Nov 12
Largecap Short holds up to 8 large caps above $5B short. Selection follows the model's composite negative factor. Returns are those of a short position in the basket, so the figure rises when the basket falls.
Equal capital goes into every position. The book is rebuilt each morning from the names the model expects to fall, and the orders are placed as market orders, so shorts and covers fill at the opening price. Positions are held for 6 to 21 days: they are not rotated out before day 6 and are covered by day 21. Every position carries a 40% stop on both sides. A short is covered if the price runs 40% above its entry, and equally if it falls 40% below it, filling at the first open after the level is touched. Reported returns are those of a short position in the basket: the position gains when the basket falls and loses when it rises. They are measured from those opening prices and include every stop exit. A short position's loss is not capped, and borrowing costs and stock-loan fees are not included.
BMO will release fourth-quarter and fiscal 2026 results on Dec 2, 2026, with an investor call at 8:15 ET. This is the next major company-specific catalyst, covering loan-loss provisions, mortgage renewals, capital markets and likely dividend action, but it sits just beyond the two-week window and serves mainly as a positioning anchor.
AD HOC NEWSBMO Capital Markets holds its first Technology and Innovation Leaders Conference in New York on Nov 12, with 100+ public and private companies (AMD, IBM, ServiceNow, Reddit, etc.) discussing AI, cybersecurity, fintech and quantum computing. The event raises BMO's capital-markets profile but carries no new financial guidance, so impact is likely modest and sentiment-driven.
AD HOC NEWSWipro will attend the JM Financial Annual India Conference on November 17 and a group non-deal roadshow in Mumbai on November 19. Management commentary on demand, large contract activity, execution and the December-quarter outlook could shift sentiment ahead of the reporting cycle; the schedule itself provides no new guidance.
AD HOC NEWSQXO is scheduled to report full Q3 2026 results today (Nov 12), including detailed segment data and the 10-Q. Given the preliminary beat already priced in, the market will focus on margin detail, organic growth quality, and any guidance commentary; a clean report could extend gains, while any discrepancy versus preliminaries would be a negative surprise.
QXO Press Release (Business Wire)Prudential confirmed $1.0bn of shares repurchased in the first nine months and remains on track to increase total buybacks to $1.5bn by end-2026. Continued daily on-market repurchases (e.g., 405,305 shares on 10 Nov at GBP 9.588-9.88) and share cancellations provide modest, ongoing price support.
Prudential plc Press ReleasePrudential cancelled 840,983 repurchased shares on 10 November, trimming issued share capital to 2.46bn, with a further 868,068 shares pending cancellation. The steady reduction in share count via the buyback mandate is a mild positive for per-share metrics and signals continued capital return commitment.
Tiger BrokersAt the Stifel 2026 Healthcare Conference, management discussed broadening growth, LIVMARLI penetration above 50% in Alagille with room to expand, negative H2 cash flow from R&D spending, and a return to cash flow positivity in 2027. Provides forward-looking color that may modestly influence sentiment around the growth and cash runway trajectory.
Investing.comWipro saw trading volume of ~11.76 million shares versus a seven-day average of ~10.03 million, with the stock breaking above its second resistance level at Rs 202. Elevated volume and technical strength can attract short-term momentum interest, though the move may be transient.
The Economic TimesB.Riley lifted its price target to $37 from $25 (over 100% upside from $18.08), citing the Corsicana lease as the most robust it has seen in the space given scale, capital intensity, and record-high yield on cost. The firm noted RIOT trades at a ~16% implied cap rate versus peers at 11%, suggesting valuation re-rating potential.
Investing.comRecent coverage notes HWM remains in focus after the Q3 release showed accelerating demand and another guidance raise, while the market weighs elevated capex needs against growth. This is largely sentiment framing rather than a discrete new catalyst.
ad-hoc-news.deMirum announced that the Phase 3 AZURE-4 study of brelovitug met its primary endpoint at Week 24, with 59% (300 mg QW) and 44% (900 mg Q4W) of patients achieving combined virologic response plus ALT normalization versus 0% in the delayed-treatment arm (p<=0.0001). AZURE-4 is the second of two pivotal studies supporting the U.S. registration package, materially de-risking the brelovitug BLA planned for H1 2027 and likely driving a positive near-term stock reaction.
