Near Space Network contract with NASA solidifies its standing as a critical player in the burgeoning space economy.
• Intuitive Machines is uniquely positioned in the market with its lunar lander capabilities, data transmission services, and autonomous lunar operations.

• It’s an exciting time when your favorite semiconductor CEO comes out of “retirement” to return as a CEO.
• Mine is personally Ford Tamer, who drove Inphi to ship the best DSP in the market against much larger competitors at a much faster pace.
• In my opinion, Inphi was almost a miracle story in semiconductors. It was a literal David versus Goliath, and the man who led the team was Ford.

• The deal has now got green light from the SEC, FERC, Maine Public Utilities Commission, and seal of approval from ISS and Glass Lewis.
• Pending are the approval of the New York Public Service Commission and shareholder approval (GM on September 26, which should just be a formality).
• Spread is 0.46%/3.48% (gross/annualised) based on the closing share price of September 18 and assuming both a prorated dividend of $0.1467 and settlement on November 8. Long and tender.

• Boeing, a giant in the aerospace and defense industry, continues to find itself at the center of financial and operational turmoil.
• Recent updates on its second-quarter 2024 earnings call revealed deep-rooted challenges exacerbated by a striking workforce and continued production slowdowns.
• Yet, despite these hurdles, Boeing remains a critical player in the global aerospace market, buoyed by its extensive order backlog and future growth prospects.

• We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.
• We believe, with Fall now in full swing, Vince is flexing their ability to act strategically both fashion-wise and financially, rolling out impressive looks in sweaters, outerwear, dresses and accessories, expanding men’s with new bottoms in multiple colors and silhouettes and layering tops, tees, sweaters and knits.
• Further, the company has been able to drive strong instock levels and expand the colors and products offered to the stores to drive higher overall sales and margins.

• BioAge Labs launches roadshow and sets terms for an IPO: a company offers 7.5M shares at the price range of $17.00-$19.00, implying a market cap of ~$580M at the midpoint.
• Sofinnova Venture Partners plans to purchase ~$15M worth of BioAge Labs shares in this offering. The shares are expected to begin trading on Nasdaq on September 26, 2024.
• I view IPO valuation (post-offering EV ~$280M and runway into 2028) as attractive and expect BioAge Labs shares will outperform during first trading day next week.

• Sherwin Williams offers a 6.9% yield for the next four years or more through a diversified portfolio of bonds.
• The company is a leader in the paint and coatings industry, with a focus on professional painters and industrial applications.
• Sherwin Williams has a long history and has been a quiet compounder, compounding earnings at 14% per year over the last 20 years.

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• The new transformer model requires significant amount of inference and multilevel reasoning
• The demand for inference compute is skyrocketing, surpassing current silicon architecture capabilities
• OpenAI’s new model showcases the future potential of AI, but also highlights the gap in semiconductor architectures and computing infrastructure

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• The S&P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.
• Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.
• As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.

• In reviewing the latest results from Edwards Lifesciences, notable elements of growth and development paired with challenges shed light on the company’s financial and operational trajectory during the second quarter of 2024.
• With total company sales reaching $1.6 billion, this marked an 8% increase on a constant currency basis compared to the same period last year.
• While Transcatheter Aortic Valve Replacement (TAVR) growth was not as robust as expected, increasing by 6% globally, the Transcatheter Mitral and Tricuspid Therapies (TMTT) segment demonstrated impressive growth, with a 75% increase in sales.

• This report discusses the recent focus on transaction ordering policies and value accrual mechanisms in Layer 2 (L2) networks like Arbitrum, Optimism, and Polygon. 
• MEV extraction across L2 networks has become significant, with over $3.9 billion in atomic arbitrage and $400 million in sandwich attacks occurring on major L2 platforms.
• The focus on value accrual highlights how different networks design transaction ordering mechanisms to balance user experience, efficiency, and the fair capture of MEV.

• Bausch + Lomb Corporation has long established itself as a global leader in eye health, offering a wide range of products across pharmaceuticals, surgical devices, and vision care.
• The company’s second-quarter 2024 earnings showcased a remarkable 20% year-over-year constant currency revenue growth, driven by strong performances across all key business segments, particularly in the pharmaceuticals segment, which grew by 61%.
• Bausch + Lomb’s strategic focus on innovation and expansion is exemplified by product launches like BLINK NutriTears and Bausch + Lomb INFUSE, coupled with the rollout of its AI-based digital platform, Glimpse.

