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All research articles
Company developments, market context and practical research guides.
September services PMI: slower growth still leaves a cost test for US stocks
ISM’s services headline eased to 54.9 while its prices index rose. The equity question is whether companies can protect margins as activity moderates.
Read article ↗news · 2026-10-05ADS’s StormTrap deal: why the headline 10x multiple needs two adjustments
The proposed $530 million acquisition pairs expected tax benefits with future cost savings. A price bridge helps WMS investors separate historical earnings from the deal forecast.
Read article ↗news · 2026-10-05Cenovus plans Athabasca acquisition: cash mix and debt frame the return test
The C$5.7 billion enterprise-value deal combines cash and shares. Proration, financing and remaining approvals shape the investment question for CVE shareholders.
Read article ↗news · 2026-10-05Vaxcyte OPUS-1: why primary success and two comparator misses can coexist
VAX-31 met its primary endpoints, while two PCV21 comparisons missed the stricter threshold. The endpoint hierarchy and remaining program matter for PCVX investors.
Read article ↗news · 2026-10-05OKXICE outlines tokenized stock trading: access and fee economics remain the test
The October 4 public notice details a proposed trading model. For ICE investors, conditional access, liquidity and retained fees matter more than a 24/7 label.
Read article ↗deep_dive · 2026-10-05UWM’s rights offering: a funding backstop is not a guaranteed discount
UWMC’s subscription floor, backstop funding choices and debt repayment plans create different outcomes for existing common shareholders.
Read article ↗deep_dive · 2026-10-05AAR’s MRO Holdings deal: control, financing and the cost of full ownership
Reconcile AAR’s proposed MRO Holdings purchase price, new financing and minority stake before translating acquisition EBITDA into value per existing share.
Read article ↗commodities · 2026-10-05OPEC+ holds November targets: why physical oil supply remains a separate question
Seven producers kept their production requirements steady. Maritime constraints, dated EIA estimates and company cash-flow sensitivities explain what still needs checking.
Read article ↗academy · 2026-10-05How to read insider transactions: Form 4 codes, holdings and footnotes
Distinguish a sale from a gift, tax withholding or option exercise, then reconcile the share count before interpreting an insider disclosure.
Read article ↗news · 2026-10-04Genmab’s Rina-S readout: response evidence and the next clinical test
Separate the RAINFOL-01 response signal from comparative evidence when evaluating Genmab’s ovarian-cancer pipeline.
Read article ↗news · 2026-10-04ACCO closes the Trust acquisition: tracking the integration targets
The October 2 closing shifts attention to execution. Keep the original revenue scale, adjusted-EPS expectation and 18-month synergy horizon distinct from realized results.
Read article ↗deep_dive · 2026-10-04NVIDIA GPU economic life: testing an A100 renewal against cash returns
CoreWeave’s disclosed A100 renewal supports older-generation demand. Separate that evidence from depreciation estimates, fleet cash returns and NVIDIA’s future sales.
Read article ↗news · 2026-10-04Caterpillar’s Sanford investment: separate capacity expansion from job retention
The September 30 plan supports compact-equipment capacity. A reported job-retention threshold does not establish new hiring or a forecast for returns.
Read article ↗academy · 2026-10-04Enterprise value: reconcile equity, debt and cash before comparing companies
Build and reverse a hypothetical enterprise-value bridge, test financing changes, and reconcile dates, units and issuer definitions before drawing valuation conclusions.
Read article ↗news · 2026-10-04GM’s EV decline exceeds its overall sales decline: how the comparison works
GM’s Q3 US delivery table shows a small non-EV offset to a much larger EV decline. Reconcile the units, the prior-year base and the limits of the earnings inference.
Read article ↗news · 2026-10-03Ford Q3 sales: what the portfolio adjustment explains—and what it does not
Ford reported a 6.6% decline in third-quarter US sales. Removing Escape and Corsair changes the comparison, but production, retail share and earnings still require separate evidence.
Read article ↗macro · 2026-10-03When higher pay does not mean higher unit labor costs
A practical worksheet for productivity and labor costs: exact growth ratios, output versus hours, annualized rates and the limits of company-margin inferences.
Read article ↗academy · 2026-10-03ETF costs: separate the bid-ask spread, NAV premium and expense ratio
A worked ETF cost worksheet explains trading spreads, premiums and discounts, annual expenses, and how to avoid counting the same cost twice.
Read article ↗commodities · 2026-10-03Oil and gas producer concentration: when a company sample misses regional supply
Use production weights and ownership bridges to test whether a listed-company sample represents regional oil and gas supply. Includes a worked hypothetical example.
Read article ↗deep_dive · 2026-10-03AMD rack-throughput claims: audit the model before estimating agent capacity
Trace rack power, node counts and benchmark summaries through a hypothetical worksheet, then identify the evidence needed to estimate useful agent workload capacity.
Read article ↗academy · 2026-10-03Bond coupon, current yield and yield to maturity: a cash-flow worksheet
Reconcile three bond yield measures with a worked hypothetical example, then test reinvestment, an early sale and implications for company research.
Read article ↗academy · 2026-10-03How to read a 10-K/A: identify the amendment before revising your analysis
Use real amendment notes and a hypothetical margin worksheet to distinguish added disclosures, audit-report edits and changed financial inputs.
Read article ↗news · 2026-10-03NVIDIA DGX Spark 64GB: separate the October launch from cluster readiness
The planned October 23 partner launch broadens local AI hardware choices. Check workload setup, measured performance and commercial evidence before changing an NVDA forecast.
Read article ↗macro · 2026-10-03Regulation O comment extension: separate the deadline from proposed bank-lending changes
The Fed extended comments to November 4. Track proposed insider-lending thresholds, passive ownership conditions and open design questions before changing bank forecasts.
Read article ↗academy · 2026-10-03Portfolio deposits and returns: separate account growth from investment performance
Reconcile deposits and investment gains, then calculate time-weighted and money-weighted returns using a fully worked hypothetical account.
Read article ↗news · 2026-10-03Tesla Q3 deliveries: reconcile sequential growth, annual decline and production
Tesla delivered 486,532 vehicles in Q3 2026. Compare the two baselines, the production gap and storage deployments before drawing earnings conclusions.
Read article ↗commodities · 2026-10-03July gas production set a record: reconcile gross, marketed and dry volumes
Read July 2026 natural gas production through three measurement stages, daily-rate arithmetic and the full monthly supply-and-use balance.
Read article ↗macro · 2026-10-03September payrolls rose 29,000: read the revisions and household measures together
The September jobs report shows modest payroll growth and lower earlier estimates. Separate the revised trend, unemployment denominator and private-sector measures.
Read article ↗academy · 2026-10-03Effective tax rates: reconcile earnings before interpreting cash taxes
A worked worksheet separates pretax growth, tax-rate effects and cash taxes, with explicit assumptions and checks for changing disclosure formats.
Read article ↗news · 2026-10-02Microsoft’s new speech models: preview access comes before adoption evidence
Microsoft’s speech-model launch opens new evaluation paths. Azure preview conditions and unfinished transcripts explain what investors should verify next.
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