New Ask Claude or ChatGPT about any stock, using Bullpen. Bullpen in Claude or ChatGPT. 7 days free
Bullpen.News From Edwin Dorsey
Get Daily Recap Feedback

Tuesday, November 10, 2026

Back to the front page

Sea Ltd Earnings Update: Q3 2026

Sea Ltd reported Q3 2026 revenue of $8.6 billion, up 43.4% year over year, while net income rose 34.0%.

SE $48B
SixSigmaCapital: Navigating the Financial Markets 4 clicks

From X

@BlueDuckCap

BDC on X

This is the fundamental reason we too like $SNAP. And the catalyst now is that a decade of Specs capital deployment with material negative ROE to date is coming to a cross roads. Either Specs shows enough promise, while fully acknowledging that the units sold this season will not be much due to price point/form factor, OR it's a pretty underwhelming event which will raise pressure to guardrail spend going forward. Wildcard would be some sort of partner announcement. We'd love that to be a minority investor in Specs such as $SPCX where we've found a lot of industrial logic. In any event, FCF per share is going up.
@kevin__mak

Kevin Mak on X

$ABVX We've been here before, about three months ago. Price is controlling the narrative again. In June people extrapolated a handful of malignancy cases into a broken thesis, the stock fell 43%, and then erased a month of losses in a single day when the next data landed. Nothing about the asset changed in either direction. I think the same thing is happening now. The price is lower, so people have decided shareholders are doomed and nobody is ever going to buy the business. The fair argument against me is that the probability of a takeout has fallen, because it hasn't happened yet. List your house, get no bids in 60 days, and that tells you something about your asking price. Silence is information. But big pharma M&A is a market with half a dozen real buyers, competing priorities, and internal politics. Deals come together in weeks or in years. The signal from "no deal yet" is extremely noisy, and people are treating it as a clean efficient market. I think the bigger problem is what shareholders were assuming in the first place. If you expected a $180-200 takeout within three months, at today's price that is a 78% return in a quarter. Call it 50/50 to be "conservative" and you are still assuming roughly 39% a quarter or 270% annualized. (Change the numbers to levels a month ago and you still get the same directional craziness) So the problem was never the price target. Targets have a defensible basis. The problem is the clock. My view: $150-200 over the next 18 months, either from a buyout or from a credible launch trajectory. From here that is 25-50% annualized, which is a number a portfolio can be built on. Roughly the same price everyone else is talking about. I just don't have the same timeline expectation. If a buyout comes sooner, that is the better outcome, not just the faster one. The asset is worth more inside a company that already has a GI salesforce than it is standalone. Disclosure: Creek Drive and its affiliated funds hold a long position in ABVX. Views expressed are current opinions for informational and educational purposes only, subject to change and are not investment advice or a recommendation to buy or sell any security. Investing involves the risk of loss and past performance is not indicative of future results. See the disclosures link in bio for more important information.
@KEDM_COM

KEDM.com on X

Voss Capital has been increasing its position in Euronet Worldwide $EEFT and sending angry letters, pushing the company to review strategic alternatives. Despite almost all fundamentals moving in the right direction, Euronet's share price had a horrible 2025, mostly on (fears of) increasing competition from digital-first rivals such as Wise and Remitly. Voss argues that parts like payment processing and money transfer could be valued more highly on their own. A full sale could deliver even more (100%+ potential), as it will also monetize Euronet's global licenses and cash generation. Also, it is worth noting that Euronet has been (and continues to be) a true share cannibal.

Investor Letters

All letters

Research update

S&P Global research will assess Platts, Kensho and ratings growth; Benefit Systems’ 72% YTD rally changed its valuation, while Netflix and…

ICE $96B
Global Outperformers 3 clicks

The AutoNation Story

AutoNation shed rentals and megastores, focused on dealerships, and retired 91.1% of its shares through buybacks after its 1990s roll-up…

AN $5.9B
Cannibal Stocks 3 clicks

No title

SpaceX’s $24 billion Starbase power plant, Microsoft’s Oracle capacity cuts, Riot’s $72 billion AI lease and Quanta’s sell-off frame…

PWR $77BRIOT $6.6B
Monte Independent Investment Research 3 clicks

Insider activity October 2026

Asian insider buying reached $2.9 billion in October, the highest since 2018, with South Korea and Thailand leading.

BKRKY $23B
Asian Century Stocks 2 clicks

Quick Value #337 - Dana Inc (DAN)

Dana is combining with Eaton’s Mobility unit via a 1Q27 Reverse Morris Trust after selling a division, delevering and accelerating buybacks.

DAN $2.1B
Value Don't Lie 3 clicks

STRL: 80 new electricians a week

Sterling’s $4.1 billion backlog faces Texas permitting risk after a governor proposed a moratorium, while Connexion, Capital Asset Planning…

STRL $7.6B
Trade Ideas Flow 2 clicks

Publications we follow

Every publication on this site, hand-picked.

130 publications

Newsletters 110

YouTube 4

Blogs 15

Seeking Alpha 82 of 283

Nominate a publication

X accounts we follow

Every account on this site, hand-picked.

91 accounts
Nominate an account

Investor letters we follow

369 firms

Sectors

Ordered by how often our editor reaches for them.