Option chain shows key data for Great Elm Group, Inc. - 7.25% Notes due 2027's stock options at various strike prices and expiration dates. Traders use this information to analyze potential trades and assess market sentiment for Great Elm Group, Inc. - 7.25% Notes due 2027.

Great Elm Group, Inc. - 7.25% Notes due 2027 (NASDAQ:GEGGL) Stock, Option Chain

Great Elm Group, Inc. - 7.25% Notes due 2027

Piper Sandler analyst Michael Lavery maintains Mondelez International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>) with a Neutral and lowers the price target from $63 to $56.

News

Price Target

Analyst Ratings

MDLZ

Piper Sandler Maintains Neutral on Mondelez International, Lowers Price Target to $56

WIIM

NXPI

NXP Semiconductors shares are trading higher after Citigroup upgraded the stock from Sell to Neutral and raised its price target from $200 to $215.

HC Wainwright &amp; Co. analyst Kevin Dede reiterates Exodus Movement (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/EXOD#AMEX">EXOD</a>) with a Buy and maintains $50 price target.

Reiteration

EXOD

HC Wainwright & Co. Reiterates Buy on Exodus Movement, Maintains $50 Price Target

Simon Property Group shares are trading higher after Piper Sandler upgraded the stock from Neutral to Overweight and raised its price target from $175 to $205.

Piper Sandler analyst Korinne Wolfmeyer maintains e.l.f. Beauty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) with a Overweight and lowers the price target from $167 to $131.

Piper Sandler Maintains Overweight on e.l.f. Beauty, Lowers Price Target to $131

Emerson Electric shares are trading lower after the company reported worse-than-expected Q1 sales results and issued Q2 adjusted EPS guidance below estimates.

Stock Split

TCBP

TC BioPharma ADS Ratio Change Same Effect As 1-For-20 Reverse Stock Split

TC BioPharm Changes Ratio Of ADSs From 1 Ads Representing 200 Ordinary Shares To 1 ADS Representing 4,000 Ordinary Shares

Argus Research analyst Jim Kelleher maintains Viavi Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIAV#NASDAQ">VIAV</a>) with a Buy and raises the price target from $13 to $16.

VIAV

Argus Research Maintains Buy on Viavi Solutions, Raises Price Target to $16

Investors with a lot of money to spend have taken a bearish stance on Core Scientific (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CORZ#NASDAQ">CORZ</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CORZ, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 14 options trades for Core Scientific.
This isn't normal.
The overall sentiment of these big-money traders is split between 42% bullish and 50%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $27,432, and 13, calls, for a total amount of $729,450.
<h3>What's The Price Target?</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $10.0 and $17.0 for Core Scientific, spanning the last three months.
<h3>Analyzing Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Core Scientific's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Core Scientific's substantial trades, within a strike price spectrum from $10.0 to $17.0 over the preceding 30 days.
<h3>Core Scientific 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1738774842_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CORZ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$1.79</td>
<td>$1.78</td>
<td>$1.78</td>
<td>$13.00</td>
<td>$156.9K</td>
<td>21.1K</td>
<td>1.0K</td>
</tr>
<tr>
<td>CORZ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/15/27</td>
<td>$6.6</td>
<td>$5.9</td>
<td>$5.9</td>
<td>$10.00</td>
<td>$97.8K</td>
<td>2.8K</td>
<td>385</td>
</tr>
<tr>
<td>CORZ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/19/25</td>
<td>$2.56</td>
<td>$2.45</td>
<td>$2.45</td>
<td>$17.00</td>
<td>$83.3K</td>
<td>1.8K</td>
<td>1.0K</td>
</tr>
<tr>
<td>CORZ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/19/25</td>
<td>$2.4</td>
<td>$2.39</td>
<td>$2.4</td>
<td>$17.00</td>
<td>$76.3K</td>
<td>1.8K</td>
<td>447</td>
</tr>
<tr>
<td>CORZ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/19/25</td>
<td>$4.6</td>
<td>$4.5</td>
<td>$4.5</td>
<td>$10.00</td>
<td>$50.4K</td>
<td>3.0K</td>
<td>413</td>
</tr>
</tbody>
</table>

