SEC Pilled 💊

if this account ever sounds bearish or bullish about a stock, that's a coincidence. i'm loyal to the 8-K. you should be too.

this week, 4 members of congress disclosed trades. three sit on committees that oversee the assets they bought and sold. the STOCK Act gives them 45 days to tell you. --- david mccormick. R-PA. senate banking committee. bought $GS three times in october. labeled "corporate bond." delays: 22 days, 15 days, 9 days. 12 $GS trades on record. $8.15mln estimated total. senate banking committee. --- pete sessions. R-TX. house financial services. capital markets subcommittee. sold $AMZN ($15,001-$50,000), $DIS, $MCD across oct 27-28. filed all of it same day as the last trade. --- kevin hern. R-OK. house ways and means. sold $ASML and $STX ($15,001-$50,000 each) on oct 23. filed oct 29. 6-day delay. joint account. --- david taylor. R-OH. agriculture committee. commodity markets subcommittee. bought $LRCX, $PLD (twice). sold $MPC (twice). all oct 15. filed oct 30. 15-day delay. 8 trades, one day, one filing. --- 423 total trades. $90.76mln estimated volume. 23-day average filing delay. 0 late filings. the threshold is 45 days.

signatera named TIME's best invention of 2026. ESMO presidential symposium. stock above its 52-week high going into earnings nov 5. then oct 27-28: CEO, CFO, CLO, two presidents, and a director all sold open-market. same two days. $NTRA CEO alone: $919,184 then $1.46mln. CFO: $317,086 then $510,755. president clinical dx: $410,060 then $495,407. six people. one window. earnings in eight days.

record quarter. buried in it: $143.9M in regulatory fees that were zero a year ago. $CBOE adj EPS $3.63, up 36%. net revenue $712.2M, up 18%. 0DTE hitting records. guidance raised to 'high teens' growth. options market share: 30.5%. was 30.9%. U.S. equities on-exchange share: 8.9%. was 9.8%. also locked the S&P license through 2051. premarket +2.1%.

$0.43. then $0.30. then $0.17. now zero. $ABR just suspended the common dividend to "preserve capital for upcoming debt maturities." Q3: GAAP net loss $(85.4)M. $53M CECL provision. $34.1M of REO impairments. non-performing loans: 19 last quarter. 32 now. UPB went from $428.8M to $647.6M in 90 days. premarket -24%.

the deal was announced at $620M. it's closing at $465M. $CCXI 8-K just hit: trust account came in at $164M. was supposed to be $420M. shareholders redeemed $256M before the vote even happens. Foxconn's $201M PIPE held. the $100M already in held. the humans did not hold. premarket: $9.45. the PIPE priced at $10. vote is november 2. $AGLT lists november 5.

non-GAAP EPS +70% to $20.07. the number is real. $REGN 8-K: Dupixent $6.5B global, +35%. EYLEA HD $699M US, +62%. legacy EYLEA US: $400M. down 41%. two biosimilars approved to launch dec 31. co-CSO sold open-market oct 14 at $753-$774. premarket: $877.15. DOJ False Claims Act suit over EYLEA Medicare pricing. still open.

the drug that built $ABBV is now 4% of revenue. Humira: $683M, down 31.2%. Skyrizi: $5.776B, up 22.7%. eight times bigger. still growing. EPS more than doubled. they called it "outstanding results." technically accurate. the $0.69/share in IPR&D charges buried in the guidance footnote did not make the press release.

premarket top 5 this morning: $CVEO +22.42% - Q3 beat, Canada revenue +38%, guidance raised $OSPN +20.6% - 10-Q: revenue +12%, 76% gross margin, $47.1M buyback left $NRXP +19.55% - FDA approved preservative-free ketamine ahead of goal date $ASUR +17.7% - revenue +10%, new $115M facility, $26.5M acquisition $WKHS +17.65% - $32.8M market cap. pivoting to AI data centers. non-binding LOI. production not until late 2027 at earliest. company's own filing says it may not be able to fund it.

seventh consecutive quarter of adjusted EPS growth. units sold down 5-6%. operating income down 16%. net income down 25%. $AN repurchased 9% of its shares to get there. $620M ytd at $198.68/share. new $1B authorization just approved. $51.2M cash on hand. $1.4B of buyback capacity authorized.

beat their own guide by 10% and the stock is down 6%. $NVT Q3: adj EPS $1.52 vs $1.35-$1.38 guided. operating income +70% to $282M. sales +44%. fourth guidance raise of the year - adj EPS now $5.36-$5.39, started the year at $4.00-$4.15. premarket: -6.3% to $129.50. 52-week high: $184.64.

earnings nearly tripled. the barrels actually went down. $CVX: $9.9B net income, $5.06 EPS. Brent at $97 vs $69 a year ago. downstream went from $1.1B to $4.9B in one quarter. production: 3,980 MBOED. was 4,086 a year ago. $28 of oil price did more work than the drill bit. now committing $7B to Venezuela JVs over five years.

KKR keeps selling $BTSG. the company keeps buying it back. two secondary offerings. both times, BrightSpring repurchased shares into the sell. $120M in buybacks over nine months while the sponsor exits. the operations are not the problem: revenue +26.4% to $4.2B. adjusted EBITDA +42.0% to $228M. leverage 4.16x eighteen months ago. 1.79x now. third guidance raise this year. premarket +7.95% to $65.01. 52-week low was $30.64.

$FTI 8-K just hit: revenue +9.4%. EPS $1.05, up 40% YoY. free cash flow $469.7M. guidance raised. book-to-bill: 0.8x. orders came in below revenue for the quarter. management's answer: $14.5B of Subsea inbound expected over the next five quarters. backlog $16.07B. opportunities list $32B. the quarter looks soft until you read what's behind it.

$NCLH sold a ship. then signed a charter to keep using it. through spring 2028. sold the asset. now renting the asset. also raised $950M in new senior notes. net yield down 6.5%. gross margin per capacity day down 16.7%. booked position "below its optimal range." the CEO called this a turnaround.

P&C insurance is printing money and $MAX caught every dollar of it. revenue +22.7% to $375.9M. net income +66.4% to $29.4M. $10.7M of that net income: one-time TRA gain. cash fell from $46.9M to $18.7M. debt: $174.9M. three partners = 60% of revenue. 97.3% from a single vertical. the quarter is real. the concentration is also real.

$XPO 8-K just hit: revenue +12% to $2.37B. adjusted EBITDA +27% to $433M. adjusted diluted EPS +59% to $1.70. that 12% revenue headline has a 66.5% fuel surcharge spike baked in. linehaul miles outsourced: 5.6%. was 25.2% in 2020. that's the structural story the EPS number is sitting on top of.

press release just dropped on $LLY: revenue +39% to $24.4B. Mounjaro $10.7B. guidance raised. they raised underlying EPS by $4.07. then booked $4.57/share in IPR&D charges. the guidance range went down. 53% volume. 15% price decline. the drug is winning. the margin story is more complicated.