Event-driven platform focusing on Special Situations
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Joined January 2021
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Looks like there is no pause for this cannibal! 🐂
AutoNation $AN approved an additional $1B share repurchase authorization, equivalent to roughly 17% of its market cap.
The company has already repurchased $620M worth of shares YTD, reducing shares outstanding by 9%. Over the past four years, its share count has fallen more than 40%, from ~94M to 55.9M shares.
Q3 results were solid, with adjusted EPS of $5.11, marking the seventh consecutive quarter of YoY growth
Shares jumped 6% at the close. Another aggressive buyback move from a company that clearly isn't slowing down
insidearbitrage.com/symbol-m…
$AN
ALT $AN - Change in shares outstanding
🟢 One more to add to the list .. CEO buys 10K shares
ALT $DINO - Insider transactions
🛢️ HF Sinclair $DINO 10 Takeaways From Its Latest Earnings Call
💰 Earnings Blow Past Expectations
HF Sinclair reported record Q3 adjusted EPS of $11.75, well above the $7.65 estimate. Adjusted net income jumped to $2.08 billion from $459 million, while revenue surged 50% to $10.86 billion.
🔥 Refining Profits Surge
Refining adjusted EBITDA nearly quadrupled to $2.58 billion, while gross margins jumped 183% to $54.22 per barrel. Middle East supply disruptions and tighter fuel markets helped boost profits.
🌍 Refining Disruptions Could Last Until 2028
Management doesn't expect global refining disruptions to fully recover before 2028, with roughly 4 million barrels per day of capacity offline across the Middle East and Russia.
👔 Steve Ledbetter Named Next CEO
Ledbetter takes over on January 1, 2027, succeeding interim CEO Franklin Myers, who will remain executive chair through the spin-off. Ledbetter joined in March 2023 and previously led Shell Midstream Partners and Jiffy Lube.
✂️ Lubricants Spin-Off Targets Mid-2027
HF Sinclair plans to spin off its Lubricants & Specialties business, distributing at least 80.1% of the new company's shares. Management is targeting mid-2027, with standalone operations expected to be ready by early Q3.
📈 Lubricants Business Shows Strong Growth
Ahead of the spin-off, Lubricants & Specialties adjusted EBITDA rose to $174 million from $78 million, with external revenue reaching $924 million, helped by stronger pricing and a better sales mix.
🏭 Mississauga Refinery Closure Underway
HF Sinclair is retiring its Canadian base oil refinery, recording $27 million in impairment charges, $28 million in severance costs, and $54 million in accelerated depreciation in Q3.
💵 Cash Builds as Buybacks Accelerate
HF Sinclair ended Q3 with $3.33 billion in cash and $2.77 billion in debt. It returned $572 million to shareholders, including $479 million in buybacks, while maintaining its 50% payout target.
🚀 The New CEO Wants More Predictable Cash Flow
Ledbetter acknowledged that today's unusually strong refining margins won't last forever. He plans to grow Marketing and Midstream, businesses that can generate steadier cash flow, while focusing primarily on organic investments rather than big acquisitions.
⛽ Pipeline Expansion Opens New Opportunities
Westline Connect could add 35,000 barrels per day of transport capacity from the Rockies to Utah and Nevada by 2029, with an investment decision expected in Q1 2027. Western Gateway could also help HF Sinclair reach Western markets as California refineries close.
ALT HF Sinclair logo
Clayton Dubilier & Rice is pursuing a take-private of payments processor Global Payments $GPN, FT reported. @mroliverbarnes @AntoineGara
CD&R has teamed up with private equity group GTCR, Global Payments’ biggest shareholder, on a joint bid for the payment processor.
ALT CD&R Pursues Buyout of Global Payments
$PMT is doing something mortgage REITs rarely do: cutting its dividend to buy back stock
PennyMac Mortgage Investment Trust reported a Q3 net loss of $36M, or $0.41/share, but adjusted earnings of $0.35, up from $0.25 last quarter.
The board raised its repurchase authorization by $130M, taking available capacity above $200M. That’s 31% of a $644M market cap!