<h3>About Core Scientific</h3>
Core Scientific Inc is engaged in Blockchain and AI Infrastructure, Digital Asset Self-Mining, Premium Hosting, Blockchain Technology, and Artificial Intelligence related services. The business operates in two segments being; Equipment Sales and Hosting which consists of blockchain infrastructure, third-party hosting business and equipment sales to customers. Mining segment consists of digital asset mining for its account. The blockchain business generates revenue from the sale of consumption-based contracts and by providing hosting services. The digital asset mining segment earns revenue from operating a firm's owned computer equipment as part of a pool of users that process transactions conducted on one or more blockchain networks. In exchange, it receives digital currency assets.
<h3>Current Position of Core Scientific</h3>
<ul>
<li>With a trading volume of 3,231,421, the price of CORZ is up by 5.45%, reaching $12.88.</li>
<li>Current RSI values indicate that the stock is is currently neutral between overbought and oversold.</li>
<li>Next earnings report is scheduled for 34 days from now.</li>
</ul>
<h3>Professional Analyst Ratings for Core Scientific</h3>
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $21.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Needham has revised its rating downward to Buy, adjusting the price target to $18. 
&#x2A; Reflecting concerns, an analyst from Craig-Hallum lowers its rating to Buy with a new price target of $24.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Core Scientific, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Markets

Core Scientific, Inc. - Class A Common Stock

CORZ

Unpacking the Latest Options Trading Trends in Core Scientific

Deep-pocketed investors have adopted a bearish approach towards Astera Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in ALAB usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 49 extraordinary options activities for Astera Labs. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 26% leaning bullish and 46% bearish. Among these notable options, 23 are puts, totaling $1,067,751, and 26 are calls, amounting to $1,229,753.
<h3>What's The Price Target?</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $95.0 to $120.0 for Astera Labs during the past quarter. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Astera Labs's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Astera Labs's whale trades within a strike price range from $95.0 to $120.0 in the last 30 days. 
<h3>Astera Labs Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1738774836_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th align="right">Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>ALAB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>02/14/25</td>
<td>$10.1</td>
<td>$8.7</td>
<td>$9.4</td>
<td>$105.00</td>
<td>$94.6K</td>
<td align="right">553</td>
<td>0</td>
</tr>
<tr>
<td>ALAB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/18/25</td>
<td>$17.5</td>
<td>$17.2</td>
<td>$17.3</td>
<td>$120.00</td>
<td>$86.4K</td>
<td align="right">236</td>
<td>1.5K</td>
</tr>
<tr>
<td>ALAB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/18/25</td>
<td>$17.4</td>
<td>$17.2</td>
<td>$17.31</td>
<td>$120.00</td>
<td>$86.4K</td>
<td align="right">236</td>
<td>1.0K</td>
</tr>
<tr>
<td>ALAB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/18/25</td>
<td>$17.4</td>
<td>$17.1</td>
<td>$17.25</td>
<td>$120.00</td>
<td>$86.1K</td>
<td align="right">236</td>
<td>1.3K</td>
</tr>
<tr>
<td>ALAB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/18/25</td>
<td>$17.9</td>
<td>$17.1</td>
<td>$17.25</td>
<td>$120.00</td>
<td>$86.1K</td>
<td align="right">236</td>
<td>601</td>
</tr>
</tbody>
</table>

<h3>About Astera Labs</h3>
Astera Labs Inc is a company that offers an Intelligent Connectivity Platform, comprised of Semiconductor-based, high-speed mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors. COSMOS, their software suite which is embedded in its connectivity products and integrated into their customers' systems. The Company delivers critical connectivity performance, enables flexibility and customization, and supports observability and predictive analytics. This approach addresses the data, network, and memory bottlenecks, scalability, and other infrastructure requirements of hyperscalers and system original equipment manufacturers.
Having examined the options trading patterns of Astera Labs, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Astera Labs's Current Market Status</h3>
<ul>
<li>With a trading volume of 1,192,242, the price of ALAB is up by 2.73%, reaching $104.51.</li>
<li>Current RSI values indicate that the stock is is currently neutral between overbought and oversold.</li>
<li>Next earnings report is scheduled for 5 days from now.</li>
</ul>
<h3>Expert Opinions on Astera Labs</h3>
4 market experts have recently issued ratings for this stock, with a consensus target price of $127.75.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from Morgan Stanley continues to hold a Equal-Weight rating for Astera Labs, targeting a price of $114. 
&#x2A; In a cautious move, an analyst from Morgan Stanley downgraded its rating to Equal-Weight, setting a price target of $142. 
&#x2A; An analyst from Northland Capital Markets upgraded its action to Outperform with a price target of $120. 
&#x2A; Maintaining their stance, an analyst from Barclays continues to hold a Overweight rating for Astera Labs, targeting a price of $135. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Astera Labs options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

