Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Sunday, November 1, 2026

Back to today

Altria: Dutiful

Altria raised 2026 adjusted EPS guidance to $5.66 to $5.74 and authorized more buybacks, while on! loses share as cigarette margins hold.

MO $130B
Invariant 1 click

From X

@ACapitalLP 2 clicks

A Capital on X

The market seems to be valuing $GRND like a traditional swipe app with a shrinking payer base ($MTCH), rather than a utility for a community with no real substitute. The engagement numbers are absurd. Data shows Grindr users spending 6h 27m/month on the app vs. 2h 10m for Hinge and 1h 30m for Tinder (~3x and ~4.3x, respectively). Add $26.50 ARPPU, 16% payer growth, and ~42% EBITDA margins. Not exactly the economics of a dying dating app…
@StableBread

Fajasy on X

I found no named data center or space customer, and no disclosed revenue from either, in TOYO Co., Ltd’s $TOYO filings, releases, or decks, even though its pitch increasingly mentions AI and space. The mentions are then-CEO Junsei Ryu’s November 2024 line about grid demand from “data centers, electric vehicles, and industry,” CEO Takahiko Onozuka’s May 2026 plan for a U.S. R&D center to help “power the AI economy,” a Citi $C investor webcast on space and AI on July 8, and “data-center applications” among the end markets for the ~$240M of module contracts, with no dollar split. The space pitch rests on the HJT (heterojunction) cells $TOYO plans to make in Texas. The slides CTO Dr. Aihua Wang and Chief Technical Advisor Dr. Jianhua Zhao presented at the Citi webcast priced HJT modules at $0.46/W, vs. $70-170/W for the multi-junction cells satellites use today. But HJT cells turn only 20% of sunlight into power in space, vs. 30-34% for multi-junction cells, and the same slides say efficiency matters more than cost in space, since a more efficient cell gets more power from the same payload. $TOYO’s Analyst Day deck later called the comparison “an internal technology evaluation” and “not a disclosed business line.” Rhone Resch, $TOYO’s Chief Strategy Officer, still told analysts that “every single data center that goes up in space is going to be solar powered.” Data centers and space add no disclosed revenue today, and none of my valuation cases counts new business from either, which, if you were being optimistic, makes them a free option on a cell technology $TOYO doesn’t yet produce.

Investor Letters

All letters

FTAI 3Q26: Aero margins in focus

FTAI’s Aerospace Products margin rebounded to 31% as CFM56 module output rose, while Power deposits and contracted deliveries fund its 2027…

FTAI $16B
Stock Thoughts 4 clicks

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…

CVX $465B
Cestrian Capital Research 3 clicks

SNY Earnings Review

Sanofi raised FY26 guidance after Q3 sales grew 14.3% at constant currency, led by 34.8% Dupixent growth; vaccines declined 6.6%.

SNY $108B
Cestrian Capital Research 1 click

TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

MKL $23B
TSOH Investment Research 1 click

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

My Last GFL Update - Hopefully

GFL’s take-private structure hinges on BC Partners rolling 60% of its stake to preserve debt portability under the 40% permitted-holder…

GFL $16B
310 Value’s Newsletter 5 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 67 of 266

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

190 firms

Sectors

Ordered by how often our editor reaches for them.