Eksentricity

Tech

AI Advancements

• Nvidia’s AI Chip Dominance: Nvidia’s AI GPUs, particularly the Blackwell chip, are in high demand due to their performance in AI applications. CEO Jensen Huang describes the demand as “insane.”
• Data Center Investments: Companies are heavily investing in data center infrastructure to accommodate the growing demand for AI applications. This trend benefits companies like Nvidia and Microsoft.
• Nuclear Power for AI: The potential for nuclear power to provide clean energy for AI data centers is being explored, potentially benefiting companies like Constellation Energy and Vistra.
• AI Talent War: OpenAI is facing challenges with key employee departures while Google is attracting top talent and investing heavily in its own AI technology, potentially giving Google an edge in the AI race.

E-commerce Growth

• Holiday Sales Surge: E-commerce sales are expected to increase significantly during the holiday season, with estimates predicting a year-over-year growth of 8.4% to 9.5%.
• Amazon’s Dominance: Amazon continues to expand its product and service offerings, including its Alexa-powered devices and Amazon Web Services, reinforcing its leading position in e-commerce and cloud computing.
• Wayfair’s Growth: Wayfair’s customer base and loyalty are growing, leading to substantial revenue growth.
• Travelzoo’s Price Increase: Travelzoo is anticipated to see a significant price increase due to strong revenue growth and favorable valuation.

Emerging Technologies

• Quantum Computing Advancements: Companies like Microsoft and IonQ are making significant investments in quantum computing, though the technology is still in its early stages of development.
• Green Hydrogen Revolution: NewHydrogen, Inc. is developing ThermoLoop™, a technology that could revolutionize green hydrogen production, offering a clean alternative to fossil fuels.
• Satellite Internet Expansion: Connected, a startup focused on providing universal, cost-effective narrowband connectivity from space, has partnered with EchoStar Mobile to expand off-grid connectivity options.
• Drone Technology Adoption: Red Cat Holdings, Inc., a drone technology company, has secured contracts from the U.S. Customs and Border Protection for its Edge 130 Blue drones.

Cybersecurity Threats

• Rising Data Breaches: Data breaches are becoming more prevalent, highlighting the urgent need for robust cybersecurity solutions.
• Zscaler’s Growth Strategy: Zscaler is expanding its presence in the federal sector and investing in AI-driven cybersecurity solutions, which could drive future growth.
• FTI Technology’s AI Solutions: FTI Technology is leveraging AI for various applications, including investigations and data breach response, helping clients address cybersecurity challenges.
• AI-Powered Security Integration: Companies are increasingly integrating AI into their security solutions, with NVIDIA NIM and NVIDIA NeMo microservices gaining traction among several companies.

Finance

Warren Buffett’s Investment Strategy

• Tax and Valuation Concerns: Buffett is reducing his stake in major holdings, including Bank of America and Apple, due to concerns about increasing corporate tax rates and potential overvaluation.
• Shift to Treasury Bills: Buffett is investing heavily in short-term U.S. Treasury bills, driven by their safety and higher yields compared to long-term bonds.
• Limited Investment Opportunities: Buffett believes that limited investment opportunities exist for Berkshire Hathaway at their intrinsic value. This leads him to prioritize the safety of Treasury bills.
• Impact on Individual Investors: While Buffett’s strategy might not directly translate to individual investors, short-term Treasury bills still offer attractive yields for those seeking a safe haven for their cash.

Billionaire Investor Bill Ackman’s Portfolio

• Highly Concentrated Portfolio: Bill Ackman’s hedge fund, Pershing Square Capital, maintains a concentrated portfolio, with three stocks accounting for over 53% of its $10.6 billion in public equity holdings.
• Hilton Worldwide: Ackman’s largest investment is in Hilton Worldwide, fueled by its strong competitive moat, expanding brand network, and growing loyalty program.
• Alphabet: Ackman sees Alphabet as a major beneficiary of the AI boom, leveraging the potential of Google Search and Google Cloud to capitalize on AI advancements.
• Chipotle Mexican Grill: Ackman initially invested in Chipotle after a food safety crisis led to a sell-off, believing in its strong brand and future growth potential.

Index Changes

• S&P Select Sector Indices Adjustment: S&P Dow Jones Indices has modified the methodology for its Select Sector indices to address the significant growth of large technology stocks.
• Diversification Concerns: The previous methodology resulted in fluctuations in index weights due to the rapid rise of these tech giants, potentially impacting the diversification of ETFs tracking these indices.
• New Capping Mechanism: The updated methodology caps the aggregate weight of larger companies at 45%, addressing diversification concerns and minimizing single-stock risk.
• Potential Underweighting: Investors might be concerned about the potential underweighting of the tech market’s largest holdings compared to an uncapped technology index.