ALAB

Astera Labs's Options: A Look at What the Big Money is Thinking

Investors with a lot of money to spend have taken a bullish stance on Caterpillar (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CAT, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 10 uncommon options trades for Caterpillar.
This isn't normal.
The overall sentiment of these big-money traders is split between 80% bullish and 10%, bearish.
Out of all of the special options we uncovered, 6 are puts, for a total amount of $334,363, and 4 are calls, for a total amount of $275,380.
<h3>Predicted Price Range</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $340.0 and $400.0 for Caterpillar, spanning the last three months.
<h3>Volume &amp; Open Interest Trends</h3>
In today's trading context, the average open interest for options of Caterpillar stands at 362.0, with a total volume reaching 2,685.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Caterpillar, situated within the strike price corridor from $340.0 to $400.0, throughout the last 30 days.
<h3>Caterpillar Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1738774831_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th align="right">Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CAT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/19/25</td>
<td>$16.8</td>
<td>$16.4</td>
<td>$16.4</td>
<td>$400.00</td>
<td>$163.9K</td>
<td align="right">713</td>
<td align="right">253</td>
</tr>
<tr>
<td>CAT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$18.85</td>
<td>$18.75</td>
<td>$18.75</td>
<td>$340.00</td>
<td>$121.8K</td>
<td align="right">291</td>
<td align="right">466</td>
</tr>
<tr>
<td>CAT</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>02/14/25</td>
<td>$2.7</td>
<td>$2.5</td>
<td>$2.58</td>
<td>$350.00</td>
<td>$72.7K</td>
<td align="right">230</td>
<td align="right">444</td>
</tr>
<tr>
<td>CAT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$16.4</td>
<td>$15.5</td>
<td>$16.35</td>
<td>$400.00</td>
<td>$45.7K</td>
<td align="right">713</td>
<td align="right">293</td>
</tr>
<tr>
<td>CAT</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/28/25</td>
<td>$16.1</td>
<td>$14.7</td>
<td>$15.17</td>
<td>$370.00</td>
<td>$44.3K</td>
<td align="right">298</td>
<td align="right">32</td>
</tr>
</tbody>
</table>

<h3>About Caterpillar</h3>
Caterpillar is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Its reporting segments are: construction industries (40% sales/47% operating profit, or OP), resource industries (20% sales/19% OP), and energy &amp; transportation (40% sales/34% OP). Market share approaches 20% across many products. Caterpillar operates a captive finance subsidiary to facilitate sales. The firm has global reach (46% US sales/54% ex-US). Construction skews more domestic, while the other divisions are more geographically diversified. An independent network of 156 dealers operates approximately 2,800 facilities, giving Caterpillar reach into about 190 countries for sales and support services.
Having examined the options trading patterns of Caterpillar, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Present Market Standing of Caterpillar</h3>
<ul>
<li>With a trading volume of 652,631, the price of CAT is down by -0.84%, reaching $358.9.</li>
<li>Current RSI values indicate that the stock is is currently neutral between overbought and oversold.</li>
<li>Next earnings report is scheduled for 78 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Caterpillar</h3>
5 market experts have recently issued ratings for this stock, with a consensus target price of $401.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from UBS persists with their Sell rating on Caterpillar, maintaining a target price of $355. 
&#x2A; Consistent in their evaluation, an analyst from DA Davidson keeps a Neutral rating on Caterpillar with a target price of $357. 
&#x2A; Consistent in their evaluation, an analyst from Truist Securities keeps a Buy rating on Caterpillar with a target price of $438. 
&#x2A; An analyst from Evercore ISI Group has elevated its stance to In-Line, setting a new price target at $365. 
&#x2A; Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on Caterpillar with a target price of $490. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Caterpillar with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Caterpillar's Options Frenzy: What You Need to Know

PCVX

Vaxcyte shares are trading higher after the company announced dose initiation in the final stage of its Phase 2 VAX-31 study in infants, with topline data expected in mid-2026.

Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) has laid the groundwork for a "solid start" to the fiscal year with its<a href="https://www.benzinga.com/25/02/43494650/disney-q1-earnings-powered-by-moana-2-and-mufasa-theme-parks-loses-streaming-subscribers"> first-quarter results.</a>, according to Bank of America analyst Jessica Reif Ehrlich.
The Disney Analyst: Ehrlich maintained a Buy rating on Disney with a $140 price target.
The Analyst Takeaways: Disney's operating income was up 31% to $5.1 billion — a key highlight for Ehrlich in a new investor note.
Read Also: <a href="https://www.benzinga.com/general/sports/25/02/43473207/disney-q1-earnings-preview-can-moana-2-mufasa-the-lion-king-help-continue-streak-of-analyst-beats">Disney Q1 Earnings Preview: Can &#8216;Moana 2,&#8217; &#8216;Mufasa: The Lion King&#8217; Help Continue Streak Of Analyst Beats?</a>
Ehrlich said operating income for the entertainment, sports and experiences all came in ahead of her estimates. This includes the analyst forecasting negative operating income of $171 million for the sports segment in the quarter versus the actual result of positive $247 million.
Direct-to-consumer (DTC) operating income also came in ahead of the analyst's estimates as the streaming division continues to see improvements in profitability.
The analyst said the strong results come with several segments facing headwinds. The domestic theme parks division had declines in attendance. Recall how two hurricanes <a href="https://www.benzinga.com/general/entertainment/24/10/41229099/disney-faces-150m-200m-blow-from-hurricane-milton-attendance-set-to-drop-6-says-goldman-sac">unfavorably impacted</a> the segment for the quarter. Domestic parks saw higher guest spending in the quarter, which helped offset the attendance declines.
The analyst also said that the sports segment saw higher costs with the expansion of the College Football Playoff. These higher costs may have paid off with higher advertising revenue and sub-licensing revenue for the football games helping increase operating income for the segment.
Ehrlich said near-term catalysts for Disney include profitability inflection in DTC and reacceleration in the Parks business.
A strong film slate could also boost other business lines (DTC, Parks, Consumer Products).
Price Action: Disney stock is down 2.1% to $110.94 on Wednesday versus a 52-week trading range of $83.91 to $123.74. Disney stock is flat year-to-date in 2025 and up 14.8% over the last year.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/entertainment/25/02/43474913/disney-dis-stock-bullish-q1-earnings-magic-alive">Disney Stock Rides Bullish Wave &#8211; Can Q1 Earnings Keep The Magic Alive?</a></li>
</ul>
Image: Shutterstock

