Bullpen.News From Edwin Dorsey
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Thursday, October 29, 2026

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Another Haircut with Avy the Barber

SoFi’s stock case hinges on interest rates, tangible book value and private-credit loan sales after its $1.5 billion equity offering.

SOFI $22B
WHAT ARE WE DOING? “Contrarians At The Gate” 3 clicks

From X

@convequity

Convequity on X

Ciena — the underappreciated coherent layer As AI clusters move beyond a single building into campus and multi-site “scale-across” architectures, short-reach optics hit their physical limits. Signal distortion and dispersion make conventional detection unusable over distance. $CIEN’s coherent technology recovers both amplitude and phase, reconstructing a clean signal where others cannot. The market remains focused on the high-volume short-reach stack — pluggables, CPO, and related optics inside the data center. Coherent is the quieter, longer-reach piece that becomes essential once clusters themselves become distributed.
@AsifSuria 1 click

Asif Suria on X

It is good to see the market recognizing that some of these SaaS companies like $ADBE, $NAVN, $ADSK and $CRM were oversold. My updated list of 62 software companies with insider buying can be found here in a tool that was built using Claude: https://t.co/ov9dxXgBid Here is some of what I wrote about the data in our July mid-month update a couple of week ago: "Industries in crisis provide fantastic opportunities if you are willing to wait patiently for some of the dust to settle and don’t mind temporary drawdowns as it is nearly impossible to pick bottoms. Earlier this year I started compiling a list of software and software-adjacent companies that were seeing insider buying after a massive drop in the price of their stock. I covered why this was important and included a list of 11 companies with insider buying in my article Where Are The Software Insiders? in February. Software-adjacent Companies What do I mean by “software-adjacent” companies? These are companies that have also seen their stock prices decline because of the perceived threat of AI to their business models. The list includes data providers like S&P Global $SPGI, MSCI $MSCI, and Morningstar $MORN. It includes e-commerce marketplaces like ThredUp $TDUP as well as the Latin America focused juggernaut MercadoLibre $MELI. It includes FinTech companies like SoFi $SOFI, PicS $PICS, PagSeguro Digital $PAGS, and StoneCo $STNE. I also decided to include cybersecurity companies like Palo Alto Networks $PANW and Gen Digital $GEN. Sixty Two Companies With Insider Buying The full list included 72 companies but I decided to get rid of five with a market cap below $500 million and another five whose gross margin was below 40%. The insider data is clean as a whistle because I reviewed every filing, read the footnotes and even adjusted the price of one purchase (Marqeta) to account for a reverse split. The buyback data specified in the Double Dipper column should also be good as I did several spot checks against 10Q and 10K filings. The rest of the data including valuation ratios and company metrics come from our data provider (FMP) and could have some issues. Several of these companies are foreign issuers (EPS reported in Brazilian reals but price reported in U.S. dollars), some went public within the last year and some ratios will be impacted by one-time items or growth from a tiny base. We have covered 18 of these companies in InsideArbitrage articles or newsletters"
@BrokenMoats 2 clicks

Broken Moats on X

Dispersion trade creating opportunities of fundamentals not matching price: $FDS now higher than the before SaaS (apocalypse) took off. Hard to argue they are not one of the most disrupted names across data services / software $PAYC $PCTY $WDAY - same challenges across software names and pricing / seat pressures. These names also face heavy increased competition from Rippling $EXPE - Hotels going direct has already started and OTAs should see supply pressure and take rate pressure $RNG - Does anyone legitimately believe they're an AI play? Agents don't need calls, don't need phones, and you don't need RNG to provide those agents - especially as every sb and up software provider and crm/erp Many others across software but also in financials, industrials and consumer

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CoStar: 3Q26 Business Recap

CoStar’s 3Q26 revenue growth slowed to 14% as bookings fell to $37 million, while cost cuts lifted EBIT margin to 8.8%.

CSGP $13B
Speedwell Memos 3 clicks

Why So Much Copper?

Amphenol and other copper-connectivity suppliers benefit as copper remains essential inside AI racks, where low-voltage, high-current power…

APH $196B
Jimmy's Journal 3 clicks

ServiceNow Q3 FY12/26 Earnings Review

ServiceNow’s Q3 revenue rose 20.5% to $4.11 billion, while non-GAAP EPS missed consensus and fourth-quarter cRPO growth guidance slowed to…

NOW $106B
Cestrian Capital Research 2 clicks

ORCL Update

Oracle rose about 12% intraday on October 28, 2026 as AI infrastructure and cloud-demand sentiment improved and credit-spread concerns…

ORCL $383B
Cestrian Capital Research 2 clicks

Danaher’s robotics era

Danaher’s new CEO paired a Q3 beat and raised EPS outlook with a 2027 4%-5% organic-growth starting point, while pitching AI-enabled…

DHR $163B
Best Anchor Stocks 1 click

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