United States

• On September 26, Nippon Steel’s president affirmed the company’s commitment to completing the United States Steel (X US) acquisition by year-end, despite the CFIUS review being extended until December.
• U.S. Steel, with an expected value of $45.19/share offers 27% upside potential. This discount, driven by acquisition/fundamental value, supports a buy recommendation thus, I would be long U.S. Steel.
• If the deal were to succeed, the likelihood of it closing before the end of 2024 is low, primarily due to the complexities surrounding the American presidential elections.

• Uber Technologies Inc. has entered into a partnership with Chinese autonomous driving startup WeRide Corp. to promote self-driving taxis on Uber’s global platform, with the first deployment set to take place in Abu Dhabi by the end of the year, the two companies said Wednesday.
• Founded in 2017, WeRide develops autonomous driving technology and is testing or deploying it commercially in 30 cities in seven countries.

• In July 2023, the company was granted the United Arab Emirates’ first and only national license for self-driving vehicles, enabling it to test and operate its autonomous vehicles on public roads across the entire country.

• Analyzing Appian Corporation’s Second Quarter 2024 financial results reveals a company actively balancing growth ambitions with operational efficiencies.
• The financial performance of Appian Corporation this quarter exhibits significant adherence to its core growth strategies while maintaining a prudent eye towards profitability.
• For the quarter, Appian reported a robust year-over-year revenue increase, with total revenue rising 15% to $146.5 million.

• Conagra Brands, in their Q4 and Fiscal Year 2024 earnings, presented a mixed set of results reflecting a transitional phase in consumer purchasing behavior and pricing adaptation.
• CEO Sean Connolly emphasized the gradual normalization of the operating environment as consumers adjust to new price benchmarks, a process he described as ongoing rather than immediate.
• 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.

• International Game Technology (IGT) has reported its Q2 2024 earnings, showing strong performance in both revenue and operational metrics.
• In its second quarter, IGT generated revenue of $1.05 billion, maintaining levels similar to the prior year, and achieved an operating income of $230 million.
• When excluding one-time separation and divestiture costs of $26 million, the operating income margin impressively improved by 40 basis points to 24.4%.

• Mirati Therapeutics reported its second quarter 2023 earnings and had a decent performance.
• During this period, Mirati launched KRAZATI, reflecting a significant milestone as it transitioned to a commercial-stage company under the guidance of then CEO, David Meek.
• However, in a noteworthy change announced during the call, Dr. Chuck Baum has taken on the role of interim CEO, following Meek’s departure.

• PowerSchool has reported its first quarter 2024 earnings with positive results, continuing its momentum with a strong performance across key financial metrics.
• The company reported a total revenue of $185 million, marking a 16% year-over-year increase.
• This was driven predominantly by subscription and support revenues, which grew 18% year-over-year to $167 million and constituted 90% of the total revenue.

• Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.
• Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.
• My DCF analysis suggests that Upstream Bio’s core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.

• Warner Bros. Discovery recently held its Q2 earnings call for 2024, an event of crucial importance for investors and industry observers alike.
• The call encapsulated various dimensions of the business’s performance and strategic direction, touching on both high-performing areas and ongoing challenges.
• A primary highlight from the call was the robust performance of Warner Bros. Discovery’s direct-to-consumer (DTC) segment, notably in the streaming realm.

• Arthur J.
• Gallagher & Co. reported strong financial performance for Q2 2024, underpinned by significant growth in revenue and earnings.
• The firm’s combined Brokerage and Risk Management segments saw a 14% increase in revenue and a 7.7% rise in organic growth, with an adjusted EBITDAC margin expansion of 102 basis points to 31.4%.

• Q424 revenue $7.8 billion which was $200 million above the guided midpoint, up 14% QoQ and up 93% YoY.
• Q125 revenue of $8.7 billion with gross margin 39.5%. This will be the company’s highest ever quarterly revenue
• On track for ~20% share of a $25 billion HBM market in 2025

• Just two weeks ago, I wrote about how I thought this was a mid-memory cycle.
• I mainly supported the memory companies if you didn’t read between the lines (ChatGPT o1 (Strawberry) and Memory)
• Fast-forward a week, and it seems that the calls for the end of memory were a bit premature.