Bank Earnings Season

• Interest Rate Cuts and Economic Outlook: Investors will scrutinize bank earnings for insights into a potential soft landing in the U.S. economy and the impact of the Federal Reserve’s recent interest rate cut.
• Increased Customer Activity: A softer rate environment is expected to drive increased customer activity, particularly in investment banking and mortgage lending, potentially benefiting bank valuations.
• Challenges and Risks: Despite cautious optimism, analysts are monitoring potential risks, including weakening asset quality and rising credit delinquencies.

Share Buybacks

• Corporate Confidence: Companies across various sectors continue to utilize share buybacks as a means of returning capital to shareholders and showcasing confidence in their long-term growth potential.
• Share Capital Reduction: Share buyback programs are also employed to reduce a company’s share capital, potentially leading to increased earnings per share and boosting the share price.

Healthcare

Weight Loss Drugs

• GLP-1 Drug Supply Improves: Eli Lilly (LLY) has ramped up production of its GLP-1 weight loss drugs, Mounjaro and Zepbound, leading to their removal from the FDA shortage list. This could reduce competition from compounding pharmacies, who were producing cheaper copies of these drugs.
• Lilly’s Manufacturing Investment: Lilly has invested over $18 billion since 2020 to increase its manufacturing capacity. This strategic move positions them well for growth in the weight loss drug market, which Goldman Sachs Research estimates will reach $100 billion by 2030.
• Price Competitiveness: Lilly has launched single-dose vials of Zepbound at half the price of other incretin drugs, making them more accessible to patients.
• Growth Potential: Despite the initial supply constraints, Lilly generated substantial revenue from Mounjaro and Zepbound. With increased supply, the company is well-positioned for continued growth.

Small Cell Lung Cancer (SCLC)

• Global Collaboration for SCLC Treatment: MediLink Therapeutics (Suzhou) Co., Ltd. has partnered with Amgen Inc. to evaluate the combination of MediLink’s B7-H3-targeting ADC YL201 and Amgen’s DLL3- and CD3-targeting BiTE® IMDELLTRA™ in extensive-stage SCLC (ES-SCLC).
• Promising Drug Candidates: YL201 and IMDELLTRA™ have shown potential in treating ES-SCLC. IMDELLTRA™ is already approved for ES-SCLC in the US, while YL201 demonstrated encouraging results in a Phase I/II trial.
• Synergistic Approach: This combination therapy aims to explore a novel synergistic mechanism of action to potentially improve outcomes for ES-SCLC patients.
• ES-SCLC Overview: SCLC is an aggressive form of lung cancer with poor survival rates. Two-thirds of patients are diagnosed with ES-SCLC, with a median overall survival of approximately 12 months.

Prostate Cancer

• Novel Oral Co-therapy for Prostate Cancer: HBC Immunology (HBCI), a subsidiary of Hofseth Biocare ASA, has successfully completed preclinical studies of its lead peptide FT-002a in a novel oral formulation in combination with enzalutamide (Xtandi®).
• Enhanced Anti-tumor Activity: Oral FT-002a significantly enhanced the anti-tumor activity of enzalutamide in models of indolent and aggressive prostate cancers.
• Targeting Iron Metabolism: FT-002a targets iron metabolism pathways, which are essential for tumor growth and spread.
• IND Submission: HBCI plans to submit an Investigational New Drug application for its oral co-therapy for prostate cancer treatment in Q4 2025.

Non-alcoholic Steatohepatitis (NASH)

• Breakthrough Therapy Designation for NASH: The U.S. FDA granted Breakthrough Therapy designation to Boehringer Ingelheim’s survodutide (BI 456906), a dual glucagon/GLP-1 receptor agonist, for the treatment of adults with non-cirrhotic NASH and moderate or advanced fibrosis.
• Phase III Trials in Progress: Boehringer has initiated two Phase III clinical trials of survodutide for the treatment of adults with NASH and fibrosis: LIVERAGE and LIVERAGE-Cirrhosis.
• Promising Phase II Results: The Breakthrough Therapy designation follows impressive Phase II data demonstrating survodutide’s potential as a leading incretin-based therapy for obesity and NASH.
• Addressing Unmet Need: NASH is a serious and rapidly growing obesity-related comorbidity with limited treatment options currently available.