Analyst Color

Entertainment

Sports

Trading Ideas

Disney Stock Remains A Buy For Analyst After Q1 Operating Income Strength

February 5, 2025
There were so many notable stock buyback announcements since the start of 2025. 
Beyond the two stocks we discuss below, there were several major buyback announcements during the last month, including Netflix's (NFLX) $15 billion additional buyback, which accounts for 4% of its market cap, GE Aerospace's (GE) $7 billion buyback representing 3% of its market cap at the time of announcement, and HCA Healthcare's (HCA) significant $10 billion buyback, making up 12% of its market cap. In just the first month of this year, 20 companies announced buybacks worth $1 billion and more.
Twilio Inc. (TWLO): $145.92
Market Cap:&nbsp;$22.38B
EV:&nbsp;$20.91B
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/01/TWLO-IA-Score.png" alt="TWLO IA Score" class="wp-image-157132" /></figure>
I first came across Twilio from a Fortune magazine article before the company went public and then invested in the company when I noticed founder Jeff Lawson purchase shares in the open market when the IPO related pop in the stock price faded. The stock went on a huge roller coaster ride from there, up 1,600% at one point before coming back to earth.
I mentioned the company in the introduction of my book <a href="https://a.co/d/b6v4OHB" target="_blank" rel="noreferrer noopener">The Event-Driven Edge in Investing</a> and we also covered the company in our C-Suite article last year, following Jeff Lawson's sudden resignation.
Twilio currently scores 73 on our IA Score quant model without including momentum and valuation factors. We typically consider companies scoring above 70 for further research but there are always exceptions.&nbsp;Twilio's stock soared on January 24th, fueled by optimistic targets unveiled at its annual Investor Day, and has been climbing steadily since.
As a leading cloud communications platform-as-a-service (CPaaS) provider, Twilio enables businesses to seamlessly integrate voice, SMS, video, and email communication into their applications via APIs. Its solutions are at the core of customer engagement for major companies like Airbnb, and Shopify, making it a critical player in the digital communications space.
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/01/TWLO-powered-brands.png" alt="TWLO powered brands" class="wp-image-157133" /></figure>
Key Insights
<ul>
<li>Twilio's turnaround under its new CEO has been remarkable, with shares up over 100% in the past year.</li>
<li>The company projects GAAP operating profitability in 2025 and aims to generate over $3 billion in cumulative free cash flow during the next three years.</li>
<li>Twilio maintains a strong net cash position and has been aggressively buying back shares, retiring 15% of its stock over the last six quarters.</li>
<li>A leaner cost structure, with a 40% headcount reduction since Q3'22 and an 8% drop in stock-based compensation over two years, has cut losses, strengthened profitability, and generated strong free cash flow.</li>
<li>Twilio is gaining traction among AI startups, with emerging AI companies increasingly selecting its platform for customer engagement solutions.</li>
<li>International expansion—currently representing less than 10% of its total addressable market—opens up a largely under-penetrated opportunity that could serve as a powerful growth catalyst over time.</li>
</ul>
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/01/TWLO-products.png" alt="TWLO products" class="wp-image-157140" /></figure>
Twilio's strength lies in programmable communications, enabling developers to embed messaging and voice features without telecom infrastructure. As AI and digital transformation reshape customer interactions, Twilio remains central to modern business communications.
Currently, 65% of revenue comes from the U.S., while 35% is international. However, the global market represents less than 10% of its total addressable market (TAM), presenting significant growth potential if Twilio expands internationally.
Leadership Driving Twilio's Turnaround
The appointment of Khozema Shipchandler as CEO in January 2024 marked the beginning of Twilio's turnaround story. An internal promotion, Shipchandler quickly shifted gears, steering the company toward a stronger, more efficient future. With over 25 years of experience, he previously served as President of Twilio Communications, where he led innovation and operational improvements.
Prior to that, he held key roles as Twilio's COO and CFO. Before joining Twilio, Shipchandler spent 22 years at GE, holding leadership positions in Industrial Internet, Corporate Audit, and Aviation, across the U.S., Middle East, and Singapore. He holds a Bachelor of Arts from Indiana University, Bloomington, and currently serves on the boards of Smartsheet and Ethos. Twilio's CFO Aidan Viggiano also spent 18 years at GE, joined Twilio in 2019 and was promoted to the role of CFO in 2023.  
Financials
Twilio's revenue has surged from $1.13 billion to $4.15 billion over the past five years, achieving a 34% CAGR. Net losses have significantly narrowed, putting the company on the brink of GAAP profitability. While net cash has declined recently, it still accounts for more than 10% of Twilio's market cap. Importantly, Twilio has generated positive free cash flow for six straight quarters.
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/01/TWLO-financial-statements.png" alt="TWLO financial statements" class="wp-image-157135" /></figure>
Source: InsideArbitrage
Valuation
With a forward P/E of 34.78 and forward EV/EBITDA of 24.62, the valuation appears expensive. Investors are probably willing to pay up because of the company's strong balance sheet, acceleration in top-line growth, and ongoing share repurchases.
