RESEARCHOpen ThesisMemo ↗THESISMEMO RESEARCH
All research articles
Company developments, market context and practical research guides.
UnitedHealth raises guidance as medical reserve benefits complicate the recovery test
UNH’s third-quarter profit improved, but $610 million of favorable reserve development means investors should separate claims estimates from lasting operating gains.
Read article ↗news · 2026-10-13Goldman’s equity financing surge meets a smaller investment banking backlog
Third-quarter results show strong realized earnings, but financing, intermediation and the remaining deal pipeline point to different questions for GS investors.
Read article ↗macro · 2026-10-13IMF raises its 2026 growth forecast, but US stock exposures remain uneven
October’s global growth forecast edges above July’s, but technology investment, energy exposure and financing costs still require separate company-level checks.
Read article ↗news · 2026-10-13Visa’s China approval starts preparation, with an operating license still ahead
Visa can begin preparing a domestic clearing institution. The next evidence for US stock investors is a separate opening approval, followed by commercial adoption.
Read article ↗commodities · 2026-10-13PJM’s emergency power order puts dispatch ahead of the capacity trade
A four-day electricity order expands operating flexibility. For US power-stock research, the missing evidence is actual dispatch, delivered energy and company exposure.
Read article ↗academy · 2026-10-13Tender offers: check net proceeds, withdrawal terms and accepted shares
Build a decision sheet for a stock tender offer: identify the bidder, reconcile hypothetical net proceeds, and distinguish instructions from acceptance and payment.
Read article ↗news · 2026-10-13NVIDIA and Cisco’s USFP optics plan needs a commercialization test
The new pluggable optics design targets denser AI networks. Separate module-level claims, product shipping milestones and the evidence still needed for a revenue forecast.
Read article ↗news · 2026-10-12TotalEnergies and KKR add US solar assets: watch cash recovery and commissioning
A 700 MW addition expands the solar partnership, but its $1.2 billion enterprise value is not disclosed cash proceeds. Closing and commissioning require separate checks.
Read article ↗academy · 2026-10-12A stock is halted: verify the reason, the news and the reopening
Build a reliable halt record for a US stock: decode the official reason, separate quotation from trading resumption, and identify which company facts still need checking.
Read article ↗academy · 2026-10-11Brokerage cash sweeps: identify the destination before comparing returns
A practical worksheet for US stock investors to identify where idle cash sits, distinguish FDIC and SIPC protection, and compare returns with costs and access needs.
Read article ↗news · 2026-10-11NVIDIA’s science commitment: keep the funding buckets separate
The October 8 science announcements mix company commitments and government awards. A funding ledger helps prevent double counting and unsupported earnings assumptions.
Read article ↗macro · 2026-10-10Fed family finances: wealth gains leave a payment-pressure test
The newly released 2025 household survey separates balance-sheet wealth from payment capacity. For US stocks, use it to frame customer exposure and then test that view against newer company evidence.
Read article ↗commodities · 2026-10-10Isaias oil shut-ins: the next test is restart duration
A large Gulf production interruption is a starting point for research. Track cumulative missing barrels, inspection evidence and company exposure before translating it into an earnings view.
Read article ↗academy · 2026-10-10Stock settlement: separate trade date, payment and settled cash
A practical worksheet for tracing how a US stock trade becomes a settled transaction, and why sale proceeds do not automatically fund every subsequent trade.
Read article ↗news · 2026-10-10Humana’s Star Ratings Recovery Still Needs an Earnings Bridge
Improved Medicare ratings support Humana’s 2028 outlook, but management expects some outperformance to be temporary. Ratings, payment years and recurring earnings require separate judgments.
Read article ↗news · 2026-10-09American Express Faces a Compliance Test Beyond Its $350 Million Penalty
The OCC’s penalty fixes one amount, while consent orders create continuing remediation work. American Express says its 2026 guidance is unchanged; execution remains the next test.
Read article ↗macro · 2026-10-09Michigan’s October Survey Puts Buying Conditions Under Pressure
Consumer sentiment slipped as current conditions weakened and expectations edged higher. The split calls for a closer test of demand, pricing and household resilience.
Read article ↗news · 2026-10-09PepsiCo’s Sales Growth Leaves a North American Margin Test
PepsiCo grew quarterly revenue while cutting its core EPS outlook. Separate organic demand, tariff refunds and the operating improvement still needed in North America.
Read article ↗news · 2026-10-09TSMC’s September Sales Set Up the Quarterly Margin Test
TSMC’s monthly sales imply a stronger third-quarter revenue base. The October 15 results still need to establish margins, cash conversion and the outlook.
Read article ↗deep_dive · 2026-10-08Skydance's Merger Financing Puts Cash Conversion in Focus
How to separate issued financing, pro forma debt and future synergy targets when assessing the combined media company’s repayment capacity.
Read article ↗academy · 2026-10-08Stock orders: separate the trigger, price limit and actual execution
A practical worksheet for market, limit, stop and stop-limit orders, with hypothetical fills, partial positions and cancellation checks.
Read article ↗news · 2026-10-08Levi's Earnings Lift Leaves a Direct-Sales Test
Tariff refunds improved quarterly earnings, while weaker direct-channel growth makes the next sales update a separate test of operating momentum.
Read article ↗news · 2026-10-07McKesson's Option Care Investment Requires an Earnings Bridge
The proposed 49% stake calls for a model of attributable earnings and cash, with the initial investment kept separate from possible later ownership.
Read article ↗news · 2026-10-07Applied Digital's Revenue Surge Puts Rent and Fit-Out Income in Focus
APLD’s fiscal first-quarter results mix rent and tenant fit-out revenue. October capacity delivery and Finland’s potential power require separate timelines.
Read article ↗commodities · 2026-10-07Higher Winter Heating Oil Bills Do Not Guarantee Distributor Profits
EIA forecasts a 21% rise in heating oil household spending. Regional supply, weather and Star Group’s historical results show why revenue and profit need separate tests.
Read article ↗news · 2026-10-07PTC's $205 Cash Offer Leaves a Closing-Risk Question
The Schneider Electric agreement shifts attention to approvals and timing, while PTC’s operating results remain the baseline for an alternative outcome.
Read article ↗macro · 2026-10-07September Fed Minutes Point to a Conditional Further Rate Increase
Most participants saw another increase as likely appropriate by year-end. The minutes explain the inflation concern without committing the October meeting to a decision.
Read article ↗news · 2026-10-07Hess Midstream's Chevron Deal Puts Cash Coverage in Focus
The proposed ownership and contract reset changes the cash-flow test for HESM investors. Noncash revenue and debt deconsolidation need separate treatment.
Read article ↗news · 2026-10-07Constellation’s Beer Shipments Rose, but Depletions Still Fell
STZ’s fiscal second-quarter beer figures separate producer shipments from downstream movement. Here is the evidence needed before calling it a demand recovery.
Read article ↗news · 2026-10-05Leidos closes Analogic venture: a 41.5% stake is not the same as cash control
The completed security-business combination preserves Leidos’s equity participation. Board rights, venture financing and available cash shape what LDOS shareholders should watch.
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