reports
- Vikash Harlalka
BEAD: Funding wins and investments by operator
In this note on BEAD, we summarize the funding wins so far for each operator along with the matching investment they are expected to make based on the cost estimates of each state. Based on the state estimates, they are contributing 63% of the estimated build costs and the operators are expected to invest 37% of the cost. The share of investments needed varies depending on the operator, and in some cases may be lower than estimated.
- Vikash Harlalka
BEAD: NTIA Deadline is here
Today is the deadline for all states to submit their final proposals. We now include proposals from 32 states in this latest update on BEAD. Fiber’s share of locations has nearly stabilized with small share shifts in either direction with each update (fiber’s share declined slightly after this update). Satellite and FWA together account for a third of the locations awarded.
- Vikash Harlalka
BEAD: Half-time report
Our latest BEAD update includes proposals from 25 states. Fiber remains the preferred technology with its share improving slightly from our last update. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies. We also update our summary for BEAD proposals so far.
- Vikash Harlalka
BEAD: More state proposals; Fiber share nearly stable
24 states have now reported their BEAD proposals. Fiber remains the preferred technology, and their share of locations slipped only slightly in this latest round of updates. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies. We also update our summary for BEAD proposals so far.
Eli Lilly & Co: 1 director
A director at Eli Lilly & Co sold 1,000 shares at 734.930USD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
- Vikash Harlalka
BEAD: Fiber slips further; FWA gains some ground
Georgia, New Mexico and Oklahoma have reported their BEAD proposals. We are also including the numbers released by Washington yesterday. While fiber remains the dominant technology, its share slipped further. FWA and satellite increased their share of locations. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies.
- Vikash Harlalka
BEAD: More state proposals; Fiber still dominant but Satellite gaining...
We now have BEAD proposals from 12 states. While fiber still remains the dominant technology, its share of locations has decreased as Satellite gains more ground. In this note, we analyze the results, compare them with estimates from our Broadband Insights database, and its implications for broadband companies.
- Vikash Harlalka
BEAD: West Virginia releases final proposal
What’s new: West Virginia released their final proposal last night. Among large broadband operators, Frontier was the big winner. Comcast continues to feature in the list of proposed providers. Fiber continues to be the preferred technology. In this short note, we discuss the proposal, compare the results with our estimates from Broadband Insights database, provide a quick summary of BEAD proposals so far, and discuss the implications for broadband companies.
- 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.
Moody's Ratings assigns Aa3 rating to Eli Lilly's notes; stable outloo...
Moody's Ratings (Moody's) assigned a Aa3 rating to the new senior unsecured notes offering of Eli Lilly and Company ("Lilly"). There are no changes to Lilly's existing ratings including the Aa3 senior unsecured notes ratings and issuer rating, the (P)Aa3 senior unsecured shelf, the (P)Aa3 senior uns...
- 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.
- Jonathan Moreland
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
SBH SALLY BEAUTY HOLDINGS INC.
RYAM RAYONIER ADVANCED MATERIALS INC
PSX PHILLIPS 66
LPSN LIVEPERSON INC.
LLY ELI LILLY AND COMPANY
KURA KURA ONCOLOGY INC.
ICUI ICU MEDICAL INC.
CROX CROCS INC.
ASA ASA
KODK EASTMAN KODAK CO
AAOI APPLIED OPTOELECTRONICS INC.
ADC AGREE REALTY CORPORATION
PETS PETMED EXPRESS INC.
UTI UNIVERSAL TECHNICAL INSTITUTE INC.
SGU STAR GROUP L.P.
UA UNDER ARMOUR
BHC INC.
ESTA BAUSCH HEALTH COMPANIES INC.
AMPY ESTABLISHMENT LABS HOLDINGS
PRKA AMPLIFY ENERGY
DLHC PARKS! AMERICA INC
PRCT DALEIGH HOLDINGS CORP
TSE PROCEPT BIOROBOTICS CORP
NRGV TRINSEO PLC
MSDL ENERGY VAULT HOLDINGS INC
INSG MORGAN STANLEY DIRECT LENDING
FINS INSEEGO CORP.
ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST
- Vikash Harlalka
BEAD: Louisiana releases final proposal
Louisiana was the second state to release their final proposal at the end of last week. Virginia just beat Louisiana and was the first. Louisiana Local Fiber Consortium, which includes T-Mobile, was the big winner again. Surprisingly, Comcast was the only large Cable operator among the winners. The ILECs won less than we expected. Fiber continues to be the technology of choice for BEAD. In this short note, we discuss the proposal, compare the results with our estimates from Broadband Insights da...
- Jonathan Moreland
RPD RAPID7 INC.
PRGS PROGRESS SOFTWARE CORPORATION
LLY ELI LILLY AND COMPANY
CROX CROCS INC.
AMH AMERICAN HOMES 4 RENT CLASS A
WY WEYERHAEUSER COMPANY
MXCT MAXCYTE INC
GBLI GLOBAL INDEMNITY PLC
LMB LIMBACH HOLDINGS
BRT BRT APARTMENTS
PMTS CPI CARD GROUP
BHC BAUSCH HEALTH COMPANIES INC.
