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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

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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.

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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 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 2 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 4 clicks

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