• Chevron’s Q3 revenue is expected to decline by 7% YoY, with EPS projected to fall 8.9% due to contracting refining margins and lower price realisations.
• The early September plunge in oil prices may further squeeze already tight refining margins. Management anticipates a slowdown in output due to increased maintenance in Q3.
• Chevron became the most shorted large-cap stock in the US in August, with shares shorted increasing by over USD 200 million amid growing bearish sentiment.

• Tesla projects Q3 2024 EV sales of 460,000–470,000, reflecting 8% YoY growth, driven by high demand in China and robust Gigafactory operations. 
• The October 10 Robotaxi event will spotlight Tesla’s Full Self Driving tech, attracting intense investor interest in autonomous transportation’s future prospects. Investors eye a new cheaper Tesla model release.
• Waymo leads the U.S. market, with 100,000+ weekly paid robotaxi trips, intensifying pressure on Tesla to match or surpass this scale in its robotaxi rollout. 

• One of the areas of fintech innovations, seeing significant growth is insurtech. Big data, AI, and IoT have enabled innovations in customer experience, risk assessment, and personalized products.
• Skyward Specialty Insurance Gr (SKWD US)‘s focus on underserved and complex markets, with unique risks, should give the company better growth and margins runway. 
• Integration of proprietary  and collaborative technologies to enhance operational efficiency and customer experience in specific niches makes Skyward very competitive in admitted and  specialty insurance segments. 

• The 2024 U.S. Presidential election is fast approaching, set for November 5.
• On this day, voters will choose whether to elect current Vice President Kamala Harris, a Democrat, for her first full term, or return Republican Donald Trump to the White House.
• In Crypto Moves #28, we highlighted how this year’s presidential election is more centered on the crypto industry than ever before.

• ARLO continues to operate within an industry that is highly price sensitive and dependent on the consumer signing up for paid service. 
• We are lowering our third quarter hardware revenue to reflect the lower pricing environment. ARLO is not a hardware story. The Company placing hardware units leads to paid service subscribers.
• ARLO’s stock has been under pressure since reporting second quarter results most likely to do with concerns over actual number of quarterly retail subscriber adds

• SYM has disclosed one additional customer site location, Cullman, Alabama, in third quarter 2024. This one location brings the total number of sites where customers have accepted SYM’s to twenty.
• We believe the slowdown in system placements and acceptance has continued into the third quarter and the challenges faced in the second quarter are likely to continue.
• SYM has been promising several product placements progressing from backlog to acceptance. We believe this pace has slowed with only one location so far in Q3

• Patrick Industries is a manufacturer and distributor of components for various industries such as recreational vehicles, marine, and manufactured housing
• The company has a history of value creation and shareholder value creation
• Despite being undercovered in the investing community, PATK presents an opportunity for long-term investors due to potential future upside and its competitive landscape in the manufacturing sector

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.

• Growing Player in Medical Aesthetic Market SBC Medical Group Holdings (SBC- NASDAQ), headquartered in Irvine, California, provides end-to-end solutions for aesthetics clinics, including back office support, purchasing, branding and marketing services (see below), that enable clinics to focus on offering their customers high quality treatments and services at affordable rates.
• SBC Medical Group first began operations in 2000 when its founder and largest shareholder, Dr. Yoshiyuki Aikawa, opened the Shonan Beauty Clinic (SBC) in Fujisawa City, Japan.
• SBC subsequently has expanded its footprint as it continues to grow its network and revenue base.

• Monolithic Power Systems (MPWR US) is a direct addition followed by AppLovin (APP US) which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.
• Dollar Tree Inc (DLTR US) is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. 
• Super Micro Computer (SMCI US) , ARM Holdings (ARM US) and Moderna (MRNA US) are amongst the prioritized constituents preventing eligible candidates from entering the index. 

• The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.
• We expect two regular changes in December 2024. There are also several live spin-off and M&A events which could trigger intra-review index changes in the late-2024/early-2025.

• Intel is spinning off their foundry division into its own entity within the company, with financial independence and guardrails in place.
• The company is not selling off assets as a whole but is making strategic deals, such as a partnership with Amazon.
• A letter from Intel’s CEO to the team hints at potential activist investor issues and the company’s legal obligations in response to potential acquisition offers.

