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Wednesday, November 4, 2026

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The Buyback Shows Up (ESRT Q3 2026)

Empire State Realty Trust repurchased $85.8 million of shares at $4.56 each, using 1359 Broadway sale proceeds to fund buybacks and debt reduction.

ESRT $1.3B
Orphan REITs 6 clicks

From X

@StableBread

Fajasy on X

On December 4, TOYO Co., Ltd’s $TOYO Ethiopian cells start paying a 15% U.S. tariff, unless Commerce approves its request for relief. Section 232 of the Trade Expansion Act of 1962 lets the U.S. president restrict imports that threaten national security. On August 6, 2026, a proclamation added a 15% tariff, from December 4, on the ingots, wafers, cells, and modules made from polysilicon, for Ethiopia and most other countries, plus minimum import prices of $0.22 per watt (/W) for cells and $0.38/W for modules. The proclamation also created an onshoring program, run by Commerce, that grants relief to companies building U.S. polysilicon, wafer, or cell plants, as long as construction under an approved plan begins by January 20, 2029. Section 232 helps $TOYO’s Texas panels but hurts its Ethiopian cells: 1) Texas modules: Imported panels will face the $0.38/W minimum import price from December 4, above the $0.33/W average in Q2 2026 for U.S. utility-scale modules, per the Solar Energy Industries Association (SEIA) and Wood Mackenzie. 2) Ethiopian cells: $TOYO’s cells are imports too, so from December 4, 2026, they pay the 15% tariff and must clear the $0.22/W minimum price. Rhone Resch, $TOYO’s Chief Strategy Officer, said at its October 6 Analyst Day that using Ethiopian cells means $TOYO’s Texas panels are “not a purely U.S. product,” and that $TOYO has presented Commerce a term sheet for onshoring relief tied to its planned Texas cell plant, though he said many such agreements probably won’t come until after December 4. Notably, Jeffrey Kessler, Commerce’s Under Secretary for Industry and Security, praised $TOYO at its October 6 ribbon-cutting in Texas for “committing to use exclusively US polysilicon,” and his department approves onshoring plans. Still, 30% of the polysilicon in $TOYO’s Ethiopian cells comes from Malaysia. CEO Takahiko Onozuka said on the Q2 call that $TOYO anticipates its Ethiopian cells “will be eligible for the relief under the framework now taking shape.” But he also said in the August 19 release that $TOYO expects an impact on its H2 2026 results, “though the magnitude is not yet certain.” So Section 232 should lift prices for $TOYO’s Texas panels, but it taxes the Ethiopian cells those panels are made from unless Commerce approves $TOYO’s term sheet. I won’t be comfortable with Section 232 until Commerce approves the term sheet, and Resch expects many such agreements only after the tariff starts on December 4.

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New Ideas From The Road

Aurelion Research increased healthcare exposure and sees opportunities in banking and defense, alongside research on Alcoa, Nike, ONON and…

AA $10BNKE $60B
Aurelion Research 4 clicks

Site Centers (NYSE:SITC)

Site Centers' $3 per-share return-of-capital distribution and December delisting leave a discounted liquidation stub, with two properties…

SITC $192MCURB $3.6B
Real Assets, Real Value 4 clicks

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
AMRZ · long

Amrize

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

AMRZ $22B
Value Investors Club 3 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

Namib Minerals: Research Flash

Namib Minerals accelerates Redwing’s restart, targeting first gold this month and a ramp from 338 ounces monthly to 835 ounces by Q2 2027.

NAMM $46M
Atrium Research - Equity Research 6 clicks

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…

STVN $3.6B
Best Anchor Stocks 3 clicks

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