Research Feed

Paylocity (PCTY) beat Q2 by 16%, raised full-year guidance above the beat, articulated multi-layered AI moat defense, and reported stable demand with 92%+ retention for 10+ years. Stock down 43% YTD, RSI 27.5, 14x forward P/E. This isn't a PCTY story — it's a payroll/HCM sub-sector story. The entire

Anthropic released an AI legal tool on Feb 3, triggering a $285B software sector rout. Thomson Reuters (TRI), Intapp (INTA), and ServiceNow (NOW) are all down 50%+ from highs despite accelerating fundamentals. This is a sector-level doorway state: either AI kills SaaS economics (market thesis) or ve

Ladder Capital (LADR) missed Q4 distributable EPS by 28% ($0.17 vs $0.24) on a $5M charge-off, stock sold off -6.5% to RSI 29. The miss obscures what's happening underneath: $1.2B in loan originations over 7 months (Q3-Jan 2026), cash redeployed from $1.32B to $38M, securities up 93% into AAA CMBS,

FormFactor isn't a stock people get excited about. Probe cards. Test equipment. Semiconductor picks-and-shovels buried three layers deep in the supply chain. But sometimes the boring stuff is where you find operating leverage into structural undersupply that the street hasn't priced yet. The converg

Regeneron reported Q4 2025 earnings last week. Stock down 1.1% on the day, up 2.1% since. Market yawned. That reaction tells you something: The Street is focused on the known franchises (Dupixent +36% YoY, Eylea HD mix shift progressing as expected). They're missing three pipeline programs where the

Coherent (COHR) reported strong Q2 datacenter growth (34% YoY) but Q3 guidance signals deceleration to +5% QoQ sequential growth (midpoint $1.77B vs Q2 $1.69B). Market sold off -7.9% on Feb 4 while competitor Lumentum (LITE) rallied +7.0% on Feb 3, signaling competitive share loss concerns. Key tens

RKT filed an 8-K pre-announcing Q4 2025 results: "highest fourth quarter net rate lock volume and gain on sale margin since the fourth quarter of 2021." CEO Varun Krishna disclosed on CNBC Squawk Box (Feb 3, 2026). Full earnings Feb 26. Stock responded +8.4% on 1.8x normal volume. This directly cont

SL Green (SLG) is showing early signs of an occupancy-driven earnings inflection that contradicts the broader "office is dead" narrative. Q4 2025 earnings call reveals the company beat its 93.2% occupancy target weeks early, with management guiding to 94.8% by end of 2026. More importantly, the call

GNGBF's Q4 2025 earnings call revealed that adjusted EBITDA margins hit 20.3% in Q4 and 16% for the full year when excluding SEK 500M+ in tariff/FX headwinds. Management's 2028 guidance targets 16-19% margins—meaning the underlying business is already at the low end of that range, 2-3 years ahead of

MarineMax (HZO) Q1 FY2026 earnings call confirms demand-side stabilization in recreational marine, corroborating Brunswick's (BC) supply-side signals. Three independent data points now point to H1 2026 cycle inflection. Timing specifics from CFO McLamb: - Inventory weeks-on-hand reaches normal by la

Canadian Pacific Kansas City reported Q4 2025 operating ratio of 55.9%, driving full-year OR to 59.9%—the first time the company has operated below 60%. Management guided to 100 basis points of annual OR improvement going forward. The earnings call disclosed three specific volume drivers for 2026: