United States

• US oil and gas rig count fell by two to 586 for the week ending 16/Aug, indicating a decline for the second time in three weeks.
• US oil rig count fell by two to 483, after rising by three the previous week. Gas rigs increased by one to 98, after declining for three straight weeks.
• For the week ending 09/Aug, US crude oil production fell back to 13.3m bpd, after hitting its record high of 13.4m bpd the week prior.  

• Market Volatility Signals Prolonged Consolidation: Recent market chaos suggests a period of consolidation, not immediate recovery—critical insight for strategizing in crypto markets.
• Global Liquidity Concerns Dominate Market Trends: The BoJ’s struggle with interest rates highlights how global liquidity influences both traditional and crypto markets, driving current trends.
• Spotting Market Anomalies is Crucial: Identifying anomalies in trading behavior can uncover opportunities or warn of potential risks, vital for informed decision-making in volatile times.

• We are seeing a broad-based snap-back rally after the S&P 500 found support at our 5100-5191 target/bounce area which we discussed in our 7/30/24 and 8/6/24 Compass reports
• We are not out of the woods as we still see the $SPX and $QQQ going through a 1- to 4-month pullback/consolidation period, and market dynamics remain far from perfect.
• Apr. 2000, Aug. 2007, Feb. 2022 $SPX top comparisons are why we expected SPX to find support at 5100, AND THEN test YTD highs (8/13/24 Compass report).

• The crypto market has been pretty boring lately, with low volatility and no significant movements in either direction for weeks.
• The past week’s low volatility, combined with the ongoing drop in exchange balances for Bitcoin and Ether, strengthens our view that we are in an accumulation phase.
• This suggests the market is gearing up for a move upward rather than downward.

• Southern Copper Corporation’s second quarter and 6 months results of 2024 suggest a resilient performance with both positive and negative attributes.
• The company reported a 15% surge in London Metal Exchange copper price in comparison to Q2 2023, which combined with production cuts and market deficit, resulted in positive trends for the corporation.
• Copper made up about 76% of the company’s sales in Q2, and despite a weak demand from China, the corporation confidently expects a 0.6% increase in the copper supply for 2024.

• Based on the second quarter 2024 results, Abbott Laboratories displayed a strong overall performance cementing its position in various segments, while also highlighting areas that require further attention.
• The company reported organic sales growth of over 9%, excluding COVID testing sales, surpassing analyst expectations and marking a 16% sequential increase from the first quarter.
• This led the company to raise guidance for the full year, now forecasting organic sales growth of 9.5% to 10%, and adjusted earnings per share between $4.61 and $4.71.

• J.B. Hunt Transport Services recently reported the second quarter result of 2024, outlining both achievements and challenges faced during the period.
• As the fifth leader in the company’s 62-year history, the new CEO reaffirmed a commitment to long-term growth strategies, focusing on enhancing the foundational pillars of people, technology, and capacity.
• 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.

• Intra-Cellular Therapies reported robust financial and operational results for the second quarter of 2024, underpinned by significant growth in their primary product, CAPLYTA.
• This performance highlights several positive developments and a few areas of consideration for potential investors.
• 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.

• Maravai LifeSciences has emerged as a compelling acquisition target in the life sciences sector,particularly following recent developments and a sharp decline in its market value.
• With its stock having fallen nearly 80% from its 2021 peak, the company has struggled to diversify beyond the COVID-19 vaccine boom.
• However, Maravai’s strategic assets and innovative capabilities still hold significant value, making it an attractive prospect for companies like Repligen.

• ODDITY’s Q2 2024 earnings report shows substantial growth and operational efficiency, indicating strong performance and an aggressive growth trajectory.
• The company posted a 28% increase in first-half revenue, reaching $404 million, alongside an impressive $110 million in adjusted EBITDA and $104 million in free cash flow.
• Such figures not only indicate potent financial health but also highlight ODDITY’s strategic efficiency, outpacing legacy incumbents significantly.

• China’s steel industry is facing significant challenges, including price drops, overcapacity, and government intervention
• Steel producers are preparing for potential consolidation and supply side reforms to address the industry crisis
• Iron ore prices have also been impacted by the challenges in the steel market, with expectations for lower Chinese imports and domestic output

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

• During last week, the International Energy Association (IEA) as well as OPEC both announced that demand for oil is slowing, revising down previous demand forecasts for the year and beyond.
• The world is seeing a major deceleration in oil demand growth led by China, with inventories set to rise next year even if OPEC+ were to postpone its plans to ease output cuts, the IEA stated.
• Meanwhile, the growth from the US won’t be able to offset the slowdown from China, according to the agency.

