May 15, 2026
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…
May 15, 2026
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%…
May 13, 2026
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….
May 13, 2026
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,…
May 12, 2026
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…
May 12, 2026
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…
May 7, 2026
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…
May 5, 2026
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…
April 29, 2026
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…
April 29, 2026
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…
April 28, 2026
Vol Crush Mechanics Played Out on a Clean Beat — 24 Hours Before the Mag-7 Catalyst Window Opens Spotify (SPOT; NC) reported Q1 results pre-market today and beat consensus on EPS ($3.45 vs. $2.99 est.)…
April 27, 2026
What Changed This Morning Early this morning, Sungrow Power Supply (300274 CH) reported 1Q26 net income of RMB 2.3B versus Bloomberg consensus of RMB 3.32B — a 31% miss and -40% YoY. Management cites intensifying…
April 26, 2026
1-Week 100% moneyness implied vol has surged to 12-month extremes in AMZN, META, MSFT, and GOOG ahead of Wednesday night earnings; AAPL follows Thursday. History is unambiguous — vol of this magnitude collapses post-catalyst, and…
April 23, 2026
Bottom Line China’s National Energy Administration (“NEA”) this morning released Q1 2026 solar PV installation data confirming what we have warned about for the past two quarters: the post-“531” pricing-reform air pocket is here, and…
April 23, 2026
Bottom Line Tesla reported 1Q26 revenue of $22.387B and non-GAAP EPS of $0.41, optically a modest beat. This “beat”, however, was entirely manufactured. Stripping out management-disclosed one-time items — i.e., $230M of auto warranty true-downs…