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

• On September 4, 2024, Fortive Corp (NYSE: FTV) announced plans to separate its Precision Technologies business into a separate publicly listed company (NewCo), via a tax-free spin-off transaction.
• NewCo, being more volatile and lower margin, versus the parent, has been a drag on the overall valuation of FTV.
• FTV (ex NewCo) will be a high recurring revenue business with strong free cash flow generation profile. We believe that FTV (ex NewCo) will command a higher multiple.

• Q3 is coming to an end and ADEA has yet to announce new licensing deals its management has been asserting would happen this year. 
• ADEA has maintained a revenue forecast of $380 million to $420 million on the expectation there would be at least two major new licenses announced this year.   
• Our earning model currently calls for ADEA to generate $400 million in revenue with the third quarter being a smaller step up in revenue compared to the fourth quarter.

• For the week ending 20/Sep, US crude inventories declined by 4.5m barrels, surpassing expectations of a 1.3m barrel drawdown. Gasoline and distillate stockpiles also decreased more than analyst estimates.
• US natural gas inventories rise 47 Bcf for the week ending 20/Sep, lower than analyst expectations of a 52 Bcf buildup. Inventories are 7.1% above the 5-year seasonal average.
• BP and Shell experienced rating downgrades and target price reductions, while TotalEnergies and Exxon Mobil saw upward revisions in their target prices.

• 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.

• ChampionX Corporation recently discussed their fourth quarter and full year 2023 earnings, revealing a mix of achievements and strategic initiatives that position the company for future growth while acknowledging some market challenges.
• The company reported a solid performance for the fiscal year 2023, marking significant financial milestones.
• ChampionX expanded its adjusted EBITDA margin by 430 basis points and achieved a 25% growth in adjusted EBITDA.

• CEO and Director Patrick Gruber joined us on the WTR Small-Cap Spotlight to discuss Gevo’s recent acquisition of Red Trail in North Dakota.
• Those interested can listen to this podcast on Apple Podcasts, Spotify, or on our website
• With the planned $210-million Red Trail acquisition, Gevo will add low-carbon ethanol and carbon capture and sequestration (CCS) as new operational business lines. 

• Ryder System has demonstrated a resilient financial performance in the second quarter of 2024, overcoming challenges in a demanding freight environment.
• The company’s strategic adaptations and acquisitions have strengthened its market stance, making major contributions toward revenue growth.
• The integration of Cardinal Logistics and Impact Fulfillment Services (IFS) is proceeding as planned, enhancing Ryder System’s offerings in dedicated transportation solutions and its supply chain capabilities, respectively.

• Memory stocks underperformed the market, falling sharply with the recent overall market rout and failing to rebound sufficiently with the latest market rally.
• Leading Memory names Micron, SK Hynix, Samsung are all substantially below their 52-week highs after market reports of slowing memory demand from PC and mobile industries and inventory liquidation.
• Taiwan names Nanya Tech, Silicon Motion, Phison are all we below their highs. Micron results on September 25th MT will provide a major outlook update for the market.

• Micron’s latest results show a clear improvement in the Memory cycle. The company’s gross margin increased and guided for a further strong margin increase next quarter.
• Micron increased its overall DRAM industry growth forecast while maintaining its NAND flash forecast. Micron reiterated expectations for FY2025E to deliver record revenue for the company, with improving profitability.
• Positive news for fallen Memory industry shares — Within our Memory universe we have Structural Long ratings for Micron Technology (MU US), SK Hynix (000660 KS), and Silicon Motion Technology (SIMO US).

• SPX Technologies has demonstrated robust growth and strategic execution in its Q2 2024 results, prompting an increase in full-year guidance.
• The company’s business segments, particularly the HVAC (Heating, Ventilation, and Air Conditioning) and Detection & Measurement, have shown substantial growth and profitability improvements, driven primarily by increased operational efficiencies, strategic acquisitions, and strong demand in diverse markets such as data centers, health care, and industrial facilities.
• 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.

• Zacks Small-Cap Research Note for Elbit Systems (ESLT)

• We are reiterating our Buy rating, projections and $20 price target for Lands’ End after visiting the company’s European headquarters in Oakham, United Kingdom and meeting with management.
• We believe, with operations overwhelmingly focused on the United Kingdom and German consumer, there remains multiple growth opportunities, from new categories, expansion into Europe-only looks, lower discounting and continuing to upgrade the customer mix to more lifestyle and features, rather than pricing, driven.
• Further, with Europe taking the lead in terms of quicker buys and reacting/setting fashion trends, they will increasingly have a roll in setting the product pace for the United States operations.

