Warrior (HCC): Q3 2026 Earnings
Warrior Met Coal’s Blue Creek mine cut costs to about $93 a ton, offsetting a wider discount for High Vol A coking coal as US supply expands.
Wednesday, November 4, 2026
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From X
A Capital on X
@ZelenskyyUa @SEPeaceMissions @jaredkushner $KYIV?
Barbarian Capital on X
E.l.f. Beauty posts 51% sales increase, raises full-year guidance $ELF https://t.co/M0tbKyYyjs
Lee Roach on X
Business model between $TTD and $APP is way different. I have come to realize that most do not understand this dynamic. https://t.co/b0IjqCTWaN
Barbarian Capital on X
Novo sales boosted by Wegovy weight-loss pill $NVO https://t.co/k6UtmXHO3L
Broken Moats on X
How the mighty concrete layer bottleneck names fall. $STRL down from over $1,000/share in May. And some still arguing if there ever was a bubble....
Barbarian Capital on X
“one of the toughest housing markets in a generation.” Zillow Revenue Rises as Rentals Help Offset Weak Market for Home Sales $ZG https://t.co/XplUMZ5bvE
Myles on X
$APLD feels like a bit of a contrarian buy here. Leasing data centre real estate, not compute like the neoclouds it gets compared to. Still vulnerable to oversupply but not as exposed. No exposure in Texas and may actually benefit if we see a Texan crackdown on data centres.
Lee Roach on X
AppLovin $APP up 13.6% Q/Q as the entire market makes a mess in their trousers after thinking the ad-tech industry was dying, dead and gone.
Investor Letters
All letters- Protean Funds October 2026 AAK $4.7BLFABF $13B
- YCG Investments Q3 2026 AON $73BCME $110B
- Westfield Capital Management Third Quarter 2026 ADPT $4.3BBROS $6.1B
- TimesSquare Capital Management 3Q 2026 CRDO $22BCRS $14B
- Spyglass Capital Management Third Quarter 2026 AAON $5.7BAPP $118B
- Stewart Asset Management Third Quarter 2026 HWM $84B
- Seafarer Capital Partners third quarter 2026 006400 $33B028260 $33B
- ROCKLINC Investment Partners Q3 2026 RPRX $39BOR $6.4B
New Ideas From The Road
Aurelion Research increased healthcare exposure and sees opportunities in banking and defense, alongside research on Alcoa, Nike, ONON and…
L3Harris (LHX) Q3 FY12/26 Earnings Review
L3Harris booked $19.3 billion of Q3 orders, lifting backlog to $53.2 billion, raised FY26 guidance and cut its 2028 free-cash-flow target…
Oracle: The Party Is Almost Over
Oracle’s CDS spreads exceed 320 basis points as debt approaches $135 billion and fiscal 2027 capex targets $95 billion, amid heavy reliance…
David Desjardins 1 click
Site Centers (NYSE:SITC)
Site Centers' $3 per-share return-of-capital distribution and December delisting leave a discounted liquidation stub, with two properties…
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…
Hedge Fund Manager David Orr Shares His Approach to Investing & Risk Management
David Orr describes running Militia Capital’s roughly 500-stock long-short portfolio, using expected value, correlation and factor…
3Q26 Recap: Margin at Trough, Recovery In-sight
Coupang expects Product Commerce margins to return to pre-data incident levels by mid-2027 as customer spending recovers and Taiwan…
Novo Nordisk (NVO) Q3 FY 12/26 Earnings Review
Novo Nordisk beat Q3 consensus as Wegovy pill sales reached DKK 5.4bn, raised 2026 guidance again and reported DKK 79.2bn revenue.
Shopify 3Q’26: Closing In on Half of Amazon
Shopify's 3Q 2026 GMV grew 30% FX-neutral, reaching 46% of Amazon retail GMV after merchants captured nearly half of incremental U.S.
update on Gartner
Gartner’s growth has stalled after federal contract losses and cautious commercial spending, raising questions about its competitive…
Recycle Bin
Used aircraft engines can be repurposed as gas turbines, easing data center power constraints while tightening aviation supply.
Intel: Why Didn’t We See This Coming?
Intel’s 30% stock collapse followed guidance for a more than 20% sequential Q4 client revenue decline, server CPU packaging constraints and…
Chipotle Stock: The Dip Is A Long-Term Opportunity
Chipotle plans 350 to 400 annual openings and low single-digit same-store sales growth, supported by menu innovation, international…
Jake Blumenthal 
AMRZ · long Amrize
Amrize (AMRZ) produces aggregates, cement and roofing materials across the US and Canada.
Builders FirstSource: Built To Last Until Housing Turns
Builders FirstSource's buybacks halved its share count since 2021, while 4.1x leverage, fixed-rate debt and post-2030 maturities support it…
Tim Travis 
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%.
Merck and Co. (MRK) Q3 FY 12/26 Earnings Review
Merck reported Q3 revenue of $18.1 billion, up 5%, and raised 2026 guidance as Keytruda sales reached $8.6 billion ahead of its 2028 patent…
Incyte (INCY) Q3 FY 12/26 Earnings Review
Incyte reported Q3 revenue of $1.56 billion, up 14%, as Opzelura sales rose 36%; a $1.23 billion Vega acquisition charge drove an operating…
Matt Murphy and Michael Hurlston Fireside Chat: Irrational Recap
Marvell and Lumentum’s merger targets uVCSEL scale-in optics, combining Marvell’s DSP and analog IP with Lumentum’s laser manufacturing for…
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…
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Sectors
Ordered by how often our editor reaches for them.
