By Kevin Amado ·
The list grew by 178 companies, and outlooks went up
From November 9 to November 11, 178 companies were added to the list. On November 11, the list had 513 active companies. In the reports from November 7 to November 11, 10 of 14 decided tests passed, and Petrobras, Honda and Infineon raised their outlooks. 36 picks report from November 12 to November 20, with 10 on November 19.
A bigger and more global list
Kevin's screen of November 9 added 178 companies. On November 11, the list had 513 active companies. The new names are larger and more international than the old list. Banks are the biggest group, with 15 of them, among them Toronto-Dominion, CIBC and the three big Japanese banks, Mitsubishi UFJ, Sumitomo Mitsui and Mizuho. Four railroads, four integrated oil companies and two memory chip makers also joined.
Most of the new discounts look like ones that can close on dated news: 114 of the 178 have a gap that a report, a deal or a ruling can test. Another 63 are slow gaps that need several years of results. The most common theme in the new group is legal or regulatory risk, in 68 companies, then interest rates in 56 and trade and tariffs in 49.
Most tests passed this week
From November 7 to November 11, 14 picks had a decided test, and 10 passed. November 9 had 6 passes and 2 failures, and November 10 had 4 passes and 2 failures. CGI also reported on November 11: its constant currency growth rose to 2.5% in the fourth quarter, and the book-to-bill ratio was 109.2%.
The four failures each had a clear cause. Ionis cut its 2026 TRYNGOLZA sales guidance to about $50 million, from $100 million to $110 million, after only $9 million of sales in the quarter. KKR raised $25 billion of new capital, down from $34 billion in the second quarter and $42.6 billion a year earlier, while its fee related earnings rose 27%. KT's wireless service revenue fell 3.9% after its customer appreciation program. TransDigm beat its own fiscal 2026 outlook, but it expects only high single-digit growth in commercial aftermarket sales in fiscal 2027.
Petrobras, Honda and Infineon raised their outlooks
Three large reporters raised their numbers. Petrobras now expects 2026 production of 3.3 to 3.4 million barrels of oil equivalent a day, up from 3.1 million, and operating cash generation of $45 billion to $50 billion, up from $35 billion. It also raised capital spending to $24.0 billion to $25.5 billion, from $19.4 billion. Honda raised its full-year operating profit forecast to ¥780.0 billion, from ¥650.0 billion, after first-half operating profit rose 48.1%. Infineon expects revenue of about €20 billion in fiscal 2027, more than 20% growth.
RB Global and CNH also raised parts of their 2026 outlooks. CNH's quarter had help from $109 million of tariff refunds, so its next reports show how much of the margin stays without them.
Spin-offs, sales and a new CEO
Several picks moved to split or sell parts of the business. CNH agreed to sell 70% of its construction equipment business to Kobelco, at an enterprise value of $1 billion, and expects about $700 million in cash to cut debt. Barrick filed for the New York listing of American Barrick Gold, its North American gold business. The Hong Kong exchange cleared Alibaba to spin off and list T-Head, its data center chip maker.
Sirius XM named Anjali Sud, the head of Tubi, as CEO from January 1, 2027. Nvidia's board started an independent investigation after press reports about its CEO, Jensen Huang, and said that it still has confidence in him.
Companies borrowed and bought back stock
Many picks used the week to sell bonds. CRH sold $4.2 billion of notes, partly to buy back the notes of Arcosa, which it bought, and Equinix sold €2.5 billion of green notes. American Tower sold $1.5 billion of notes to repay its credit line, and NiSource, Ventas and AtkinsRéalis also sold debt. Humana offered to buy back up to $1.5 billion of its own notes.
Two companies started accelerated buybacks: EPAM for $500 million and Graco for $600 million. Both pay partly with borrowed money, so their debt rises while their share count falls.
36 picks report from November 12 to November 20
From November 12 to November 20, 36 picks report, and five of those dates are still estimates: Mizuho, Trip.com, PDD, Copart and Tokio Marine. November 12 has 7 reports, among them Brookfield, Applied Materials, Cisco, Nu and Siemens, and the three big Japanese banks report on November 13.
November 17 has 8 reports, with NVIDIA, Disney, Home Depot and JD.com. November 19 is the busiest day, with 10: Walmart, Intuit, Alibaba, NetEase, Ross Stores, Gap and Loblaw among them. Lowe's, TJX and PDD report on November 18, between them.
Companies: BN, AMAT, CSCO, NU, SIEGY, MUFG, SMFG, MFG, NVDA, DIS, HD, JD, WMT, INTU, BABA, NTES, ROST, GAP, L, LOW, TJX, PDD