February 10, 2026
LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -0.36% to $5.92/lb; aluminum -0.28% to $1.54/lb; nickel -0.39% to $9.16/lb; zinc -0.89% to $1.60/lb; lead +0.86% to $1.09/lb; gold -0.23% to $5,046/oz; silver -1.60% to…
February 10, 2026
Bottom Line. CLF printed 4Q rev/EPS of $4.3bn/-$0.43 vs. Consensus at $4.6bn/-$0.62 (GLJe in line with Street), but the stock sold off for a simpler reason: investors were waiting for clarity on the POSCO MOU…
February 5, 2026
We spent an entire day speaking with the largely-private component manufacturers and distribution partners supplying the leading HVAC OEMs and data center cooling providers at a leading HVACR conference. Our conversations emphasized that 1) chillers,…
February 5, 2026
Bottom Line. Strip out the safe-harbor noise and ENPH’s 1Q26 revenue guide of $235–$265mm merely rubber-stamps its prior ~$250mm soft outlook. The more telling datapoint was the margin guidance: 43.5% in Q1, down 540bps y/y…
February 3, 2026
Bottom Line. We move our rating on Daqo New Energy from BUY to SELL and lower our 12-month price objective to $18.13/shr (-26% downside from yesterday’s closing price). In what follows, we provide an update…
February 2, 2026
LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -3.41% to $5.94/lb; aluminum -5.12% to $1.55/lb; nickel -3.8% to $9.15/lb; zinc -3.92% to $1.63/lb; lead -1.4% to $1.09/lb; gold -4.45% to $4,676/oz; silver -8.26% to…
January 29, 2026
Bottom line: TSLA printed Q4 rev/GAAP EPS of $24.9bn/$0.24 vs. Consensus at $25.1bn/$0.34 (GLJe $24.1bn/$0.24). The headline “beat,” however, came courtesy of the accounting add-backs. Stock-based compensation surged a record $223mn q/q – the highest…
January 27, 2026
Bottom Line: Yesterday, before the open, Steel Dynamics (STLD; NC) reported results that missed on the top line and generated just $84mn of Q4 free cash flow – far short of the ~$210mn the market…
January 26, 2026
What’s Up? According to PVInsights, and keeping in mind that polysilicon comprises roughly ~15% of the bill of materials (“BOM”) for a Chinese solar module, N-type recharge polysilicon prices rose ~25% y/y in 2025 –…
January 23, 2026
Bottom Line: To start 2026, Wall Street has quietly but decisively reiterated its solar optimism, though with notable selectivity. In SolarEdge (SEDG; SELL), TD Cowen broke ranks recently by upgrading the stock to Buy, chasing…
January 22, 2026
LME Metal Prices Mostly Higher vs. Previous Close. Copper +0.17% to $5.79/lb; aluminum +0.32% to $1.56/lb; nickel +0.31% to $9.49/lb; zinc +0.61% to $1.58/lb; lead +0.11% to $1.11/lb; gold -0.20% to $4,822/oz; silver +0.58% to $93.59/oz;…
January 21, 2026
GE Vernova announced that Mavi Zingoni, GM of its Power division, has resigned to be replaced by Gas Power GM Eric Gray. Vertiv announced new modular cooling solution for <100kW racks. Amazon buys shovel-ready 1.2GW+1.2GW…
January 18, 2026
A recent study conducted by state-owned utility CFE noted that the estimated cost of building 4 combined-cycle gas turbines (CCGT) had risen by 66% since six months prior (we understand this to be July to…
January 16, 2026
California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…
January 15, 2026
Two-phase liquid cooling leader Accelsius closes $65mm of Series B funding at an unknown valuation, led by Johnson Controls ($35mm) and Legrand ($30mm). VRT ($172.39, SELL) – Liquid cooling entrant receives VC funding for Austin,…