Vector Equilibrium

🇿🇦 Aim for the head. Statistical Arbitrage Trader. Contrarian. Hab Keine Angst ✝️

[TrendSpider @TrendSpider]

$DECK EARNINGS DUMP 🩸

Q2 EPS: $2.31 vs $1.80 est ✅
Q2 Sales: $1.481B vs $1.507B est ❌

Raises FY2027 GAAP EPS Guidance ✅
Lowers FY2027 Sales Guidance ❌

🟥 -10.85% in after-hours

[Kalshi @Kalshi]

BREAKING: Getty Images officially files for bankruptcy

[Wall St Engine @wallstengine]

AMERICAN EXPRESS $AXP Q3’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $20.1B (Est. $20.12B) 🟡; +9% YoY
🔹 GAAP EPS: $5.42; +31% YoY
🔹 Adj. EPS: $4.68 (Est. $4.48) 🟢; +13% YoY
🔹 Pretax Income: $4.53B; +18% YoY
🔹 Net Income: $3.7B; +28% YoY

FY26 Guide:
🔹 Adj. EPS: $17.60-$17.90 (Est. $17.63) 🟡
🔹 EPS: $18.30-$18.60
🔹 Revenue Growth: 10%

Other Q3 Metrics:
🔹 Billed Business: $454.0B; +8% YoY
🔹 Credit Loss Provisions: $1.0B; vs $1.3B LY
🔹 Net Write-off Rate: 1.8%; vs 1.9% LY
🔹 Expenses: $14.5B; +9% YoY
🔹 Effective Tax Rate: 18.1%; vs 24.1% LY

Key Updates:
🔹 GBTG Gain on Sale (pretax): $982M; $751M after tax
🔹 Adjusted EPS excludes the GBTG gain, net of the portion used to fund restructuring

Comments:
🔸 “We had another strong quarter, delivering 9 percent revenue growth and EPS of $5.42, or $4.68 adjusted, up 13 percent year-over-year.”

[The Finance Ghost @FinanceGhost]

CMH on Chinese cars.

Calgro M3's cash flow conundrum.

Here's the latest YouTube video bringing you the Best of Bites...

Subscribe to the channel while you're at it!

https://t.co/r9ZfkmZ6EN

[Barchart @Barchart]

McDonald's $MCD is now up 10% since the October low 📈 📈

[Hedgeye @Hedgeye]

BREAKING: Palladium plunges -2.8% to new Cycle Lows.

Hedgeye Nation has been short $PALL since September 21, when @KeithMcCullough added it to ETF Pro Plus.

$PALL is now down -19.1% since that call 🔥

[Herenya Capital Advisors @HerenyaCapital]

$JSETGA trade going very well :) We took half off around R140, we are keeping the rest on trailing stop loss.

[Frank Turek @DrFrankTurek]

A student at NW Missouri State recently asked me: "Why is my 'queer' behavior considered wrong?" Culture tells us that morality is based on feelings, but true love requires truth. Here’s how I answered her live on campus 👇

[ONPOINT @Notp0intless]

I didn't expect piers to be this ignorant , tucker left him speechless 😶.

[Wall St Engine @wallstengine]

PROCTER & GAMBLE $PG Q1’27 EARNINGS HIGHLIGHTS

🔹 Revenue: $23.28B (Est. $22.79B) 🟢; +4% YoY
🔹 Adj. EPS: $2.00 (Est. $1.88) 🟢; +1% YoY
🔹 Core Gross Margin: 50.0%; -150 bps YoY
🔹 Organic Sales: +4% YoY
🔹 GAAP EPS: $1.97; +1% YoY

FY27 Guide:
🔹 Adj. EPS: $6.89-$7.11 (Est. $6.97) 🟡
🔹 Net Sales Growth: +2%-+4%
🔹 Organic Sales Growth: +1% to +3%
🔹 Core Effective Tax Rate: 20% to 21%
🔹 Adj. FCF Productivity: 85% to 90%
🔹 Dividends: Over $10B
🔹 Share Repurchases: ~$5B

Segment Organic Sales:
🔹 Beauty: +5.4% YoY
🔹 Grooming: +4.5% YoY
🔹 Health Care: +2.7% YoY
🔹 Fabric & Home Care: +4.8% YoY
🔹 Baby, Feminine & Family Care: +3.0% YoY

Other Q1 Metrics:
🔹 Core Oper Margin: 25.9%; -80 bps YoY
🔹 Operating Cash Flow: $5.8B
🔹 Adj. FCF Productivity: 93%

Capital Return:
🔹 Dividends Paid: $2.6B
🔹 Share Repurchases: $1.3B

Key Updates:
🔹 Thorne acquisition updated net sales guidance effective October 1, 2026
🔸 FY27 core EPS outlook absorbs an approximately $1.4B after-tax commodity cost headwind

Comments:
🔸 “While we expect there will continue to be geopolitical and economic challenges, this strong start keeps us on track to deliver within our guidance ranges for organic sales growth, core EPS growth and free cash flow productivity for the fiscal year.”

