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Friday, September 25, 2026

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TSOH Weekly Roundup (09/25/2026)

TSOH Weekly Roundup covers Ralph Lauren’s $1 billion distribution pullback, Peloton’s $2,195 foldable treadmill and $800 million refinancing, and Bob Chapek’s account of Disney succession.

PTON $2.2B
TSOH Investment Research 5 clicks

From X

@BrokenMoats

Broken Moats on X

$BFLY the Midjourney ultrasound full body announcement is a highly entertaining read. Sadly I cannot back into what the "ultrasound on a chip" pricing is and what 50,000 units * 40 chips would equate to at Midjourneys target opening in 2031 (as a potential full revenue opportunity). But I do know there are limitations in what ultrasound can scan for versus MRI/CT - their are advantageous for both and why they are used for different imaging needs (pregnancy, organ, blood flow for ultrasound v. skeletal, brain ct) ...So the companies promotion of using ultrasound pools to replace CT is either misleading or an outright lie, it is simply not possible. The story gets worse, they plan on opening spas, with water pools to conduct their scanning. Only doing body composition and no actual medical diagnosis scans to open in SF hopefully in 2027...the maintenance costs will be significant as they have to treat the water before each usage and limits throughput. Plus the renderings imply significant capX that will need to be recouped at some point (either throughput or higher prices than they are leading on). So no idea the propensity of vc funded AI companies to spend irrationally and without regard for economics so perhaps BFLY will be a beneficiary here (seems difficult at their current valuation and the likelihood of Midjourney ever scaling their operation but who knows....) the free spending train rolls on for now. I encourage someone to watch the videos put out by Midjourney its truly something......
@BrokenMoats

Broken Moats on X

Odd two day movement in $KMX after earnings... Agree with the day 1 action - a stock that came into the report on a blistering run, and while the co. reported "improved" results, there are significant challenges still in front of them. Most of the improvement is driven by a dramatic lowering of sale prices to increase sales (gross profit dollars still lower). And that is a lever that will likely remain a permanence as they try and respond to efforts from $CVNA and others. I will credit them on lowering expenses as well, likely low hanging fruit and moves to reduce ("automate") reconditioning again following the caravan playbook of leaving cars closer to as returned. issues on loans remains in a market that is significantly challenged and does not appear on the verge of improving any time soon. The cha cha move Thursday and Friday would argue sets up a better short opportunity in the name as you have removed the IV from earnings to now look out the next few months on put/spreads looking for a cooling off. *even sell side numbers I put little stock in almost all are below, and most significantly from the current price (one could argue thats bullish to rerate but I see this more like Birk that is behaving more like a squeeze than actual fundamentals, hence the wide divergence)
@BrokenMoats 1 click

Broken Moats on X

Pretty incredible market sells off software again aggressively at the same time ramping up public private credit exposed names like $MFC, $ARES, $FG (CEO left suddenly yesterday) all because they ride alongside the aggressive buying in money center banks in financial etc flows ($JPM up 14% in June). Seems like there needs to be some dispersion in public private credit and software - one side at current prices has to be wrong, guessing private credit lower is how the dispersion resolves itself
@BrokenMoats

Broken Moats on X

Intensity and rapidness of recent moves is worth acknowledging. Not sure what to make of it. I understand the concept of oil/rates lower improving the backdrop for consumer discretionary but its not as if oil had not been trending lower for weeks, the deal always seemed more priced in versus priced out of markets *and china and us, Japan heavily released reserves to temper oil - so outside front month price movement - oil has been massaged lower for quite some time* Trying to understand what sets off names besides the incremental delta of lower rates.oil to send retail oriented names up 30-50% in a week or two? $ELF $CAVA $SHAK etc and some of these reported weak sales with lowered outlooks. Shak as recently as <2 weeks ago $MGNI - heavy insider selling past few days, stock is 30%+ in short time frame ELF $48-$70 in basically a week CAVA - $70-$92 in a few days -- $bros, shak similar moves $BIRK - pure short squeeze off float dynamics, but stock basically up 60% in a few weeks. Certainly a different market, but not sure its healthy to either see these names artificial pinned down in relation to the rest of the market narrative or react to slight incremental news with the some of the biggest runs in each individual companies entire trading history.....

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Research Roundup Vol. LIII

Micron’s customer agreements, Analog Devices’ acquisitions, Ondas’ GATE deal and Baker Hughes’ power systems position them for AI…

ONDS $4.3B
Monte Independent Investment Research 4 clicks
MBGL · long

Mobility Global INC -spn

Mobility Global Inc. will become a standalone public company through S&P Global’s spin-off of its Mobility division.

MBGL $5.1B
Value Investors Club 2 clicks

[CoStar] Homes are different

CoStar spent more than $1 billion building Homes.com to challenge Zillow, betting seller-agent leads, proprietary listing content and…

ZG $6.2B
scuttleblurb 4 clicks

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