November 6, 2025
We review Vertiv’s announcement of a deal for PurgeRite, a services provider specializing in liquid cooling, but our heads are turned more by the strategic implications of Eaton’s (ETN, not rated) agreement to acquire Boyd…
November 4, 2025
WHAT’S UP? Last Thursday, FSLR reported 3Q25 results that – by any rational measure – were underwhelming. Revs came in at $1.595bn with GAAP EPS of $4.24 vs. GLJe $1.589bn/$4.26 (Cons. $1.608bn/$4.31) – a miss….
October 31, 2025
GE Vernova published a positive 3Q update and announced plans to acquire the remaining 50% stake in its North America transformer business, a 50/50 joint venture with Xignux, targeting a mid-2026 close. At 13.2x guided…
October 31, 2025
We review the implications of two recent CCGT project awards as Argan announces a major CCGT award while another goes to a consortium formed by generation new entrant Quanta and a revived Argan competitor. Overall,…
October 29, 2025
WHAT’S UP? ENPH just did something unusual for a solar company – it told investors the truth. The company reported Q3 revenue and non-GAAP EPS of $410.4mn/$0.90, handily above Consensus at $365mn/$0.65 (GLJe $362mn/$0.58). The…
October 28, 2025
Wall Street Optimism High Headed into Q3 Results Tonight; is it Warranted? Investors appear downright euphoric heading into ENPH’s Q3 print tonight. The problem? The math doesn’t support the mood. On 7/22 management guided to…
October 23, 2025
Tesla’s Q3 Results Disappoint; Musk’s Promised Future Slips Further into Fantasy. TSLA reported Q3 rev/non-GAAP EPS of $28.095bn/$0.50 vs. Cons $26.365bn/$0.54 (GLJe $27.8bn/$0.59), or a bottom-line miss despite a sizeable top-line beat. The problem? Lower…
October 22, 2025
Management posted a positive update we believe met elevated buyside expectations. Vertiv continues to realize accelerative demand trends for its core product suite, but medium-term competitive concerns and increasing keep us cautious here for reasons…
October 22, 2025
Consensus Estimates Appear Too Low Ahead of Tesla’s Q3 Print (after the close today). Consensus appears too conservative heading into Tesla’s Q3 release. As shown in Ex. 1, we’ve revised our 3Q25E automotive revenue higher,…
October 21, 2025
Cleveland Cliffs: Another Chapter in the Fairy Tale. Cleveland Cliffs just posted its fifth consecutive quarter of negative gross margins – this, despite President Trump’s trade war artificially inflating U.S. steel prices since 1Q25. Yesterday,…
October 16, 2025
We caught up with Argan CEO David Watson earlier this week. The focus remains firmly on Argan’s Gemma Power Systems, along with Fluor (FLR, not rated) one of the few leading CCGT E&Cs available for…
October 14, 2025
We expect 3Q25 to be a positive event for shares as GEV surprises investors with a robust bookings pathway driven by CCGT SRA conversion and Saudi condensers hitting equipment RPOs for Power & Electrification. Expect…
October 13, 2025
Q3 Preview – More Trick than Treat. Once again, the market seems content to sleepwalk – this time straight into what looks like an unfortunate Q3 for CSIQ. For those who actually read 10-Ks and…
October 10, 2025
We are hopeful about the appointment of a tenured Jacobs executive with strong experience across Primoris’ most critical growth markets. Reiterate BUY. Traditionally, Primoris has drawn senior and divisional leadership from a cadre of ex-CB&I…
October 3, 2025
End of Tax Credit Pushes Tesla’s Q3 Deliveries to Record High. Everyone knew the U.S. would be strong due to demand pull-forward, but just how strong was the question. Yesterday, we got the answer. TSLA…