Friday, October 2, 2026

EXCLUSIVE: Lennar’s Big New Customer Is Its Own Spinoff, Millrose

Lennar is selling homes to former spinoff Millrose, whose revenue largely comes from Lennar and whose largest voting shareholder is Lennar’s CEO.

LEN $20B

Hunterbrook Oct 2 2 clicks

Oct 2 NKE $53B

Nike: The Defense Holds, the Offense Is Unproven

Latticework by MOI Global 2 clicks

Oct 2 NKE $53B

Nike, Part Two: The Deep Dive

Latticework by MOI Global 1 click

From X

@MaiusPartners Oct 2 1 click

Maius on X

Some $PSIX thoughts off the recent 8-K: The banking syndicate lifted committed capacity from $135m to $220m (+$85m), cut the SOFR margin from +2.60% to +1.80%, and pushed maturity from July 2027 to September 2029 (~26 months). Credit committees are structurally risk-averse. More exposure, less spread, and longer tenor only clears if they like the repayment case. So what are they underwriting that most equity investors still won’t touch? Two things the disclosures imply: 1) Weichai’s North American strategy is locked in. Change-of-control remains tied to Weichai keeping board control and ≥40% ownership (same economic threshold as before). The extension removes left-tail risk that Weichai pursues a different go-to-market path. 2) The extra capacity isn’t for today’s balance sheet. Net debt was essentially zero at Q2’26 (cash ~$70m, debt ~$73m). The new investor materials flag Prime Power as a deliverable for the first time—ranges that overlap $INIO’s data-center gas engines, a segment where $INIO recently highlighted as an area "Chinese players have historically struggled to break in" and hence command "100% market share in several datacenter power ranges". As Bezos put it: your margin is my opportunity. Have a great weekend, everybody!

@ACapitalLP Oct 2 2 clicks

A Capital on X

@GuptaSach1988 I was thinking ~0.55 $SPCX shares short per $ECHO share long, roughly the tax-adjusted look-through ratio...

@leevalueroach Oct 2 2 clicks

Lee Roach on X

Ryan Cohen just bought another $17 million of $GME. Wall Street is completely unaware and brain dead here. https://t.co/sy5wCrmcKN

@irbezek Oct 2

Ian Bezek on X

@aurelius28 I think $CIB is worth about $100 so you're hoping for overshoot of fair value if you buy it here. I much prefer its smaller and much less liquid peer $AVAL as the "catch-up" trade.

@ACapitalLP Oct 2 1 click

A Capital on X

@snorlax_uw $GFL

@ACapitalLP Oct 2

A Capital on X

Long $ECHO / Short $SPCX looks interesting here…

@finphysnerd Oct 2

Myles on X

$TLT negative on the day, $RSP and $IWM retracing their big up moves. This market is wild.

@DeepSailCapital Oct 2 1 click

Deep Sail Capital on X

On a relative basis verse AI buildout peers $VRT has come in a lot over the last 6 months. 23x NTM EBITDA vs almost 40x at the peak. Part of that is 6 months of roll forward but still starting to get back to a reasonable valuation.

Nike, Part One: The Story

Nike grew from a $1,000 shoe-distribution venture in 1964 into the largest sports brand, using athlete endorsements, product innovation and…

NKE $53B

Latticework by MOI Global Oct 2 1 click

Boeing F/A-XX Win: A Surprise Blow For Northrop

Boeing won the $20 billion Navy F/A-XX contract after securing the Air Force F-47, concentrating U.S.

NOC $69B

Dhierin Bechai Oct 2

Rocket Lab (NASDAQ: RKLB) Stock Rating: Accumulate After Q2 FY12/26 Earnings

Rocket Lab reported Q2 revenue up 62% to $234.1 million and backlog up 137% to $2.36 billion, while operating losses and cash burn…

RKLB $42B

Cestrian Capital Research Oct 2 1 click

Twilio (NYSE: TWLO) Stock Rating: Hold After Q2 FY12/26 Earnings - Distribute Below $260

Twilio posted Q2 revenue of $1.50 billion, up 22%, and guided 16% Q3 growth; the note rates TWLO Hold at $305, with a $260 risk line.