• ZetaChain simplifies Web3 by making blockchain interactions as easy as Web2, lowering barriers for non-technical users.
• It enables omnichain smart contracts, expanding developer capabilities and use cases across multiple blockchains.
• ZetaChain enhances DeFi with advanced cross-chain operations and supports non-smart contract chains like Bitcoin, broadening participation in decentralized finance.

• Reddit’s second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in technological advancements and international expansion.
• The discourse during the call highlighted that Reddit, under the leadership of CEO Steve Huffman and COO Jen Wong, continues to push aggressively on growth, particularly through enhancements in user experience and advertising efficacy.
• 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.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• UL Solutions reported a strong performance in the second quarter of 2024, marking a continuation of growth across all segments and geographies.
• This performance included an 8.4% increase in organic growth, resulting in $730 million in revenue.
• The company benefited significantly from high demand in its Industrial segment and saw positive trends in its Consumer and Software & Advisory segments.

• US DoD & AWS deals are little more than distractions from the main event
• Making Intel Foundry a subsidiary won’t make one whit of a difference but may just be the next step in its eventual spin-off
• The core issue, the GM collapse in Q224, was not addressed in the BM update from the CEO. That’s a problem. 

• Oracle Corporation’s Q1 FY 2025 results demonstrated a robust performance, underscored by significant revenue growth and strategic expansions in their cloud offerings.
• The total revenue for the quarter was $13.3 billion, marking an 8% year-over-year increase.
• Cloud revenue was a standout with SaaS and IaaS generating $5.6 billion, reflecting a 22% increase.

• BioAge Labs, a clinical-stage biopharma company backed by a leading syndicate of biotech investors, filed to go public in the United States.
• Anti aging and obesity biopharma startup is purely focused on chronic metabolic diseases and established partner agreements with Amgen and Eli Lilly.
• I have a positive view of upcoming BioAge Labs IPO and expect a strong first-day return above the IPO offer price.

• Signet Jewelers has reported its financial results for the second quarter of fiscal 2025, highlighting several critical strategic successes and challenges.
• The company’s CEO, Gina Drosos, emphasized the continued momentum in same-store sales, which improved over 5 points from the first quarter, driven notably by robust Fashion sales.
• The merchandise margin and the average transaction value (ATV) also saw growth, reflecting the positive reception of Signet’s merchandise strategies even amidst an intensely dynamic industry landscape.

• The Kroger Co. showcased a mixed performance in the second quarter of 2024.
• The company continues its progression towards a strategic operating model which balances customer-centricity with internal efficiencies, maintaining a competitive edge, particularly with its own brands offerings.
• Revenue enhancements through enhanced digital sales channels and personalized promotions were notable.

• CLS Holdings is a vertically integrated cannabis company with core operations in Nevada.
• The company owns and operates Oasis cannabis dispensary, one of the leading stores in Las Vegas.
• CLS also has a state-of-the art extraction and manufacturing facility in Nevada and a suite of top-performing brands.

• Adobe’s third-quarter fiscal year 2024 performance highlighted a strong trajectory, with substantial year-over-year revenue growth and positive developments across its major product lines.
• Revenue stood at $5.41 billion, marking an 11% increase from the previous year.
• This growth was fueled by the consistent strength in Creative Cloud, Document Cloud, and Experience Cloud.

• We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.
• We believe the company’s decision to materially move up the Halloween offerings (from August 29th last year to August 6th in 2024) has driven customer excitement and material incremental revenue, as the company has added new characters, multiple drops and the ability to leverage the first Halloween for both Mini Beans and Skoosherz, with more exciting items (including the return of Nightmare before Xmas “furry friends”) on their way.
• As such, we expect momentum to remain strong throughout the season and then almost immediately pivot into the Xmas holiday items.

• We are reiterating our Buy rating and $3 price target for VNCE, slightly reducing our FY24 top line, but increasing our bottom line projections after the company reported solid 2Q results, driven by stronger than expected wholesale revenue.
• With the company now fully anniversarying the ABG Vince relationship, and the drive to materially reduce clearance and discount levels at their own stores completed, we believe 2HFY24 will begin to visibly demonstrate the power of the Vince brand to drive returns and position the company for further material top and bottom line expansion in FY25 from new store openings, further expansion in men’s, international growth and continued wholesale door and segment expansion which, when further fueled by ABG Vince category expansion, debt reduction and share repurchases, positions the company for material upside.
• As such, we reiterate our Buy rating and $3 price target for VNCE.

