Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Monday, November 2, 2026

Back to today

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

@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

Initiation Report

Nine Mile Metals is initiated under research coverage.

VMSXF $15M
Atrium Research - Equity Research 1 click
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

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

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

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 70 of 272

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

278 firms

Sectors

Ordered by how often our editor reaches for them.