• Wheaton Precious Metals has reported its second quarter results for 2024, demonstrating a robust financial and operational performance, reflecting the company’s successful business model and strategic asset management.
• The company generated $234 million in operating cash flows and reached a record of over $450 million for the first half of the year.
• Wheaton Precious Metals produced over 305,000 gold equivalent ounces year-to-date, keeping on track with the 2024 production guidance of 550,000 to 620,000 gold equivalent ounces.

• Duolingo Inc., a leader in language learning platforms, demonstrated robust performance in its second quarter of 2024 financial results, showcasing a balanced mix of high growth, increased user engagement, and strategic milestones that solidifies its market position while highlighting areas for prudence looking ahead.
• The company reported a significant year-over-year growth in daily active users (DAUs) at 59% and revenues surged by 41%.
• This robust top-line growth is supported by key product expansions and user engagement strategies.

Although the topline results of PALM 007 (studying SIGA’s tecovirimat in the treatment of mpox) did not meet the statistical significance for the full population (primary endpoint), we are encouraged by the clinically meaningful benefit reported over placebo in early-treated patients and in those with severe disease. The data highlight an opportunity to establish an effective regime for these key populations, given the lack of effective treatment options and the overall importance of early treatment in infectious diseases. PALM 007 was not a registrational study, and SIGA’s priorities in mpox are the four remaining ongoing studies targeting this indication, which may potentially support a mpox label in the US. Currently, tecovirimat is approved for mpox treatment in the EU and UK.

• On August 14, 2024, Cocrystal Pharma, Inc. (COCP) announced financial results for the second quarter of 2024 and provided a business update.
• In the second half of 2024, we anticipate topline results from the Phase 2a trial of CC-42344, which is a live virus challenge study.
• The company plans to file an Investigational New Drug (IND) application in 2025 to conduct the next study of CC-42344 in the U.S. In addition, planning is underway for a Phase 1 study in healthy volunteers to evaluate inhaled CC-42344 as a potential prophylactic and therapeutic for influenza A.

• CF Industries reported notable operational and financial results for the first half and second quarter of 2024, reflecting strong performance despite a mix of ongoing challenges and strategic advancements.
• The company, a major player in the nitrogen fertilizer industry, generated an adjusted EBITDA of $750 million for the quarter, bringing the figure to $1.2 billion for the half-year period.
• Key drivers included robust operational rates at ammonia plants, particularly the Waggaman facility which outperformed expectations, and significant strides in its decarbonization initiatives which include several carbon capture and sequestration projects.

• Bio-Techne Corporation recently held its earnings call for the fourth quarter of fiscal year 2024, during which the company announced in-line financial results with modest organic revenue growth of 1% year-over-year.
• This growth came amidst market stabilization and strategic execution by the company despite a complex external environment that included reduced biotech funding and significant budget recalibrations from large pharmaceutical entities and academia.
• 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.

• Dyadic has developed C1, its proprietary fungal expression system that can produce a variety of recombinant proteins.
• C1 has been commercialized in industrial applications and is in development for production of pharmaceutical grade proteins.
• C1 exhibits potential to economically produce biologic vaccines, virus like particles, antibodies, Fc-fusion, enzymes, AAVs and other biopharmaceuticals.

• CACI International Inc. reported a solid financial performance for the fiscal year 2024, characterized by significant revenue growth and strong earnings.
• The company’s revenue increased by 14% year-over-year, surpassing their revised guidance.
• This improvement was driven by a 20% growth in the fourth quarter alone, highlighting a robust end to the year.

• Berkshire Hathaway Inc Cl B (BRK/B US) held over 5% of Apple (AAPL US). Nearly half of that was sold in the June quarter to take the holding to 2.63%. 
• Berkshire’s selling should result in an increase in Apple (AAPL US)‘s free float in the S&P 500 INDEX (SPX INDEX) and other related indices.
• There will also be large buying in Apple (AAPL US) from the Technology Select Sector SPDR (XLK US) ETF if the proposals in the market consultation are implemented.