Gene Therapy for Phagocyte Disorders

• Series A Financing for Phagocyte Disorder Gene Therapy: Somagenetix AG, a gene therapy company, has raised CHF 10 million in a Series A financing round led by Vi Partners.
• SGX-001 Clinical Trial: The funds will be used to advance Somagenetix’s gene therapy candidate, SGX-001, into a clinical trial for the treatment of p47 Chronic Granulomatous Disease (CGD).
• Unmet Need in CGD: CGDs are inherited immunodeficiencies with limited treatment options. The current standard of care, stem cell transplant, is only available with an immunologically compatible donor.
• Potential for Wider Applications: The technology behind SGX-001 could potentially cure a wide range of phagocyte-related diseases.

Economy & Real estate

Global Economic Outlook

• China’s Stimulus and Economic Outlook: China’s National Development and Reform Commission (NDRC) announced a 100 billion yuan investment plan for 2025 to support regional economic growth. However, this fell short of investor expectations for a larger stimulus package. The NDRC remains “fully confident” in achieving the country’s 2024 economic growth target of 5%. The World Bank, however, forecasts a slower growth rate of 4.3% in 2025, citing China’s sluggish economy and tepid stimulus efforts.
• Global Impact of China’s Economic Slowdown: The World Bank anticipates a slower growth rate of 4.4% for East Asia and the Pacific in 2025, down from an estimated 4.8% in 2024. This is attributed to the diminishing positive spillover effects from China’s economic dominance.
• U.S. Economic Resilience: Despite concerns about rising interest rates and inflation, the U.S. economy remains resilient. The September jobs report showed the highest job gains in six months (254,000) and a decline in the unemployment rate to 4.1%. Goldman Sachs reduced its recession probability within the next 12 months to 15%.
• Fed Policy and Rate Cuts: The Federal Reserve cut its policy rate by 50 basis points in September, the first significant cut since the early COVID-19 pandemic. The Fed aims for a “soft landing” for the U.S. economy, but some economists, such as Mark Higgins, warn that the rate cuts are premature and could reignite inflation.

Real Estate Market

• European Industrial Real Estate: ARGAN, a French real estate company specializing in premium warehouses, announced the sale of its data center in Wissous, France, to Invesco Real Estate for €59 million. This follows the sale of an 18,000 sq. m. warehouse near Caen, France, in July 2024, totaling €77 million in asset sales for the year. The funds generated will be used to self-finance development and reduce debt.
• Indian Capital Goods Order Inflows: Capital goods (CG) companies in India, excluding Larsen & Toubro (L&T), experienced a significant surge in order inflows during the second quarter of FY25, reaching Rs 79,300 crore, a 182% increase from the same period last year. This growth was primarily driven by major contracts secured by Hindustan Aeronautics and Bharat Heavy Electricals Limited (BHEL).
• Indian Consumer Durables Growth: The consumer electricals, durables, and electronics sectors in India are expected to continue their growth momentum, with projected revenue growth of 35% year-on-year in Q2 FY25. This is attributed to increasing localization in electronics manufacturing services, strong demand for room air conditioners, and pre-festival stocking in the durable goods sector.
• U.S. Multifamily Market: Greystone, a commercial real estate finance company, provided a Freddie Mac loan to refinance a 357-unit multifamily property in Schaumburg, IL. The financing totaled $61.6 million, including $55.6 million in debt and $6 million in preferred equity. The property has 30% of its units reserved for residents at 30% to 80% Area Median Income (AMI).

Real Estate Acquisitions

• Ares Management Acquires GCP International: Ares Management Corporation announced its acquisition of GCP International, a global alternative asset management firm, for $3.7 billion. The deal is expected to nearly double Ares’ real estate assets under management to $96 billion and boost its after-tax income per share.
• INVL Baltic Real Estate Sells Property Holding in Latvia: INVL Baltic Real Estate, a real estate investment company, signed an agreement to sell a property holding in Latvia consisting of a 12,800 square meter warehouse to Bohnenkamp, a European supplier of tires and wheels. The transaction is valued at EUR 7.45 million and is expected to be completed by December 2024.
• Athena Real Estate Acquires Campground: Athena Real Estate, LLC, acquired Waterside Campground & RV Park in Lewistown, PA, expanding its portfolio of outdoor hospitality properties to 13. The park features 234 sites and stretches across 167 acres.