ESTA ESTABLISHMENT LABS HOLDINGS
TROX TRONOX HOLDINGS PLC
AMPY AMPLIFY ENERGY
ALKT ALKAMI TECHNOLOGY
XPOF INC.
VTRS XPONENTIAL FITNESS
WBD INC.
MSDL VIATRIS INC
SUNS WARNER BROS. DISCOVERY INC.
LNW MORGAN STANLEY DIRECT LENDING
SUNRISE REALTY TRUST
LIGHT & WONDER INC.
- Jonathan Moreland
TLYS TILLYS
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
RGEN REPLIGEN CORPORATION
PENN PENN NATIONAL GAMING INC.
NMFC NEW MOUNTAIN FINANCE CORPORATION
LLY ELI LILLY AND COMPANY
HRTX HERON THERAPEUTICS INC
CHD CHURCH & DWIGHT CO. INC.
CBZ CBIZ INC.
AKAM AKAMAI TECHNOLOGIES INC.
ASA ASA
CC CHEMOURS CO.
SSSS SUTTER ROCK CAPITAL CORP.
LFST LIFESTANCE HEALTH GROUP
ENVX INC.
BRBR ENOVIX CORP
GRNT BELLRING BRANDS INC
SMRT GRANITE RIDGE RESOURCES INC
MNR SMARTRENT INC
NBBK MACH NATURAL RESOURCES LP
NB BANCORP INC.
- Jonathan Moreland
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TFX TELEFLEX INCORPORATED
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
SHBI SHORE BANCSHARES INC.
PNFP PINNACLE FINANCIAL PARTNERS INC.
OPK OPKO HEALTH INC.
NSP INSPERITY INC.
NPO ENPRO INDUSTRIES INC.
MTDR MATADOR RESOURCES COMPANY
MMLP MARTIN MIDSTREAM PARTNERS L.P.
LLY ELI LILLY AND COMPANY
KMPR KEMPER CORPORATION
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC.
EIG EMPLOYERS HOLDINGS INC.
CNOB CONNECTONE BANCORP INC.
CHTR CHARTER COMMUNICATIONS INC. CLASS A
CHD CHURCH & DWIGHT CO. INC.
CDXS CODEXIS
ARW ARROW ELECTRONICS INC.
AMH AMERICAN HOMES 4 RENT CLASS A
CIVB CIVISTA BANCSHARES
OLN OLIN CORPORATION
ASUR ASURE SOFTWARE INC
BRO BROWN & BROWN INC.
CYRX CRYOPORT INC.
FTV FORTIVE CORP.
CLAR CLARUS CORPORATION
A2H9KJ NEO PERFORMANCE MATERIAL
OSPN ONESPAN
FXNC FIRST NATIONAL CORP. OF VIRGINIA
TROX TRONOX HOLDINGS PLC
MEC MAYVILLE ENGINEERING
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
XRX XEROX HOLDINGS CORPORATION
PINE ALPINE INCOME PROPERTY TRUST
WSC WILLSCOT MOBILE MINI HOLDINGS CORP
LRMR LARIMAR THERAPEUTICS INC
THRY THRYV HOLDINGS
DLHC DALEIGH HOLDINGS CORP
INTA INTAPP INC
PTLO PORTILLOS INC
BRBR BELLRING BRANDS INC
AUB ATLANTIC UNION BANKSHARES CORP
AURX NUO THERAPEUTICS
OI INC.
SIRI OWENS ILLINOIS INC.
XELB SIRIUS XM HLDGS INC NEW
MUSA XCEL BRANDS INC.
LNW METALS USA HOLDINGS CORP.
LIGHT & WONDER INC.
- Jonathan Moreland
PNFP PINNACLE FINANCIAL PARTNERS INC.
OPK OPKO HEALTH INC.
NPO ENPRO INDUSTRIES INC.
LLY ELI LILLY AND COMPANY
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC.
BRO BROWN & BROWN INC.
CRSP CRISPR THERAPEUTICS AG
OSPN ONESPAN
TROX TRONOX HOLDINGS PLC
MEC MAYVILLE ENGINEERING
PINE ALPINE INCOME PROPERTY TRUST
PTLO PORTILLOS INC
AUB ATLANTIC UNION BANKSHARES CORP
LNW LIGHT & WONDER INC.
- Dominic Rose
- Naresh Chouhan
Novo - Upgrade to HOLD (PT DKK300, 8pgs)
With the orfo’ data being on the lower side of expectations, we upgrade to Hold as the narrative is likely to be dominated by the potential upside for Novo. However, we remain convinced that: 1) The obesity market is nowhere near as big as the market believes, 2) Ozempic no’s are far too high & 3) Margin forecasts need to fall. Cons’ Ozempic forecasts will take time to fall & we will likely need the IRA price in November to force consensus lower. Therefore, we see limited S-T downside to our DKK...
- Vikash Harlalka
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