• RH, previously Restoration Hardware, exhibited positive stride in its financial and operational endeavors during the second quarter of fiscal 2024, as outlined in its latest earnings call.
• The results were mostly favorable with noteworthy highlights such as a 7% increase in demand and 3.6% growth in revenues amounting to $830 million compared to the previous year.
• This growth was propelled by strategic expansions and product transformations, notable investments during an economically challenging phase, and detailed preparation for projected housing market rebound.

• Geopolitical risks are resurfacing in grain and oilseed markets
• Weather-related risks are impacting agricultural markets, particularly in the US and South America
• US grain export demand is strong, but dry conditions may lower yield potential and delay planting in South America, causing prices to rise

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• Intel Corporation, once the unchallenged leader in the semiconductor space, has recently found itself in a precarious position.
• With its stock prices plummeting and revenues falling, Intel is struggling to regain its footing in a market dominated by foreign giants like TSMC and Samsung.
• The U.S. government, through multiple initiatives and significant financial commitments, has stepped in to rescue the beleaguered company, seeing it as crucial to both national security and economic competitiveness.

• Innovation trends and patent filings within the food industry saw significant upswing over the year in the areas of natural ingredients and methods to manufacture vegan proteins.
• Ingredion Ingredion Inc (INGR US) has a leadership position in  the fast growing Clean Label, Sugar Reduction and Plant-Based Protein Technologies
• On a relative basis the stock despite better profitability metrics trades at a discount to the country-sector median and on an absolute basis at about 20% discount to FV.

• US natural gas prices inched by 1.3% for the week ending 13/Sep, as the uptrend moderated following the impact of Hurricane Francine. Production cuts lifted prices last week.   
• Henry Hub Put/Call volume ratio rose to 1.45 (13/Sep) from 1.19 the previous week as put volumes rose by 45.4% WoW, while call volumes grew by 19.2%.
• Put volume and OI surged for contracts expiring on 25/Sep, Oct, and Nov. Call OI rose for expiries on Dec, Jan, Feb, and Mar.

• US oil and gas rig count rose by eight to 590 for the week ending 13/Sep, the first increase in five weeks and the largest weekly gain in a year.
• US oil rig count increased by five to 488 after staying flat for three straight weeks. Gas rigs rose by three to 97, marking its first increase in four weeks.
• For the week ending 13/Sep, US energy producers added three rigs each in Louisiana, Oklahoma, and Wyoming. Conversely, they cut two rigs each in California and Pennsylvania.

• We are initiating coverage of Cadrenal Therapeutics, Inc. (CVKD) with a valuation of $30.00.
• Cadrenal is a clinical stage biopharmaceutical company developing tecarfarin, a novel oral and reversible anticoagulant intended to prevent deaths due to blood clots in patients with rare cardiovascular conditions, including those with left ventricular assist devices (LVADs), end-stage kidney disease (ESKD) with atrial fibrillation (AFib), and mechanical heart valves with difficult to control time in therapeutic range (TTR).
• The company will be meeting with the FDA to discuss the design of a Phase 3 clinical trial of tecarfarin in patients with LVADs. Cadrenal has also been in discussion with Abbott, the maker of the only LVAD for sale in the U.S., regarding the Phase 3 trial, which we anticipate initiating in the first half of 2025.

• Singular Genomics Systems, Inc. stands at an interesting crossroads with the recent acquisition interest shown by Deerfield Management.
• Known for its innovative approach in genomics, specifically its G4® Sequencing Platform and the upcoming G4X™ Spatial Sequencer, Singular Genomics has garnered attention in the competitive genomics space.
• Despite its modest financial performance, with only $0.7 million in Q2 revenue and a negative gross profit, its cutting-edge technology and increasing customer interest make it a potentially valuable asset.

• 23andMe, the renowned genetic testing and health data company, has recently garnered significant attention with its co-founder and CEO, Anne Wojcicki, expressing openness to considering third-party acquisition offers.
• This comes on the heels of her ongoing efforts to take the company private, despite the board’s rejection of her initial proposal.
• With a combination of promising proprietary assets and a shaky financial trajectory, 23andMe finds itself at a crossroads.

• WTI futures gained 1.45% for the week ending 13/Sep, as Hurricane Francine offset demand concerns. The smaller-than-expected build in US crude inventories aided in the rebound.
• WTI options Put/Call volume ratio increased to 1.30 (13/Sep) from 1.17 the week prior as call volume fell 36.6% WoW while put volume fell by 29.9%.
• WTI OI PCR dipped to 0.76 for the week ending 13/Sep from 0.78 on 06/Sep. Call OI rose 7.6% WoW and put OI picked up by 4.7%.