CEO David Spector’s reasoning, in the release: PMT trades at a steep discount to book, so they expect to decrease the dividend in favor of share repurchases
Leadership changes alongside it: Kevin Ryan, currently Chief Strategy Officer and previously President and CFO of Better Home & Finance, becomes CFO on Jan 1, succeeding Daniel Perotti. President Doug Jones retires June 30, 2027, after 15+ years
$PMT
InsideArbitrage retweeted
Just last month, DoorDash couldn’t seem to find the money to pay their deliveristas — until our administration forced them to give back $131M+ in stolen wages and penalties.
This week, they’ve managed to find $17 billion to acquire one of their main competitors.
Corporate consolidation means higher prices, harsher exploitation, and greater economic inequality for New Yorkers.
We’ve stood up to these giants before. That doesn’t stop now.
BREAKING: DoorDash just agreed to buy Instacart for $17 billion. Here's what that means for customers and shoppers. apnews.com/article/doordash-…
ADT $ADT to be Acquired by Thrive Holdings in $15.30 Billion Deal -
🔒ADT stockholders will receive $10 per share in cash, representing a premium of 34.95% over the stock’s last close.
🔒The transaction is expected to close in the first quarter of 2027.
🔒ADT can seek acquisition offers from other potential buyers for 30 days, until November 28, 2026.
For more in-depth information regarding this merger, click on the link below:
insidearbitrage.com/2026/10/…
ALT ADT to be Acquired by Thrive Holdings in $15.30 Billion Deal
$CLX Clorox Names New CEO
Clorox appoints Fabian Garcia as CEO, effective January 5, 2027, succeeding Linda Rendle. Garcia currently leads Unilever's Personal Care business and previously served as Revlon's CEO.
Rendle will leave her CEO and Board Chair roles on January 5, 2027, and remain a senior advisor through April 2 at her existing $1.35 million annual salary.
💰 An $11 million Sign-On Award
Garcia will receive $11 million in restricted stock to replace forfeited Unilever awards, plus a $4.55 million initial long-term incentive award.
Lead Independent Director Matthew Shattock will become Independent Board Chair on January 5, 2027, separating the CEO and Chairman roles.
🛢️ HF Sinclair $DINO 10 Takeaways From Its Latest Earnings Call
💰 Earnings Blow Past Expectations
HF Sinclair reported record Q3 adjusted EPS of $11.75, well above the $7.65 estimate. Adjusted net income jumped to $2.08 billion from $459 million, while revenue surged 50% to $10.86 billion.
🔥 Refining Profits Surge
Refining adjusted EBITDA nearly quadrupled to $2.58 billion, while gross margins jumped 183% to $54.22 per barrel. Middle East supply disruptions and tighter fuel markets helped boost profits.
🌍 Refining Disruptions Could Last Until 2028
Management doesn't expect global refining disruptions to fully recover before 2028, with roughly 4 million barrels per day of capacity offline across the Middle East and Russia.
👔 Steve Ledbetter Named Next CEO
Ledbetter takes over on January 1, 2027, succeeding interim CEO Franklin Myers, who will remain executive chair through the spin-off. Ledbetter joined in March 2023 and previously led Shell Midstream Partners and Jiffy Lube.
✂️ Lubricants Spin-Off Targets Mid-2027
HF Sinclair plans to spin off its Lubricants & Specialties business, distributing at least 80.1% of the new company's shares. Management is targeting mid-2027, with standalone operations expected to be ready by early Q3.
📈 Lubricants Business Shows Strong Growth
Ahead of the spin-off, Lubricants & Specialties adjusted EBITDA rose to $174 million from $78 million, with external revenue reaching $924 million, helped by stronger pricing and a better sales mix.
🏭 Mississauga Refinery Closure Underway
HF Sinclair is retiring its Canadian base oil refinery, recording $27 million in impairment charges, $28 million in severance costs, and $54 million in accelerated depreciation in Q3.
💵 Cash Builds as Buybacks Accelerate
HF Sinclair ended Q3 with $3.33 billion in cash and $2.77 billion in debt. It returned $572 million to shareholders, including $479 million in buybacks, while maintaining its 50% payout target.
🚀 The New CEO Wants More Predictable Cash Flow
Ledbetter acknowledged that today's unusually strong refining margins won't last forever. He plans to grow Marketing and Midstream, businesses that can generate steadier cash flow, while focusing primarily on organic investments rather than big acquisitions.
