Charged Alpha Stock Encyclopedia

Vicor Corporation (VICR) Q3 2026 — At 09:47:48 CDT on October 20, VICR traded at $206.075, 8.07% above the $190.68 October 19 close; this is intraday, not a closing return.
Vicor’s product growth and royalty surge delivered a record quarter. The valuation test asks whether recurring cash and manufacturing execution can justify the price.
THE CALL: SELL (3/5, MODERATE) — Analyst central fair value ~$155 vs ~$206.075 Oct20 2026 09:47:48 CDT intraday.
KEY METRICS:
- Net revenue $197.114M, up 78.5% YoY
- Product revenue $130.501M; royalties $66.613M
- GAAP diluted EPS $1.33; no company adjusted EPS supplied
- Backlog $406M; Q3 approximate FCF $53.6M
- Cash $513.137M; borrowing debt not shown
- Price $206.075 at Oct20 2026 09:47:48 CDT; not a closing return
What to watch: Reassess on recurring royalty collections, product margins above 50% and sustained cash after expansion spending. $116.25 offers 25% margin of safety to our $155 base only if the operating thesis remains intact.
Full research packet: https://chargedalpha.com/research/vicr-q3-2026
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Equifax Inc. (EFX) Q3 2026 — The saved October 20 quote was $175.17, up 10.47% in early trading; this was not a completed-session return.
Equifax delivered strong revenue growth, but the earnings headline runs ahead of underlying profit. Buybacks and easier comparisons support per-share results while nine-month cash flow after gross capex declined.
THE CALL: HOLD (3/5, MODERATE) — base-case value ~$175.00 vs ~$175.17 today.
KEY METRICS:
- Revenue $1,692.5M, up 9.6% YoY computed
- GAAP diluted EPS $1.79 versus $1.29
- Adjusted net income $267.4M, up 5.7%; adjusted EPS $2.26, up 10.8%
- Nine-month gross cash FCF $763.2M, down 3.8%
- Net debt $5,013.8M; trailing adjusted EBITDA $2,097.9M
- FY revenue midpoint $6.661B; adjusted EPS midpoint $8.50
What to watch: Deliver revised FY ranges, restore annual gross cash FCF to at least $1,134.3M and keep leverage controlled after the acquisition.
Full research packet: https://chargedalpha.com/research/efx-q3-2026
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

RTX Corporation (RTX) Q3 2026 — The $192.11 October 19 regular-session close precedes these results; no post-release stock reaction is claimed.
RTX raised its outlook after strong aerospace and defense growth. The valuation test separates a $0.25 adjusted-EPS recovery benefit from durable earnings, while examining customer exposure and the cash needed to justify the price.
THE CALL: SELL (3/5, MODERATE) — Analyst central fair value ~$165 vs ~$192.11 Oct 19 pre-release close.
KEY METRICS:
- Revenue $24.965B; reported growth 11%, organic growth 12%
- GAAP diluted EPS $1.89; adjusted EPS $2.26 includes $0.25 of IEEPA cost recovery
- Q3 free cash flow $2.119B; nine-month free cash flow $6.306B
- Backlog $340B: commercial $176B and defense $164B
- FY2026 adjusted EPS guidance $7.65–7.75; free cash flow guidance $9.0–9.2B
- No earnings-call transcript reviewed; exact issuer release minute unconfirmed
What to watch: Reassess on clean Pratt margin progress, delivery of the $9.0–9.2B annual cash guide and stronger recurring cash. A $132 price offers 20% margin of safety to our $165 base only if the operating thesis remains sound.
Full research packet: https://chargedalpha.com/research/rtx-q3-2026
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Halliburton Company (HAL) Q3 2026 — The $32.98 October 19 regular-session close precedes these results; no completed post-release regular-session reaction is claimed.
Halliburton improved adjusted operating profit sequentially, but operating cash flow less capex was only $102 million. The valuation depends on making the margin recovery cash-generative.
THE CALL: HOLD (3/5, MODERATE) — base-case value ~$34 vs ~$32.98 Oct 19 pre-release close.
KEY METRICS:
- Revenue $5.703B, up 1.8% year over year
- Adjusted operating income $731M vs $683M sequentially; GAAP $624M vs $778M
- Operating cash flow $368M; OCF less capex $102M
- Company FCF $156M includes $54M PP&E sale proceeds
- Early 2027 management outlook: mid-single-digit revenue growth and about 15% operating margins
- October 20 08:00 CDT call pending at source snapshot
What to watch: Reassess at or below $27.20 with the thesis intact, or after durable margin improvement and cash conversion support a higher value.
Full research packet: https://chargedalpha.com/research/hal-q3-2026
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Northrop Grumman Corporation (NOC) Q3 2026 — The $510.65 October 19 regular-session close precedes these results; no post-release stock reaction is claimed.
Northrop Grumman grew sales and beat the provider EPS estimate. The valuation test is whether stronger earnings become repeatable cash, after separating $371 million of equipment sale proceeds.
THE CALL: SELL (3/5, MODERATE) — Analyst central fair value ~$455 vs ~$510.65 Oct 19 pre-release close.
KEY METRICS:
- Revenue $11.122B, up 6.7%; GAAP diluted EPS $7.89
- Operating cash flow $1.745B; capex $306M
- OCF less capex $1.439B; adjusted free cash flow $1.810B includes $371M equipment sale proceeds
- Backlog $109.597B, with 54.3% unfunded
- FY2026 adjusted EPS guidance $29.35–29.75; adjusted free cash flow guidance $3.1–3.5B
- October 20 earnings call at 08:30 CDT remained pending at authoring
What to watch: Reassess if repeatable cash conversion supports a higher baseline. A $364 price offers a 20% margin of safety to our $455 base only if operating evidence remains sound.
Full research packet: https://chargedalpha.com/research/noc-q3-2026
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Steel Dynamics, Inc. (STLD) Q3 2026 — The $245.17 regular-session close precedes the 15:30 CDT release; the post-print reaction is pending.
Steel Dynamics delivered stronger steel margins and cash flow. The harder question is how much of that strength is already priced into the shares.
THE CALL: SELL (3/5, MODERATE) — Analyst central fair value ~$190 vs ~$245.17 Oct 19 pre-release close.
KEY METRICS:
- Revenue $6.509B, up 34.8% year over year
- GAAP diluted EPS $5.26; parent net income $756M
- Operating cash flow $845.794M; capex $149.608M
- Steel operating income $1.033B; aluminum operating loss $26.226M
- Net debt $3.275B; current-quarter diluted weighted shares 143.623M
- Actual release October19 15:30CDT; call October20 10:00CDT pending
What to watch: Consider a BUY at $152 or below only with durable steel margins, aluminum progress and healthy cash conversion. Reassess after the pending call and next actual quarter.
Full research packet: https://chargedalpha.com/research/stld-q3-2026
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

