Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Tuesday, November 3, 2026

Back to today

Stevanato down 30%. Yikes.

Stevanato fell 30% after forecasting low-single-digit 2027 growth as lower Nexa syringe volumes from a GLP-1 customer offset solid Q3 margins and non-GLP biologics demand.

STVN $5.4B
Best Anchor Stocks 3 clicks

From X

@StableBread

Fajasy on X

Fuel Tech's $FTEK new CEO used his first earnings release to make acquisitions part of the plan, with $27.8M of cash and investments against a $44M market cap. Ramesh Nuggihalli, a former COO of competitor CECO Environmental $CECO, took over the power plant pollution-control company in August. He's pursuing organic growth in core markets, data center power, and water treatment, plus "select M&A" to add products and sales channels. Its cash and investments come to $0.89/share, ~63% of the $1.42 stock price. So I read the new plan as a choice for the cash: (1) Either it stays the floor under the stock, or (2) it becomes the budget for deals. Q3 revenue rose 16% to $8.7M, and the $267K net loss was its smallest this year (vs. a $303K profit a year ago). But air pollution control (APC) gross margin fell to 40% from 47% a year ago on project mix. APC backlog reached ~$20M with October's $3.3M of awards, but none of this year's awards is a data center order. Q3 also had the year's biggest drop in cash and investments, $1.8M, but receivables rose ~$2.0M as APC projects ramped, so the drop is mostly money customers owe, not money lost. At $1.42/share, $FTEK trades ~19% above its $1.19/share book value and below the $1.72-2.17 sum-of-the-parts in my August 27 deep dive. Would you rather $FTEK spend its cash on a deal or keep it as the floor? I'd rather hear three answers on the November 4 call before giving the new plan credit: 1) M&A: How much of the $27.8M the board would spend, and whether it would pay in cash or in stock trading near book value. 2) Data center: Whether the August talks with a data center customer about paying to reserve $FTEK's capacity are still going. 3) Margins: Whether the ~$20M backlog carries the 40% APC margin from Q3 or the 47% from a year ago.
@ACapitalLP

A Capital on X

The 13% puke today is the market questioning whether $CVI is using peak-cycle earnings to justify a transformative acquisition (nearly doubling nameplate capacity). The $MPC assets may be attractive, but shareholders are absorbing dilution, additional debt, and the risk that refining margins normalize before the company can meaningfully delever… $CVI was always sub-scale, so there’s a legitimate strategic rationale here. The irony is that the best time to buy cyclical assets is usually when you can least afford to finance them…

Investor Letters

All letters

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
MBGL · long

Mobility Global INC -spn

Mobility Global Inc. will become a standalone public company through S&P Global’s spin-off of its Mobility division.

MBGL $5.8B
Value Investors Club 2 clicks

Quick Value #322 - FuboTV (FUBO)

Fubo's Hulu Live merger leaves Disney with 70% ownership and resets its 2028 EBITDA target to $300 million; at $10, it trades at 4.2 times…

FUBO $831M
Value Don't Lie

What Amazon Can't Buy

Betterware de Mexico sells locally designed home organizers through direct sellers in informal neighborhoods, generating 67% gross margins;…

BWMX $674M
Phynvesting 1 click

Matan on Stitch Fix

Stitch Fix’s rushed Freestyle pivot cannibalized its profitable Fix business, driving active clients below 3.4 million, quarterly revenue…

SFIX $373M
MBI Deep Dives 2 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 73 of 273

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

297 firms

Sectors

Ordered by how often our editor reaches for them.