Housing Market

• Toll Brothers’ New Community Clubhouse: Toll Brothers, Inc., opened a new community clubhouse and resident amenities at Middletown Walk, a luxury townhome community in Middletown, NJ. The community offers three-story townhomes with private outdoor terraces and amenities such as a swimming pool, tennis courts, and fitness center.
• M/I Homes’ Continued Growth: M/I Homes, Inc. has seen strong demand for its homes, particularly among millennials and Gen Z buyers seeking affordability. The company is well-positioned for growth due to its diverse geographic presence, strategic land acquisition, and strong balance sheet. However, rising interest rates, affordability concerns, and escalating costs pose potential challenges.

Market Performance

• Global Markets: The U.S. markets closed lower on Monday, October 7th, as rising Treasury yields and concerns over the Middle East conflict dampened sentiment. Asian markets were mixed on Tuesday, with China’s Shanghai Composite surging 4.59% and the Shenzhen CSI 300 jumping 5.93%, while Hong Kong’s Hang Seng index dropped 9.41%. The European STOXX 50 index declined 0.74%.
• U.S. Futures: Pre-market futures were trading higher on Tuesday, October 8th, suggesting a rebound from Monday’s sell-off.

Retail

Discount Retailers Face Headwinds

• Dollar General & Dollar Tree Sales Slow: Both companies lowered their 2024 sales outlook due to weakening demand from price-sensitive consumers and a competitive environment. Dollar General’s sales growth is now projected at 4.7% to 5.3%, down from its initial 6% to 6.7%. Dollar Tree’s sales outlook has been lowered to $30.6 billion to $30.9 billion, compared to its previous estimate of $31 billion to $32 billion.
• Share Repurchases Affected: Dollar General paused its share repurchase program due to concerns about its stock’s valuation. Dollar Tree continues its program, despite its stock trading below its recent repurchase price.
• Financial Performance Comparison: Dollar General boasts a higher operating margin (5.39%) than Dollar Tree (2.75%), leading to greater net income. However, Dollar Tree’s balance sheet is stronger, with lower net debt ($3.7 billion) compared to Dollar General’s $7 billion.
• Potential Turnaround: Both companies face macro-economic challenges, but recent developments like lower interest rates and declining inflation could offer some relief. Both stocks trade at low valuations (12.8 to 14 times forward earnings), making them attractive for investors seeking a potential turnaround.

Abercrombie & Fitch Rides Brand Evolution

• Shifting Fashion Focus: Abercrombie has successfully transitioned from a niche brand to a more approachable one, attracting a wider customer base. Recent initiatives include introducing a suite of collegiate graphics products for its Hollister brand.
• Profit Margin Expansion: Abercrombie’s gross margin has expanded to 64.9%, driven by strong demand and a focus on core categories like skincare, fragrances, and cosmetics.
• Store Optimization Strategy: The company has closed underperforming locations and is repositioning towards smaller, omnichannel-enabled stores, exceeding expectations.
• Positive Wall Street Outlook: Zacks Consensus Estimates suggest a 63.38% increase in earnings for 2025, supported by Abercrombie’s strong track record of exceeding analyst expectations.

PepsiCo Faces Challenges in Key Markets

• Lowered Sales Outlook: PepsiCo lowered its full-year organic revenue outlook to low single-digit growth, from its previous 4% projection, due to challenges from the Quaker Foods North America recalls, weaker US demand, and international market disruptions.
• Demand Weakness: The company experienced a 2% volume decline in both its food and beverage divisions, driven by weaker demand in North America and Mexico. The Quaker Foods North America segment reported a steep 13% volume drop due to the product recalls.
• Strategic Investments: PepsiCo plans to invest more in Doritos and Tostitos, with promotions and football-season tie-ins. The company also acquired Siete Foods to expand its portfolio and appeal to health-conscious consumers.
• Economic Impact: PepsiCo’s executives attributed the decline in North American beverage demand to the economic cycle and anticipate a reversal in the future.

Coty Leverages Brand Recognition for Growth

• Strong Fourth Quarter: Coty’s net revenues increased by 1% year-over-year to $1,363.4 million, driven by strong demand for prestige and mass fragrances, as well as skincare and cosmetics.
• Market Growth: Coty targets mid-single-digit growth in mature markets, fueled by e-commerce momentum, and double-digit growth in key growth markets like Latin America and Asia (excluding China), supported by a strong innovation pipeline.
• Strategic Partnerships: The company has signed new license agreements with brands like Lena Gercke (LeGer’s fragrance) and Etro, expanding its fragrance offerings.
• Challenges: Coty faces challenges from rising costs and volatile currency movements. Selling, general and administrative expenses increased, and net revenues were impacted by unfavorable foreign exchange rates.

