Bullpen.News From Edwin Dorsey
Submit an Article

Search

Find coverage by company

Every article we have published, filed by the company it is actually about.

Sectors

2159 articles about companies over $50M

Vistance Networks (NASDAQ: VISN)

Vistance Networks plans a large post-Ruckus-sale dividend, leaving Aurora Networks valued below 4x guided EBITDA after $1.88 billion of…

VISN $1.5B
Triple S Special Situations Investing 7 clicks

Meta: 2Q26 Business Update

Meta's 2Q26 revenue rose 27%, but capex, depreciation and nascent cloud and AI ambitions raise margin and return risks as it maximizes…

META $1.6T
Speedwell Memos 3 clicks

Amazon 2Q'26: AWS Gets the Love

Amazon’s AWS grew 37% to a $169 billion run rate in 2Q’26, while North America retail margins fell excluding a $600 million tariff refund.

AMZN $2.8T
MBI Deep Dives 2 clicks

TSOH Weekly Roundup (07/31/2026)

Tractor Supply cut FY26 guidance and plans to close 75 Petsense stores; Sazerac’s Brown-Forman bid was rejected as prediction markets…

TSCO $18B
TSOH Investment Research
@BrokenMoats

Broken Moats on X

$RBLX no victory laps I gave up my short a long time ago. Felt the stock was manipulated by insiders to gas monetization and trends with smash and grab tactics like grow a garden drops, etc. That policy that drove the stock higher is also their undoing as the comp trends reverse and monetization declines. But the real undoing here is that he company, and I solely would call out the CEO who has majority voting power, that it is their lack of seriousness around safety that is undoing their platform and could ultimately completely unravel their business. Most parents I talk to won't let their kids play on Roblox even if they had in in years past. They are more comfortable giving them a switch to fulfill any gaming time because of the lack of safety concerns. David had a concept and it took off, got scale, built a genuine niche marketplace and network and he continues to squander that opportunity with poor operating efficiency (see costs), awful capital allocation, and some of the worst governance of any company over a $1B I have seen by dismissing the open problems on his platform, then only after issues are very public making half attempts to put in safety controls like age verification that he touts on Bloomberg interviews the day of. Its a shame the CEO has voting control, because if you could remove him their could be potential here at current prices based of the network, cash flow and the ability to dramatically improve monetization with advertising and brand partnerships over time. But you would need a big public campaign directed at parents on Bloomberg that the company is serious on safety and protections and will clean up their user account issues, and get serious on capital allocation (one buying shares to cover dilution regardless of share price is garbage policy - have conviction, buy when its attractive, and stay out when its not). @BillAckman said he was psychologically short after he walked from Herbalife, not the same as making money alongside your conviction but the best shorts are often complicated to fully execute on. But few public companies that feel more satisfaction in going down then Roblox due to their management team and disregard for their users safety

[OTCM] Listings for the rest of us

OTC Markets gives smaller, distressed, and lightly disclosed companies a trading venue outside NYSE and Nasdaq, with lower listing barriers…

OTCM $650M
scuttleblurb 3 clicks
@Fierce__beast 1 click

Fierce_beast on X

$COUR I went to the website of vectorlearn (https://t.co/T8MyEtq5uW) and here is what it says: So they will collaborate closely with COUR and Udemy to create personalized learning with a 100m investment based on a valuation of 300m but who decided it was worth 300m? Also, is this kind of just like investing in R&D since they are collaboratng? This is a nice way for $COUR to not show increased expenses, and also not to show "capex" or "acquistion costs". If had factored this in as an additional expense then their earnings are even lower than i thought
@Fierce__beast 1 click

Fierce_beast on X

i am short $cour -- in the worst case it feels like they should trade at a small discount to their net cash. in the best case, the stock probably does not really do much. interesting even as a case study about large net cash position with a melting ice cube operating business, massive SBC, a big merger, a very low "p/e" the p/e is a bit of an illusion with SBC and a purchase accounting benefit they add back to show good "adj ebitda" margins. by my estimate the business is on track to make -.15/sh of real earnings. if this is true, i also estimate they need to find 45-60m of cost savings to simply break even. this is while NRR for enterprise is consistently collapsing and consumer subscriptions are generating revenues at something like 25% the rate at which they are growing. so maybe they get their deal synergies and get to +.15/sh but how long does that take and it still seems like something has been going wrong with their core business for a while now. linkedin certifications seem pretty solid. for google certifications i think you can just go direct. also the consumer business seems focused on industry certifications, which it seems the big platforms like google is providing at better terms than coursera but have historically partnered with coursera. interesting tug of war there

Investment idea: Flowers Foods (FLO)

Flowers Foods cut its dividend to fund $300 million of debt reduction by 2027 after the $795 million Simple Mills acquisition lifted…

FLO $1.4B
Nugget Capital Partner's Substack 1 click
@BlueDuckCap

BDC on X

$AAPL also prices in the flattering things you've articulated. 35x EPS. Missed on Services revenue w/ a 4 point decel vs a 2 point harder comp. Comp gets harder in September. China revs missed and are slowing. China comps get much harder next year...could easily see 22% growth down to 10% or less. And again, everyone owns AAPL as evidenced by the near 2x market cap appreciation in the last year - thats nearly $2T that's been bought. All the other names have more hair, but much more upside if they continue to execute.