Peers
Twilio's stock has significantly outperformed the S&amp;P500 and other major players like Zoom Video Communications, Inc. (ZM) and RingCentral, Inc. (RNG) over the last year. There is some mean-reversion risk if tech stocks like Twilio fall out of favor.
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/01/TWLO-peer-price-comparison.png" alt="TWLO peer price comparison" class="wp-image-157136" /></figure>
Source: Seeking Alpha
Share Repurchase
Twilio does not pay a dividend, opting instead for share repurchases to deliver shareholder value. The company plans to return an annual average of 50% of its free cash flow from 2025 to 2027. Over the past six quarters, Twilio has reduced its share count by 15%, completing $3 billion in share repurchases since Q1 2023. The company recently announced a new $2 billion buyback program through the end of 2027, representing around 11.5% of its market cap at the time of announcement.
With annual stock-based compensation (SBC) running at $600 million, some of this buyback will be used to offset dilution from SBC and the rest will help bring down shares outstanding as we have seen in the recent past.
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/01/TWLO-change-in-shares-outstanding.png" alt="TWLO change in shares outstanding" class="wp-image-157137" /></figure>
Source: InsideArbitrage
Q3 Results
Twilio exceeded expectations in Q3 2024, posting 10% year-over-year revenue growth, well above the projected 6%. Notably, the company has consistently outperformed revenue and EPS estimates for eight consecutive quarters.
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/01/TWLO-Q3-results.png" alt="TWLO Q3 results" class="wp-image-157138" /></figure>
Source: Twilio (Q3 Earnings Presentation)
Twilio will report Q4 results on February 13. The company has set bullish financial targets through 2027.
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/01/TWLO-forward-financial-targets-.png" alt="TWLO forward financial targets" class="wp-image-157139" /></figure>
Source: Twilio (2025 Investor Day Presentation)
Bottom Line
Twilio's strong balance sheet, with nearly 10% of its market cap in cash, combined with an aggressive share repurchase strategy, underscores both its financial strength and ability to be shareholder friendly. The company's accelerating revenue growth, the CEO's solid execution over the past year, and its path to breakeven create a compelling case for further upside. Their recent analyst day painted a picture of revenue growth that prompted 23 analysts to revise their earnings expectations upward. This is a highly volatile stock that brings with it significant risk of mean-reversion. With the ouster of the founder/CEO after his shares lost their super-voting rights in 2023, in some ways Twilio might be setting itself up to become a potential acquisition candidate.  
<hr class="wp-block-separator has-alpha-channel-opacity" />
DNOW Inc. (DNOW): $15.10
Market Cap:&nbsp;$1.6B
EV:&nbsp;$1.38B
With over 160 years of industry experience, DNOW Inc. (DNOW) has established itself as a premier global distributor serving the oil &amp; gas, industrial, and energy sectors, forming a critical link from drilling to distribution. Operating under the DistributionNOW brand, the company maintains a vast network of 165+ locations worldwide. Expanding through both organic growth and acquisitions, the company has a global footprint, with distribution centres, warehouses, and customer service locations across North America, Latin America, Europe, the Middle East, and the Asia-Pacific region. The US is the major contributor of revenue with 79%, followed by Canada with 11%.
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/02/DNOW-global-operations.png" alt="DNOW Global operations" class="wp-image-157126" /></figure>
Key Insights
<ul>
<li>DNOW serves as a supplier of maintenance, repair, and operations (MRO) products, safety equipment, and engineered solutions with a catalogue of 300,000+ SKUs (Stock Keeping Units).</li>
<li>The company is focused on expanding beyond traditional oil &amp; gas markets to capture opportunities in industrial, renewable, and energy transition sectors, thus mitigating the impact of fluctuations in the cyclical energy industry.</li>
<li>Debt-free balance sheet and a net cash position of $217 million positions the company to invest in strategic growth opportunities.</li>
<li>Active buybacks including the recently approved $160 million share repurchase indicate shareholder friendly capital allocation.</li>
</ul>
DNOW is a one-stop provider of critical products and supply chain solutions that support the upstream, midstream, and downstream energy sectors, as well as various industrial markets. The company's offerings include MRO supplies, pipes, valves, fittings, electrical components, and pumping solutions. It also provides modular process, production, measurement, and control systems. Beyond physical products, DNOW offers digital procurement tools and inventory management services to optimize supply chain operations for industrial clients.
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/02/DNOW-product-portfolio.png" alt="DNOW product portfolio" class="wp-image-157127" /></figure>
Source: DNOW (Investor Presentation)
Strategic Initiatives
<ul>
<li>Expanding Market Reach – DNOW continues to broaden its presence in industrial and energy markets beyond traditional oil &amp; gas.</li>
<li>Digital Transformation – Investing in digital solutions like eCommerce and automation to enhance customer engagement.</li>
