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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

@junkbondinvest 5 clicks

junkbondinvestor on X

Anyone underwriting software credit should have a look at this When software buyers adopt frontier models, incumbent vendors see lower spend 43% of the time and flat spend 41%. Only 17% churn... This report (Qualitate) suggests FLAT spending is the stage BEFORE displacement. Buyers pause first w/o ripping out systems that are embedded in a company's ops. Look at $NOW...the AI-related pressure is due to its customers holding spending flat vs. leaving. If this is the case across levered software credit, we likely just grind lower across multiple A&Es w/o a clear hard default in the near-term
@aleabitoreddit

Serenity on X

So update from $LITE + Win Semi ( $SIVE ) foundry: Lumentum in a meeting with Stifel at ECOC 2026 stated: - $NVDA Spectrum-6 CPO UHP demands increased materially. - NPO as larger than CPO, with multi-wavelength external lasers lifting ASPs (Sivers offers multi wave length DFB arrays, read through on higher valued products) - Demand for UHP lasers continues to exceed supply Just a status update in terms of how the optical bottleneck is going (laser prices going up, demand exceeds supply). Digitimes also reported today Win Semi ( $SIVE foundry ) was expanding capacity for CW lasers. - "CW products... are expected to gradually emerge in the second half of 2026", with meaningful revenue contribution likely coming in 2027 and 2028. - Win has strengthened inventory management for InP substrates while moving toward 6-in InP wafers for ongoing process testing. Currently relies on Tier-1 International suppliers. - Many of this was spent on DUV tools from $ASML but (Win Semi's orders spanned machinery, equipment, and fab engineering work) So that answers a lot of questions about Sivers' partner "how is this company securing InP substrates", "4in vs 6in", "production timing" TLDR: - NPO > CPO (per Lite), multi-wavelength lasers going brrr for prices - demand > supply (continuation) - Not sure why people have been bear posting Win Semi when turns out they have everything needed to mass produce CW lasers.

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Microsoft: The $250 Billion Club

Microsoft’s widening gap between M365 Commercial revenue growth and seat growth eases concerns over Copilot monetization across its 400…

MSFT $4T
TSOH Investment Research 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

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

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 4 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 $17B
Stock Thoughts 5 clicks

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