reports
- Do Kim
Biopharma Week in Review
We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&A. Ainos, Inc. (AIMD) Director of Corporate Development Jack Lu recently joined us on the Water Tower Hour podcast. Our discussion is available on Apple Podcasts, Spotify, or on our website. Link to the podcast in our full report. For our AIMD podcast recap note and update note on the Veldona animal study, please see accessible links in our full report. Last week, IONS matched Ultrag...
- Brian Gordon
- Budd Bugatch
Furniture/Furnishings Weekly
The market rotation continued to benefit many of the stocks in the Water Tower Research Furniture and Furnishings indexes. The Water Tower Research Commercial/Contract Furniture Index was up (+5.5%) and Home Goods Retailers Index was up (+4.7%) for the week, while the Residential Manufacturers & Suppliers Index pulled back slightly (-1.4%) overall, even as many individual issues within the index continued higher, as the rotation to smaller-cap and value stocks continued with the S&P 500 and Dow ...
- Dmitry Silversteyn
The Dark Oxygen Hypothesis
A scientific paper published in Nature magazine earlier this week hypothesized that a phenomenon termed “dark oxygen” production may be occurring on the seafloor in the Clarion-Clipperton Zone (CCZ) of the Pacific Ocean whereby a slight voltage differential between different metals contained in the polymetallic nodules found in the area may drive an electrochemical dissolution of water (H20) into oxygen (O2) and hydrogen (H2), although no increase in hydrogen presence has been noted by the resea...
- Peter Gastreich
- Shawn Severson
Sustainable Investing Podcast Recap: CFO Discusses First US Integrated...
CFO Steve Cates recently joined us on the WTR Sustainable Investing podcast. WWR is developing and now constructing the first fully integrated graphite mining and processing operation in the contiguous US. Those interested can listen to the episode on Apple Podcasts, Spotify, or on our website. Links available in our full report. When asked about the value proposition of the company, Cates said WWR is the only publicly traded, US-based graphite anode company with 100% domestic sourcing and proce...
- Brian Gordon
- Budd Bugatch
HNI: 2Q24 Adjusted EPS of $0.79 Beats WTR Estimate of $0.62 by $0.17; ...
Before the opening Thursday, HNI reported strong 2Q24 earnings results. Diluted GAAP EPS of $0.75 compared with a reported GAAP loss of $0.30 in 2Q23 due to acquisition costs from acquiring Kimball International. More importantly, non-GAAP EPS beat our $0.62 estimate (and consensus of $0.61) due to a strong performance from the Workplace Furnishings (WF) profit transformation and continued excellent profit performance from HNI’s market leading Residential Building Products (RBP) segment. The onl...
- Do Kim
Water Tower Hour Recap: AI Nose for POCT Diagnostics and Much More
Jack Lu, Director of Corporate Development, joined us on the Water Tower Hour podcast to discuss the business and platform priorities. We focused on AI Nose technology and opportunities in healthcare and beyond. Those interested can listen to this podcast on Apple Podcasts, Spotify, or on our website. Link is accessible in our full report. Ainos business and priorities. The medtech company has three key technology platforms: (1) AI Nose point of care testing (POCT); (2) Low dose interferon-a Vel...
- Jeff Robertson
Free Cash Flow Tailwind
We are updating our estimates to reflect actual 2Q24 NYMEX reference prices of $80.66/bbl for oil and $2.32/MMBtu for natural gas. Oil accounts for 78% of our 2Q24 oil production estimate and 98% of our 2Q24 revenue estimate. Management’s FY24 production outlook is 43.0-47.0 MBOE/d (Figure 1). 1Q24 production averaged 49.7 MBOE/d (80% oil). HighPeak carried three operating rigs into January before falling back to two operated rigs in 1Q24. The activity cadence is expected to result in capital s...
- Dmitry Silversteyn
Mat-Chem Notes
Heavy lithium. Halfway through the year, the S&P 500 has appreciated 15.4% YTD, driven by the strong performance of the Magnificent Seven, even as the remaining 490+ companies saw their stock prices move more in line with the Russell 2000, which itself posted an 7.8% gain YTD. Over the same timeframe, the WTR-CMI Index delivered a disappointing 4.4% gain under the weight of lithium and graphite companies losing 36-62% of their value due to collapsing lithium and synthetic graphite prices, driven...
- Jeff Robertson
Asset Diversity Supports Growth and Cash Returns to Shareholders
We hosted a fireside chat with CEO George Maxwell on June 4, 2024, to discuss the company’s latest acquisition, which added a non-operated working interest in Block CI-40 offshore Côte d’Ivoire, and management’s strategy to add value from its diverse asset base spanning five countries. This report contains a transcript of the conversation, which can be accessed on demand. The link is accessible in our full report. VAALCO closed the Côte d’Ivoire acquisition on April 30, 2024, for $40.2 million. ...
- Do Kim
Veldona Animal Study Enrolls First Subject, Marking a Good Start
Enrolled first subject in feline oral disease study, paving way for animal health opportunity. The randomized, double-blind Veldona animal study will enroll 30 cats with feline chronic gingivostomatitis (FCGS) at a single Taiwan clinical site. Two dosage groups, a low dose (6,000 IU) and high dose (12,000 IU), will be evaluated. The first enrolled subject will be dosed later this week. Ainos expects to complete enrollment by year-end, with data in 1Q25. Positive results would support a pivotal f...