Edible Garden Expands Walmart Partnership

• Hydro Basil Launch: Edible Garden introduced sustainably grown Hydro Basil to select Walmart Distribution Centers (DCs), with potential for broader distribution in 2025.
• Custom Display: The company has developed a custom-designed Basil Station display that integrates seamlessly into Walmart’s produce sections.
• Sustainability Commitment: This collaboration strengthens Edible Garden’s commitment to sustainability and supports Walmart’s Project Gigaton initiative.
• Strong Retail Partnerships: The expansion of the partnership reinforces Edible Garden’s reputation as a reliable supplier of fresh, sustainable produce to key retailers.

Infrastructure

Hurricane Impact and Resilient Infrastructure

• Hurricane Helene’s Impact on Power Grids: Hurricane Helene, a Category 4 storm, caused widespread power outages in Florida, leaving nearly one million residents without power. Georgia Power, a subsidiary of Southern Company, reported restoring power to 95% of its customers, with ongoing efforts in Augusta, a heavily affected region.
• Beam Global’s EV ARC™ Systems Weather the Storm: Beam Global’s EV ARC™ charging infrastructure systems, designed for extreme weather conditions, remained operational during Hurricane Helene, even while submerged in eight feet of storm surge. These systems, designated by the GSA as disaster preparedness products, provide energy security and resilience during grid outages.
• Increased Demand for Resilient Infrastructure: The increasing frequency and severity of climate disasters highlight the need for off-grid infrastructure solutions like Beam Global’s EV ARC™ systems, which can withstand extreme conditions and support communities during crises.

Sustainable Infrastructure in the Pacific

• Tonga and InventWood Partner for Sustainable Construction: The Kingdom of Tonga and InventWood, a company transforming undervalued wood into climate-resilient building materials, have partnered to promote sustainable construction in the Pacific.
• SuperWood: A Climate-Resilient Building Solution: InventWood’s SuperWood, stronger and lighter than steel, offers unmatched resistance to termites, storms, fungus, and fire, making it ideal for harsh environments. The first projects will include schools, hospitals, and critical infrastructure in Tonga.
• Promoting Sustainable Infrastructure in the Pacific Islands Forum: This partnership is expected to catalyze opportunities for other nations within the Pacific Islands Forum (PIF) and the Small Island Developing States (SIDS), supporting resilient infrastructure across the region.

Industrial Services and Infrastructure Upgrades

• Cemtrex Wins $4.7 Million Contract for Energy Upgrades: Cemtrex Inc., through its Advanced Industrial Services (AIS) subsidiary, has secured a $4.7 million contract for energy upgrades at Fort Indiantown Gap in Pennsylvania. The project, expected to be completed in 2025, includes general construction, HVAC, plumbing, and electrical services.
• AIS Growth and Focus on Infrastructure Projects: Cemtrex is experiencing growth in its industrial contracting services, with a strong pipeline of projects expected to drive additional revenue in FY’25. The company anticipates further large-scale infrastructure orders from leading companies and government departments.

Water Infrastructure and Digital Solutions

• Jacobs Secures 10-Year Contract for Water Purification Facility: Jacobs has secured a 10-year contract with Soquel Creek Water District (SqCWD) to operate and maintain a new advanced water purification facility in Santa Cruz County, California.
• Advanced Water Purification Facility for Sustainable Water Supply: The facility will treat municipal secondary effluent to replenish SqCWD’s sole drinking water source, reducing ocean discharge by up to 25%.
• Jacobs’ Digital OneWater Solutions: Jacobs will utilize its Digital OneWater suite of solutions to optimize the plant’s performance and mitigate risk. The company developed an advanced digital twin of the facility to simulate operational scenarios and minimize energy and chemical use.

Infrastructure Sector Growth and Investment

• Quanta Services Shares Hit 52-Week High: Quanta Services, Inc. (PWR) shares reached a new 52-week high of $308.31 on Oct. 7, 2024. This growth was driven by continued demand for infrastructure services, particularly in renewable energy and power grid development.
• Strong Backlog and Decarbonization Efforts: Quanta boasts a record backlog of $31.31 billion, indicating the company’s strong position and positive future outlook. The company is actively involved in diverse technological solutions aimed at advancing decarbonization initiatives, including carbon management, compliance consulting, and infrastructure for carbon-neutral energy solutions.
• Acquisitions Drive Growth: Quanta utilizes acquisitions to expand its market presence and order backlog. In July 2024, the company completed the acquisition of Cupertino Electric, Inc. (CEI), which provides electrical infrastructure solutions, including engineering, procurement, project management, construction, and modularization services.

