Our Research

A three-sigma PPI shock out of Tokyo — not Trump/Xi tensions — drove today’s global rates repricing. With peer central banks pricing two-to-three additional hikes into year-end and the Fed strip still at one, the…

LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -1.56% to $6.30/lb; aluminum -1.08% to $1.63/lb; nickel -1.23% to $9.63/lb; zinc -0.37% to $1.65/lb; lead +0.19% to $1.11/lb; gold -1.38% to $4,588/oz; silver -4.01%…

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$37,190/ton = $5.25/kg) – down 4.8% w/w Note: Adjusted for CNY exchange rate and 13% VAT….

Executive Summary NXT delivered a clean F4Q26 beat across every line item that matters and raised FY27 revenue guidance more than we expected, but the optical headline of the print is overshadowed by what is,…

EXECUTIVE SUMMARY In roughly two decades on the sell-side, we have learned that the most reliable bearish setups are the ones that hide in plain sight in the plumbing of the financial system rather than…

We see today’s theme-driven pull-back ahead of Legence’s impending earnings (earnings expected 7am Thursday 5/14) as an opportunity to own the most accelerative story in data EPC into a +10% topline guidance raise on earnings….

Investment Thesis & Summary We are reiterating our BUY rating on Cameco Corp. (CCO) but lowering our 12-month price target to C$152.60/share from C$171.20/share previously, an implied 7.3% reduction. Our slightly reduced target is derived…

Bottom Line: 1Q26 Was the Quarter the Bull Thesis Broke The simplest version of the “smart” bull thesis on RUN goes like this: “Don’t worry about GAAP free cash flow — RUN is willingly burning…

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$39,080/ton = $5.50/kg) – up 1.3% w/w Note: Adjusted for CNY exchange rate and 13% VAT….

Executive Summary We reiterate our SELL rating on Cleveland-Cliffs (“CLF”) and reduce our 12-month price target to $9.03, from $9.42 prior, reflecting: (i) a sustained pattern of negative variances between management’s quarterly cost and ASP…

Powell Industries missed GAAP revs / GMs / EPS but we expect the focus to be on a single $400mm+ data center order we believe to be with a hyperscaler / colocation provider. POWL’s F2Q…

Expect Street to revise upwards after a clean beat & raise on strong incremental margins for key growth segment Systems Protection. NVT posted mid-30’s organic growth while raising the FY guide to low-20’s – we…

We raise our numbers as FIX beat and raised atop difficult compares in defiance of valuation fears. Our catch-up with Investor Relations continues to underscore our conversations with cooling co-vendors – installation volumes and pricing…

Polysilicon Futures Spot Contract Price (CNY$38,585/ton = $5.42/kg) – down 14.8% w/w Note: Adjusted for CNY exchange rate and 13% VAT. Source: Guangzhou Futures exchange. Solar Pricing Metrics – 4/29/2026 Note: EnergyTrend discontinued slurry saw…

Bottom Line Enphase delivered the kind of “beat” that does not survive contact with the second page. Headline 1Q26 revenue of $282.9M printed in-line (-0.3% vs. consensus $283.8M), and the optical (non-GAAP) OPEX line drove…