reports
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
CE CELANESE CORPORATION
ACHC ACADIA HEALTHCARE COMPANY INC.
BJRI BJ'S RESTAURANTS INC.
PTK POET TECHNOLOGIES
NTLA INTELLIA THERAPEUTICS INC.
CRSP CRISPR THERAPEUTICS AG
BH BIGLARI HOLDINGS B
STOK STOKE THERAPEUTICS
TWST TWIST BIOSCIENCE
BEAM BEAM THERAPEUTICS
PCVX VAXCYTE
LUMN LUMEN TECHNOLOGIES INC.
ENVX ENOVIX CORP
ASTS AST SPACEMOBILE INC
ZGN ERMENEGILDO ZEGNA NV
PRME PRIME MEDICINE INC
ENGN ENGENE HOLDINGS INC
RR RICHTECH ROBOTICS INC
NGNE NEUROGENE INC
CRML CRITICAL METALS CORP.
BKKT BAKKT HOLDINGS INC.
MNPR MONOPAR THERAPEUTICS INC.
KLRS KALARIS THERAPEUTICS INC
STEM STEM INC.
RKLB ROCKET LAB CORPORATION
BALY BALLY'S CORPORATION
ANGX ANGEL STUDIOS INC CL A
- Jonathan Moreland
TPVG TRIPLEPOINT VENTURE GROWTH BDC CORP
TNDM TANDEM DIABETES CARE INC
RYAM RAYONIER ADVANCED MATERIALS INC
OPK OPKO HEALTH INC.
NEO NEOGENOMICS INC.
MTDR MATADOR RESOURCES COMPANY
KURA KURA ONCOLOGY INC.
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC.
ICUI ICU MEDICAL INC.
EMN EASTMAN CHEMICAL COMPANY
EIG EMPLOYERS HOLDINGS INC.
D DOMINION ENERGY INC
COTY COTY INC. CLASS A
CNC CENTENE CORPORATION
CHD CHURCH & DWIGHT CO. INC.
ARW ARROW ELECTRONICS INC.
ALGN ALIGN TECHNOLOGY INC.
UPS UNITED PARCEL SERVICE INC. CLASS B
AROW ARROW FINANCIAL CORP.
KODK EASTMAN KODAK CO
AAOI APPLIED OPTOELECTRONICS INC.
ADC AGREE REALTY CORPORATION
HTLD HEARTLAND EXPRESS INC.
BSM BLACK STONE MINERALS LP
VVV VALVOLINE INC.
GBLI GLOBAL INDEMNITY PLC
FTV FORTIVE CORP.
SMRT SMARTSPACE SOFTWARE
CCEL CRYO-CELL INTERNATIONAL
SONO SONOS
ESTA ESTABLISHMENT LABS HOLDINGS
WU THE WESTERN UNION COMPANY
TROX TRONOX HOLDINGS PLC
LUMN LUMEN TECHNOLOGIES INC.
VTRS VIATRIS INC
ENVX ENOVIX CORP
PTLO PORTILLOS INC
EBC EASTERN BANKSHARES INC
MSDL MORGAN STANLEY DIRECT LENDING
BKKT BAKKT HOLDINGS INC.
FIP FTAI INFRASTRUCTURE INC
MRAI MARPAI
MDRR INC.
BOOM MEDALIST DIVERSIFIED REIT INC.
EFOI DYNAMIC MATERIALS CORPORATION
STSS ENERGY FOCUS INC.
SHARPS TECHNOLOGY INC.
- Vikash Harlalka
2Q25 Broadband Trends
What’s new: in this report we discuss one of the drivers of slower broadband growth – a rise in mobileonly households. While we do not have the data to support it, we discuss the reasons why we find it a plausible explanation for the slower industry growth. We also update our industry forecast and reprise our work on competitive positioning of the operators based on relative cNPS scores.
- Jonathan Moreland
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
SFNC SIMMONS FIRST NATIONAL CORPORATION CLASS A
SBH SALLY BEAUTY HOLDINGS INC.
RGEN REPLIGEN CORPORATION
PSX PHILLIPS 66
PNFP PINNACLE FINANCIAL PARTNERS INC.
LLY ELI LILLY AND COMPANY
HRTX HERON THERAPEUTICS INC
CROX CROCS INC.
CNC CENTENE CORPORATION
CHD CHURCH & DWIGHT CO. INC.
CBZ CBIZ INC.
AKAM AKAMAI TECHNOLOGIES INC.
ASA ASA
WY WEYERHAEUSER COMPANY
KODK EASTMAN KODAK CO
MXCT MAXCYTE INC
AAOI APPLIED OPTOELECTRONICS INC.
ADC AGREE REALTY CORPORATION
PETS PETMED EXPRESS INC.
SGMS SCIENTIFIC GAMES CORPORATION
GBLI GLOBAL INDEMNITY PLC
AMBC AMBAC FINANCIAL GROUP INC.
CYRX CRYOPORT INC.
ICHR ICHOR HOLDINGS LTD.
UA UNDER ARMOUR
SMRT INC.
BHC SMARTSPACE SOFTWARE
SONO BAUSCH HEALTH COMPANIES INC.
ESTA SONOS
TROX ESTABLISHMENT LABS HOLDINGS
AMPY TRONOX HOLDINGS PLC
PINE AMPLIFY ENERGY
FOUR ALPINE INCOME PROPERTY TRUST
ASAN SHIFT4 PAYMENTS
DLHC INC.
LUMN ASANA
GRNT DALEIGH HOLDINGS CORP
PRCT LUMEN TECHNOLOGIES INC.