IBP’s Acquisition Strategy

• IBP Acquires Insulation Supplies: Installed Building Products, Inc. (IBP) has acquired Wholesale Insulation Supply, Inc., known as Insulation Supplies, a distributor of insulation products and accessories serving customers across Minnesota and the upper Midwest.
• IBP’s Continued Growth Through Acquisitions: IBP prioritizes profitable growth through acquisitions. The company has acquired approximately $73 million of annual revenues in 2024 and plans to continue its acquisition strategy.
• IBP’s Capital Allocation Strategies: Installed Building prioritizes capital allocation initiatives that drive profitability and growth, including inorganic growth, shareholder returns, and organic growth strategies.

Commodities

Energy Data & Intelligence

• TGS Q3 2024 Utilization: TGS, a global leader in energy data and intelligence, reported strong utilization of its OBN crews in Q3 2024. The company had one crew in West Africa, two in the Gulf of Mexico, and one in Europe. Robust demand for OBN services resulted in a solid order inflow during the quarter. While seismic streamer vessel utilization reached 77% in Q3, this was an increase from the previous quarter but below the 85% threshold considered full utilization. TGS expects improved streamer vessel utilization in the future due to increased bidding activity and the synergistic effects of its multi-client project portfolio.
• Streamer Vessel Allocation: In Q1 2024, streamer vessels were predominantly allocated to contract work (60%), with multi-client projects accounting for 28%. The remaining allocation was split between steaming, yard time, and stacked/standby vessels.
• Multi-client Investment: TGS invested USD 106 million in multi-client projects in Q1 2024, USD 92 million in Q2, and USD 132 million in Q3.
• TGS Q3 2024 Results: TGS will release its Q3 2024 results on October 24, 2024, at 7:00 a.m. CEST.

Oil & Gas

• Asset Divestitures & Debt: BP is selling its renewable wind business for ~$2 billion, indicating a continued offloading of underperforming assets to manage expenses related to the Deepwater Horizon oil spill. BP’s long-term debt capital is significantly higher than its peers.
• Renewables vs. Nuclear: The nuclear deal to reopen Three Mile Island between Microsoft and Constellation Energy suggests a shift towards nuclear as a reliable and renewable energy source. This contrasts with BP’s wind divestiture, which indicates challenges within the offshore wind market.
• Geopolitical Impacts on Oil Prices: While geopolitical events, such as the War in Ukraine, can have short-term impacts on energy markets, history suggests these effects are often transient. The recent tensions between Iran and Israel are expected to have a similar short-lived effect on oil prices.
• BP’s Performance: BP has missed Wall Street expectations in four out of the past five quarters. Despite rising geopolitical tensions, oil prices, and oil stocks, including BP, have underperformed. BP’s high debt levels and poor price action make it an unattractive stock.

Aluminum

• Constellium at ALUMINIUM 2024: Constellium SE is showcasing its advanced aluminum solutions at the ALUMINIUM 2024 trade fair, focusing on lightweight design, energy efficiency, and sustainable development. Several products on display highlight the company’s commitment to recycling, including Crash Management Systems made with over 90% post-consumer scrap.
• Automotive Mixed Scrap Sorting: Constellium will present at the Innovation Plaza for Sustainability and Recycling on “Automotive Mixed Scrap Sorting by LIBS Technology,” showcasing the latest advancements in LIBS technology and its impact on the automotive industry.

Gold Mining

• West Red Lake Gold Drilling: West Red Lake Gold Mines has reported drill results from its Madsen Mine, focusing on the South Austin Zone. Significant intercepts include 3.12m @ 37.09 g/t Au, including 0.62m @ 174.28 g/t Au. These results support the company’s goal of restarting production at the Madsen mine in H2 2025, with a pre-feasibility study expected in the coming months.
• South Austin Footwall Lens: A new footwall lens in South Austin was discovered, running sub-parallel to the South Austin domain, demonstrating the potential for encountering new mineralized zones adjacent to the main Madsen deposit.

Copper

• Marimaca Copper Pampa Medina Acquisition: Marimaca Copper Corp. is acquiring the Pampa Medina project, consisting of 4 mining concessions totaling 144 hectares. Pampa Medina hosts a historical resource estimate of copper hosted in oxide mineralization. Marimaca Copper is conducting a validation program with the intention to release a maiden resource estimate in early Q1 2025.
• Pampa Medina’s Potential: Pampa Medina is located within 25 km of the preferred plant site for Marimaca’s planned processing infrastructure, presenting potential for synergistic development using existing infrastructure. The company will also consider how Pampa Medina may impact the MOD development strategy.
• Sierra de Medina Exploration: The Pampa Medina project lies in the middle of one of the company’s most prospective exploration targets at SdM. Surface geology and geophysical surveys are underway to explore potential extensions both along strike and down plunge.

