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Friday, October 30, 2026

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CVX Earnings Review

Chevron’s Q3 revenue rose 35% to $65.2 billion and EBITDA 75% to $20.2 billion, while production trailed guidance and refining margins drove 46% of segment earnings.

CVX $465B
Cestrian Capital Research 3 clicks

From X

@ActAccordingly

PAA Research on X

"That would be PRESUMPTIOUS!" I'm listening to the $ORCL investor day and I found the response to the question about potential vendor/partner financing and whether or not the company has committed/signed deals quite interesting. The tone was defensive and I started to immediately think of Jimmy Cayne. In late 2007, a few months before Bear Stearns blew up they hosted an investor event in NYC to calm the markets following the blow up of 2 hedge funds. I was in the room. An analyst asked about how Bear Stearns planned to manage risk going forward in light of the "unprecedented" events in the capital markets (hedge funds blowing up, subprime defaults, credit spreads widening etc.). Jimmy Cayne responded: "You cannot create a risk model for something that is by definition UNPRECEDENTED". The tone was what I remember most. Defiant, condescending, angry. That's what I heard today with "PRESUMPTIOUS". No $ORCL is not Bear Stearns, but it's obvious to anyone that can read a balance sheet or track CDS, the financial risks for the company are growing rapidly. Negative variance on funding could have massive implications for the company. Assuming they have their financing needs secured from vendor financing or partners would be PRESUMPTIOUS.
@StableBread

Fajasy on X

I compared the 8-K on Quantum’s $QMCO CFO firing to the one on its chief accounting officer’s exit in August. $QMCO terminated William White as CFO on October 9, 2026, effective immediately, eight months after appointing him on February 2, 2026. When I first wrote up $QMCO on May 6, White was its newly appointed CFO, after the seat had been empty since August 2025. The 8-K gives no reason, and I found no press release about the firing on $QMCO’s investor relations site. Instead, the 8-K says $QMCO expects to file its September-quarter 10-Q on time. The filing also says $QMCO expects to meet or exceed its guidance for the quarter, even though it was still “early in its financial closing process.” Chief accounting officer Hiral Patel took over as principal financial officer, so she now signs off on $QMCO’s financial statements with the CEO. Patel only joined $QMCO on September 1, after the company decided on August 11 to replace Laura Nash as chief accounting officer. The 8-K on Nash says there are “no disagreements” between her and the company, but the one on White doesn’t say either way. So within two months, $QMCO replaced both of its top finance officers. $QMCO’s June-quarter 10-Q still reports material weaknesses (the most serious kind of gap in a company’s financial reporting controls) in revenue recognition, inventory, and income taxes. It also says $QMCO “lacked sufficiently qualified staff or resources to perform control activities.” None of the weaknesses has led to a material misstatement, but $QMCO has restated its financial statements before, in May 2024 and again in August 2025. In my May 6 write-up, I listed restatements as a risk that could break the story, and wrote that a third “would be a serious credibility hit.” $QMCO expected to fix one of its three revenue weaknesses, the schedules that set when service revenue is recognized, by the end of the September quarter. Its June-quarter 10-Q was also officially filed on August 11, a day after its 40-day deadline, and its FY2026 10-K needed a notice of late filing in June. So with open material weaknesses, a history of restatements, and a 10-Q filed a day late in August, I’d rather see the September-quarter 10-Q, due November 9, before taking $QMCO at its word.

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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

Intel Q3 2026: Dead Inside

Intel’s Q3 2026 datacenter CPU shortage reflects wafer-start planning failures, not substrate constraints, after demand shifted from client…

INTC $348B
Irrational Analysis 2 clicks

Twilio CEO: ‘Buy the dip!’

Twilio CEO Khozema Shipchandler urged investors to “buy the dip” after earnings sent the software maker’s shares down 17% after hours.

TWLO $31B
The Technology Letter 2 clicks
SAP · long

Sap Se

SAP shares are down 45% since February 2025 as AI disruption fears create a long thesis on its risk-reward.

SAP $271B
Value Investors Club 2 clicks

INTC Q3 FY12/26 Earnings Review

Intel's Q3 revenue rose 21% to $16.5 billion, led by 78% data-center and AI growth, but Q4 guidance of $15.5 billion trailed consensus.

INTC $348B
Cestrian Capital Research 4 clicks

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 $12B
Speedwell Memos 3 clicks

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