EquitiesFEATURED · NO. 20
SpaceX Q2 2026: Revenue Nearly Doubled. Capex Was 235% of It.
SpaceX grew revenue 92% to $7.81bn and spent $18.37bn to do it — 235% of revenue. Adjusted EBITDA turned positive, but the D&A and SBC addbacks behind it exceed the figure itself, and the operating line is still a loss.
Read the note →Equities
SpaceX Q2 2026: Revenue Nearly Doubled. Capex Was 235% of It.
SpaceX grew revenue 92% to $7.81bn and spent $18.37bn to do it — 235% of revenue. Adjusted EBITDA turned positive, but the D&A and SBC addbacks behind it exceed the figure itself, and the operating line is still a loss.
9 min readRead →
Equities
Bottom on Wednesday, Block on Thursday: Anatomy of the Situational Awareness Unwind
Situational Awareness LP's Q1 13F was 61.9% puts, not a long book with an overlay. Rebuilt line by line from all 42 entries and the three 13G filings, priced from settled closes: the hedge book was real, the asymmetry was beta, and every line bottomed on the FOMC.
20 min readRead →
Equities
Memory Halves: SK Hynix and SanDisk Lead a Brutal Chip Unwind
SK Hynix −46.7% and SanDisk −47.6% in a month as the AI memory complex halves, while Broadcom, Apple and Meta hold up and Nvidia stays flat. A position unwind in the most crowded corner of AI hardware, not a demand shock.
8 min readRead →
Equities
Micron: Cheap on Peak Earnings, Expensive Through the Cycle
In-depth Micron (NASDAQ: MU) stock analysis: fundamentals, peer valuation, a through-cycle DCF model, and options-implied volatility. ATM IV ~102%, base DCF ~$585, composite score 79/100.
12 min readRead →
Volatility
When 100% Vol Is Cheap: MU & SanDisk in the AI Memory Supercycle
Across the semis complex, implied vol is high by rank almost everywhere — but realized is running above implied in memory (Micron 118% vs 97%). The implied–realized spread splits the group: pick names, don't sell the sector.
5 min readRead →
Options
Reading Implied Volatility: Is the Option Market Pricing Fear or Complacency?
A practical guide to IV rank, the IV–HV spread, and how to tell when options are genuinely cheap or expensive — with a live PLTR chart.
2 min readRead →
Equities
Risk Resolution and Volatility Compression: The SPCX Post-IPO Implied-Vol Collapse
Two weeks after its IPO, SPCX ATM implied vol fell from 132% to 71% — the full span of its post-listing range, IV Rank 0 — even as the equity dropped ~31%. A case study in event-driven vol compression around a $25bn bond issuance.
3 min readRead →
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Earnings reactions
Sep 24, 2026
| Company | Period | Move | 30d ATM | Filed |
|---|---|---|---|---|
| FUL H.B. Fuller Company | Q3 FY2026 | -2.0% | — | Sep 24, 2026 |
| BB BlackBerry Limited | Q2 FY2027 | -1.4% | -14.6pt | Sep 24, 2026 |
| DRI Darden Restaurants, Inc. | Q1 FY2027 | -2.3% | — | Sep 24, 2026 |
| SNX TD SYNNEX | Q3 FY2026 | -9.8% | — | Sep 24, 2026 |
| PAYX Paychex, Inc. | Q1 FY2027 | -9.2% | -0.5pt | Sep 23, 2026 |
| CTAS Cintas Corporation | Q1 FY2027 | -2.5% | -0.9pt | Sep 23, 2026 |
| GIS General Mills, Inc. | Q1 FY2027 | +1.0% | — | Sep 23, 2026 |
| WOR Worthington Enterprises Inc. | Q1 FY2027 | +1.3% | — | Sep 22, 2026 |
| KBH KB Home | Q3 FY2026 | -3.0% | — | Sep 22, 2026 |
| MLKN MillerKnoll, Inc. | Q1 FY2027 | -1.4% | -19.8pt | Sep 22, 2026 |
| AZO AutoZone, Inc. | FY2026 | +1.4% | -12.2pt | Sep 22, 2026 |