Zinc

• Fireweed Metals Popcorn Discovery: Fireweed Metals has discovered near-surface vein and replacement style mineralization at the Popcorn target, located 600 m northeast of the Boundary Zone resource pit-shell at the Macpass Project in Yukon, Canada.
• Popcorn Mineralization: Significant intercepts at Popcorn include 46.03 m at 4.88% zinc and 3.6 g/t silver and 54.75 m at 3.98% zinc and 3.9 g/t silver. Mineralization was intersected across all seven holes drilled at Popcorn. The company sees potential for massive sulphides similar to the feeder style mineralization seen at Boundary Zone.

LNG

• Avenir LNG Bunker Vessel Charter: Avenir LNG Limited has signed a Time Charter Party with LNG Shipping S.p.A., a subsidiary of Eni S.p.A., for one of its 7,500cbm LNG Bunker Vessels, the Avenir Aspiration. The multi-year time charter will commence in 2025, solidifying Avenir’s position as the leading provider of modern LNG bunker vessels.
• Charter Revenue Backlog: This charter increases Avenir’s third-party charter revenue backlog to over $285 million, securing long-term sustainable cash flow for the Group and shareholders over the next decade.

Politics

US Presidential Election

• Trump’s Resurgence in Prediction Markets: The price of a Trump victory share on Polymarket has risen to over 53%, fueled by speculation and user sentiment. Some observers speculate that a user known as “Fredi9999” might be linked to Elon Musk, given the timing of large bets coinciding with Musk’s pro-Trump statements. However, there is no direct evidence to support this theory.
• Elon Musk’s Full Support for Trump: Elon Musk has openly expressed his full support for Donald Trump, declaring he is “all in” on the former president. He has also been critical of the Democratic Party, accusing them of infringing on citizens’ fundamental rights.
• DeSantis and Harris Clash Over Hurricane Response: Florida Governor Ron DeSantis (R) has denied knowledge of any calls made by Vice President Kamala Harris in the aftermath of Hurricane Helene, despite numerous reports suggesting otherwise. Harris criticized the politicization of emergency situations, calling DeSantis’s alleged refusal of her calls “utterly irresponsible.”
• Trump’s Economic Policies: Trump’s presidential victory could raise the federal debt by $7.5 trillion through 2035 due to his policies, including lower corporate taxes and tariffs on imported goods. Conversely, Vice President Kamala Harris’s policies could increase the debt by $3.5 trillion.

Government Reform

• Musk’s DOGE Department Proposal: Tesla and Space X CEO Elon Musk talked about his potential role in the Department of Government Efficiency (DOGE) under a new Donald Trump administration. He proposed streamlining federal spending by overseeing the operations of different agencies and establishing a review process for regulations.
• Trump’s Government Efficiency Commission: Trump announced plans to create a government efficiency commission, tasked with conducting a complete financial and performance audit of the entire federal government. This followed Musk’s suggestion for such a department.

Political Influence and Impact

• Deloitte Facing Threats Over Employee’s Views: Republican allies of Donald Trump are threatening to terminate the federal contracts of Deloitte, a major consulting firm, following the disclosure of messages from one of its employees criticizing Trump’s presidency. Experts have raised concerns about a potential chilling effect on workers’ political freedom.
• Mom Vote 2024 Concerns: A nationally representative survey of over 500 moms revealed that their top concerns include the economy/inflation, border security, and women’s rights. They prioritize problem-solving skills, intelligence, honesty, and ethical behavior in a presidential candidate.

International Relations

• American Sentenced to Prison in Russia: A Moscow court has sentenced Stephen Hubbard, a 72-year-old American citizen, to six years and 10 months for allegedly participating in combat alongside a Ukrainian unit against Russian forces. This is the first instance of an American being imprisoned on “mercenary” charges since Russia’s invasion of Ukraine began.
• Bout’s Potential Arms Deal with Houthis: Viktor Bout, the notorious Russian arms dealer, is reportedly attempting to broker the sale of small arms to Yemen’s Iran-backed Houthi militants. This raises concerns about his renewed involvement in global arms trafficking.

