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
Myles on X
For basically the first time in my history I have positive beta to $BTC while it's rallying and it feels nice.
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.
Farmer on X
@dirtcheapstocks I look for companies like this for my inflation basket. $INFL seems pretty good to me for a lazy version. https://t.co/OkhW0QroSL
Maj Soueidan on X
$DLTH is a perfect case study on where AI & stock screeners might get tripped up and on why doing the manual work still matters. Even though the headline acknowledges a large tariff refund, adjusted EPS does not “adjust.” Adjusted EPS is 6c, not 50c! Source: @InfoArbMonitor https://t.co/RBcbuTAHmX
Lee Roach on X
"But my quarterly deceleration" the Wall Street idiot cries out as his wife leaves him for a cashier at the local grocery store. $EVC https://t.co/9Z5qvFrCCh
SG on X
$ADMQ new orders for this nanocap (mkt cap 6.55m) https://t.co/67gBW9Me5k
SG on X
If we go above $2-3 in $GPRO today I will be very tempted to sell '28 calls
Investor Letters
All letters- Protean Funds August 2026 SUSRF $254M
- Palm Harbour Capital July 2026 064850 $167M082920 $938M
- Protean Funds July 2026 DVYSR $86MTRUE-B $584M
- Royce Investment Partners first half of 2026 AIOT $352MPAR $559M
- Alluvial Capital Management Second Quarter 2026 DGXX $435MDIG $459M
- Greenhaven Road Capital second quarter BUR $857MCODI $843M
- First Eagle Investments second quarter 2026 LXU $726MOIS $499M
Tectonic Therapeutic: Competitor Data Strengthens The TX45 Bull Case
Tectonic Therapeutic's TX45 CpcPH-HFpEF program gains support from Merck's CADENCE data; Phase 1b hemodynamics and cash through Q1 2029 set…
Equity Eagle 2 clicks
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…
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 $1.14…
Shattuck Labs: A Receptor-Side Bet On The TL1A Boom
Shattuck Labs pivots to DR3-targeted IBD therapy SL-325, funded through a Phase 2b readout as it competes with anti-TL1A drugs.
Equity Eagle 
Emerge Commerce ($ECOM.V) FINS Review
Emerge Commerce's $44 million COVID-era acquisitions produced losses and impairments, while modestly improved Q2 liquidity leaves its…
NTG Clarity Networks ($NCI.V) FINS Review
NTG Clarity’s $18.6M of Q2 service revenue sat in contract assets, while $4.6M cash burn cut cash to $2.85M and raises liquidity concerns.
INMB 2026-08-28 INmune Bio: CORDStrom In The Lead After Signs Of UK Regulatory Alignment
INmune Bio's Ebstrocel targets recessive dystrophic epidermolysis bullosa with UK, EU and US filings planned by early 2027, while XPro adds…
Tejo Strategy Investing 
Late August 2026 Random Ramblings
Higher rates could compress equity multiples and raise AI data center lease costs, while UWMC and Cogent raise questions about CEO-driven…
The Verra Sneerer (NASDAQ:VRRM)
Verra Mobility renewed Hertz tolling management for five years. AutoKinex lets rental customers buy tolling, fuel and protection products…
MPTI · long M-tron
M-Tron Industries is pitched as a long on its sole-source role across more than 40 missile, radar and aerospace programs.
A 4x in 4 Years Surfing the Data Center Tsunami? ($TSSI)
Total Site Solutions ($TSSI) depends on Dell for 96% of revenue; the 4x thesis rests on Dell expanding modular data centers amid AI-driven…
~9 EV/OCF AI Company Growing Revenue 75%+ YoY ($ALAR)
Alarum ($ALAR) trades near 9x operating cash flow as its NetNut proxy network supports web scraping and AI data collection, with revenue…
Quality Investing Outside the Blue Chips
Rand Worldwide, an Autodesk reseller, grew revenue from $116 million to $306 million while using less equity; expired three-year…
On Thrift Conversions, OTC Company Drama, and Seeking Info
PFS Bancorp trades at $8.65 despite more than $31 million of tangible equity after its thrift conversion, as recent conversions average a…
Value Roundup
Talen’s post-bankruptcy nuclear assets, FREIT’s $22 Kushner bid and Calithera’s failed liquidation vote illustrate unusual small-cap…
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