<li>M&amp;A Strategy – Over the past 9 years, it has integrated 11 businesses to produce an outstanding pump distribution, rental and service business, combined with engineering, design and fabrication of process production and measurement equipment, which naturally complements its U.S. energy centric business.</li>
</ul>
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/01/DNOW-acquisitions.png" alt="DNOW acquisitions" class="wp-image-157249" /></figure>
Source: DNOW (Investor Presentation)
Market Drivers &amp; Demand Trends
DNOW's demand is driven by oil and gas drilling, production, refining, and industrial activities, influenced by global energy supply, economic conditions, and geopolitics. Higher oil prices boost drilling and infrastructure investments, increasing demand for DNOW's equipment and MRO supplies.
In the U.S. market, active rigs, well completions, and new wells drilled—key drivers of revenue for DNOW—have each dropped by over 12% year-over-year. Yet, the company has effectively cushioned itself from this impact through its diversified revenue streams, demonstrating strong adaptability in an otherwise challenging oil and gas environment.
Recently, Trump called for Saudi Arabia and OPEC to cut oil prices. While OPEC+ has not yet responded, early indications suggest they are unlikely to alter their planned production increase in April. This bodes well for DNOW, as higher production levels typically lead to greater industrial activity, driving increased demand for its products and services.
<figure class="wp-block-image aligncenter"><a href="https://x.com/jurgen_nauditt/status/1884243295263502707" target="_blank" rel="noreferrer noopener"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/02/DNOW-tweet1-on-OPEC.png" alt="DNOW tweet1 on OPEC" class="wp-image-157129" /></a></figure>
DNOW remains optimistic about midstream growth. Management sees this sector as a key focus due to its low servicing costs and high-volume transaction potential. While margins are slightly lower, strong supplier relationships and product access make midstream a natural extension of DNOW's upstream business. Notably, the midstream segment now accounts for approximately 20% of DNOW's total revenue and the company aims to drive further growth and profitability in 2025 from this sector.
As the world shifts toward renewable energy, DNOW is adapting by expanding into CCUS (Carbon Capture, Utilization, and Storage.), and sustainable technologies. The number of CCUS projects grew 60% in 2024, with 44 new facilities under construction, a 70% year-over-year increase.
Financial Strength &amp; Shareholder Value
With a debt-free balance sheet and a net cash position of $217 million, DNOW is well-equipped to pursue strategic growth opportunities while delivering value to shareholders. In the third quarter, DNOW generated an additional $72 million in free cash flow, bringing the trailing 12-month total to $273 million. This performance was driven by record growth in U.S. Process Solutions, contributions from recent acquisitions, and efficient inventory management—all achieved despite a challenging oil and gas environment, lower commodity prices, and ongoing industry consolidation.
<figure class="wp-block-image aligncenter"><img decoding="async" src="https://www.insidearbitrage.com/wp-content/uploads/2025/01/DNOW-financial-statements.png" alt="DNOW financial statements" class="wp-image-157246" /></figure>
Source: InsideArbitrage
DNOW does not pay dividends but focuses on share repurchases to increase shareholder value. It recently doubled its share repurchase program to $160 million, following the successful completion of its $80 million inaugural buyback, originally authorized through 2024. The new program represents around 11% of its market cap at announcement. Over the past two years, the company has steadily reduced its shares outstanding by nearly 4%, demonstrating its disciplined approach to capital allocation
Competitive Landscape
DNOW operates in the highly competitive industrial distribution sector, competing with companies like MRC Global Inc. (MRC) and DXP Enterprises, Inc. (DXPE). While DNOW has outpaced the S&amp;P 500 over the past year, its performance has been moderate compared to its peers. However, it stands out with the best margins and the strongest balance sheet, managing to achieve a net income margin of 8.7% despite a low gross margin of 22.87%. With a forward P/E of 20.68 and forward EV/EBITDA of 8.91, DNOW appears undervalued compared to its peers. This discount may stem from market concerns over its relatively low year-over-year revenue growth, despite its financial strength.
Risks
<ul>
<li>Earnings are tied to crude oil and gas prices, which are influenced by OPEC decisions, geopolitical instability, and global demand fluctuations.</li>
<li>Industrial slowdowns or supply chain disruptions could impact growth.</li>
<li>Higher interest rates and inflation can increase DNOW's operating costs and reduce customer spending on infrastructure projects.</li>
</ul>
Conclusion
DNOW remains a key player in energy and industrial distribution, supported by a debt-free balance sheet, ongoing share buybacks, and a growing digital presence. The company is actively expanding beyond oil and gas, targeting midstream, renewables, and high-growth industrial sectors like water and mining. Additionally, OPEC's plans to increase oil production present a favorable tailwind, further supporting demand for DNOW's products and services. While commodity price swings and market cycles present challenges, it will be interesting to see how DNOW's commitment to diversification, operational efficiency, and new revenue opportunities plays out in the years ahead.
<hr class="wp-block-separator has-alpha-channel-opacity" />
Disclaimer:&nbsp;I hold long positions in Netflix (NFLX), General Electric (GE) and Twilio (TWLO). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