ENVX GRANIT SKOPKE
PTLO PROCEPT BIOROBOTICS CORP
BRCC ENOVIX CORP
BRBR PORTILLOS INC
MSDL BRC INC
INSG BELLRING BRANDS INC
SUNS MORGAN STANLEY DIRECT LENDING
INSEEGO CORP.
SUNRISE REALTY TRUST
- Jonathan Moreland
PNFP PINNACLE FINANCIAL PARTNERS INC.
DLY LYONDELLBASELL INDUSTRIES NV
LLY ELI LILLY AND COMPANY
FLDM FLUIDIGM
AAOI APPLIED OPTOELECTRONICS INC.
SGMS SCIENTIFIC GAMES CORPORATION
VVV VALVOLINE INC.
CYRX CRYOPORT INC.
SMRT SMARTSPACE SOFTWARE
CLAR CLARUS CORPORATION
AVNS AVANOS MEDICAL INC.
ASAN ASANA
LUMN LUMEN TECHNOLOGIES INC.
PRCT PROCEPT BIOROBOTICS CORP
MSDL MORGAN STANLEY DIRECT LENDING
MDRR MEDALIST DIVERSIFIED REIT INC.
- Vikash Harlalka
Autumn for Broadband 2Q25
In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Net adds remained nearly flat compared to a year ago (when adjusted for ACP impact) but were within the pre-pandemic norm. Industry subscriber trends have mostly stabilized over the past 3 quarters, but y/y growth remains below pre-pandemic levels.
- Vikash Harlalka
- Blair Levin
- Jonathan Chaplin
Mobile and broadband pair trades to consider this summer
While we have been intensively focused on such things as a Presidential intervention to prevent a Chapter 11, we admit that our mind occasionally drifts to thoughts of summer. So to help others who may have similar thoughts, we thought, in honor of summer beginning, we should provide our thoughts as to which alcohols pair best with the purchase of the stocks we cover (actually, we just asked ChatGPT and, given its attitude about intellectual property, we have no fears about just cutting and pas...
- Jonathan Chaplin
EchoStar Certified More Licenses
Over the past week, EchoStar has filed numerous new buildout reports at the FCC, increasing the number of licenses that will be preserved if the buildout deadline reverts to June 2025. In this brief note, we analyze the reports to determine the amount of additional license value that has been protected, and the value still at risk.
- Jonathan Chaplin
EchoStar Defaulting on Interest Payment
EchoStar released an 8-K this morning stating that it has elected not to make an interest payment due today. They have a 30-day grace period before this becomes an event of default. They hope to get relief from the FCC in that time. Our quick thoughts in this very brief note.
- Jonathan Chaplin
AT&T: what exactly are they buying from Lumen
This report leverages Broadband Insights to explore the markets where AT&T is buying fiber, including market demographics, the future upgrade opportunity, Cable companies at risk, and overbuilders at risk. We also distinguish the infrastructure that AT&T is buying in these markets from what they lease under IRUs and what they wholesale. Finally, we show our forecast for customers and penetration.
- Jonathan Chaplin
LUMN / AT&T: quick thoughts on fiber transaction
We provide quick thoughts on deal terms, the structure, the pending JV, and implications for Lumen, AT&T, the other wireless operators, and the Cable operators in this note. We have lots more work to do on this transaction in the coming weeks. AT&T is a big winner, in our view. This transaction supports our Buy recommendation (though we don’t expect to get paid on this thesis tomorrow).
- Jonathan Chaplin
Autumn for Broadband 1Q25
In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Net adds declined from an already weak pace a year ago and are well below the pre-pandemic norm. The expected recovery following the end of ACP didn’t materialize. We ponder whether growth is structurally lower, or whether temporary ACP-related pressures have persisted longer than expected.
- Jonathan Chaplin
LUMN 1Q25 Quick Take: Revenue & EBITDA beat
Revenue was better than expected in Business and Mass Markets. In Business, management seemed more confident in improving trends than they were last quarter. In Mass Markets, fiber deployment and net adds were below expectations, but ARPU growth was well ahead. EBITDA was better in both segments, with signs that costs are being taken out as promised. Guidance is unchanged, but management said they were ahead of their plan so far; they are just being conservative.
- Jonathan Chaplin
Four killer insights from day one
We just wrapped up day one the Future-of-Connectivity conference that we host every year with BCG. We gleaned new insights into the risk of the broadband market getting more competitive, wireless market growth, what is driving the convergence imperative, and Lumen’s appetite for asset sales.
- Jonathan Chaplin
- Jonathan Chaplin
AT&T in talks to buy Lumen fiber assets
Bloomberg reports that AT&T is in exclusive discussions to buy the fiber business for “more than $5.5BN”. We are not at all surprised that the deal is happening or that AT&T is the buyer. We are surprised by the price – it looks too low. Our quick thoughts in this brief note.
- Jonathan Chaplin
The Lumen transaction report series
The biggest transaction likely to happen this year will be the sale of all or part of Lumen’s Mass Markets business (we expect other much bigger deals, but these will likely take longer to emerge than some seem to expect). We have covered the potential Lumen transaction in three reports in the last week: 1. We explored the Mass Markets asset in a detailed report last week that leverages Broadband Insights. This covered the markets where Lumen has deployed fiber so far, the number of competitor...
- Jonathan Chaplin
LUMN: a closer look at the infrastructure for sale
We published a report earlier this week arguing that the three national wireless carriers should all be targeting Lumen’s Mass Markets assets. In this follow-up, we provide a breakdown of Lumen’s Mass Markets assets, detailing where fiber has been deployed, how many copper locations can be upgraded with good returns, and who they compete against in fiber markets, upgradeable copper markets, and residual copper markets.
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