TWLO $45B

Cestrian Capital Research Oct 1 1 click

Regeneron And Sanofi Announce A Win-Win Collaboration Expansion

Regeneron and Sanofi expanded their antibody partnership, giving REGN $1 billion upfront, up to $7 billion in milestones and a 50:50 global…

REGN $76BSNY $99B

ONeil Trader Oct 1

Why Muse May Never Need Ads

Muse could sidestep ads by becoming a neutral commerce agent, while DoorDash and Airbnb build proprietary agents that steer users toward…

DASH $81BABNB $94B

MBI Deep Dives Oct 1

Chipotle: Takeover Talk Aside, The Margin Math Is Why I Still Say Buy

Chipotle's Q2 revenue rose 9.3% as traffic and market share grew; the case rests on pricing catching inflation to restore margins.

CMG $41B

The Alpha Analyst Oct 1

Autodesk (NASDAQ: ADSK) Stock Rating: Accumulate After Q2 FY1/27 Earnings - New Rating Bands, Stop And Price Targets Inside

Autodesk reported Q2 revenue growth of 16% to $2.05 billion, while RPO growth slowed to 2%; FY2027 guidance calls for $8.30 billion to…

ADSK $44B

Cestrian Capital Research Oct 1

[ROL – Rollins] The exterminator’s dilemma

Rollins’ shares have fallen more than 50% from their peak, resetting valuation as route density, reliable service and pricing support…

ROL $14B

scuttleblurb Oct 1 1 click

Deckers (DECK): From Clown Shoes To Compounder

Deckers built HOKA into a brand nearing UGG’s scale, with HOKA revenue up about fivefold since FY21.

DECK $11B

TSOH Investment Research Oct 1 1 click

API Group: A reasonable path to $50+ per share

API Group targets $10.4 billion of 2028 revenue and 16% EBITDA margins as recurring compliance inspections expand, supporting a $50-plus…

APG $17B

Kairos Research Jun 29

[$VEEV] Veeva Systems

Veeva serves 1,500 life-sciences customers with cloud software and targets AI-driven industry efficiency gains as new commercial and R&D…

VEEV $45B

Lewistown Capital Jun 24

Brookfield's New Lawsuit

Brookfield faces whistleblower allegations over its VC funds; $569 million of Q1 buybacks challenges claims that $8 million of remaining…

BN $82B

310 Value’s Newsletter May 15 3 clicks

[P] HUBS: CiC Returns Management

HubSpot’s executive severance plan governs payouts following a change in control.

HUBS $10B

Nongaap Investing May 6

Brookfield Corp. - Get a Buck for Fifty Cents

Brookfield Corp. trades at 13.2x 2025 distributable earnings and $45.97 against management’s $91.76 sum-of-the-parts Plan Value, discounted…

BN $82B

310 Value’s Newsletter Apr 10 3 clicks

ILMN: Activism! Part Deux

Illumina appointed activist Keith Meister to its board as an SEC investigation into the Grail acquisition raises questions over 122.5…

ILMN $41B

Nongaap Investing Apr 2

[P] ILMN: Activist In, Chairman Out

Illumina adds activist Keith Meister to its board as Chairman Stephan Macmillan resigns.

ILMN $41B

Nongaap Investing Mar 26

AngelAlign - Chinese clear aligners (6699 HK)

AngelAlign holds 3% of global clear aligners and sells about HK$10,000 below Invisalign in Hong Kong, alongside speculation that MBK could…

ALGN $10B

Healthy Stock Picks Sep 22

MNST Trading Below $53 Offers Nearly Risk-Free Return

Monster Beverage’s modified Dutch auction lets odd-lot holders buy 99 MNST shares below $53 and tender them at $53 to $60.

MNST $83B

Rod’s Ruminations May 23

Some Thoughts on Roaring Kitty

Roaring Kitty’s GameStop resurgence revisits GME shareholder activism and the meme-stock trading episode, with references to Bed Bath &…

GME $12B

Rod’s Ruminations May 21

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