Daily Brief United States: TotalEnergies, Bitcoin, Cara Therapeutics, Intuitive Surgical, Zuora Inc, Ormat Technologies, Alliant Energy, Five9 Inc, Enovix , Idacorp Inc and more

• TotalEnergies’ robust hydrocarbon production in Q2 2024 will be offset by lower gas realizations and refining margins.
• Higher utilisation rates are expected to partially mitigate reduced refining margins in Europe and the Middle East.
• Seasonal factors are expected to lower the Integrated Power segment’s adjusted net operating income by 18.2% QoQ to USD 500 million.

• My great colleague, Mads Eberhardt, is off on a well-deserved mini-summer break, accordingly handing me the keys to the weekly crypto editorial.
• As Mads is probably currently stuck with the same feeling I have when I hand the iPad to my almost 80-year-old dad, I’ll stick to connecting the dots between liquidity, the recent sell-off in crypto, and the current sell-off in technology.
• Do current developments square, or can we find value trades here?

• Cara Therapeutics has been trending all over the internet after the company recently decided to explore a potential sale.
• Recent, Cara Therapeutics’ management announced a focus shift toward its most promising project, oral difelikefalin for treating notalgia paresthetica (NP), a chronic neuropathic condition with no currently approved therapies.
• The reallocation of resources toward this program enables Cara Therapeutics to extend its cash runway into 2026, potentially covering all crucial value inflection milestones for the NP program.

• Intuitive Surgical (ISRG US) posted another strong quarterly result, with key performance indicators including total revenue, procedure growth, system placement, and EPS beating consensus.
• 2Q24 procedure volume growth was 17% (estimate 15.5%) and accelerated from 16% in 1Q24. Intuitive narrowed full-year 2024 procedure growth forecast to 15.5–17.0%. The company raised gross margin guidance.
• Despite phased rollout, 70 da Vinci 5 systems placement in 2Q24 seems impressive. It represents almost half of the total U.S. placement. In 2H24, placement is expected to increase modestly.

• Zuora is considering a potential sale after receiving acquisition interest, with Qatalyst Partners hired to facilitate the process
• Founder and CEO Tien Tzuo and other large shareholders may participate in the transaction
• Potential deal price of $13-15 per share, offering 40-60% upside from current levels, with downside protection due to low valuation and improving cash flow outlook

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.

• Ormat Technologies showcased robust results in the first quarter of 2024, reflecting significant financial and operational progress.
• The company, which operates across electricity, product, and energy storage segments, reported a 21% increase in total revenues and a 25.5% rise in earnings per diluted share year-over-year.
• The adjusted EBITDA also increased by 14.4%, fueled by organic growth, efficiency improvements at operational facilities, and contributions from newly acquired assets from Enel Green Power North America.

• Alliant Energy has begun 2024 with a balance of strategic advancements and challenges, as outlined in their most recent performance and strategy update.
• The company has made notable progress in expanding its renewable energy capacity, particularly in solar power.
• Their completion of a significant 1.1 gigawatts of solar investment in Wisconsin and advances in Iowa’s solar projects demonstrate a solid commitment to reducing dependency on non-renewable energy sources.

• Five9, a noted leader in cloud contact center solutions, has been facing activist pressure in order to explore a potential sale of the company after a decent quarterly result.
• Positively, Five9 reported a solid increase in subscription revenue, growing 20% year-over-year, which underscores its successful transition and dominance in the cloud-based contact center market.
• This growth trajectory is supported by three key trends: the ongoing shift to cloud-based platforms, heightened focus on customer experience enhancement, and revolutionary impacts of AI on customer services.

• The WTR Sustainable Index was up 7.0% W/W versus the S&P 500 Index (up 0.9%), the Russell 2000 Index (up 6.0%), and the Nasdaq Index (down 0.3%).
• Energy Technology (15.1% of the index) was up 15.5%, while Industrial Climate and Ag Technology (58.5% of the index) was up 4.7%, ClimateTech Mining was down 3.4% and Advanced Transportation Solutions (21.2% of index) was up 9.0%.
• Top 10 Performers: ARVL, ZAPP, NAAS, VMC, PEGY, QS, LCID, OUST, EVGO, COMM

• IDACORP’s first quarter 2024 performance manifests a mixed financial landscape, characterized by both challenges and strategic advancements in its operational and regulatory domains.
• The company reported a decline in diluted earnings per share from $1.11 in the first quarter of the previous year to $0.95 in the current reporting period.
• This decrease is attributed primarily to milder weather which lowered energy consumption, and heightened operational and maintenance costs driven by increases in wildfire mitigation expenses and labor.