TTC Stock: Revenue +2% Beat Q2 FY2026

FEIM Stock: A Record Backlog and an Ugly Quarter — Buy the Dip?

Frequency Electronics (FEIM) Q4 FY2026 — Frequency Electronics (FEIM) — a niche maker of atomic clocks and precision timing for satellites, missiles and secure military comms — reported an ugly fiscal Q4: gross margin collapsed to ~1% (vs a normal ~30%) and EPS came in at -$0.50 versus a +$0.27 estimate, a big miss, on a $3.8M Elcom inventory write-down and pre-revenue investment. Strip the one-offs and adjusted gross margin was ~36%. Backlog hit a record $111M, and management reaffirmed a $150M FY2029 revenue target. After a run from ~$20 to $80, the stock trades near $51 — above Wall Street's ~$44 target. How does a company post a 1% gross margin and a record order book in the same quarter? Frequency Electronics makes the ultra-precise atomic clocks and oscillators that keep satellites, missiles and military radios in sync — a tiny, hard-to-replace niche. Its GAAP Q4 looked like a disaster (EPS -$0.50 vs +$0.27 expected, gross margin ~1%), but that was mostly a one-time $3.8M inventory write-down plus pre-revenue investment; adjusted gross margin was ~36%. Backlog is at a record $111M and management targets $150M revenue at 50% gross margins by FY2029. The catch: after quadrupling to $80 and settling near $51, the stock trades at ~8x sales — above even Wall Street's ~$44 target — with cash down to $1.6M. Our call: HOLD, 3/5. Fair value ~$44, modestly below the price. A wonderful little niche that already believes its own best-case future. Not financial advice. THE CALL: HOLD (3/5, A REAL STORY, BUT THE PRICE ALREADY BELIEVES IT) — base-case value ~$44 vs ~$51.51 today. What to watch: gross margin recovering back toward 30%+ over one or two clean quarters (proving the Q4 charge was one-time), the record $111M backlog converting to revenue without fresh write-downs, and a pullback toward or below the ~$44 Street target Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

BMNR Stock: A Dollar of Ethereum for 87 Cents — Bargain or Trap?

BitMine Immersion Technologies (BMNR) Q3 FY2026 — BitMine Immersion (BMNR), the largest corporate holder of Ethereum on earth (~5% of all ETH), trades at roughly a 13% discount to the value of its own coins — you buy a dollar of Ethereum for about 87 cents. But it carries an ~$8.2B unrealized loss from buying ETH near the top, and funds itself with 12%-cost preferred to earn a 2.7% staking yield. The stock is down ~88% from its 2025 hype peak of $135, last around $15.79. How can a company's Ethereum be worth more than the entire company? BitMine holds about $10.5B of ETH (plus ~$0.8B cash) — roughly $11.3B of net assets — against a ~$9.5B market cap. That's a real ~13% discount to NAV, and per-share ETH is still rising (+18% YoY, 9.57 ETH per 1,000 shares), so the dilution has been accretive. But there's an eight-billion-dollar catch: management paid ~$19B for a stake now worth ~$11B, and pays a 12% cost of capital to earn under 3%. This isn't a business — it's leveraged Ethereum with a management fee. Our call: HOLD, 3/5. Fair value ≈ NAV, near $18. Own the discount only if you actually want to own the Ethereum. Not financial advice. THE CALL: HOLD (3/5, A DOLLAR OF ETH FOR 87 CENTS, BUT IT IS JUST ETH) — base-case value ~$18 vs ~$15.79 today. What to watch: the mNAV discount widening below 0.8x (a wider margin of safety), a shift from issuing stock to buying it back below NAV (the accretive move), and above all the direction of Ethereum itself Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