SEC Filing (8-K)Across three AASLD presentations, brelovitug data showed deepening viral suppression, increased ALT normalization, and improved liver stiffness with longer treatment, including in advanced cirrhosis patients. Reinforces durability/efficacy narrative and supports the registration thesis, adding incremental positive sentiment around the AZURE-4 readout.
SEC Filing (8-K)BMO Capital Markets concluded its first Financials Conference (Nov 9-10) covering asset management, wealth management, insurance, business services and payments, with 70+ companies under Chatham House Rules. Positions BMO's platform in the sector but produces no company-specific financial disclosure.
AD HOC NEWSJefferies upgraded RIOT to Buy from Hold and doubled its price target to $28 from $13, while JPMorgan raised its PT to $28 from $22 maintaining Overweight. Both cited attractive risk-adjusted economics of the Corsicana powered land lease, with Jefferies noting it lets RIOT monetize the site with less execution and financing risk. Stock rose ~2% pre-market on the news.
Yahoo FinanceA CNBC piece argued it is time to buy the dip in this key aerospace supplier, citing continued rapid growth despite competition concerns and management's raised guidance. Retail/media bullish commentary can modestly support near-term sentiment.
CNBCBMO rose $4.36 to $245.78 on Nov 9 as part of a broad Big Five bank rally driven by falling crude (WTI $86.92) on Iran peace-talk optimism, easing inflation worries and lifting rate-sensitive financials. The move was sector-wide with no BMO-specific news, so it is momentum rather than a durable company catalyst.
KalkineQXO pre-announced Q3 2026 net sales of ~$4.90B (+79% YoY) and Adjusted EBITDA of ~$557M (+85% YoY), topping Wall Street expectations and sending shares up ~20% to a two-month high. The beat, driven by Kodiak/TopBuild acquisitions plus organic pricing gains (+2.2%) and accelerating October daily sales (+5.4% YoY), resets near-term sentiment positively ahead of full results.
QXO Press Release (Business Wire)CEO Brad Jacobs announced a ~$1B personal investment (with co-investors) into CKX Lands, becoming its Chairman and CEO while retaining the same roles at QXO. While framed as separate, the split-focus and potential investor concerns over capital/attention allocation represent a modest overhang that could temper upside despite the strong operating results.
QXO Investor Update Transcript (StockAnalysis)On the investor call, management reaffirmed a path to ~$4B Adjusted EBITDA by 2030 (or ~$5.5B including tuck-in M&A), citing pricing, share gains, and Kodiak/TopBuild synergies, plus >$2B liquidity and no debt maturities before 2031. The reaffirmed multi-year framework supports the bull case and could attract incremental buyers in the near term.
QXO Investor Update Transcript (StockAnalysis)Following the Q3 print, UBS maintained Neutral but lowered its target to $230 from $255, and Susquehanna maintained Positive while trimming its target to $275 from $340. Target cuts despite the beat signal valuation/capacity-spend caution and can weigh on near-term sentiment.
TradingView NewsManagement said major gas turbine customers report 2031 capacity is sold out, with 2032 likely to sell out within one to two quarters, and gas turbines revenue grew 45% YoY. This reinforces a multi-year growth narrative and supports positive sentiment around demand visibility.
TradingView NewsBMO deployed AI Agent Assist in its Virtual Connect contact centre to cut the 12-14 minute resolution time on 500,000+ annual credit card calls and automate eligible refunds. Framed as an efficiency lever toward 2030 targets; incremental and unlikely to move the stock near term.
Simply Wall StCitigroup cut its rating on OMAB from "buy" to "neutral" on November 6, 2026, citing the softer outlook. The downgrade, coming alongside a consensus "hold" rating and average price target of $134, may weigh on near-term sentiment and prompt some selling.
MarketBeatPrudential reported Q3 new business profit of $709m (+1% CER) and YTD NBP of $2,093m (+6%), with APE sales down 6%. Management warned that achieving FY26 group NBP growth guidance is now "more stretching than anticipated" due to slower recovery in Chinese Mainland life operations, a negative near-term signal likely to pressure the stock despite resilient ex-China growth (+13% Q3 NBP).
