RESEARCHOpen ThesisMemo ↗THESISMEMO RESEARCH
All research articles
Company developments, market context and practical research guides.
Texas Instruments Q3: Separating Cash Recovery From Capex and Incentives
TI’s free cash flow rose sharply. Reconcile operating cash generation, lower capital spending and CHIPS receipts before projecting the improvement.
Read article ↗news · 2026-10-21Tesla Q3: Higher Gross Profit Meets a Larger Operating Expense Base
Tesla’s gross profit improved, but operating expenses rose faster. Reconcile the annual earnings decline while keeping the sequential improvement in view.
Read article ↗news · 2026-10-21Thermo Fisher Q3: Growth Diverges Across Businesses After a Diagnostics Sale
Thermo Fisher’s segment disclosures distinguish organic growth from portfolio changes. The microbiology sale helps explain why a reported revenue decline needs context.
Read article ↗commodities · 2026-10-21The US Crude Draw Was Concentrated on the Gulf Coast While Cushing Stocks Rose
EIA regional figures for the week ending October 16 show a Gulf Coast draw alongside a Cushing build. Geography matters before translating inventories into an equity thesis.
Read article ↗news · 2026-10-21NVIDIA’s Supply Deals Put the Focus on Staggered Factory Ramps
NVIDIA’s October 21 capacity agreements set different milestones for substrates, packaging and testing. Track operational readiness before translating them into revenue.
Read article ↗news · 2026-10-21AT&T Q3: copper retirement creates a cost-timing test
AT&T’s copper revenue is shrinking, but network costs cannot disappear at the same pace. Q3 disclosures separate sales restrictions, service exits and realized savings.
Read article ↗news · 2026-10-21Bank OZK Q3: falling problem loans leave a property-recovery test
Nonperforming loans fell, but foreclosed assets rose. Bank OZK’s Q3 disclosures show why the credit-recovery question extends beyond the loan ratio.
Read article ↗commodities · 2026-10-21EIA changes its petroleum price tables: keep the observation dates aligned
EIA is moving third-party spot prices to daily publication and removing duplicate retail tables. Here is how to preserve comparable oil and fuel-price research.
Read article ↗news · 2026-10-21GE Aerospace: profit growth puts the cash outlook in focus
GE’s Q3 adjusted EPS rose while quarterly cash declined. How to assess the annual cash target and keep the planned CPP acquisition on a separate timeline.
Read article ↗academy · 2026-10-21Moving brokers: reconcile shares, cash and acquisition records
A practical worksheet for checking a US stock account transfer: match security quantities, track residual cash and verify acquisition records separately.
Read article ↗news · 2026-10-213M’s Earnings Upgrade Needs a Consistent-Basis Comparison
3M raised its 2026 adjusted EPS outlook while changing its amortization treatment. Separate the recast quarterly comparison from the annual guidance bridge.
Read article ↗news · 2026-10-21Intuit’s Free Tax Filing Launch Raises a Customer-Mix Question
Credit Karma Tax adds a free federal filing route. For INTU, distinguish incremental customers from migration within the group before estimating an earnings benefit.
Read article ↗news · 2026-10-21Netflix’s Q3 Margin Beat Puts Expense Timing in Focus
Netflix beat its own operating-profit forecast with little revenue upside. The unchanged annual margin target makes the timing of expenses the next question.
Read article ↗macro · 2026-10-20September Housing: A Weaker Single-Family Pipeline, With Wide Starts Error Bars
September permits and starts raise questions for US housing stocks. Use revised comparisons and confidence intervals before changing company earnings assumptions.
Read article ↗deep_dive · 2026-10-20TTM and Ophir: Compare the Earnings Years Before the Deal Multiples
The buyer cites 2027 earnings and the seller cites 2026. Examine the forecast bridge and competing cash needs behind TTM’s proposed optics acquisition.
Read article ↗commodities · 2026-10-20Constitution Pipeline: Follow Funding Through Permits to Delivered Gas
DOE’s proposed support advances development. Separate the funding ceiling, sponsor schedule and pipeline capacity before estimating gas-market or company earnings effects.
Read article ↗deep_dive · 2026-10-20AGNC: What Dividend Coverage Leaves Out About Capital and Liquidity
AGNC’s Q3 results show why dividend coverage, book value and collateral liquidity need separate tests when evaluating a leveraged mortgage portfolio.
Read article ↗academy · 2026-10-20Check dividend entitlement: ex-date, record date and payment date
Build a dividend entitlement record from an issuer notice and trade confirmation, with separate checks for large distributions, due bills and the eventual account credit.
Read article ↗news · 2026-10-20Berkley Q3: a steady combined ratio hides diverging insurance segments
WRB’s insurance and reinsurance businesses moved in different directions. Earned-premium weights and pricing evidence explain why the consolidated ratio is only a starting point.
Read article ↗news · 2026-10-19Ares and KKR: what the $2.9 billion Infinity deal says about earnings
Infinity’s railcar sale raises different questions for Ares and KKR: contractual fee bases for the buyer, and proceeds, accounting gains and capital use for the seller.
Read article ↗news · 2026-10-19Steel Dynamics Q3: stronger steel spreads, unfinished aluminum ramp
Steel Dynamics earnings rose but missed its own guidance range. Steel margins improved; aluminum EBITDA breakeven still leaves execution and operating-profit questions.
Read article ↗news · 2026-10-19Werner Q3 preview: cost headwinds are not automatic earnings add-backs
Werner’s preliminary EPS range weakens sequentially. Separate its cost explanation from the published non-GAAP reconciliation before estimating recovery.
Read article ↗news · 2026-10-19Eos Q3 preview: separate cash collections from cash generation
Eos reports improving preliminary margins, but customer receipts and a DOE loan draw do not establish positive operating cash flow.
Read article ↗news · 2026-10-19Silgan–Trivium: cash proceeds do not settle the debt question
Silgan expects $2.3 billion in cash while retaining control of the metal-packaging partnership. Investors still need to trace debt across the consolidated group.
Read article ↗news · 2026-10-19Fifth Third Q3: deposit migration changes the funding comparison
Comerica sweep migration and securities deployment explain why average and period-end balances move differently. Assess FITB funding quality after conversion.
Read article ↗news · 2026-10-19Cleveland-Cliffs Q3: profit improves, cash conversion still matters
CLF exceeded its own EBITDA guide. Examine working-capital outflows and separate contract changes from price assumptions in its 2027 earnings illustration.
Read article ↗commodities · 2026-10-1945Z fuel credits: separate pathway approval from cash realization
Evaluate clean fuel credits through emissions documentation, eligible production, transfer terms and collection timing, with a dated Gevo example and hypothetical model.
Read article ↗deep_dive · 2026-10-19Penske’s take-private: why insider support does not settle the vote
Read PAG’s $212 cash proposal through its separate voting tests, financing conditions and timing risks, with a worked scenario for assessing the pending deal.
Read article ↗macro · 2026-10-19Private credit in the Fed data: check the borrower boundary before judging risk
The Fed’s expanded accounts improve visibility into private credit. Separate loan balances, fund assets and borrower geography before applying the totals to US stocks.
Read article ↗academy · 2026-10-19Fully paid stock lending: calculate income and check the rights you give up
Use a practical worksheet to distinguish loaned shares from eligible holdings, reconcile lending fees, and review voting rights, collateral and dividend treatment.
Read article ↗