• Squarespace, a leading platform in website design and digital services, has attracted attention from private equity firm Permira with a revised buyout bid of $46.50 per share, valuing the deal at $7.2 billion.
• While this offer comes after concerns from proxy advisory firm ISS that the initial sale process undervalued the company, Permira’s renewed interest signals a strong belief in Squarespace’s long-term growth potential.
• Squarespace presents an attractive opportunity given its strong financial performance, with a 19% year-over-year revenue increase and a growing base of over 4.9 million subscriptions.

• Workers at US East/Gulf Coast ports could strike without new contract by Oct 1st
• But data suggest importers have been boosting inventory over past few months
• Although US West Coast port workers support ILA, they’re unlikely to strike

• Insulet Corporation has demonstrated robust financial performance in the second quarter of 2024, aligning with the company’s primary goal of enhancing diabetes management through its Omnipod products.
• Jim Hollingshead, the CEO, highlighted the significant demand for Omnipod 5, which has been central to the company’s growth both domestically and internationally.
• The company’s innovation trajectory remains strong with numerous product launches, including the full market release of Omnipod 5 integrated with Dexcom’s G7.

• Palo Alto Networks’ fiscal fourth quarter 2024 earnings announcement underscores both strides and challenges in the cybersecurity landscape, reflecting a dynamic sector intensively engaged with technological advancements and emerging threats.
• Chairman and CEO Nikesh Arora detailed the company’s response to significant cybersecurity threats, including ransomware and public data extortion, emphasizing a heightened focus on AI and platformization to simplify client security architectures.
• Financially, Palo Alto Networks reported exceeding its quarterly revenue and EPS guidance.

• OPEC cuts demand growth estimates for the second straight month, lowering its 2024 and 2025 forecasts by 3.8% and 2.2%, respectively, citing demand weakness in China.
• Total production of OPEC members obliged to implement supply cuts averaged 21.48m bpd in August, exceeding the target by 1.6%.
• EIA lowered its 2024 and 2025 oil price forecasts due to slower demand growth. However, it expects a quick recovery in prices driven by declining inventories.

• GameStop, a major player in the video game retail industry, revealed a complex scenario in its latest earnings presentation for the fourth quarter and full year 2022.
• The company’s leadership highlighted substantial shifts in strategies aimed at improving profitability and creating sustainable long-term growth.
• From a financial perspective, GameStop reported a net income of $48.2 million for the quarter, compared to a considerable net loss of $147.5 million in the same quarter of the previous year.

• Toll Brothers, a prominent homebuilder, showcased an optimistic third quarter for the 2024 fiscal year, reflecting growth and stability despite varied market conditions.
• In this quarter, the company reported record home sale revenues of $2.72 billion, demonstrating a strong performance with the delivery of 2,814 homes at an average price of $968,000.
• The adjusted gross margin significantly outperformed projections, reaching 28.8%, aided by operational efficiencies and a favorable mix of home sales.

• Enterprise Products Partners L.P. reported robust results for the second quarter of 2024, with $1.4 billion in net income, marking a 12% increase over the same quarter the previous year.
• This performance is grounded in the company’s extensive project initiatives and strategic operations in various segments, including natural gas and NGL pipelines and services.
• 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.

• Teradyne, a leading provider of automated test equipment, exhibited mixed financial results in the second quarter of 2024, grappling with various segment-specific dynamics and macroeconomic factors.
• The company reported a robust performance in its System on Chip (SOC) and Memory segments, primarily boosted by elevated demand from cloud AI applications.
• Additionally, Teradyne noted solid deliveries in the Compute sector, attributed to the dense network requirements of AI data centers.

• Ambarella’s Q2 Fiscal Year 2025 earnings revealed a mixed yet promising scenario as the company navigates through a challenging economic environment while seizing growing demands for AI-powered solutions.
• Dr. Fermi Wang, President and CEO, alongside CFO John Young, presented a detailed account of the company’s performance and future outlook which provides a comprehensive understanding of its position and strategies moving forward.
• 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.

• UiPath, a leader in AI-powered automation platforms, has exhibited a positive performance in its fiscal second quarter of 2025, as discussed in their recent earnings call.
• The company surpassed the upper end of its financial guidance across key metrics, an indication of effective execution and robust value delivery to customers.
• The report showed significant advancements, with UiPath achieving a 19% increase in Annual Recurring Revenue (ARR), reaching $1.551 billion.

