RESEARCHOpen ThesisMemo ↗THESISMEMO RESEARCH
All research articles
Company developments, market context and practical research guides.
Closed-end fund payouts: reconcile distribution sources with NAV performance
Build a worksheet that separates cash paid, preliminary source estimates, portfolio returns and the price paid for listed fund shares.
Read article ↗macro · 2026-10-18September industrial production: separate utilities, factories and revisions
Industrial output rose, but sector differences and revised August data change the interpretation. Use the report to frame company questions before inferring earnings growth.
Read article ↗news · 2026-10-18J.B. Hunt: fuel surcharges lift revenue while segment profits diverge
Separate fuel recovery, operating profit and the quarterly comparison before interpreting J.B. Hunt’s 20% revenue growth as a broad freight recovery.
Read article ↗news · 2026-10-16First Horizon’s mortgage sale: weigh the upfront loss against future earnings
Separate the pending mortgage sale, its capital cost and management’s projected earnings benefit before judging the balance-sheet reset.
Read article ↗commodities · 2026-10-16IEA diesel releases: delivery speed matters more than the headline total
The October 15 decision accelerates an existing stock release. Track timing, destination and company cost exposure before translating diesel availability into an earnings view.
Read article ↗academy · 2026-10-16Reading 13F holdings: separate shares, market value and disclosure dates
A practical worksheet for institutional holdings: compare the same security, separate quantity from valuation, and check amendments before interpreting a new position.
Read article ↗news · 2026-10-16IBKR Q3: commission growth includes fees passed through to customers
Commission revenue rose 12%, but related execution costs grew faster. Separate regulatory fees, trading activity and per-order economics before judging operating leverage.
Read article ↗news · 2026-10-16PNC Q3: separate FirstBank integration costs from lasting savings
Reported expenses fell faster than adjusted expenses. FirstBank costs also reduced revenue, making the classification essential to assessing the bank’s progress.
Read article ↗news · 2026-10-15Intuit’s Sequence deal puts billing integration to the test
The announced acquisition targets more complex revenue workflows. Closing, product integration and measurable adoption remain separate tests for investors.
Read article ↗news · 2026-10-15Schwab Q3: a cash increase hides a change in the mix
Transactional sweep cash rose $7.1 billion, but long/short-related short credits rose $19.6 billion. Separating them changes the funding question.
Read article ↗deep_dive · 2026-10-15Comtech: follow retained cash before counting sale proceeds
Comtech’s cash recovery and planned satellite-business sale require separate bridges. Track continuing operations, creditor repayments and the timing of transition savings.
Read article ↗news · 2026-10-15Marsh Q3: consulting growth offsets weaker reinsurance
Marsh maintained 5% underlying growth, but its businesses diverged. Segment results and the profit reconciliation show what investors should examine next.
Read article ↗news · 2026-10-15Manpower Q3: lower expenses lift profit as gross profit slips
Revenue grew, but gross profit edged lower. A reconciliation of expenses and earnings adjustments shows what still needs to improve in Manpower’s recovery.
Read article ↗macro · 2026-10-15September PPI jumps: separate energy costs from trade margins
Producer prices rose sharply in September. The equity question is who can recover higher costs, and whether distribution margins translate into company profits.
Read article ↗news · 2026-10-15TSMC Q3: revenue beats guidance as the 2nm ramp weighs on margin
TSMC’s quarterly results separate strong revenue, initial 2nm ramp costs and improved cash generation after capital spending.
Read article ↗news · 2026-10-15Progressive September: stronger underwriting, weaker investment marks
Separate the monthly combined ratio, quarterly earnings and comprehensive income before judging the insurer’s September results.
Read article ↗academy · 2026-10-15ADR dividends: reconcile the share ratio, currency and net cash
Use a documented cash bridge to explain an ADR dividend payment and avoid counting depositary fees twice. Includes a fully hypothetical worked example.
Read article ↗news · 2026-10-14Medtronic MiniMed exchange: final allocation leaves an earnings test
Final proration resolves the exchange allocation. Separate accepted shares, the capped ratio and the remaining earnings questions before judging the split-off.
Read article ↗news · 2026-10-14Bank of America Q3: the earnings add-back does not end remediation
Separate the settlement charge from ongoing compliance work, and avoid double counting the coordinated regulatory penalties.
Read article ↗macro · 2026-10-14September CPI: gasoline drives the jump, but real pay is the equity test
Headline inflation accelerated while core prices kept rising. Separate the energy shock, underlying persistence and household purchasing power before changing an earnings thesis.
Read article ↗news · 2026-10-14ASML Q3: upgrades lift margins, while an investment gain lifts earnings
Record sales and a stronger outlook support the operating story. The Mistral revaluation belongs in a separate part of the earnings analysis.
Read article ↗commodities · 2026-10-14EPA RIN reallocation: the compliance year matters as much as the total
Two proposed timing options share a 770 million RIN total. Credit eligibility and company exposure explain why that is not an immediate physical-fuel sales forecast.
Read article ↗news · 2026-10-14Citi Q3: Services growth needs a cleaner earnings comparison
Citi Services revenue rose 15%, but group EPS and segment profit also reflect accounting and credit comparisons. Deposits, fees and costs offer a clearer test.
Read article ↗academy · 2026-10-14Margin shortfalls: why cash, stock transfers and sales need different amounts
A worked margin-account example separates equity, debt and maintenance requirements, then tests three ways to address the same shortfall. Includes current rule-transition context.
Read article ↗news · 2026-10-14Wells Fargo Q3 growth puts deposit costs and interest margins in focus
Loans and deposits grew 11%, but Markets supplied roughly half the increase in net interest income. Funding mix and credit costs are the next tests for WFC.
Read article ↗deep_dive · 2026-10-13Flex’s Axiom financing: what preferred terms leave for common shareholders
The $37.5 billion valuation reference does not settle common ownership. Examine conversion resets, accumulating dividends and Flex’s no-spin guarantee before estimating shareholder value.
Read article ↗news · 2026-10-13AMD gains a Swedish cloud deployment as Scaleway expands GPU choice
Scaleway selected MI355X GPUs for Sweden while also expanding NVIDIA capacity. The investment test is usable cloud access, followed by workload adoption and repeat demand.
Read article ↗news · 2026-10-13JPMorgan Q3 earnings rise as slower buybacks raise the capital-return question
Reported earnings increased, but repurchases slowed sharply. Separate managed revenue, adjusted profit and credit provisions before judging how retained capital benefits JPM shareholders.
Read article ↗news · 2026-10-13NVIDIA opens Run:ai: adoption and commercial returns face different tests
The complete GPU orchestration platform is now open source, with Nebius offering deployment. For NVIDIA investors, wider access needs a separate test of paid demand and infrastructure economics.
Read article ↗news · 2026-10-13J&J raises its outlook, but adjusted earnings still carry deal costs
The Q3 earnings gap requires three separate checks: the proposed talc resolution, Firefly’s accounting treatment and the combined dilution expected from Firefly and Sail.
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