[Share_Trader @KoosKanmar]

$SOL Sasol. Well on its way to the R320 target on the back of geopolitical risk.

[Wall St Engine @wallstengine]

SK HYNIX SCRAPS SOLIDIGM U.S. IPO AMID CAPITAL MARKET VOLATILITY & DUPLICATE-LISTING CONCERNS

The company also halted a planned pre-IPO funding round, per Bloomberg.

South Korean regulators had raised concerns that separately listing its flash-memory subsidiary could undermine existing shareholder value. The proposal also faced strong shareholder opposition.

Goldman Sachs and Morgan Stanley had reportedly been selected to lead the potential offering.

SK hynix says Solidigm will explore alternative financing options to expand production capacity.

[The_Real_Fly @The_Real_Fly]

Notable drawdowns, 1mos

[Smalltalkdaily Research @smalltalkdaily]

Catching up on $JSECSB Cashbuild Q1 2026 update as issued on @JSE_SENS

On the update, #CSB -2.5% in low volumes of 7,416 shares a quarter of usual daily trade

Looking at the update, it did not look encouraging

Issued noted. Granted the period covers July to September 2027 when sharply rising fuel costs and cost of living increases started to bite into consumers

Selling inflation seems to have ticked higher to 3.1%
Total Group sales for the quarter +1% with new store growth +5% and exiting stores down -4%

Cashbuild South Africa -2%
Rest of Africa -11%

Dedicated stores P&L Hardware & Amper Alles +56% but a majority of this leap was from the inclusion of the Amper Alles acquisition. This division is only 9% of group sales

Year-to-date #CSB -27.78% with its recent 52-week low at R90..00 on October 15th ... price has held steady since. I ponder if #CSB has been in the market undertaking further share buy-backs as per its mandate ?

The DIY and home renovation sector of the #JSE has been under pressure since post COVID and with further fuel price increases (before rebate levy), the effect of recent interest rate hikes and the spectre of rising inflation on consumer foods ... the sector nay remain unloved until there is meaningful reduction in consumer day-to-day costs, improved economic growth and lowering interest rates

The picture - on a high level opinion - looks unappealing for the sector for some time

[Johan Meÿer @jmtr4]

$VAL #JSE
Valterra Platinum Q3 2026 Production Update

For the quarter ended 30 September 2026, compared with Q3 2025:

• Total PGM production -6% to 804,300oz, comprising own-mined production -5% to 511,900oz and purchased concentrate -7% to 292,400oz.

• Mine production: Mogalakwena -4%, Amandelbult -10%, Mototolo +7%, Unki -12% and Modikwa -5%.

• Refined PGM production -41% to 576,900oz, reflecting rescheduled maintenance and stock counts. YTD refined production -2%.

• PGM sales volumes -27% to 683,300oz, while YTD sales remained broadly flat.

• Realised PGM basket price +15% to R38,815/oz, or US$2,383/oz (+24%).

• Chrome production +7% to 277,000 tonnes, while nickel production fell 39% and copper 22%.

• Outlook: FY2026 production guidance unchanged at 3.0–3.4Moz for both M&C and refined PGMs. Unit costs expected near the upper end of R19,000–R20,000/oz; AISC target approximately US$1,050/3E oz.

[AdamTheBanned 🇺🇸 @AdamTheBanned]

This never gets old! 😂

[Vector Equilibrium @Mercedarians]

@DrieksCombrinck

[First Squawk @FirstSquawk]

US Strikes on Iran to Target Nuclear Infrastructure, Missile and Drone Depots, and Energy Facilities, Officials Say

[Brandon Taylor Moore @LetsGoBrando45]

Tucker Carlson on immigration:

"Who's pushing this?"

"The population clearly doesn't want it... There's no referendum on it."

"You've got no voice in it other than you get to go to jail if you complain loudly enough about it."

[Vector Equilibrium @Mercedarians]

Shocking

[First Squawk @FirstSquawk]

JPMorgan Cuts Blackstone Price Target to $135 From $136