• Varex Imaging Corp (VREX US) reported 10% YoY drop in revenue and a squeeze in profits as well in Q3FY24, driven by weakness in Medical segment business.
• China market softness continues to drag the operating performance of the company. The woes faced in China does not appear to subside quickly in the near foreseeable future.
• The company has guided for Q4FY24 sales and EPS in the range of $190-210M and $0.00-0.15, respectively, representing significant drop from year-ago quarter.

• Mitchell discusses the success and potential of Crocs, noting its growth and potential for continued success
• Andrew asks if Crocs is a fad or a sustainable business, with Mitchell emphasizing the brand’s importance and continued innovation
• Mitchell highlights Crocs’ success during the pandemic and discusses potential growth strategies for the future, including the importance of jibbets.

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

• Enfusion reported its second quarter 2024 earnings with results aligning closely with the company’s prior guidance and consistent performance expectations in the medium term.
• The company posted $49.5 million in revenue, marking a 16% year-over-year growth.
• The adjusted EBITDA came in at $10.1 million, translating to a 20.5% margin.

• The S&P 500 (SPX) is approaching 5783, which is the upper-end of an important target/resistance area we have discussed for over a month (5670-5783).
• 2007 SPX topping analog has tracked the current market almost perfectly, suggests a 2% or less move above the prior all-time high set in July at 5670 before topping (i.e.,5783)
• SPX is “breaking out” which is bullish, but time and time again we have seen bull/bear traps (false breakouts/breakdowns) at major turning points. Bull trap confirmed on break below 5670

• US natural gas prices rose by 5.6% for the week ending 20/Sep, driven by a shrinking storage surplus and an improved demand outlook.
• Henry Hub Put/Call volume ratio rose to 1.69 (20/Sep) from 1.45 the previous week as put volumes rose by 102.7% WoW, while call volumes grew by 74.4%.
• Put OI surged for contracts expiring on 25/Sep, Oct, and Nov. Call OI rose for expiries on Dec, Jan, Feb, and Mar.

• Upstream Bio, a clinical-stage biotech company developing novel therapies for inflammatory and allergic diseases, filed for an IPO in the United States.
• The biotech firm was backed by premier investors, including OrbiMed, Access Industries, Maruho Co., Samsara BioCapital, Omega Funds, and Enavate Sciences, among others.
• I believe that company’s lead compound, verekitug (UPB-101), has a broader commercial opportunity than many investors appreciate.

International Public Partnerships’ (INPP’s) portfolio continues to deliver consistent and predictable returns for investors, while providing environmental and social benefits for the individuals and communities that are served by its assets. INPP shares offer an attractive yield and the DPS is now in its 17th successive year of growth, with visibility for at least another 20 years. Continuing efforts to narrow the discount to NAV have gained traction, with both realisations and the share repurchase programme stepped up. However, discounts are sector-wide and a greater appreciation of the quality of INPP’s cash flows, a decline in interest rates and the prospects for accretive reinvestment may prove more potent factors in a re-rating.

• We are reiterating our Buy rating, $29 price target and projections after reviewing Guess?
• stores in London.
• As we near the peak Fall season, Guess?

• WTI futures increased 3.4% for the week ending 20/Sep, driven by the Fed’s rate cut, supply disruptions in Libya, and falling US crude stockpiles, which alleviated demand concerns.
• WTI options Put/Call volume ratio fell to 0.83 (20/Sep) from 1.30 (13/Sep) as put volume fell by 45.8% WoW while call volume fell by 14.6%.
• WTI OI PCR grew to 0.77 for the week ending 20/Sep from 0.76 on 13/Sep. Call OI fell 16.7% WoW and put OI declined by 16.1%.

Boku reported 24% y-o-y revenue growth in H124, with both digital wallet/account-to-account (A2A) payments and direct carrier billing (DCB) payments growing at double-digit rates. Adjusted EBITDA grew 18% y-o-y with a margin of 30.1%. With ambitions to become the best localised payment partner for global commerce, Boku continues to invest in enhancing its product portfolio and strengthening its compliance and treasury functions. A pipeline of new digital wallet/A2A launches for major merchants and seasonal factors support continued strong growth in H224 and 2025. With FY24 outlook maintained, our revenue and adjusted EBITDA forecasts are unchanged.

