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Chart Of The Week: Rotation... And A Question
After languishing for ages, smaller-capitalization stocks came roaring back over the past couple weeks. Meanwhile, the “Big Tech” stocks that had been leading markets tumbled across the board. By Mike Larson. Now, that’s what I call rotation!. After languishing for ages, smaller-capitalization stocks came roaring back over...
Oppenheimer starts ArriVent BioPharma at outperform
Oppenheimer started coverage of ArriVent BioPharma (NASDAQ:AVBP) with an outperform rating, citing its drug candidate firmonertinib for the treatment of EGFR-mutant non-small cell lung cancer, or NSCLC. The investment bank said it sees the potential US market opportunity for the drug as greater than $1.5B. It added that it believes...
IES Holdings: Compelling Catalysts Now Being Appreciated By Market
IES Holdings has multiple tailwinds that are driving its business growth now being appreciated by investors. The stock has traded to ~16x NOPAT from lows of 10x in FY'22 justified by strengthening fundamentals. Investment Thesis. IES Holdings, Inc. (NASDAQ:IESC) provides electrical, communications, and infrastructure systems to a broad range of...
SP500: The Stock Market May Be Cheaper Than We Think
The S&P 500 index comprises a top-heavy cohort of companies that might not be properly analyzed by GAAP metrics. If accounting expenses trend more toward capitalized expenses, these companies may begin to peel back operating expenses and migrate dollars to items that cannot be immediately written off. An efficient market?
Arch Capital: New Trend At Play
An economic/market outlook not factoring in the potential impacts of the U.S. budget deficit is not credible in my opinion. Macroeconomic factors are underpinning higher interest rates, which is fueling a new long-term price channel for Property & Casualty insurers. Secular Tailwind. It seems to me that investment commentators are...
Veren Is The Low-Cost And High-Growth Producer Your Portfolio Needs
Veren Inc., formerly Crescent Point Energy, to report Q2 ’24 earnings on 7/25/24. I anticipate the firm to generate $1.15b in revenue and an EPS of $0.52/share. Management anticipates growing daily production by ~25% in eFY25 on a y/y basis, with the long-term target of 250Mbbl/d in 2028. All...
Needham starts Axsome at buy, cites revenue growth potential
Needham started coverage of Axsome Therapeutics (NASDAQ:AXSM) with a buy rating, citing the company’s revenue growth potential. The investment bank said it sees Axsome’s (AXSM) risk-adjusted topline growing by 8 to 10 times in five years, with sales of its drug Auvelity for major depressive disorder reaching $1.45B in 2028.
The Beginning Of A Stock Market Summer Storm? Or Just A Passing Shower?
The week felt like a hurricane to some. A lot of key stocks, especially chip stocks, dropped hard. Wednesday’s tech sell-off continued for the rest of the week. The tech-heavy NASDAQ 100 stocks were down 5% in the last three days. The VIX soared 32% this past week into...
Netflix Flexes Its Earnings Muscle
Netflix has shown strong subscriber and revenue growth, with profits and cash flow really starting to materialize in recent years. Netflix's Q2 report demonstrated continued long-term earnings progress. Last Thursday afternoon, we received second quarter results from Netflix (NASDAQ:NFLX). The streaming giant has had strong subscriber and revenue growth for...
RAPT Therapeutics to cut 40% of workforce to save cash
RAPT Therapeutics (NASDAQ:RAPT) plans to cut its workforce by around 40%, or 47 jobs, as part of an effort to conserve cash. In an SEC filing, RAPT said it expects the layoffs to be completed by the end of Q3. The company said it expects to incur charges of around...
White Falcon Capital Q2 2024 Partner's Letter
The negative performance of Endava, EPAM and Converge could not be offset by strength in Amazon.com, Nu Holdings and precious metal royalty companies. We believe the market has overreacted and EPAM and Endava are now trading at historically low multiples of depressed earnings. The top 5 positions in the portfolio...
Medical Properties' tenant Steward gets buyers for two hospitals
Medical Properties Trust's (NYSE:MPW) biggest tenant, Steward Health Care, which is also the U.S.'s largest for-profit health system, has agreed to sell two properties as it faces a bipartisan Senate investigation. Steward agreed to sell Wadley Regional Medical Center in Hope, Arkansas, to Pafford Health Systems, and Glenwood Regional Medical...
Toll Brothers: Gaining Market Share By Widening Price Points, And Spec Home Supply
TOL's past financial results have shown robust home sales revenue growth as well as adjusted home sales gross margin expansion. TOL's addressable market, which is households with incomes of over $200,000, has been outpacing all households’ growth. Together with its low penetration rate, there are still opportunities to gain market share.
IQVIA up 6% following FY 2024 guidance update, quarterly beats
IQVIA Holdings (NYSE:IQV) is up ~6% Monday after posting Q2 financial results that beat on both lines and updating its fiscal 2024 outlook. FY 2024 revenue is now expected at $15.425B-$15.525B (consensus $15.46B). Adjusted diluted EPS is expected at $11.10-$11.30 (consensus $11.08). In the quarter, net income rose ~22% year...
Johnson & Johnson: Seriously Undervalued At Peak Pessimism
Johnson & Johnson, the pharmaceutical giant with a 3.21% dividend yield, released financial results for Q2 2024 that exceeded my expectations. Its oncology franchise revenue was $5.09 billion for the three months ended June 30, 2024, an increase of 15.7% year-on-year. Since my last article, Johnson & Johnson's stock price...
Webster Financial: Diversity Of Deposits A Hidden Asset
Webster Financial Corp. was one of our detractors this quarter. We see tremendous value and neglect in the shares of WBS, as investors have pushed out their rate cut hopes. The following segment was excerpted from this fund letter. Webster Financial Corp. (NYSE:WBS) Webster Financial Corp. was one of our...
CrowdStrike's Failure Is SentinelOne's Opportunity
CrowdStrike's recent update failure impacted a large number of devices and customers. The incident creates an opportunity for competitors to gain market share if CrowdStrike loses customers or its win rate declines. CrowdStrike’s (CRWD) recent update failure was one of the most damaging IT incidents in history. While the early...
Rewey Asset Management Q2 2024 Investment Letter
We were pleased with the performance of our RAM Smid Composite, rising 2.75% in 2Q24 and 7.89% year-to-date, compared to the Russell 2500 Value index which fell 4.31% in 2Q24 and is up 1.50% YTD. If the Fed does end up cutting rates in 2025, as expectations suggest, we think...
U.S. Stock Market At Half-Year
U.S. stock markets did much better in the first half of 2024, an economic recession did not materialize, and the Federal Reserve did not reduce its policy rate. To most investors, the future direction of the stock market depends upon the Federal Reserve's decision to reduce its policy rate or not.
AeroVironment: Flying Under The Radar
AeroVironment is a leading defense tech player with a global footprint and focus on unmanned vehicles for battlegrounds. The company has seen significant growth in sales and profitability over the past decade, with shares peaking at $220 in June. Shares of AeroVironment (NASDAQ:AVAV) have been on fire in recent years,...
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