• Free float is forecasted to increase from ~94% to 100% in S&P 500 and other US and Global indices after Berkshire halved its stake in Apple (AAPL US) .
• Forecasted demand from S&P 500 and S&P TMI is 164.2m shares, $37.1bn and 3.0 ADV at the close of 20 September 2024.
• Materialization of the free float increase is uncertain due to debatable strategic shareholder classification. ETF ratios and current free float improve the confidence of the forecast. 

• With increasing market volatility, base metals continue their rocky weekly performance. Copper is up marginally, taking it past 9000 USD/ton.
• Copper inventories continue to pile at the exchanges, with ~500k tons combined at Comex, LME, and Shanghai, up almost 7% in the last two weeks. 
• We believe accumulating names like Southern Copper (SCCO US) and Ivanhoe Mines (IVN CN) with good long-term fundamentals is a great strategy. 

• Trex Company Inc., a leading manufacturer of wood-alternative decking and railing, reported mixed results for its second quarter of 2024.
• The financial performance showcased both strengths and challenges primarily influenced by changing consumer behavior and varying demand across product lines.
• On the positive side, Trex experienced robust demand for its high-end products, with double-digit growth in the sell-through of premium offerings like Trex Transcend Lineage decking and Trex Signature lines.

• Sunrun Inc.’s second quarter 2024 earnings displayed a strategic dedication to a storage-first approach, reflective of broader transitions and consumer preferences within the solar power industry.
• The company achieved significant progress toward their goal of becoming the trusted provider of renewable energy solutions across America.
• This focus has led to record storage installation rates and a robust increase in customer growth, specifically in adding battery systems to existing setups.

• Ingredion Incorporated reported second-quarter 2024 earnings that surpassed expectations, highlighting a robust recovery in volumes and significant growth in profitability.
• Adjusted operating income saw an 8% increase while gross margins expanded by 240 basis points, despite a 9% reduction in sales mainly attributable to lower raw material costs and a previous divestiture in South Korea.
• 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.

• Inter Parfums’ second quarter earnings for 2024 provides a comprehensive update on the company’s performance and strategic direction in the fragrance market.
• CEO Jean Madar discussed the strategic product launches and collaborations with notable brand ambassadors such as John Legend, Victoria Song, and Jayson Tatum, aimed at leveraging celebrity influence to enhance brand value and appeal, particularly among younger demographics.
• The introduction of John Legend as the face of Montblanc Legend and the continuation of partnerships like those with Victoria Song for Jimmy Choo highlight the company’s effort to marry traditional and modern advertising tactics.

• Lumen Technologies provided a comprehensive overview of their strategic advances and financial performance in their latest quarterly earnings call.
• The discussion revealed a company at a pivotal juncture, keen on leveraging emerging technologies and enhancing infrastructure to bolster its market position.
• However, like any transformation of this magnitude, the journey involves both potential and challenges.

• The Mosaic Company’s second quarter 2024 earnings were a mixed set of results amidst striving for strategic and operational enhancements during a challenging operational backdrop.
• The company reported an adjusted EBITDA of $584 million and revenues of $2.8 billion, which, when compared with the previous year’s $744 million EBITDA and $3.4 billion in revenues, marked a noticeable decrease.
• This decline is reflective of the tougher conditions in the market yet shows resilience given the macroeconomic pressures and fluctuating demand patterns across different geographies.

• NVT’s Q2 2024 earnings reveal a company in the midst of significant operational and strategic transitions.
• Their decision to divest the Thermal Management business and the recent acquisition of Trachte aligns with their goal of focusing on high-growth areas like electrical connection and protection, which plays into broader industry trends of electrification and digitalization.
• This strategic repositioning appears geared towards capitalizing on sectoral shifts and enhancing long-term growth prospects.

• For the week ending 09/Aug, US crude inventories increased by 1.4 mb for the first time in seven weeks, contrary to analyst expectations of a 1.9 mb drawdown.
• US natural gas inventories fell by 6 Bcf, its first decline since 04/Apr. However, storage levels are up 6.8% YoY and 13% above the 5-year seasonal average.
• Wells Fargo, UBS, and BMO Capital reduced their target prices on Occidental. BMO Capital lowered its targets on Chevron and Halliburton but raised its target on Exxon Mobil.

