AppLovin 3Q26 Business Update: No Notes
AppLovin’s Q3 revenue rose 55% year over year as AXON model gains expanded margins, while ad take-rate compression remains the key competitive risk.
Thursday, November 5, 2026
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Derek Pilecki on X
Since $SYF reported earnings in Jan 2015, the stock is unchanged and has returned 2% annually (due to dividends) vs 9% for the $XLF. It underperformed because the multiple has gone from 12x to 5x. EPS have compounded 11%...
Derek Pilecki on X
($SYF cont) Shares out declined 42%. They just improved loan loss guidance. They still have too much capital. The stock popped 5% at today's open but finished close to unchanged. At 5x, it seems like an interesting stock if we don't have a consumer-led recession.
Derek Pilecki on X
$PNC CEO: "this whole issue is the issue, I think, that investors just have completely wrong about the banking system right now. If you look at the market cap that's been pulled out of the banking system and take your worst-case reserve build and charge-offs through some cycle,
Voss Capital on X
Voss's Q1 Letter to Partners is out. We highlight a new core long: $WSM
Voss Capital on X
Much more important than the median is the spread b/ w the cheapest (at 7.4x) and most expensive (at 56x) quintiles on fwd P/E estimates. Valuation dispersion has barely budged w/ recent mkt moves & remains at a record wide gap on par w/ peak of the internet bubble. $SPY $IWM
Voss Capital on X
Leading Proxy Advisory Firm Glass Lewis Supports Voss's Case for Change at Griffon $GFF
Voss Capital on X
$GFF
Voss Capital on X
$GFF
Investor Letters
All letters- Forager Funds Management October 2026 TUA $525M
- Rathbones October 2026 SBGSF $143BSIEGY $233B
- FCL Capital October 2026 ANPDF $28BASML $576B
- Protean Funds October 2026 AAK $4.8BLFABF $13B
- JB Global Capital Q3 2026 BABA $255BFLO $1.4B
- Pendelhaven Asset Management B.V. Q3 2026 DR0 $396MALM $2.5B
- Chautauqua Capital Management Q3 2026 AAIGF $103BADYEY $32B
- Rathbones Q3 2026 GOOGL $3.5T
Trading Post November 5, 2026
MercadoLibre’s logistics expansion cut margins by 60 basis points, while Mercado Pago grew credit 62% with 7% NPLs.
Uber: The Robotaxi Discount Has Truly Gone Too Far (Earnings Review)
Uber's Q3 growth, margin expansion and rising cash flow clash with a bear-case valuation as investors price in robotaxi disruption risk…
Luca Socci 4 clicks
The hyperscalers (almost) always win
Amazon’s AWS grew 39.3% with roughly 39% margins, while retail unit growth and lower cost to serve expand its delivery network’s reach.
Intel: The CPU Comeback, Discounted
Intel's Q3 2026 results were hit by memory costs and an Israel shutdown, but enterprise AI inference could lift CPU demand as server…
Problems at Twist Bioscience (TWST)
Twist Bioscience’s $200 rebound followed an Anthropic-linked short squeeze, yet its DNA and protein services face broad competition while…
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…
This Week in Special Situations: Lear, AutoNation, NexPoint, AudioCodes, Xponential Fitness
AutoNation, Lear, NexPoint, AudioCodes and Xponential Fitness lead a 52-situation screen spanning buybacks, insider purchases, M&A and…
Array Technologies And Shoals Merger Creates Upside Potential
Array Technologies and Shoals Technologies plan to merge, targeting cross-selling and cost synergies as ARRY's order book holds firm and…
Caffital Research 3 clicks
Telkom Indonesia (TLKM/TLK): 9x P/E, 11% dividend, separable assets ≈80–95% of market cap, stub at ~2x EBITDA. Industry went from 11 operators to 3, a new rule kills the price war, and MSCI is forcing the sellers.
Telkom Indonesia trades at 9x earnings and an 11% yield as MSCI-driven selling obscures telecom consolidation, price increases and…
Thursday Tailwinds #13: Nov 5, 2026
Florida marinas are 92% full as boat counts rise and permits constrain new supply, creating pricing power for existing operators such as…
Microsoft: A “Blue Chip” Again, New All-Time High >$550
Microsoft rose 6.7% to a $555.80 record after Q1 FY27, with profitable growth and free cash flow reinforcing investor confidence in its AI…
Moderna Earnings Preview: The Melanoma Breakthrough Is Real, But $221 Is Way Too Much
Moderna’s Phase 3 melanoma regimen cut relapse or death 42%, but persistent cash burn and limited launches leave its $220.83 share price…
Lee Bailey 1 click
CHWY · long Chewy INC
Chewy (CHWY) is presented as a long opportunity after a prior 2022 short thesis played out.
Amdocs: The T-Mobile Shock Changes Everything (Rating Downgrade)
Amdocs cut FY27 guidance after a T-Mobile dispute, projecting a 7–11% revenue decline and backlog down nearly 10% to $3.5 billion.
Motti Sapir 2 clicks
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…
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…
GPC Q3 2026: a quick North America Automotive update
GPC’s NAPA commercial sales grew 4% in Q3, trailing AutoZone and O’Reilly as freight, fuel and rent cut North American Automotive margins…
AMSC, Datadog will be fine, SiTime is worth a look
AMSC and Datadog will be fine, while SiTime is worth a closer look.
An Interview With Intuit CEO Sasan Goodarzi About Accounting and AI
Intuit CEO Sasan Goodarzi discusses using AI to turn accountants from customer-acquisition partners into customers, alongside QuickBooks,…
DigitalOcean (DOCN) Q3 FY12/26 Earnings Review
DigitalOcean reported Q3 revenue up 40% to $321 million and lifted Q4 guidance above consensus, while GPU and data-center expansion cut…
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