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Rocket Lab USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) is trading <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43479652/rocket-lab-signs-multi-launch-contract-with-iqps-for-four-electron-missions" rel="noreferrer noopener">relatively flat on Wednesday.</a>
The company has announced a significant new partnership with Institute for Q-shu Pioneers of Space, Inc. (iQPS), a Japan-based Earth imaging company.
The deal, signed in July 2024, covers four dedicated missions with the first three launches scheduled for 2025 from Rocket Lab&#8217;s Launch Complex 1 in New Zealand, and the fourth in 2026.
Each mission will carry a satellite that will be part of iQPS&#8217; planned constellation of 36 synthetic aperture radar satellites.
These satellites, capable of capturing images through cloud cover and at night, will provide detailed Earth observations with resolution less than one meter.
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This new contract follows the successful launch of iQPS&#8217; second commercial SAR satellite, QPS-SAR-5, in December 2023.
Rocket Lab&#8217;s founder and CEO, Peter Beck, emphasized the importance of precise satellite deployment for successful constellations. He stated that Rocket Lab&#8217;s Electron rocket is uniquely suited for these dedicated launches, ensuring tailored timelines and reliable services for iQPS&#8217; needs.
&#8220;A constellation&#8217;s success relies on spacecraft being deployed to precise orbits on tailored timelines to maximize the data collection or service provision the customer needs for their end users,&#8221; Beck added.&nbsp;
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, RKLB stock has gained over 596% in the past year. Investors can gain exposure to the stock via&nbsp;ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>).
Price Action: RKLB shares are trading lower by 1.08% to $28.37 at last check Wednesday.
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Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>)&nbsp;downsized its workforce by hundreds and urged its employees to move to <a target="_blank" href="https://www.benzinga.com/topic/walmart" rel="noreferrer noopener">central offices in</a> Arkansas or California.
The retail giant told its Hoboken, New Jersey, and other smaller office employees to relocate to its headquarters in Bentonville, Arkansas, or Sunnyvale, California, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-02-04/walmart-to-cut-hundreds-of-jobs-relocate-staff-to-main-hubs?sref=TBDibEcD" rel="noreferrer noopener">cited</a> from a memo.
Walmart&#8217;s Donna Morris said the move aimed to consolidate its corporate footprint.
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Walmart is also shutting down its Charlotte, North Carolina office, slashing corporate roles.
Last year, Walmart asked employees in Dallas, Atlanta, and Toronto&nbsp;to move to more prominent hubs, with most going to the main office in Bentonville.
Walmart has begun opening its campus in Bentonville and will have new office spaces in Sunnyvale and Bellevue, Washington, in 2025.
Recently, Walmart raised <a href="https://www.benzinga.com/media/25/01/43162437/walmart-boosts-regional-manager-pay-as-retailers-struggle-to-find-leaders" target="_blank" rel="noreferrer noopener">bonus and stock awards</a> for regional store managers as it struggled to fill&nbsp;managerial roles at&nbsp;retailers and restaurants.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/05042749/newplot.png" alt="" class="wp-image-766642" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/05042749/newplot.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/05042749/newplot-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Recent reports indicated that the e-commerce retailer Amazon.Com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is closing down its brick-and-mortar stores as they have failed to yield returns. 
Since early 2023, it has reduced its Amazon Go stores by about half to 16 stores in four states and is licensing its &#8220;Just Walk Out&#8221; technology to other retailers instead, the Wall Street Journal <a href="https://www.wsj.com/business/retail/amazon-king-of-online-retail-cant-seem-to-make-its-physical-stores-work-d405f9e7" target="_blank" rel="noreferrer noopener">reports</a>. It has also shut down dozens of its other branded retail stores lately.
Kohl&#8217;s Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KSS#NYSE">KSS</a>) recently laid off 10% of its employees, equivalent <a target="_blank" href="https://www.benzinga.com/25/01/43302681/kohls-slashes-10-corporate-jobs-after-management-changes" rel="noreferrer noopener">to 400 employees</a>, shortly after Ashley Buchanan took charge as the new CEO. The downsizing coincided with its plans to shut down its San Bernardino E-commerce Fulfillment Center (EFC)&nbsp;in May. The company&#8217;s third-quarter print and fiscal outlook disappointed the Street.
Recently, Walmart Canada <a target="_blank" href="https://www.benzinga.com/news/25/01/43395171/walmart-canada-to-invest-about-3-8-billion-over-five-years" rel="noreferrer noopener">committed $6.5 billion</a> to its&nbsp;operations over the next five years, including launching five new Supercentres by 2027, shortly after Amazon announced withdrawing its operations in Quebec.
Walmart stock surged over 79% in the last 12 months. Last December, Jim Cramer&nbsp;<a target="_blank" href="https://www.benzinga.com/trading-ideas/long-ideas/24/12/42616196/jim-cramer-likes-walmart-recommends-buying-this-very-very-good-financial-stock" rel="noreferrer noopener">said he liked</a>&nbsp;Walmart amid reports indicating that the retailer provides body cameras to store-level employees across the U.S. under a pilot&nbsp;program.
Price Action: WMT stock is up 1.25% at $102.23 at the last check on Wednesday.
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Ethereum&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) underperformance has <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42095265/4-reasons-why-ethereum-will-still-outperform-bitcoin-analyst-sees-4000-to-6000-as-target">sparked fresh debate</a> about its future, with crypto analyst Benjamin Cowen suggesting the cryptocurrency might have finally reached its lower logarithmic regression trend line.
What Happened: In a video <a href="https://www.youtube.com/watch?v=FRLK6NvcjTk">podcast</a> on Feb. 5, Cowen, known for his data-driven approach, pointed out that Ethereum has reached a critical juncture. 
"Technically speaking, ETH has gone to the lower logarithmic regression trend line,&#8221; Cowen states, emphasizing the significance of this move.
Cowen also pointed to the impact of the Federal Reserve&#8217;s monetary policy on Ethereum&#8217;s price action. 
He speculates that for Ethereum to see a clear bottom against Bitcoin, further downside could be needed—potentially triggering the Fed to end its quantitative tightening policy.
While Cowen maintains a cautious outlook, he believes Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) performance is crucial for Ethereum&#8217;s short-term movement, saying, "The only way ETH drops below $2,000 in the short term is if Bitcoin gets a big drop."
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Why It Matters: In addition to technical patterns, Cowen highlights that Ethereum's supply has recently returned to its pre-merge levels, which coincides with what he describes as "outright capitulation" in the ETH/BTC pair. 
This could suggest a potential turning point for Ethereum.
Cowen draws comparisons to past market cycles, specifically 2016 and 2019, noting that initial moves into the lower regression band often act as "wicks," with deeper corrections following over the coming weeks or months.
As the market faces these challenges, Cowen's analysis offers a nuanced take on Ethereum's potential direction, considering both technical indicators and broader market conditions.
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