Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Wednesday, November 4, 2026

Back to the front page

From X

@StableBread

Fajasy on X

A tape library maker fired its CFO on October 9, 2026, without giving a reason, and its stock is now down 41.3% from its October 2 peak. Within two months, it replaced both of its top finance officers. Yet it still expects to meet or exceed its September-quarter guidance. That company is Quantum $QMCO, which makes tape libraries that companies use to archive data for years. $QMCO has fallen to $20.25/share, down 22.4% since my August update, but still more than double the $9.42 investors paid in its June private placement (PIPE). Worth mentioning that the larger hard drive and flash memory stocks have fallen from their 2026 highs as well, through the October 27 close: → SanDisk $SNDK: Down 44.1% to $1,304.84/share. → Seagate $STX: Down 39.0% to $667.85/share. → Western Digital $WDC: Down 49.0% to $380.88/share. So $QMCO fell about as far as the group, but in under four weeks instead of four months, and mostly after the CFO was fired. Besides the firing, three accounting issues hang over $QMCO’s September-quarter 10-Q, due November 9: 1) Material weaknesses: $QMCO’s June-quarter 10-Q still reports material weaknesses (the most serious kind of gap in a company’s financial reporting controls) in revenue recognition, inventory, and income taxes. 2) Restatements: None of the weaknesses has led to a material misstatement, but $QMCO has restated its financial statements before, in May 2024 and again in August 2025. 3) Late filings: Its June-quarter 10-Q was officially filed on August 11, a day after its 40-day deadline, and its FY2026 10-K needed a notice of late filing in June. Still, tape demand is growing, and no $QMCO insider has sold since my August update: → Tape: Secondary storage, which $QMCO’s 10-K describes as “primarily tape storage systems,” doubled from a year earlier to $37.0M in the June quarter, 46% of total revenue, up from 29%. → Industry: The LTO Program, the group of $HPE, $IBM, and $QMCO that sets the LTO tape standard, reported on September 1, 2026 that tape capacity shipped in Q1 2026 rose 57% from Q1 2025. → Supply: By CEO Hugues Meyrath’s account, $IBM’s drive supply, not demand, limits how much $QMCO can sell for now. → Insiders: No $QMCO insider has bought or sold shares in the open market since my August update, including Dialectic, the activist fund managed by director John Fichthorn. $QMCO’s EV is $825.3M, counting its warrants, options, and RSUs. That’s 2.8x TTM revenue, down from 4.9x at the October 2 peak, but still 34.4x the September quarter’s $6M ±$1M of adjusted EBITDA guidance, annualized. So is $QMCO’s drop a pullback worth buying, or a warning about the numbers? That’s what I answer in my new update on $QMCO, including my bear, base, and bull cases.
@BrokenMoats

Broken Moats on X

On integrations will see $DOCU but others like sign now. There are dozens of signature solutions from panda, adobe, and many many others. All with cheaper solutions. And to say theres no enterprise features or some sort of ecosystem/marketplace - that does not stand. Apple, Exxon and other major corporations use Sign now. I got a signature sheet from Rivian from box directly (and it's not docusign white labeled). If you're looking for the reversal in software squeeze, DOCU at current pricing and competitive positing in an increasingly Agentic world has to surface as a weak story moving forward that trades at a premium to almost anything else you will look at.
@convequity

Convequity on X

$TSEM Tower Semiconductor's edge is joining chips that move data with light to the electronic chips that drive them, and it has added capacity more successfully than we expected. Next-generation optical links need those two chips to exchange more data inside a shrinking space. In our view that difficult integration, not simply rising demand for fiber or transceivers, is the source of Tower's growing advantage. Hybrid bonding joins the chips through densely packed electrical connections so large amounts of data move between them in a compact package. We regard Tower's capabilities here as effectively unmatched among Western suppliers. The added capacity lets Tower fill more orders itself, leaving less business for competitors. Customers have less reason to switch to a supplier whose technology they consider weaker when Tower can meet their needs. Our conviction rests on Tower's technology. Deeper dive available at Convequity.

Investor Letters

All letters

Coupang: 3Q26 Business Recap

Coupang’s product-commerce growth rose 9% as data-leak effects fade, while management expects margins to return to pre-incident levels by…

CPNG $27B
Speedwell Memos 3 clicks

update on Gartner

Gartner’s growth has stalled after federal contract losses and cautious commercial spending, raising questions about its competitive…

IT $13B
scuttleblurb 1 click

Recycle Bin

Used aircraft engines can be repurposed as gas turbines, easing data center power constraints while tightening aviation supply.

EQT $33BRRC $12B
Doomberg 8 clicks

TWLO Q3 FY12/26 Earnings Review

Twilio's Q3 revenue rose 20% to $1.56 billion, but Q4 organic growth guidance fell to 11% to 12% and RPO declined 28%.

TWLO $33B
Cestrian Capital Research 3 clicks

Marvellous Value Destruction

Marvell’s proposed Lumentum deal risks alienating Cloudlight customers and losing engineering talent, despite limited optical integration…

LITE $48B
Irrational Analysis 2 clicks
AMRZ · long

Amrize

Amrize (AMRZ) produces aggregates, cement and roofing materials across the US and Canada.

AMRZ $22B
Value Investors Club 3 clicks

FTAI Aviation Update, Part Two

FTAI Aviation’s $234 million Jereh JV deposit funds Power inventory, while customer concentration, lower cash guidance and pending U.S.

FTAI $17B
CV's Substack 5 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 74 of 276

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

359 firms

Sectors

Ordered by how often our editor reaches for them.