A Busted Businesses or a Cyclical Bottom?
Two U.S. protein-snacking companies lost $6 billion in market value as impairments, inventory growth and margin pressure test whether the category has reached a cyclical bottom.
Wednesday, September 2, 2026
From X
Timyan Bank Alert on X
HBT Financial to acquire Tri-County Financial in $204.6M deal $HBT $TYFG https://t.co/27xbZI2Ai5
junkbondinvestor on X
$INTC raising $15bn in common stock for GCP. Probably means another bond deal on the horizon. They last raised in April 2026. All 5 tranches are trading below par https://t.co/9hMDIXjQ4G
junkbondinvestor on X
*GAMESTOP’S COHEN IS SAID TO WEIGH PULLING $56 BILLION EBAY BID So Cohen is proposing a JV/partnership instead. A full takeover never made much sense from $EBAY’s perspective. $GME
JabroniCoin.USD on X
@Borlaug_ @SouthernValue95 Thanks. How do you think this dynamic sets up for Halozyme $HALO?
Chris Camillo on X
The full story of the hotly debated “irresponsible” $AMZN trade that made me $10M in a day. The research. The leverage. The near disaster. The comeback. Link in comments https://t.co/foSxtqY98m
Chris Camillo on X
@JonathanSeller Didn’t miss it, very much long $NVDA
Ian Bezek on X
@House_Stark12 Think again. Arguably the only thing $OPEN is good at is issuing new stock. https://t.co/oUX7I8I2kY
Investor Letters
All letters- Palm Harbour Capital July 2026 064850 $131M082920 $984M
- Protean Funds July 2026 DVYSR $105MEVGGF $17B
- Royce Investment Partners year-to-date period ended 6/30/26 BLBD $2BMMS $3B
- Protean Funds June 2026 CINT $223MIDDWF $9.5B
- Alluvial Capital Management Second Quarter 2026 ZEG $5BDGXX $372M
- Hayden Capital Q2 2026 AMZN $2.8TGOOGL $4.2T
- Intrepid Capital 2Q26 GOOGL $4.2T
- Polaris Capital Management Second Quarter 2026 ENI $81BHDIH
$LMB: Limbach missed the data center boom. Is that the opportunity? | 1 Main Capital
Limbach's EBITDA fell 30% as organic revenue declined, but 1 Main Capital calls the weakness temporary and views CYMCOR as its first…
The Bid Shading Threat to Amazon Advertising
Amazon’s $69 billion advertising business faces an FTC lawsuit over alleged bid shading, threatening a revenue stream that grew roughly…
CLF 2026-09-01 Cleveland-Cliffs: 2027 Could Be A Very Big Year
Cleveland-Cliffs' 2027 upside depends on contract resets and Stelco earnings, while management directs free cash flow to deleveraging…
The Bullionaire 2 clicks
[WAY – Waystar] Healthcare is a very complicated invoice
Waystar sells revenue-cycle software for a US claims process where roughly 18% of submitted claims are initially denied and healthcare…
GENI 2026-08-31 Here's Why You Should Buy Genius Sports Despite Rising Leverage
Genius Sports guided for $1.005–$1.025 billion of revenue and $285–$295 million of adjusted EBITDA despite higher leverage from the Legend…
Mayank Marwah 5 clicks
Veeva 2Q’26: “SaaSpocalypse” Cancelled
Veeva beat its $905 million revenue guide with $928 million, up 17.6%, while subscription growth accelerated and GAAP EBIT margin reached…
Microsoft ($MSFT) - Deep Dive
Microsoft’s AI data-center buildout lifted annual CapEx from $5.5 billion in FY2014 to $115.9 billion in FY2026, resetting free-cash-flow…
Making sense of Sandisk’s long-term financial model
Sandisk’s FY28-FY30 model relies on long-term NAND agreements holding near-80% gross-margin floors despite pricing 26-28% below current…
CMCSA 2026-08-28 After A Decade Of Underperformance, Comcast Is Finally Ready To Rebound
Comcast's mobile growth, Verizon roaming agreement, NBCUniversal content and theme parks are positioned to offset broadband competition…
Max Greve 3 clicks
Late August 2026 Random Ramblings
Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven…
Meta Buys Away its Distraction at Minimal Cost
Meta’s $18 billion teen-addiction settlement makes $5.3 billion contingent on YouTube and TikTok adopting matching restrictions, while…
MU 2026-08-28 SK Hynix: Higher Revenue Than Micron, Cheaper Than Micron (Initiating Buy)
SK Hynix posted record quarterly revenue of 79.32 trillion won and a 76% operating margin, while trading below Micron on forward sales and…
Prakhar Agarwal, CFA 6 clicks
The Verra Sneerer (NASDAQ:VRRM)
Verra Mobility renewed Hertz tolling management for five years. AutoKinex lets rental customers buy tolling, fuel and protection products…
Nvidia Climbing the Wall of Worries
Nvidia guided FY2028 revenue toward $700 billion, roughly 70% growth, while supply constraints and neocloud demand face concerns over…
BHVN 2026-08-27 Biohaven: Sale Of Opakalim Rights To SK Biopharmaceuticals Makes Sense On Many Levels
Biohaven’s $795 million global opakalim licensing deal with SK Biopharmaceuticals boosts cash, lowers R&D spending and extends its funding…
Edmund Ingham 5 clicks
Domo (Arigato), for this potential multi-bagger options trade
Domo’s $400 million sale to Progress would leave a cash-rich public shell with $900 million of NOLs; January 2028 $5 calls cost 22 cents.
Nvidia’s Long-Term Margin Question
Nvidia faces questions over the durability of its long-term profit margins ahead of earnings.
[scuttleslops] AI Data Center Economics, ADI, INTU, IDXX
AWS AI campuses cost $40–$45 billion per gigawatt, with Trainium 3 expected to lift compute per megawatt and improve infrastructure returns.
$ELAL: El Al is a wartime monopoly at 2x EBITDA. Is that a trap? | ASB Partners
El Al trades near 2x EBITDA after wartime near-monopoly profits, with $1.3 billion of net cash and owned aircraft weighed against…
BAC 2026-08-20 Bank of America Preferreds: Better Propositions Available Than Series GG
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