• Taiwan Veldona human study to start in Sjogren’s.
• Ainos will initiate a Veldona clinical study in Taiwan for primary Sjogren’s syndrome in December 2024.
• This follows the announcement of an oral warts in HIV+ clinical study planned for November 2024. 

• Nike recently announced a significant leadership change, with CEO John Donahoe stepping down and longtime company veteran Elliott Hill set to take over.
• This transition comes amid a broader restructuring effort at Nike, aimed at addressing the company’s evolving business challenges.
• Donahoe, who led the company through several years of strategic shifts, including the prioritization of direct-to-consumer sales, had faced increasing pressure due to flat revenue growth and lower-than-expected guidance for fiscal 2025.

• US oil and gas rig count fell by two to 588 for the week ending 20/Sep, the fifth decline in six weeks, after rising by eight last week.
• The US oil rig count stayed flat at 488 after rising by five last week. Gas rigs fell by one to 96, marking its fourth decrease in five weeks.
• For the week ending 20/Sep, US energy producers added two rigs in Texas. Conversely, they cut one rig each in Colorado, Louisiana, New Mexico, and Utah.   

• Chart Industries, Inc. reported its 2024 second quarter results, showcasing robust financial performance, marked by several all-time highs across various metrics.
• The company, renowned for its industrial and energy equipment, posted record earnings in sales, operating income, and EBITDA margins, among others, signifying superior operational execution and strategic growth initiatives.
• 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.

• According to the latest BofA fund manager survey, investors continue to sell commodities.
• Allocation-wise we’re now back at levels we were at the beginning of the pandemic back in 2020.
• Long commodities is now a contrarian trade again.

• The semiconductor industry is buzzing with news that Qualcomm, the world leader in smartphone chipsets and wireless technology patents, has approached Intel about a potential acquisition.
• The Wall Street Journal recently reported on this development, signaling Qualcomm’s ambition to expand beyond its mobile chipset dominance and deepen its reach into the PC and server markets.
• While the deal remains uncertain and could face significant regulatory hurdles, this move could be transformative for Qualcomm.

• Schlumberger’s Q3 2024 revenue is projected to increase by 12% YoY and EPS by 15.4%, driven by international growth, digital sales, and cost-efficiency programs.
• Management expects 2024 EBITDA margin to reach or exceed 25%, driven by stronger H2 performance led by seasonally higher year-end digital and product sales.
• Schlumberger announced a milestone in sustainable lithium production and secured significant contracts through its carbon capture and OneSubsea joint ventures.

• Casella Waste Systems has demonstrated a trajectory of strategic execution and growth, marked by recent acquisitions and operational optimizations, as evidenced in the second quarter 2024 earnings discussion.
• The company has expanded its geographical footprint to 10 states, which underscores an aggressive growth strategy through acquisitions that align with Casella’s core operational focus.
• During the quarter, Casella added to its portfolio with the acquisition of LMR Disposal and Whitetail Disposal, marking significant strides in extending service offerings in the Mid-Atlantic region.

• Zacks Small-Cap Research Note for Lexaria Bioscience Corp. (LEXX)

• DLocal’s Q2 2024 earnings report indicates a complex blend of growth, challenges, and strategic adaptation amid volatile market conditions.
• The company reported a significant achievement with its Total Payment Volume (TPV) reaching $6 billion, depicting a strong year-on-year growth of 38% despite a high comparative in the previous year.
• This growth attests to DLocal’s ongoing capability to deepen relationships with existing global merchants and to attract new ones, contributing positively toward its long-term expansion prospects.

• Euronet Worldwide delivered a strong performance in the second quarter of 2024, reflected through significant growth across several key financial metrics.
• Leading the charge was the Electronic Financial Transactions (EFT) segment, which reported robust growth facilitated by improved travel trends across Europe and effective expansion into new markets, particularly evident in its merchant services business.
• Notably, enhanced cost management strategies and a proactive reorganization of the ATM estate underpinned almost a 300 basis point operating margin expansion in the EFT segment.