• In the second quarter of 2024, Henry Schein delivered a solid financial performance, underscoring its resilience amid challenging market conditions.
• The company reported robust operating cash flow and an increase in gross margin, reflecting the benefit of strategic initiatives focusing on high-growth, high-margin products and services, as well as recent acquisitions.
• However, the recovery from a cyber incident last year has been progressing slower than initially anticipated, impacting sales momentum.

• The Walt Disney Company reported its third-quarter financial results for 2024, reflecting a mixed performance across its diverse business segments.
• The company reported a revenue growth of 2% during the quarter, indicating resilience in its theme parks segment despite slight moderation in demand.
• Attendance at the domestic parks remained flat, with a slight increase in per capita spending, contributing to a steady revenue outlook for the fourth quarter.

• Wynn Resorts provided a detailed overview of its second quarter 2024 earnings, illustrating mixed financial and operational performance across its various geographies.
• The company’s earnings call highlighted record earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR), capital expenditures, and strategic developments, particularly with Wynn Las Vegas, Boston, Macau, and ongoing projects in the UAE.
• Starting with the positives, Wynn Resorts reported a record quarterly EBITDAR of $572 million, marking the company’s strongest second quarter in its history.

• Caterpillar Inc.’s Second Quarter of 2024 earnings showcased a mixed set of results reflective of both the robust execution of the company’s strategic initiatives and some market-induced challenges.
• Jim Umpleby, Chairman and CEO, emphasized resilience through the diversified market presence and the sound execution of long-term growth strategies.
• Despite facing a slight decline in sales and revenues, which fell by 4% from the previous year, Caterpillar recorded an increase in its adjusted operating profit and a noteworthy improvement in operating profit margins.

• Nike Inc has long been a dominant player in the global sportswear industry, renowned for its innovation and strong brand presence.
• However, recent challenges, including macroeconomic headwinds and market dynamics, have led to a downslide in its stock performance.
• Enter Pershing Square Capital Management, led by billionaire investor Bill Ackman, which recently disclosed a $229 million stake in Nike.

• Amgen’s second quarter 2024 financial results signify a substantial 20% year-over-year increase reaching $8.4 billion in revenue, representing a robust period for the company.
• Notably, this is credited to a widespread growth across multiple product lines, with particular strength observed in medicines like Repatha, EVENITY, BLINCYTO, TEZSPIRE, and others in the inflammation and oncology sectors.
• 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.

• GRAIL, a commercial-stage healthcare company and maker of MCED blood test called Galleri, reported its quarterly results for the first time as independent publicly traded company.
• The 2Q print was solid, with +43% y/y revenue growth, ~35,200 Galleri tests sold and ~$32M total revenue all better than expected.
• Finally, management expects moderate revenue growth rates in 2025 and subsequent years due to cost reductions and decreasing investment in other programs beyond Galleri.

• Fortinet’s second quarter 2024 financial performance presents a mixed but fundamentally robust picture.
• Starting with the positive facets, the company achieved record operating margins at 35%, a significant improvement by 820 basis points year-over-year.
• This financial efficiency was underpinned by a strategic blend of operational prowess and thoughtfully channeled investments toward high-growth markets such as Unified Security Access Service Edge (SASE) and Secure Operations (SecOps).

• The Williams Companies presented a strong narrative of growth and resilience in their latest earnings call for the second quarter of 2024.
• Highlighted by the expansion of their Transmission and Storage business, the company reported record results despite the headwinds from low natural gas prices that impacted their Gathering and Processing business.
• Prominent themes throughout the report included consistent execution of strategic projects, optimization efforts in their portfolio, and sustainability practices.

• CSX Corporation’s Q2 2024 earnings revealed a complex yet fundamentally strong operational and financial performance, tempered by challenges from external factors such as Hurricane Debbie and infrastructure issues at the Port of Baltimore.
• The leadership team led by Joseph Hinrichs, focused on several critical areas including safety, operational efficiency, cost management, and customer partnership strategies to drive overall growth amidst volatile market conditions.
• 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.

• EIA maintained its 2024 oil demand forecast but cut its 2025 estimate by 160k bpd. OPEC reduced its 2024 and 2025 forecasts by 135k and 65k bpd, respectively.
• Total production of OPEC members obliged to implement supply cuts averaged 21.45m bpd in July, exceeding the target by 1%.
• EIA lowered its 2024 and 2025 oil price forecasts due to slower demand growth. However, it still expects prices to rise in H22024 led by a decline in inventories.