| THO THOR Industries, Inc. | FY2026 | +3.4% | -10.6pt | Sep 22, 2026 |
| LEN Lennar Corporation | Q3 FY2026 | +1.7% | -8.3pt | Sep 16, 2026 |
| FPS Forgent Power Solutions, Inc. | Q4 FY2026 | +9.5% | -18.9pt | Sep 15, 2026 |
| HUBG Hub Group, Inc. | FY2026 | -5.1% | +10.0pt | Sep 15, 2026 |
| KMTS Kestra Medical Technologies, Ltd. | Q1 FY2027 | +4.7% | — | Sep 14, 2026 |
| KR The Kroger Co. | Q2 FY2026 | +2.7% | -8.9pt | Sep 11, 2026 |
| ORCL Oracle Corporation | Q1 FY2027 | -1.7% | -23.0pt | Sep 10, 2026 |
| CPRT Copart, Inc. | FY2026 | -2.6% | -8.9pt | Sep 10, 2026 |
| LPTH LightPath Technologies, Inc. | FY2026 | -5.0% | +6.2pt | Sep 10, 2026 |
| ADBE Adobe | Q3 FY2026 | +1.4% | -16.5pt | Sep 10, 2026 |
| M Macy's, Inc. | Q2 FY2026 | -4.7% | -12.2pt | Sep 10, 2026 |
| COO CooperCompanies | Q3 FY2026 | -14.7% | +4.4pt | Sep 9, 2026 |
| AEO American Eagle Outfitters, Inc. | Q2 FY2026 | -14.0% | -26.4pt | Sep 9, 2026 |
| NAVN Navan, Inc. | Q2 FY2027 | -21.8% | +55.1pt | Sep 9, 2026 |
| WLTH Wealthfront Corporation | Q2 FY2027 | +15.0% | +66.5pt | Sep 9, 2026 |
| AVAV AeroVironment, Inc. | Q1 FY2027 | +4.5% | -14.4pt | Sep 9, 2026 |
| ASO Academy Sports and Outdoors, Inc. | Q2 FY2026 | +14.4% | -4.4pt | Sep 9, 2026 |
| CNM Core & Main, Inc. | Q2 FY2026 | -5.6% | -18.3pt | Sep 9, 2026 |
| SAIL SailPoint, Inc. | Q2 FY2027 | -1.2% | -23.2pt | Sep 9, 2026 |
| SUNB Sunbelt Rentals Holdings, Inc. | Q1 FY2027 | +5.9% | -21.3pt | Sep 9, 2026 |
| CHWY Chewy, Inc. | Q2 FY2026 | -10.8% | -14.6pt | Sep 9, 2026 |
| SIG Signet Jewelers Limited | Q2 FY2027 | +24.0% | -15.1pt | Sep 9, 2026 |
| KFY Korn Ferry | Q1 FY2027 | -1.1% | -11.4pt | Sep 9, 2026 |
| CASY Casey's General Stores, Inc. | Q1 FY2027 | -14.2% | +4.0pt | Sep 8, 2026 |
| AVO Mission Produce, Inc. | Q3 FY2026 | +4.3% | -18.6pt | Sep 8, 2026 |
| BRZE Braze, Inc. | Q2 FY2027 | -21.7% | +30.3pt | Sep 8, 2026 |
| TTAN ServiceTitan | Q2 FY2027 | -30.0% | +70.2pt | Sep 8, 2026 |
| GME GameStop Corp. | Q2 FY2026 | -1.4% | -6.2pt | Sep 8, 2026 |
| ABM ABM Industries Incorporated | Q3 FY2026 | +7.5% | -7.8pt | Sep 8, 2026 |
| UNFI United Natural Foods, Inc. | FY2026 | +2.3% | -24.1pt | Sep 8, 2026 |
| PATH UiPath, Inc. | Q2 FY2027 | -16.6% | -32.3pt | Sep 3, 2026 |
| AMBA Ambarella, Inc. | Q2 FY2027 | -0.8% | -0.6pt | Sep 3, 2026 |
| NX Quanex Building Products Corporation | Q3 FY2026 | +22.2% | -9.4pt | Sep 3, 2026 |
| SWBI Smith & Wesson Brands, Inc. | Q1 FY2027 | +5.0% | -26.4pt | Sep 3, 2026 |
| IOT Samsara Inc. | Q2 FY2027 | +3.7% | -22.5pt | Sep 3, 2026 |
| DOCU Docusign, Inc. | Q2 FY2027 | +3.7% | -19.5pt | Sep 3, 2026 |
| OXM Oxford Industries, Inc. | Q2 FY2026 | -15.7% | -14.4pt | Sep 3, 2026 |
| ZS Zscaler, Inc. | Q4 FY2026 | -4.5% | -28.7pt | Sep 3, 2026 |
| ASAN Asana, Inc. | Q2 FY2027 | -12.7% | -30.0pt | Sep 3, 2026 |
| LULU lululemon athletica inc. | Q2 FY2026 | -17.4% | -16.4pt | Sep 3, 2026 |
| PL Planet Labs PBC | Q2 FY2027 | -1.3% | -45.6pt | Sep 3, 2026 |
| WLY Wiley | Q1 FY2027 | -0.8% | -13.3pt | Sep 3, 2026 |
| TTC The Toro Company | Q3 FY2026 | -6.8% | -7.5pt | Sep 3, 2026 |
| CPB The Campbell's Company | FY2026 | -6.9% | +2.4pt | Sep 3, 2026 |
| GOLD Gold.com, Inc. | FY2026 | -5.3% | -8.4pt | Sep 2, 2026 |
| AVGO Broadcom Inc. | Q3 FY2026 | -2.7% | -12.7pt | Sep 2, 2026 |
| PVH PVH Corp. | Q2 FY2026 | +0.2% | -20.6pt | Sep 2, 2026 |
| FIVE Five Below, Inc. | Q2 FY2026 | -1.3% | -13.5pt | Sep 2, 2026 |
