Bullpen.News From Edwin Dorsey
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Monday, October 5, 2026

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@stockgutter

SG on X

$DBI out with a beat-and-raise, strong commentary: "Our second quarter results represent significant improvement in profitability year-over-year, highlighted by meaningful gross margin expansion as well as impressive sales growth in our Brand Portfolio segment," said Doug Howe, Chief Executive Officer. "We remain focused on generating long term value for our shareholders and are encouraged by the progress we are making against our strategic plan. These efforts have contributed to improved retail trends and a positive start to the third quarter, giving us confidence in raising our full year guidance." This is a stark contrast to rival $SHOE, which is puking on poor results and citing heavy promotional activity, and suppliers $NKE and $DECK which are testing 52-week lows.
@BlueDuckCap

BDC on X

$BKD - accelerating occupancy on operational improvements. Red-hot August making up for a softer than expected June. New chief sales officer seems to be doing a solid job. Renovations also helping. Like this management team. It might be an obvious play on Boomers aging but just because its obvious doesn't mean it won't work. The supply/demand mismatch is just econ 101. Lots of room to go if they keep up this solid execution under new management. Higher rates for longer keeps deters new supply too.
@negligible_cap

Negligible Capital on X

$SHOP is down almost 15% in the last couple days on Agentic concerns. Per JPM: “We believe there are three key AI agent developments driving incremental concern: 1) Instinct, which remains in closed loop beta and handles features including email, calendar management, & select commerce transactions; 2) SPCX’s Grok Bot beta, which executes real work across apps & websites used by employees, w/bots operating app interfaces directly, retaining memory, and coordinating with one another; & 3) Meta Muse, powered by Muse Spark. Muse can execute daily tasks & select commerce transactions, w/payment infrastructure support from Link by Stripe, w/Shop Pay coming soon. Within emerging consumer AI agents, we view META as the most formidable across the agentic commerce stack given the company’s repository of data across tens of millions of advertisers & 3.5B+ DAPs, and Meta Muse’s leading price-performance value proposition.”

Investor Letters

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British American Tobacco: Harvest

British American Tobacco’s U.S. reset revives combustibles and rebuilds its nicotine-pouch portfolio after legacy-brand writedowns and Velo…

BTI $121B
Invariant 5 clicks

Practical Parametric Yield

Cerebras’s WSE-3 faces parametric-yield constraints that could restrict supply, making power and clock-speed tradeoffs central to its next…

CBRS $39B
Irrational Analysis 3 clicks
BTU · long

Peabody Energy Corporation

Peabody Energy, ticker BTU, is a low-cost producer of thermal and metallurgical coal with mines in the United States and Australia.

BTU $3B
Value Investors Club 2 clicks

Nike, Part Two: The Deep Dive

Nike’s second Latticework program examines the company and the global athletic footwear and apparel industry for professional investors.

NKE $51B
Latticework by MOI Global 1 click

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 $51B
Latticework by MOI Global 2 clicks

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