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.
Thursday, September 3, 2026
Back to today
From X
SG on X
That's a pretty big sale in $VAL. I still own/like. https://t.co/DoHOmmsAtD
Bank Reg Blog on X
Interesting follow up on this today: The SEC settled an enforcement action against $TBBK's now-retired CFO, fining him $30,000 for directing the company's 10-K to be filed when he knew the auditors hadn't yet signed off. https://t.co/9N28UhEMlw https://t.co/8yBRR6MC7Q https://t.co/1lPgtgKyWD
Myles on X
$ASAN down 12% on weak guidance. This earnings season has sucked so gotta enjoy my wins. https://t.co/wHULS7a1xW
PAA Research on X
$OXM getting "LULUed" after hours following a huge guide lower. Apparently people are tired of the floral prints at Lily Pulitzer. Less bright colors they said. Tepid demand for $150 quarter zips at #southerntide isn't helping matters either. The market seems to think that $0.70 quarterly dividend is at HUGE risk. No position.
Ian Bezek on X
@LatamData Medellín will keep taking relative share from Bogota. Underappreciated driver for $asr
BDC on X
@AltaFoxCapital @DeepSailCapital $SNAP
Ian Bezek on X
@burningbushcap $CIB is a quarter of the Colombia ETF, $AVAL is 4%. Need folks to go stock-picking in individual names, right now, people are mostly buying the index.
Evan Tindell on X
Dang I missed this one -- Nielsen CEO $NIQ almost bottom ticked it at $9 https://t.co/Zh7pIvOHua
Investor Letters
All letters- Protean Funds August 2026 BVNKF $2.4BSUSRF $251M
- Palm Harbour Capital July 2026 064850 $143M082920 $946M
- Protean Funds July 2026 DVYSR $91MSTOR-B $1.7B
- Royce Investment Partners year-to-date period ended 6/30/26 BLBD $1.9BMMS $3B
- Alluvial Capital Management Second Quarter 2026 ZEG $5.4BDGXX $415M
- Greenhaven Road Capital second quarter ANAB $1.6BBUR $873M
- First Eagle Investments second quarter 2026 NE $7.1B
EVC Update
EVC reported a solid second quarter and outlook.
$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…
MDA Space: Houston, We Have a New Position
MDA Space is added to the Aurelion Index after hiring engineers, signing large contracts and expanding facilities; the thesis cites…
GoPro sold itself at 9:20 AM to get ahead of a meme stock
GoPro rushed out its Starman Optical merger after Markiplier-driven buying sent GPRO up roughly 90% premarket, offering shareholders $1.14…
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 1 click
[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…
Here's Why You Should Buy Genius Sports Despite Rising Leverage
Genius Sports guided for $1.005–$1.025 billion of revenue and $285–$295 million of adjusted EBITDA despite higher leverage from the Legend…
Mayank Marwah 5 clicks
Ultragenyx ($RARE): A Catalyst-Driven Thesis With Asymmetric Upside
Ultragenyx targets $730-760 million of 2026 revenue after GENGLYCOS approval, with UX111’s FDA decision and GTX-102 Phase 3 data due in…
FTRE 2026-08-30 Fortrea Holdings: The Turnaround Is Showing Up In Earnings Before Revenue
Fortrea’s adjusted EBITDA rose 24% in H1 as cost cuts outpaced a 3.4% revenue decline, while new business awards increased 19%.
Manimala Misra 2 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…
CDNL · short Cardinal Infrastru Group INC
Cardinal Infrastructure Group faces an IPO lockup expiration amid stretched valuation and reported metrics, with an Up-C structure…
Stock Trade Compilation Diez
E.W. Scripps, Team Internet, Monro, doValue and Inter & Co feature as special-situation trades involving mergers, asset sales, leverage and…
Single Stock Spotlight #13: Entravision (EVC)
Entravision’s Smadex ad-tech unit grew Q2 revenue 230% year over year, underpinning a re-rating thesis despite its legacy Spanish-language…
ZhongAn Online (6060.HK): The Insurtech Everyone Gave Up On
ZhongAn Online trades at 0.57 times book after five profitable underwriting years, with a 95.8% combined ratio and ZA Bank’s first…
$DNOW: the boring distributor that could double on 2029 numbers | Firebird Management
DNOW’s MRC Global merger targets $75 million of synergies, with a 2029 bull case of $30 to $32 per share driven by cash flow and rerating.
Are Department Stores Finally Shortable?
Macy’s and Kohl’s face renewed short cases as their recent reratings ignore fading store-refresh gains, credit-card earnings exposure and…
H&R REIT & GO Residential deal, some thoughts
H&R REIT’s C$12 GO Residential deal gives unitholders 67% of the combined company, while CEO Thomas Hofstedter’s family affiliates cash out…
New Position: Long-Term Compounder in Surgical Robotics
Globus Medical combines a discounted 11x earnings valuation, expanding margins and spinal-implant leadership with upside from its…
Entravision Q2 Notes
Entravision’s ATS revenue rose 230% to $182.8 million in Q2, but shares fell from above $14 to about $8 after management forecast…
$UWMC lost $600m hedging a deal they'd already lost
UWMC booked a roughly $600 million Q2 hedging loss tied to TWO months after the deal collapsed, contributing to an expensive capital raise.
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