Our Research

Initial take: we back out reported F3Q revs of $251.2mm to get to ~$1.3bn in orders vs. our ~$1.5bn estimate given Basin Ranch and Permian Basin disclosures – backing out $40mm in non-Power Services orders,…

LME Metal Prices Mostly Lower vs. Yesterday’s Close. Copper -1.15% to $5.19/lb; aluminum +0.72% to $1.41/lb; nickel +0.02% to $7.75/lb; zinc +0.42% to $1.46/lb; lead +0.07% to $1.10/lb; gold -0.11% to $4,198/oz; silver -1.66% to $57.53/oz;…

Amazon has communicated to local municipalities that it will no longer be the end-user for Arizona data center Project Blue. VRT (SELL, $177.31) – Amazon exits AZ data center (link)Amazon (AMZN, not rated) will no…

What Happened in Q3? CCJ served up a quarter that fell sharply short of expectations – Q3 adj. EBITDA missed our estimate by 8% – and the culprit isn’t exactly mysterious. Uranium and fuel-services sales…

While we have yet to confirm Primoris’ involvement on the project, Primoris client DESRI received a green light from local regulators to proceed with 200 MW solar + BESS project Coyote Creek in Sacramento County,…

Bottom Line Current Situation. Over the last two weeks, spot HRC has done exactly what the setup suggested – it’s drifted higher, up roughly 5%, with today’s +5.4% d/d surge to $900/st marking the strongest…

Amazon announces an incremental $15bn investment in Northern Indiana, sponsoring another 3 GW of power generation capacity to support 2.4 GW of new data centers. GEV ($572.56, Buy) – AMZN to invest $15bn in Indiana…

Argan will report F3Q’26 earnings next Thursday, Dec. 4th, after market close; we see the focus very much on Power Services order $’s for pricing read-thru but also on management’s commentary on a compelling opportunity…

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…

We sat down with Argan CEO David Watson to discuss our recent upgrade of Argan shares as intra-regional staffing demonstrates upside to management’s previously messaged ceiling on gas generation upside. Management validated our thesis, emphasizing…

GOOGL announces $40bn for 3 data centers in TX. Argan begins construction on Basin Ranch. SunZia takes delivery of GEV Onshore Wind turbines. AGX ($353.30, BUY) – Google commit $40bn to Texas (link) Google (GOOGL,…

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…

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…

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…

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,…