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.
Friday, September 4, 2026
Back to today 
From X
Ian Bezek on X
@EdwardR02184224 Posted on the newsletter about $ASR recently. Similar thoughts for $OMAB except Sureste has the catalysts with the new airport packages and improvements in Colombia... https://t.co/ZO0t5ghX40
Timyan Bank Alert on X
WaFd's $WAFD valuation limits M&A ambitions, CEO says | S&P Global Market Intelligence https://t.co/7BDy1GI1mj
Timyan Bank Alert on X
Finward Bancorp Acquisition $FFBC is a great partner for $FNWD- 6.4 x cost save earnings, 7 month payback and a dividend increase. Everything’s Archie! - https://t.co/qymOJS625L
Timyan Bank Alert on X
Independent Bank, Simmons address credit quality; South Plains $SPFI interested in M&A | S&P Global Market Intelligence https://t.co/TWGUKwHaIL
catechwilliams on X
$SWIM. Stock has barely budged over the last 2 weeks despite: 1) $PNR pre-announcing pool pump sales -17% and 2) $LESL filing for BK citing slowing new pool demand. Expectation of HSD growth this year are disconnected from reality. Earnings miss and guidance cut likely coming.
mavix on X
Evolution $EVO announced the termination of the merger agreement between Evolution & Galaxy Gaming. Evolution is required to pay Galaxy Gaming a termination fee of USD 5,234,678, but they expect to continue working with Galaxy Gaming. https://t.co/rdhNO86tEL
catechwilliams on X
@SILVERGOLDBTC28 @GalianoTiramani @Xectron You guys will probably be eating at Golden Corral when $BXBL is below $5 in a few weeks.
Investor Letters
All letters
Six Flags And United Parks: Two Different Answers To The Same Demand Problem
Six Flags’ attendance rose 4% while comparable crowd intensity was nearly flat, and both it and United Parks grew deferred revenue about 2%…
Sanjay Swamy 1 click
[WAY – Waystar] Healthcare is a very complicated invoice
Waystar sells revenue-cycle software for a US claims process where roughly 18% of submitted claims are initially denied and healthcare…
Ultragenyx ($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…
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…
Miami International Holdings (MIAX)
Miami International Holdings, the No. 4 options exchange with 17% share, trades at 12x forward EBITDA despite 35% revenue growth, 54%…
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.
TPC 2026-08-27 Tutor Perini: Q2 2026 Made My Strong Buy Case Stronger
Tutor Perini’s Q2 revenue rose 19% to $1.64 billion as higher-margin megaprojects lifted construction income 54%, prompting higher 2026 EPS…
The Curious Analyst 
Quick Value #328 - Cal-Maine Foods (CALM)
Cal-Maine, the largest U.S. egg producer, trades at 1.6x book versus a 2.1x 20-year median, with net cash and investments equal to 23% of…
STNE 2026-08-25 StoneCo: Deep Value Hiding Behind Brazil's Rate Fears - For Now
StoneCo's buybacks and special dividend produced roughly 39% H1 shareholder yield as Brazil's rate cuts slow and competition persists.
IWA Research 3 clicks
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…
US-Canada Tariffs: Finding Investment Opportunities
US-Canada tariffs impose 50% duties on $20 billion of Canadian goods, lifting US steel makers while pressuring Canadian exporters and…
NRIX 2026-08-24 Nurix Therapeutics: Roche Has Changed The Economics Of The Bull Case
Nurix Therapeutics gained $700 million upfront from Roche, a 50% U.S. profit share and Roche-funded global bexobrutideg development,…
Equity Eagle 3 clicks
Planet Fitness: The $10 Gym That Grew Into a Franchise Machine
Planet Fitness runs 2,930 clubs and 21.5 million memberships through an asset-light franchise model funded by $15 monthly dues, royalties…
SEZL 2026-08-23 Sezzle: The Numbers Don't Support The Selloff
Sezzle fell 20% after Q2 despite a revenue and EPS beat and higher guidance, as marketing spending and seasonality drove a sequential…
Daniel James 3 clicks
WD #355: AUNA/CAAP Earnings, Brazil, USMCA Trade Situation
CAAP reported decent second-quarter earnings and its first dividend, while Brazil rose on an election poll and USMCA trade developments…
Guest Post: Eton Pharmaceuticals (ETON)
Eton Pharmaceuticals licensed rare-disease medicines, raised revenue guidance twice and climbed more than fourfold from its February 2026…
OPLN 2026-08-22 Private Equity Exit Offers Opportunity At Openlane
OPENLANE trades near $34 after Apax Partners’ exit, with a $25 million buyback and FY2026 adjusted EBITDA guidance raised to $385–$400…
Mike Arnold 1 click
$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…
CCC Is in the Middle of the Wreckage
CCC, the dominant auto physical-damage claims estimator, connects 27 of the top 30 insurers with 31,000 repair shops as takeout rumors…
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