AGNC Investment Corp. (AGNC) Q3 2026 — The $8.44 reference quote precedes the SEC earnings filing; it is not a verified post-release reaction.
The dividend remained covered by the carry measure, but tangible book fell sharply. We examine what shareholders earned after joining income with the change in capital.
THE CALL: SELL (3/5, MODERATE) — Analyst central fair value ~$7.5 vs ~$8.44 Oct 19 dated quote.
KEY METRICS:
- Tangible book $7.13 per common share, down 16.9% quarter over quarter
- Economic return -12.7%, including $0.36 quarterly dividend
- Net spread and dollar roll income $0.37/share, non-GAAP
- GAAP diluted loss $1.17/share; comprehensive loss $1.28/share
- At-risk leverage 7.9×; unencumbered cash and Agency securities $6.3B
- Net interest spread 1.86%; $992M net ATM proceeds
What to watch: Consider a BUY only near $6.00 or below with stable book, nonnegative economic return and stronger carry coverage; reassess if capital and funding improve.
Full research packet: https://chargedalpha.com/research/agnc-q3-2026
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Cleveland-Cliffs (CLF) Q3 2026 — The reference quote is $13.80 at 10:04:59 a.m. CDT on October 19; this is an intraday observation, not the closing price.
Cleveland-Cliffs returned to GAAP profitability, but $612M adjusted EBITDA produced $72M free cash flow after capital spending. We test the pricing recovery against $7.568B simple net debt and a conditional 2027 outlook.
THE CALL: HOLD (3/5, MODERATE) — Base-case value ~$15 vs ~$13.8 at the fixed Oct 19 intraday quote.
KEY METRICS:
- Q3 revenue $5.612B; operating income $311M; attributable net income $152M
- Adjusted EBITDA $612M; operating cash $224M less capex $152M = computed FCF $72M
- Cash $77M; long-term debt $7.645B; computed simple net debt $7.568B
- Q4 adjusted EBITDA guide ~ $715M; 2027 outlook above $4B is conditional on contracts and price forecasts
- HOLD, conviction 3/5; base value $15; fixed intraday quote $13.80; High uncertainty
What to watch: Illustrative $11.25 entry only if the operating thesis holds; stronger recurring cash conversion and transparent debt reduction could support a higher value.
Full research packet: https://chargedalpha.com/research/clf-q3-2026
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Aduro Clean Technologies (ADUR) Q1 FY2027 — Reference US$10.10 at 11:18:52 am CDT October 16; exact earnings distribution clock/session unconfirmed.
Aduro reported a profit with no quarterly sales. A noncash warrant gain explains the result; equity financing explains the stronger cash balance.
THE CALL: SELL (2/5, LOW) — base-case value ~$6 vs ~$10.1 today.
KEY METRICS:
- C$1.202M net income includes C$4.240M noncash warrant gain
- C$0 revenue; operating cash flow−C$2.575M
- C$65.752M dated cash; C$30.281M net equity proceeds
- SELL; $6 speculative anchor; $10.10 dated quote; very high uncertainty
What to watch: At least one binding commercial license with disclosed economics and credible FOAK cost/funding milestones; low price alone does not solve technical execution.
Full research packet: https://chargedalpha.com/research/adur-q1-fy2027
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Ladder Capital (LADR) Q3 FY2026 — Reference price $8.82 is the October 15 close, before the release; exact release clock and session unconfirmed.
Ladder Capital reported $0.35 in distributable earnings per share against a $0.23 dividend. But $30.691 million of property-sale gain remains inside those earnings, while a changed interest presentation complicates the comparison.
THE CALL: HOLD (2/5, LOW) — Rounded dividend/book equity anchor ~$9 vs ~$8.82 October 15 closing common share price; before the release.
KEY METRICS:
- GAAP common income $65.865m; after-tax distributable earnings $43.688m
- Reported DE EPS $0.35 versus $0.23 dividend; retained property gain $30.691m
- Harmonized net interest income $23.041m; common book value $11.61/share
- HOLD, conviction 2/5; $9 equity anchor versus dated $8.82 price; high uncertainty
What to watch: Reassess repeatable distribution coverage, current credit quality and funding disclosures; the $9 equity anchor depends on dividend durability and common book value.
Full research packet: https://chargedalpha.com/research/ladr-q3-fy2026
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.