• Airbnb’s earnings for Q2 2024 revealed both substantial achievements and challenges.
• The company reported an 11% increase in revenue year-over-year, reaching $2.75 billion.
• Moreover, Airbnb achieved a net income of $555 million, translating to a 20% net income margin, and generated $1 billion of free cash flow.

• BioMarin Pharmaceutical Inc. reported a strong performance in its second quarter of 2024 earnings, achieving several milestones while continuing to refine its strategic priorities to enhance profitability and drive sustainable growth.
• Beginning with the financial performance, BioMarin announced a 20% year-over-year growth in total revenues, reaching $712 million for the quarter.
• This growth was notably driven by the robust demand for Voxzogo, which itself experienced a substantial 62% revenue increase to $184 million.

• Aramco’s Q2 operating revenue grew 5.7% YoY but missed estimates by 0.3%. Meanwhile, net profit fell by 3.4% YoY but its EPS edged past estimates by 0.8%.
• Total hydrocarbon production fell 8.9% YoY to 12.3 mboepd while crude oil realisations rose 8.8% YoY.
• In Q2, Aramco declared dividends totalling USD 31.1 billion, despite an 18.1% YoY decline in free cash flow to USD 19 billion.

• In recent years, we have seen a surge in new crypto projects launching with billion-dollar market capitalizations right from the start.
• This trend includes projects like Aptos, Sui, Celestia, and others.
• If you examine the top 100 cryptocurrencies, it is evident that the list increasingly comprises recently launched, highly hyped cryptocurrencies that boast valuations that would make many Nasdaq-listed companies envious.

• Biora is a drug-device company developing smart pills for GI diseases and enabling oral delivery of biologics.
• Its pipeline features two assets: NaviCap, for targeted drug delivery in GI diseases & BioJet, for oral delivery of biologics.
• NaviCap’s BT-600 trial has completed the SAD & MAD cohorts & should report results in June.

• We are reiterating our Buy rating and $0.25 price target, but reducing our projections after Starco Brands posted a lower than expected 2Q24 and did not provide 2024 guidance, as management continues to pivot to multiple new and expanded retailer relationships for virtually all their brands, including the addition of Costco as a key new partner.
• We believe, beginning in 3Q24, Starco will take their stable of brands to a new level in terms of door penetration which, when combined with an aggressive focus on adding new categories, will position the company for strong top line and Adjusted EBITDA expansion for 2025 and beyond.
• As such, we continue to view the future of Starco as strong, and we reiterate our Buy rating and $0.25 price target for STCB.

• Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
• Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
• The company released its quarterly report for 2Q2024, which again shows the great progress the company is making in moving toward its goal of providing a much-needed opioid alternative, with critical clinical trials set to start.

• Expion360 released full results for the second quarter which had been prereleased in the registration statement related to the recent $10 million financing and were just slightly below our expectations.
• The company provided no formal guidance for 2024 and 2025 but the new home energy storage business will have to be wildly successful to avoid further (potentially significant) dilution to existing shareholders.
• As we have seen in the past Expion360’s shares frequently trade independent of the fundamentals of the business.

• On July 30, 2024, Imunon, Inc. (IMNN) announced positive topline results for the Phase 2 OVATION 2 Trial of IMNN-001 in patients with advanced ovarian cancer.
• The company reported an 11.1 month increase in median overall survival (OS) compared with standard-of-care alone in the intent-to-treat (ITT) population with a hazard ratio (HR) of 0.74, which indicates a 35% improvement in survival.
• For the 40% of trial participants treated with a PARP inhibitor, the HR dropped to 0.41, with a median OS in the IMNN-001 treatment arm that had not yet been reached at the time of database lock, compared with a median OS of 37.1 months in the standard-of-care arm.

• Longeveron is focusing on using its primary treatment, Lomecel-B, to fight a rare pediatric heart birth defect that devastates families but continues to receive good FDA news regarding its treatment for Alzheimer’s Disease.
• The company released its 2Q2024 earnings and highlighted advances made with its signature treatment-Lomecel-B.
• The treatment has made significant progress and received multiple FDA designation for both Alzheimer’s Disease and the devastating HLHS.

• Upcoming potential milestones include the submission to the Ethics Committees at a third site in Australia and one in India, possible approval from one or both as early as FY25 2Q or 3Q and the launch of the patient enrollment process at those venues following Aethlon’s site visits.
• The company expects to begin the patient enrollment process in October 2024.
• We would expect AEMD to announce that the first patient has been treated possibly by year-end 2024 or early 2025.