- Brian Gordon
- Budd Bugatch
WTR Furniture/Furnishings 2H24 Industry Outlook
Equity analysts spend most of their time trying to get a handle on what is going to happen over the next 12-24 months for the companies that they follow. Much of the focus is on ‘the numbers’. But sometimes it’s useful to pause and take some time to think about the big picture factors that could affect the industries and companies we care about. In this industry report, we talk about five of the current themes and one trend we have been thinking about, with an eye on how they may affect the furn...
- Graham Mattison
- Peter Gastreich
- Shawn Severson
Sustainable Investing Surveyor
The WTR Sustainable Index was down 3.6% W/W versus the S&P 500 Index (down 2.0%), the Russell 2000 Index (up 1.7%) and the Nasdaq Index (down 4.0%). Energy Technology (14.4% of the index) was down 8.1%, while Industrial Climate and Ag Technology (59.6% of the index) was down 1.7%, ClimateTech Mining was down 7.0%, and Advanced Transportation Solutions (20.7% of index) was down 6.0%. Top 10 Performers: ARVL, ZAPP, NAAS, VMC, PEGY, QS, LCID, OUST, EVGO, COMM Bottom 10 Underperformers: ZEV, IDEX, L...
- Robert Sassoon
A Start-Up That Is Delivering Revenue and Profit
We hosted CEO and Co-Founder Junling Liu for a fireside chat on July 18, 2024. The discussion included an overview of 111’s business model, its strategic priorities, and target milestones in the short and longer term. Liu also described the competitive landscape, explaining how the company differentiates itself from the competition, and the market opportunity that presents itself to 111. This report contains a transcript of the conversation, which can be accessed on demand. The link is accessibl...
- Jesse Redmond
The Highlights
Cannabis stocks started strong last week but faded on Friday. MSOS dropped 2.50% over the five sessions, while YOLO fell 1.73%. Ascend (CSE: AAWH, OTCQX: AAWH) rallied 12.18% following its debt refinancing, while Jushi (CSE: JUSH, OTCQX: JUSHF) lost the most at -9.84%. Ascend (CSE: AAWH, OTCQX: AAWH) announced on Monday it successfully refinanced its debt. The new senior secured notes were priced at 94.75% of face value, have a 12.7% interest rate, and are due in 2029. The net proceeds of the ...
- Do Kim
- Brian Gordon
- Budd Bugatch
Furniture/Furnishings Weekly
Rotation into smaller-cap and value stocks continues. The Water Tower Research Commercial/Contract Index (+1.2%) and Residential Manufacturers & Suppliers Index (+2.4%) benefited, while the Home Goods Retailers Index (-2.1%) was weighed down, in part, by bankruptcy concerns for CONN. The Mass Retailers Index (-2.4%) was affected by weakness in growth stocks, giant caps, and technology components of the market. The Russell 2000 (-0.1%) outperformed the S&P 500 and Dow 30, both (-2.2%). Per Furnit...
- Jeff Robertson
Estimate Update Including Cote d'Ivoire Contribution
Our updated estimates include the impact of the Svenska acquisition, which closed on April 30, 2024, and was included in management’s latest guidance update following the release of 1Q24 financial and operating results (Figure 1). The acquisition added a 27.39% non-operated working interest in the CI-40 license located offshore Côte d’Ivoire. On May 7, 2024, management increased the midpoint of FY24 working interest (WI) production guidance to ~25.0 MBOE/d from 22.1 MBOE/d. Production ranges for...
- Jeff Robertson
Estimate Update/Stepping Up to the Plate
We are updating our estimates to reflect actual 2Q24 NYMEX reference prices of $80.66/bbl for oil and $2.32/MMBtu for natural gas. We have also increased our 2Q24 lease operating cost estimate to reflect workover activity and bumped our DD&A estimate. Talos’s latest guidance and our updated estimates are outlined in Figures 1 – 4. Our FY24 adjusted EBITDA estimate is $1.3 billion, up from $951 million in FY23. The Y/Y increase is largely attributable to the positive impact of the contribution fr...
- Do Kim
Water Tower Hour Recap: OvaWatch Update
CEO and Director Nicole Sandford joined us on the Water Tower Hour to discuss the latest on OvaSuite, Aspira’s portfolio of non-invasive tests for the risk assessment of ovarian cancer, in addition to the opportunities for the product pipeline and biobank. Those interested can listen to this podcast on Apple Podcasts, Spotify, or on our website. Links are available in our full report. OvaWatch mass monitoring completes OvaSuite portfolio. With the recent launch of longitudinal or serial adnexal ...
- Graham Mattison
- Peter Gastreich
- Shawn Severson
Sustainable Investing Surveyor
The WTR Sustainable Index was up 7.0% W/W versus the S&P 500 Index (up 0.9%), the Russell 2000 Index (up 6.0%), and the Nasdaq Index (down 0.3%). Energy Technology (15.1% of the index) was up 15.5%, while Industrial Climate and Ag Technology (58.5% of the index) was up 4.7%, ClimateTech Mining was down 3.4% and Advanced Transportation Solutions (21.2% of index) was up 9.0%. Top 10 Performers: ARVL, ZAPP, NAAS, VMC, PEGY, QS, LCID, OUST, EVGO, COMM Bottom 10 Underperformers: ZEV, IDEX, LICY, VLI,...
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