• Samsara’s second quarter fiscal 2025 earnings report reflects a period of substantial growth and profitability, underscoring the company’s strategic positioning and operational efficiency in the Internet of Things (IoT) and connected operations market.
• The company announced annual recurring revenue (ARR) of $1.26 billion, marking a significant year-over-year increase of 36%.
• Additionally, a notable achievement includes a quarterly record for non-GAAP operating margin, which highlights Samsara’s ability to scale profitably.

• Apple’s latest iPhone release received mixed reviews, with some finding it to be a ho-hum upgrade
• The base level iPhone 16 was seen as having more significant improvements compared to previous models
• There is a shift in Apple’s strategy to attract more users to upgrade to the base model iPhone 16, potentially increasing sales volume but leading to a drop in average selling price

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• AMD’s market share in the desktop CPU segment has surged to 30%, driven by strong Ryzen sales and innovative product releases, challenging Intel’s longstanding dominance in this space.
• Intel’s revenue in the data centre segment fell 20% year-over-year, reflecting challenges in product delays and increasing competition from AMD’s EPYC processors, impacting overall growth potential.
• Both companies have ramped up AI-related investments, with AMD committing $1.5 billion and Intel investing $3 billion in AI technology development, aiming to capitalize on the growing market demand.

• Guidewire Software Inc. concluded its fiscal fourth quarter and full year 2024 financials with robust performance, spearheaded by a successful shift towards cloud-based services.
• The transition to a vertical software-as-a service (SaaS) model from an on-premise system appears to capture significant market interest, marked by an annual recurring revenue (ARR) growth of 14% and fully-ramped ARR acceleration of 19%.
• This transition underscores the company’s strategic realignment towards offering more scalable and efficient cloud solutions.

• DocuSign, in its second quarter fiscal year 2025 earnings release, reported a continued trend of moderated but stable growth, enhanced operational efficiency, and progress in strategic initiatives including the rollout of its new Intelligent Agreement Management (IAM) platform.
• With quarterly revenue reported at $736 million, representing a 7% year-over-year increase, the company manifests a steady financial trajectory albeit not at a high-growth pace.
• The consistency in dollar net retention at 99% suggests a strong customer base, although the figure also signals limited expansion within the existing customers.

• Broadcom Inc. reported a strong fiscal third quarter in 2024, with consolidated net revenue of $13.1 billion, marking a 47% increase compared to the same period last year.
• The operating profit also rose by 44% year-on year.
• This performance can be largely attributed to the growth in AI revenue, accelerated bookings at VMware, and the stabilization of non-AI semiconductor revenue.

• Research Affiliates Deletions ETF, ticker symbol NIXED, pioneered by Rob Arnott, known as the grandfather of smart beta
• ETF capitalizes on data showing better performance of stocks after being kicked out of an index
• Index funds add new stocks at high valuations, causing underperformance, while stocks being deleted outperform in the first year

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• C3 AI’s first quarter fiscal year 2025 earnings results present a close look at a company experiencing significant traction and visibility in the enterprise AI market.
• The company reported a total revenue of $87.2 million for the quarter, which is a 21% year-over-year increase.
• This performance is notably ahead of analyst expectations and underscores a trajectory of accelerating growth that C3 AI has demonstrated over six consecutive quarters.

• It is becoming increasingly clear that the first U.S. interest rate cut is just around the corner.
• The next Federal Open Market Committee (FOMC) meeting, scheduled for September 18, will determine the Federal Reserve’s (FED) next move on U.S. Dollar interest rates.
• The FED has strongly indicated its intent to reduce rates by at least 25 basis points, with a slim possibility of a 50 basis point cut, although this is highly unlikely following the release of a slightly higher-than-expected U.S. Consumer Price Index (CPI) yesterday.

• Remitly is a digital international money transfer company competing with traditional providers like Western Union and MoneyGram.
• Mario Sabelli sees Remitly as potentially becoming the “booking.com of the digital remittance space.”
• He believes Remitly is well-positioned to dominate the market due to its scale and competitive advantages over legacy competitors.

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• GitLab’s Q2 Fiscal Year 2025 results showcase a blend of growth and strategic enhancements, particularly in its DevSecOps platform enriched with AI capabilities.
• Revenue grew substantially by 31% year-over-year, totaling $183 million, a testament to the adoption of new accounts alongside expansions in existing clientele including notable names like Delaware North and Guild Mortgage.
• 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.

