Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Thursday, November 5, 2026

Back to the front page

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.

APP $118B
Speedwell Research 3 clicks

From X

@ActAccordingly

PAA Research on X

"That would be PRESUMPTIOUS!" I'm listening to the $ORCL investor day and I found the response to the question about potential vendor/partner financing and whether or not the company has committed/signed deals quite interesting. The tone was defensive and I started to immediately think of Jimmy Cayne. In late 2007, a few months before Bear Stearns blew up they hosted an investor event in NYC to calm the markets following the blow up of 2 hedge funds. I was in the room. An analyst asked about how Bear Stearns planned to manage risk going forward in light of the "unprecedented" events in the capital markets (hedge funds blowing up, subprime defaults, credit spreads widening etc.). Jimmy Cayne responded: "You cannot create a risk model for something that is by definition UNPRECEDENTED". The tone was what I remember most. Defiant, condescending, angry. That's what I heard today with "PRESUMPTIOUS". No $ORCL is not Bear Stearns, but it's obvious to anyone that can read a balance sheet or track CDS, the financial risks for the company are growing rapidly. Negative variance on funding could have massive implications for the company. Assuming they have their financing needs secured from vendor financing or partners would be PRESUMPTIOUS.
@StableBread

Fajasy on X

I compared the 8-K on Quantum’s $QMCO CFO firing to the one on its chief accounting officer’s exit in August. $QMCO terminated William White as CFO on October 9, 2026, effective immediately, eight months after appointing him on February 2, 2026. When I first wrote up $QMCO on May 6, White was its newly appointed CFO, after the seat had been empty since August 2025. The 8-K gives no reason, and I found no press release about the firing on $QMCO’s investor relations site. Instead, the 8-K says $QMCO expects to file its September-quarter 10-Q on time. The filing also says $QMCO expects to meet or exceed its guidance for the quarter, even though it was still “early in its financial closing process.” Chief accounting officer Hiral Patel took over as principal financial officer, so she now signs off on $QMCO’s financial statements with the CEO. Patel only joined $QMCO on September 1, after the company decided on August 11 to replace Laura Nash as chief accounting officer. The 8-K on Nash says there are “no disagreements” between her and the company, but the one on White doesn’t say either way. So within two months, $QMCO replaced both of its top finance officers. $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. It also says $QMCO “lacked sufficiently qualified staff or resources to perform control activities.” 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. In my May 6 write-up, I listed restatements as a risk that could break the story, and wrote that a third “would be a serious credibility hit.” $QMCO expected to fix one of its three revenue weaknesses, the schedules that set when service revenue is recognized, by the end of the September quarter. Its June-quarter 10-Q was also 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. So with open material weaknesses, a history of restatements, and a 10-Q filed a day late in August, I’d rather see the September-quarter 10-Q, due November 9, before taking $QMCO at its word.

Investor Letters

All letters

Trading Post November 5, 2026

MercadoLibre’s logistics expansion cut margins by 60 basis points, while Mercado Pago grew credit 62% with 7% NPLs.

MELI $77B
Cassandra Unchained 2 clicks

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…

INTC $287B
Monte Independent Investment Research 2 clicks

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…

TWST $8B
Hunterbrook 4 clicks

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

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…

SUI $14B
Trade Ideas Flow 6 clicks
CHWY · long

Chewy INC

Chewy (CHWY) is presented as a long opportunity after a prior 2022 short thesis played out.

CHWY $9.2B
Value Investors Club 5 clicks

Publications we follow

Every publication on this site, hand-picked.

129 publications

Newsletters 109

YouTube 4

Blogs 15

Seeking Alpha 74 of 277

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.