• Majority owned by Mario Gabelli, public small cap value asset manager
• Market cap primarily cash, trading at depressed earnings
• Potential “free option” on small/microcap rebound or merger with GAMCO, stable AUM, earned $1.00 in cash earnings in 2023

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.
• This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.
• In this insight, we take a look at the latest lists of potential ADDs and DELs for the index rebal event in September 2024.

• Floor & Decor Holdings, Inc. navigated the fiscal second quarter of 2024 with outcomes that reflected the broader economic challenges impacting the retail and real estate sectors.
• In the quarter under review, the company reported a dip in both total sales and comparable store sales which fell slightly short of expectations.
• This mirrored the continuing pressures from taut monetary policies adversely affecting housing market activities and discretionary spending on major projects.

• Occidental’s Q2 revenue grew 1.7% YoY but missed estimates by 1.7%. Net profit surged by 34.9% YoY and beat estimates by 32.5%.
• Total production rose by 3.3% YoY led by robust growth in the Permian and Gulf of Mexico. Production touched its highest in four years.
• Average crude oil realisations rose 8.6% YoY, and natural gas increased by 11.3%, while domestic gas realisations fell sharply by 60.3% YoY.

• Squarespace’s First Quarter 2024 Earnings revealed a strong performance, with revenue up by 19% and bookings increasing by 23%, surpassing the provided guidance on both metrics.
• The unlevered free cash flow margin stood at 32%, contributing to a positive outlook for the fiscal year 2024 in terms of both revenue and free cash flow.
• Throughout the quarter, growth was primarily fueled by consistent organic momentum in the company’s core business, particularly in website services which experienced robust retention and an uptick in new customer growth both domestically and internationally.

• TLN benefited from warmer weather in the second quarter with its power plants running without any issues. The increase in electricity demand resulted in TLN reporting adjusted EBITDA higher estimates. 
• TLN’s management suggesting there could be more data center deals in the future was the biggest takeaway from the earnings call. 
• Considering the added benefit of the auction results for 2025-26, we believe there is ample reason to expect TLN’s stock to trade above our price target of $145.

• Survive the purge, seize the opportunity: Last week’s extreme market volatility presents exceptional forward-looking opportunities for those who remain resilient.
• Liquidation waves: A path to equilibrium: Learn how major market disturbances like last week’s can create ripples that take time to settle, offering strategic consolidation points.
• Unlocks and ETF flows: What’s next for crypto? Discover how upcoming token unlocks and recent ETF trends may shape the near-term outlook for key crypto assets.

• Ionis Pharmaceuticals Inc., a leader in RNA-targeted therapeutics, recently held its second quarter 2024 earnings call outlining several achievements and perspectives on ongoing projects and upcoming product launches.
• Ionis has made significant progress with a clear strategic focus on its pipeline, recent approvals, and foundational growth in its research and commercial domains.
• 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.

• Starbucks, the global coffee giant, has taken a bold step by appointing Brian Niccol, the former CEO of Chipotle, as its new leader.
• This move follows the sudden departure of Laxman Narasimhan, whose tenure saw a significant drop in Starbucks’ share value, raising questions about the company’s future direction.
• Niccol, credited with turning around Chipotle after its foodborne illness crisis, brings a reputation for innovation and effective leadership.

• Howard Hughes Holdings, a real estate company with a diversified portfolio of master-planned communities, operating assets, and strategic developments, has recently garnered attention due to the possibility of being taken private by Pershing Square, an investment firm led by Bill Ackman.
• Pershing Square, the largest shareholder of Howard Hughes with a 38% stake, is reportedly considering this move to unlock greater value from the company.
• On the one hand, Howard Hughes has shown strong performance across its core business segments, delivering impressive results in land sales, operating assets, and condo developments.

• The Asbury Automotive Group has reported mixed results for the second quarter of 2024, which reflect both a resilient operational performance and significant challenges due to a system outage.
• A detailed analysis highlights both the strengths and areas of concern for the company during this period.
• Asbury faced a major operational disruption beginning on June 19, due to an outage with their dealer management system (DMS) provided by CDK.

