No Cap? Currently Capped by Three Hundredths of a Percent: Medtronic’s MiniMed Split-Off Odd Lot
Medtronic’s MiniMed split-off gives odd-lot MDT holders priority on a 7% discounted exchange, but a 4.5939-share cap has begun reducing the payoff.
Monday, September 14, 2026
Back to today 
From X
catechwilliams on X
@StockJabber Thank you. As a read on $PLUS Q3 is tracking in October, $CSCO just reported -23% sales in networking (products account for ~50% of $PLUS revenue) for the Oct quarter-end. Further confirmation that PLUS Q3 is going to be ugly and no turnaround in sight.
catechwilliams on X
$PLUS Accelerating, sales -14% y/y in Q2, noted Q3 not improving yet implied FY guide is for flat sales (downward revisions to come). Margins benefitted from 1-time financing segment gain-on-sale. Still trading at a premium to higher quality industry leader CDW, makes zero sense.
catechwilliams on X
$AS 50x P/E levered retail roll-up w only one decent asset (Arc’teryx). Stagnating in the US, nearly fully-penetrated in China. >$500 jackets didn’t work for $GOOS in Asia. Arc already bigger. Hyper promotional mgmt sent the stock skyward. This is going to be an epic crash.
catechwilliams on X
$CVGW In MRQ benefited from temp avocado price spike and 1-time F/X add-back. Volumes have been declining LDD for the last 3Qs ($CMG shifting suppliers). DOJ investigation continues. Prices & earnings reverting lower. Commodity distributor trading at 30x P/E is not sustainable.
catechwilliams on X
$DAKT New $50M display upgrade award for the Miami Heat arena. Will be a nice boost to current quarter earnings (FQ2'25). https://t.co/sLAFBEerYi
catechwilliams on X
$NX Just acquired peer Tyman. >3x leverage, never done a deal before, commodity business, customers all cutting numbers w deteriorating resi remodel activity ($AMWD yesterday, $MBC, $OC, $JELD). Stock is trading at close to 14x EPS. Seen this movie before. Earnings next week.
catechwilliams on X
$CVGW USDA crackdown on Mexican avocado corruption significantly erroding import vols (region where $CVGW sources all product). S. America taking share at accelerating rate as customers (ie. $CMG, grocers) shift suppliers. $CVGW sales vol -13% MRQ. Current Q could be a disaster. https://t.co/KJgK8fXbM4
catechwilliams on X
$PLUS Earnings on 8/5, expectations & stock disconnected from reality. Suppliers ($CSCO – 50% of product sales), competitors & customers all reporting sharp sales declines. Non-event PR today re a service they’ve been offering for 3 yrs is pumping stock; suggests mgmt is grasping
Investor Letters
All letters- Pendelhaven Asset Management B.V. Q3 2026 DR0 $454MALM $4B
- Akre Capital Management, LLC Q3 2026 AMT $78BMA $496B
- Bristlemoon Capital Q3 2026 SNDK $276B
- Protean Funds August 2026 BVNKF $2.6B
- Janus Henderson Investors July 2026 KLAC $246BMCK $100B
- Asset Value Investors Ltd July 2026 4549 $501M9301 $3.4B
- PenderFund Capital Management Ltd. July 2026 NEO $1.1BVNP $1.9B
- Lindsell Train Limited July RMVEY $3.3B
Cestrian Rating Actions - Week Ending 11 September 2026
Cestrian initiated Joby Aviation at Accumulate and upgraded Applied Materials and Broadcom to Accumulate for the week ended 11 September…
Oracle Corporation (NYSE: ORCL) - Q1 FY2027 Earnings: Record CDS Spreads, $88B Net Debt, And The OpenAI Question
Oracle’s $88.3 billion net debt and $90-95 billion capex plan pushed five-year CDS to 215 bps, despite 121% OCI growth and a $664 billion…
MKS Instruments: Penang Expansion Boosts WFE Outlook Despite Margin Pressure
MKS Instruments posted $1.25 billion in Q2 revenue and is expanding Penang capacity for a $200 billion to $250 billion wafer-fab-equipment…
The Straits Strategist 
Adobe 3Q26 Update: Nothing Broken, Nothing Explained
Adobe’s fiscal 3Q26 revenue grew 13%, while ARR growth was about 9.3% excluding Semrush.
Enel Chile S.A.: Cheap, Profitable, And Operating In Chile's Next Great Energy Revolution
Enel Chile uses battery storage and grid management to turn renewable oversupply into flexibility, lifting H1 2026 EBITDA 3.9% and net…
Ryan Canady 4 clicks
Alarm.com: False Alarm?
Alarm.com, founded after CEO Steve Trundle’s bad home-security experience, has fallen from $105 in 2020 to about $55, testing whether…
Barnes & Noble Education: Improving Fundamentals
Barnes & Noble Education is shifting from campus bookstore retail toward recurring-revenue infrastructure for inclusive-access course…
Given Mahlangu 2 clicks
Unpolished Thoughts on Stocks #1
Genius Sports aims to turn official sports data into AI-driven, real-time advertising, with media and ads already about 40% of revenue.
Booking Holdings Deep Dive: An Attractive Setup
Booking Holdings trades at 19x earnings, its lowest since 2022, after a 20% annual decline, with the thesis resting on durable online…
Oak Bloke Bonkers Conkers 13th September 2026
Oak Bloke’s 2026 picks have returned 37% in GBP, with AltynGold, Geiger Counter, Silvercorp and China-focused trusts still rated buys…
SLVM · long Sylvamo CORP
Sylvamo, a $1.6 billion uncoated freesheet paper producer, has fallen about 60% from its November 2024 high above $95 to roughly $40.
AI Terminator Fears Grow & Rates Breach 4.9% | The Weekly Wrap
Ten-year Treasury yields breach 4.9% as Steve Eisman discusses AI fears, OpenAI's price cut, Oracle's 30% revenue growth and Tesla's…
USA Compression: Unlocking Efficiency As It Heads To The Texas Stock Exchange
USA Compression targets nearly 30% full-year EBITDA growth as JW Power synergies, telemetry and maintenance reduce costs; its units yield…
Ron Ferrie 3 clicks
Lululemon: The 15-Minute Thesis
Lululemon’s North American sales, margins and legging demand are falling as Alo and Vuori gain share, leaving its brand moat and depressed…
Chevron: $100 Oil Price Can Last Longer Than You Think
Chevron’s 2027 EPS could be underestimated by about $4.50 per share if U.S.-Iran conflict keeps oil near $100 rather than forecast $74 to…
Envision Research 1 click
Why “Affordable Luxury” Doesn't Compound
Lululemon’s growth stalled as affordable-luxury apparel brands face fading post-Covid demand, cheap social-media influence and China…
The Five Deals That Made Apollo
Apollo Global Management’s five defining deals, from Executive Life to Intel, built a $1 trillion asset manager spanning insurance and…
TSOH Weekly Roundup (09/11/2026)
TSOH weekly roundup covers Meta’s child-safety settlement, Markel’s leadership transition, Peloton’s gym strategy and an upcoming Alarm.com…
Applied Materials (NASDAQ: AMAT) Stock Rating: Upgrade To Accumulate After Q3 FY10/26 Earnings - Accumulation Zone And Stop Inside
Applied Materials reported Q3 revenue of $9.1 billion, up 25%, and $2.3 billion in free cash flow as AMAT fell roughly 40% from its June…
Tsakos Energy Navigation: Watch Those Oil Prices
Tsakos Energy Navigation benefits from higher oil prices and stronger tanker sentiment, but faces long-term demand destruction and…
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