Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Thursday, November 5, 2026

Back to the front page

From X

@StableBread 2 clicks

Fajasy on X

Energy Fuels $UUUU, the largest U.S. uranium producer, fell 10% to $8.34 on October 14, a new 52-week low, the day after it filed to sell another $500M of stock through its at-the-market offering (ATM). Energy Fuels had already sold ~$300M of stock through the program, and at $8.34, another $500M would be ~60M more shares, or ~22.6% of the 264.8M outstanding. On October 13, Energy Fuels also amended its deal for VAC, the German magnet maker it agreed to buy in June, over a dispute at VAC's U.S. plant. VAC's Sumter, South Carolina plant "was constructed in connection with an offtake agreement," and that customer sent a termination notice on July 1, eight days after Energy Fuels signed the deal. VAC started arbitration on July 7, arguing the termination was wrongful and seeking the payments left on the contract. Energy Fuels says it knew about the dispute during negotiations and built in a purchase price adjustment. VAC itself lost €87.9M (~$99M) in 2025 and €57.4M (~$67M) in H1 2026, even as H1 revenue rose 34.8%. In June, my bear case was $8-10/share: The ATM keeps diluting and the rare earth premium drains out. At $8.34, the stock already sits in that range, while Energy Fuels still plans to pay $718M of cash, 65.9M shares, and up to $135M of preferred stock for a magnet maker in arbitration with the customer its U.S. plant was built for.
@junkbondinvest 3 clicks

junkbondinvestor on X

Six Flags' stock is trading at its LOWEST level since the GFC...and its bonds are yielding as much as 13%. We're approaching $CRWV territory This is all on the back of the fatal coaster accident in Georgia in what was an already fragile situation. Don’t forget, legacy Six Flags filed for bankruptcy during the last financial crisis in 2009 My thoughts on how this situation could play out, what the docs allow, and cross cap stack rel val $FUN https://t.co/iIISfHsXSg
@DOMOCAPITAL 3 clicks

DOMO Capital Management, LLC on X

Adjusted EBITDA should be lower than Q2 and last year's Q3 (this year's Q2 was actually higher than last year's Q3!). But EPS should definitely be above analyst estimates and could possibly top Q2 EPS. Market doesn't understand how the hedges on the specialty alcohol work. Q2 EPS were penalized simply because the price of ethanol fell a bit during Q2. Well... during Q3, the price of ethanol rocketed higher. Therefore, even though Q2 had a much better average crush margin than Q3, it's possible Q3 could have higher EPS due to how these hedges work. To be clear - on an annual basis - the hedging has no impact. $ALTO is just locking in profit margin. But since it's not hedge accounting... it has an impact on each quarter's earnings. ALTO's business is operating very well. They're posting quarter after quarter of profitable earnings. Q4 should be solid as well and crush margins are strengthening again. Once California E15 kicks in (1/1/2027) then margins will strengthen further. Additionally: It sounds like passage of farm bill that includes E15 is very likely by end of this year. Check out this Politico article highlighting how the GOP is likely to pass a ton of stuff before the end of the year: https://t.co/3VL4DjDnzy "Such a bill, he added, would be “giant” and would include “all the Republican priorities that we can get done.” The House approved a framework for a party-line bill over the summer that includes war funding, farm aid and election integrity incentives. But the push has so far run aground in the Senate Moreno said the threat of imminent Democratic control of either the House or Senate would jump-start matters — and potentially push Republicans to include a debt-ceiling increase as well." "Moreno said if Democrats win control of both chambers, Republicans should stay in session nonstop to pass GOP legislation — which could be a tall order given worries about poor post-election attendance. “If we lose the House and the Senate, we should be here from Nov. 9 until Dec. 31 with no break at all,” Moreno said. “Like, we’ll have turkeys here for Thanksgiving because we have to get this done.”"

Investor Letters

All letters

VSH Earnings Review

Vishay reported record Q3 revenue of $979 million, up 24%, and guided Q4 to about $990 million as rising backlog and margins contrast with…

VSH $3.6B
Cestrian Capital Research 3 clicks

Research Note

Nine Mile Metals is the subject of a research note.

VMSXF $14M
Atrium Research - Equity Research 4 clicks

New Ideas From The Road

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

MDA $4.2B
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 5 clicks
SILC · long

Silicom LTD

Silicom (SILC) is pitched as inexpensive on its existing hardware business, with upside framed as a cheap call option.

SILC $183M
Value Investors Club 4 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

Initiation Report

Nine Mile Metals is initiated under research coverage.

VMSXF $14M
Atrium Research - Equity Research 2 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 74 of 278

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.