• Ball Corporation reported its second quarter 2024 earnings, depicting a strategic navigation through a mixed market landscape, facing both headwinds and tailwinds across its various regional operations.
• The company’s global beverage can shipments and aerosol shipments experienced growth rates of 2.8% and 5.6% respectively, indicating strong demand for sustainable aluminum packaging solutions—an area in which Ball continues to cement its leadership.
• This growth, however, came amidst varying regional dynamics, from exceeding expectations in North America and EMEA to confronting challenges in South America, particularly due to economic volatility in Argentina.

• We downgraded our long-term outlook to neutral last week (8/6/24 Compass) after being bullish since early-November 2023. We still believe the SPX is going through a 1-to 4-month consolidation phase.
• It is possible the low for this consolidation has been established within our expected pullback zone of 5100-5191 that we discussed two weeks ago (7/30/24 Compass)
• In terms of upside, the SPX could test its YTD highs or make a marginal new high, or could also see it roll over at the 5400 or 5585 resistances.

• Take aways: Norwegian maintenance season and no flows from Russia is a spicy mix. Temperature is the main factor for worries about stock levels 2022 mayhem may be closer than you think. Refiners’ capacity utilization weak causing fear of crude gluts
• Fears in natural gas markets have returned as Ukrainian troops are giving Putin his own “Operation Citadel” moment.
• While many European countries have sought alternatives to Russian gas, nations like Austria and Slovakia still depend on it.

• As we noted in last week’s Crypto Crisp, we anticipated a gradual but steady recovery in the market to the levels seen before last weekend’s sharp decline.
• This prediction has proven accurate so far, with some recovery since last week, though we are still far from fully regaining those levels.
• We remain confident that it could take the rest of August to reach those levels again.

• 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 released its 2Q2024 results that blew past estimates as demand for its innovative wound care products accelerates.
• The company also outlined plans to continue and advance the rapid growth seen in 2024.

• On August 9, 2024, Soligenix, Inc. (SNGX) announced financial results for the second quarter of 2024 and provided a business update.
• The company is on track to initiate the confirmatory Phase 3 trial of HyBryte (synthetic hypericin) in the treatment of patients with early stage cutaneous T cell lymphoma (CTCL) in the second half of 2024.
• In support of this, the company recently announced positive clinical results from a comparability study between HyBryte and Valchlor , which showed a three-fold higher response rate over a 12-week treatment period and a more favorable safety profile for HyBryte.

• On August 9, 2024, Soligenix, Inc. (SNGX) announced financial results for the second quarter of 2024 and provided a business update.
• The company is on track to initiate the confirmatory Phase 3 trial of HyBryte (synthetic hypericin) in the treatment of patients with early stage cutaneous T cell lymphoma (CTCL) in the second half of 2025.
• In support of this, the company recently announced positive clinical results from a comparability study between HyBryte and Valchlor , which showed a three-fold higher response rate over a 12-week treatment period and a more favorable safety profile for HyBryte.

• On August 8, 2024, Virios Therapeutics, Inc. (VIRI) announced financial results for the second quarter of 2024 and provided a business update.
• The company recently announced that the Phase 2a clinical trial of IMC-2 (valacycovir+celecoxib) has completed enrollment and we anticipate topline results from the trial in October 2024.
• Ongoing blinded safety analysis of the Phase 2a study indicates that study drug has been well tolerated with no serious adverse events reported.

• On August 8, 2024, X4 Pharmaceuticals, Inc. (XFOR) announced financial results for the second quarter of 2024 and provided a business update.
• Following the commercial launch of XOLREMDI (mavorixafor) in April 2024 the company recorded the first commercial sales of the drug, which totaled approximately $0.6 million in the second quarter of 2024.
• We anticipate the full data set from the Phase 2 trial of mavorixafor in chronic neutropenia (CN) to be presented in November 2024.

• We are reiterating our Buy rating, $20 price target and projections for Lands’ End after reviewing the August catalog for 2023 and 2024.
• August is the start of the Fall selling season, and management has continued to raise the overall stakes for Lands’ End: 1) the overall discount rate on the catalog has been reduced from 40% to 30%; 2) the focus remains on new items and, especially outfits; 3) fashion denim in wide leg and flared styles are a new fashion key, as the Lands’ End customer begins to once again experiment with denim; 4) the product emphasis remains on new items, from further dress expansion and new cooling fabrics and 5) new outerwear, from rainwear to highlighting fashion pieces that are shown in the catalog but sold, for full price, online.
• As such, we believe management remains highly focused on raising overall pricing, increasing returns and continuing to leverage the Lands’ End business model; we reiterate our Buy rating and $20 price target for LE.

