Bullpen.News From Edwin Dorsey
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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

@convequity 3 clicks

Convequity on X

We think memory consumption can keep growing while memory prices fall. Memory prices depend on how quickly supply grows, not only on how much demand grows. Existing suppliers and Chinese manufacturers are expanding production. If new production and sales of distributor stock outpace demand, consumption can rise while prices decline. Chinese manufacturers reportedly hold enough lithography machines for three to four years of expansion. That stockpile could allow them to keep adding production capacity even if sanctions block further deliveries of the affected machines. Reports of large distributor inventories and falling spot prices for DDR memory point to a further source of supply. We have not verified the inventory estimates. If distributors start selling down the stock they accumulated in anticipation of shortages, that adds to supply and puts further pressure on prices. We hold SanDisk ($SNDK) for storage and high-bandwidth flash (HBF). HBF could let flash deliver data fast enough for more demanding computing tasks. That gives us a way to benefit from growing data demand without relying entirely on high memory prices.

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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 3 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

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

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 $423B
Cestrian Capital Research 4 clicks

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