⛽ Pipeline Expansion Opens New Opportunities
Westline Connect could add 35,000 barrels per day of transport capacity from the Rockies to Utah and Nevada by 2029, with an investment decision expected in Q1 2027. Western Gateway could also help HF Sinclair reach Western markets as California refineries close.
ALT HF Sinclair logo
FTAI Aviation $FTAI is doubling down on its own stock. 📈
The aerospace & engine MRO company is seeing shares rise premarket after Q3 results and a major capital-return move.
✈️ Aerospace Products revenue: +76% YoY
💰 Adjusted EBITDA: $348.3M (+17%)
🔄 Buyback authorization doubled to $1B
🔄 Repurchased $80 million of shares since authorization in September
⚡ $500M accelerated share repurchase planned
💵 Quarterly dividend: $0.50/share
Management also reaffirmed its 2026 and 2027 Adjusted EBITDA guidance
$FTAI
DoorDash $DASH to Acquire Instacart $CART for $17 Billion -
🥕Instacart stockholders will have the right to elect to receive, for each Instacart share:
🔸$65 in cash,
🔸0.3372 shares of DoorDash common stock, or
🔸a mix of $48.75 in cash and 0.0843 shares of DoorDash common stock.
🥕In each case, subject to a cap on the total stock consideration issuable by DoorDash equal to 25% of the aggregate consideration and certain proration mechanics.
🥕The cash consideration of $65 is at a premium of 11.26% over the stock’s last close.
🥕The transaction is expected to close at the end of 2027 or in the first half of 2028.
Last week, Bloomberg reported that Instacart had explored a potential sale of the grocery-delivery company, a process that had included discussions with Uber Technologies $UBER. The stock was trading at $51.68 when it was revealed that Instacart also held preliminary talks with DoorDash as part of a potential sale process, according to the Information.
For in-depth information regarding this merger, click on the link below:
insidearbitrage.com/2026/10/…
ALT DoorDash to Acquire Instacart for $17 Billion
ALT InsideArbitrage Potential Deal Alert: Instacart (CART) Considers a Potential Sale
Cobblers Cove Capital and Arkhouse Management are seeking to buy Applebee’s and IHOP franchisor Dine Brands Global $DIN - Bloomberg @LianaBaker and Reshmi Basu
🍔The investor group submitted an offer to the company’s board on Monday worth $39 per share in cash.
🍔The investors, which have economic exposure to almost 20% of Dine Brands’ shares through swaps and other instruments, believe the company would be better off going private so it can invest in Applebee’s and IHOP without quarterly earnings pressure.
🍔They are willing to raise the offer pending due diligence and access to company management.
ALT Applebee’s Owner Dine Brands Gets Buyout Bid From Cobblers, Arkhouse
Marvell Technology $MRVL is in advanced talks to buy data center optics maker Lumentum Holdings $LITE, Bloomberg reported. @rngould @MichelleF_Davis @davidcarnevali
A transaction may be announced as soon as next week.
ALT Marvell Is Said to Near Deal for Lumentum
PROG Holdings $PRG, a fintech & consumer finance company, is ramping up shareholder returns with an ASR coming up soon
Adds $237M to its buyback program, bringing available authorization to $500M, which is about 20% of its market cap
A $100M accelerated share repurchase is expected to be completed in Q1 2027
Strong track record: repurchased ~23% of its shares over the past 4 years.
