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Tuesday, November 10, 2026

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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 collapse.

AN $6.1B
Cannibal Stocks 1 click

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@convequity

Convequity on X

Spirit's data auction shows what office AI is missing. Google ($GOOGL) opened at $5m and was selected at $10m for Spirit Airlines' internal data in August. Mercor was the $7.5m backup. Then micro1 proposed $12.5m. The sale still awaits court approval, with a hearing scheduled for November 6. The material includes emails, Teams conversations and business records. Google's counsel confirmed that it wants the data for AI training. I think this competition for records of real work will keep pushing up the value of enterprise data. This fits our earlier argument about why coding agents advanced faster than office automation. Coding has public repositories and tests that provide fast feedback. In office work, the context behind a decision is often scattered across private documents and conversations. Knowing how to use a spreadsheet is only part of the job. Knowing why an exception was approved, and what happened afterward, is much harder to learn from the public internet. My read is that Google is preparing for that gap. Internal records could help models learn how work moves through an organization, provided those records can be turned into tasks with outcomes that can be checked. Also it remains an open opportunity for $MNDY, and other AI-native productivity startups to tacle. Gemini 4 Carbon already leads Artificial Analysis' AutomationBench-AA, which tests simulated workflows across business applications. Google is competitive in the kind of work this data could help models learn. Anthropic's IPO filing also puts adoption in perspective. As of September, over 50% of the Fortune 500 generated at least $100,000 each in trailing-year revenue for Anthropic. Among the publicly listed customers in that group, spending on Anthropic averaged under 0.1% of total expenses in 3Q26. We still think enterprise AI is falling short on office automation. Having access to a model tells us little about how much work a company can delegate to it. I find Google's enterprise opportunity more compelling over time than Meta's emphasis on personal AI. Google already has Workspace and Cloud as routes to customers. If better training on real work makes its models reliable enough to complete office tasks, it has a way to sell that capability. The unlock still requires models that can carry a task through the office environment with limited supervision. That remains some distance away. I think acquiring real work histories now could be a fruitful long-term bet for Google.
@StableBread

Fajasy on X

TOYO Co., Ltd’s $TOYO strategy chief says full output at its Texas panel plant would bring in “about $140 million a year” of U.S. tax credits, 85.6% of its market cap, and $TOYO leaves them out of its forecasts. Regardless of how the four U.S. trade actions on its Ethiopian cells turn out, $TOYO’s answer is to make more in the U.S., which has plenty of panel capacity but few cell plants. The Solar Energy Industries Association’s October update counts 75.3 GW of operating U.S. module capacity, but $TOYO’s deck counts just 3.2 GW of operating U.S. cell capacity, citing SEIA’s September data, so most U.S. panel makers still rely on imported cells. Texas modules qualify for the Section 45X production credit, a U.S. tax credit earned on each unit of solar equipment made in the U.S. For modules, it’s $0.07/W at full value through 2029, then 75%, 50%, and 25% of full value in 2030-2032, and nothing after. $TOYO said on July 21 that its Texas subsidiary expects to be eligible to claim the credits for its 2025 tax year, which covers the plant’s first months of production. But Rhone Resch, $TOYO’s Chief Strategy Officer, said on the Q2 call that $TOYO will quantify the credits only after its tax, legal, and accounting work is done. For the panels themselves, $TOYO announced $185.6M of purchase orders under two master agreements with U.S. developers on June 10, and ~$240M of binding contracts signed “since mid-June” on September 28, with deliveries through H1 2027. The releases don’t say whether the two overlap, so to stay conservative, I only count the ~$240M. If priced like $TOYO’s H1 2026 module sales (~$0.25/W), ~$240M would be ~1 GW of panels, or ~6 months of the Texas plant’s 2 GW nameplate.
@StableBread

Fajasy on X

Quantum $QMCO ran to $34.50 on October 2, 2026, and has fallen 41.3% since, to $20.25/share. No $QMCO insider has bought or sold shares in the open market since my August 16 update, including Dialectic, the activist fund managed by director John Fichthorn. Dialectic received 14.1M shares in June when it settled its convertible notes, 35.8% of the 39.4M shares outstanding, which makes it $QMCO’s largest shareholder. Its lockup, which also covered $QMCO’s officers and directors, ended on August 23, 30 days after the PIPE shares were registered for resale. So Dialectic could’ve sold into the run to $34.50, and it hasn’t reported a sale. On October 1, $QMCO granted options to buy shares at $31.885, that day’s close, to three executives: → Hugues Meyrath (CEO): 500,000 options. → James Clancy (COO): 400,000 options plus 150,000 RSUs. → Anthony Craythorne (Chief Revenue Officer): 200,000 options. The options vest monthly over four years and only pay off above $31.885, 57.5% above $20.25. CFO William White, fired eight days later, got no grant. So the largest holder hasn’t sold, and management’s new options only pay off above $31.885. But no insider bought during the drop either.

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Lion Copper: Initiation Report

Lion Copper targets 2030 Nevada copper production at Yerington, with Rio Tinto’s Nuton funding its 2027 feasibility study under a 65%…

LCU $96M
Atrium Research - Equity Research 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 2 clicks

Seed Corn

Chiron’s failed $49 million Beaumont sale and $178 million Pinnacle acquisition leave XRN with $70 million of liquidity and medical-office…

XRN $372M
Orphan REITs 2 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 1 click
AVO · long

Mission Produce INC

Mission Produce (AVO) is pitched long as a consumer-staples investment, countering a September 2024 short case.

AVO $1B
Value Investors Club

Diamond Estates: Research Note

Diamond Estates converts $4.7 million of Lassonde debentures at a 69% premium, cutting debt to $10.9 million and raising Lassonde ownership…

LSDAF $1.2B
Atrium Research - Equity Research 3 clicks

Vicor Update, Part Four

Vicor’s Federal Circuit hearing put Foxconn’s disputed patent license under pressure, reinforcing its AI server royalty model and licensing…

VICR $6.8B
CV's Substack 3 clicks

Floor & Decor 3Q26: Business Update

Floor & Decor’s 3Q26 sales rose 3% while comparable sales fell 1.4%; it cut 2027 openings to 10-15 as high mortgage rates pressure…

FND $5B
Speedwell Memos 1 click

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