| AI C3.ai, Inc. | Q1 FY2027 | +3.6% | -18.1pt | Sep 2, 2026 |
| AGX Argan, Inc. | Q2 FY2027 | +0.3% | -24.1pt | Sep 2, 2026 |
| WOOF Petco Health and Wellness Company, Inc. | Q2 FY2026 | -4.2% | -18.1pt | Sep 2, 2026 |
| NTSK Netskope, Inc. | Q2 FY2027 | +4.3% | -34.1pt | Sep 2, 2026 |
| SNOW Snowflake Inc. | Q2 FY2027 | +16.6% | -26.7pt | Sep 2, 2026 |
| HPE Hewlett Packard Enterprise | Q3 FY2026 | +5.0% | -17.8pt | Sep 2, 2026 |
| NTAP NetApp, Inc. | Q1 FY2027 | +2.5% | -18.3pt | Sep 2, 2026 |
| REX REX American Resources Corporation | Q2 FY2026 | +1.9% | -10.2pt | Sep 2, 2026 |
| DAKT Daktronics, Inc. | Q1 FY2027 | -1.2% | -22.2pt | Sep 2, 2026 |
| GIII G-III Apparel Group, Ltd. | Q2 FY2027 | -11.5% | -19.4pt | Sep 2, 2026 |
| CXM Sprinklr, Inc. | Q2 FY2027 | -8.6% | -3.2pt | Sep 2, 2026 |
| OLLI Ollie's Bargain Outlet Holdings, Inc. | Q2 FY2026 | +2.1% | -14.0pt | Sep 2, 2026 |
| PANW Palo Alto Networks | FY2026 | -9.3% | -23.3pt | Sep 1, 2026 |
| GTLB GitLab Inc. | Q2 FY2027 | +10.0% | -22.4pt | Sep 1, 2026 |
| DELL Dell Technologies | Q2 FY2027 | +15.8% | -12.7pt | Sep 1, 2026 |
| CRDO Credo Technology Group Holding Ltd | Q1 FY2027 | -20.0% | -49.4pt | Sep 1, 2026 |
| MDB MongoDB, Inc. | Q2 FY2027 | -13.5% | -40.3pt | Sep 1, 2026 |
| MMED MiniMed | Q1 FY2027 | +10.7% | -8.7pt | Sep 1, 2026 |
| MDT Medtronic plc | Q1 FY2027 | +1.5% | -5.1pt | Sep 1, 2026 |
| SAIC Science Applications International Corporation | Q2 FY2027 | +1.8% | -13.8pt | Aug 31, 2026 |
Top movers
Sep 24, 2026
Equity gainers
| Ticker | Company | Return |
|---|---|---|
| P | Everpure, Inc. | +18.9% |
| TWST | Twist Bioscience Corp | +7.7% |
| CRL | Charles River Laboratories International, Inc. | +6.2% |
| VCYT | Veracyte, Inc. | +5.8% |
| BLLN | Billiontoone, Inc. | +5.3% |
| CORT | Corcept Therapeutics Inc | +4.9% |
| NBIS | Nebius Group N.V. | +4.8% |
| TXG | 10X Genomics, Inc. | +4.3% |
| CDNA | Caredx, Inc. | +4.0% |
| DUOL | Duolingo, Inc. | +3.9% |
Equity decliners
| Ticker | Company | Return |
|---|---|---|
| VKTX | Viking Therapeutics, Inc. | -13.6% |
| MGM | Mgm Resorts International | -10.5% |
| ACAD | Acadia Pharmaceuticals Inc | -10.2% |
| KGC | Kinross Gold Corp | -10.1% |
| FSLY | Fastly, Inc. | -9.9% |
| SNX | Td Synnex Corp | -9.8% |
| GIL | Gildan Activewear Inc. | -8.9% |
| ORCL | Oracle Corp | -7.2% |
| ALM | Almonty Industries Inc. | -6.3% |
| DK | Delek Us Holdings, Inc. | -6.2% |
Front ATM expanders
| Ticker | Company | IV |
|---|---|---|
| ICE | Intercontinental Exchange, Inc. | +235.2pt |
| PGR | Progressive Corp/Oh/ | +208.5pt |
| TJX | Tjx Companies Inc /De/ | +183.9pt |
| RYAAY | Ryanair Holdings Plc | +90.3pt |
| VALE | Vale S.A. | +70.2pt |
| TTE | Totalenergies Se | +60.3pt |
| TIMB | Tim S.A. | +57.4pt |
| AEP | American Electric Power Co Inc | +55.7pt |
| HDB | Hdfc Bank Ltd | +50.3pt |
| EMR | Emerson Electric Co | +44.8pt |
Front ATM crushers
| Ticker | Company | IV |
|---|---|---|
| TTAN | Servicetitan, Inc. | -182.5pt |
| BRZE | Braze, Inc. | -145.7pt |
| CASY | Caseys General Stores Inc | -88.1pt |
| WOR | Worthington Enterprises, Inc. | -68.4pt |
| INNV | Innovage Holding Corp. | -65.4pt |
| AVO | Mission Produce, Inc. | -53.7pt |
| LEN | Lennar Corp /New/ | -52.0pt |
| BBD | Bank Bradesco | -51.1pt |
| TCOM | Trip.Com Group Ltd | -47.6pt |
| SSL | Sasol Ltd | -41.7pt |
Commodities
Sep 24, 2026