Its portfolio spans Progressive Leasing, Four (BNPL), MoneyApp and Purchasing Power
With leverage back within its target range following the Purchasing Power acquisition, PROG has more room to return capital
$PRG
ALT $PRG - Change in shares outstanding
Amphenol $APH is doing something few industrial companies can pull off 🚀
It just lined up a $4B buyback before its current $2B program is even finished
Meanwhile, Q3 was a monster 📈
📊 Sales: $10.2B (+65%, +37% organic)
📦 Orders: $12.2B (1.19x book-to-bill)
💰 EPS: +74%
📈 Operating margin: ~30%
💵 Free cash flow: $1.6B
And it still:
✅ Raised the dividend 20%
🤝 Bought Empire Electronics
🤝 Signed 3 more acquisition deals
What the numbers tell us
💰 The new $4 billion authorization runs for three years from January 1, 2027
🔄 The existing $2 billion program is expected to be completed by December 31, 2026
🤝 The four announced acquisitions total approximately $1.6 billion, financed through cash and debt
When a company is growing organically, expanding through M&A, raising dividends, and committing another $4B to buybacks, that's a compelling capital allocation story
No wonder shares are up premarket🔥
NXP Semiconductors $NXPI added another $5B to its share repurchase program. And the timing is what makes this interesting
• Q3 revenue: +19% YoY to $3.79B
• Free cash flow: $1.21B in one quarter
• Buyback authorization: $6.3B total remaining
• Q4 revenue outlook: $3.85B
The bet: auto chips, industrial recovery & data-center demand can keep the cash flowing
The thing to watch: NXP repurchased $103M in Q3 while generating $1.21B in free cash flow. Roughly $100M a quarter, three quarters in a row
Management says buybacks accelerate starting in Q4. Their decade-long record backs them: $22.7B returned since 2016, 95% of FCF, share count down 27%
Authorizations aren’t executions, but in this case there is a timeline attached (Q4)
insidearbitrage.com/symbol-m…
$NXPI
InsideArbitrage retweeted
🍔🍔🍔SCOOP: Nelson Peltz’s Trian offers to buy Wendy’s for $7.35/sh $WEN
wsj.com/business/deals/nelso…
LCI Industries $LCII received an unsolicited, non-binding proposal from Monomoy Capital Partners to acquire LCI for $101 per share in cash.
It is currently pursuing an all-stock merger with Patrick Industries $PATK, which values LCI at about $89.47 per share.
Under the Patrick merger, LCI shareholders will receive 1.244 shares of Patrick common stock.
ALT LCI Industries Confirms Receipt of Unsolicited, Non-Binding Proposal from Monomoy Capital Partners
Patrick Industries $PATK to Merge with LCI Industries $LCII in a $4.08 Billion Deal -
⚙️LCI shareholders will receive 1.244 shares of Patrick common stock for each share of LCI common stock they own, representing a price of $115.92 per LCI share, at a premium of 15.78% from the stock’s last close.
⚙️The merger is expected to close in the first half of 2027.
In April, Patrick Industries announced that it was in discussions with LCI regarding a potential merger of equals. The stock was trading at $123.43 before the announcement. But the companies had terminated discussions as they were unable to reach mutually agreeable terms.
For a more in-depth analysis of this merger, click on the link below:
insidearbitrage.com/2026/06/…
ALT Patrick Industries to Merge with LCI Industries in a $4.08 Billion Deal
ALT Patrick Industries (PATK) In Discussions with LCI Industries (LCII) Regarding a Potential Merger of Equals
EnerSys $ENS to Acquire Ultralife $ULBI for $320 Million in Cash -
🔋EnerSys, through a subsidiary, will commence a tender offer to acquire shares of Ultralife for $16 per share in cash, representing a 151.57% premium over the stock’s last close.
🔋The deal is expected to close in the first quarter of 2027.
For more detailed insights into this merger, click on the link below:
insidearbitrage.com/2026/10/…
ALT EnerSys to Acquire Ultralife for $320 Million in Cash
InsideArbitrage retweeted
Skydance is giving some employees a one-time exit offer as it folds Paramount and Warner Bros. Discovery into one company.
Eligible staff will receive individualized buyout terms, while the merged company moves toward a five-day office week and targets more than $6 billion in savings.
Read more: mrf.lu/2HBXn
MSG Knicks Completes Spin-Off of New York Rangers Business
🏒 The MSG Sports split is officially done. Madison Square Garden Sports has become MSG Knickerbockers $MSGK, while the Rangers business now trades separately as MSG Rangers $MSGR
📅Record date was Oct. 20, distribution completed Oct. 26, and regular-way trading in MSGK and MSGR began Oct. 27.
🔄 Shareholders received 1 MSGR share for every 2 MSGS shares they owned. MSG Knicks retained no ownership in MSG Rangers.
🏟️ What sits where now: MSGK owns the New York Knicks and Westchester Knicks, while MSGR owns the New York Rangers, Hartford Wolf Pack and MSG Training Center.
🗳️ MSG Rangers has a dual-class structure, with Class B shares carrying 10 votes per share versus one vote for Class A, preserving significant voting influence after the spin.
The old MSG Sports business is now split into two pure-play public sports assets: MSGK owns the Knicks, while MSGR owns the Rangers. James Dolan remains CEO of both.
ALT MSG Knicks Completes Spin-Off of New York Rangers Business