• SAMR would draw out review process for too long for a deal to be approved
• Intel faces an existential crisis and even the new Foundry division has issues
• A theoretical deal would have little financial synergy and destroy Qualcomm’s gross margins

• With increasing market volatility, base metals continue their rocky weekly performance. Copper was up marginally maintaining a level over 9000 USD/ton.
• Copper inventories declined at the exchanges, with ~428k tons combined at Comex, LME, and Shanghai, down almost 9% in the last two weeks.
• Read our recent initiation on Antofagasta PLC (ANTO LN), contrasting it with Southern Copper (SCCO US) titled Antofagasta (ANTO LN): An Initiation on a Mid-Sized Copper Miner. 

• The Timken Company, a diversified leader in the industrial sector, recently presented its financial results for the second quarter of 2024.
• In terms of financial performance, The Timken Company reported a revenue decline of 7% from the previous year, attributed primarily to a significant decrease in demand within the renewable energy sector, specifically from China Wind.
• Nevertheless, areas like rail, aerospace, and industrial distribution showed organic growth that helped offset the downturn from the renewable energy market.

• Atkore, a prominent player in the construction and electrical solutions sector, delivered a mixed fiscal third-quarter performance amidst challenging market dynamics and competitive pressures.
• During the quarter, Atkore experienced flat year-over-year organic growth, which highlighted a balance between gains from solar energy projects and its construction services against broad pricing declines across its Electrical business.
• This period did not witness the usual summer surge in construction demand, which generally bolsters performance.

• Clarivate recently conducted its Q2 2024 Earnings Conference Call, marked by significant leadership changes and a detailed overview of strategic adjustments aimed at revitalizing growth and improving operational efficiency.
• With the transition of Jonathan Gear to a nonexecutive role and the introduction of Matti Shem Tov as the incoming Chief Executive Officer, Clarivate is positioning itself to enhance its core business segments and capitalize on emerging opportunities through product innovation and customer engagement.
• 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.

• Fluor Corporation recently presented its second-quarter financials for 2024, displaying mixed outcomes that reflect the company’s ongoing transition and strategic realignments.
• With $4.2 billion in revenue and substantial new awards amounting to $3.1 billion, the company signaled robust demand across its diversified service portfolio.
• Noteworthy is the Urban Solutions segment, which contributed significantly to the backlog, now standing at $32.3 billion.

• GXO, a global leader in logistics and supply chain solutions, recently disclosed its financial results for the second quarter of 2024, presenting an optimistic outlook bolstered by substantial business developments.
• Despite some regional fluctuations, the company’s performance indicates robust strategic execution, with significant new business wins and advances in technology integration playing a key role in its growth trajectory.
• 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.

• Hexcel Corporation has presented its second quarter 2024 results, which showed a commendable performance in several areas, although it also came with cautious revisions for future expectations due to emerging market conditions.
• This detailed analysis seeks to outline both strengths and challenges as elucidated during the earnings call.
• 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.

• Installed Building Products’ fiscal 2024 second quarter showcased a dynamic operating environment with improvements and strategic divestitures reflecting the company’s focus on core growth areas.
• Key financial results included an impressive increase in single-family sales, steady multi-family segment performance, and a slight uptick in commercial sales, albeit varying by submarket dynamics.
• 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.

• MasTec’s second quarter earnings for the year 2024 showcased a mix of sustained strategic maneuvers and noticeable market challenges, positioning the company for future growth while navigating ongoing sector-specific headwinds.
• Generated revenue for the quarter was reported at $3 billion with an adjusted EBITDA of $268 million and an earnings per share of $0.96.
• These figures reflected a robust operational performance, particularly noting a marginal revenue shortfall against expectations which was offset by better-than-anticipated margins, primarily driven by its Communication and Pipeline segments.

• MKS Instruments demonstrated robust financial management and strategic positioning in its second-quarter results for the fiscal year 2024.
• With a reported revenue of $887 million, the company performed at the high end of its guidance, supported by an earnings per share (EPS) of $1.53—a figure that not only exceeded their projected high but also included the positive impact of reduced interest expenses from recent financial maneuvers.
• 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.

• MSC Industrial Direct Co., Inc., in its fiscal third quarter 2024 earnings report, highlighted several key aspects of its current state and future strategies amid a challenging macroeconomic environment.
• The company’s focus remains on improving its web initiatives, customer engagement, and operational efficiency while dealing with unexpected gross margin pressures and delays in strategic projects.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• For 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.