| Contract | Last | Live | 1D | 1W | 1M | 3M | YTD | 21d |
|---|---|---|---|---|---|---|---|---|
| CL=F WTI Crude | 93.96 USD/bbl | — | +1.9% | -7.8% | +14.1% | +35.7% | +63.6% | |
| BZ=F Brent Crude | 98.64 USD/bbl | — | -4.3% | -5.9% | +11.4% | +37.0% | +62.1% | |
| NG=F Natural Gas | 3.148 USD/MMBtu | — | +4.1% | +8.5% | +13.7% | -2.6% | -14.6% | |
| GC=F Gold | 4,309.60 USD/oz | — | -0.2% | -2.0% | -8.2% | +5.2% | -0.7% | |
| SI=F Silver | 63.830 USD/oz | — | -0.9% | -2.5% | -7.0% | +7.8% | -9.0% | |
| HG=F Copper | 6.7735 USD/lb | — | +1.4% | +2.8% | +0.9% | +10.3% | +20.3% |
Front-month continuous futures. Last is the settled close on the date above and is what every return on the row is measured from; a close is a mark, not a two-sided quote. Live is a delayed quote fetched in your browser and refreshed each minute, shown only while it can be reached. The continuous series rolls.
Unusual options activity
Sep 24, 2026
| Ticker | Company | Volume | Open interest | Vol / OI | Calls | Busiest contract |
|---|---|---|---|---|---|---|
| APO | Apollo Global Management, Inc. | 66,987 | 45,518 | 1.47x | 5% | 2026-10-16 115P |
| COF | Capital One Financial Corp | 28,231 | 23,010 | 1.23x | 91% | 2026-10-16 210C |
| META | Meta Platforms, Inc. | 1,140,509 | 1,033,275 | 1.10x | 63% | 2026-09-25 800C |
| URI | United Rentals, Inc. | 7,453 | 7,443 | 1.00x | 42% | 2026-10-02 1130C |
| IRM | Iron Mountain Inc | 8,464 | 9,655 | 0.88x | 93% | 2026-10-16 120C |
| P | Everpure, Inc. | 15,621 | 19,584 | 0.80x | 69% | 2026-10-16 130C |
| KR | Kroger Co | 42,422 | 54,605 | 0.78x | 97% | 2026-10-02 60C |
| NBIS | Nebius Group N.V. | 259,750 | 360,888 | 0.72x | 64% | 2026-09-25 250C |
| AMGN | Amgen Inc | 37,451 | 52,525 | 0.71x | 22% | 2026-10-16 460P |
| ORCL | Oracle Corp | 548,341 | 788,701 | 0.70x | 56% | 2026-09-25 140C |
Daily Briefings
End-of-day market wrap — indices, volatility, movers, insider flow & headlines. New issue each U.S. session.
Sep 24, 2026P leads, VKTX lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Sep 23, 2026VICR leads, ALKT lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Sep 21, 2026GRAL leads, CXW lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Sep 18, 2026MSTR leads, XENE lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Sep 17, 2026GNRC leads, FLNC lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Sep 16, 2026AXTI leads, ALHC lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Sep 15, 2026SWKS leads, ENVA lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Sep 10, 2026SWKS leads, NAVN lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Sep 9, 2026SIG leads, TTAN lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Sep 8, 2026ROIV leads, DYN lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Jul 12, 2026EQPT leads, MRNA lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Jul 10, 2026LASR leads, IONS lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Jul 9, 2026PENG leads, ALHC lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Jul 8, 2026AGIO leads, ABTC lags — U.S. market closeA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →Jul 7, 2026Daily Market BriefingA close-to-close read on the latest session across US equity indices, rates, commodities, the semiconductor complex and options volatility, with notable insider filings and headlines.Read →
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