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Monday, November 2, 2026

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BMRN Earnings Review

BioMarin’s Q3 revenue rose 32% to $1.02 billion after the Amicus acquisition, while lower 2026 guidance and $2.8 billion of net debt weighed on earnings.

BMRN $11B
Cestrian Capital Research 1 click

From X

@ParadisLabs 1 click

Paradis on X

For AI/Semis stocks, it feels like every earnings season becomes signficantly more important than the last. This time is the same, but for different reasons which has led to market chopiness: - Macro instability (Iran, oil, yields, inflation) - Midterms - $CRWV credit stress - AI ROI concerns via frontier lab ARR's (& pending hyperscaler earnings on top). Today: $SPCX Wed: $META, $TXN, $LRCX Thu: $BE, $WDC, $NOK Let's see if good EPS will be enough to turnaround sentiment.
@StableBread 1 click

Fajasy on X

Between July 10 and August 20, Boost Run’s $BRUN float more than tripled, a problem the larger GPU clouds didn’t have. When I wrote my June 3 update, its float was only ~17.5M shares (12.65M public shares plus 10% of insider and sponsor shares that were never locked up). In my May 17 post, I expected most insider and sponsor shares to stay locked up until mid-November, based on an S-4 (merger filing) sentence that read as if only 10% could be released early. But the July 2 S-1 (its resale registration filing) shows the lockup ended for all of those shares once the stock closed at or above $12.00 on 20 of 30 trading days after the closing, which by my count happened on June 8, 2026. The resale registration for 58.7M shares then went effective on July 10, and after $BRUN called its warrants on July 21, exercises added 11.45M new shares by August 20. That took $BRUN’s float from ~17.5M shares to all 54.3M Class A shares, ~3.1x as many, between July 10 and August 20, while the stock fell from $28.44 to $19.40. So I’d blame the drop from $39.20 on two causes that have nothing to do with $BRUN’s core operations: (1) higher rates and borrowing costs, and (2) $BRUN’s float growing ~3.1x, which was expected once its lockup ended and its warrants were called.
@ACapitalLP

A Capital on X

This is a gift. $MSOS isn’t really a company, and while technically an ETF holding a basket of cannabis operators, I don’t even think of it as an index of companies. It’s a publicly traded proxy for US cannabis regulatory reform, trading near its lows. At $3.81, buying the equity is effectively buying a “perpetual regulatory option” with no fixed expiration date on any meaningful movement toward Schedule III rescheduling, banking reform, or broader federal legalization… Just the cost of waiting for Washington to do something…

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Initiation Report

Nine Mile Metals is initiated under research coverage.

VMSXF $15M
Atrium Research - Equity Research 2 clicks
PRIM · long

Primoris Services CORP

Primoris Services, a $5 billion EPC contractor, has fallen about 60% from its peak.

PRIM $3.9B
Value Investors Club

When the liquidity does not add up

Arbor Realty Trust’s dividend suspension is presented as creating $60 million of liquidity, raising questions about its ability to meet…

ABR $2.2B
John Hempton's Newsletter 3 clicks

Verra veerer

Verra Mobility’s Avis termination threatens 2027 earnings, while Government Solutions profit rose 25% and implied fourth-quarter guidance…

VRRM $404M
The Oak Bloke 3 clicks

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 $20B
Stock Thoughts 5 clicks

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