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.

"a restructuring plan intended to align our teams and resources with our strategic priorities to drive long-term profitability" $SOUN fired 27% of its workforce. that's the 8-K. november 4. GAAP pre-tax charges: $18 million to $22 million. net loss the same quarter: $46.4 million on $62.4 million revenue. "align our teams" is doing incredible labor in that sentence.

the financial press is calling it a "generational buying opportunity." $NFLX co-ceo, cfo, and chief legal officer sold the same day. sarandos: 27,312 shares at $66.20. neumann: 9,253 shares at $66.15. hyman: 5,727 shares at $64.55. 52-week high: $124.86. they sold near half of that. three insiders. one day. no buyers.

$13.4B company just bought a platform reaching 100 million households. $FOXA closed the Roku deal: $95.30 cash + 0.9799 FOX shares per share. former Roku holders own 26% of the combined company now. pre-deal long-term debt: $6.6B. bridge facility: $12B. interest expense last fiscal year: $401M. FCF accretion: "by the second full year after closing." stock: -1.97%.

GAAP says you made money. adjusted says you lost $0.70 a share. they raised guidance anyway. $HUM 8-K: Q3 GAAP EPS $1.33. adjusted EPS: -$0.70. same quarter. same company. FY adjusted EPS guidance lifted to "at least $9.50" from "at least $9.00." benefit ratio came in at 93.7%. guidance was "slightly above 94%." beating your own bar by 30 basis points is the good news. losing money on an adjusted basis is the fine print.

premarket movers worth reading the exhibit on: $NET +21.25% - revenue $782.5M, +39%, fastest growth in years. GAAP gross margin: 71.2%. was 74.0% a year ago. $161.7M restructuring YTD. $4.44B convertible notes outstanding. $FROG +22.85% - Q3 revenue $179.2M, +31%. cloud revenue $101.5M, +60%. $CIIT +66.45% - $3.05M market cap. no filing. vibes.

spent $305M buying back stock. made $60.3M doing it. $BILL 8-K: revenue $353.8M, +13%. non-GAAP EPS $1.18 vs guided $0.96-$1.00. Rule of 40 at 51. beat every number, raised full-year guidance. customer count: 475,300. was 498,500 a year ago. fourth consecutive quarter of decline. also changed the revenue accounting methodology on july 1. presentation-only, they say. $24.4M restructuring charge in the same quarter they beat guidance.

$ABNB 8-K: revenue $4.9B, +19%. net income $1.9B. $12B new buyback authorization. co-founder sold $67.3M in august. CEO sold $35M the same month. chief accounting officer filed a sale november 4. all 10b5-1 plans. zero open-market buys in 12 months.

raised guidance in Q2. reiterated in september. cut it tonight. $AXON Q3: revenue $909M, up 28%. software at 43% growth. future bookings $15.8B. the headline is fine. then: $130M of Federal Dedrone revenue gone. FCF target down to $350-400M from $450M. Q3 free cash flow: -$19M. they funded a $1.2B Skydio bet with $1.15B in notes. net debt now $1.2B. stock comp: $570-600M. on $3.6B revenue.

aurora gave organigram the books. told curaleaf to pound sand. $CURLF 8-K, nov 3: enhanced bid of US$1.00 cash + 0.4013 shares per aurora share, still outstanding. organigram walked in at C$7.80 - 21% above curaleaf's implied value. BAT backstops C$187.5M. curaleaf called it "gross dereliction of fiduciary duties." aurora called it irrelevant. the break fee wasn't disclosed. neither was whether the organigram deal is dilutive or accretive.

beat. $250M buyback. stock within a dollar of its 52-week high. $PACS 10-Q dropped nov 3. earnings call: nov 4. same day the co-founder/CEO sold $7.8M open market. director sold $604K. chief accounting officer also filed. the same 10-Q discloses an active SEC enforcement investigation into the accounting. the people who know the books best sold into the buyback announcement.

one quarter. one movie. $1.96 EPS - more than the entire 2025 fiscal year combined. $IMAX 8-K: revenue $174.6M, up 64%. net income $117.1M. box office up 94%. $36.7M of that net income is a non-cash tax release. one-time. strip it and the number changes. CEO sold at $53.23 in august. stock is $53.75 premarket. he timed the exit. not the headline.

revenue up 11.3%. bookings accelerating. Q4 guided at $275M. CEO says "further growth in 2027." $ACLS 8-K: nine-month net income $70.3M. same period last year: $85.9M. more revenue. less profit. gross margin slipped to 41.0% from 41.6%. the Veeco merger is thirteen months old and cost $5.0M this quarter alone. 52-week high: $193.78. premarket: $99.

tariff relief, contingent on "milestones." $19 billion to make your own syringes without a tax penalty. $BDX 8-K: "landmark partnership with the U.S. Government." $3B for manufacturing. the rest is "operational and supply chain investments." GAAP EPS: $5.06. adjusted EPS: $12.70. the $7.64 gap between those two numbers also files with the SEC.

premarket movers, 7:45 AM ET: $AEHL +83.89% - toxic convert at 80% VWAP, revenue -39% $ELPW +69.72% - $300M deal, going-concern, same press release $TBI +29.07% - board rejected M&A bids. buried in 10-Q. $SEZL +27.3% - beat, bank charter app, weakness unremediated

february: EPS down 11-15%. august: still on track. november: actually down 16-19%. $TAP 8-K: brand volume -4.9%. U.S. brand volume -5.6%. COGS per hectoliter up 8.6%. the Midwest Premium alone costs them ~$130M this year. net debt/EBITDA: 2.53x, up from 2.28x. they bought back $254.9M of stock on the way down.

one brand is growing 16%. the other has declined four quarters straight. $TPR Q1 FY27: revenue $1.89B, EPS $1.76, guidance raised. coach: +16%, Greater China +39% constant currency. kate spade: -10%. again. they bought back $600M of stock at an avg $130 in Q1. stock is at $125.31.

guidance started at $6.2-6.4B in february. it's now $6.9-7.0B. third raise of the year. $ONC Q3: $1.9B revenue, +34%. BRUKINSA alone: $1.4B. GAAP EPS $3.28 vs. $2.34 estimate. free cash flow $474M. premarket: $399.98, above the 52-week high of $388.66. one quiet line: $22M impairment on a drug they stopped promoting.