Prudential plc Press ReleasePrudential guided FY26 mainland China new business profit to be 10-15% below 2025, citing bancassurance expense regulation changes and a slower-than-expected recovery. This explicit downgrade to a key growth market is a clear negative catalyst for near-term sentiment, though management expects Q4 to return to growth.
Prudential plc Press ReleaseOMA reported terminal passenger traffic down 4.8% in October 2026 vs October 2025, with domestic traffic down 6.5% while international rose 5.9%. The domestic decline signals softening demand and follows a prior 4.8% September drop, reinforcing a negative near-term traffic trend that could pressure the stock.
SEC Filing (Form 6-K)Moody's Local México affirmed the ratings of Grupo Aeroportuario del Centro Norte on November 4, 2026. The affirmation removes near-term credit uncertainty and is a mildly supportive signal for sentiment.
BMV Eventos RelevantesRIOT reported Q3 revenue of $181.4M and EPS of $0.01 versus analyst expectations of a $0.36 loss on $160.8M revenue, and announced a 15-year triple-net powered land lease with a leading Frontier AI Lab for its entire Corsicana campus (910 MW, ~$28B total contract value, ~$1.8B average annual rent). Shares jumped ~15% on the day; the deal materially shifts RIOT's valuation toward AI data center infrastructure and the company stated it does not anticipate issuing equity to fund projects.
Riot Platforms Press ReleaseMirum reported Q3 2026 net product sales of $185.7M (up from $133.0M a year earlier) and raised 2026 net product sales guidance to $715M-$720M. Strong commercial execution (LIVMARLI +45% YoY) plus the ATEBRIOZ FOP launch support the growth story and underpin positive sentiment.
Mirum Press ReleaseHowmet reported Q3 2026 revenue of $2.70B (+29% YoY, above ~$2.59B consensus) and adjusted EPS of $1.46 (vs $1.37 consensus), and raised FY2026 revenue midpoint by $250M to $10.3B and adjusted EPS to $5.50. The Board also authorized a $5B increase to the buyback (total ~$5.4B) and management guided FY2027 revenue to ~$11.5B (+~12%). The beat-and-raise plus large capital return is a clear positive catalyst, though the release is now ~2 weeks old and largely priced in.
Howmet Aerospace Press ReleaseOMA reported Q3 2026 EPS of $1.78, missing the $1.83 consensus, while revenue of $268.96 million beat the $255.11 million estimate. Adjusted EBITDA rose 8.7% and revenue grew 8.3%, a mixed result that leaves near-term direction uncertain but leans slightly negative on the EPS miss.
SEC Filing (Form 6-K)On the Q3 earnings call, management communicated a planned nominal tariff increase of slightly more than 4% effective January 1, and guided to low single-digit 2027 passenger traffic growth with recovery expected around midyear. The tariff hike is a modest positive for revenue, though the muted traffic outlook tempers enthusiasm.
ZolmaxNicolas Notebaert resigned as member and Chairman of the Board, with Laurent Cavrois (VINCI Airports regional director for Latin America) appointed provisional chairman pending ratification. The change is largely procedural but introduces minor governance uncertainty.
SEC Filing (Form 6-K)Wipro reported Q2 revenue roughly flat sequentially with 16.5% operating margin, but total bookings fell 22.9% QoQ and large deal bookings dropped 58.6% QoQ to a 19-quarter low. Q3 IT services guidance of -1.5% to +0.5% CC reflects seasonal furloughs, healthcare softness and client-specific issues. Management expects slipped deals to close and Q3 bookings to be robust, a claim investors will test.
Wipro Press ReleaseAnthropic launched Claude Sonnet 4.6, described as its most capable Sonnet model, reviving investor concerns that AI could disrupt traditional software and IT services businesses. The Nifty IT index fell ~2.5% and Wipro shares dropped over 2% in early trade, mirroring peer weakness. Continued AI capability announcements pose a near-term overhang on IT services valuations.
Samco