• S&P DJI have started a market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover.
• There is US$281bn tracking the Select Sector Indices from the SPDR ETFs. The market consultation will have a larger impact on indices where there is a high degree of concentration.
• The largest inflows are expected in Apple, Conocophillips, Amazon.com and Netflix while the largest outflows will be from Microsoft, NVIDIA, Chevron, Procter & Gamble, Exxon Mobil, Costco Wholesale and Meta Platforms.

• Monopoly was originally created as a critique of capitalism but became a massively successful business itself.
• Hasbro has grossed over $3 billion in revenue from the app version of Monopoly.
• Hasbro CEO, Chris Cox, will be discussing the development of Monopoly and other games on the podcast.

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• US oil and gas rig count increased by two to 588 for the week ending 09/Aug, following a decline the week prior.
• US oil rig count rose by three to 485, after remaining flat the previous week. Gas rigs decreased by one to 97, marking a third consecutive weekly decline.
• For the week ending 02/Aug, US crude oil production hit a record 13.4 mbpd, following four weeks of steady output at 13.3 mbpd.

• Monolithic Power Systems Inc. has reported a robust second quarter in 2024, reflecting a series of positive outcomes driven by strategic initiatives and diverse market engagement.
• The company announced record revenues of $507.4 million, surpassing the high end of their guidance.
• This performance was largely attributed to the increased demand for AI-powered solutions, an improvement in order trends across various end markets, and revenue generation from previous design wins.

• Biogen recently reported its earnings for the second quarter of 2024.
• The company, a leading biotechnology entity known for its pioneering work in neuroscience, highlighted a period of transformative growth and strategic reshuffling under President and CEO Chris Viehbacher.
• Central to the earnings discussion was Biogen’s emphasis on accelerating new product launches, optimizing existing portfolios, and expanding through strategic acquisitions, notably the addition of HI-Bio.

• DoorDash has presented its second quarter 2024 earnings and provided insights into several facets of DoorDash’s performance, strategic directions, and the underlying economic measures affecting its operations.
• Starting with the positives, DoorDash continues to report strong demand, particularly in the email domain.
• This is a significant achievement considering the broader industry reports of softening restaurant demand.

• Hurricane Debby caused 300,000 electricity customers to lose power in Florida and Georgia, reducing electricity demand, which led to natural gas prices declining.
• Since the 2006 shale boom, the share of US natural gas production from the offshore Gulf of Mexico has dropped from 15% to 1.8% by 2023.
• The Gulf of Mexico area accounted for 14.4% of US crude oil production in 2023. Although still a significant share, it has declined from 25.4% in 2006. 

• CBAK Energy Technology continues to leverage its strong relationships with portable energy and home energy storage manufacturers to deliver solid results.
• Pricing pressures remain in the broader battery cell market but CBAK’s margins remained strong in Q2.
• The company recorded another profitable quarter and we think investor confidence in the company should continue to grow despite quarter-to-quarter fluctuations.

• Moderna reported its Quarterly Earnings recently and managed a decent performance.
• Positives from the quarter included advancements in Moderna’s respiratory vaccine portfolio, particularly with mRNA-1273, its COVID-19 vaccine, and new RSV vaccine, mRESVIA.
• Notably, mRNA-1273 continues to be a significant product in combating COVID-19 with substantial hospitalization rates reported from the CDC for the ’23/’24 season.

• Block, Inc., the parent company to Block and Cash App, delivered robust results in the second quarter of 2024, reflecting strong growth in key business areas aligned with strategic initiatives.
• The company reported a gross profit of $2.23 billion, marking a 20% year-over-year increase.
• The Cash App segment notably outperformed, contributing a gross profit of $1.3 billion, up 23% year-over-year, thanks to the robust performance of the Cash App Card, Cash App Borrow, and Buy Now, Pay Later services.

• Lineage (LINE US) , with an IPO market cap of ~$18bn failed the fast-entry threshold of both main global indices with the threshold being more than ~$28bn. 
• Based on the listing date of 25 July 2024, its addition is forecasted for September 2024, December 2024 and February 2025 in US and Global indices.
• Lineage (LINE US) is expected to get added to the Top 1000 US companies index with forecasted demand of ~$340m and ~1.3 ADV at close of 20 September 2024.