Military Industry

• Lockheed Martin’s $1.17 Billion Trident II Contract: Lockheed Martin Corporation has secured a contract to provide fleet support for the Trident II Strategic Weapon System, which includes shipboard integration and navigation subsystem development. This win reflects the growing global market for missiles and missile defense systems.
• Global Missile Defense Market Growth: Mordor Intelligence forecasts a compound annual growth rate of 5% for the global missiles and missile defense systems market during the 2024-2029 time period. This growth is driven by rising military conflicts, terrorism, and border disputes.

Stock Picks

Hurricane Impact

• Florida Insurers Hit Hard: Property and casualty insurance stocks, like Progressive Corporation (PGR), Chubb Limited (CB), and Travelers Companies, Inc. (TRV), suffered significant losses after Hurricane Helene and further declines with the approach of Hurricane Milton.
• Phosphate Industry Impacted: Florida’s phosphate industry, a major global supplier, could face pressure from Hurricane Milton, potentially affecting companies like Mosaic Company (MOS) and Alico, Inc. (ALCO).
• Hurricane-Related Demand Expected: Companies like Generac Holdings Inc. (GNRC) and Energizer Holdings, Inc. (ENR) are likely to see increased demand for their generators and batteries due to Hurricane Milton. Additionally, home-improvement retailers like Home Depot, Inc. (HD) and Lowe’s Companies, Inc. (LOW), building product companies like Masco Corporation (MAS), and used-car retailers like Carvana Co. (CVNA) and Carmax Inc. (KMX) are expected to benefit from reconstruction efforts.

Earnings Watch

• PepsiCo Earnings Preview: Wall Street analysts predict PepsiCo, Inc. PEP to report quarterly earnings of $2.29 per share on revenue of $23.83 billion before the market opens. PepsiCo shares closed at $167.21 on Monday, down 0.5%.
• Accolade’s Q3 Earnings Expected: Analysts anticipate Accolade, Inc. ACCD to post a quarterly loss of 44 cents per share on revenue of $105.01 million. The company is expected to release earnings before the markets open.
• Saratoga Investment Earnings Forecast: Analysts predict Saratoga Investment Corp. SAR to report quarterly earnings of 94 cents per share on revenue of $37.12 million after the closing bell.
• Benchmark Electronics CFO Appointment: Benchmark Electronics, Inc. BHE announced the appointment of Bryan Schumaker as the company’s chief financial officer, effective October 8.

China Stimulus and AI Impact

• Alibaba Rises on China Stimulus: Alibaba’s stock continued to rise following China’s announcement of stimulus plans last week, which included a cut in banks’ reserve requirement ratio and a decrease in the seven-day reverse repurchase rate.
• Nvidia’s GPU Revenue at Risk: Nvidia’s GPU revenue could be at risk as China prioritizes domestic AI chips.
• Riot Platforms Eyeing AI Opportunities: The company’s CEO expressed interest in AI opportunities while maintaining a focus on Bitcoin BTC/USD mining.

Tesla Watch

• “We, Robot” Event Anticipation: Investors are eagerly awaiting Tesla’s “We, Robot” event scheduled for Thursday.
• Potential Crash Concerns: Despite Tesla stock closing at $240.83, down 3.70%, there are concerns about a potential crash following the “We, Robot” event.

Tech Focus

• DocuSign Joins S&P MidCap 400: DocuSign, Inc. (DOCU) shares rose sharply in pre-market trading after the company announced it will replace MDU Resources Group Inc. (MDU) in the S&P MidCap 400, effective before the opening of trading on Friday, October 11.
• Nuburu Secures $65 Million Financing: Nuburu, Inc. (BURU) gained 52.1% to $0.6801 in pre-market trading after securing $65 million financing from Liqueous LP, accelerating its commercialization efforts.

Other News

• MEDIROM Healthcare Acquires Rehabilitation Centers: MEDIROM Healthcare Technologies Inc. MRM acquired all of the rehabilitation centers of Y’s, Inc.
• GRI Bio Receives Buy Rating: Ascendiant Capital analyst Edward Woo initiated coverage on GRI Bio with a Buy rating and announced a price target of $12.
• Virios Therapeutics and Wex Pharmaceuticals Merge: Virios Therapeutics, Inc. and Wex Pharmaceuticals, Inc. announced a business combination to form Dogwood Therapeutics, Inc.
• Oruka Therapeutics Gets Buy Rating: HC Wainwright & Co. analyst Mitchell Kapoor initiated coverage on Oruka Therapeutics with a Buy rating and announced a price target of $45.