November 25, 2025
Just How ‘Good’ – or More Accurately, How Bad – Are Tesla’s Auto Sales Trending With Nearly Two Months of Q4 Now in the Rearview? When we strip out the optimism, the spin, and the…
November 21, 2025
Is the U.S. Stock Market at Risk of a More Accelerated Sell-Off Next Week (given just 3.5 trading days)? In this note, when looking at: (a) the correlation between Bitcoin (“XBTUSD”) and the Invesco QQQ…
November 21, 2025
LME Metal Prices Mixed vs. Yesterday’s Close. Copper -0.06% to $4.87/lb; aluminum +0.15% to $1.37/lb; nickel +0.37% to $7.54/lb; zinc +0.01% to $1.43/lb; lead +0.13% to $1.10/lb; gold -0.02% to $4,077/oz; silver -1.35% to $50.66/oz; platinum…
November 19, 2025
California Solar Initiative (‘CSI’) Data Offers a Fairly Blunt Reality Check on the Health of the MLPE Inverter Leaders (ENPH + SEDG) as well as the Broader US Storage Market. Sep.’s data release isn’t just…
November 14, 2025
What Happened? Yesterday, due mainly to a few unexpected storage project sales, CSIQ reported Q3 rev/non-GAAP EPS of $1.5bn/-$0.58 vs. GLJe $1.5bn/-$0.41 (Cons. $1.4bn/-$0.53), and e-STORAGE sales of 2.7GWh (above its guidance of 2.1-2.3GWh). Yet,…
November 13, 2025
LME Metal Prices Mostly Higher vs. Yesterday’s Close. Copper +0.22% to $4.91/lb; aluminum +0.44% to $1.38/lb; nickel -0.57% to $7.71/lb; zinc -0.18% to $1.44/lb; lead +0.48% to $1.12/lb; gold +1.66% to $4,195/oz; silver +3.96% to $53.25/oz;…
November 12, 2025
Are Investors Positioned the Wrong Way Ahead of CSIQ’s 3Q25 Results? CSIQ has more than doubled (+114%) in the past month, compared to just +4.5% for the S&P 500 – an astonishing move considering that…
November 10, 2025
What’s Up? All investors seem to care about when it comes to RUN is its whacky “cash generation” results/guidance – i.e., RUN’s definition of cash flow, which includes debt issued and, for the first time…
November 6, 2025
LME Metal Prices Mostly Higher vs. Yesterday’s Close. Copper +0.24% to $4.84/lb; aluminum +0.89% to $1.37/lb; nickel flat at $7.68/lb; zinc +0.14% to $1.44/lb; lead -0.49% to $1.11/lb; gold +0.22% to $3,988/oz; silver +0.56% to…
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 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
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,…