• In assessing the financial performance and business dynamics of Copart, Inc. for its fourth quarter and fiscal year 2024, certain key elements stand out which prospective investors should consider.
• The company reported a successful year, underscoring robust growth and strategic expansion across various segments of its operations.
• However, also noted were certain industry-wide challenges and specific business costs that affected overall financial outcomes.

• DICK’S Sporting Goods’ second quarter 2024 earnings showcased a compelling financial performance, emphasizing its robust strategies and execution capacities.
• The sporting goods retailer reported an encouraging 7.8% increase in sales compared to the previous year, reaching nearly $3.5 billion.
• This result reflects not only an enhancement of average sales tickets but also an uptick in transaction volumes, signaling strengthened consumer engagement and market share.

• For the week ending 06/Sept, US crude inventories increased by 0.8m barrels, lower than the 0.9m barrel forecast. Gasoline stockpiles rose unexpectedly, while distillate inventories grew more than anticipated.
• US natural gas inventories rise 40 Bcf for the week ending 06/Sep, lower than analyst expectations of a 49 Bcf buildup. Inventories are 9.6% above the 5-year seasonal average.
• BP, Occidental Petroleum, and Exxon Mobil see target price cuts. Schlumberger announces breakthrough in Lithium production.

• Hewlett Packard Enterprise Co (HPE) demonstrated a strong financial performance in the third quarter of fiscal 2024, reporting substantial year-over-year revenue growth and a marginal increase in non-GAAP diluted net earnings per share.
• As delineated in their earnings call, the company continues to navigate a dynamic market environment, focusing on growth sectors such as AI, hybrid cloud, and networking.
• Revenue reached $7.7 billion, a 10% increase from the previous year, which is attributed to notable growth in AI systems revenue and other portfolio enhancements.

• Casey’s General Stores wrapped up its first quarter of fiscal year 2025 with a positive outlook on its operations, financials, and strategic direction.
• Led by CEO Darren Rebelez and CFO Stephen Bramlage, the company’s performance reflected a strong start to the fiscal year with notable progress in both store operations and financial metrics.
• 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.

• Asana’s second quarter fiscal year 2025 earnings presentation highlighted several fundamental aspects of the company’s financial health and strategic direction.
• The overall tone indicated cautious optimism, marked by a cautious stabilization in revenues with indications of accelerating growth in the foreseeable future.
• Financially, Asana reported a revenue increase of 10% year-over-year, surpassing its own projections and signaling subtle strength within certain operational segments.

• HealthEquity recently shared its fiscal second quarter 2025 results, showcasing strong growth driven by strategic initiatives and integration gains from the BenefitWallet asset acquisition.
• The company, under the leadership of President and CEO Jon Kessler and CFO James Lucania, outlined its current position and future direction during the latest discussion.
• The company posted impressive financial results, with a 23% year-over-year revenue increase.

• Zscaler is actively expanding and executing within the rapidly evolving cybersecurity market.
• Recent developments highlight the company’s strong financial performance and strategic positioning as it continues to capitalize on growing demand for advanced security solutions.
• Zscaler posted robust financial results, showcasing a 30% year-over-year growth in revenue, underscoring the increasing market demand and customer adoption of its solutions.

• TradFi shows resilience, while crypto struggles—BTC is down, and ETH underperforms US Treasuries.
• Powell’s Pivot promises hope, but crypto markets await the real demand catalyst for recovery.
• Despite market weakness, short-term opportunities exist—learn to navigate price action and volume dynamics.

• WTI futures closed at its 2024 low on 10/Sep, as demand concerns dragged prices down as the supply risk premium dimmed.
• WTI options Put/Call volume ratio fell to 1.09 (10/Sep) from 1.20 the week prior as put volume fell 13.6% WoW while call volume fell by only 4.3%.
• WTI OI PCR was unchanged at 0.77 for the week ending 10/Sep from 04/Sep. Call OI rose 6.8% WoW and put OI picked up by 6.4%.

• US natural gas prices rose 7% for the week ending 06/Sep, boosted by higher cooling demand, rising LNG exports, falling output, and moderate build-up in US natural gas storage.
• Henry Hub Put/Call volume ratio fell to 1.06 (10/Sep) from 1.17 (04/Sep) as put volumes fell by 17.9% WoW, while call volumes declined by 9.6%.
• Put OI increased for expiries on 25/Sep, Oct, and Nov. While call OI picked up for contracts expiring in Dec, Jan, Feb, and Mar.