PAC Stock: This Airport Grew Profit While Traffic Fell — Here’s How

Grupo Aeroportuario del Pacífico (PAC) Q2 2026 — Grupo Aeroportuario del Pacífico (GAP), the Mexican airport operator, grew Q2 2026 EBITDA 8.4% to a record 69% margin and net income 9% — even as passenger traffic fell 5.6% — but the stock was labeled an earnings 'miss' because per-share profit fell ~7% after it issued ~90M shares (+17.7%) to buy full control of the CBX border bridge. The ADR was roughly flat at ~$229, about 24% off its high. How does an airport get more profitable while fewer people fly through it? GAP is a toll road for the sky: 12 Mexican airports (plus 2 in Jamaica) under 50-year concessions with inflation-linked regulated tariffs — so it raised charges (+7% at two airports on July 1) and grew retail revenue 24%, and pricing power overwhelmed a 5.6% traffic dip. The 'miss' was optical: total profit rose 9%, but the CBX acquisition diluted per-share earnings. And the traffic softness is one-offs (Hurricane Melissa in Jamaica, a strong peso, World Cup distortions) — Guadalajara actually grew 4.6%. It's a wonderful, bond-like asset (69% margins, 18.7% ROIC, 0.25 beta, ~5% yield) — but the priciest of the three Mexican airport groups. Our call: a constructive HOLD, fair value ~$250, and if you want the theme cheaper, ASUR trades at 9x EBITDA with a 7% yield. THE CALL: HOLD (3/5, A TOLL ROAD WITH A RUNWAY, AT A FULL PRICE) — base-case value ~$250 vs ~$229 today. What to watch: passenger traffic inflecting positive as the hurricane and World Cup distortions clear, the tariff ramp toward the maximum allowed rate, and the valuation gap to cheaper peer ASUR Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

ANGO Stock: AngioDynamics Jumped 11% — Because Medicare Said Yes

AngioDynamics (ANGO) Q4 FY2026 — AngioDynamics beat on its fiscal Q4 (revenue $86.6M, +8%; adjusted loss of $0.07, 4 cents better than feared), grew full-year Med Tech 18%, and guided FY27 revenue above consensus. The stock jumped ~11% to a 52-week high, led by NanoKnife (+64.5%) as Medicare coverage for its prostate-ablation therapy went live July 5. AngioDynamics quietly reinvented itself: it sold its low-margin legacy lines and rebuilt around two growth platforms, and the star is NanoKnife — which destroys prostate tumors with electricity (a focal therapy that spares patients the incontinence/impotence risks of surgery or radiation). The catalyst just completed: FDA clearance (2024), billing codes live (Jan 1), and Medicare coverage effective July 5. NanoKnife grew 64.5% with capital placements up 132% — every machine placed is a razor that sells disposable probes for years. At ~1.7x sales, debt-free, the valuation is reasonable and the catalyst is only days old. But it just popped 11% to a 52-week high and more than half the company barely grows. A SPECULATIVE BUY — real catalyst, mind the entry. Fair value ~$18. THE CALL: SPECULATIVE BUY (3/5, REAL CATALYST, MIND THE ENTRY) — base-case value ~$18 vs ~$14.43 today. What to watch: disposable-probe (utilization) revenue accelerating in the quarters after the 132% jump in machine placements and the July 5 Medicare coverage, the Med Device drag on blended growth, and the path to GAAP profitability Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

PXED Stock: University of Phoenix Trades at 7x Earnings — and Fears One Number

Phoenix Education Partners (PXED) Q3 FY2026 — Phoenix Education Partners (parent of the University of Phoenix) reported flat Q3 revenue of $271.8M, beat on adjusted EPS at $1.43, but cut its full-year revenue guide and saw margins compress — blaming AI-powered search for disrupting its student-recruitment funnel. The stock fell ~9.5% to ~$31. The single number that governs this stock: 88.6% of Phoenix's revenue comes from federal financial aid, and a law (the 90/10 Rule) caps that at 90%. It earns 28% margins sitting 1.4 points from a cliff its own filing says could make the business 'unsustainable.' That's why a debt-free cash machine with $269M of cash trades at ~7x forward earnings. Two twists: the reason it fell (AI-powered search breaking the enrollment funnel — one of the first companies where you can point to a P&L line moving because of how people use AI), and the tailwind nobody's pricing (the June 29 repeal of Gainful Employment, the rule built to punish for-profit colleges). Cheap, with an ignored tailwind and real tail risk — a SPECULATIVE BUY, fair value ~$40. THE CALL: SPECULATIVE BUY (3/5, CHEAP, WITH AN IGNORED TAILWIND) — base-case value ~$40 vs ~$31.29 today. What to watch: the enrollment funnel stabilizing as marketing adapts to AI search, the 90/10 percentage holding well below 90%, and whether Apollo floods the tiny float with a secondary Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.